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Thursday April 22, 7:31 am Eastern Time
Company Press Release
SOURCE: CardioThoracic Systems, Inc.
CardioThoracic Systems Reports 114% Increase in First Quarter Revenues
CUPERTINO, Calif., April 22 /PRNewswire/ -- CardioThoracic Systems, Inc. (CTS) (Nasdaq: CTSI - news) today reported record financial results for the first quarter ended April 2, 1999. For the first quarter of 1999, net revenues were $6.3 million, a 114% increase over net revenues of $3.0 million in the first quarter of 1998. Net loss for the quarter was $3.8 million, or $0.27 per common share assuming dilution on 14.0 million weighted average shares outstanding, compared to a net loss of $5.8 million, or $0.42 per common share assuming dilution on 13.8 million weighted average shares outstanding, in the first quarter of 1998. As of April 2, 1999, the company had cash, cash equivalents and available-for-sale securities of $34.5 million.
''During the quarter we have seen significant revenue growth due to the continued adoption of CTS products, specifically the recently launched CTS®Access Ultima(TM) System, our fifth generation off-pump beating heart bypass system,'' said Richard Ferrari, CTS president and chief executive officer. ''The return on our research and development investment is increasing with each quarter, and we expect our financial results to continue to improve as we bring additional revenue generating technologies to the marketplace.''
In addition to the CTS® Access Ultima(TM) System, the company also launched its first stopped heart product, the CTS® Aurora(TM) MultiTrac System, along with eight ancillary products used to perform a full range of minimally invasive cardiac surgery (MICS) procedures. The introduction of these new products positions CTS to sell at least one product that can be used in virtually every adult cardiac case.
During the quarter, CTS strengthened its intellectual property portfolio as well. In January, the company announced it had exercised its option to acquire intellectual property related to minimally invasive vessel harvesting. The patent claims are broad, covering various methods of harvesting a section of an arterial or venous vessel from a patient for use in the human body through one or more incisions with or without the use of an endoscope.
On April 20 the company announced it was issued two additional key patents. One patent covers methods for mechanically stabilizing a beating heart during the anastomosis procedure of a coronary artery bypass graft surgery, including OPCAB(TM) Procedures (beating heart bypass surgery through a mid-sternal incision) and MIDCAB(TM) Procedure (beating heart bypass surgery through a thoracotomy incision). The other patent covers methods for performing a MIDCAB Procedure.
In February, CTS technology was used to demonstrate off-pump, beating heart bypass surgery during the first live case broadcast simultaneously on the Internet and cable television. Over half a million viewers worldwide witnessed the broadcast, which was co-hosted by CTS, Methodist Healthcare in San Antonio, Texas and Kaleidoscope Television. Segments of the live surgery are still assessable via the company's website at www.cardioth.com.
CardioThoracic Systems, Inc., located in Cupertino, Calif., is a leading developer of proprietary technologies for use in minimally invasive cardiac surgery. CTS introduced its first generation system for minimally invasive beating heart bypass surgery in January 1997. Since that time, CTS has shipped over 30,000 beating heart bypass systems.
This news release contains forward-looking information that involves risks and uncertainties including uncertainties associated with the success of the company's development efforts, the company's financial results, the acceptance of the company's products and systems, the capabilities and benefits of the CTS instrumentation and methods, the size of the market for the Company's on and off-pump products, and the coverage and benefits of the Company's patents. Actual results may differ significantly from the results discussed in the forward-looking statements as a result of those and other factors, including factors set forth in the company's annual report on Form 10-K filed with the Securities and Exchange Commission on March 30, 1999. Copies of the Annual Report on Form 10-K are available by calling the company's investor relations department at 408-342-1700.
To learn more about CardioThoracic Systems, Inc., visit the company's website at www.cardioth.com.
CardioThoracic Systems, Inc.
Consolidated Condensed Statements Of Operations
(In Thousands)
Three Months Three Months
Ended Ended
April 2, April 3,
1999 1998
Net sales $6,331 $2,962
Cost of sales 2,338 1,603
Gross profit 3,993 1,359
Operating expenses:
Research and development 2,657 2,677
Sales, marketing, general, and administrative 5,630 5,130
Total operating expenses 8,287 7,807
Loss from operations (4,294) (6,448)
Interest income, net 459 698
Net loss (3,835) (5,750)
Net loss per common share and per
common share - assuming dilution $(0.27) $(0.42)
Shares used in computing net loss per
common share and per common
share - assuming dilution 13,991 13,767
CONSOLIDATED CONDENSED BALANCE SHEETS
(in thousands)
April 2, 1999 Jan. 1, 1999
Cash, cash equivalents and
available-for-sale securities $34,497 $40,253
Total current assets 33,035 34,142
Property and equipment, net 3,006 3,374
Total assets 45,719 49,766
Total current liabilities 7,580 8,392
Total stockholders' equity $36,861 $39,963
SOURCE: CardioThoracic Systems, Inc.
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