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 comp
|SOURCE Cardiac Science Corporation|
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