Achieves Positive Operating Cash Flow in Fourth Quarter SAN DIEGO,
Feb. 5 /PRNewswire-FirstCall/ -- CardioDynamics (NASDAQ:CDIC), the
innovator and leader of BioZ(R) Impedance Cardiography (ICG)
technology, today reported financial results for its fourth quarter
and fiscal 2008. Key Financial and Operating Results for Fourth
Quarter 2008 Compared with Fourth Quarter 2007 -- Net ICG sales
increased 6% to $6.5 million, up from $6.2 million -- ICG sensor
revenue increased 11% to $1.9 million, or 29% of total sales, up
from $1.7 million -- ICG monitor and module sales increased 32% to
291 units, 108 of which were BioZ Dx systems, 9 BioZ monitors, 21
Medis monitors and 153 BioZ modules, up from a total of 221 ICG
monitors and modules -- ICG gross profit margin was 71%, up from
65% -- Operating loss was $0.4 million, down from $0.8 million, an
improvement of 47% -- $276,000 of cash flow generated from
operations compared with a $234,000 operating cash use Key
Financial and Operating Results of Fiscal 2008 Compared with Fiscal
2007 -- Net ICG sales increased 12% to $24.5 million, up from $21.9
million -- International sales increased 73% to $4.7 million, up
from $2.7 million -- 994 ICG monitors and modules sold, up 32% from
752, now with over 8,700 ICG monitors and modules sold to date --
ICG gross profit margin was 72%, up from 68% -- Operating loss
improved 58% to $2.0 million, down from an operating loss of $4.8
million which includes $1.0 million of non-cash charges for
depreciation, amortization and equity compensation in 2008, and
$0.9 million in 2007 Additional Key Operating Milestones for the
Fourth Quarter and Fiscal 2008 -- Clinical: -- Announced results of
significant clinical study with nearly three times the national
average blood pressure control rates at the American Society of
Hypertension annual meeting; -- Announced two important clinical
studies correlating BioZ ICG with Ejection Fraction -- BioZ ICG
technology featured in American College of Cardiology (ACC) audio
series -- Sales & Marketing -- Launched Comprehensive Customer
Care (C3) program designed to improve ICG customer care,
satisfaction and proper utilization -- Initiated BioZ ICG CERTIFIED
program, a global approach to ICG education extending from patients
to all call points in physician offices and beyond to insurance
payers, medical schools and patient advocacy groups. -- Product: --
BioZ ICG technology integrated with General Electric Healthcare's
Centricity electronic medical record (EMR) system -- Investor
Relations: -- California Equity Research, LLC, a leading
independent investment research firm focused on California equities
initiated coverage of CardioDynamics Fourth Quarter and Fiscal 2008
Operating Results Discussion The Company reported a net sales
increase of 6% to $6.5 million in the fourth quarter 2008 and 12%
for full year 2008 to $24.5 million, representing the second
consecutive year of growth. Fourth quarter ICG sales growth was
driven by a combination of a 13% increase in BioZ sales, a 255%
increase in ICG Module sales and an 11% increase in ICG sensor
revenue. ICG Module sales were particularly strong in the fourth
quarter with purchases by General Electric Medical Systems (GEMS)
of 72 ICG Modules and Mindray of 80 ICG Modules. The Company also
received a firm purchase order in January 2009 from Mindray for an
additional 150 ICG Modules deliverable in 2009. ICG sensor revenue
in the fourth quarter was a record $1.9 million, due in part to the
clinical sales team's focused customer service efforts through the
launch of the Comprehensive Customer Care (C3) and ICG CERTIFIED
programs. Gross margin as a percentage of sales increased from 68%
to 72% in fiscal 2008, largely due to lower manufacturing overhead
costs, 9% average unit sales price improvement, and lower inventory
reserve requirements. As part of the Company's efforts to
accelerate the return to profitability, tight expense control
resulted in a 1% overall reduction in 2008 operating expenses with
the most significant savings occurring in non revenue generating
areas including General and Administrative expenses, down $321,000
and Research and Development, down $188,000. The Company surpassed
one of its major 2008 goals by achieving $276,000 of positive
operating cash flow in the fourth quarter of 2008. Fourth Quarter
2008 operating loss improved 47% to $442,000, down from an
operating loss of $830,000 in fourth quarter 2007. The operating
loss for fiscal 2008 was $2.0 million, a 58% improvement from
fiscal 2007 operating loss of $4.8 million. Fiscal 2008 loss before
income taxes, depreciation, amortization and equity compensation
was $1.0 million, an improvement of $2.9 million, or 74% CEO
Comments and Outlook "We were pleased with the continued
improvement in our key operating metrics during the fourth quarter
and throughout 2008," stated Michael K. Perry, Chief Executive
Officer of CardioDynamics. "Despite the challenging business
climate, we achieved our eighth consecutive quarter of revenue
growth and accomplished our goal of generating positive operating
cash flow, which was $276,000 during the quarter. Our recently
introduced Comprehensive Customer Care (C3) and BioZ Certification
programs helped grow recurring sensor revenue 11% during the
quarter and should contribute appreciably to our growth plans in
2009. International, New Markets and our Medis team were
particularly strong contributors on the revenue front, collectively
growing 73% in 2008." Perry continued, "We are conservatively
planning for high single to low double-digit revenue growth in 2009
and have, as a major objective, achievement of positive operating
cash flow for the entire year. With over $6 million in cash, we
have the financial resources to continue to execute our business
plan without the need to access the capital markets during these
challenging times." Perry concluded, "Looking out over the next two
to three years, we hope to be able to achieve solid growth and
improved operating performance with our unique technology in a
niche market that is less than 6% penetrated and at the very early
stages of market adoption. We believe that we may be well
positioned to capitalize on the proposed Obama-Biden healthcare
reform which focuses on supporting disease management programs as
over 75% of total health care dollars are spent on patients with
one or more chronic conditions, including diabetes, heart disease
and high blood pressure. ICG is ideal to support the disease
management programs for heart disease and hypertension." Conference
Call Information Michael K. Perry, Chief Executive Officer, and
Steve P. Loomis, Chief Financial Officer, will host a summary of
CardioDynamics' fourth quarter and fiscal 2008 results in a
conference call today, Thursday, February 5, 2009, 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://phx.corporate-ir.net/phoenix.zhtml?p=irol-eventDetails&c=86923&even
tID=2078493 About CardioDynamics CardioDynamics (NASDAQ:CDIC), the
ICG Company, is the innovator and leader of an important medical
technology called BioZ(R) Impedance Cardiography (ICG). The Company
develops, manufactures and markets noninvasive BioZ(R) ICG
products. The Company's BioZ(R) 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
expectation of continued revenue growth including high single to
low double-digit revenue growth in 2009, the achievement of
positive operating cash flow in 2009, continued improvement in our
key operating metrics, expectation of solid growth and improved
operating performance over the next two to three years, and the
adequacy of our financial resources, 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 Operational Results
Three Months Ended Twelve Months Ended November 30, November 30,
2008 2007 2008 2007 Net sales $6,509 $6,151 $24,517 $21,850 Cost of
sales 1,910 2,157 6,976 6,897 Gross margin 4,599 3,994 17,541
14,953 Research and development 448 389 1,518 1,706 Selling and
marketing 3,976 3,679 15,088 14,780 General and administrative 593
723 2,839 3,160 Amortization of intangible assets 26 32 122 147
Loss from operations (444) (829) (2,026) (4,840) Other expense, net
(166) (166) (699) (846) Loss before income taxes and minority
interest (610) (995) (2,725) (5,686) Minority interest in income of
subsidiary (35) (33) (180) (78) Income tax (provision) benefit 78
(126) (441) (321) Income (loss) from discontinued operations - -
127 (10,614) Net loss $(567) $(1,154) $(3,219) $(16,699) Net loss
per common share: Basic and diluted $(0.08) $(0.16) $(0.45) $(2.38)
Weighted-average shares used in per share calculation: Basic and
diluted 7,223 7,045 7,184 7,014 Selected Consolidated Balance Sheet
Data November 30, 2008 2007 Cash and cash equivalents $6,306 $8,362
Accounts receivable, net 3,918 4,475 Inventory, net 1,490 1,948
Total current assets 12,138 15,442 Long-term assets 3,428 4,425
Total assets 15,566 19,867 Total current liabilities 4,499 5,620
Long-term liabilities 4,504 4,318 Total liabilities 9,003 9,938
Minority interest 472 407 Shareholders' equity 6,091 9,522
DATASOURCE: CardioDynamics CONTACT: Steve P. Loomis, Chief
Financial Officer of CardioDynamics, 1-800-778-4825, Ext. 1015, Web
Site: http://www.cdic.com/
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