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Cardiogenesis Reports First Quarter 2009 Results
Date:5/14/2009

IRVINE, Calif., May 14 /PRNewswire-FirstCall/ -- Cardiogenesis Corporation (Pink Sheets: CGCP) the "Company", a leading developer of surgical products used in the treatment of patients suffering from severe angina, today reported financial results for its first quarter ended March 31, 2009.

First Quarter 2009 Financial Results

Net revenues in the first quarter of 2009 totaled $2,852,000, a 4% decrease from the prior year first quarter net revenues of $2,982,000. During the first quarter of 2009, the Company sold three lasers and 479 handpiece units as compared to three lasers and 540 handpieces during the first quarter of 2008. The decrease in net revenue for the three months ended March 31, 2009 results primarily from lower handpiece unit volume in the current year quarter.

Richard Lanigan, Cardiogenesis President, stated, "During the fourth quarter of 2008 and through the first quarter of 2009, we implemented an outreach initiative to cardiologists to increase referrals for stand-alone TMR procedures. While we experienced a slow January, the good news is that we added 18 new centers performing stand alone TMR during this period. Success with stand-alone TMR not only increases the case-load for the cardiothoracic surgeons, but may also serve to remind surgeons of the utility of the technology as an adjunct to coronary bypass surgery. We believe the validation of this stand-alone therapy with cardiothoracic surgeons and referring cardiologists is important to the commercial success of TMR."

The Company reported a first quarter 2009 operating loss of $297,000 as compared with an operating loss of $37,000 in the prior year quarter. The net loss for the quarter was $314,000 or $0.01 per basic and diluted share, as compared with a net loss of $36,000, or $0.00 per basic and diluted share in the 2008 first quarter.

The gross margin percentage was 81% of net revenues for the
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SOURCE Cardiogenesis Corporation
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