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Cardica Announces Fiscal 2013 Third Quarter Financial Results
Date:4/30/2013

s of C-Port® Distal Anastomosis Systems to over 13,700 units, with 155 units shipped in the fiscal 2013 third quarter; and,
  • Completed an underwritten public offering of approximately 14 million shares of Cardica's common stock, for a total of $14.1 million in net proceeds.
  • Fiscal 2013 Third Quarter and Nine Months Ended March 31, 2013 Financial Results
    Total product sales were approximately $0.8 million for the fiscal 2013 third quarter compared to approximately $0.9 million for the same period of 2012. License and development revenue was $84,000 for both the fiscal 2013 and fiscal 2012 third 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 the fiscal 2013 third quarter compared to $1.0 million for the fiscal 2012 third quarter.

    Cost of product sales was approximately $1.1 million for the fiscal 2013 third quarter compared to approximately $1.0 million for the same period of fiscal 2012. Research and development expenses were approximately $2.0 million for both the fiscal 2013 and fiscal 2012 third quarters. Selling, general and administrative expenses were approximately $1.6 million for the fiscal 2013 and fiscal 2012 third quarters.

    The net loss for the fiscal 2013 third quarter was approximately $3.9 million, or $0.10 per share, compared with a net loss of approximately $3.7 million, or $0.12 per share, in the fiscal 2012 third quarter.

    Total net revenue was approximately $2.6 million for the nine months ended March 31, 2013, compared to approximately $2.7 million for the nine months ended March 31, 2012. Total operating costs and expenses for the nine months ended March 31, 2013, were approximately $14.6 million compared to approximately $12.5 million for the same period of fiscal 2012. Net loss for the nine months ended March 31, 2013, was approximately $12.3 million, or
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    SOURCE Cardica, Inc.
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