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Cardica Announces Fiscal 2013 Second Quarter Financial Results



        Cardica Announces Fiscal 2013 Second Quarter Financial Results

PR Newswire

REDWOOD CITY, Calif., Jan. 31, 2013

REDWOOD CITY, Calif., Jan. 31, 2013 /PRNewswire/ -- Cardica, Inc. (Nasdaq:
CRDC) today announced financial results for its fiscal second quarter and six
months ended December 31, 2012. Cardica's management will hold a conference
call at 4:30 p.m. Eastern Time to discuss the financial results and provide an
update on the company's business.

"Having shipped our first commercial units of the MicroCutter XCHANGE™ 30,
with additional orders in process for early adopters, we plan to extend our
commercial launch gradually while making selective improvements to ensure
broad reliability and clinical adoption in Europe," said Bernard A. Hausen,
M.D., Ph.D., president and chief executive officer of Cardica. "At the same
time, we intend to enroll additional patients in our European clinical trial
using the commercial version of our XCHANGE 30 in the weeks ahead, with a
planned enrollment completion in the second quarter of calendar year 2013."

Recent Highlights and Accomplishments

  o Shipped 30 MicroCutter XCHANGE™ 30 devices and 108 XCHANGE™ 30 cartridges,
    to DACH Medical Group, the company's distributor in Germany, Austria and
    Switzerland in the fiscal 2013 second quarter;  
  o Enrolled additional patients in the company's European clinical trial of
    the MicroCutter XCHANGE 30 devices; the commercial XCHANGE 30 device will
    be used for all remaining patients enrolled in the study;
  o Added and trained two new trial sites in Germany for Cardica's European
    clinical study, bringing the total number of sites having or actively
    enrolling patients to seven;
  o Completed over 700 deployments in more than 250 procedures with the
    XCHANGE 30 device since May 2012, including procedures such as
    appendectomies, vascular transections, intestinal and lung resections;
  o Increased cumulative worldwide shipments of PAS-Port^® Proximal
    Anastomosis Systems to over 30,500 units, with 927 units shipped in the
    fiscal 2013 second quarter;
  o Increased cumulative worldwide shipments of C-Port^® Distal Anastomosis
    Systems to over 13,500, with 242 units shipped in the fiscal 2013 second
    quarter; and,
  o Completed enrollment in the Multicenter Assessment of Grafts in Coronaries
    (MAGIC) trial, a post market surveillance study for the long-term
    evaluation of bypass grafts completed using the C-Port systems.

Fiscal 2013 Second Quarter and Six Months Ended December 31, 2012 Financial
Results

Total product sales were approximately $0.8 million for both the fiscal 2013
and fiscal 2012 second quarters. License and development revenue was $84,000
for both the fiscal 2013 and fiscal 2012 second quarters, with license and
development revenue from both periods a result of the August 2010 agreement
with Intuitive Surgical. Total net revenue was approximately $0.9 million for
both the fiscal 2013 and fiscal 2012 second quarters.

Cost of product sales was approximately $1.0 million for the fiscal 2013
second quarter compared to approximately $1.1 million for the fiscal 2012
second quarter. Research and development expenses were approximately $2.3
million for the fiscal 2013 second quarter compared to $1.5 million in the
same period of fiscal 2012. The increase in R&D expense for the fiscal 2013
second quarter is due to an increase in materials purchased, clinical expenses
and depreciation expense related to MicroCutter program development
activities. Selling, general and administrative expenses were $1.7 million for
the fiscal 2013 second quarter compared to $1.5 million for the same period in
fiscal 2012.

The net loss for the fiscal 2013 second quarter was approximately $4.2
million, or $0.11 per share, compared with a net loss of approximately $3.2
million, or $0.12 per share, in the fiscal 2012 second quarter.

Total net revenue was approximately $1.8 million for both the six months ended
December 31, 2012, and the six months ended December 31, 2011. Total operating
costs and expenses for the six months ended December 31, 2012, were
approximately $9.9 million compared to $8.0 million for the six months ended
December 31, 2011. Net loss for the six months ended December 31, 2012, was
approximately $8.3 million, or $0.23 per share, compared to $6.2 million, or
$0.23 per share for the same period of fiscal 2012.

Cash and short term investments as of December 31, 2012, were approximately
$6.7 million compared with $11.2 million at September 30, 2012. As of December
31, 2012, there were approximately 37 million shares of common stock
outstanding.

Conference Call Details

To access the live conference call today at 4:30 p.m. Eastern Time via phone,
please dial 866-804-6923 from the United States and Canada or 857-350-1669
internationally. The conference ID is 26563845. Please dial in approximately
10 minutes prior to the start of the call. A telephone replay will be
available beginning approximately two hours after the call through February 7,
2013, and may be accessed by dialing 888-286-8010 from the United States and
Canada or 617-801-6888 internationally. The replay passcode is 81377678.

To access the live and subsequently archived webcast of the conference call,
go to the Investor Relations section of the company's website at
www.cardica.com. Please connect to the website at least 15 minutes prior to
the presentation to allow for any necessary software downloads.

The webcast is also being distributed through the Thomson StreetEvents
Network. Individual investors can listen to the call at www.earnings.com,
Thomson's individual investor portal, powered by StreetEvents. Institutional
investors can access the call via Thomson StreetEvents at
www.streetevents.com, a password-protected event management site.

About Cardica 

Cardica designs and manufactures proprietary stapling and anastomotic devices
for cardiac and laparoscopic surgical procedures. Cardica's technology
portfolio is intended to minimize operating time and enable minimally-invasive
and robot-assisted surgeries. Cardica manufactures and markets its automated
anastomosis systems, the C-Port^® Distal Anastomosis Systems and PAS-Port^®
Proximal Anastomosis System for coronary artery bypass graft (CABG) surgery,
and has shipped over 44,100 units throughout the world. In
addition, Cardica is developing the Cardica^® MicroCutter XCHANGE™ 30, a
cartridge-based microcutter device with a five-millimeter shaft diameter, and
the Cardica^® MicroCutter XPRESS™ 30, a true multi-fire laparoscopic stapling
device. Both MicroCutter devices are designed to be used in a variety of
procedures, including bariatric, colorectal, thoracic and general surgery. The
Cardica MicroCutter XCHANGE 30 and XPRESS 30 products require 510(k) review
and are not yet commercially available in the U.S. 

Forward-Looking Statements

The statements in this press release regarding Cardica's plans to extend its
commercial launch of the MicroCutter XCHANGE™ 30 gradually, and its intention
to enroll additional patients in its European clinical trial using the
commercial version of the XCHANGE 30 in the weeks ahead, with a planned
enrollment completion in the second quarter of calendar year 2013,  are
"forward-looking statements." The words "intend" and "plan" are intended to
identify these forward-looking statements. There are a number of important
factors that could cause Cardica's results to differ materially from those
indicated by these forward-looking statements, including:  that Cardica may
not be successful in its efforts to further develop or commercialize the
XCHANGE 30; that the XCHANGE 30 may face development, regulatory,
reimbursement and manufacturing risks; that Cardica's intellectual property
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 Current Report on Form 10-Q for the quarter ended December 31,
2012. 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 ended       Six months ended
                                 December 31,             December 31,
                                 2012         2011        2012       2011
                                 (unaudited)              (unaudited)
Revenue
  Product sales, net             $            $     811   $ 1,555    $ 1,578
                                  773
  License and development        84           84          168        168
revenue
  Royalty revenue                17           17          36         36
           Total                 874          912         1,759      1,782
Operating costs and expenses
  Cost of product sales          968          1,078       1,600      1,905
  Research and development       2,274        1,482       4,826      3,039
  Selling, general and           1,712        1,483       3,447      3,024
administrative
           Total operating costs 4,954        4,043       9,873      7,968
           and expenses
Loss from operations             (4,080)      (3,131)     (8,114)    (6,186)
Interest and other income        4            2           9          3
Interest expense                 (116)        (57)        (227)      (58)
Net loss                         $            $ (3,186)   $(8,332)   $(6,241)
                                  (4,192)
Basic and diluted net loss per   $            $   (0.12)  $  (0.23)  $  (0.23)
share                             (0.11)
Shares used in computing basic   36,951       27,095      36,837     26,950
and diluted net loss per share
Balance Sheets
(amounts in thousands)
                                 December     June 30,
                                 31,
                                 2012         2012
Assets                           (unaudited)
     Cash and cash equivalents   $     6,661  $14,645
     Accounts receivable         443          299
     Inventories                 999          576
     Other assets                3,395        2,622
           Total assets          $   11,498   $18,142
Liabilities and stockholders'
equity
     Accounts payable and other  $     2,223  $  1,860
liabilities
     Deferred revenue            2,222        2,390
     Long term debt              2,655        2,532
     Total stockholders' equity  4,398        11,360
           Total liabilities and $   11,498   $18,142
           stockholders' equity

SOURCE Cardica, Inc.

Website: http://www.cardica.com
Contact: Bob Newell, Vice President, Finance and Chief Financial Officer,
+1-650-331-7133, investors@cardica.com
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