Cardiac Pathways Reports Results for the Quarter and Full Year.SUNNYVALE, Calif.--(BUSINESS WIRE)--Aug. 1, 1996--Cardiac Pathways Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CPWY), today reported results for its fourth fiscal quarter and year ended June 30, 1996. Sales for the fourth quarter were $605,000, compared with $23,000 in the same period of 1995. Net loss was $2.6 million for the quarter ended June 30, 1996, compared to a net loss of $2.3 million for the same quarter of 1995. The increase in sales is primarily attributable to increased sales of SVT SVT supraventricular tachycardia. SVT abbr. supraventricular tachycardia SVT Supraventricular tachycardia, see there (supraventricular tachycardia supraventricular tachycardia n. Abbr. SVT A tachycardia that originates above the ventricles of the heart, as in the atria or the atrioventricular node. ) ablation ablation /ab·la·tion/ (-shun) 1. separation or detachment; extirpation; eradication. 2. removal or destruction, especially by cutting. ab·la·tion n. and diagnostic catheters to Japan, as well as shipments of SVT diagnostic catheters to Arrow International for distribution in the U.S. and select European markets. Sales for the year ended June 30, 1996, were $1.7 million, compared with $115,000 for the previous fiscal year. Net loss was $9.4 million for the year ended June 30, 1996, compared to a net loss of $9.7 million for the previous fiscal year. Sales growth primarily resulted from international stocking orders of SVT ablation and diagnostic catheters following the establishment of distribution arrangements in Japan and certain European markets, as well as initial shipments of these products to Arrow International in the current year. In addition, the company had limited equipment sales in fiscal 1996 in connection with foreign clinical activity. Company raised $43 million in initial public offering On June 18, 1996, the company completed an initial public offering of 2,500,000 shares of common stock at $19 per share, raising net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of approximately $43.1 million. The company intends to use the proceeds to fund research and development, including clinical trials, marketing and sales, general and administrative support, capital expenditures and working capital. "With the proceeds of our initial public offering, Cardiac Pathways now has the financial resources necessary to sustain and build the company," said William N. Starling starling, any of a group of originally Old World birds that have become distributed worldwide. Starlings were brought to New York in 1890; since then the common starling (Sturnus vulgaris) has spread throughout North America. , president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . Cardiac Pathways Corporation designs, develops and manufactures minimally invasive 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 system solutions for the successful 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 Corporation
Consolidated Statement of Operations Data
Three months ended Year ended
June 30, June 30,
1996 1995 1996 1995
(unaudited)
Net sales $605,130 $22,837 $1,684,107 $115,316
Operating expenses:
Manufacturing start-up
and cost of goods sold 709,176 504,065 2,407,655 2,519,785
Research and
development 2,014,885 1,476,213 6,819,647 5,666,176
Selling, general and
administrative 638,697 366,934 1,981,309 1,745,556
Total operating
expenses 3,362,758 2,347,212 11,208,611 9,931,517
Loss from operations (2,757,628)(2,324,375)(9,524,504)(9,816,201)
Other income (expense):
Interest income 234,258 105,689 700,934 543,073
Interest expense (123,185) (138,723) (568,802) (495,450)
Other, net 9,580 37,964 23,208 109,035
Total other income
(expense) 120,653 4,930 155,340 156,658
Net loss $(2,636,975)$(2,319,445)$(9,369,164)$(9,659,543)
Pro forma net loss
per share ($0.37) ($0.33) ($1.33) ($1.39)
Shares used in computing pro forma net loss per share 7,205,000 6,974,000 7,032,000 6,959,000
Cardiac Pathways Corporation
Consolidated Balance Sheet Data
June 30,
1996 1995
Cash and short term investments $52,873,067 $11,652,306 Working capital 52,027,587 10,631,712 Total assets 57,187,894 15,139,129 Long-term obligations 8,876,995 5,977,761 Stockholders' equity 46,050,895 7,440,382 CONTACT: Cardiac Pathways Corp. David W. Gryska, 408/737-0505 |
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