CardioDynamics (CDIC) Reports a Q3 Loss; CEO Comments on Outlook

October 9, 2008 4:18 PM EDT

CardioDynamics (Nasdaq: CDIC) reports a Q3 loss of $0.06 compared to a loss of $0.19 for the same period last year. The Company reported a net sales increase of 8% to $6.1 million for the third fiscal quarter 2008 and a 15% year-to-date sales increase to $18.0 million, up from $15.7 million for the same period a year ago.

Michael K. Perry, Chief Executive Officer of CardioDynamics, stated, "We were very pleased with our performance in the third quarter, particularly the rate of improvement we are making in reducing the operating loss. Excluding non-cash expenses for depreciation, amortization and stock option compensation, we experienced positive income from operations for the first time in 15 quarters and one quarter ahead of plan. Achieving our seventh consecutive quarterly year-over-year revenue growth and 15% growth year-to-date is encouraging and a testament to the continued growth potential for ICG."

Perry continued, "Our goal remains to achieve positive operating cash flow in the fourth quarter of 2008 and positive operating cash flow for our full 2009 fiscal year. We'll continue to make judicious investments that drive increased revenue growth and help establish ICG in the treatment guidelines for heart failure and hypertension in the coming years."[SM]

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