CardioVascular Dynamics Announces 86 Percent Revenue Increase.IRVINE, Calif.--(BW HealthWire)--July 16, 1997--CardioVascular Dynamics Inc. (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 :CCVD CCVD Communauté de Communes du Val de Drôme CCVD Combustion Chemical Vapor Deposition ) Wednesday announced that revenue for the second quarter totaled $3,355,000, an 86 percent increase over 1996 second quarter revenues of $1,801,000. For the six months ended June 30, total revenues increased to $6,374,000, a 66 percent increase over 1996 results. The company reported a net loss for the quarter of $589,000, or $0.06 per share. This compares to a second quarter 1996 loss of $770,000, or $0.13 per share. For the six months, the company's net loss was $1,187,000 ($0.13 per share), compared with a loss of $1,147,000 ($0.22 per share) in 1996. Commenting on the quarterly results, Dana Nickell, CVD CVD Cardiovascular disease, see there chief financial officer said: "It was an excellent quarter for CVD. We again achieved record revenues and maintained our gross margins while introducing new products in international markets. We also continued to build our manufacturing infrastructure and sales/marketing organization and to invest in our research and development efforts. "In addition, CVD received a number of positive FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. actions during the quarter, including FDA clearance to begin marketing the company's P.D. Access vascular access vascular access Clinical medicine The ability to enter the vascular system; the ease with which the vascular system can be entered for administering therapy or obtaining blood for testing products in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. ." CVD develops and markets coronary stent coronary stent Intracoronary stent Cardiology An expandable tubular device which can be inserted percutaneously, and left within a coronary artery lumen to maintain its patency Pros Clinical and angiographic outcomes are better with intracoronary artery stent delivery systems, balloon dilatation balloon dilatation a technique that uses a catheter with an inflatable balloon to increase the diameter of the lumen of a structure such as the urethra or a heart valve. See balloon valvuloplasty. catheters for coronary and peripheral vascular use, site-specific drug delivery catheters, and vascular access products. -0- NOTE TO EDITORS: Except for the historical information contained herein, the matters discussed in this news release may be 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. , the accuracy of which is necessarily subject to risks and uncertainties. The receipt of regulatory approvals and clinical efficacy of, manufacturability of and market demand for products, among other matters discussed in this release, may cause actual results to differ significantly from the discussion of such matters in the forward-looking statements. Actual results may be affected by, among other things, risk and uncertainties related to new product development and introduction cycles, research and development activities, delays by regulatory authorities, scientific advances by CVD or third parties, introduction of competitive products, third party reimbursement and physician training, as well as those risk factors set forth in the CVD 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 ended Dec. 31, 1996. -0-
CARDIOVASCULAR DYNAMICS INC.
CONDENSED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
1997 1996 1997 1996
Total revenue $ 3,355 $ 1,801 $ 6,374 $ 3,834
Cost of sales 1,571 921 2,987 1,863
Gross profit 1,784 880 3,387 1,971
Operating expenses:
Research, development
and clinical 919 802 1,912 1,429
Marketing and sales 1,684 710 3,034 1,287
General and
administrative 360 212 803 503
Total operating
expenses 2,963 1,724 5,749 3,219
Loss from operations (1,179) (844) (2,362) (1,248)
Other income:
Interest income 578 62 1,150 73
Distributorship fees and
other income 12 12 25 28
Total other income 590 74 1,175 101
Net loss ($589) ($770) ($1,187) ($1,147)
Net loss per share ($0.06) ($0.13) ($0.13) ($0.22)
Shares used in the calculation of
net loss per share 9,105 5,765 9,093 5,116
CONTACT: CardioVascular Dynamics Inc., Irvine Dana Nickell, CFO See Chief Financial Officer. 714/457-9546 |
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