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Cardiogenesis Reports First Quarter 2008 Results
Date:5/15/2008

administrative 754 726

Total operating expenses 2,494 2,262

Operating (loss) income (37) 465

Other income (expense):

Interest expense (20) (31)

Interest income 21 28

Non-cash interest expense - (46)

Change in fair value of derivatives - (114)

Other non-cash income, net - 25

Total other income (expense), net 1 (138)

Net (loss) income (36) $ 327

Net (loss) earnings per share:

Basic $ - $ 0.01

Diluted $ - $ 0.01

Weighted average shares outstanding:

Basic 45,274 45,274

Diluted 45,274 45,290

CARDIOGENESIS CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

March 31, December 31,

2008 2007

(unaudited) (audited)

ASSETS

Current assets:

Cash and cash equivalents $ 2,917 $ 2,824

Accounts receivable, net of allowance for

doubtful accounts of $28 1,268 1,763

Inventories 1,492 1,602

Prepaids and other current
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SOURCE Cardiogenesis Corporation
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