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Cardica Announces Fiscal 2011 Fourth Quarter and Year End Financial Results
Date:8/9/2011

and development revenue of $84,000 in the fiscal 2011 fourth quarter was related to the August 2010 license agreement with Intuitive Surgical. Total net revenue was approximately $1.0 million for both the fiscal 2011 and 2010 fourth quarters. Cost of product sales was approximately $0.8 million for the fiscal 2011 fourth quarter compared to $1.1 million for the fiscal 2010 fourth quarter.

Research and development expenses were approximately $1.7 million for both the fiscal 2011 and 2010 fourth quarters. Selling, general and administrative expenses were approximately $1.3 million for both the fiscal 2011 and fiscal 2010 fourth quarters.  

The net loss for the fiscal 2011 fourth quarter was approximately $2.8 million, or $0.11 per share, compared with a net loss of approximately $3.1 million, or $0.13 per share, for the fiscal 2010 fourth quarter.

Total net revenue for the fiscal year ended June 30, 2011 was approximately $13.2 million compared with approximately $4.0 million for the same period of fiscal 2010. Total net revenue for the fiscal year ended June 30, 2011 included $9.3 million in license revenue from the August 2010 license agreement with Intuitive Surgical. Total operating costs and expenses for the fiscal year ended June 30, 2011 were approximately $16.8 million compared with approximately $14.9 million for fiscal 2010. The net loss for fiscal 2011 was approximately $3.5 million, or $0.14 per share, compared to $10.9 million, or $0.50 per share, for fiscal 2010.

Cash and short term investments at June 30, 2011 were approximately $9.3 million compared with $6.6 million at June 30, 2010. As of June 30, 2011, there were approximately 26.6 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 866-202-3048 from the United States and Canada or 617-213-8843 internationally. The conference ID is 37081613. P
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SOURCE Cardica, Inc.
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