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CardioDynamics Reports Second Fiscal Quarter 2009 Results
Date:7/9/2009

% lower BioZ sales, partially offset by 8% growth in recurring sensor revenue. Sensor revenue grew 11% sequentially from first quarter 2009 to $1.9 million, recording the third consecutive quarter of sensor growth, averaging 10% growth over the three quarters. Gross margin as a percentage of sales decreased from 71% to 67% in the second quarter of 2009, largely due to a $3,000, or 10% decline in the average BioZ unit sales price in the direct domestic market resulting from a discount sales promotion offered during the second quarter. Operating expenses were essentially unchanged at $4.9 million compared with second quarter 2008. The second quarter of 2009 included approximately $250,000 of merger transaction-related expenses. Operating cash use was $340,000, an improvement of 31%, or $150,000, from $490,000 in the same quarter of 2008.

CEO Comments and Outlook

Michael K. Perry, Chief Executive Officer of CardioDynamics, stated, "We navigated through a tough quarter relatively well and were pleased with the third consecutive quarter of sensor revenue growth and 11% sequential revenue growth for the business. Economic conditions continue to put pressure on capital equipment spending in healthcare and this has affected demand for our BioZ systems. We are excited to join SonoSite, an industry leader in point of care medicine who shares our vision of creating non-invasive technologies that improve outcomes and reduce the cost of patient care. Being part of a larger company platform will provide additional resources that should enable accelerated growth for ICG technology in the years ahead."

Conference Call Information

Due to the merger with SonoSite which was announced on June 9, 2009, there will not be a quarterly financial conference call. The transaction is subject to shareholder approval and customary closing conditions and is anticipated to close during the third quarter of calendar 2009.<
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SOURCE CardioDynamics
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