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Cardica Posts Narrower 4Q Loss, But Sales Fall

For the full year, Cardica narrowed its loss to $17.2 million, or $1.09 per share, from a loss of $18.2 million, or $1.23 per share. Its revenue rose 31 percent to $9.9 million from $7.6 million. The company recorded $700,000 in restructuring costs in fiscal 2009.

Cardica said it cannot give product revenue guidance for fiscal 2010 because it is changing its cardiac surgery business to a direct sales force, which will be supported by distributors and representatives of manufacturers. It expects a total of $11 million to $13 million in research and development, and sales, general and administrative spending. It also forecast $1 million in stock-based compensation costs.

On average, analysts expect the company to report $15 million in revenue, and lose 70 cents per share.

In aftermarket trading, Cardica stock dropped 55 cents, or 25.9 percent, to $1.57. In the regular session, the shares closed at $2.12.

Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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