IRVINE, Calif., May 4, 2011 /PRNewswire/ -- Cardiogenesis Corporation (OTCQB: CGCP), a leading developer of surgical products used in the treatment of diffuse coronary artery disease, today reported financial results for its first quarter ended March 31, 2011.
Revenue for the first quarter of 2011 was $3,053,000, a 6% decrease from prior year first quarter revenue of $3,233,000. The company reported a net loss of $433,000, or $0.01 per basic and diluted share, in the first quarter of 2011 as compared with net loss of $18,000, or $0.00 per basic and diluted share, in the prior year first quarter.
"We posted a solid performance for the first quarter of 2011 with product revenues in excess of $3.0 million dollars. In addition, we completed our preclinical work at the Texas Heart Stem Cell Center which included bone marrow compatibility testing as well as a large animal safety study for the PHOENIX™ System," said Cardiogenesis Executive Chairman Paul McCormick. "On March 29th, we announced the signing of a definitive agreement to be acquired by CryoLife, Inc. in an all cash transaction valued at approximately $22 million. The transaction is expected to close before the end of the second quarter."
Handpiece revenue for the first quarter of 2011 increased slightly to $2,235,000 as compared to $2,230,000 in the 2010 first quarter. Laser revenue in the first quarter of 2011 totaled $540,000, a decrease of $174,000 from the first quarter of 2010.
Gross margin was 86% of net revenue for the first quarter of 2011, a two percentage point increase from the first quarter of 2010. Gross profit decreased by $82,000, or 3%, to $2,623,000 for the first quarter of 2011 as compared with $2,705,000 for the 2010 first quarter.
Research and development expenses of $521,000 in the quarter ended March 31, 2011 increased $233,000, or 81%, compared with $288,000 in the quarter ended March 31, 2010.
Sales and mar
|SOURCE Cardiogenesis Corporation|
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