REDWOOD CITY, Calif.,
May 6, 2015 /PRNewswire/
-- Cardica, Inc. (Nasdaq: CRDC) today announced financial
results for its fiscal third quarter ended March 31, 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.
"At the end of the third quarter of fiscal 2015, we reintroduced
a modified MicroCutter XCHANGE® 30 suitable for use with our white
cartridges only. This controlled commercial release is focusing
primarily on customers in Europe
where our regulatory clearance is sufficiently broad," said
Bernard A. Hausen, M.D., Ph.D.,
president and CEO of Cardica. "We recently submitted a 510(k)
application to the U.S. Food and Drug Administration to expand the
indications for use to include vascular structures, similar to the
indications in Europe. In
parallel, we continue to make good progress in our redesign of the
XCHANGE 30 to be compatible for both white and blue cartridges,
with initial feasibility evaluation in humans scheduled to begin in
the second half of calendar 2015."
Fiscal 2015 Third Quarter and Nine Months Ended March 31, 2015, Financial Results
Total
product sales were approximately $0.5
million for the fiscal 2015 third quarter, compared to
$0.9 million for the fiscal 2014
third quarter. Total net revenue was approximately $0.6 million for the fiscal 2015 third quarter,
compared to $0.9 million for the
fiscal 2014 third quarter.
Cost of product sales was approximately $0.8 million for the fiscal 2015 third quarter,
compared to approximately $1.4
million for the fiscal 2014 third quarter. Research and
development expenses were approximately $1.9
million for the third quarter of fiscal 2015 compared to
approximately $1.7 million for the
same period of fiscal 2014. Selling, general and administrative
expenses were $2.5 million, including
approximately $0.2 million related to
restructuring charges, for the fiscal 2015 third quarter compared
to $2.1 million for the same period
of fiscal 2014. The increase in research and development and
selling, general and administrative expenses in fiscal 2015 is due
primarily to expenses associated with the clinical evaluation of
improvements to the MicroCutter XCHANGE 30 and to increased
expenses for U.S. sales staff. The restructuring concluded in the
third quarter of fiscal 2015 will result in lower selling, general
and administrative expenses in subsequent quarters.
The net loss for the fiscal 2015 third quarter was approximately
$4.8 million, or $0.05 per share. Net loss for the fiscal 2014
third quarter was approximately $4.4
million, or $0.09 per
share.
Total net revenue was approximately $2.3
million for the nine months ended March 31, 2015 compared to $2.6 million for the nine months ended
March 31, 2014. Total operating costs
and expenses for the nine months ended March
31, 2015, were approximately $17.3
million compared to $14.5
million for the nine months ended March 31, 2014. Net loss for the nine months
ended March 31, 2015, was
approximately $15.3 million, or
$0.17 per share, compared to
$12.3 million, or $0.24 per share for the same period of fiscal
2014.
Cash, cash equivalents and investments as of March 31, 2015 were approximately $29.0 million, compared to approximately
$33.6 million at December 31, 2014. As of March 31, 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 877-703-6105 from the United States and Canada or 857-244-7304 internationally. The
conference ID is 98042670. 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
May 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 34051482.
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 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
|
|
Nine months
ended
|
|
|
March 31,
|
|
March 31,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
(unaudited)
|
|
(unaudited)
|
Revenue
|
|
|
|
|
|
|
|
|
Product sales,
net
|
$ 548
|
|
$ 916
|
|
$ 2,238
|
|
$ 2,497
|
License and
development revenue
|
-
|
|
-
|
|
-
|
|
41
|
Royalty
revenue
|
16
|
|
18
|
|
51
|
|
52
|
|
Total
|
564
|
|
934
|
|
2,289
|
|
2,590
|
|
|
|
|
|
|
|
|
|
Operating costs and
expenses
|
|
|
|
|
|
|
|
Cost of
product sales
|
807
|
|
1,368
|
|
3,384
|
|
3,423
|
Research and
development
|
1,940
|
|
1,724
|
|
5,524
|
|
5,070
|
Selling,
general and administrative
|
2,541
|
|
2,096
|
|
8,404
|
|
6,050
|
|
Total operating costs
and expenses
|
5,288
|
|
5,188
|
|
17,312
|
|
14,543
|
|
|
|
|
|
|
|
|
|
Loss from
operations
|
(4,724)
|
|
(4,254)
|
|
(15,023)
|
|
(11,953)
|
Interest and other
income, net
|
12
|
|
1
|
|
26
|
|
36
|
Interest
expense
|
(112)
|
|
(126)
|
|
(334)
|
|
(373)
|
Net loss
|
|
$ (4,824)
|
|
$ (4,379)
|
|
$ (15,331)
|
|
$ (12,290)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted net
loss per share
|
$ (0.05)
|
|
$ (0.09)
|
|
$ (0.17)
|
|
$ (0.24)
|
|
|
|
|
|
|
|
|
|
Shares used in
computing basic and diluted net loss per share
|
89,021
|
|
51,587
|
|
89,018
|
|
51,330
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
Sheets
|
(amounts in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
June 30,
|
|
|
|
|
|
|
2015
|
|
2014
|
|
|
|
|
Assets
|
|
(unaudited)
|
|
|
|
|
Cash, cash equivalents and
investments
|
$ 28,951
|
|
$ 42,796
|
|
|
|
|
Accounts
receivable
|
400
|
|
706
|
|
|
|
|
Inventories
|
1,492
|
|
1,086
|
|
|
|
|
Other assets
|
2,463
|
|
2,989
|
|
|
|
|
|
Total
assets
|
$ 33,306
|
|
$ 47,577
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
stockholders' equity
|
|
|
|
|
|
|
|
Accounts payable and other
liabilities
|
$ 2,465
|
|
$ 2,287
|
|
|
|
|
Deferred
revenue
|
2,528
|
|
2,013
|
|
|
|
|
Long term debt
|
2,762
|
|
3,092
|
|
|
|
|
Total stockholders'
equity
|
25,551
|
|
40,185
|
|
|
|
|
|
Total liabilities and
stockholders' equity
|
$ 33,306
|
|
$ 47,577
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/cardica-announces-fiscal-2015-third-quarter-financial-results-300078852.html
SOURCE Cardica, Inc.