Cardiac Science Announces Third Quart... (holders to eliminate uncertainty and beg...)

Cardiac Science Announces Third Quarter Results

Date:11/9/2009

holders to eliminate uncertainty and begin to focus on the progress we've made in our turnaround. Operationally, we continue to move at a brisk pace in improving our systems and capabilities with an eye toward building a stronger foundation for future growth," said Dave Marver, president and chief executive officer. "We have several new technologies slated for introduction in the next 12 months. The introduction of our new vital signs monitors in cooperation with Omron is one of many enhancements we'll be making to our product line that leverage our brands, distribution, and large installed customer base."

Third Quarter Financial Results

Third quarter revenue of $38.9 million represented a decrease of 28% compared to the $54.0 million in revenue reported in the third quarter of 2008. Third quarter gross margin was 0.2%, inclusive of the $18.5 million charge relating to the AED field initiative. Excluding this charge, pro forma gross margin would have been 47.8%, a slight decrease from reported third quarter 2008 gross margin, which was 48.4%. The decrease in gross margin on a pro forma basis was due primarily to lower service margins relating to lower revenue being spread over a somewhat fixed cost structure.

Operating expenses in the third quarter of 2009 were $22.8 million, a modest increase from the $22.1 million for the third quarter of 2008. Inclusive of the $18.5 million charge relating to the AED field product update and the $44.0 million charge related to deferred tax assets, the Company reported a net loss of $66.5 million, or $2.85 loss per share in the third quarter of 2009.

EBITDA was negative $21.1 million for the third quarter of 2009. Adjusted EBITDA, which excludes stock-based compensation expense and the costs relating to the AED field initiative, was negative $1.9 million for the third quarter of 2009.

The Company had $31.6 million in cash and cash equivalents as of September 30, 2009,
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SOURCE Cardiac Science Corporation
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