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
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/cardica-announces-fiscal-2016-first-quarter-financial-results-and-business-progress-300173515.html
SOURCE Cardica, Inc.