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Cardiogenesis Reports Fourth Quarter and Fiscal Year 2008 Results
Date:3/31/2009

$555,000 as compared with an operating loss of $32,000 in the prior year quarter. The net loss for the quarter was $573,000 or $0.01 per basic and diluted share, as compared with a net loss of $84,000, or $0.00 per basic and diluted share in the 2007 fourth quarter.

For the year ended December 31, 2008 the Company reported an operating loss of $320,000 as compared with an operating income of $856,000 for the prior year period. The net loss for the year ended December 31, 2008 was $315,000, or $0.01 per diluted share, compared with net income of $578,000, or $0.01 per diluted share, for the year ended December 31, 2007.

The gross margin percentage was 73% of net revenues for the quarter ended December 31, 2008 as compared with a 63% gross margin percentage in the fourth quarter of 2007. Gross profit increased by $50,000 to $1,781,000 for the current year quarter as compared with $1,731,000 for the 2007 fourth quarter.

For the year ended December 31, 2008, the gross margin percentage was 82% of net revenues as compared to 76% of net revenues for the year ended December 31, 2007. Gross profit increased by $801,000 to $9,911,000 for the year ended December 31, 2008, as compared to $9,110,000 for the prior year period. The increase in the gross margin percentage and gross profit for the year ended December 31, 2008 resulted from a combination of higher laser and handpiece average sales prices, a decrease in inventory obsolescence charges of $346,000, and recognition of $234,000 of deferred revenue for which there is no associated cost of goods sold. Inventory obsolescence charges for the years ended December 31, 2008 and 2007 were $187,000 and $533,000, respectively. Approximately $155,000 of the obsolescence charges in 2008 were related to PMC inventory. The remaining $32,000 was related to the TMR 2000 System product line. In the fourth quarter of 2007, the Company announced that, since TMR 2000 System componen
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SOURCE Cardiogenesis Corporation
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