From the Cardiac Science website, dateline 31 July 03:
IRVINE, Calif. and MILWAUKEE (July 31, 2003) -- Cardiac Science Inc. (Nasdaq: DFIB) and GE Medical Systems Information Technologies, the healthcare IT business of General Electric Company (NYSE: GE), announced today that they have signed multi-year strategic OEM, distribution and development agreements, under which GE will market Cardiac Science automated external defibrillators (AEDs) and fully-automatic in-hospital defibrillator-monitors (CRMs) under the GE name in Europe, Asia, the Middle East and other international markets. Under the agreements, Cardiac Science will also develop and manufacture a line of biphasic external defibrillators for exclusive sale by GE on a worldwide basis.
[SNIP – the whole PR is at www.cardiacscience.com]
Also from the Cardiac Science website, dateline 30 July:
CARDIAC SCIENCE ANNOUNCES 2003 SECOND QUARTER, SIX-MONTH RESULTS
AED Revenue for Quarter Up 43%, Operating Loss Cut by 79%
IRVINE, CA (July 30, 2003)…. Cardiac Science, Inc. (Nasdaq: DFIB), a leading manufacturer of life-saving automated public access defibrillators (AEDs) today reported revenue for the second quarter and six months ended June 30, 2003 of $14.5 million and $28.6 million, respectively, a 13.1 percent and 28.6 percent increase over the $12.8 million and $22.2 million for the year-earlier periods. Sales of AEDs and related accessories in the second quarter increased 43 percent over the prior year quarter and are up 56 percent over last year’s six month period.
Operating loss for the 2003 second quarter decreased 79 percent to $621,000, down from $2.9 million in the prior year quarter, and totaled $1.9 million for the six months as compared to $5.8 million in the same period last year. The net loss in the quarter decreased to $2.0 million, or $0.03 loss per share, down from $3.8 million, or $0.06 loss per share, in the corresponding 2002 period. For the six months, the net loss was $4.6 million, or $0.07 loss per share, as compared to $7.2 million, or $0.11 loss per share in 2002. The gross margin for the second quarter increased to 57.2 percent from 48.1 percent in the same prior year period and was up sequentially from 56.6 percent in the first quarter of 2003.
AED related revenue in the second quarter totaled $13.1 million, or 90 percent of the Company's total revenue, with the balance of the revenue attributable to sales of Powerheart® CRM devices, disposable defibrillator pads and the Company’s Diascope®-brand hospital patient monitors.
Cardiac Science President and CEO Raymond W. Cohen said, “Our AED sales continued to show strength during the second quarter as it outpaced the rate of growth in the market. As a result, we believe our share of the worldwide AED market continues to grow. We anticipate gaining further momentum during the second half of the year as recently announced OEM partners, new distributors and new products come on line during the third and fourth quarters. Overall sales were impacted by lower-than-expected sales of our Diascope monitors overseas, especially in the Middle East.”
In the quarter, more than 7,000 AED devices were sold to a wide variety of market segments worldwide. The two strongest sectors within the domestic AED market were corporate workplace and municipalities. Combined, these segments accounted for over 67 percent of the total number of AEDs sold in the United States. International AED sales were up 117 percent over the prior year period and accounted for 22 percent of the quarter's total AED revenue.
END
Regards,
Harry J.
FWIW - I have a comparatively small, woefully long term position in DFIB but no other connection to the company. |
