REDWOOD CITY, Calif.,
Feb. 5, 2015 /PRNewswire/
-- Cardica, Inc. (Nasdaq: CRDC) today announced financial
results for its fiscal second quarter ended December 31, 2014. 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.
"Following the voluntary withdrawal of the MircoCutter
XCHANGE® 30 in November, Cardica's primary focus has
been on product improvements that would guarantee safe and
effective outcomes in deployments not only within the specified
range, but also across the full capable tissue thickness range,"
said Bernard A. Hausen, M.D., Ph.D.,
president and CEO of Cardica. "We have identified the areas
requiring improvements and are currently undergoing extensive
testing in bench models as well as in live animals. With the
improved device, we are now conducting a clinical evaluation, and
once we have clear evidence of reliable clinical performance in
patients, we intend to return to a commercial launch."
Fiscal 2015 Second Quarter and Six Months Ended December 31, 2014, Financial Results
Total
product sales were approximately $0.6
million for the fiscal 2015 second quarter, compared to
$0.8 million for the fiscal 2014
second quarter. Total net revenue was approximately $0.7 million for the fiscal 2015 second quarter,
compared to $0.9 million for the
fiscal 2014 second quarter.
Cost of product sales was approximately $0.9 million for the fiscal 2015 second quarter,
compared to approximately $1.1
million for the fiscal 2014 second quarter. Research and
development expenses were approximately $1.8
million for the second quarter of fiscal 2015 compared to
approximately $1.7 million for the
same period of fiscal 2014. Selling, general and administrative
expenses were $3.2 million for the
fiscal 2015 second quarter compared to $2.2
million for the same period of fiscal 2014. The increase in
selling, general and administrative expenses in fiscal 2015 is due
primarily to increases in the sales force, sales and marketing
expenses and expenses associated with the company's proxy
solicitation.
The net loss for the fiscal 2015 second quarter was
approximately $5.4 million, or
$0.06 per share. Net loss for the
fiscal 2014 second quarter was approximately $4.2 million, or $0.08 per share.
Total net revenue was approximately $1.7
million for each of the six month periods ended
December 31, 2014 and December 31, 2013. Total operating costs and
expenses for the six months ended December
31, 2014, were approximately $12.0
million compared to $9.4
million for the six months ended December 31, 2013. Net loss for the six months
ended December 31, 2014, was
approximately $10.5 million, or
$0.12 per share, compared to
$7.9 million, or $0.15 per share for the same period of fiscal
2013.
Cash, cash equivalents and investments as of December 31, 2014, were approximately
$33.6 million, compared to
$38.0 million at September 30, 2014. As of December 31, 2014, 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 866-318-8611 from the United States and Canada or 617-399-5130 internationally. The
conference ID is 61582374. 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
February 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 17913151.
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. Cardica is
developing the Cardica® MicroCutter XCHANGE®
45, a cartridge-based microcutter device that is being designed
with an eight-millimeter shaft to be used in a variety of
procedures, including bariatric, colorectal, thoracic and general
surgery. The Cardica MicroCutter XCHANGE 45 product requires 510(k)
clearance and CE Mark and is not yet commercially available in the
U.S. or internationally. 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 53,000 units throughout the world.
Forward-Looking Statements
The statements in this
press release regarding Cardica's intent as to the timing of the
return to commercial launch of the MicroCutter XCHANGE 30 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 return to commercialization of
the XCHANGE 30 due to unanticipated technical or other
difficulties; 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 September 30, 2014, under the caption "Risk
Factors," filed on November 12, 2014.
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,
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
(unaudited)
|
|
(unaudited)
|
Revenue
|
|
|
|
|
|
|
|
|
Product sales,
net
|
$ 639
|
|
$ 835
|
|
$ 1,690
|
|
$ 1,581
|
License and
development revenue
|
-
|
|
-
|
|
-
|
|
41
|
Royalty
revenue
|
18
|
|
16
|
|
35
|
|
34
|
|
Total
|
657
|
|
851
|
|
1,725
|
|
1,656
|
|
|
|
|
|
|
|
|
|
Operating costs and
expenses
|
|
|
|
|
|
|
|
Cost of
product sales
|
944
|
|
1,054
|
|
2,577
|
|
2,055
|
Research and
development
|
1,848
|
|
1,689
|
|
3,584
|
|
3,346
|
Selling,
general and administrative
|
3,205
|
|
2,186
|
|
5,863
|
|
3,954
|
|
Total operating costs
and expenses
|
5,997
|
|
4,929
|
|
12,024
|
|
9,355
|
|
|
|
|
|
|
|
|
|
Loss from
operations
|
(5,340)
|
|
(4,078)
|
|
(10,299)
|
|
(7,699)
|
Interest and other
income, net
|
10
|
|
31
|
|
14
|
|
35
|
Interest
expense
|
(112)
|
|
(125)
|
|
(222)
|
|
(247)
|
Net loss
|
|
$ (5,442)
|
|
$ (4,172)
|
|
$(10,507)
|
|
$(7,911)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted net
loss per share
|
$ (0.06)
|
|
$ (0.08)
|
|
$ (0.12)
|
|
$ (0.15)
|
|
|
|
|
|
|
|
|
|
Shares used in
computing basic and diluted net loss per share
|
89,021
|
|
51,314
|
|
89,017
|
|
51,201
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
Sheets
|
(amounts in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
June 30,
|
|
|
|
|
|
|
2014
|
|
2014
|
|
|
|
|
Assets
|
|
(unaudited)
|
|
|
|
|
Cash, cash equivalents and
investments
|
$33,597
|
|
$42,796
|
|
|
|
|
Accounts
receivable
|
393
|
|
706
|
|
|
|
|
Inventories
|
1,396
|
|
1,086
|
|
|
|
|
Other assets
|
2,568
|
|
2,989
|
|
|
|
|
|
Total
assets
|
$37,954
|
|
$47,577
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
stockholders' equity
|
|
|
|
|
|
|
|
Accounts payable and other
liabilities
|
$ 2,503
|
|
$ 2,287
|
|
|
|
|
Deferred
revenue
|
2,528
|
|
2,013
|
|
|
|
|
Long term debt
|
2,698
|
|
3,092
|
|
|
|
|
Total stockholders'
equity
|
30,225
|
|
40,185
|
|
|
|
|
|
Total liabilities and
stockholders' equity
|
$37,954
|
|
$47,577
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/cardica-announces-fiscal-2015-second-quarter-financial-results-300031859.html
SOURCE Cardica, Inc.