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Cardiogenesis Reports Fourth Quarter and Full Year 2010 Results
Date:3/9/2011

U.S.  The PHOENIX System combines the intramyocardial delivery of stem cells with pre-treatment by TMR. PHOENIX represents an exciting proprietary growth opportunity for our Company."

The operating loss for 2010 totaled $1,439,000 as compared with an operating loss of $1,118,000 for full year 2009.  The net loss for 2010 was totaled $1,282,000, or $0.03 per basic and diluted share, as compared with a net loss of $1,234,000, or $0.03 per basic and diluted share, for 2009.

Handpiece revenue for the fourth quarter of 2010 increased $38,000, or 2%, to $2,172,000 as compared to $2,134,000 in the 2009 fourth quarter as a result of both higher unit sales and average selling prices.  For the twelve months ended December 31, 2010, handpiece revenue increased by $980,000, or 13%, to $8,637,000 from handpiece revenue of $7,657,000 in 2009.  Laser revenue in the fourth quarter of 2010 totaled $400,000, a decrease of $287,000 from the fourth quarter of 2009.  Laser revenue of $1,468,000 for the 2010 full year was slightly above full year 2009 laser revenue of $1,453,000.

Gross margin was 83% of net revenue for the fourth quarter of 2010, a one percentage point decrease from the fourth quarter of 2009.  For full year 2010, gross margin was 84% of net revenue, a one percentage point increase over 2009.  Gross profit decreased by $242,000, or 9%, to $2,390,000 for the fourth quarter of 2010 as compared with $2,632,000 for the 2009 fourth quarter.  For the twelve month period of 2010, gross profit increased by $906,000, or 11%, to $9,453,000 from a gross profit of $8,547,000 for the twelve months ended December 31, 2009.

Research and development expenses of $634,000 in the quarter ended December 31, 2010 increased $316,000, or 99%, compared with $318,000 in the quarter ended December 31, 2009.  For full year 2010, research and development expenses of $1,464,000 were $133,000, or 10%, above the prior year perio
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SOURCE Cardiogenesis Corporation
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Related medicine technology :

1. Cardiogenesis Announces Preliminary Clinical Results With the PHOENIX System Combining TMR + Stem Cells
2. Cardiogenesis Announces Presentation of its PHOENIX(R) Combination TMR Plus Stem Cell Delivery System at the International Society of Minimally Invasive Cardiothoracic Surgeons (ISMICS) Annual Meeting
3. Cardiogenesis Reports Third Quarter 2009 Results
4. Cardiogenesis Corporation to Present at Noble Financial - ONTRACK 2010
5. Cardiogenesis (CGCP) Listing Upgraded to New OTCQB(TM) Market for All U.S. Registered and Reporting OTC Securities
6. Cardiogenesis Corporation to Report 2010 Second Quarter Results on August 4th
7. Cardiogenesis Executive Chairman Paul J. McCormick Updates Commercial and Regulatory Progress in Interview With Wall Street Reporter, Available Online
8. Cardiogenesis Enrolls First Two Patients in Its Feasibility Study of the PHOENIX® Combination Delivery System
9. Cardiogenesis Corporation to Report 2010 Third Quarter Results on November 3rd
10. Cardiogenesis Receives Research Award From Federal Government
11. Cardiogenesis Reports Third Quarter 2010 Results
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