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

XCHANGE 30™ (formerly referred to as the Cardica Microcutter MES5);
  • Initiated development of the Microcutter FLEXCHANGE 30™, a planned device with a flexible shaft to facilitate endoscopic procedures requiring cutting and stapling, and the Microcutter XPRESS 60™, a planned cutting and stapling device specifically designed for the bariatric and thoracic surgery markets;
  • Increased cumulative worldwide shipments of PAS-Port® Proximal Anastomosis Systems to over 21,800 units, with 1,142 units shipped in the fiscal 2011 second quarter;
  • Increased cumulative worldwide shipments of C-Port® Distal Anastomosis Systems to over 11,500 units, with 478 units shipped in the fiscal 2011 second quarter; and,
  • Entered into a common stock purchase agreement with Aspire Capital Fund, LLC, which provides that Aspire Capital is committed to purchase up to $10 million of the company's common stock at Cardica’s option over the next two years upon the terms and subject to the conditions set forth in the agreement.

    • Fiscal 2011 Second Quarter and Six Months Ended December 31, 2010 Financial ResultsTotal product sales were approximately $1.1 million for the fiscal 2011 second quarter compared to $1.0 million for the same period of fiscal 2010. Total net revenue was approximately $1.2 million for the fiscal 2011 second quarter compared to $1.1 million for the fiscal 2010 second quarter. Cost of product sales was approximately $1.0 million for the fiscal 2011 second quarter compared to $0.7 million in the same period of fiscal 2010.

    Research and development expenses were approximately $2.0 million for the fiscal 2011 second quarter compared to $1.2 million for the fiscal 2010 second quarter. Selling, general and administrative expenses for the fiscal 2011 second quarter were approximately $1.6 million compared to $1.4 million for the comparable quarter of fiscal 2010.

    The net loss for the fiscal 2011
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    SOURCE Cardica, Inc.
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