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

illion for the fiscal 2009 first quarter. The lower expenses are due to the actions taken in fiscal 2009 to change our sales approach to a more variable cost model and to lower our headcount.

The net loss for the fiscal 2010 first quarter decreased to $2.7 million, or $0.17 per share, compared to a net loss of $5.2 million, or $0.33 per share, for the fiscal 2009 first quarter.

Cash and cash equivalents at September 30, 2009 were $13.3 million, which included $10.0 million in net proceeds from a private placement completed on September 30, 2009. Total cash and cash equivalents as of June 30, 2009 were $5.3 million. As of September 30, 2009, Cardica had approximately 24 million common shares outstanding.

Financial Guidance for Fiscal 2010

Cardica continues to be in a transition period for its cardiac surgery business and is not able to provide product sales guidance for fiscal 2010. For fiscal 2010, Cardica continues to expect that research and development and selling, general and administrative expenses will total between $11 and $13 million, including non-cash stock-based compensation expense of approximately $1.5 million. Cardica continues to expect its cash and cash equivalents to decline by approximately $2.5 million per quarter in fiscal 2010, without giving effect to any additional financing transactions.

Conference Call Details

Cardica's management will host a conference call today, October 29, 2009, at 4:30 p.m. Eastern Time to discuss Cardica's financial results and provide a business update. To access the live call, please dial 866-713-8562 from the United States and Canada or 617-597-5310 internationally. The conference ID is 91147635. Please dial in approximately 10 minutes prior to the start of the call. A telephone replay will be available beginning approximately one hour after the call through November 5, 2009, and may be accessed by dialing 888-286-8010 from the United St
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