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

2 million, or $1.09 per share, compared to a net loss of $18.2 million, or $1.23 per share, for fiscal 2008.

Cash, cash equivalents and investments at June 30, 2009 were $5.3 million, compared to $8.4 million at March 31, 2009 and $23.3 million at June 30, 2008. As of June 30, 2009, Cardica had approximately 15.8 million common shares outstanding.

Milestones for Fiscal 2010

Cardica expects to achieve the following milestones over the course of fiscal 2010:

  • Begin selling C-Port(R) X-CHANGEII(TM);
  • Build a sales organization of 25 to 30 total sales representatives, including a direct salesforce, independent distributors and manufacturer's representatives, to support the sales effort for the C-Port and PAS-Port systems;
  • Complete animal testing of the Cardica Microcutter for general and thoracic surgery;
  • Complete tooling of Cardica Microcutter; and
  • Achieve additional milestones under Cardica's agreement with Cook for the development of a closure device for patent foramen ovale.

Financial Guidance for 2010

As Cardica transitions its cardiac surgery business to a small core direct sales force supported by independent distributors and manufacturer's representatives, Cardica is not able to provide product revenue guidance for fiscal 2010. For fiscal 2010, Cardica expects that research and development and sales, general and administrative expenses will total between $11 and $13 million, including non-cash stock-based compensation expense of approximately $1 million. Cardica expects its cash and cash equivalents to decline by approximately $2.5 million per quarter in fiscal 2010, without giving effect to any financing transactions.

Conference Call Details

Cardica's management will host a conference call today, August 13, 2009, at 4:30
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SOURCE Cardica, Inc.
Copyright©2009 PR Newswire.
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