Cardiac Pathways Reports Results for Second Fiscal Quarter.SUNNYVALE Sunnyvale, city (1990 pop. 117,229), Santa Clara co., W Calif., near San Francisco; settled 1849, inc. 1912. A city in Silicon Valley, its many manufactures include semiconductors; machinery and instruments; electrical, electronic, and aerospace products; , Calif.--(BW HealthWire)--Feb. 3, 1999--Cardiac Pathways Corp. (Nasdaq:CPWY), today reported results for its second fiscal quarter ended Dec. 31, 1998. Sales for the second quarter of fiscal 1999 were $967,000, compared to $360,000 for the second quarter of fiscal 1998. The company recorded a net loss of $5.0 million, or $0.50 per share, for the second quarter of fiscal 1999, compared to a net loss of $4.6 million, or $0.48 per share, for the second quarter of fiscal 1998. Sales for the first quarter of fiscal 1999 were $1.1 million. The net increase in sales in the second quarter of fiscal 1999 as compared to the same period a year ago primarily resulted from increased sales of Trio/Ensemble(R) diagnostic catheters and Radii ra·di·i n. A plural of radius. radii Noun a plural of radius (R) SVT SVT supraventricular tachycardia. SVT abbr. supraventricular tachycardia SVT Supraventricular tachycardia, see there catheters in Japan. The increase in the net loss for the second quarter of fiscal 1999 compared to the same period a year ago resulted primarily from increased selling, general and administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. and lower interest income, offset in part by increased sales and lower research and development costs. Sales for the first half of fiscal 1999 were $2.1 million, compared to $922,000 for the first half of fiscal 1998. The net loss for the first half of fiscal 1999 was $9.6 million, or $0.97 per share, compared to a net loss of $8.6 million, or $0.91 per share for the first half of fiscal 1998. In addition, in February 1999, the company reduced its work force by approximately 15%. The work force reductions were company-wide and were made to align align (  līn),v to move the teeth into their proper positions to conform to the line of occlusion. the company's available resources with its operating plan. Cardiac Pathways Corp. designs, develops and manufactures minimally invasive invasive /in·va·sive/ (-siv) 1. having the quality of invasiveness. 2. involving puncture of the skin or insertion of an instrument or foreign material into the body; said of diagnostic techniques. systems to diagnose diagnose /di·ag·nose/ (di´ag-nos) to identify or recognize a disease. di·ag·nose v. 1. To distinguish or identify a disease by diagnosis. 2. and treat cardiac tachyarrhythmias (abnormally rapid heart rhythms Noun 1. heart rhythm - the rhythm of a beating heart cardiac rhythm regular recurrence, rhythm - recurring at regular intervals atrioventricular nodal rhythm, nodal rhythm - the normal cardiac rhythm when the heart is controlled by the ). The company is developing products designed to provide integrated systems solutions for the improved diagnosis and treatment of ventricular tachycardia Ventricular Tachycardia Definition Ventricular tachycardia (V-tach) is a rapid heart beat that originates in one of the lower chambers (the ventricles) of the heart. and atrial fibrillation atrial fibrillation Irregular rhythm (arrhythmia) of contraction of the atria (upper heart chambers). The most common major arrhythmia, it may result as a consequence of increased fibrous tissue in the aging heart, of heart disease, or in association with severe infection. , two of the most serious and prevalent types of abnormally rapid heart rhythms. This release contains certain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risks and uncertainties. Actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including the progress of the company's clinical trials, actions relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc regulatory matters, the costs and timing of expansion of product development, manufacturing, marketing and sales activities, the extent to which the company's products gain market acceptance and competitive developments. -0-
Cardiac Pathways Corp.
Consolidated Statements of Operations Data
Three months ended Six months ended
Dec. 31 Dec. 31
1998 1997 1998 1997
(unaudited) (unaudited)
Net sales $ 966,911 $ 359,717 $ 2,104,317 $ 921,504
Cost of goods sold 1,051,118 620,383 2,120,558 1,270,309
Gross margin
(deficit) (84,207) (260,666) (16,241) (348,805)
Operating expenses:
Research and
development 3,293,684 3,609,910 6,713,411 7,106,524
Selling, general
and administrative 1,670,901 1,094,421 3,073,238 1,958,416
Total operating
expenses 4,964,585 4,704,331 9,786,649 9,064,940
Loss from
operations (5,048,792) (4,964,997) (9,802,890) (9,413,745)
Other income
(expense):
Interest income 218,317 498,087 511,809 1,055,528
Interest expense (165,176) (121,034) (339,606) (308,372)
Other, net 7,917 11,436 20,032 23,330
Total other income
(expense), net 61,058 388,489 192,235 770,486
Net loss $(4,987,734) $(4,576,508) $(9,610,655) $(8,643,259)
Net loss per
share -- basic
and diluted ($0.50) ($0.48) ($0.97) ($0.91)
Shares used in
computing net loss
per share -- basic
and diluted 9,909,000 9,559,000 9,877,000 9,544,000
Consolidated Balance Sheet Data
Dec. 31, June 30,
1998 1998
Cash and short term investments $ 13,645,636 $ 24,517,377
Working capital 11,718,292 22,350,838
Total assets 21,108,475 30,934,577
Long-term obligations 8,081,334 9,247,781
Stockholders' equity 8,357,729 17,485,018
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