CardioVascular Dynamics records 121 percent revenue increase.IRVINE, Calif.--(BUSINESS WIRE)--Oct. 24, 1996--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 ) on Thursday announced that revenue for the third quarter totaled $2,352,000, a 48 percent increase over 1995 third quarter revenues of $1,585,000. For the nine months ended Sept. 30, total revenues increased to $6,186,000, a 121 percent increase over 1995 results. The company reported a net loss for the quarter of $698,000, or 8 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. . This compares with a third quarter 1995 loss of $419,000, or 9 cents per share. For the nine months, the company's net loss was $1,845,000 (29 cents per share), compared with a loss of $2,278,000 (51 cents per share) in 1995. Commenting on the quarterly revenues, CVD CVD Cardiovascular disease, see there Chairman and Chief Executive Officer Michael R. Henson said: "We continue to be encouraged with the acceptance of our new technologies by the cardiology cardiology Medical specialty dealing with heart diseases and disorders. It began with the 1749 publication by Jean Baptiste de Sénac of contemporary knowledge of the heart. Diagnostic methods improved in the 19th century, and in 1905 the electrocardiograph was invented. community as measured by our revenue growth. "During the quarter, we made substantial investments in three areas. First, we added to our operations management Operations management is an area of business that is concerned with the production of goods and services, and involves the responsibility of ensuring that business operations are efficient and effective. infrastructure to enable us to increase our manufacturing capacity. Secondly, we made additional investments in product development and clinical investigational programs to further the advancement of our core technologies. "Third, we invested in the expansion of our sales and marketing organization, doubling the number of CVD sales personnel 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. . We expect to continue these investments as long as these programs show significant progress." Subsequent to the end of the third quarter, CVD acquired Intraluminal Devices Inc., a development-stage company involved in the design of self-expanding stents for cardiovascular and peripheral vascular applications. This acquisition was completed as a merger transaction on Oct. 15, 1996. CVD develops and markets site-specific drug delivery catheters, combined angioplasty-drug delivery catheters, stent stent (stent) 1. a device or mold of a suitable material, used to hold a skin graft in place. 2. a slender rodlike or threadlike device used to provide support for tubular structures that are being anastomosed, or delivery catheters and 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. -0- NOTE: Except for the historical information contained herein, the matters discussed in this press 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, risks and uncertainties related to new product development and introduction cycles, research and development activities, delays by regulatory authorities Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities , scientific advances by CVD or third parties, introduction of competitive products, third party reimbursement Reimbursement Payment made to someone for out-of-pocket expenses has incurred. and physician training, as well as those factors set forth in the CVD prospectus, dated June 19, 1996. -0-
CARDIOVASCULAR DYNAMICS INC.
CONDENSED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(Unaudited)
Three Months Ended Nine Months Ended
Sept. 30, Sept. 30,
1996 1995 1996 1995
Total revenue $2,352 $1,585 $6,186 $2,798
Cost of sales 1,273 665 3,136 1,143
Gross profit 1,079 920 3,050 1,655
Operating expenses:
Charge for acquired in-
process research and
development 488
Research, development
and clinical 1,181 434 2,610 1,420
Marketing and sales 807 455 2,094 1,120
General and administrative 419 466 922 982
Total operating expenses 2,407 1,355 5,626 4,010
Loss from operations (1,328) (435) (2,576) (2,355)
Other income (expense):
Interest income (expense) 621 (3) 694 19
Distributorship fees and
other income 9 19 37 58
Total other income 630 16 731 77
Net loss ($698) ($419) ($1,845) ($2,278)
Net loss per share ($0.08) ($0.09) ($0.29) ($0.51)
Shares used in calculation
of net loss per share 9,153 4,468 6,462 4,433
CONTACT: CardioVascular Dynamics Inc., Irvine Dana Nickell, 714/457-9546 |
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