CARDICA, INC. (CRDC, Financial) filed Quarterly Report for the period ended 2011-12-31.
Cardica Inc. has a market cap of $56.3 million; its shares were traded at around $2.08 with and P/S ratio of 4.3.
Net Revenue. Total net revenue decreased by $282,000, or 24%, to $0.9 million for the three months ended December 31, 2011 compared to $1.2 million for the same period in 2010. Product sales decreased by $283,000, or 26%, to $0.8 million for the three months ended December 31, 2011 compared to $1.1 million for the same period in 2010. The decrease of $283,000 in product sales for the three months ended December 31, 2011 was primarily attributable to lower PAS-Port and C-Port systems sales in the United States.
Cost of Product Sales. Cost of product sales consists primarily of material, labor and overhead costs. Cost of product sales increased by $117,000, or 12%, to $1.1 million for the three months ended December 31, 2011 compared to $1.0 million for the same period in 2010. The increase in cost of product sales resulted primarily from increased overhead costs per unit sold in the current year, partially offset by decreased units sold. Additionally, we recorded a lower of cost or market inventory write-down of $63,000 in the three months ended December 31, 2011 compared to $0 for the same period in 2010 primarily on our PAS-Port and C-Port xA systems inventory due to higher product cost of units manufactured in 2011. We released $12,000 of excess and obsolete inventory reserves as a result of units sold in the three months ended December 31, 2011 compared to $34,000 for the same period in 2010.
Net Revenue. Total net revenue decreased by $9.5 million, or 84%, to $1.8 million for the six months ended December 31, 2011 compared to $11.2 million for the same period in 2010. Product sales decreased by $511,000, or 24%, to $1.6 million for the six months ended December 31, 2011 compared to $2.1 million for the same period in 2010. The decrease of $511,000 in product sales for the six months ended December 31, 2011 was primarily attributable to lower PAS-Port and C-Port systems sales in the United States. The decrease in license and development revenue of $8.9 million relates to the Intuitive Surgical License Agreement that we entered into in August 2010 under which we recognized $9.0 million upon transferring certain license rights when we entered into the agreement in the six months ended December 31, 2010.
Cost of Product Sales. Cost of product sales was $1.9 million for the six months ended December 31, 2011 and for the same period in 2010. The cost of product sales was constant between the periods; however, overhead costs per unit increased and were offset by decreased units sold. Additionally, we scrapped $53,000 of inventory parts in the six months ended December 31, 2011 compared to $31,000 for the same period in 2010 and we released $23,000 of excess and obsolete inventory reserves as a result of units sold in the six months ended December 31, 2011 compared to $68,000 for the same period in 2010.
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Cardica Inc. has a market cap of $56.3 million; its shares were traded at around $2.08 with and P/S ratio of 4.3.
Highlight of Business Operations:
In addition, on the same date, we entered into a stock purchase agreement with Intuitive Surgical pursuant to which Intuitive Surgical paid $3.0 million to purchase from us an aggregate of 1,249,541 shares of our common stock, or the Stock Issuance. The net proceeds recorded to stockholders equity based upon the fair value of our common stock on August 16, 2010 were approximately $2.0 million after offering expenses. From the premium paid of $1.0 million and the upfront license fee payment of $9.0 million, $168,000 and $9.1 million had been recorded as license and development revenue for the six months ended December 31, 2011 and December 31, 2010, respectively, and $544,000 had been recorded as deferred revenue as of December 31, 2011. There were no underwriters or placement agents involved with the Stock Issuance, and no underwriting discounts or commissions or similar fees were payable in connection with the Stock Issuance.Net Revenue. Total net revenue decreased by $282,000, or 24%, to $0.9 million for the three months ended December 31, 2011 compared to $1.2 million for the same period in 2010. Product sales decreased by $283,000, or 26%, to $0.8 million for the three months ended December 31, 2011 compared to $1.1 million for the same period in 2010. The decrease of $283,000 in product sales for the three months ended December 31, 2011 was primarily attributable to lower PAS-Port and C-Port systems sales in the United States.
Cost of Product Sales. Cost of product sales consists primarily of material, labor and overhead costs. Cost of product sales increased by $117,000, or 12%, to $1.1 million for the three months ended December 31, 2011 compared to $1.0 million for the same period in 2010. The increase in cost of product sales resulted primarily from increased overhead costs per unit sold in the current year, partially offset by decreased units sold. Additionally, we recorded a lower of cost or market inventory write-down of $63,000 in the three months ended December 31, 2011 compared to $0 for the same period in 2010 primarily on our PAS-Port and C-Port xA systems inventory due to higher product cost of units manufactured in 2011. We released $12,000 of excess and obsolete inventory reserves as a result of units sold in the three months ended December 31, 2011 compared to $34,000 for the same period in 2010.
Net Revenue. Total net revenue decreased by $9.5 million, or 84%, to $1.8 million for the six months ended December 31, 2011 compared to $11.2 million for the same period in 2010. Product sales decreased by $511,000, or 24%, to $1.6 million for the six months ended December 31, 2011 compared to $2.1 million for the same period in 2010. The decrease of $511,000 in product sales for the six months ended December 31, 2011 was primarily attributable to lower PAS-Port and C-Port systems sales in the United States. The decrease in license and development revenue of $8.9 million relates to the Intuitive Surgical License Agreement that we entered into in August 2010 under which we recognized $9.0 million upon transferring certain license rights when we entered into the agreement in the six months ended December 31, 2010.
Cost of Product Sales. Cost of product sales was $1.9 million for the six months ended December 31, 2011 and for the same period in 2010. The cost of product sales was constant between the periods; however, overhead costs per unit increased and were offset by decreased units sold. Additionally, we scrapped $53,000 of inventory parts in the six months ended December 31, 2011 compared to $31,000 for the same period in 2010 and we released $23,000 of excess and obsolete inventory reserves as a result of units sold in the six months ended December 31, 2011 compared to $68,000 for the same period in 2010.
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