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Cardica Announces Fiscal 2008 Second Quarter Financial Results and Business Progress
Date:1/24/2008

pared to a net loss of approximately $2.5 million, or $0.23 per share, for the fiscal 2007 second quarter.

Total net revenue for the six months ended December 31, 2007 was approximately $3.0 million compared to approximately $1.4 million for the same period of fiscal 2007. Total operating costs and expenses for the six months ended December 31, 2007 were approximately $11.4 million compared to approximately $9.0 million for the same period of fiscal 2007. The net loss for the first six months of fiscal 2008 was approximately $7.8 million, or $0.56 per share, compared to a net loss of approximately $6.1 million, or $0.60 per share, for the same period of fiscal 2007.

Cash and investments at December 31, 2007 were $30.9 million, compared to $18.9 million at September 30, 2007. The Cook $2.0 million payment was deposited in January 2008 and is not included in the year-end cash and investments balance. As of December 31, 2007, there were approximately 15.7 million shares of common stock outstanding.

Financial Guidance for Fiscal 2008:

For the full fiscal year 2008, we continue to expect total revenue of $6 million to $8 million, of which we expect product revenue of $4 million to $5 million. In addition, we continue to expect development revenue of $2 million to $3 million. We continue to anticipate that fiscal 2008 research and development, and selling, general and administrative expenses will total $20 million to $21 million, including non-cash stock-based compensation expense of approximately $2 million. We continue to expect that the net loss for fiscal 2008 will be between $16 million and $18 million.

Conference Call Details

We will hold a live conference call today, January 24, 2008 at 4:30 p.m. Eastern Time to discuss our fiscal second quarter financial results and provide an update on the business. To access the live conference call via phone, please dial 800-659-1966 in the United States and Canada or 617-614-2711 inter
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SOURCE Cardica, Inc.
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