Cardiogenesis Reports Fourth Quarter and Fiscal Year 20...( IRVINE Calif. March 31 /-Cardiogenesi...),Health

IRVINE, Calif., March 31 /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 fourth quarter and fiscal year ended December 31, 2008.

Fourth Quarter and Fiscal Year 2008 Financial Results

Net revenues in the fourth quarter of 2008 totaled $2,431,000, a 12% decrease from the prior year fourth quarter net revenues of $2,767,000. During the fourth quarter of 2008, the Company sold two lasers and 463 handpiece units as compared to three lasers and 462 handpieces during the fourth quarter of 2007. The lower revenue in the current year quarter is primarily attributable to the decrease in sales of our laser product.

Net revenues for the year ended December 31, 2008 totaled $12,150,000, an increase of approximately 1% from the $12,059,000 of net revenues for the year ended December 31, 2007. The increase in net revenues was due to an increase in laser revenue of $388,000 which was partially offset by decreases in handpiece revenue of $284,000 and service and other revenues of $13,000. During the year ended December 31, 2008 the Company sold 13 lasers and 2,063 handpieces as compared to 14 lasers and 2,293 handpieces in the prior year period.

Richard Lanigan, Cardiogenesis President, stated, "During 2008 we have added essential sales and marketing resources to continue supporting TMR as an adjunctive therapy while implementing new initiatives to gain further adoption of TMR as a 'stand alone' therapy. At the same time we have renewed our efforts on the product development front while generating positive cash flow for the year. We continue to experience excellent gross margins and believe we are well positioned for sales growth going forward."

The Company reported a fourth quarter 2008 operating loss of
'/>"/>