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Cardica Announces Fiscal 2010 First Quarter Financial Results and Business Progress
Date:10/29/2009

cumulative worldwide shipments of PAS-Port® Proximal Anastomosis Systems to over 16,100 units, with a total of 1,186 units sold in the first quarter of fiscal 2010;
  • Increased cumulative worldwide shipments of C-Port® Distal Anastomosis Systems to over 9,500 units, with a total of 181 units sold in the first quarter of fiscal 2010;
  • Expanded network of independent distributors and manufacturers' representatives through the addition of six organizations: AlphaCor, Bio Instruments, Ilex Medical, Medical Dynamics, MEDI-MAC Cardiovascular and MedSurg Specialty Medical;
  • Raised $10 million in net proceeds through the sale of 8,142,082 shares of common stock and warrants to purchase 4,071,046 shares of common stock; and
  • Continued development of the Cardica Microcutter, a multi-fire endolinear microcutter device based on Cardica's proprietary "staple-on-a-strip" technology.
  • Fiscal 2010 First Quarter Financial Results

    Net product sales totaled $0.8 million for the fiscal 2010 first quarter, compared to $1.6 million for the fiscal 2009 first quarter. Net product sales decreased as a result of Cardica's smaller direct sales force and the transition period necessary to train our new independent distributors and manufacturers' representatives and due to the lower number of cardiac surgery bypass procedures in the summer months of July and August. Total net revenue was $0.9 million for the fiscal 2010 first quarter, compared to $2.1 million for the same period of fiscal 2009. Cost of product sales decreased to $0.8 million for the fiscal 2010 first quarter, compared to $1.1 million in the fiscal 2009 first quarter.

    For the fiscal 2010 first quarter, research and development expenses decreased to $1.1 million, compared to $2.3 million for the fiscal 2009 first quarter. Selling, general and administrative expenses for the fiscal 2010 first quarter decreased to $1.6 million, compared to $3.9 m
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    SOURCE Cardica, Inc.
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