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Cardica Posts Narrower 4Q Loss, But Sales Fall

REDWOOD CITY, Calif. (AP) ¿ Surgical systems maker Cardica Inc. on Thursday reported a narrower loss in its fiscal fourth quarter, as research and general expenses decreased.

Cardica said sales of its anastomosis systems, which automate the attachment of blood vessels and grafts during heart bypass surgeries, were slower than expected in the quarter. As a result, it cut costs and in January eliminated 13 jobs.

The company said its lost $3.5 million, or 22 cents per share, in the quarter ended June 30. That compares with a $4.8 million loss, or 31 cents per share, a year earlier. Revenue fell 29 percent to $2 million from $2.8 million. Analysts had forecast a loss of 23 cents per share and $2.9 million in revenue, according to a Thomson Reuters survey.

Cardica reported $2.3 million in selling, general and administrative costs, and $1.9 million in research and development costs. Those were down from $3.7 million and $2.7 million, respectively. Cost of product revenue fell to $1.2 million from $1.4 million.

The company posted $1.2 million in product revenue and $815,000 in development revenue, down from $1.6 million and $1.2 million, respectively.
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