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Cardica Announces Fiscal 2011 Third Quarter Financial Results
Date:5/10/2011

REDWOOD CITY, Calif., May 10, 2011 /PRNewswire/ -- Cardica, Inc. (Nasdaq: CRDC) today announced financial results for its fiscal third quarter and nine months ended March 31, 2011. 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 work diligently to bring our first anticipated commercial microcutter device, the Microcutter XPRESS™ 30, to the market. We believe that we are close to completing the initial design validation to ensure that we have a consistently reliable device before it enters the marketplace," said Bernard A. Hausen, M.D., Ph.D., president and chief executive officer of Cardica.  "Once this milestone is accomplished, we plan to apply the CE Mark to the XPRESS 30 and schedule multiple cases at selected surgical centers in Europe."

"For our cardiac surgery business, product sales decreased primarily as a result of a transition away from the distributors that have not been effective in selling our devices. We made some changes during the quarter, including adding a third direct sales representative in the U.S., that we expect to help sales in the future, and we expect to return to a quarterly sales level of approximately $1 million for this area of our business in subsequent quarters," continued Dr. Hausen.

Recent Highlights and Accomplishments

  • Obtained European Union Full Quality Assurance certification for Cardica's microcutter design and manufacturing processes;
  • Received CE Mark certification for an initial microcutter surgical cutting and stapling device;
  • Received Patent No. 7,918,376 for an aspect of our proprietary microcutter that relates to the articulation of a surgical stapler or endocutter;
  • Increased cumulative worldwide shipments of PAS-Port(R) Proximal Anastomo
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  • SOURCE Cardica, Inc.
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