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Cardica Announces Fiscal 2013 Second Quarter Financial Results
Date:1/31/2013

2012, including procedures such as appendectomies, vascular transections, intestinal and lung resections;
  • Increased cumulative worldwide shipments of PAS-Port® Proximal Anastomosis Systems to over 30,500 units, with 927 units shipped in the fiscal 2013 second quarter;
  • Increased cumulative worldwide shipments of C-Port® Distal Anastomosis Systems to over 13,500, with 242 units shipped in the fiscal 2013 second quarter; and,
  • Completed enrollment in the Multicenter Assessment of Grafts in Coronaries (MAGIC) trial, a post market surveillance study for the long-term evaluation of bypass grafts completed using the C-Port systems.
  • Fiscal 2013 Second Quarter and Six Months Ended December 31, 2012 Financial ResultsTotal product sales were approximately $0.8 million for both the fiscal 2013 and fiscal 2012 second quarters. License and development revenue was $84,000 for both the fiscal 2013 and fiscal 2012 second quarters, with license and development revenue from both periods a result of the August 2010 agreement with Intuitive Surgical. Total net revenue was approximately $0.9 million for both the fiscal 2013 and fiscal 2012 second quarters.

    Cost of product sales was approximately $1.0 million for the fiscal 2013 second quarter compared to approximately $1.1 million for the fiscal 2012 second quarter. Research and development expenses were approximately $2.3 million for the fiscal 2013 second quarter compared to $1.5 million in the same period of fiscal 2012. The increase in R&D expense for the fiscal 2013 second quarter is due to an increase in materials purchased, clinical expenses and depreciation expense related to MicroCutter program development activities. Selling, general and administrative expenses were $1.7 million for the fiscal 2013 second quarter compared to $1.5 million for the same period in fiscal 2012.

    The net loss for the fiscal 2013 second quarter was approximately $
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    SOURCE Cardica, Inc.
    Copyright©2012 PR Newswire.
    All rights reserved

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