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

his transition period as Cardica adds independent distributors and manufacturer's representatives to more cost-effectively market its products throughout the United States. Total net revenue was $2.0 million for the fiscal 2009 fourth quarter compared to $2.8 million for the same period of 2008. Cost of product revenue was $1.2 million for the fiscal 2009 fourth quarter compared to $1.4 million in the fiscal 2008 fourth quarter. The cost of product revenue in the 2009 period included an inventory write-off of approximately $250,000 for excess raw materials.

For the fiscal 2009 fourth quarter, research and development expenses decreased to $1.9 million, which included $0.6 million in write-offs related to Cardica's C-Port(R) xV(TM) System, which is no longer under development since Cardica's C-Port(R) X-CHANGEII(TM) system performs a comparable function while offering additional features and has nearly caught up with the C-Port xV system in development. For the fiscal 2008 fourth quarter, research and development expenses were $2.7 million. Selling, general and administrative expenses for the fiscal 2009 fourth quarter decreased to $2.3 million compared to $3.7 million for the fiscal 2008 fourth quarter. Operating costs and expenses included $0.5 million of one-time severance costs in the fiscal 2009 fourth quarter.

The net loss for the fiscal 2009 fourth quarter decreased to $3.5 million, or $0.22 per share, compared to a net loss of $4.8 million, or $0.31 per share, for the fiscal 2008 fourth quarter.

Fiscal Year Ended June 30, 2009 Financial Results

Total net revenue for the fiscal year ended June 30, 2009 was $9.9 million compared to $7.6 million for fiscal 2008. Total operating costs and expenses for fiscal 2009 were $27.2 million, including $0.7 million in one-time costs associated with restructuring, compared to $26.6 million for fiscal 2008. The net loss for fiscal 2009 decreased to $17.
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SOURCE Cardica, Inc.
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