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Cardica Announces Fiscal 2010 Second Quarter Financial Results
Date:1/28/2010

lopment work on the patent foramen ovale (PFO) closure project and the Cook Vascular Closure Device project ended in fiscal 2009. Total net revenue was approximately $1.1 million for the fiscal 2010 second quarter compared to $2.9 million for the fiscal 2009 second quarter. Cost of product sales was approximately $0.7 million for the fiscal 2010 second quarter, representing a 32 percent product gross margin, compared to $1.5 million for the fiscal 2009 second quarter, which represented a 27 percent product gross margin.

Research and development expenses were approximately $1.2 million for the fiscal 2010 second quarter compared to $2.1 million for the fiscal 2009 second quarter. Selling, general and administrative expenses for the fiscal 2010 second quarter were approximately $1.4 million compared to $4.1 million for the comparable quarter of 2009. The lower expenses are primarily 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 second quarter was approximately $2.2 million, or $0.09 per share, compared with a net loss of approximately $4.7 million, or $0.30 per share, for the fiscal 2009 second quarter.

Total net revenue for the six months ended December 31, 2009, was approximately $2.0 million compared with approximately $5.1 million for the same period of fiscal 2009.  Total operating costs and expenses for the six months ended December 31, 2009'/>"/>

SOURCE Cardica, Inc.
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