Cardica Announces Fiscal 2009 First Quarter Financi...(e PAS-Portsystem since FDA clearance; .....)

-- Increased cumulative worldwide shipments of C-Port systems to over 7,000 units, with 1,017 units sold in the fiscal 2009 first quarter;

-- Increased cumulative worldwide shipments of PAS-Port systems to over 9,700 units, with 815 units sold in the fiscal 2009 first quarter and the majority of units deployed in Japan; and

-- Enabled several cardiothoracic surgeons to perform total connector coronary artery bypass, or C-CAB(TM), procedures for the first time in the United States, using only the C-Port and PAS-Port systems to attach bypass grafts.

Corporate and Development Achievements

-- Received a $1 million milestone payment from Cook Medical for the successful development of a specialized device to close holes in the heart known as patent foramen ovales;

-- Delivered CVCD devices to Cook for initial launch of the product in Europe; and

-- Appointed Frederick Bauer to the position of vice president, operations.

Fiscal 2009 First Quarter Financial Results

Total net revenue was approximately $2.1 million for the fiscal 2009 first quarter compared with $1.3 million for the fiscal 2008 first quarter. Total product revenue was approximately $1.6 million for the fiscal 2009 first quarter, compared with $1.0 million for the same period of fiscal 2008. Cost of product revenue was approximately $1.1 million for the fiscal 2009 first quarter, representing a 29 percent gross margin, compared with $1.0 million for the fiscal 2008 first quarter.

Research and development expenses were approximately $2.3 million for the fiscal 2009 first quarter compared with $1.7 million for the fiscal 2008 first quarter. Selling, general and administrative expenses for the fiscal 2009 first quarter were approximately $3.9 million compared with $2.6 million for the same period in fiscal 2008.

The net loss for the fiscal 2009 first quarter was approximately $5.2 million, or $0.33
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