CardioDynamics Reports First Quarter 20... ( SAN DIEGO April 9 /- CardioDynamics (...)

CardioDynamics Reports First Quarter 2009 Results

Date:4/9/2009

SAN DIEGO, April 9 /PRNewswire-FirstCall/ -- CardioDynamics (Nasdaq: CDIC), the innovator and leader of Impedance Cardiography (ICG) technology, today reported financial results for fiscal first quarter 2009.

Financial Highlights of First Quarter 2009 Compared with First Quarter 2008

Net sales of $5.1 million, a 12% decrease from $5.8 million, but a 3% increase excluding large Eastern European hospital group sales in the first quarters of 2008 and 2009
ICG sensor revenue increased 12% to $1.7 million, representing 33% of net sales, up from $1.5 million, or 26% of sales
Gross margin as a percentage of net sales improved from 69% to 73%
Reduced operating expenses by 2% to $4.8 million
Operating loss was $1.0 million, which included $202,000 of non-cash charges for depreciation, amortization and equity compensation
Net loss from continuing operations of $1.5 million ($0.20 per share loss), down 10% from $1.6 million ($0.23 per share loss)

Additional Key Operating Metrics for the First Quarter of 2009

BioZ(R) system sales grew 12% to 76 units, compared to 68 units
ICG device sales totaled 158 units bringing the cumulative total sold to over 8,900 ICG monitors and modules, up 11% from 8,000 one year ago
U.S. direct sales grew 19% to $3.9 million, up from $3.3 million
Field headcount averaged 72 field associates, up from 70 one year ago
Investors retained $5.25 million investment in Company's 8% convertible notes

First Quarter 2009 Operating Results Discussion

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