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

sis Systems to over 23,000 units, with 1,135 units shipped in the fiscal 2011 third quarter; and,
  • Increased cumulative worldwide shipments of C-Port(R) Distal Anastomosis Systems to over 11,800 units, with 248 units shipped in the fiscal 2011 third quarter.

  • Fiscal 2011 Third Quarter and Nine Months Ended March 31, 2011 Financial ResultsTotal product sales were approximately $0.9 million for the fiscal 2011 third quarter compared to $1.0 million for the same period of fiscal 2010. License and development revenue of $84,000 in the fiscal 2011 third 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 third quarters. Cost of product sales was approximately $0.6 million for the fiscal 2011 third quarter compared to $1.1 million in the same period of fiscal 2010.

    Research and development expenses were approximately $2.4 million for the fiscal 2011 third quarter compared to $1.4 million for the fiscal 2010 third quarter. Selling, general and administrative expenses were approximately $1.5 million for both the fiscal 2011 and fiscal 2010 third quarters.  

    The net loss for the fiscal 2011 third quarter was approximately $3.6 million, or $0.14 per share, compared with a net loss of approximately $3.0 million, or $0.12 per share, for the fiscal 2010 third quarter.

    Total net revenue for the nine months ended March 31, 2011 was approximately $12.2 million compared with approximately $3.0 million for the same period of fiscal 2010. Total net revenue for the nine months ended March 31, 2011 included $9.2 million in license revenue from the August 2010 license agreement with Intuitive Surgical. Total operating costs and expenses for the nine months ended March 31, 2011 were approximately $12.9 million compared with approximately $10.8 million for the same period of 2010. The net loss for the first nine months of fiscal 2
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    SOURCE Cardica, Inc.
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