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Cardica Announces Fiscal 2011 Second Quarter Financial Results
Date:1/27/2011

REDWOOD CITY, Calif., Jan. 27, 2011 /PRNewswire/ -- Cardica, Inc. (Nasdaq: CRDC) today announced financial results for its fiscal second quarter and six-months ended December 31, 2010. Cardica's management will host a conference call at 4:30 p.m. Eastern Time today to discuss the financial results and provide an update on the company's business.  

"We continue to advance development of our line of microcutter true multi-fire endoscopic staplers, making progress in finalizing our initial devices while at the same time continuing our product development efforts for an expanded product line. Based on our product attributes and surgeon requirements, we believe our microcutter technology platform can be the basis for devices that address the vast majority of endoscopic surgical procedures requiring cutting and stapling, which includes more than two million procedures in the U.S. alone," said Bernard A. Hausen, M.D., Ph.D., president and chief executive officer of Cardica.  "Importantly, we continue to receive positive feedback from key opinion leaders indicating a demand for our proposed microcutter products, which, in addition to eliminating cartridge reloads, have a smaller shaft diameter and greater end effector articulation than staplers available today. We anticipate receiving the CE Mark and completing first-in-man use of our initial microcutter product in Europe in the current quarter."

"In addition, our cardiac surgery business has continued to generate revenue at a rate of approximately $4 million per year, for a consistent contribution to overhead," continued Dr. Hausen.

Recent Highlights and Accomplishments

  • Completed tooling of the Microcutter XPRESS 30™ (formerly referred to as the Cardica Microcutter ES8);
  • Launched tooling of the Microcutter XPRESS 45™ (formerly referred to as the Cardica Microcutter ES8) and
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  • SOURCE Cardica, Inc.
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