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Cardiac Science Reports Q2 Revenue; Resumes AED Shipments
Date:8/10/2009

BOTHELL, Wash., Aug. 10 /PRNewswire-FirstCall/ -- Cardiac Science Corporation (Nasdaq: CSCX), a global leader in automated external defibrillator (AED) and diagnostic cardiac monitoring devices, today announced that revenue for the second quarter ended June 30, 2009, was $36.1 million, a result that was adversely impacted by a decision to withhold $3 million in AED shipments during the quarter in accordance with the Company's internal quality procedures. The Company also announced that shipments of AEDs have resumed.

In addition to the impact from withheld AED shipments, second quarter results reflect a contraction in Japanese AED revenue and continued weakness in the market for healthcare capital equipment.

Cardiac monitoring revenue was $14.8 million and defibrillation products revenue was $16.9 million for the second quarter of 2009. As expected, AED sales in Japan were $9.1 million less than in the prior year quarter, primarily due to market weakness and a pending competing AED product introduction by the Company's current distribution partner. North American AED sales were down 32% compared to the prior year period, due to the withheld AED shipments and the effects of a weaker economy. Cardiac monitoring revenue decreased 5% compared to the prior year period, driven by slowed buying patterns in the hospital and physician office markets. However, second quarter 2009 cardiac monitoring revenue was up 20% sequentially over the first quarter of 2009.

President and chief executive officer Dave Marver said, "We voluntarily stopped shipping AEDs in late June in order to evaluate a potential component issue. In accordance with our quality processes, I'm pleased to report we have now resumed shipments. We will continue to evaluate the possible impact of the component issue on units in the field and whether it may be appropriate to take corrective action for those units."

Mr. Marver continued, "During the second quarter, we continued to execute on our growth strategy, the results of which will be apparent as we begin to announce new product introductions over the next 12 months. In addition, we drove functional improvements across the company, strengthening our operational foundation in preparation for future growth. We intend to maintain our forward progress as we fully resolve the AED component issue and put it behind us."

Second Quarter Financial Results

Second quarter revenue of $36.1 million represented a decrease of 31% compared to the $52.1 million in revenue reported in the second quarter of 2008. Second quarter gross margin was 48.6%, a decrease from the second quarter of 2008, which was 49.8%. The gross margin decrease is mostly due to product mix related to reduced sales of AEDs, which generally sell at higher gross margins than our cardiac monitoring products.

Operating expenses in the second quarter of 2009 were $21.2 million, compared to $22.2 million for the second quarter of 2008, a reduction of 5%.

The Company reported an operating loss $3.7 million and a net loss of $2.1 million, or $0.09 loss per share in the second quarter of 2009, compared to net income of $2.3 million, or $0.10 per share in the second quarter of 2008.

EBITDA was negative $1.8 million for the second quarter of 2009. Adjusted EBITDA, which excludes stock-based compensation expense, was negative $1.2 million for the second quarter of 2009.

The Company generated $0.5 million in cash from operating activities during the second quarter and had $37.9 million in cash and cash equivalents as of June 30, 2009.

Outlook

The Company expects revenue for the third quarter of 2009 to be in a range between $37 million and $40 million. Actual revenue will be dependent, in part, on how quickly the Company is able to ramp up AED production and fulfill the order backlog that accumulated while shipping was suspended, as well as new orders that are received during the third quarter.

Profitability and cash flow levels for the quarter will be adversely affected by the AED ship-hold, including manufacturing inefficiencies, product re-work and testing and professional services associated with evaluating the related quality issues. The Company will also incur higher regulatory and quality assurance expenses as it upgrades its internal capabilities in this area. In addition, the Company expects to incur higher research and development and marketing expenses associated with product development initiatives.

Profitability and cash flows for the quarter may also be adversely impacted if the Company determines that a corrective action is required to address AED component issues in the field. While the Company has not yet determined whether a field action may be required, such action, if necessary, could cost between $10 and $20 million, depending on the nature of the action, the number and location of affected units and other factors, although there can be no assurance that the cost of an action, if required, would fall within this range.

Excluding expenses relating to a possible field action, the Company expects to report a net loss for the quarter in a range between $0.10 and $0.14 per share.

Non-GAAP and Pro Forma Financial Information

This news release contains a discussion of EBITDA and Adjusted EBITDA, which are non-GAAP financial measures provided as a complement to results provided in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The term "EBITDA" refers to a financial measure defined as earnings before net interest, income taxes, depreciation, and amortization. "Adjusted EBITDA" refers to EBITDA before stock-based compensation. Neither of these measures are a substitute for measures determined in accordance with GAAP, and may not be comparable to the same measures as reported by other companies. EBITDA and Adjusted EBITDA are an integral part of the internal management reporting and planning process and are the primary measures used by management to evaluate the operating performance of the Company. The components of these measures include the key revenue and expense items for which operating managers are responsible and upon which their performance is evaluated. The Company also uses Adjusted EBITDA for planning purposes and in presentations to its board of directors. Reconciliations of EBITDA and Adjusted EBITDA to net income, the most comparable GAAP measure, are contained in this press release.

Conference Call Information

Cardiac Science will conduct a conference call at 4:30 p.m. Eastern Daylight Time today to discuss the Company's financial results for the second quarter and issues related to the AED ship-hold. The call will be hosted by Dave Marver, president and chief executive officer, and Mike Matysik, senior vice president and chief financial officer.

To access the conference call, please dial 877.941.6011 and reference conference ID 4118733. Callers outside the U.S. can dial 480.248.5085. The call will also be webcast live at http://www.cardiacscience.com. An audio replay of the call will be available for seven days following the call at 800.406.7325 for U.S. callers or 303.590.3030 for those calling from outside the U.S. The password required to access the replay is 4118733#. An archived webcast will also be available at http://www.cardiacscience.com for 90 days.

About Cardiac Science

Cardiac Science develops, manufactures, and markets a family of advanced diagnostic and therapeutic cardiology devices and systems, including automated external defibrillators (AED), electrocardiograph devices (ECG/EKG), cardiac stress treadmill and systems, Holter monitoring systems, hospital defibrillators, cardiac rehabilitation telemetry systems, and cardiology data management systems (informatics) that connect with hospital information (HIS), electronic medical record (EMR), and other information systems. The company sells a variety of related products and consumables and provides a portfolio of training, maintenance, and support services. Cardiac Science, the successor to the cardiac businesses that established the trusted Burdick((R)), HeartCentrix((R)), Powerheart((R)), and Quinton((R)) brands, is headquartered in Bothell, Washington. The Company distributes its products in nearly 100 countries worldwide, with operations in North America, Europe, and Asia. For information, call 425.402.2000 or visit http://www.cardiacscience.com.

Forward-Looking Statements

This press release contains forward-looking statements. The word "believe," "expect," "intend," "anticipate," variations of such words, and similar expressions identify forward-looking statements, but their absence does not mean that the statement is not forward-looking. Forward looking statements in this press release include, but are not limited to, those relating to Cardiac Science Corporation's future financial results and condition, the operational and financial impact of the AED component issue, including the potential for a voluntary field corrective action, and strategic initiatives, including future product releases. These are forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Actual results and performance may vary significantly from those expressed or implied in such statements. Factors that could cause or contribute to such varying results and other risks include those with respect to the quality of our processes, products and services and the implementation of voluntary actions or those taken at the request of regulatory authorities relating to our business, as well as those more fully described in the Annual Report on Form 10-K filed by Cardiac Science Corporation for the year ended December 31, 2008, as updated by subsequent quarterly reports on Form 10-Q. Cardiac Science Corporation undertakes no duty or obligation to update the information provided herein.

    For more information,

    Company Contact:               Investor Contact:     Media Contact:
    ----------------               -----------------     --------------
    Mike Matysik                   Matt Clawson          Christopher Gale
    Cardiac Science Corporation    Allen & Caron         EVC Group Inc.
    Senior Vice President and CFO  949.474.4300          646.201.5431
    425.402.2009                   matt@allencaron.com   203.570.4681
                                                         cgale@evcgroup.com


LOGO: http://www.cardiacscience.com/images/main_logo.gif

CSCX-F

- Tables to Follow -

                   Cardiac Science Corporation and Subsidiaries
            Condensed Consolidated Statements of Operations (unaudited)
                 (in thousands, except share and per share amounts)

                                               Three Months Ended June 30,
                                               ---------------------------
                                                 2009               2008
                                                 ----               ----
                                               $       %          $       %
                                              ---     ---        ---     ---
     Revenues:
          Cardiac monitoring products      $14,800   41.0%    $15,574   29.9%
          Defibrillation products           16,853   46.7%     31,683   60.8%
                                            ------   ----      ------   ----
                   Total product revenues   31,653   87.6%     47,257   90.6%
          Service                            4,461   12.4%      4,875    9.4%
                                             -----              -----
                   Total revenues           36,114  100.0%     52,132  100.0%
                                            ------  -----      ------  -----

     Cost of Revenues:
          Products                          15,433   48.8%     22,929   48.5%
          Service                            3,130   70.2%      3,240   66.5%
                                             -----   ----       -----   ----
                   Total cost of revenues   18,563   51.4%     26,169   50.2%
                                            ------   ----      ------   ----

     Gross Profit:
          Products                          16,220   51.2%     24,328   51.5%
          Service                            1,331   29.8%      1,635   33.5%
                                             -----   ----       -----   ----
                   Gross profit             17,551   48.6%     25,963   49.8%
                                            ------   ----      ------   ----

     Operating Expenses:
          Research and development           3,617   10.0%      3,796    7.3%
          Sales and marketing               11,271   31.2%     13,047   25.0%
          General and administrative         6,349   17.6%      5,347   10.3%
                                             -----   ----       -----   ----
                   Total operating expenses 21,237   58.8%     22,190   42.6%
                                            ------   ----      ------   ----

                   Operating income (loss)  (3,686) -10.2%      3,773    7.2%
                                            ------  -----       -----    ---

     Other Income:
          Interest income                       19    0.1%        163    0.3%
          Other income (loss), net             545    1.5%       (125)  -0.2%
                                               ---    ---        ----   ----

              Total other income               564    1.6%         38    0.1%
                                               ---    ---          --    ---


     Income (loss) before income tax benefit
      (expense):                            (3,122)  -8.6%      3,811    7.3%
          Income tax benefit (expense)       1,194    3.3%     (1,407)  -2.7%
                                             -----    ---      ------   ----

     Net income (loss)                      (1,928)  -5.3%      2,404    4.6%
          Less:  Net income attributable to
           noncontrolling interests           (178)  -0.5%       (118)  -0.2%
                                              ----   ----        ----   ----


     Net income (loss) attributable to
      Cardiac Science Corporation          $(2,106)  -5.8%     $2,286    4.4%
                                           =======   ====      ======    ===
     Net income (loss) per share
      attributable to Cardiac Science
      Corporation:
          Basic                             $(0.09)             $0.10
          Diluted                           $(0.09)             $0.10
     Weighted average shares outstanding:
         Basic                          23,198,352         22,806,307
         Diluted                        23,198,352         23,246,240


                   Cardiac Science Corporation and Subsidiaries
            Condensed Consolidated Statements of Operations (unaudited)
                 (in thousands, except share and per share amounts)

                                                Six Months Ended June 30,
                                                -------------------------
                                                 2009               2008
                                                 ----               ----
                                               $       %          $       %
                                              ---     ---        ---     ---
     Revenues:
          Cardiac monitoring products      $27,127   35.8%    $33,297   32.9%
          Defibrillation products           39,791   52.5%     58,299   57.7%
                                            ------   ----      ------   ----
                   Total product revenues   66,918   88.3%     91,596   90.6%
          Service                            8,860   11.7%      9,495    9.4%
                                             -----              -----
                   Total revenues           75,778  100.0%    101,091  100.0%
                                            ------  -----     -------  -----

      Cost of Revenues:
          Products                          32,067   47.9%     44,461   48.5%
          Service                            6,281   70.9%      6,469   68.1%
                                             -----   ----       -----   ----
                   Total cost of revenues   38,348   50.6%     50,930   50.4%
                                            ------   ----      ------   ----

     Gross Profit:
          Products                          34,851   52.1%     47,135   51.5%
          Service                            2,579   29.1%      3,026   31.9%
                                             -----   ----       -----   ----
                   Gross profit             37,430   49.4%     50,161   49.6%
                                            ------   ----      ------   ----

      Operating Expenses:
          Research and development           7,088    9.4%      7,659    7.6%
           Sales and marketing              22,469   29.7%     25,236   25.0%
          General and administrative        11,965   15.8%     10,472   10.4%
                                            ------   ----      ------   ----
                   Total operating expenses 41,522   54.8%     43,367   42.9%
                                            ------   ----      ------   ----

                   Operating income (loss)  (4,092)  -5.4%      6,794    6.7%
                                            ------   ----       -----    ---

      Other Income:
          Interest income                       32    0.0%        278    0.3%
          Other income, net                    397    0.5%         86    0.1%
                                               ---    ---          --    ---

              Total other income               429    0.6%        364    0.4%
                                               ---    ---         ---    ---


      Income (loss) before income tax benefit
       (expense):                           (3,663)  -4.8%      7,158    7.1%
          Income tax benefit (expense)       1,360    1.8%     (2,647)  -2.6%
                                             -----    ---      ------   ----

      Net income (loss)                     (2,303)  -3.0%      4,511    4.5%
          Less:  Net income attributable to
           noncontrolling interests           (341)  -0.4%       (171)  -0.2%
                                              ----   ----        ----   ----


      Net income (loss) attributable to
       Cardiac Science Corporation         $(2,644)  -3.5%     $4,340    4.3%
                                           =======   ====      ======    ===

      Net income (loss) per share
       attributable to Cardiac Science
       Corporation:
          Basic                             $(0.11)             $0.19
          Diluted                           $(0.11)             $0.19
      Weighted average shares outstanding:
          Basic                         23,127,742         22,729,858
          Diluted                       23,127,742         23,277,135



                   Cardiac Science Corporation and Subsidiaries
                 Condensed Consolidated Balance Sheets (unaudited)
                                 (in thousands)

                                           June 30,         December 31,
                                             2009               2008
                                             ----               ----
     ASSETS
        Current Assets:
          Cash and cash equivalents         $37,868           $34,655
          Accounts receivable, net           22,982            31,665
          Inventories                        25,973            24,692
          Deferred income taxes               8,197             8,366
          Prepaid expenses and other
           current assets                     3,066             3,144
                                              -----             -----
            Total current assets             98,086           102,522

        Other assets                            388               428
        Machinery and equipment, net of
         accumulated depreciation             7,381             6,994
        Deferred income taxes                30,217            28,452
        Intangible assets, net of
         accumulated amortization            29,299            31,278
        Investments in unconsolidated
         entities                             1,032               534
                                              -----               ---

            Total assets                   $166,403          $170,208
                                           ========          ========

     LIABILITIES AND EQUITY
        Current Liabilities:
          Accounts payable                  $10,022           $12,711
          Accrued liabilities                13,185            13,535
          Warranty liability                  3,805             3,796
          Deferred revenue                    7,248             7,918
                                              -----             -----
            Total current liabilities        34,260            37,960

        Equity:
          Cardiac Science Corporation
           shareholders' equity             131,274           131,703
          Noncontrolling interests              869               545
                                                ---               ---
            Total equity                    132,143           132,248
                                            -------           -------

            Total liabilities and equity   $166,403          $170,208
                                           ========          ========


                   Cardiac Science Corporation and Subsidiaries
             Condensed Consolidated Statements of Cash Flows (unaudited)
                                 (in thousands)

                                                       Three Months Ended
                                                            June 30,
                                                            --------
                                                         2009       2008
                                                         ----       ----
     Operating Activities:
            Net income (loss)                          $(1,928)    $2,404

            Adjustments to reconcile net income
             (loss) to net cash provided by operating
              activities:
                   Stock-based compensation                554        488
                   Depreciation and amortization         1,542      1,624
                   Deferred income taxes                (1,398)     1,292

                   Changes in operating assets and
                    liabilities, net of businesses
                    acquired:
                           Accounts receivable, net        730      2,688
                           Inventories                     (89)      (141)
                           Prepaid expenses and
                            other assets                  (392)       (61)
                           Accounts payable               (118)    (1,857)
                           Accrued liabilities           1,045        955
                           Warranty liability              111        102
                           Deferred revenue                426     (1,160)
                                                           ---     ------
                                       Net cash provided
                                        by operating
                                        activities         483      6,334
                                                           ---      -----


     Investing Activities:
            Purchases of machinery and equipment          (769)    (1,008)
            Proceeds from repayment of note                 10          -
            Cash paid for acquisitions                       -       (268)
                                                           ---       ----
                                       Net cash used in
                                        investing
                                        activities        (759)    (1,276)
                                                          ----     ------


     Financing Activities:
            Proceeds from exercise of stock options
             and issuance of shares under employee
             stock purchase plan                            502       173
            Minimum tax withholding on restricted
             stock awards                                     -         -
                                                            ---       ---
                                       Net cash provided
                                        by financing
                                        activities          502       173
                                                            ---       ---

            Effect of exchange rate changes on cash
             and cash equivalents                            79         -

      Net change in cash and cash equivalents               305     5,231
      Cash and cash equivalents, beginning of period     37,563    22,490
      Cash and cash equivalents, end of period          $37,868   $27,721
                                                        =======   =======



                   Cardiac Science Corporation and Subsidiaries
             Condensed Consolidated Statements of Cash Flows (unaudited)
                                 (in thousands)

                                                        Six Months Ended
                                                            June 30,
                                                            --------
                                                         2009       2008
                                                         ----       ----

     Operating Activities:
            Net income (loss)                          $(2,303)    $4,511

            Adjustments to reconcile net income (loss)
             to net cash provided by operating
             activities:
                   Stock-based compensation              1,213      1,046
                   Depreciation and amortization         3,067      3,233
                   Deferred income taxes                (1,765)     2,462

                   Changes in operating assets and
                    liabilities, net of businesses
                    acquired:
                           Accounts receivable, net      8,717       (313)
                           Inventories                  (1,330)      (749)
                           Prepaid expenses and other
                            assets                          36       (624)
                           Accounts payable             (2,457)      (236)
                           Accrued liabilities            (291)      (384)
                           Warranty liability                9        338
                           Deferred revenue               (670)      (490)
                                                          ----       ----
                                       Net cash provided
                                        by operating
                                        activities       4,226      8,794
                                                         -----      -----


     Investing Activities:
            Maturities of short-term investments             -        350
            Purchases of machinery and equipment        (1,654)    (1,442)
            Proceeds from repayment of note                 83          -
            Cash paid for acquisitions                     (54)      (424)
                                                           ---        ----
                                       Net cash used in
                                        investing
                                        activities      (1,625)    (1,516)
                                                        ------     ------


     Financing Activities:
            Proceeds from exercise of stock
             options and issuance of shares under
             employee stock purchase plan                 736        346
            Minimum tax withholding on
              restricted stock awards                     (97)        (62)
                                                          ---         ---
                                       Net cash provided
                                        by financing
                                        activities        639         284
                                                          ---         ---

            Effect of exchange rate changes on
             cash and cash equivalents                    (27)          -

     Net change in cash and cash equivalents            3,213       7,562
     Cash and cash equivalents, beginning of period    34,655      20,159
     Cash and cash equivalents, end of period         $37,868     $27,721
                                                      =======     =======


                      Cardiac Science Corporation and Subsidiaries
               Reconciliation of GAAP Results to Non-GAAP Results (unaudited)
                                       (in thousands)


                                   Reconciliation of Net Income (Loss)
                                Attributable to Cardiac Science Corporation
                                             to Adjusted EBITDA


                                 Three Months Ended       Three Months Ended
                                    June 30, 2009           June 30, 2008
                                    -------------           -------------
                                               % of                  % of
                                             revenue               revenue
                                            --------               -------
     Net income (loss)
      attributable to Cardiac
      Science Corporation      $(2,106)        -5.8%     $2,286       4.4%
     Depreciation and
      amortization               1,542          4.3%      1,624       3.1%
     Interest income               (19)        -0.1%       (163)     -0.3%
     Income tax (benefit)
      expense                   (1,194)        -3.3%      1,407       2.7%
                                ------         ----       -----       ---
     EBITDA                     (1,777)        -4.9%      5,154       9.9%

     Stock-based
      compensation                 554          1.5%        488       0.9%

     Adjusted EBITDA           $(1,223)        -3.4%     $5,642      10.8%
                               =======         ====      ======      ====


                                   Reconciliation of Net Income (Loss)
                                Attributable to Cardiac Science Corporation
                                             to Adjusted EBITDA


                                   Six Months Ended        Six Months Ended
                                    June 30, 2009           June 30, 2008
                                    -------------           -------------
                                               % of                  % of
                                             revenue               revenue
                                            --------               -------
    Net income (loss)
      attributable to Cardiac
      Science Corporation      $(2,644)        -3.5%     $4,340       4.3%
     Depreciation and
      amortization               3,067          4.0%      3,233       3.2%
     Interest income               (32)         0.0%       (278)     -0.3%
     Income tax (benefit)
      expense                   (1,360)        -1.8%      2,647       2.6%
                                ------         ----       -----       ---
     EBITDA                       (969)        -1.3%      9,942       9.8%

     Stock-based
      compensation                1,213          1.6%      1,046       1.0%

     Adjusted EBITDA               $244          0.3%    $10,988      10.9%
                                   ====          ===     =======      ====


    CSCX-F



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