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

as vice president, sales and marketing, responsible for all aspects of sales and marketing strategy for all Cardica products;
  • Signed a distribution agreement with Century Medical for Cardica's planned MicroCutter product line in Japan;
  • Received an up to $4 million loan commitment from Century Medical in exchange for distribution rights;
  • Achieved the first MicroCutter milestone under our distribution agreement and loan commitment with Century Medical, allowing us to draw the first $2 million under the  loan commitment;
  • Increased cumulative worldwide shipments of PAS-Port® Proximal Anastomosis Systems to over 25,000 units, with 980 units shipped in the fiscal 2012 first quarter; and
  • Increased cumulative worldwide shipments of C-Port® Distal Anastomosis Systems to over 12,400 units, with 275 units shipped in the fiscal 2012 first quarter.

  • Fiscal 2012 First Quarter Ended September 30, 2011 Financial ResultsTotal product sales were approximately $0.8 million for the fiscal 2012 first quarter compared to $1.0 million for the same period of fiscal 2011. License and development revenue was $84,000 in the fiscal 2012 first quarter compared to $9.0 million in the fiscal 2011 first quarter. License and development revenue for both fiscal 2011 and fiscal 2012 was related to the August 2010 license agreement with Intuitive Surgical. Total net revenue was approximately $0.9 million for the fiscal 2012 first quarter compared to $10.0 million for the fiscal 2011 first quarter. Cost of product sales was approximately $0.8 million for the fiscal 2012 first quarter compared to $0.9 million for the fiscal 2011 first quarter.

    Research and development expenses were approximately $1.6 million for the fiscal 2012 first quarter compared to $1.4 million for the fiscal 2011 first quarter. Selling, general and administrative expenses were approximately $1.5 million for both the fiscal 2012 and fiscal 2011 first qua
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    SOURCE Cardica, Inc.
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