Cardica Announces Fiscal 2016 First Quarter Financial Results And Business Progress

Nov 05, 2015, 16:05 ET from Cardica, Inc.

REDWOOD CITY, Calif., Nov. 5, 2015 /PRNewswire/ -- Cardica, Inc. (Nasdaq: CRDC) today announced financial results for its fiscal first quarter ended September 30, 2015. 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.

"Cardica's MicroCutter employs an elegant and sophisticated technology that allows surgeons to operate in tight spaces with a large degree of articulation," said Julian Nikolchev, president and CEO of Cardica. "In talking to surgeons – both current and potential customers – there is clearly a need for this device in the field, where an increasing drive toward less and less invasive procedures can truly improve patient care."

Mr. Nikolchev continued, "We continue focusing on clinical adoption in Europe, optimizing the supply chain and pursing regulatory clearance for the vascular indication of the MicroCutter XCHANGE 30 in the United States."

Fiscal 2016 First Quarter Ended September 30, 2015, Financial Results Total product sales were approximately $0.7 million for the fiscal 2016 first quarter, compared with $1.1 million for the fiscal 2015 first quarter. Total revenues were $0.8 million for the fiscal 2016 first quarter, compared with $1.1 million for the same period of 2015.

Cost of product sales was approximately $1.0 million for the fiscal 2016 first quarter, compared with approximately $1.6 million for the fiscal 2015 first quarter. Research and development expenses were approximately $1.6 million for the fiscal 2016 first quarter, compared with $1.7 million for the fiscal 2015 first quarter. Selling, general and administrative expenses were $2.7 million for both the fiscal 2016 and 2015 first quarters.  

The net loss for the fiscal 2016 first quarter was approximately $4.6 million, or $0.05 per share, compared with a net loss of $5.1 million, or $0.06 per share, for the fiscal 2015 first quarter.

Cash, cash equivalents and investments as of September 30, 2015 were approximately $21.9 million, compared with approximately $25.2 million at June 30, 2015. As of September 30, 2015, there were approximately 89 million shares of common stock outstanding and 191,474 shares of Series A convertible preferred stock outstanding.   

Conference Call Details To access the live conference call today at 4:30 p.m. Eastern Time via phone, please dial 866-271-5140 from the United States and Canada or 617-213-8893 internationally. The conference ID is 76837265. Please dial in approximately 10 minutes prior to the start of the call. A telephone replay will be available beginning approximately four hours after the call through November 12, 2015, and may be accessed by dialing 888-286-8010 from the United States and Canada or 617-801-6888 internationally. The replay passcode is 98227459.

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. 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 reduce operating time and facilitate minimally-invasive and robot-assisted surgeries. Cardica's MicroCutter XCHANGE® 30, a cartridge-based articulating surgical stapling device with a five-millimeter shaft diameter, is manufactured and cleared for use in a variety of gastrointestinal procedures and appendectomies in the United States, and for a wide range of surgical procedures in Europe. In addition, 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 56,500 units throughout the world.

 

Cardica, Inc.

Consolidated Statements of Operations

(amounts in thousands except per share amounts)

Three months ended

September 30,

2015

2014

            (unaudited)

Revenue

     Product sales, net

$        737

$     1,051

     Royalty revenue 

18

17

          Total

755

1,068

Operating costs and expenses

     Cost of product sales

1,023

1,633

     Research and development

1,616

1,736

     Selling, general and administrative

2,657

2,658

          Total operating costs and expenses

5,296

6,027

Loss from operations

(4,541)

(4,959)

Interest and other income

16

4

Interest expense

(120)

(110)

Net loss allocable to common stockholders

$    (4,645)

$    (5,065)

Basic and diluted net loss per share allocable to common stockholders

$      (0.05)

$      (0.06)

Shares used in computing basic and diluted net loss per share allocable to common stockholders

88,964

88,946

Consolidated Balance Sheets

(amounts in thousands)

September 30,

June 30,

2015

2015

Assets

(unaudited)

     Cash, cash equivalents and investments

$    21,946

$    25,206

     Accounts receivable 

498

424

     Inventories

1,172

1,391

     Other assets

2,029

2,273

          Total assets

$    25,645

$    29,294

Liabilities and stockholders' equity

     Accounts payable and other liabilities

$     2,634

$     1,849

     Deferred revenue 

2,528

2,528

     Long term debt

2,898

2,828

     Total stockholders' equity

17,585

22,089

          Total liabilities and stockholders' equity

$    25,645

$    29,294

 

SOURCE Cardica, Inc.



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http://www.cardica.com