REDWOOD CITY, Calif., Aug. 6, 2015 /PRNewswire/ -- Cardica, Inc. (Nasdaq: CRDC) today announced financial results for its fiscal fourth quarter and year ended June 30, 2015. Cardica's management will hold a conference call at 4:30 p.m. Eastern Time to discuss the financial results and provide an update on the company's business.
"In the fourth quarter of fiscal 2015, we made good progress working with key centers in Europe to demonstrate the features of the MicroCutter XCHANGE® 30 with the white cartridge," said Bernard A. Hausen, M.D., Ph.D., president and CEO of Cardica. "In addition, we continue to work to expand the clinical indications in the United States."
"Importantly, with the reintroduction of the MicroCutter device with the white cartridge, we have been able to show improved hemostasis during vascular transections while maintaining good functionality and reliability. At the same time, we are aiming to improve thick tissue performance and to expand the capable range in an enhanced MicroCutter device that works with both the blue and white cartridge. Once achieved, we expect to conduct a clinical evaluation to validate the reliability and functionality, and when we have performed a sufficient number of cases, we anticipate reintroduction both in the United States and Europe."
Fiscal 2015 Fourth Quarter and Full Year Ended June 30, 2015, Financial Results
Total product sales and net revenue were approximately $0.7 million for the fiscal 2015 fourth quarter, compared with $1.0 million for the fiscal 2014 fourth quarter.
Cost of product sales was approximately $0.9 million for the fiscal 2015 fourth quarter, compared with approximately $1.3 million for the fiscal 2014 fourth quarter. Research and development expenses were approximately $1.8 million for the fourth quarters of both fiscal 2015 and fiscal 2014. Selling, general and administrative expenses were $1.8 million, including approximately $0.2 million related to restructuring charges, for the fiscal 2015 fourth quarter compared with $2.4 million for the same period of fiscal 2014.
To read full press release, please click here.
Help employers find you! Check out all the jobs and post your resume.
