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Cardiogenesis Reports Third Quarter 2009 Results
Date:11/10/2009

IRVINE, Calif., Nov. 10 /PRNewswire-FirstCall/ -- Cardiogenesis Corporation (Pink Sheets: CGCP), a leading developer of surgical products used in the treatment of patients suffering from severe angina, today reported financial results for its third quarter ended September 30, 2009.

Net revenues in the third quarter of 2009 totaled $2,134,000 an 18% decrease from prior year third quarter net revenues of $2,618,000. The decrease in sales was primarily attributed to the absence of laser sales during the three month period ended September 30, 2009 as compared to laser sales of $373,000 for the three months ended September 30, 2008.

Net revenues in the first nine months of 2009 totaled $7,222,000, a 26% decrease from net revenues of $9,719,000 in the first nine months of 2008. Laser sales decreased $1,832,000 and handpiece sales decreased $786,000 as compared to the prior year nine month period.

"We continue to make progress in our efforts to re-engage the cardiology community and to refocus our sales force on utilization of previously installed lasers. We are taking the right steps to increase our core TMR business," said Paul McCormick, Executive Chairman. He continued, "At the same time we are stepping up our investment in research and development as we prepare to initiate a U.S. clinical trial for our PHOENIX(TM) Combination Delivery System, which permits the intramyocardial delivery of both TMR and stem cells. Based upon our recent meeting with the FDA we expect to make our IDE submission by the end of the year."

The Company reported a third quarter 2009 operating loss of $718,000 as compared with an operating loss of $310,000 in the prior year quarter. The net loss for the quarter was $739,000 or $0.02 per basic and diluted share, as compared with net loss of $308,000, or $0.01 per basic and diluted share in the 2008 third quarter.

For the first nine months of 2009, Cardiogenesis reported an oper
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SOURCE Cardiogenesis Corporation
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