REDWOOD CITY, Calif.,
Aug. 6, 2015 /PRNewswire/
-- Cardica, Inc. (Nasdaq: CRDC) today announced financial
results for its fiscal fourth quarter and year ended June 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.
"In the fourth quarter of fiscal 2015, we made good progress
working with key centers in Europe
to demonstrate the features of the MicroCutter XCHANGE®
30 with the white cartridge," said Bernard
A. Hausen, M.D., Ph.D., president and CEO of Cardica. "In
addition, we continue to work to expand the clinical indications in
the United States."
"Importantly, with the reintroduction of the MicroCutter device
with the white cartridge, we have been able to show improved
hemostasis during vascular transections while maintaining good
functionality and reliability. At the same time, we are aiming to
improve thick tissue performance and to expand the capable range in
an enhanced MicroCutter device that works with both the blue and
white cartridge. Once achieved, we expect to conduct a clinical
evaluation to validate the reliability and functionality, and when
we have performed a sufficient number of cases, we anticipate
reintroduction both in the United
States and Europe."
Fiscal 2015 Fourth Quarter and Full Year Ended June 30, 2015, Financial Results
Total product sales and net revenue were approximately $0.7 million for the fiscal 2015 fourth quarter,
compared with $1.0 million for the
fiscal 2014 fourth quarter.
Cost of product sales was approximately $0.9 million for the fiscal 2015 fourth quarter,
compared with approximately $1.3
million for the fiscal 2014 fourth quarter. Research and
development expenses were approximately $1.8
million for the fourth quarters of both fiscal 2015 and
fiscal 2014. Selling, general and administrative expenses were
$1.8 million, including approximately
$0.2 million related to restructuring
charges, for the fiscal 2015 fourth quarter compared with
$2.4 million for the same period of
fiscal 2014. The decrease in selling, general and administrative
expenses is due primarily to a restructuring concluded in the third
quarter of fiscal 2015 resulting in reduction in the number of
employees.
The net loss for the fiscal 2015 fourth quarter was
approximately $3.9 million, or
$0.04 per share. The net loss before
the deemed preferred stock dividend for the fiscal 2014 fourth
quarter was approximately $4.7
million, or $0.06 per share.
GAAP results include a deemed (non-cash) preferred stock dividend
of $1.9 million, representing a
beneficial conversion charge due to the difference between the
common stock price and conversion price on the closing date of the
company's public offering completed in the fourth quarter of fiscal
2014, resulting in a net loss allocable to common stockholders of
$6.6 million, or $0.09 per share.
Total net revenue was approximately $3.0
million for the year ended June 30,
2015, compared with $3.6
million for the year ended June 30,
2014. Total operating costs and expenses for the year ended
June 30, 2015, were approximately
$21.8 million compared with
$20.1 million for the year ended
June 30, 2014. Net loss for the year
ended June 30, 2015, was
approximately $19.2 million, or
$0.22 per share. Net loss for fiscal
2014 was approximately $17.0 million.
Net loss allocable to common stockholders after taking into account
the $1.9 million deemed dividend was
$18.9 million, or a loss of
$0.32 per share.
Cash, cash equivalents and investments as of June 30, 2015 were approximately $25.2 million, compared with approximately
$29.0 million at March 31, 2015. As of June
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
877-703-6106 from the United
States and Canada or
857-244-7305 internationally. The conference ID is 80748296. 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 August 13,
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 53146227.
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 55,000 units throughout the world.
Forward-Looking Statements
The statements in this press release regarding Cardica's beliefs as
to when it will be able to expand clinical indications and its
expectations as to the timing of development of its enhanced
MicroCutter device are "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 make the improvements necessary to its enhanced
MicroCutter device due to unanticipated technical or other
difficulties; risks inherent in obtaining regulatory approvals; 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 Quarterly Report on Form 10-Q for the quarter ended March
31, 2015, under the caption "Risk Factors," filed on May 12, 2015. 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
|
|
Twelve months
ended
|
|
|
|
June 30,
|
|
June 30,
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
(unaudited)
|
|
(unaudited)
|
Revenue
|
|
|
|
|
|
|
|
|
|
Product sales,
net
|
|
$ 684
|
|
$ 1,008
|
|
$ 2,922
|
|
$ 3,505
|
License and
development revenue
|
-
|
|
-
|
|
-
|
|
41
|
Royalty
revenue
|
|
17
|
|
17
|
|
68
|
|
69
|
|
Total
|
|
701
|
|
1,025
|
|
2,990
|
|
3,615
|
|
|
|
|
|
|
|
|
|
|
Operating costs and
expenses
|
|
|
|
|
|
|
|
Cost of
product sales
|
|
851
|
|
1,347
|
|
4,235
|
|
4,770
|
Research and
development
|
1,817
|
|
1,813
|
|
7,341
|
|
6,883
|
Selling,
general and administrative
|
1,793
|
|
2,413
|
|
10,197
|
|
8,463
|
|
Total operating costs
and expenses
|
4,461
|
|
5,573
|
|
21,773
|
|
20,116
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations
|
|
(3,760)
|
|
(4,548)
|
|
(18,783)
|
|
(16,501)
|
Interest and other
income, net
|
25
|
|
3
|
|
51
|
|
39
|
Interest
expense
|
|
(116)
|
|
(131)
|
|
(450)
|
|
(504)
|
Net loss
|
|
|
$ (3,851)
|
|
$ (4,676)
|
|
$ (19,182)
|
|
$ (16,966)
|
Preferred stock
deemed dividend
|
-
|
|
(1,915)
|
|
-
|
|
(1,915)
|
Net loss allocable to
common stockholders
|
$ (3,851)
|
|
$ (6,591)
|
|
$ (19,182)
|
|
$ (18,881)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted net
loss per share
|
$ (0.04)
|
|
$ (0.09)
|
|
$ (0.22)
|
|
$ (0.32)
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing basic and diluted net loss per share
|
89,021
|
|
79,590
|
|
89,019
|
|
58,395
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
Sheets
|
(amounts in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
June 30,
|
|
|
|
|
|
|
|
2015
|
|
2014
|
|
|
|
|
Assets
|
|
|
(unaudited)
|
|
|
|
|
Cash, cash equivalents and
investments
|
$ 25,206
|
|
$ 42,796
|
|
|
|
|
Accounts
receivable
|
|
424
|
|
706
|
|
|
|
|
Inventories
|
|
1,391
|
|
1,086
|
|
|
|
|
Other assets
|
|
2,273
|
|
2,989
|
|
|
|
|
|
Total
assets
|
|
$ 29,294
|
|
$ 47,577
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
stockholders' equity
|
|
|
|
|
|
|
|
Accounts payable and other
liabilities
|
$ 1,849
|
|
$ 2,287
|
|
|
|
|
Deferred
revenue
|
|
2,528
|
|
2,013
|
|
|
|
|
Long term debt
|
|
2,828
|
|
3,092
|
|
|
|
|
Total stockholders'
equity
|
22,089
|
|
40,185
|
|
|
|
|
|
Total liabilities and
stockholders' equity
|
$ 29,294
|
|
$ 47,577
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/cardica-announces-fiscal-2015-fourth-quarter-and-full-year-financial-results-300125146.html
SOURCE Cardica, Inc.