CDIC more or less meets estimates:
biz.yahoo.com
Note revenue 200K lower than estimate of $4.7 million; EPS dead on.
>>SAN DIEGO, Jun 21, 2001 /PRNewswire via COMTEX/ -- CardioDynamics International Corporation (Nasdaq: CDIC chart, msgs), the innovator and market leader of Impedance Cardiography (ICG) technology and manufacturer of BioZ(R) noninvasive digital cardiac function monitoring systems, today announced record sales and a 46% sales increase for the second quarter of 2001. This marks the Company's 14th consecutive quarter of increased sales.
Second Quarter 2001 Results:
Net sales for second quarter fiscal 2001 were $4.5 million, an increase of 46% over sales of $3.1 million for the same period in fiscal 2000. Gross margin for second quarter 2001 increased to 71% of sales, up from 66% for the same quarter of 2000, primarily as a result of an 8% increase in the overall average sales price for the BioZ Systems, compared with one year ago. Net loss to common shareholders for the second quarter was $0.4 million, or ($0.01) per share, down from $0.5 million, or ($0.01) per share loss reported in second quarter 2000.
Operating Highlights:
The Company experienced a 113% growth in sales by its direct sales force during second quarter 2001 compared to the same quarter in 2000. This growth reflects the medical community's growing acceptance and demand for the Company's proprietary ICG technology. During second quarter 2001, 131 BioZ Systems were sold, including 15 BioZ Systems to the Company's Taiwanese distributor. The Company's installed base is approximately 1,400 BioZ Systems (an increase of 77% over second quarter 2000). Additionally, 220 BioZ ICG Module Kits were shipped to GE Medical during the second quarter for use in GE's Solar patient monitors. Sensor revenue for second quarter 2001 was $460,000 (10% of sales), an increase of 197% over sensor revenue of $155,000 (5% of sales) for the same period in fiscal 2000.
The net loss for second quarter 2001 was primarily due to expenditures associated with the Company's continued investment in research and product development; heart failure, hypertension and emergency department clinical studies; and the hiring and training of additional direct sales representatives and clinical sales specialists (currently 44 territory managers and clinical sales specialists, up from 22 at second quarter 2000). The Company attributed the reduction in net loss in second quarter fiscal 2001, over the same period last year, primarily to increased sales, improved gross margin, and additional interest income earned during the period.
Additional Highlights & Key Accomplishments:
-- New Products & Technology: FDA 510(k) clearance of BioZ ICG module for
use in GE Medical's Solar patient monitoring systems - The World's
First Bedside Monitor with Noninvasive Hemodynamics
-- Clinical Research: Significant Mayo Clinic Study - BioZ ICG
Technology Demonstrated a 65% Improvement in the Treatment of High
Blood Pressure
-- Partnerships:
-- Heart Lung Associates of America - BioZ Pilot Program to Improve
Treatment of End Stage Renal Disease
-- Vasomedical - Joint Marketing Agreement with the EECP(R) Therapy for
Angina Market Leader
-- Spacelabs Medical - Technology Development Agreement with the
Leading Provider of Integrated Medical Information Systems and
Instrumentation
-- GE Medical Systems Information Technologies - Expansion of Strategic
Alliance to include distribution of BioZ products in Canada
CEO Comments:
Commenting on the results, Michael K. Perry, CardioDynamics' Chief Executive Officer, stated, "This was an exceptional quarter for CardioDynamics. We are very pleased with our strong quarterly sales progression, and the outstanding progress seen across the Company. We are saving lives and making a genuine contribution to healthcare."
Perry added, "We plan to continue our efforts to establish strategic alliances with major patient monitoring, pacemaker, pharmaceutical, and telemedicine companies. These alliances will enable us to accelerate market penetration and establish our proprietary ICG technology as a standard of care. We have made it past the proof of concept phase and are now in the rapid growth phase, intensely focused on executing our aggressive business plan to create and increase shareholder value."
About CardioDynamics:
CardioDynamics, with headquarters in San Diego, is a medical technology and information solutions company committed to fundamentally changing the way hemodynamic monitoring is performed in healthcare. The Company's primary products, the BioZ(R) Systems, utilize proprietary BioZ Impedance Cardiography (ICG) technology to noninvasively provide medical professionals with hemodynamic data not previously available in the physician's office and many hospital settings. Just as Electrocardiography (ECG) measures the heart's electrical characteristics, ICG makes it possible to noninvasively measure the heart's mechanical (blood flow) characteristics. Physicians around the world are currently using the BioZ products, including major medical centers such as Stanford University School of Medicine, (Palo Alto), the Mayo Clinic (Rochester), University of California San Francisco (San Francisco), Yale New Haven Hospital (New Haven), and Baylor College of Medicine (Houston). The worldwide market potential for BioZ products is estimated to be $5 billion, together with an additional $800 million in recurring annual revenue for disposables. For additional information, please refer to the company's Web site at www.cdic.com.
Forward-Looking (Safe Harbor) Statement:
Note: Except for the historical and factual information contained herein, this press release contains forward-looking statements, the accuracy of which are necessarily subject to uncertainties and risks, which include sole dependence on the BioZ product line, and various uncertainties characteristic of companies just emerging from the development stage; as well as other risks detailed in the company's filings with the SEC, including its 2000 Form 10-KSB. The company does not undertake to update the disclosures contained in this press release.
CardioDynamics International Corporation
Results From Operations:
(Unaudited)
Three Months Ended Six Months Ended
May 31, May 31,
2001 2000 2001 2000
Net Sales $4,480,000 $3,073,000 $8,445,000 $5,697,000
Gross Margin 3,196,000 2,013,000 5,945,000 3,848,000
Loss from Operations (572,000) (491,000) (1,277,000) (1,015,000)
Net Loss (430,000) (496,000) (964,000) (1,054,000)
Net Loss per Common
Share, Basic and
Diluted $(.01) $(.01) $(.02) $(.03)
Weighted-Average
Number of Common
Shares Outstanding 45,524,882 42,110,502 45,522,310 41,791,996
Selected Financial Information:
May 31, November 30,
2001 2000
(Unaudited) (Audited)
Cash $7,166,000 $11,595,000
Current Assets 17,199,000 18,763,000
Current Liabilities 2,306,000 2,908,000
Working Capital 14,893,000 15,855,000
Total Assets 19,971,000 21,561,000
Total Liabilities 2,342,000 2,995,000
Shareholders' Equity 17,629,000 18,566,000
Cheers, Tuck |
