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| DELAWARE                                                                            | 72-0925679                                |
|-------------------------------------------------------------------------------------|-------------------------------------------|
| (State      or other jurisdiction of incorporation      or  organization) | (I.R.S.      employer identification no.) |

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PART I -FINANCIAL INFORMATION

Item1.  Consolidated Financial Statements

Consolidated BalanceSheets

Consolidated Statements ofIncome

Consolidated Statements ofCash Flows

Notes to the ConsolidatedFinancial Statements

Item2.  Management's Discussion and Analysis of Financial Condition andResults of Operations

Item3.  Quantitative and Qualitative Disclosure About MarketRisks

Item4.  Controls and Procedures

PART II- OTHER INFORMATION

Item5.  Risk Factors

Item7.  Exhibits

SIGNATURES

|    |   |                                                                                                    |   |
|---------|--------|---------------------------------------------------------------------------------------------------------|--------|
| Exhibit | 31.1   | Certification of Chief Executive Officer pursuant to      section 302 of the Sarbanes-Oxley Act of 2002 | X-1    |
| Exhibit | 31.2   | Certification of Chief Financial Officer pursuant to      section 302 of the Sarbanes-Oxley Act of 2002 | X-2    |
| Exhibit | 32.1   | Certification of Chief Executive Officer pursuant to      section 906 of the Sarbanes-Oxley Act of 2002 | X-3    |
| Exhibit | 32.2   | Certification of Chief Financial Officer pursuant to      section 906 of the Sarbanes-Oxley Act of 2002 | X-4    |
|    |   |                                                                                                    |   |

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PART I - FINANCIAL INFORMATION

Item 1.  Consolidated Financial Statements

Consolidated Balance Sheets

| ASSETS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | September      30, 2009 |       |   | December      31,2008 |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------|------------|--------|-----------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | (Unaudited)        |       |   | (Audited)        |   |
| Current      assets:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                         |       |   |                  |   |
| Cash and cash      equivalents                                                                                                                                                       |   | $                       | 2,519,865  |   |                  | $      | 2,320,467 |   |
| Trade and other accounts      receivable, net of allowance fordoubtful accounts of $47,082      and      $45,619                                                                                                   |   |                    | 3,471,464  |   |                  |   | 2,705,145 |   |
| Inventories,      net                                                                                                                                                                |   |                    | 3,262,414  |   |                  |   | 3,727,492 |   |
| Deferred income taxes,      net                                                                                                                                                      |   |                    | 12,500     |   |                  |   | 21,000 |   |
| Prepaid      tax                                                                                                                                                                     |   |                    | 242,789    |   |                  |   | 309,000 |   |
| Deposits, prepaid expenses and      other current assets                                                                                                                                                                |   |                    | 397,389    |   |                  |   | 392,209 |   |
| Total current      assets                                                                                                                                                                           |   |                    | 9,906,421  |   |                  |   | 9,475,313 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                    |       |   |                  |   |   |   |
| Property      and equipment, net of accumulated depreciation of$10,050,568 and      $9,111,067                                                                                       |   |                    | 7,112,443  |   |                  |   | 7,305,278 |   |
| Goodwill                                                                                                                                                              |   |                    | 1,564,966  |   |                  |   | 1,564,966 |   |
| Other      intangible assets,      net                                                                                                                                |   |                    | 107,668    |   |                  |   | 143,010 |   |
| Total      assets                                                                                                                                                                    |   | $                       | 18,691,498 |   |                  | $      | 18,488,567 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                    |       |   |                  |   |   |   |
| LIABILITIES      AND SHAREHOLDERS’ EQUITY                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                    |       |   |                  |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                    |       |   |                  |   |   |   |
| Current      liabilities:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |                    |       |   |                  |   |   |   |
| Accounts      payable                                                                                                                                                                |   | $                       | 1,505,797  |   |                  | $      | 1,106,974 |   |
| Accrued      expenses                                                                                                                                                                |   |                    | 335,129    |   |                  |   | 289,527 |   |
| Short term loan      payable                                                                                                                                                         |   |                    | -          |   |                  |   | 638,091 |   |
| Total current      liabilities                                                                                                                                                                      |   |                    | 1,840,926  |   |                  |   | 2,034,592 |   |
| Long      term liabilities:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                    |       |   |                  |   |   |   |
| Long      term deferred tax liability,      net                                                                                                                                      |   |                    | 421,000    |   |                  |   | 315,500 |   |
| Total long term      liabilities                                                                                                                                                                    |   |                    | 421,000    |   |                  |   | 315,500 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                    |       |   |                  |   |   |   |
| Total    liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                    | 2,261,926  |   |                  |   | 2,350,092 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                    |       |   |                  |   |   |   |
| Shareholders’      equity:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |                    |       |   |                  |   |   |   |
| Preferred stock, $1 par value;      2,000,000 shares authorized, none issued                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                    | -          |   |                  |   | - |   |
| Common stock, $0.01 par value;      10,000,000 shares authorized,3,926,491      shares issued, 2,675,481 and 2,688,291 outstanding                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                    | 39,265     |   |                  |   | 39,265 |   |
| Additional      paid-in-capital                                                                                                                                                      |   |                    | 10,299,828 |   |                  |   | 10,243,568 |   |
| Common stock held in treasury,      1,251,010 and 1,238,200 shares at cost                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |                    | (3,413,742 | )      |                  |   | (3,380,554 | ) |
| Retained      earnings                                                                                                                                                               |   |                    | 9,504,221  |   |                  |   | 9,236,196 |   |
| Total shareholders’      equity                                                                                                                                                               |   |                    | 16,429,572 |   |                  |   | 16,138,475 |   |
| Total liabilities and      shareholders’      equity                                                                                                                                          |   | $                       | 18,691,498 |   |                  | $      | 18,488,567 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                    |       |   |                  |   |   |   |

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Consolidated Statements ofIncome

|                                                                |   | Three months endedSeptember 30, |      |   | Nine months endedSeptember 30, |   |
|---------------------------------------------------------------------|--------|---------------------------------|-----------|--------|--------------------------------|--------|
|                                                                |   | 2009                            |      |   | 2008                           |   |   | 2009 |   |   | 2008 |   |
| Revenue                                                             |   | $                               | 5,457,377 |   |                           | $      | 5,838,390 |   |   | $ | 15,512,270 |   |   | $ | 17,724,252 |   |
| Cost      of sales                                                  |   |                            | 4,576,068 |   |                           |   | 4,996,830 |   |   |   | 12,811,506 |   |   |   | 14,424,783 |   |
| Gross profit                                                        |   |                            | 881,309   |   |                           |   | 841,560 |   |   |   | 2,700,764 |   |   |   | 3,299,469 |   |
|                                                                |   |                            |      |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Selling      and marketing                                          |   |                            | 173,323   |   |                           |   | 200,887 |   |   |   | 507,501 |   |   |   | 615,915 |   |
| General      and administrative                                     |   |                            | 509,037   |   |                           |   | 521,548 |   |   |   | 1,596,933 |   |   |   | 1,917,496 |   |
| Research      and development                                       |   |                            | 54,444    |   |                           |   | 35,682 |   |   |   | 180,918 |   |   |   | 248,355 |   |
| Total expense                                                       |   |                            | 736,804   |   |                           |   | 758,117 |   |   |   | 2,285,352 |   |   |   | 2,781,766 |   |
|                                                                |   |                            |      |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Income from      operations                                         |   |                            | 144,505   |   |                           |   | 83,443 |   |   |   | 415,412 |   |   |   | 517,703 |   |
|                                                                |   |                            |      |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Other      expense, net                                             |   |                            | (15,291   | )      |                           |   | (5,304 | ) |   |   | (34,504 | ) |   |   | (6,073 | ) |
|                                                                |   |                            |      |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Income      before income taxes                                     |   |                            | 129,214   |   |                           |   | 78,139 |   |   |   | 380,908 |   |   |   | 511,630 |   |
|                                                                |   |                            |      |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Income      tax provision                                           |   |                            | 21,000    |   |                           |   | 10,000 |   |   |   | 114,000 |   |   |   | 160,000 |   |
| Net income                                                          |   | $                               | 108,214   |   |                           | $      | 68,139 |   |   | $ | 266,908 |   |   | $ | 351,630 |   |
|                                                                |   |                            |      |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Net      income per share – basic                             |   | $                               | 0.04      |   |                           | $      | 0.03 |   |   | $ | 0.10 |   |   | $ | 0.13 |   |
|                                                                |   |                            |      |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Net      income per share – diluted                           |   | $                               | 0.04      |   |                           | $      | 0.03 |   |   | $ | 0.10 |   |   | $ | 0.12 |   |
|                                                                |   |                            |      |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Weighted      average common sharesOutstanding –    basic     |   |                            | 2,675,481 |   |                           |   | 2,711,680 |   |   |   | 2,679,371 |   |   |   | 2,711,680 |   |
| Weighted      average common sharesOutstanding –      diluted |   |                            | 2,675,481 |   |                           |   | 2,712,481 |   |   |   | 2,679,371 |   |   |   | 2,926,089 |   |

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Consolidated Statements of CashFlows

|                                                                                                                               |   | Nine Months EndedSeptember 30, |      |
|------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------|-----------|
|                                                                                                                               |   | 2009                           |      |   | 2008 |   |
| Cash      flows from operating activities:                                                                                         |   |                           |      |   |   |   |
| Net income                                                                                                                         |   | $                              | 266,908   |   |   | $ | 351,630 |   |
|  Adjustments      to reconcile net income to net cash provided by    (used      in) operating activities: |   |                           |      |   |   |   |   |   |
| Depreciation and      amortization                                                                                                 |   |                           | 1,049,113 |   |   |   | 1,044,334 |   |
| Share based      compensation                                                                                                      |   |                           | 56,260    |   |   |   | 77,334 |   |
| Provision for doubtful      accounts                                                                                               |   |                           | 1,463     |   |   |   | (1,463 | ) |
| Deferred tax    assets                                                                                                             |   |                           | 114,000   |   |   |   | 10,000 |   |
| Changes in operating assets and      liabilities:                                                                                  |   |                           |      |   |   |   |   |   |
| Trade and other accounts      receivable                                                                                           |   |                           | (767,782  | ) |   |   | (1,129,902 | ) |
| Inventories                                                                                                                        |   |                           | 465,078   |   |   |   | (702,878 | ) |
| Deposits, prepaid expenses and      other assets                                                                                   |   |                           | 61,031    |   |   |   | 96,861 |   |
| Accounts payable and accrued      expenses                                                                                         |   |                           | 443,307   |   |   |   | 1,515,144 |   |
| Net cash provided by operating      activities                                                                                     |   |                           | 1,689,378 |   |   |   | 1,261,060 |   |
|  Cash      flows from investing activities:                                                                                   |   |                           |      |   |   |   |   |   |
| Capital expenditures, net of      disposals                                                                                        |   |                           | (818,701  | ) |   |   | (674,127 | ) |
| Net cash used in investing      activities                                                                                         |   |                           | (818,701  | ) |   |   | (674,127 | ) |
|  Cash      flows from financing activities:                                                                                   |   |                           |      |   |   |   |   |   |
| Payments on acquisition note      payable                                                                                          |   |                           | -         |   |   |   | (134,083 | ) |
| Payments on short term      equipment loan                                                                                         |   |                           | (638,091  | ) |   |   | (74,491 | ) |
| Purchase of treasury      stock                                                                                                    |   |                           | (33,188   | ) |   |   | - |   |
| Net cash used in financing      activities                                                                                         |   |                           | (671,279  | ) |   |   | (208,574 | ) |
| Net      increase in cash and cash equivalents                                                                                     |   |                           | 199,398   |   |   |   | 378,359 |   |
| Cash      and cash equivalents at beginning of period                                                                              |   |                           | 2,320,467 |   |   |   | 1,684,411 |   |
| Cash      and cash equivalents at end of period                                                                                    |   | $                              | 2,519,865 |   |   | $ | 2,062,770 |   |
|                                                                                                                               |   |                           |      |   |   |   |   |   |

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Notes to the Consolidated FinancialStatements

| Inventories      consist of the following as of: |   | September      30, 2009 |      |   | December      31, 2008 |   |
|--------------------------------------------------|--------|-------------------------|-----------|--------|------------------------|--------|
| Raw materials                                    |   | $                       | 1,081,483 |   |                   | $      | 1,099,876 |   |
| Work-in-process                             |   |                    | 493,599   |   |                   |   | 773,245 |   |
| Finished goods                                   |   |                    | 1,687,332 |   |                   |   | 1,854,371 |   |
|      Total              |   | $                       | 3,262,414 |   |                   | $      | 3,727,492 |   |

|                                  | Nine      Months Ended September 30, 2008 |
|---------------------------------------|-------------------------------------------|
| Dividend      Yield                   | 0%                                        |
| Expected      Volatility              | 40.65%                                    |
| Risk      Free Interest Rate          | 3.28%                                     |
| Expected      Option Terms (in years) | 4.5                                       |

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| Exercise      Price                             | Number      of Outstanding Shares | Weighted      Average Remaining Contractual Life (years) | Options      Currently Exercisable | Average      Fair Value at Grant Date                 |
|-------------------------------------------------|-----------------------------------|----------------------------------------------------------|------------------------------------|-------------------------------------------------------|
| $         7.15                   | 96,000                            | 4.26                                                     | 19,200                             |          $    2.74 |
|           9.86              | 66,000                            | 2.22                                                     | 66,000                             | 4.22                                                  |
|           12.42             | 10,000                            | 2.84                                                     | 6,000                              | 5.38                                                  |
|             23.10 | 10,000                            | 3.43                                                     | 4,000                              | 10.77                                                 |

|                                  | Non-Vested Options                                                                                                              |
|---------------------------------------|---------------------------------------------------------------------------------------------------------------------------------|
|                                  | Number      of Shares                                                                                                           | Weighted      Average Fair Value |
| Non-vested      at December 31, 2008  | 111,000                                                                                                                         |             $  3.46 |
| Granted                               |                           - |                 - |
| Vested                                | (23,200)                                                                                                                        |            3.66 |
| Forfeited                             | (1,000)                                                                                                                         |                 2.74 |
| Non-vested      at September 30, 2009 | 86,800                                                                                                                          |             $  3.42 |

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Item 2.  Management's Discussion and Analysis of FinancialCondition and Results of Operations

|               |   | Three      Months Ending September 30, |      |   | Nine      Months Ending September 30, |   |
|--------------------|--------|----------------------------------------|-----------|--------|---------------------------------------|--------|
|               |   | 2009                                   |      |   | %                                     |   |   | 2008 |   |   | % |   |   | 2009 |   |   | % |   |   | 2008 |   |   | % |   |
| United      States |   | $                                      | 3,620,010 |   |                                  |   | 66 |   |   | $ | 3,532,956 |   |   |   | 61 |   |   | $ | 9,741,678 |   |   |   | 63 |   |   | $ | 10,472,345 |   |   |   | 59 |   |
| Canada             |   |                                   | 865,622   |   |                                  |   | 16 |   |   |   | 1,338,178 |   |   |   | 23 |   |   |   | 2,685,721 |   |   |   | 17 |   |   |   | 4,001,374 |   |   |   | 23 |   |
| Europe             |   |                                   | 678,763   |   |                                  |   | 13 |   |   |   | 729,500 |   |   |   | 12 |   |   |   | 2,051,400 |   |   |   | 13 |   |   |   | 2,442,681 |   |   |   | 14 |   |
| Pacific      Rim   |   |                                   | 120,953   |   |                                  |   | 2 |   |   |   | 115,349 |   |   |   | 2 |   |   |   | 448,428 |   |   |   | 3 |   |   |   | 351,711 |   |   |   | 2 |   |
| Other              |   |                                   | 172,029   |   |                                  |   | 3 |   |   |   | 122,407 |   |   |   | 2 |   |   |   | 585,043 |   |   |   | 4 |   |   |   | 456,141 |   |   |   | 2 |   |
| Total              |   | $                                      | 5,457,377 |   |                                  |   | 100 |   |   | $ | 5,838,390 |   |   |   | 100 |   |   | $ | 15,512,270 |   |   |   | 100 |   |   | $ | 17,724,252 |   |   |   | 100 |   |

----

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Item 3.  Quantitative and Qualitative Disclosure AboutMarket Risks

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Item 4.  Controls and Procedures

PART II - OTHER INFORMATION

Item 5.  Risk Factors

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Item 7.  Exhibits

| (a)   | Exhibits |
|-----------------|----------|

|   | 3.1 | Amended      and Restated By-laws(b) |
|--------|-----|--------------------------------------|

|   | 10.43* | Employment      agreement between James E. Rouse and the Company dated December 26th,      2006.(c) |
|--------|--------|-----------------------------------------------------------------------------------------------------|

|   | 10.44* | Employment      agreement between David A. Garrison and the Company dated January 1st,      2007.(d) |
|--------|--------|------------------------------------------------------------------------------------------------------|

|   | 31.1 | Certification      of the CEO pursuant to Rule 13a-14(a) or Rule 15(d)-14(a) on page      X-1. |
|--------|------|------------------------------------------------------------------------------------------------|

|   | 31.2 | Certification      of the CFO pursuant to Rule 13a-14(a) or Rule 15(d)-14(a) on page      X-2. |
|--------|------|------------------------------------------------------------------------------------------------|

|   | 32.1 | Certification      pursuant to 18 U.S.C. §1350 as adopted pursuant to Section 906 of the      Sarbanes-Oxley Act of 2002 on pageX-3. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------|

|   | 32.2 | Certification      pursuant to 18 U.S.C. §1350 as adopted pursuant to Section 906 of the      Sarbanes-Oxley Act of 2002 on pageX-4. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------|

|   | __________________________ |
|--------|----------------------------|

|   | *      Indicates a management contract or compensatory plan required to be filed      as an exhibit. |
|--------|------------------------------------------------------------------------------------------------------|

| (a)   | Incorporated      by reference from the Company’s Registration Statement on Form S-18 as      filed with the Commission in April 1988, Registration Statement No.      33-20945-FW. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | Incorporated      by reference from the Company’s Form 8-K as filed with the Commission      May 8, 2009. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------|

| (c)   | Incorporated      by reference from the Company’s Form 8-K as filed with the Commission on      December 8, 2006. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------|

| (d)   | Incorporated      by reference from the Company’s Form 10-KSB for period ended      December 31, 2006 as filed with the Commission in March of      2007. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

SIGNATURES

|                  | ARRHYTHMIA      RESEARCH TECHNOLOGY, INC.                                                                                                                                                                                                                                                                                                                                                                                                 |
|-----------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| October      30, 2009 | By:           /s/  James E.      Rouse                                                          |
|                  | James E. Rouse                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|                  | President and Chief Executive      Officer                                                                                                                                                                                                                                                                                                                                                                                                     |
|                  | (Principal Executive      Officer)                                                                                                                                                                                                                                                                                                                                                                                                        |
|                  | By:           /s/  David A.      Garrison                                                       |
|                  | David A.  Garrison                                                                                                                                                                                                                                                                                                                                                                                                                             |
|                  | Executive Vice President and      Chief Financial Officer                                                                                                                                                                                                                                                                                                                                                                                      |
|                  | (Principal Financial and      Accounting Officer)                                                                                                                                                                                                                                                                                                                                                                                              |

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Index to Exhibits

| Number | Exhibit | Page |
|--------|---------|------|

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