Cardica (CRDC) Tops Q1 EPS by 2c; Comments on Outlook
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Cardica (Nasdaq: CRDC) reports Q1 loss of $0.25, 2 cents better than the analyst estimate of ($0.27). Revenue for the quarter was $2.8 million, versus the consensus of $3 million.
It is still early in the adoption of Cardica's systems, and consistent usage patterns have not yet been established. Furthermore, current economic conditions are constraining hospital spending and make accurate forecasting of revenue for new and recently introduced products difficult. As a result, Cardica is not providing product revenue guidance for fiscal 2009. Development revenue from corporate collaborations for fiscal 2009 is expected to be between $2 million and $3 million. Taking into account recent expense reduction initiatives, Cardica expects that fiscal 2009 research and development and sales, general and administrative expenses will total between $22 and $23 million, including non-cash stock-based compensation expense of approximately $2 million.
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