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

second quarter was approximately $3.3 million, or $0.13 per diluted share, compared to a net loss of approximately $2.2 million, or $0.09 per diluted share, for the fiscal 2010 second quarter.

Total product sales were approximately $2.1 million for the six months ended December 31, 2010 compared to $1.8 million for the same period of fiscal 2010. Total net revenue for the six months ended December 31, 2010 was approximately $11.2 million compared to approximately $2.0 million for the same period of fiscal 2010. Total net revenue for the fiscal 2011 six month period included $9.1 million related to a license agreement with Intuitive Surgical for a royalty-bearing license to Cardica's stapling, cutting and clip appliers for the field of robotics. Total operating costs and expenses for the six months ended December 31, 2010 were approximately $8.4 million compared to $6.9 million for the six months ended December 31, 2009. Net income for the first six months of fiscal 2011 was approximately $2.9 million, or $0.11 per diluted share, compared to a net loss of $4.9 million for the first six months of fiscal 2010, or $0.25 per diluted share.

Cash and cash equivalents at December 31, 2010 were approximately $12.6 million compared to $14.9 million at September 30, 3010 and $6.6 million at June 30, 2010.  As of December 31, 2010, there were approximately 25.7 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 866-783-2138 from the United States and Canada or 857-350-1597 internationally. The conference ID is 48374794. Please dial in approximately 10 minutes prior to the start of the call. A telephone replay will be available beginning approximately two hours after the call through February 3, 2011, and may be accessed by dialing 888-286-8010 from the United States and Canada or 617-801-6888 internationally. The replay passcode is 77283194.'/>"/>

SOURCE Cardica, Inc.
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