Navigation Links
Cardica Announces Fiscal 2014 First Quarter Financial Results

REDWOOD CITY, Calif., Nov. 4, 2013 /PRNewswire/ -- Cardica, Inc. (Nasdaq: CRDC) today announced financial results for its fiscal first quarter ended September 30, 2013. Cardica's management will hold a conference call at 4:30 p.m. Eastern Time to discuss the financial results and provide an update on the company's business.

"In the first months of fiscal 2014 we achieved significant milestones with the filing of regulatory documents for the MicroCutter XCHANGE™ 30 in the United States, and through our partner Century Medical, in Japan," said Bernard A. Hausen, M.D., Ph.D., president and CEO of Cardica, Inc. "At this time, we are interacting with the Food and Drug Administration (FDA) to provide all additional information requested by the agency. Based on the strong clinical outcomes from our pivotal trial, we believe there is sufficient evidence to support market clearance in both the U.S. and Japan."

Recent Highlights and Accomplishments:

  • Filed a 510(k) application with the U.S. FDA for market clearance of the MicroCutter XCHANGE 30;
  • Century Medical submitted regulatory documents to Japan's Pharmaceuticals and Medical Devices Agency (PMDA) for approval of Cardica's MicroCutter XCHANGE 30 cutting and stapling cartridge;
  • Shipped 48 MicroCutter XCHANGE™ 30 devices and 144 XCHANGE™ 30 cartridges in the fiscal first quarter;
  • Continued to gain further experience with the MicroCutter XCHANGE™ 30 in a large variety of procedures performed in Europe, to explore all potential product applications and further evaluate product reliability and possible product improvements;
  • Expanded ex vivo testing of white cartridges with the expectation of introducing this improved product into the European market in the current quarter;
  • Increased cumulative worldwide shipments of PAS-Port® Proximal Anastomosis Systems to over 33,800 units, with 1,199 units shipped in the fiscal 2014 first quarter; and,
  • Increased cumulative worldwide shipments of C-Port® Distal Anastomosis Systems to over 13,900 units, with 87 units shipped in the fiscal 2014 first quarter.
  • Fiscal 2014 First Quarter Ended September 30, 2013 Financial Results
    Total product sales were approximately $0.7 million for the fiscal 2014 first quarter compared to $0.8 million for the fiscal 2013 first quarter. License and development revenue was $41,000 for the fiscal 2014 first quarter compared to $84,000 for the fiscal 2013 first quarter. The license and development revenue from both periods resulted from an agreement with Intuitive Surgical. All deferred revenue has been recognized from this agreement as of August 2013. Total net revenue was approximately $0.8 million for the fiscal 2014 first quarter compared to $0.9 million for the comparable period of fiscal 2013.

    Cost of product sales was approximately $1.0 million for the fiscal 2014 first quarter compared to approximately $0.6 million for the same period of fiscal 2013. The increase in cost of product sales is due to costs associated with introducing the MicroCutter XCHANGE 30. Research and development expenses were approximately $1.7 million for the fiscal 2014 first quarter compared to $2.6 million for the fiscal 2013 first quarter. The decrease in research and development expenses resulted primarily from the completion of the European MicroCutter clinical study in the fiscal 2014 fourth quarter and lower expenses for prototype parts. Selling, general and administrative expenses were approximately $1.8 million for the fiscal 2014 first quarter compared to $1.7 million for the fiscal 2013 first quarter.

    The net loss for the fiscal 2014 first quarter was approximately $3.7 million, or $0.07 per share, compared with a net loss of approximately $4.1 million, or $0.11 per share, in the fiscal 2013 first quarter.

    Cash and short term investments as of September 30, 2013, were approximately $9.4 million compared with $12.4 million at June 30, 2013. As of September 30, 2013, there were approximately 51.2 million shares of common stock outstanding.

    Conference Call Details
    To access the live conference call today, at 4:30 p.m. Eastern Time via phone, please dial 866-515-2907 from the United States and Canada or 617-399-5121 internationally. The conference ID is 42573172. Please dial in approximately 10 minutes prior to the start of the call. A telephone replay will be available beginning approximately two hours after the call through November 11, 2013, and may be accessed by dialing 888-286-8010 from the United States and Canada or 617-801-6888 internationally. The replay passcode is 40283622.

    To access the live and subsequently archived webcast of the conference call, go to the Investor Relations section of the company's website at Please connect to the website at least 15 minutes prior to the presentation to allow for any necessary software downloads.

    The webcast is also being distributed through the Thomson StreetEvents Network. Individual investors can listen to the call at, Thomson's individual investor portal, powered by StreetEvents. Institutional investors can access the call via Thomson StreetEvents at, a password-protected event management site.

    About Cardica 
    Cardica designs and manufactures proprietary stapling and anastomotic devices for cardiac and laparoscopic surgical procedures. Cardica's technology portfolio is intended to minimize operating time and enable minimally-invasive and robot-assisted surgeries. Cardica manufactures and markets its automated anastomosis systems, the C-Port® Distal Anastomosis Systems and PAS-Port® Proximal Anastomosis System for coronary artery bypass graft (CABG) surgery, and has shipped over 47,700 units throughout the world. In addition, Cardica is developing the Cardica® MicroCutter XCHANGE™ 30, a cartridge-based microcutter device with a five-millimeter shaft diameter, and the Cardica® MicroCutter XCHANGE™ 45, a cartridge-based microcutter device with an eight-millimeter shaft. Both MicroCutter devices are designed to be used in a variety of procedures, including bariatric, colorectal, thoracic and general surgery. The Cardica MicroCutter XCHANGE 30 and XCHANGE 45 products require 510(k) review and are not yet commercially available in the U.S.

    Forward-Looking Statements
    The statements in this press release regarding Cardica's belief that the MicroCutter product will be successful in the U.S., pending marketing clearance by the U.S. Food and Drug Administration and that it will introduce the white cartridge in the current quarter are "forward-looking statements." The words "expectation" and "believe" are intended to identify these forward-looking statements. There are a number of important factors that could cause Cardica's results to differ materially from those indicated by these forward-looking statements, including: that Cardica may not be successful in its efforts to further develop or commercialize the XCHANGE 30 due to unanticipated technical or other difficulties; that the XCHANGE 30 may face unanticipated development, regulatory, or manufacturing delays; that review by FDA could alter the results as presented herein; that Cardica's intellectual property rights may not provide adequate protection to enable further development of the XCHANGE 30; that surgeons may not use the XCHANGE 30 correctly, which could cause unfavorable results that may impair the acceptance of the XCHANGE 30 by other surgeons; and that Cardica may not have sufficient funds to develop the XCHANGE 30, as well as other risks detailed from time to time in Cardica's reports filed with the U.S. Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended June 30, 2013, under the caption "Risk Factors." Cardica expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein. You are encouraged to read Cardica's reports filed with the U.S. Securities and Exchange Commission, available at


     Cardica, Inc.Statements of Operations(amounts in thousands except per share amounts)Three months endedSeptember 30,20132012(unaudited)Revenue  Product sales, net

    782  License and development revenue

    4184  Royalty revenue 


    805885Operating costs and expenses  Cost of product sales

    1,001632  Research and development

    1,6572,552  Selling, general and administrative

    1,7681,735Total operating costs and expenses

    4,4264,919Loss from operations

    (3,621)(4,034)Interest and other income

    45Interest expense

    (122)(111)Net loss

    (3,739)$ (4,140)Basic and diluted net loss per share

    (0.07)$   (0.11)Shares used in computing basic and diluted net loss per share

    51,08936,723Balance Sheets(amounts in thousands)September 30,June 30,20132013Assets(unaudited)Cash and cash equivalents

    9,414$12,395Accounts receivable 


    1,5451,457Other assets

    3,1223,518Total assets$
    4,361$17,761Liabilities and stockholders' equityAccounts payable and other liabilities

    2,050$  1,945Deferred revenue 

    2,0132,054Long term debt

    2,8602,788Total stockholders' equity

    7,43810,974Total liabilities and stockholders' equity


    SOURCE Cardica, Inc.
    Copyright©2012 PR Newswire.
    All rights reserved

    Related medicine technology :

    1. Cardica To Announce Fiscal 2014 First Quarter Financial Results On Monday, November 4, 2013
    2. Cardica To Present At Craig-Hallum Alpha Select Conference
    3. Cardica Announces Fiscal 2013 Fourth Quarter And Full Year Financial Results
    4. Cardica to Announce Fiscal 2013 Fourth Quarter and Full Year Financial Results On Monday, August 5, 2013
    5. Cardica Completes Enrollment In European Clinical Trial For Surgical Cutting And Stapling Device
    6. Cardica Announces Fiscal 2013 Third Quarter Financial Results
    7. Cardica to Announce Fiscal 2013 Third Quarter Financial Results On Tuesday, April 30, 2013
    8. Cardica Prices Public Offering Of Common Stock
    9. Cardica Announces Proposed Public Offering of Common Stock
    10. Cardica Updates Enrollment Progress In European Clinical Trial
    11. Cardica Announces Fiscal 2013 Second Quarter Financial Results
    Post Your Comments:
    (Date:11/25/2015)... N.C. , Nov. 25, 2015 ... the planned investment of at least $15.8  Million ... Wilmington, NC . The expansion ... capacity to meet the growing demands of the ... site expansion will provide up to ...
    (Date:11/25/2015)... , Nov. 25, 2015  Henry Schein, Inc., the ... to office-based dental, medical and animal health practitioners, will ... the Henry Schein ConnectDental® Pavilion , which brings ... of open solutions designed to help any practice or ... here for a schedule of experts appearing at ...
    (Date:11/25/2015)... 25, 2015  Trovagene, Inc. (NASDAQ: TROV ), ... Chief Executive Officer Antonius Schuh, Ph.D., is scheduled to ... Annual Piper Jaffray Healthcare Conference. th ... Palace Hotel in New York ... Mr. Schuh will be available for one-on-one meetings during ...
    Breaking Medicine Technology:
    (Date:11/27/2015)... Angeles, CA (PRWEB) , ... November 27, 2015 , ... ... conversation at the recent 2015 American Dental Association meeting in Washington D.C. revolved around ... help protect a patient’s overall health. The talk stressed the link between periodontal disease ...
    (Date:11/27/2015)... ... 27, 2015 , ... An inventor, from Hopkinsville, Ky., thought ... at home, so he invented the patent-pending ELECTRONIC M.D. , The ELECTRONIC M.D. ... doing so, it could help to prevent potential overdose situations. As a result, ...
    (Date:11/27/2015)... ... November 27, 2015 , ... MPWH, the No.1 Herpes-only dating community in the world, revealed ... 1-1 ). More than 3.7 billion people under the age of 50 – or ... to WHO's first global estimates of HSV-1 infection . , "The data shocks us ...
    (Date:11/27/2015)... ... November 27, 2015 , ... Keeping ... platform for mental health and wellness consultation, has collaborated with a leading web-based ... the knowledge gap experienced by parents and bring advice from parenting experts within ...
    (Date:11/27/2015)... ... November 27, 2015 , ... Indosoft ... announces the incorporation of Asterisk 11 LTS (Long Term Support) into its Q-Suite ... LTS brings Q-Suite 5.10 up-to-date with a version of Asterisk that will receive ...
    Breaking Medicine News(10 mins):