CardioDynamics Reports Third Quarter 2008 Results, Seventh Consecutive Quarterly Revenue Growth and 15% Year to Date Revenue Inc
09 Octobre 2008 - 10:05PM
PR Newswire (US)
Achieves Positive Operating Income Excluding Non-Cash Charges SAN
DIEGO, Oct. 9 /PRNewswire-FirstCall/ -- CardioDynamics
(NASDAQ:CDIC), the innovator and leader of BioZ(R) Impedance
Cardiography (ICG) technology, today reported financial results for
fiscal third quarter 2008. Sales Highlights of Third Quarter 2008
Compared with Third Quarter 2007 -- Net ICG sales increased 8% to
$6.1 million, up from $5.6 million -- International sales increased
35% to $690,000, up from $513,000 -- 8,456 ICG monitors and modules
sold cumulatively to date, up 12% from 7,532 one year ago -- ICG
device sales totaled 220 units, 110 of which were BioZ Dx systems,
7 BioZ monitors, 87 ICG Modules, and 16 Medis ICG monitors, up from
a total of 197 ICG devices -- Field headcount totaled 71 field
sales associates, including 34 U.S. territory managers and 21
clinical application specialists, up from 64 field sales associates
Key Financial Results of Third Quarter 2008 Compared with Third
Quarter 2007 -- ICG gross profit margin was 75%, up from 72% --
Loss from operations improved 78% to $254,000, down from $1.2
million -- Net loss from continuing operations was $432,000, or
$0.06 per share, down from $1.4 million, or $0.19 per share -- Net
operating cash used in continuing operations was $461,000, down 61%
from $1.2 million Additional Operating Milestone for the Third
Quarter 2008 -- Announced BioZ(R) ICG technology integrates with
General Electric Healthcare's electronic medical record (EMR)
system Third Quarter 2008 Operating Results Discussion The Company
reported a net sales increase of 8% to $6.1 million for the third
fiscal quarter 2008 and a 15% year-to-date sales increase to $18.0
million, up from $15.7 million for the same period a year ago.
Third quarter ICG sales growth was driven by a combination of a 12%
increase in third quarter ICG device sales along with a 10%
increase in the average unit sales price of our ICG Monitors
compared with the third quarter of 2007. This increase in average
unit selling price is principally due to a proportionately greater
number of higher priced BioZ Dx systems sold during the third
quarter of 2008, as compared to the third quarter of 2007 and lower
sales return reserve requirements. Gross margin as a percentage of
sales increased from 72% to 75% in the third quarter of 2008,
largely due to a 10% average unit sales price improvement, lower
inventory reserve requirements, reduced manufacturing overhead
costs, and a reduction of sales returns reserve. Operating expenses
were reduced 8% (or $398,000) to $4.8 million, driven primarily by
improved efficiencies, reduced personnel expenses, lower accounting
fees and bad debt provisions, all part of an ongoing cost
containment focus in support of the Company's plan to regain
profitability. The operating loss improved 78% to $254,000,
compared to an operating loss of $1.2 million for the same period
in 2007. The year-to-date operating loss was $1.6 million, a 61%
improvement from $4.0 million in the same nine month period of
2007. CEO Comments and Outlook Michael K. Perry, Chief Executive
Officer of CardioDynamics, stated, "We were very pleased with our
performance in the third quarter, particularly the rate of
improvement we are making in reducing the operating loss. Excluding
non-cash expenses for depreciation, amortization and stock option
compensation, we experienced positive income from operations for
the first time in 15 quarters and one quarter ahead of plan.
Achieving our seventh consecutive quarterly year-over-year revenue
growth and 15% growth year-to-date is encouraging and a testament
to the continued growth potential for ICG." Perry continued, "Our
goal remains to achieve positive operating cash flow in the fourth
quarter of 2008 and positive operating cash flow for our full 2009
fiscal year. We'll continue to make judicious investments that
drive increased revenue growth and help establish ICG in the
treatment guidelines for heart failure and hypertension in the
coming years." Conference Call Information Michael K. Perry, Chief
Executive Officer, and Steve P. Loomis, Chief Financial Officer,
will host a summary of CardioDynamics' third quarter 2008 results
in a conference call today, Thursday, October 9, 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 one month
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://tinyurl.com/4dknlk.
About CardioDynamics CardioDynamics International Corporation
(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 ICG 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, operating
performance and acceptance of ICG technology, the accuracy of which
is necessarily subject to uncertainties and risks, including the
Company's ability to meet its short and long-term liquidity and
capital needs, primary dependence on the BioZ(R) 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 Annual Report on Form 10-K and Quarterly Reports
on Form 10-Q. Future events and actual results could differ
materially from the forward-looking statements. Readers are urged
not to place undue reliance on forward-looking statements. 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
Operational Three Months Nine Months Results Ended Ended August 31,
August 31, 2008 2007 2008 2007 Net sales $6,066 $5,591 $18,008
$15,699 Cost of sales 1,519 1,554 5,066 4,740 Gross margin 4,547
4,037 12,942 10,959 Research and development 386 420 1,070 1,317
Selling and marketing 3,669 3,977 11,112 11,101 General and
administrative 714 772 2,246 2,437 Amortization of intangible
assets 32 30 96 115 Loss from operations (254) (1,162) (1,582)
(4,011) Other expense, net (175) (232) (533) (680) Loss before
income taxes and minority interest (429) (1,394) (2,115) (4,691)
Minority interest in income of subsidiary - (11) (145) (45) Income
tax benefit (provision) (3) 56 (519) (195) Loss from continuing
operations (432) (1,349) (2,779) (4,931) Income (loss) from
discontinued operations - 496 127 (10,614) Net loss $(432) $(853)
$(2,652) $(15,545) Net loss per common share: Basic and diluted
$(0.06) $(0.12) $(0.37) $(2.22) Weighted-average shares used in per
share calculation: Basic and diluted 7,213 7,031 7,171 7,004
Selected Consolidated Balance Sheet Data August 31, November 30,
2008 2007 Cash and cash equivalents $6,328 $8,362 Accounts
receivable, net 3,861 4,475 Inventory, net 1,195 1,670 Total
current assets 11,942 15,164 Long-term assets 4,451 4,703 Total
assets 16,393 19,867 Total current liabilities 7,885 5,620
Long-term liabilities 879 4,318 Total liabilities 8,764 9,938
Minority interest 478 407 Shareholders' equity 7,151 9,522
DATASOURCE: CardioDynamics CONTACT: Steve Loomis, Chief Financial
Officer of CardioDynamics, 1-800-778-4825, ext. 1015, Web site:
http://www.cdic.com/
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