Company Announces 15% Quarterly Revenue Increase Over Prior Year
and Sixth Consecutive Quarter of Year Over Year Revenue Growth SAN
DIEGO, July 1 /PRNewswire-FirstCall/ -- CardioDynamics
(NASDAQ:CDIC), the innovator and leader of BioZ(R) Impedance
Cardiography (ICG) technology, today reported financial results for
fiscal second quarter 2008. Highlights include 18% revenue increase
for first half fiscal 2008, 15% quarterly revenue increase over
prior year and sixth consecutive quarter of year over year revenue
growth. Sales Highlights of Second Quarter 2008 Compared with
Second Quarter 2007 -- Net sales increased 15% to $6.2 million, up
from $5.4 million -- Over 8,200 ICG monitors and modules sold to
date, up 12% from 7,300 one year ago -- ICG device sales totaled
217 units, including 137 ICG monitors, 108 of which were BioZ Dx
systems, 14 BioZ monitors, and 15 Medis ICG monitors -- ICG sensor
revenue increased 1% to $1.7 million, comprising 28% of total
sales, and increased 14% sequentially over first quarter 2008 --
International and new market revenue grew 11% to $782,000 Key
Financial Results of Second Quarter 2008 Compared with Second
Quarter 2007 -- Gross profit margin was 71%, up from 63% --
Operating loss was $476,000, an improvement of $1.0 million, or
68%, from $1.5 million -- Net loss was reduced 62% to $732,000, or
($0.10) per diluted share, from a net loss from continuing
operations of $1.9 million, or ($0.28) per diluted share --
Operating cash use was $490,000, down 43%, from an operating cash
use from continuing operations of $860,000 -- Cash, cash
equivalents and short-term investments at May 31, 2008, of $6.9
million, up 47% from $4.7 million at May 31, 2007 Additional Key
Operating Milestones for the Second Quarter 2008 -- Released
significant ICG study demonstrating nearly three times the national
average blood pressure control rates at the American Society for
Hypertension Annual Scientific meeting -- Completed one-for-seven
reverse split of company's common stock -- Regained compliance with
Nasdaq listing requirements Second Quarter 2008 Operating Results
Discussion The Company reported a net sales increase of 15% to $6.2
million. ICG sales growth was due to a combination of 8% higher
average domestic ICG monitor sales prices, a 20% increase in
domestic ICG System sales and an 11% improvement in international
and new market revenue (primarily due to increased revenue from
pharmaceutical companies). The higher average domestic sales price
indicates continued physician acceptance and a solid value
proposition for ICG technology. The improvement in international
and new market revenue is a result of the Company's increased focus
on non-Medicare reimbursement dependant markets. Recurring sensor
revenue grew 14% sequentially from first quarter 2008 to $1.7
million, and was up 1% compared to the same period in 2007. Gross
margin as a percentage of sales increased from 63% to 71% in the
second quarter of 2008, largely due to a higher net average sales
price per unit, lower manufacturing expenses and reduced inventory
charges related to potential excess, slow-moving or obsolete
inventory. Operating expenses were held flat at $4.9 million and
increased revenue, along with improved gross margins, drove a 68%
improvement in the operating loss. The reduced operating loss,
coupled with sound working capital management, resulted in a 43%
reduction in operating cash usage to $490,000 in the quarter, down
from an $860,000 operating cash use from continuing operations in
the same quarter of 2007. CEO Comments and Outlook Michael K.
Perry, Chief Executive Officer of CardioDynamics, stated, "We are
very pleased with the 18% revenue growth achieved in the first half
of 2008 and 15% during the second quarter. Sales momentum continues
strong and with steady improvement throughout the business, we
completed our sixth consecutive quarter of year over year revenue
growth. We are making very good progress in expanding gross margins
and reducing the operating loss, down 68% to $476,000, which
includes $247,000 of non-cash charges for depreciation,
amortization and equity compensation. We see sizable opportunity to
continue to grow the business and recently hired 12 new sales and
clinical personnel to replace open positions and further expand our
field sales force. Our operating plan remains to achieve at least
15% revenue growth for 2008 and deliver positive operating cash
flow in the fourth quarter." The Company also announced the
retirement of Russ Bergen as its Vice President of Operations.
Perry stated, "We are grateful for the fine contribution that Russ
has made to CardioDynamics as our Vice President of Operations for
the past ten years. He was responsible for establishing and growing
our excellent operations team that consistently delivered high
quality products and services, and also oversaw the manufacturing
and launch of three generations of proprietary, impedance
cardiography systems. We wish him the very best in this new stage
of life." Conference Call Information Michael K. Perry, Chief
Executive Officer, and Steve P. Loomis, Chief Financial Officer,
will host a summary of CardioDynamics' second quarter 2008 results
in a conference call today, Tuesday, July 1, 2008, at 4:30 p.m.
(EDT). To access the conference call, dial 800-346-7359 (Code
7784). International participants can call 973-528-0008 (Code
7784). A replay of the call will be available for 30 days following
the call at 800-332-6854 (Code 7784). The international replay
number is 973-528-0005 (Code 7784). The Internet webcast can be
accessed through the Investor Relations section of the Company's
website at http://www.cdic.com/ or at
http://phx.corporate-ir.net/playerlink.zhtml?c=86923&s=wm&e=1873789
About CardioDynamics CardioDynamics (NASDAQ:CDIC), the ICG Company,
is the innovator and leader of an important medical technology
called impedance cardiography (ICG). The Company develops,
manufactures and markets noninvasive ICG products and medical
device electrodes. The Company's ICG Systems are being used by
physicians around the world to help battle the number one killer of
men and women -- cardiovascular disease. Partners include GE
Healthcare, Philips Medical Systems and Mindray. For additional
information, please refer to the company's Web site at
http://www.cdic.com/. Forward-Looking (Safe Harbor) Statement
Except for historical and factual information contained herein,
this press release contains forward-looking statements, such as
revenue growth rates and cash flow projections, increasing
physician acceptance of ICG technology, diversification and new
market development, success of clinical trials or investments in
core technology, the accuracy of which is necessarily subject to
uncertainties and risks including the Company's primary dependence
on the BioZ product line, and various uncertainties characteristic
of early stage companies, as well as other risks detailed in the
Company's filings with the SEC, including its 2007 Form 10-K. The
Company does not undertake to update the disclosures contained in
this press release. CardioDynamics International Corporation In
thousands, except per share data (unaudited) Selected Consolidated
Three Months Ended Six Months Ended Operational Results May 31, May
31, 2008 2007 2008 2007 Net sales $6,180 $5,380 $11,942 $10,107
Cost of sales 1,772 1,966 3,547 3,186 Gross margin 4,408 3,414
8,395 6,921 Research and development 370 454 684 897 Selling and
marketing 3,721 3,680 7,443 7,124 General and administrative 761
720 1,532 1,665 Amortization of intangible assets 32 30 64 85 Loss
from operations (476) (1,470) (1,328) (2,850) Other expense, net
(192) (241) (358) (448) Loss before income taxes and minority
interest (668) (1,711) (1,686) (3,298) Minority interest in income
of subsidiary (11) (21) (145) (35) Income tax provision (53) (196)
(516) (250) Income (loss) from discontinued operations - (11,102)
127 (11,109) Net loss $(732) $(13,030) $(2,220) $(14,692) Net loss
per common share: Basic and diluted $(0.10) $(1.86) $(0.31) $(2.10)
Weighted-average shares used in per share calculation: Basic and
diluted 7,193 7,005 7,150 6,990 Selected Consolidated May 31,
November 30, Balance Sheet Data 2008 2007 Cash and cash equivalents
$6,936 $8,362 Accounts receivable, net 3,797 4,475 Inventory, net
1,196 1,670 Total current assets 12,472 15,164 Long-term assets
4,778 4,703 Total assets 17,250 19,867 Total current liabilities
8,151 5,620 Long-term liabilities 910 4,318 Total liabilities 9,061
9,938 Minority interest 495 407 Shareholders' equity 7,694 9,522
DATASOURCE: CardioDynamics CONTACT: Steve P. Loomis of
CardioDynamics, 1-800-778-4825, ext. 1015, Web site:
http://www.cdic.com/
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