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Cardica Announces Fiscal 2012 First Quarter Financial Results
Date:10/27/2011

REDWOOD CITY, Calif., Oct. 27, 2011 /PRNewswire/ -- Cardica, Inc. (Nasdaq: CRDC) today announced financial results for its fiscal first quarter ended September 30, 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.

"With the recent addition to our leadership team of Dr. Swanstrom, a world-renowned key opinion leader in laparoscopic surgery, and Chris Littel, a sales and marketing executive with extensive experience leading Ethicon-Endo Surgery's endoscopy marketing group, we believe we are well positioned for a selective commercial launch of our planned MicroCutter™ product line in Europe," said Bernard A. Hausen, M.D., Ph.D., president and chief executive officer of Cardica. "Our MicroCutter XPRESS™ 30 has now been used in approximately 20 procedures at two European centers, with no adverse events, and we expect usage in Europe to increase over the next several months."

"Product sales from our cardiac surgery business in the United States were negatively affected by the summer months, when we often experience a slow-down, as well as staffing changes in our sales organization," continued Dr. Hausen. "We expect that once we return to our full number of direct sales representatives, cardiac surgery product sales will begin to increase again to approximately $1 million per quarter."

Recent Highlights and Accomplishments

  • European physicians performed approximately 20 laparoscopic surgical procedures with the MicroCutter XPRESS 30;
  • Appointed Lee Swanstrom, M.D., F.A.C.S., as medical director of Cardica, to assist in developing its clinical and launch strategy for its MicroCutter product line and train surgeons around the world on the use and benefits of the MicroCutter XPRESS 30;
  • Appointed Christopher Littel
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  • SOURCE Cardica, Inc.
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