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Cardica Announces Fiscal 2014 First Quarter Financial Results
Date:11/4/2013

th 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.


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    SOURCE Cardica, Inc.
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