Cardiac Science Announces Third Quart...(down from $37.9 million at the end of th...),Health

Date:11/9/2009

down from $37.9 million at the end of the second quarter. The most significant reason for the decrease was a delay in cash collections during the quarter relating to the delay in shipping AEDs until the second half of the period as a result of the earlier ship hold. As those collections normalize, the cash position is expected to be positively impacted during the fourth quarter.

Outlook

The Company expects revenue for the fourth quarter of 2009 to be in a range between $39.0 million and $41.0 million. During the fourth quarter, the Company will continue to incur higher regulatory and quality assurance expenses as it upgrades its internal capabilities in this area and draws upon outside consultants to assist with the establishment of improved systems. In addition, the Company expects to incur higher research and development and marketing expenses associated with product development initiatives - both internal and with strategic partners.

The Company expects to report a net loss for the quarter in a range between $4.0 and $5.0 million, or between $0.17 and $0.21 per share. The expected loss includes non-cash expenses of approximately $2.2 million related primarily to depreciation, amortization, and stock-based compensation. The Company will not record any tax benefit for operating losses, so these estimates are not tax effected.

Non-GAAP and Pro Forma Financial Information

This news release contains a discussion of EBITDA, Adjusted EBITDA, and Pro Forma Gross Margin, which are non-GAAP financial measures provided as a complement to results provided in accordance with U.S. generally accepted accounting principles ("GAAP"). The term "EBITDA" refers to a financial measure defined as earnings before net interest, income taxes, depreciation, and amortization. "Adjusted EBITDA" refers to EBITDA before stock-based compensation and costs associated with the AED field product update. "Pro Forma Gross Margin"
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SOURCE Cardiac Science Corporation Copyright©2009 PR Newswire. All rights reserved

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