Cardica Announces Fiscal 2013 Third Quarter Financial Results

        Cardica Announces Fiscal 2013 Third Quarter Financial Results

PR Newswire

REDWOOD CITY, Calif., April 30, 2013

REDWOOD CITY, Calif., April 30, 2013 /PRNewswire/ -- Cardica, Inc. (Nasdaq:
CRDC) today announced financial results for its fiscal third quarter and nine
months ended March 31, 2013. 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.

"We expect to complete enrollment in our European clinical trial of the
MicroCutter XCHANGE™ 30 device in the weeks ahead, with a U.S. 510(k)
submission anticipated in the third quarter of calendar 2013," said Bernard A.
Hausen, M.D., Ph.D., president and chief executive officer of Cardica. "While
making preparations in anticipation of a U.S. launch, pending regulatory
clearance, we expect to bring more distributors online in Europe to encourage
uptake, expand our experience and extend the reach of this exciting new
product."

Recent Highlights and Accomplishments

  oEnrolled additional patients in the European clinical trial for the
    XCHANGE 30, bringing the total number of patients enrolled to 152;
  oAdded a second European distributor, Duo-Med, to expand MicroCutter
    product sales into Belgium, the Netherlands and Luxembourg;
  oReached 1,000 deployments in more than 350 procedures with the XCHANGE 30
    device since May 2012, including procedures such as appendectomies,
    vascular transections, intestinal and lung resections;
  oShipped 104 MicroCutter XCHANGE™ 30 devices and 348 XCHANGE™ 30
    cartridges;
  oIncreased cumulative worldwide shipments of PAS-Port^® Proximal
    Anastomosis Systems to over 31,500 units, with 979 units shipped in the
    fiscal 2013 third quarter;
  oIncreased cumulative worldwide shipments of C-Port^® Distal Anastomosis
    Systems to over 13,700 units, with 155 units shipped in the fiscal 2013
    third quarter; and,
  oCompleted an underwritten public offering of approximately 14 million
    shares of Cardica's common stock, for a total of $14.1 million in net
    proceeds.

Fiscal 2013 Third Quarter and Nine Months Ended March 31, 2013 Financial
Results
Total product sales were approximately $0.8 million for the fiscal 2013 third
quarter compared to approximately $0.9 million for the same period of 2012.
License and development revenue was $84,000 for both the fiscal 2013 and
fiscal 2012 third 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 the fiscal 2013 third quarter
compared to $1.0 million for the fiscal 2012 third quarter.

Cost of product sales was approximately $1.1 million for the fiscal 2013 third
quarter compared to approximately $1.0 million for the same period of fiscal
2012. Research and development expenses were approximately $2.0 million for
both the fiscal 2013 and fiscal 2012 third quarters. Selling, general and
administrative expenses were approximately $1.6 million for the fiscal 2013
and fiscal 2012 third quarters.

The net loss for the fiscal 2013 third quarter was approximately $3.9 million,
or $0.10 per share, compared with a net loss of approximately $3.7 million, or
$0.12 per share, in the fiscal 2012 third quarter.

Total net revenue was approximately $2.6 million for the nine months ended
March 31, 2013, compared to approximately $2.7 million for the nine months
ended March 31, 2012. Total operating costs and expenses for the nine months
ended March 31, 2013, were approximately $14.6 million compared to
approximately $12.5 million for the same period of fiscal 2012. Net loss for
the nine months ended March 31, 2013, was approximately $12.3 million, or
$0.33 per share, compared to approximately $10.0 million, or $0.35 per share
for the same period of fiscal 2012.

Cash and short term investments as of March 31, 2013, were approximately $17.0
million compared with $6.7 million at December 31, 2012. As of March 31, 2013,
there were approximately 51 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 866-700-6293 from the United States and Canada or 617-213-8835
internationally. The conference ID is 20204428. 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 May 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 73979571.

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.

AboutCardica
Cardicadesigns 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 45,200 units throughout the world. In
addition,Cardicais developing the Cardica^® MicroCutter XCHANGE™ 30, a
cartridge-based microcutter device with a five-millimeter shaft diameter, and
the Cardica^® MicroCutter XCHANGE™ 45, a cartridge-based microcutter device
with an eight-millimeter shaft. 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 XCHANGE 45 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 intention to complete
enrollment in its European clinical trial of the MicroCutter XCHANGE 30 device
in the weeks ahead, with a U.S. 510(k) submission anticipated in the third
quarter of calendar 2013, and that it expects to bring more distributors
online in Europe, are "forward-looking statements." The words "expect" and
"anticipated" 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 due to unanticipated technical or
other difficulties; that the XCHANGE 30 may face unanticipated development,
regulatory, or manufacturing delays; 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 endedDecember 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       Nine months ended
                                   March 31,                March 31,
                                   2013          2012       2013      2012
                                    (unaudited)  
                                                            (unaudited)
Revenue
 Product sales, net               $          $       $       $  
                                   767          852       2,322     2,430
 License and development revenue  84            84         252       252
 Royalty revenue                 17            17         53        53
              Total                868           953        2,627     2,735
Operating costs and expenses
 Cost of product sales            1,089         969        2,689     2,875
 Research and development         2,022         1,960      6,848     4,999
 Selling, general and             1,593         1,644      5,040     4,668
administrative
              Total operating      4,704         4,573      14,577    12,542
              costs and expenses
Loss from operations               (3,836)       (3,620)    (11,950)  (9,807)
Interest and other income          4             3          11        5
Interest expense                   (114)         (105)      (339)     (161)
Net loss                           $            $         $        $ 
                                   (3,946)      (3,722)   (12,278)  (9,963)
Basic and diluted net loss per     $           $        $       $  
share                              (0.10)       (0.12)    (0.33)   (0.35)
Shares used in computing basic and 38,633        31,880     37,436    28,594
diluted net loss per share



Balance Sheets
(amounts in thousands)
                                       March 31,               June 30,
                                       2013                    2012
Assets                                             (unaudited)
 Cash and cash equivalents         $  16,960             $  14,645
 Accounts receivable              335                     299
 Inventories                       1,400                   576
 Other assets                      3,627                   2,622
           Total assets                $  22,322             $  18,142
Liabilities and stockholders' equity
 Accounts payable and other        $   2,712             $   1,860
liabilities
 Deferred revenue                 2,138                   2,390
 Long term debt                    2,720                   2,532
 Total stockholders' equity        14,752                  11,360
           Total liabilities and       $  22,322             $  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