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Cardica Announces Fiscal 2012 Second Quarter Financial Results
Date:2/6/2012

REDWOOD CITY, Calif., Feb. 6, 2012 /PRNewswire/ -- Cardica, Inc. (Nasdaq: CRDC) today announced financial results for its fiscal second quarter ended December 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 make progress on bringing our MicroCutter product line to the marketplace," said Bernard A. Hausen, M.D., Ph.D., president and chief executive officer of Cardica. "We look forward to completing development of the XCHANGE™ 30 device, a cartridge-based stapler with a 5-mm diameter shaft, and applying the CE mark during the quarter. We expect to both resume the trial and to begin booking European commercial sales in the second quarter of this calendar year."

"For our cardiac surgery business, we are beginning to see the results of Chris Littel's leadership efforts in the sales and marketing arena, and we expect to see continued progress as we recently increased our staff to include four sales representatives at the beginning of January 2012 for the first time in several months," continued Dr. Hausen. "We anticipate returning to the $1 million in sales per quarter for our cardiac business with the current staffing and look forward to our renewed efforts to work directly with cardiothoracic surgeons to deliver the benefits of less invasive cardiac surgery with Cardica's unique and novel technology."

Recent Highlights and Accomplishments

  • Reprioritized the development activities of the MicroCutter product line to emphasize the development of the MicroCutter XCHANGE 30;
  • Completed the second MicroCutter™ milestone under Cardica's distribution agreement and loan commitment with Century, which allowed Cardica to draw the remaining $2 million of the $4 million loan commitment from Century;
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    SOURCE Cardica, Inc.
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