Cardiac Science Reports Record Revenue.

Third quarter revenue up 20% to $54 million; International product sales nearly double; EPS of $0.11; Operating cash flow of $6.4 million

BOTHELL, Wash. -- Cardiac Science Corporation (NASDAQ: CSCX), a global leader in advanced cardiac diagnosis, resuscitation, rehabilitation, and informatics products, announced revenue for the quarter ended September 30, 2008 of $54.0 million, an increase of 20% over the prior year period.

Revenue growth resulted from increases in defibrillation sales of 34% and service revenue of 16%, offset by a small decrease in cardiac monitoring sales of 3%. Total international product sales nearly doubled, increasing 96% over the prior year's third quarter, driven primarily by strong automated external defibrillator (AED) sales and continued expansion in the sales of hospital defibrillators.

The Company reported net income of $2.5 million, or $0.11 per diluted share in the third quarter, compared to net income of $1.8 million, or $0.08 per diluted share in the third quarter of 2007, an increase of 41%.

"Our strong third quarter revenue growth reflects the continued expansion of AED sales globally, as well as the increasing acceptance of our new hospital defibrillator," said John Hinson, president and chief executive officer. "We are also quite pleased with the continued improvement in our operating profit and cash flow," he concluded.

Third Quarter Financial Results

Third quarter revenue of $54.0 million represented an increase of 20% over the $45.1 million in revenue reported in the third quarter of 2007.

The increase in defibrillation revenue was driven primarily by strong global AED sales. International AED sales were up 106%, with increases in most areas, particularly Europe and Japan. International hospital defibrillator sales also contributed to this growth as the Company completed a second quarter of full shipments. Domestic AED sales declined by approximately 16% compared with the very strong results of the prior year's quarter. However, domestic AED sales continued to increase sequentially, with third quarter sales increasing approximately 4% compared with the second quarter of 2008.

The Company believes general economic concerns are continuing to influence buying activity in the cardiac monitoring portion of the business, particularly in U.S. hospitals. Total cardiac monitoring sales declined 3% during the quarter, however, total year to date cardiac monitoring sales were relatively flat, with less than a 1% decline when compared with the same period last year.

The increase in service revenue of 16% reflected growth in both global AED program management and cardiac monitoring contract sales, resulting from an increased emphasis on promoting these offerings.

Third quarter gross margin was 48.4%, a decrease over the year-ago gross margin of 49.0%. This slight decrease was primarily due to the accrual of costs of $0.8 million for the voluntary field action the Company announced on October 13, 2008.

Operating expenses in the third quarter of 2008 were $22.1 million, or 41.0% of revenue. This compares to operating expenses of $19.9 million for the third quarter of 2007, or 44.0% of revenue. The increase reflects growth in the pace of research and development activities related to future product releases, higher sales commissions and other costs associated with the overall growth in revenue.

Operating income in the third quarter was $4.0 million compared with $2.3 million in the third quarter of the prior year, an improvement of 74.4%. Operating margin increased from 5.1% to 7.4%.

Net income for the third quarter was $2.5 million, or $0.11 per diluted share, a 40.9% increase over net income of $1.8 million or $0.08 per diluted share last year.

The Company generated $6.4 million in cash from operating activities during the quarter and had $33.4 million in cash and short-term investments as of September 30, 2008.

Outlook

The Company previously raised guidance for full year 2008 to ranges between $205 and $210 million for revenue, $8.75 and $9.5 million for net income, and $0.38 and $0.41 for earnings per share. The Company still expects to finish the full year within this earlier guidance, although it is now more comfortable with the lower ends of these ranges.

Non-GAAP and Pro Forma Financial Information

This news release contains a discussion of EBITDA, Adjusted EBITDA, Pro Forma Operating Income, and Pro Forma Net Income, which are non-GAAP financial measures provided as a complement to results provided in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The term "EBITDA" refers to a financial measure defined as earnings before net interest, income taxes, depreciation, and amortization. "Adjusted EBITDA" refers to EBITDA before stock-based compensation and litigation expense. Pro Forma Operating Income refers to Operating Income before litigation expense. Pro Forma Net Income refers to Net Income before litigation expenses and the related tax effect of these expenses. None of these measures are a substitute for measures determined in accordance with GAAP, and may not be comparable to the same measures as reported by other companies. EBITDA, Adjusted EBITDA, Pro Forma Operating Income, and Pro Forma Net Income are an integral part of the internal management reporting and planning process and are the primary measures used by management to evaluate the operating performance of the Company. The components of these measures include the key revenue and expense items for which operating managers are responsible and upon which their performance is evaluated. The Company also uses Adjusted EBITDA for planning purposes and in presentations to its board of directors. Reconciliations of net income, the most comparable GAAP measure, to EBITDA, Adjusted EBITDA, Pro Forma Operating Income, and Pro Forma Net Income are contained in this press release.

Conference Call Information

Cardiac Science will conduct a conference call at 4:30 p.m. Eastern Time today to discuss the Company's financial results for the third quarter. The call will be hosted by John Hinson, chief executive officer, and Mike Matysik, senior vice president and chief financial officer.

To access the conference call, please dial 800.257.3401. International participants can call 303.262.2125. The call will also be web cast live at www.cardiacscience.com. An audio replay of the call will be available for 7 days following the call at [phone] for U.S. callers or 303.590.3000 for those calling outside the U.S. The password required to access the replay is 11121157#. An audio archive will be available at www.cardiacscience.com for 90 days following the call.

About Cardiac Science Corporation

Cardiac Science develops, manufactures, and markets a family of advanced diagnostic and therapeutic cardiology devices and systems, including automated external defibrillators (AEDs), electrocardiograph devices (ECGs), cardiac stress systems and treadmills, Holter monitoring systems, hospital defibrillators, cardiac rehabilitation telemetry systems, and cardiology data management systems (informatics) that connect with hospital information (HIS), electronic medical record (EMR), and other information systems. The Company sells a variety of related products and consumables, and provides a portfolio of training, maintenance, and support services. Cardiac Science, the successor to the cardiac businesses that established the trusted Burdick([R]), HeartCentrix([R]), Powerheart([R]), and Quinton([R])brands, is headquartered in Bothell, Washington. With customers in more than 100 countries worldwide, the company has operations in North America, Europe, and Asia. For information, call 425.402.2000 or visit www.cardiacscience.com.

Forward-Looking Statements

This press release contains forward-looking statements. The words "believe," "expect," "intend," "anticipate," variations of such words, and similar expressions identify forward-looking statements, but their absence does not mean that the statement is not forward-looking. Forward-looking statements in this press release include, but are not limited to, those relating to Cardiac Science Corporation's future revenue, earnings, earnings per share, cash flow, gross margins, Adjusted EBITDA, its ability to expand its distribution partnerships and revenue derived from them, product releases and revenue derived from them and possible acquisitions. These are forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Actual results may vary significantly from the results expressed or implied in such statements. Factors that could cause or contribute to such varying results and other risks are more fully described in the Annual Report on Form 10-K filed by Cardiac Science Corporation for the year ended December 31, 2007. Cardiac Science Corporation undertakes no duty or obligation to update the information provided herein.

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