Cardica (CRDC) Reports Smaller Q2 Loss; Comments on Outlook
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Cardica (Nasdaq: CRDC) reports a Q2 loss of $0.30, 2 cents better than the analyst estimate of ($0.32). Revenue for the quarter was $2.9 million, versus the consensus of $3.33 million.
Cardica expects revenue from both its PAS-Port and C-Port product lines to grow quarter over quarter. However, because accurately forecasting product revenue for new and recently introduced products in the current economic environment is difficult, Cardica has determined not to provide product revenue guidance for fiscal 2009. Development revenue from corporate collaborations for fiscal 2009 is expected to be between $2 million and $3 million.
In addition, Cardica has taken other steps to reduce expenses and conserve cash. Cardica estimates that the total cash expenses to be incurred in connection with the workforce reduction will be approximately $200,000, the majority of which will be incurred in the third fiscal quarter of 2009. Accordingly, Cardica believes that fiscal 2009 research and development, sales, general and administrative expenses will total between $23 and $24 million, including non-cash stock-based compensation expense of approximately $2 million.
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