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Cardiogenesis Reports Fourth Quarter and Full Year 2007 Results
Date:3/25/2008

or $0.00 per basic and diluted share, as compared with a net loss of $493,000, or $0.01 per basic and diluted share, in the 2006 fourth quarter.

For the year ended December 31, 2007, Cardiogenesis reported operating income of $856,000 as compared with an operating loss of $1,476,000 for the prior year period. The net income for the year ended December 31, 2007 was $578,000, or $0.01 per basic and diluted share, compared with a net loss of $1,979,000, or $0.04 per basic and diluted share, for the year ended December 31, 2006.

Gross margin was 63% of sales for the quarter ended December 31, 2007 as compared with a 75% gross margin in the fourth quarter of 2006. Gross profit in absolute dollars decreased by $1,017,000 to $1,731,000 for the current year quarter as compared with $2,748,000 for the 2006 fourth quarter. The decrease in gross margin resulted primarily from inventory impairment charges of $508,000 during the quarter that did not occur in the prior year quarter. Excluding inventory impairment charges, gross margin for the 2007 fourth quarter was 81%. For the year ended December 31, 2007, gross profit was 76% of net revenues as compared to 79% of net revenues for the year ended December 31, 2006. Gross profit in absolute dollars decreased by $4,363,000 to $9,110,000 for the year ended December 31, 2007, as compared to $13,473,000 for the prior year period. The decrease in gross margin for the full year resulted primarily from inventory impairment charges. Excluding the inventory impairment charges, gross margin was approximately 80% for the years ended December 31, 2007 and 2006.

Research and development costs ("R&D") were $69,000 in the fourth quarter of 2007 as compared with $374,000 in the 2006 fourth quarter. For the year ended December 31, 2007, R&D expenses of $681,000 were $793,000 below the prior year period.

Salaries and employee benefit expenditures of $1,199,000 in the quarter ended December 31, 2007 decreased $271,000, o
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SOURCE Cardiogenesis Corporation
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