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

NTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)

Three months ended Year ended

December 31, December 31,

2007 2006 2007 2006

Net revenues $2,767 $3,664 $12,059 $17,117

Cost of revenues 1,036 916 2,949 3,644

Gross profit 1,731 2,748 9,110 13,473

Operating expenses:

Research and development 69 374 681 1,474

Salaries and employee benefits 1,199 1,470 4,800 7,784

Sales, general and administrative 495 1,851 2,773 5,691

Total operating expenses 1,763 3,695 8,254 14,949

Operating (loss) income (32) (947) 856 (1,476)

Other (expense) income:

Interest expense (10) (57) (69) (781)

Interest income 26 22 120 132

Gain on insurance settlement - - - 70

Loss on disposal of fixed assets (2) (111) (2) (111)

Non-cash interest expense - (29) (89) (831)

Change in fair value of derivatives

and warrants (53) 629 (225) 1,020

Total other (expense) income, net (39) 454 (265) (501)

(Loss) Income before income taxes (71) (493) 591 (1,977)

Tax provision 13 - 13 2

Net (loss) income (84) (493) $578 $(1,979)

Net (loss) income per share:

Basic $0.00 $(0.01) $0.01 $(0.04
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SOURCE Cardiogenesis Corporation
Copyright©2008 PR Newswire.
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