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Cardiac Science Announces Third Quarter Results
Date:11/9/2009

BOTHELL, Wash., Nov. 9 /PRNewswire-FirstCall/ -- Cardiac Science Corporation (Nasdaq: CSCX), a global leader in automated external defibrillator (AED) and diagnostic cardiac monitoring devices, today announced revenue of $38.9 million for the third quarter ended September 30, 2009, in line with its previous guidance. The Company also recorded a charge of $18.5 million for an AED field product update and a non-cash charge of $44.0 million to increase its valuation allowance against deferred income tax assets. Including these charges, the Company reported a net loss for the quarter of $66.5 million, or $2.85 per share.

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Sales in all areas of the business continued to stabilize during the period and execution of the Company's turnaround initiatives should help to reinstate revenue growth in the coming year.

Cardiac monitoring revenue was $13.0 million and defibrillation products revenue was $21.6 million for the third quarter of 2009. As anticipated, AED sales in Japan were approximately $10.0 million less than in the prior year quarter, due primarily to market weakness and a competing AED product introduction by the Company's current distribution partner. North American AED sales were down 9% compared to the prior year period. However, following the resumption of AED shipments in August afte
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SOURCE Cardiac Science Corporation
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