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

perty 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 www.sec.gov.

 

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

$
746$
782  License and development revenue

4184  Royalty revenue 

1819Total

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 

280391Inventories

1,5451,457Other assets

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SOURCE Cardica, Inc.
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