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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                                                                                                                                                                                                                                                                                                                                                                                                                                        | 1 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |
| Item 1.  Consolidated Financial Statements                                                                                                                                                                                                                                                                                                                                                                                                                        | 0 |
|              Consolidated Balance Sheets                                                                                                                                                                                                                                                                                                                                                                             | 1 |
|              Consolidated Statements of Income                                                                                                                                                                                                                                                                                                                                                                       | 2 |
|    Consolidated Statement of Changes in Shareholders' Equity and Comprehensive Income                                                                                                                                                                                                                                                                                                                                                                        | 3 |
|              Consolidated Statements of Cash Flows                                                                                                                                                                                                                                                                                                                                                                   | 4 |
|              Notes to the Consolidated Financial Statements                                                                                                                                                                                                                                                                                                                                                     | 5 |
| Item 2.  Management's Discussion and Analysis of Financial Condition and Results of Operations                                                                                                                                                                                                                                                                                                                                                               | 7 |
| Item 3. Quantitative and Qualitative Disclosure About Market Risks                                                                                                                                                                                                                                                                                                                                                                                                | 12 |
| Item 4. Controls and Procedures                                                                                                                                                                                                                                                                                                                                                                                                                                        | 12 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |
| PART II - OTHER INFORMATION                                                                                                                                                                                                                                                                                                                                                                                                                                            | 13 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |
| Item 7.  Exhibits                                                                         | 13 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |
| SIGNATURES                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 13 |

|              |
|--------------|
|              |  |  |  |  |
| 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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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |  |  |  |  |  |  |  |
| ASSETS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | March 31, 2011 |   | December 31, 2010 |
| Current assets:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | (Unaudited) |   | (Audited) |
| Cash and cash equivalents                                                                                                                                                                                                                               | $ | 2,447,436 |   |   | $ | 3,962,454 |   |
| Trade and other accounts receivable, net of allowance for doubtful accounts          of $88,976 and $83,976                                                                                                                         | 4,307,432 |   |   | 3,819,361 |   |
| Inventories, net                                                                                                                                                                                                                                        | 3,126,680 |   |   | 3,069,177 |   |
| Deferred income taxes, net                                                                                                                                                                                                                              | 44,000 |   |   | 44,000 |   |
| Prepaid tax                                                                                                                                                                                                                                             | 49,194 |   |   | 166,694 |   |
| Deposits, prepaid expenses and other current assets                                                                                                                                                                                                     | 406,667 |   |   | 397,010 |   |
| Total current assets                                                                                                                                                                                                                                                   | 10,381,409 |   |   | 11,458,696 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   |   |
| Property and equipment, net of accumulated depreciation of             $9,477,160 and $9,101,732                                                                                       | 6,719,638 |   |   | 6,691,817 |   |
| Goodwill                                                                                                                                                                                                                                 | 1,564,966 |   |   | 1,564,966 |   |
| Other intangible assets, net                                                                                                                                                                                                             | 98,074 |   |   | 96,446 |   |
| Restricted cash                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 520,696 |   |   | 517,571 |   |
| Total assets                                                                                                                                                                                                                                            | $ | 19,284,783 |   |   | $ | 20,329,496 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   |   |
| LIABILITIES AND SHAREHOLDERS’ EQUITY                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   |   |
| Current liabilities:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   |   |   |   |
| Accounts payable                                                                                                                                                                                                                                        | $ | 1,307,980 |   |   | $ | 2,280,992 |   |
| Accrued expenses                                                                                                                                                                                                                                        | 379,762 |   |   | 275,197 |   |
| Total current liabilities                                                                                                                                                                                                                                              | 1,687,742 |   |   | 2,556,189 |   |
| Long term liabilities:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |
| Long term deferred tax liability, net                                                                                                                                                                                                                   | 233,500 |   |   | 330,000 |   |
| Long term portion of deferred gain on lease                                                                                                                                                                                                             | 16,751 |   |   | 17,868 |   |
| Total long term liabilities                                                                                                                                                                                                                                            | 250,251 |   |   | 347,868 |   |
| Total liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 1,937,993 |   |   | 2,904,057 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   |   |
| 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, 2,790,514 outstanding                                                                                                     | 39,265 |   |   | 39,265 |   |
| Additional paid-in-capital                                                                                                                                                                                                                              | 10,690,445 |   |   | 10,653,210 |   |
| Common stock held in treasury, 1,135,977 shares at cost                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | (3,099,842 | ) |   | (3,099,842 | ) |
| Accumulated other comprehensive income from foreign currency translation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 67,721 |   |   | 42,502 |   |
| Retained earnings                                                                                                                                                                                                                                       | 9,649,201 |   |   | 9,790,304 |   |
| Total shareholders’ equity                                                                                                                                                                                                                                       | 17,346,790 |   |   | 17,425,439 |   |
| Total liabilities and shareholders’ equity                                                                                                                                                                                                                       | $ | 19,284,783 |   |   | $ | 20,329,496 |   |

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|                                                                             |
|-----------------------------------------------------------------------------|
|                                                                             |  |  |  |  |  |  |  |
|                                                                        | Three months ended                             March 31, |
|                                                                        | 2011 |   | 2010 |
| Revenue                                                                     | $ | 6,183,065 |   |   | $ | 5,585,360 |   |
| Cost of sales                                                               | 4,804,779 |   |   | 4,601,212 |   |
| Gross profit                                                                | 1,378,286 |   |   | 984,148 |   |
| Selling and marketing                                                       | 360,013 |   |   | 157,989 |   |
| General and administrative                                                  | 878,370 |   |   | 603,997 |   |
| Research and development                                                    | 81,208 |   |   | 55,673 |   |
| Total expense                                                               | 1,319,591 |   |   | 817,659 |   |
| Income from operations                                                      | 58,695 |   |   | 166,489 |   |
| Other income (expense), net                                                 | (10,562 | ) |   | 122 |   |
| Income before income taxes                                                  | 48,133 |   |   | 166,611 |   |
| Income tax provision                                                        | 21,000 |   |   | 64,000 |   |
| Net income                                                                  | $ | 27,133 |   |   | $ | 102,611 |   |
| Net income per share – basic                                          | $ | 0.01 |   |   | $ | 0.04 |   |
| Net income per share – diluted                                        | $ | 0.01 |   |   | $ | 0.04 |   |
| Weighted average common shares   Outstanding – basic   | 2,790,514 |   |   | 2,675,481 |   |
| Weighted average common shares   Outstanding – diluted | 2,829,518 |   |   | 2,707,864 |   |

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|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                     |   | Common Stock |   | Additional paid-in capital |   |  Treasury stock |   | Accumulated other comprehensive income |   | Retained earnings |   |   | Comprehensive income |
|                                     |   | Shares |   | Amount |   |   |   | Total |
| December 31, 2010                   |   | 3,926,491 |   |   | $ | 39,265 |   |   | $ | 10,653,210 |   | $ | (3,099,842 | ) |   | $ | 42,502 |   |   | $ | 9,790,304 |   |   | $ | 17,425,439 |   |   |
| Foreign currency translation adjustments |   |   |   |   |   |   |   |   |   | 25,219 |   |   |   |   | 25,219 |   | $ | 25,219 |   |
| Share based compensation                 |   |   |   |   |   | 37,235 |   |   |   |   |   |   |   |   |   |   | 37,235 |   | — |   |
| Cash dividends                           |   |   |   |   |   |   |   |   |   |   |   | (168,236 | ) |   | (168,236 | ) | — |   |
| Net income                               |   |   |   |   |   |   |   |   |   |   |   | 27,133 |   |   | 27,133 |   | 27,133 |   |
| Comprehensive Income                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 52,352 |   |
|                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| March 31, 2011                      |   | 3,926,491 |   |   | $ | 39,265 |   |   | $ | 10,690,445 |   | $ | (3,099,842 | ) |   | $ | 67,721 |   |   | $ | 9,649,201 |   |   | $ | 17,346,790 |   |   |
|                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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|                                                                                                          |
|----------------------------------------------------------------------------------------------------------|
|                                                                                                          |  |  |  |  |  |  |  |
|                                                                                                     | Three months ended                             March 31, |
|                                                                                                     | 2011 |   | 2010 |
| Cash flows from operating activities:                                                                    |   |   |   |
| Net income                                                                                               | $ | 27,133 |   |   | $ | 102,611 |   |
| Adjustments to reconcile net income to net cash provided by    operating activities: |   |   |   |   |   |
| Depreciation and amortization                                                                            | 382,309 |   |   | 345,529 |   |
| Share based compensation                                                                                 | 37,235 |   |   | 36,896 |   |
| Provision for doubtful accounts                                                                          | 5,000 |   |   | 15,000 |   |
| Deferred tax expense                                                                                     | (96,500 | ) |   | (10,500 | ) |
| Changes in operating assets and liabilities:                                                             |   |   |   |   |   |
| Trade and other accounts receivable                                                                      | (493,071 | ) |   | (419,006 | ) |
| Inventories                                                                                              | (57,503 | ) |   | (421,378 | ) |
| Deposits, prepaid expenses and other assets                                                              | 95,607 |   |   | (21,036 | ) |
| Accounts payable and accrued expenses                                                                    | (869,564 | ) |   | 465,840 |   |
| Net cash (used in) or provided by operating activities                                                   | (969,354 | ) |   | 93,956 |   |
|                                                                                                     |   |   |   |
| Cash flows from investing activities:                                                                    |   |   |   |   |   |
| Capital expenditures, net of disposals                                                                   | (402,647 | ) |   | (452,519 | ) |
| Net cash used in investing activities                                                                    | (402,647 | ) |   | (452,519 | ) |
|                                                                                                     |   |   |   |
| Cash flows from financing activities:                                                                    |   |   |   |   |   |
| Cash dividend paid                                                                                       | (168,236 | ) |   | (161,328 | ) |
| Net cash used in financing activities                                                                    | (168,236 | ) |   | (161,328 | ) |
|                                                                                                     |   |   |   |
| Effect of currency translation on cash and cash equivalents                                              | 25,219 |   |   | — |   |
| Net decrease in cash and cash equivalents                                                                | (1,515,018 | ) |   | (519,891 | ) |
|                                                                                                     |   |   |   |
| Cash and cash equivalents at beginning of period                                                         | 3,962,454 |   |   | 3,674,179 |   |
| Cash and cash equivalents at end of period                                                               | $ | 2,447,436 |   |   | $ | 3,154,288 |   |

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|                                             |
|---------------------------------------------|
|                                             |  |  |  |  |  |  |  |
| Inventories consist of the following as of: | March 31, 2011 |   | December 31, 2010 |
| Raw materials                               | $ | 1,309,950 |   |   | $ | 911,440 |   |
| Work-in-process                        | 444,758 |   |   | 169,063 |   |
| Finished goods                              | 1,371,972 |   |   | 1,988,674 |   |
| Total                                       | $ | 3,126,680 |   |   | $ | 3,069,177 |   |

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|                                  |
|----------------------------------|
|                                  |  |
|                             | Three Months Ended March 31, 2010 |
| Dividend Yield                   | —% |
| Expected Volatility              | 31.18% |
| Risk Free Interest Rate          | 1.36% |
| Expected Option Terms (in years) | 4.5 |

|                |
|----------------|
|                |  |  |  |  |  |  |  |  |  |  |  |  |
| Exercise Price |   | Number of Outstanding Shares |   | Weighted Average Remaining Contractual Life (years) |   | Options CurrentlyExercisable |   | Average Fair Value at Grant Date |
| $              | 3.41 |   |   | 75,500 |   | 4.76 |   | 15,100 |   | $ | 0.96 |   |
| 4.76           |   |   | 60,000 |   | 4.21 |   | 15,000 |   | 1.77 |   |
| 7.15           |   |   | 96,000 |   | 2.76 |   | 57,600 |   | 2.74 |   |
| 9.86           |   |   | 63,000 |   | 0.72 |   | 63,000 |   | 4.22 |   |
| 12.42          |   |   | 10,000 |   | 1.35 |   | 8,000 |   | 5.38 |   |
| 23.10          |   |   | 10,000 |   | 1.93 |   | 8,000 |   | 10.77 |   |

|                                 |
|---------------------------------|
|                                 |  |  |  |  |  |  |
|                            | Non-Vested Options |
|                            | Number of Shares |   | Weighted Average Fair Value |
| Non-vested at December 31, 2010 | 184,100 |   |   | $ | 1.98 |   |
| Granted                         | — |   |   | — |   |
| Vested                          | (36,300 | ) |   | 2.44 |   |
| Forfeited                       | — |   |   |   |
| Non-vested at March 31, 2011    | 147,800 |   |   | $ | 1.86 |   |

----

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|               |
|---------------|
|               |  |  |  |  |  |  |  |  |  |  |  |  |  |
|          | Three Months Ending March 31, |
|          | 2011 |   |      % |   | 2010 |   |    % |
| United States | $ | 2,666,295 |   |   | 43 |   |   | $ | 3,108,220 |   |   | 55 |   |
| Canada        | 1,903,889 |   |   | 31 |   |   | 1,340,010 |   |   | 24 |   |
| Europe        | 643,260 |   |   | 11 |   |   | 489,162 |   |   | 9 |   |
| Pacific Rim   | 509,972 |   |   | 8 |   |   | 391,296 |   |   | 7 |   |
| Other         | 459,649 |   |   | 7 |   |   | 256,672 |   |   | 5 |   |
| Total         | $ | 6,183,065 |   |   | 100 |   |   | $ | 5,585,360 |   |   | 100 |   |

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

|        |
|--------|
|        |  |
| 3.0    | Articles of Incorporation (a) |
| 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 page X-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 page X-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. |

|                   |
|-------------------|
|                   |  |
|              | ARRHYTHMIA RESEARCH TECHNOLOGY, INC.  |
| May 12, 2011 | 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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|        |
|--------|
|        |  |  |
| Number | Exhibit | Page |
| 31.1   | Certification of the CEO pursuant to Rule 13a-14(a) or Rule 15(d)-14(a) | X-1 |
| 31.2   | Certification of the CFO pursuant to Rule 13a-14(a) or Rule 15(d)-14(a)  | 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 | X-3 |
| 32.2   | Certification pursuant to 18 U.S.C. §1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002                                            | X-4 |