ICG sensor revenue in the fourth quarter was a record $1.9 million, due in part to the clinical sales team's focused customer service efforts through the launch of the Comprehensive Customer Care (C3) and ICG CERTIFIED programs.
Gross margin as a percentage of sales increased from 68% to 72% in fiscal 2008, largely due to lower manufacturing overhead costs, 9% average unit sales price improvement, and lower inventory reserve requirements.
As part of the Company's efforts to accelerate the return to profitability, tight expense control resulted in a 1% overall reduction in 2008 operating expenses with the most significant savings occurring in non revenue generating areas including General and Administrative expenses, down $321,000 and Research and Development, down $188,000. The Company surpassed one of its major 2008 goals by achieving $276,000 of positive operating cash flow in the fourth quarter of 2008.
Fourth Quarter 2008 operating loss improved 47% to $442,000, down from an operating loss of $830,000 in fourth quarter 2007. The operating loss for fiscal 2008 was $2.0 million, a 58% improvement from fiscal 2007 operating loss of $4.8 million. Fiscal 2008 loss before income taxes, depreciation, amortization and equity compensation was $1.0 million, an improvement of $2.9 million, or 74%
CEO Comments and Outlook
"We were pleased with the continued improvement in our key operating metrics during the fourth quarter and throughout 2008," stated Michael K. Perry, Chief Executive Officer of CardioDynamics. "Despite the challenging business climate, we achieved our eighth consecutive
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