Cardiac Pathways reports results for third fiscal quarter.SUNNYVALE, Calif.--(BW HealthWire)--April 9, 1997--Cardiac Pathways Corp.(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 third fiscal quarter ended March 31, 1997. Sales for the third quarter of fiscal 1997 were $500,000, compared to $512,000 for the third quarter of fiscal 1996. Net loss was $3.5 million, or $0.37 per share, for the third quarter of fiscal 1997, compared to a net loss of $2.3 million, or $0.33 per share, for the third quarter of fiscal 1996. Sales for the second quarter of fiscal 1997 were $904,000. The decrease in sales was primarily attributable to decreased 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. ) catheters, partially offset by international sales of four high resolution Arrhythmia Mapping arrhythmia mapping Cardiology The use of hardware and software to ID the source of tachyarrhythmias; radiofrequency ablation is then directed to the specific arrhythmogenic site for potentially curative treatment. See Tachycardia. Systems. The increase in the net loss for the third quarter of fiscal 1997 compared to the previous year's third quarter resulted primarily from increased product development, clinical research, and 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. , which were partially offset by increased interest income. Year-to-date sales for fiscal 1997 were $2.2 million, compared to $1.1 million for same period of fiscal 1996. Year-to-date net loss for fiscal 1997 was $8.9 million, or $0.96 per share, compared to a net loss of $6.7 million, or $0.97 per share for the same period of fiscal 1996. Cardiac Pathways Corp. 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 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 Statement of Operations Data
(Unaudited)
Three months ended Nine months ended
March 31, March 31,
1997 1996 1997 1996
Net sales $ 500,348 $ 512,293 $2,183,268 $1,078,977
Operating expenses:
Manufacturing start-up
and cost of goods
sold 682,517 658,681 1,960,133 1,698,478
Research and
development 2,945,191 1,722,631 8,502,755 4,804,762
Selling, general and
administrative 918,194 453,933 2,315,329 1,342,614
Total operating
expenses 4,545,902 2,835,245 12,778,217 7,845,854
Loss from operations (4,045,554) (2,322,952)(10,594,949) (6,766,877)
Other income (expense):
Interest income 646,207 168,821 2,023,413 466,677
Interest expense (133,335) (161,568) (391,382) (445,617)
Other, net 12,420 1,984 23,509 13,628
Total other income
(expense), net 525,292 9,237 1,655,540 34,688
Net loss $(3,520,262) $(2,313,715)$(8,939,409)$(6,732,189)
Net loss per share ($0.37) ($0.33) ($0.96) ($0.97)
Shares used in
computing net loss
per share 9,417,000 6,975,000 9,340,000 6,975,000
Consolidated Balance Sheet Data
(Unaudited)
March 31, June 30,
1997 1996
Cash and short-term investments $ 45,089,727 $ 52,873,067
Working capital 38,108,859 52,027,587
Total assets 49,806,872 57,187,894
Long-term obligations 3,580,778 8,876,995
Stockholders' equity 37,652,412 46,050,895
CONTACT: Cardiac Pathways Corp. David W. Gryska, 408/737-0505 |
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