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Cardica Announces Fiscal 2009 Fourth Quarter and Year End Financial Results
Date:8/13/2009

  • Continued progress on the development of Cardica's C-Port(R) X-CHANGEII(TM), a cartridge-based C-Port system, allowing surgeons to complete up to four anastomoses with the same CO2 powered handle. Cardica expects to launch this product in fiscal 2010, subject to FDA clearance, and believes this product will not only show improved performance but, with significantly reduced cost of goods, will allow Cardica to offer more favorable pricing while improving gross margins;
  • Reported the publication of full results for the PAS-Port system multi-center pivotal trial in The Journal of Thoracic and Cardiovascular Surgery. The data demonstrated that the PAS-Port system met all endpoints and saved approximately five minutes of operating room time when compared to hand-sewn anastomoses; and
  • Started development of the Cardica Microcutter, a multi-fire endolinear microcutter device based on Cardica's proprietary "staple-on-a-strip" technology. This truly innovative staple design is the basis for a new generation of linear staplers under development by Cardica that the company believes could alter the landscape of stapling products. Cardica anticipates that it could launch the first product of this product line in fiscal 2011, subject to completion of trials and receipt of FDA clearance. The microcutter product line will feature reduced shaft diameters to facilitate less invasive surgical procedures. Importantly, Cardica believes that the microcutter product line could be the first and only linear staplers that will allow surgeons to deploy multiple staple lines without the need for the exchange of individual cartridges.
  • Fiscal 2009 Fourth Quarter Financial Results

    Total product revenue was $1.2 million for the fiscal 2009 fourth quarter compared to $1.6 million for the fiscal 2008 fourth quarter. Product revenue decreased as a result of Cardica's smaller direct sales force during t
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    SOURCE Cardica, Inc.
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