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Cardica Announces Fiscal 2009 Fourth Quarter and Year End Financial Results
Date:8/13/2009

REDWOOD CITY, Calif., Aug. 13 /PRNewswire-FirstCall/ -- Cardica, Inc. (Nasdaq: CRDC) today reported financial results and corporate progress for its fiscal 2009 fourth quarter and year ended June 30, 2009.

"With a slower than expected rate of clinical adoption for our automated anastomosis products, during our fiscal fourth quarter we had to make difficult decisions to revise our direct sales model cost structure by reducing our workforce and decreasing operating expenses substantially to protect the future viability of our products and technology," said Bernard A. Hausen, M.D., Ph.D., president and chief executive officer of Cardica.

"We continue to evaluate a variety of strategic and financing alternatives and believe that our products and proprietary technology have the potential to generate substantial value in the future," continued Dr. Hausen. "To that end, we are in the process of adding independent distributors and manufacturer's representatives to support our core direct sales team in order to contain sales costs while still serving our customers and potential customers for our automated anastomosis product line. Looking beyond cardiac surgery, we are shifting our development efforts to focus on our endoscopic microcutter, which would expand our commercial opportunity into additional surgical markets."

Recent Highlights and Accomplishments

  • Increased cumulative worldwide shipments of PAS-Port(R) Proximal Anastomosis Systems to over 15,000 units, with a total of 1,051 units sold in the fourth quarter of fiscal 2009;
  • Increased cumulative worldwide shipments of C-Port(R) Distal Anastomosis Systems to over 9,300 units, with a total of 555 units sold in the fourth quarter of fiscal 2009;

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SOURCE Cardica, Inc.
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