Cardiac Science Announces 1999 Year End Results.Business Editors/Health & Medical Writers BIOWIRE2K IRVINE, Calif.--(BW HealthWire)--March 30, 2000 Cardiac Science Inc. (OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. :DFIB), the developer of Powerheart(R) ECD ECD Early Childhood Development ECD Electron Capture Detector ECD Energy Citations Database ECD Executive Creative Director (advertising) ECD Ethyl Cysteinate Dimer ECD Electron Capture Dissociation ECD Electronic Civil Disobedience (TM), the only hospital monitor that provides life-saving defibrillation Defibrillation Definition Defibrillation is a process in which an electronic device sends an electric shock to the heart to stop an extremely rapid, irregular heartbeat, and restore the normal heart rhythm. within seconds and without the aid of hospital staff, reported revenues of $102,900 and a net loss of $7,719,759, or 85 cents a share, for the year ended December 31, 1999 as compared to no revenues and a net loss of $4,438,734, or 81 cents a share for the year ended December 31, 1998. R&D expenses relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the development of the commercial version of the Powerheart defibrillator-monitor totaled approximately $4,000,000 or 52 percent of the loss from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the for the year ending December 31, 1999. For the quarter ended December 31, 1999, the company reported revenues of $102,900 and a net loss of $2,890,867, or 25 cents a share, as compared to no revenues and a net loss of $1,840,887, or 31 cents a share for the quarter ended December 31, 1998. "Through the strong financial support of our stockholders and the collective efforts of our tenacious te·na·cious adj. 1. Clinging to another object or surface; adhesive. 2. Holding together firmly; cohesive. tenacious viscid; adhesive. employees, Cardiac Science achieved its objectives in 1999. We completed the development of our initial product, received U.S and European regulatory clearances and made our first commercial shipment of Powerhearts. We also expanded our strategic partnership with Medtronic Physio-Control and established a strong independent distribution network, which now encompasses over 40 countries worldwide," said Raymond W. Cohen cohen or kohen (Hebrew: “priest”) Jewish priest descended from Zadok (a descendant of Aaron), priest at the First Temple of Jerusalem. The biblical priesthood was hereditary and male. , president and chief executive officer. "Cardiac Science is a company with clear vision and a focused business plan. Our near term strategy is to actively encourage the marketplace to adopt the Powerheart, grow revenues and drive utilization of our proprietary disposable defibrillation electrodes. To realize the full potential of our vision, we are investing significant resources to market the Powerheart and to develop new embodiments of fully automatic defibrillation products which utilize our core technology. To that end, we will continue to pursue discussions with manufacturers interested in integrating and licensing our proprietary RHYTHMx ECD(TM) cardiac arrest cardiac arrest n. Abbr. CA A sudden cessation of cardiac function, resulting in loss of effective circulation. Cardiac arrest A condition in which the heart stops functioning. detection and defibrillation module into their patient monitoring systems." About Cardiac Science Cardiac Science develops and markets life-saving external cardiac defibrillator defibrillator, device that delivers an electrical shock to the heart in order to stop certain forms of rapid heart rhythm disturbances (arrhythmias). The shock changes a fibrillation to an organized rhythm or changes a very rapid and ineffective cardiac rhythm to a devices and proprietary tachyarrhythmia tachyarrhythmia /tachy·ar·rhyth·mia/ (tak?e-ah-rith´me-ah) any disturbance of the heart rhythm in which the heart rate is abnormally increased. tach·y·ar·rhyth·mi·a n. detection software that monitor and automatically treat cardiac arrest patients. Cardiac Science began shipments of its initial commercial product, the Powerheart, on Dec. 31, 1999. Powerheart, a bedside defibrillator, continuously monitors in-hospital patients at risk of sudden cardiac arrest, instantly detects the onset of a life-threatening heart rhythm 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 , and, when appropriate, automatically delivers defibrillation shocks within seconds and without human intervention to re-establish the heart's normal rhythm. RHYTHMx ECD(TM) detection and defibrillation technology, a primary component of the Powerheart, has multiple applications, including use in existing standard bedside patient monitors widely used in hospitals throughout the world and in external defibrillators. Cardiac Science has a strategic partnership with Medtronic Physio-Control, a division of Medtronic, Inc., the worldwide market leader in external defibrillator products, to distribute the Powerheart in the U.S., Canada, and nine European countries. Cardiac Science's global network consists of prominent distributors in 41 countries encompassing Asia, the Middle East, Europe, South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. and North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . For more information, visit www.cardiacscience.com. Cardiac Science Inc. Consolidated Condensed con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. Summary of Operations
Three Months Ended December 31,
---------------------------------
1999 1998
------------- --------------
Net loss from continuing operations $ (2,890,867) $ (1,278,167)
Net loss from discontinued
operations $ --- $ (562,720)
Net loss $ (2,890,867) $ (1,840,887)
Net loss per share from continuing
operations $ (0.25) $ (0.22)
Net loss per share from discontinued
operations $ --- $ (0.9)
Net loss per share $ (0.25) $ (0.31)
Weighted average number of shares
used in the computation of net loss
per share 11,645,742 6,003,434
Year Ended December 31,
---------------------------------
1999 1998
------------- --------------
Net loss from continuing operations $ (7,719,759) $(3,787,704)
Net loss from discontinued
operations $ --- $ (651,030)
Net loss $ (7,719,759) $(4,438,734)
Net loss per share from continuing
operations $ (0.85) $ (0.69)
Net loss per share from discontinued
operations $ --- $ (0.12)
Net loss per share $ (0.85) $ (0.81)
Weighted average number of shares
used in the computation of net loss
per share 9,112,564 5,459,793
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. Cardiac Science cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements. Such forward looking statements include, but are not limited to the Powerheart's life-saving potential and the Company's ability to: improve patient-care; increase survival rates for in-hospital cardiac arrest victims; decrease patient recovery time; lessen patient debilitation debilitation being in a state of debility. and reduce patient-care costs. Other factors include, but are not limited to: hospital operations; market and clinical users' acceptance of new and existing products; impact of competitive products and pricing; and changing market conditions. Information on these and other factors is detailed in the Company's Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ending December 31, 1999 and other documents filed with the Securities and Exchange Commission. The Powerheart, ECD and RHYTHMx ECD are trademarks of Cardiac Science Inc. |
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