Advertise With UsAdvertise on our extensive network of industry websites and newsletters.
Get the PBR newsletterSign up to our free email to get all the latest PBR
news.CardioDynamics International Corporation (CardioDynamics) has reported net sales of $5.7 million for the second quarter of fiscal 2009, down 9%, compared with the net sales of $6.1 million in the year-ago quarter. It also reported a net loss of $1.4 million, or $0.20 loss per share, for the second quarter of fiscal 2009, compared with the net loss of $0.7 million, or $1.10 loss per share, in the year-ago quarter.
Subscribe to our email newsletter
Highlights include 11% sequential revenue increase over Q1 2009 and 8% sensor growth compared with Q2 2008, the third consecutive quarter of year over year sensor growth.
Sales Highlights of Second Quarter 2009 Compared with Second Quarter 2008
Over 9,000 ICG monitors and modules sold to date, up 10% from 8,200 one year ago
ICG device sales totaled 169 units, including 129 stand alone ICG monitors, 94 of which were BioZ Dx systems, 10 BioZ monitors, and 25 Medis ICG monitors
ICG sensor revenue increased 8% to $1.9 million, comprising 33% of total sales compared with $1.7 million and 28% of revenue in Q2 2008
Field sales headcount totaled 69 associates, up from 67 one year ago
Key Financial Results of Second Quarter 2009 Compared with Second Quarter 2008
Operating cash use was $340,000, an improvement of $150,000 or 31%, from $490,000
Cash, cash equivalents and short-term investments at May 31, 2009, of $4.2 million
Operating loss was $1.1 million, which included $162,000 of non-cash charges for depreciation, amortization and equity compensation and $250,000 of merger transaction related expenses
Second Quarter 2009 Operating Results Discussion
The company reported year over year ICG sales decline was driven by 22% lower BioZ sales, partially offset by 8% growth in recurring sensor revenue. Sensor revenue grew 11% sequentially from first quarter 2009 to $1.9 million, recording the third consecutive quarter of sensor growth, averaging 10% growth over the three quarters. Gross margin as a percentage of sales decreased from 71% to 67% in the second quarter of 2009, largely due to a $3,000, or 10% decline in the average BioZ unit sales price in the direct domestic market resulting from a discount sales promotion offered during the second quarter. Operating expenses were essentially unchanged at $4.9 million compared with second quarter 2008. The second quarter of 2009 included approximately $250,000 of merger transaction-related expenses. Operating cash use was $340,000, an improvement of 31%, or $150,000, from $490,000 in the same quarter of 2008.
CardioDynamics develops, manufactures and markets noninvasive ICG products and medical device electrodes.