CardioDynamics (CDIC) Reports a Q2 Loss

July 1, 2008 4:15 PM EDT

CardioDynamics (Nasdaq: CDIC) reports a Q2 loss of $0.10 compared to a loss of $0.28 for the same period last year. The Company reported a net sales increase of 15% to $6.2 million.

Michael K. Perry, Chief Executive Officer of CardioDynamics, stated, "We are very pleased with the 18% revenue growth achieved in the first half of 2008 and 15% during the second quarter. Sales momentum continues strong and with steady improvement throughout the business, we completed our sixth consecutive quarter of year over year revenue growth. We are making very good progress in expanding gross margins and reducing the operating loss, down 68% to $476,000, which includes $247,000 of non-cash charges for depreciation, amortization and equity compensation. We see sizable opportunity to continue to grow the business and recently hired 12 new sales and clinical personnel to replace open positions and further expand our field sales force. Our operating plan remains to achieve at least 15% revenue growth for 2008 and deliver positive operating cash flow in the fourth quarter."

The Company also announced the retirement of Russ Bergen as its Vice President of Operations. Perry stated, "We are grateful for the fine contribution that Russ has made to CardioDynamics as our Vice President of Operations for the past ten years. He was responsible for establishing and growing our excellent operations team that consistently delivered high quality products and services, and also oversaw the manufacturing and launch of three generations of proprietary, impedance cardiography systems. We wish him the very best in this new stage of life."
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