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Cardica Announces Fiscal 2011 First Quarter Financial Results
Date:11/11/2010

s innovating minimally-invasive cardiac surgery/coronary artery bypass graft (MICS CABG) using Cardica's C-Port and PAS-Port systems; and,
  • Achieved good results in animal testing for the Microcutter ES8.

  • Fiscal 2011 First Quarter ended September 30, 2010 Financial ResultsTotal product sales were approximately $1.0 million for the fiscal 2011 first quarter compared to $0.8 million for the same period of fiscal 2010. Total net revenue was approximately $10.0 million for the fiscal 2011 first quarter compared to $0.9 million for the fiscal 2010 first quarter. Total revenue for the fiscal 2011 first quarter included $9.0 million related to the agreement with Intuitive Surgical for a royalty-bearing license to Cardica's stapling, cutting and clip appliers for the field of robotics. Cost of product sales was approximately $0.9 million for the fiscal 2011 first quarter compared to $0.8 million in the same period of fiscal 2010.

    Research and development expenses were approximately $1.4 million for the fiscal 2011 first quarter compared to $1.1 million for the fiscal 2010 first quarter. Selling, general and administrative expenses for the fiscal 2011 first quarter were approximately $1.5 million compared to $1.6 million for the comparable quarter of fiscal 2010.

    The net income for the fiscal 2011 first quarter was approximately $6.2 million, or $0.24 per diluted share, compared with a net loss of approximately $2.7 million, or $0.17 per share, for the fiscal 2010 first quarter.

    Cash and cash equivalents at September 30, 2010 were approximately $14.9 million compared with $6.6 million at June 30, 2010.  As of September 30, 2010, there were approximately 25.3 million shares of common stock outstanding.

    Conference Call DetailsTo access the live conference call today at 4:30 p.m. Eastern Time via phone, please dial 866-804-6925 from the United States and Canada or 857-350-1671 internationally. The conference ID is 859
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    SOURCE Cardica, Inc.
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