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I think no R?S at the present time. Not in the foreseeable future. Probably will continue it's slow climb
i think there has to be a R/S. unless the shareprice moves very quickly it will not reach the $1 benchmark needed to remain on a higher exchange.
an R/S (with a $1 or more shareprice) gives multiple institutions the ability to take a position in CRDC that otherwise would not be an investable company.
what is your take ?
no question meeting on the 29...R/S next week! They like to run these before the split
Definitely seems likely for R/S. Never know. It could bounce off .27 and keep moving Monday. Never know with pennies.
yep..hands down split is coming..
i think an R/S is already a given.
without an R/S there is no way any of the bigger institutions can make an investment in CRDC. volume has been great but with new investment dollars coming in from institutions CRDC's shareprice has a more then better chance to maintain the above $1 status and into the $1.50- $2.00 and beyond.
the R/S will keep them on the larger exchange and not in pennystock land.
i'm thinking the R/S might be a 4 for 1,..basically giving CRDC share price to be around $1.20 area.
total guess and speculation on my behalf.
If CRDC does't trend higher above the .36 next week..its done...meeting on the 29th suggests a R/S is coming...they will never get this above a dollar any other way
CRDC this one has been moving 4 days after FDA news and news yesterday after market close. Very nice.
CRDC setting up for a move to .44c then re-set and move higher in the near future
Clay,...thanks for the chart. the forum appreciates your input. please add your expertise any time.
Procedure Enabled by Innovative Cardica Technology to be Featured at STS/AATS Tech-Con 2016
January 21, 2016
Cardica, Inc. (Nasdaq:CRDC) today announced the company’s MicroCutter XCHANGE® 30 surgical stapler, with a shaft diameter of 5 millimeters and the capability to articulate 80 degrees, will be featured in a presentation describing a cutting-edge lobectomy technique at The Society of Thoracic Surgeons and American Association for Thoracic Surgery’s Tech Conference (Tech-Con) to be held January 23-24 in Phoenix, Ariz.
Tech-Con focuses on cutting-edge devices and procedures that have not yet been widely adopted by cardiothoracic surgeons.
A “Lung Surgery of the Future” presentation by Joel Dunning, M.D., cardiothoracic surgeon at James Cook University Hospital, Department of Cardiothoracic Surgery in Middlesbrough, U.K., will describe Microlobectomy, the less-invasive technique Dr. Dunning pioneered for video-assisted lung surgery, or VATS, which is enabled by Cardica’s MicroCutter XCHANGE 30.
Dr. Dunning’s presentation, titled, “Microlobectomy: A Novel Form of Video-Assisted Thoracoscopic Lobectomy,” is scheduled at 2:05 p.m. MST, Saturday January 23, in room 120D in the Phoenix Convention Center.
About the MicroCutter XCHANGE 30
The MicroCutter XCHANGE 30, the world’s first and only five-millimeter surgical stapler that articulates to 80 degrees, is a cartridge-based minimally invasive surgical stapling system. The device’s small size and articulation range is designed to enhance the surgeon’s access and visualization at the surgical site, and to mitigate limitations on the advancement of minimally invasive surgical approaches created by larger stapling devices. As the smallest-profile articulating stapler available today, the MicroCutter XCHANGE 30 may reduce the amount of dissection and tissue handling required to position the stapler in confined spaces, enabling access to difficult-to-reach anatomy.
* * $CRDC Video Chart 01-21-16 * *
Link to Video - click here to watch the technical chart video
Will they have to reverse split by 1/29 if they don't maintain at least a one dollar closing price?
that is potentially the situation CRDC faces.
Don't they have to maintain at least $1 for 10 consecutive days?
if a company trades below $1 for thirty consecutive days the delisting process begins. CRDC got an extension once so they are all out of remedys.
how it works is; Nasdaq sends a warning that the company, in this case CRDC, has 90 days to get the stock trading at an acceptable level above $1 to meet exchange requirements. if the company is unable to do so, Nasdaq then notifies the company of its imminent delisting. a company then has one week to issue a press release telling the world, and its stockholders, the bad news. a failure to issue the release results in a trading halt.
the good news so far is CRDC shareholders have not received a press release advising the world of it's delisting.
New to this stock.
Do they have any more extensions or lifelines to avoid stock split or delisting?
i'm pretty sure their remedy's are exhausted. but there could be guidelines i'm not aware of that the company might be.
Will they have to reverse split by 1/29 if they don't maintain at least a one dollar closing price? Don't they have to maintain at least $1 for 10 consecutive days? New to this stock. Do they have any more extensions or lifelines to avoid stock split or delisting?
All out.
Probably a longterm reversal here. Things finally aligning for company with new CEO, extended ISRG agreement and agreement reached w Broadfin to focus on shareholder value.
we're at .28 in pre/mkt,...let's go !!!!!
Cardica Receives FDA Clearance for Multiple Expanded Indications of World’s Smallest-Profile Articulating Surgical Stapling Device
Clearance for MicroCutter XCHANGE 30 Now Covers Thoracic, Pediatric and Urologic Surgical Procedures
REDWOOD CITY, Calif., Jan. 19, 2016 (GLOBE NEWSWIRE) -- Cardica, Inc. (Nasdaq:CRDC) today announced the company has received 510(k) clearance from the U.S. Food and Drug Administration (FDA) to use its MicroCutter XCHANGE® 30 surgical stapling device with a white cartridge for the transection and resection in open or minimally invasive urologic, thoracic, and pediatric surgical procedures. This clearance complements the existing indications for use of the MicroCutter XCHANGE 30 in surgical procedures in the small and large intestine and in the appendix.
Surgical staplers are routinely used in the U.S. in more than one million minimally invasive or robotically-assisted laparoscopic surgical procedures annually. At five millimeters and articulating to 80 degrees, the MicroCutter XCHANGE 30 is the smallest-profile articulating stapler available in the world. It is currently available with a white cartridge used to staple vascular and other thin tissue.
“With this important corporate and commercial milestone, the MicroCutter’s U.S. indication covers many of the same indications as approved in the European Union,” said Julian Nikolchev, president and CEO of Cardica. “We look forward to introducing this innovative surgical stapler in a limited launch to key opinion leaders throughout the United States, including those surgeons performing video assisted thoracic surgery (VATS) at the annual meeting of the Society of Thoracic Surgeons (STS) in Phoenix, Arizona later this month and leading pediatric surgeons at the American Pediatric Surgical Association annual meeting in San Diego in May 2016.”
Mr. Nikolchev continued, “Importantly, our primary company focus will remain the completion of the development for our new combination device, while we optimize our supply chain to ensure adequate supply of the combination device at product launch.”
About the MicroCutter XCHANGE 30
The MicroCutter XCHANGE 30, the world’s first and only five-millimeter surgical stapler that articulates to 80 degrees, is a cartridge-based, minimally-invasive surgical stapling system. The small size and large degree of articulation enhances the surgeon’s access and visualization at the surgical site. This device is designed to mitigate limitations on the advancement of minimally invasive surgical approaches created by larger stapling devices. As the smallest profile articulating stapler available today, the MicroCutter XCHANGE 30 may reduce the amount of dissection and tissue handling required to position the stapler in confined spaces, enabling access to difficult to reach anatomy.
http://phx.corporate-ir.net/phoenix.zhtml?c=195013&p=irol-newsArticle&ID=2130216
Annual Meeting of Stockholders to be held January 29, 2016,...
the meeting coming up in a few weeks will reveal what the next steps are being put into place,...
new BoD members and ??? FDA info ?,..let's hope for positive announcements.
the main item i'm concerned with is >delisting<,...
or a reverse split.
i think if the BoD decides to not delist and keep the stockprice where it is,..the action coming in from ISRG and Sabby is more than encouraging.
we might just have us a bidding contest between ISRG, J&J and Covidien / Medtoronic.
works for me.
yep,...Sabby increased their holdings to a double,....
from 4M+ to 8,569,181.
http://phx.corporate-ir.net/phoenix.zhtml?c=195013&p=irol-SECText&TEXT=aHR0cDovL2FwaS50ZW5rd2l6YXJkLmNvbS9maWxpbmcueG1sP2lwYWdlPTEwNjcwNjg5JkRTRVE9MCZTRVE9MCZTUURFU0M9U0VDVElPTl9FTlRJUkUmc3Vic2lkPTU3
that makes Broadfin, Camber and Sabby 10% beneficial owners,...
we got game.
Sabby increased stake, now 9.63% owner of outstanding shares. SEC form filed today
Cardica Submits Additional Documentation to FDA in Support of 510(k) Submission!
Cardica Submits Additional Documentation to FDA in Support of 510(k) Submission.
It might get the response from FDA soon.
If they get positive response, it'll skyrocket in seconds.
Looking forward to seeing the momentum from Friday carry over into today :)
Dollar roller in the making. When .25 resistance breaks $1 will come fast and hard.
Cardica and Intuitive Surgical Amend License Agreement
January 7, 2016
Cardica, Inc. (Nasdaq:CRDC) today announced that the company has amended its license agreement, initially signed in August 2010, with Intuitive Surgical, Inc. (Nasdaq:ISRG) to include an agreement providing for the evaluation and potential development of a surgical stapling cartridge for use with Intuitive Surgical’s da Vinci Surgical Systems.
Under the terms of the amendment, Intuitive Surgical has paid Cardica $2 million to extend its rights to improvements in Cardica’s stapling technology and certain patents until August 2018 and to provide for a feasibility evaluation period of up to six months.
The feasibility evaluation allows Intuitive Surgical to test and evaluate Cardica’s MicroCutter XCHANGE technology. Upon completion of the evaluation, Intuitive Surgical will have the option to initiate a joint development program, for an 8 millimeters in diameter surgical stapling cartridge for use with the da Vinci Surgical System. Cardica may receive further funding for development of the cartridge and tooling as well as a unit-based royalty on commercial sales.
“We believe the relationship with Intuitive Surgical highlights two innovative technologies coming together to facilitate less invasive surgical procedures, for the ultimate benefit of surgeons and their patients,” said Julian Nikolchev, president and CEO of Cardica. “Importantly, with our new management team in place, this amendment to our agreement with Intuitive Surgical aligns with our plans to extend the MicroCutter product line while maintaining internal focus on completing the development of the MicroCutter XCHANGE® 30.”
About Cardica
Cardica designs and manufactures proprietary stapling and anastomotic devices for cardiac and laparoscopic surgical procedures. Cardica's technology portfolio is intended to reduce operating time and facilitate minimally-invasive and robot-assisted surgeries. Cardica’s MicroCutter XCHANGE® 30, includes a cartridge-based articulating surgical stapling device with a five-millimeter shaft diameter and staples, is manufactured and cleared for use in the United States for multiple open or minimally invasive surgical procedures for the transection, resection, and/or creation of anastomoses in small and large intestine as well as the transection of the appendix. In Europe the device has applications in multiple general, gynecologic, urologic, thoracic and pediatric surgical procedures. In addition, Cardica manufactures and markets its automated anastomosis systems, the C-Port® Distal Anastomosis Systems and PAS-Port® Proximal Anastomosis System for coronary artery bypass graft (CABG) surgery, and has shipped over 56,500 units throughout the world.
Trading at half of cash. Excellent value stock at these all time lows. One activist investor name gets in here and this is over $1 per share in a matter of minutes. Only 89 million share outstanding and most are held by funds. Stock has been manipulated to artificial lows. Retail has bailed. Wolfs smell the blood and are buying.
Cardica Submits Additional Documentation to FDA in Support of 510(k) Submission
Wednesday 16 December 2015
Cardica, Inc. (Nasdaq:CRDC) today announced that it submitted its responses to the questions raised by the U.S. Food and Drug Administration (FDA) on Cardica’s 510(k) submission for an expanded Indication for Use for the MicroCutter XCHANGE® 30. The responses to the FDA included the results from Cardica’s new chronic animal study conducted specifically in response to one of the FDA’s questions.
on another note,..i really like the potential the new Cardica CEO and BOD can bring to this company.
at least it will extend the time but that is it.
there is NO way that Cardica BOD will get FDA approval within that 30 day period,..at best FDA approval in 3 months,..at best and most likely 6 months,...
but there is also the issue of the reverse split. the only good news about
that is it goes to a shareholder decision which i think takes place sometime in Jan 2016,....
time will tell
Right when you least expect it this goes BOOM. They appealed the de-listing so likely will get an extension.
CRDC,...Cardica faced delisting from Nasdaq on December 17
Dec 11, 2015
Nasdaq notifies thinly traded nano cap Cardica (NASDAQ:CRDC) that it will be delisted from trading at the open on December 17 due to its failure to achieve a minimum bid price of $1 (today's close was $0.14).
The company can stay the delisting by filing an appeal with the Hearings Panel no later than December 15, which the company did on December 11.
According to the company's most recent 10-Q, there are 88.9M shares outstanding so a 1:10 to 1:20 reverse split is an option.
So what the hell?! Those dates are old but they haven't delisted it yet...how does that work? And it doesn't look like anyone is coming in to swoop her up, so I guess that's it?
CRDC,...Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard
Item 3.01. Notice of Delisting or Failure to Satisfy Continued Listing Rule or Standard; Transfer of Listing.
On June 9, 2015, Cardica, Inc. received from the staff (the "Staff") of The NASDAQ Stock Market LLC ("Nasdaq") a letter (the "Delisting Notice") stating that Cardica had failed to regain compliance with Nasdaq Listing Rule 5450(a)(1) during the 180 day period following Cardica's receipt of the Staff's letter of December 9, 2014. In the December 9, 2014, letter, the Staff advised Cardica that the bid price of Cardica's common stock had closed at less than $1 per share over the previous 30 consecutive business days and that Cardica had 180 calendar days, or until June 8, 2015, to regain compliance with Nasdaq Listing Rule 5450(a)(1). To regain compliance, the closing bid price of Cardica's common stock needed to have been at least $1 per share for a minimum of 10 consecutive business days before June 8, 2015.
The Delisting Notice further states that unless Cardica applies to transfer its common stock to The Nasdaq Capital Market or requests an appeal of this determination to the Nasdaq Listing Qualifications Panel on or before June 16, 2015, the Staff has determined that the Cardica common stock will be scheduled for delisting at the opening of business on June 18, 2015. Cardica has determined to apply to transfer its common stock to The Nasdaq Capital Market, which according to the letter will stay the delisting of the Cardica common stock for an additional 180 days during which Cardica will have the opportunity to cure the bid price deficiency.
http://biz.yahoo.com/e/150612/crdc8-k.html
Gotta be about bottom here. MidDec updates and back up.
Tom, I am going to have to go with number 2.
Thomas J. Palermo purchases 19,500 @ .53 shares in April 2015.
some my conclusion is;
1- he's totally misinformed about this company and had nowhere else to spend $10,335.
2- he's totally informed and knows why he wants to add to his collection of shares he's already holding
time,..will,...tell
http://phx.corporate-ir.net/phoenix.zhtml?c=195013&p=irol-SECText&TEXT=aHR0cDovL2FwaS50ZW5rd2l6YXJkLmNvbS9maWxpbmcueG1sP2lwYWdlPTEwNjAwNTk1JkRTRVE9MCZTRVE9MCZTUURFU0M9U0VDVElPTl9FTlRJUkUmc3Vic2lkPTU3
Trading at cash value. $0.18-24 depending how you figure it.
Did you ever come to a conclusion?
Question-and-Answer Session for Q1 2016
Operator
[Operator Instructions] Our first question comes from the line of Peter Vaid [ph], Individual Investor, please proceed.
Unidentified Analyst
This is Peter Vaid [ph]. My big question is cash on hand and how will you generate more cash without diluting further?
Bob Newell - CFO
The key thing we're doing is accomplishing the milestones we set this before us to continue to expand our effort in Europe with bad centers, to complete our FDA submission and - once we have clearance to get into the U.S. market. We think by doing that will certainly create more value in our company, in terms of cash we have a little less than $22 million in cash and we've reduced our burn rate. So we think that we have adequate cash to pursue our near term goals. We will look for all different alternatives for future financing, including partnering and distribution relationships, and we'll develop an approach that we think is in the best interest of all shareholders.
Unidentified Analyst
Bob, Julian I have one more question and that question is, being a shareholder, I've been in Cardica for over six years and I'm looking forward to a broader launch in Europe. And can you give me a timetable when that will happen?
Julian Nikolchev - President & CEO
It's - we're not prepared to give you a timetable at this time because we are looking at the performance of our devices. We are focused on performance and adoption at this time. For the white-only device and that will, as well as improving and optimizing a supply change. That will give us the ability then to forecast more accurately what is the broader launch of this device. At the same time we are also waiting for approval of the FDA to increase our indications with a white device to vascular use.
Unidentified Analyst
Julian, one last question, the FDA approval, will that happen this calendar year or the vascular indication?
Julian Nikolchev - President & CEO
The FDA - our plans are to submit on-time, in mid-December. And then as you know, it's very difficult to predict when the FDA will respond to us but we would be - we're working with them to - and we are on-schedule to submit the response.
Unidentified Analyst
Okay. Well, I am truly committed to the product and I think that I think you have a great product, but just be aware that there are other competitors that are just lurking underneath your footsteps, sort to speak. So time is always of the essence and I thank you for talking to me.
Julian Nikolchev - President & CEO
Thank you, I really appreciate it.
Operator
Your next question comes from the line of Pablo Hieman [ph]. Please proceed.
Unidentified Analyst
Hi, so I'm following - I'm from a family office and my question is, first of all, why did the Board give such a generous compensation package to Mr. Palermo? And I guess a follow-up question to that would be were the Board members nominated by breaking the line with disposition or was it decided by the long-term Board members?
Bob Newell - CFO
I'm sorry. Your question was about Mr. Palermo?
Unidentified Analyst
Yes, about the compensation package.
Bob Newell - CFO
I don't know of any compensation package for Mr. Palermo that's been public.
Operator
Your next question comes from the line of Todd Mitchell with UBS. Please proceed.
Todd Mitchell - UBS
Thank you. Can you hear me all right?
Julian Nikolchev - President & CEO
Yes.
Todd Mitchell - UBS
First of all, regarding the Japan approval, is there a timing on that when you will hear back from Century Medical regarding the marketing or the potential market for that product?
Julian Nikolchev - President & CEO
We're in contact with them and we will be meeting with them and that's an ongoing discussion. It's something that needs to be done jointly and we're providing data to them and they are considering what they want to do.
Todd Mitchell - UBS
Okay. And along those lines what if they decide to go ahead with the marketing of the XCHANGE 30 with the white cartridge, would it - do you have the manufacturing capability to handle the demand they could have?
Julian Nikolchev - President & CEO
This is a very important part of our task right now, milestones on the near-term is to stabilize and to optimize our supply chain for the white-only device. We have good results in the market from the current version of the device, and we are working very closely to optimize the supply chain, so we can be ready as the device - as we get the FDA approval and the device gets broadly issued in Europe and/or U.S.
Todd Mitchell - UBS
Okay. When you say the product and the XCHANGE 30 which you're using over in Europe right now, give us a little bit if you could, some details how well the product is working and what you're hearing from surgeon?
Julian Nikolchev - President & CEO
At this time I can tell you that we are we are hearing very positive responses from the surgeons and we are receiving very consistent and positive results. We are collecting that information and so we're not prepared yet to give you any more detail but we will be doing that as soon as we can.
Todd Mitchell - UBS
And regarding the generation for product, where are you with that? I mean it sounds like that you're working on that but is there a timeline that we could work with there or something you could share with investors?
Julian Nikolchev - President & CEO
Yes, similarly we are definitely working on it and we think that what we are doing currently with XCHANGE 30, the current generation, as well as the supply chain would be very helpful in that generation four device. So - we're not prepared for a timeframe but we will share that with you as soon as we can.
Todd Mitchell - UBS
Okay. And I've known Bob for a long - many years, I'm a long-term shareholder. And my big concern is that - well first of all, does the company have plans to go out and tell the story to the investment community?
Bob Newell - CFO
Very much Todd. We have the JPMorgan Conference coming up in January, as you probably know many people are there, it will be a good time for Julian to meet with a number of investors, both existing investors and potential new investors, we're going to take advantage of that. We have the STS meeting coming up, the Society of Thoracic Surgery coming up at the end of January in Phoenix, we'll meet with analysts and some investors there. And then we'll be attending a Med-Tech conference by another investment bank in February which will provide for a number of one-on-one meetings. So I'm very anxious for Julian to meet our investors and to meet new perspective investors. We have been on the phone with a number of our investors as well, so we certainly want to get out over the next few months pretty aggressively.
Todd Mitchell - UBS
And my big issue here is that, it deals with building shareholder value and conviction which takes time because of the reset that we have here but we've had a series of resets over the years but we have a twenty - we have less - we are trading, the IP is valued less than the cash on the books. And I think as an investor, and a long-term investor with this company, I think that somebody needs to evaluate, really does the IP really have value here? And if so, how is that going to be shared with investors? I really think that's - I mean, that's something management is aware of or thinking about?
Julian Nikolchev - President & CEO
Of course we're all disappointed at the stock price and - very disappointed. However, we've just had two very seasons senior medical device executives join the company, one as CEO, one as COO. Both of whom I can assure you had numerous opportunities to look at other things and chose to come here because of the opportunity at Cardica, because of the technology we have, the proprietary position, we have substantial cash, and we have the opportunity we think to create a lot of value. Obviously, it's not being recognized yet in the market but I think as we accomplish these milestones we've set out for the next several months will change the momentum of the company.
Todd Mitchell - UBS
Okay. I'll get back in the queue. Thank you Bob, thank you guys.
Bob Newell - CFO
Thank you, Todd.
Operator
Your next question comes from the line of Peter Mariah [ph], Individual Investor. Please proceed.
Unidentified Analyst
Yes, hi. Can you clarify the FDA clearance, so is that for the current Version 3 with the white cartridge? And if you do receive your clearance in December will you market that in the U.S. or are you waiting for your Version 4 and will Version 4 require an FDA clearance?
Julian Nikolchev - President & CEO
Our FDA clearances is for the Version 3 and it is with the white cartridge.
Unidentified Analyst
Okay, thank you.
Julian Nikolchev - President & CEO
And it's in submission, it's not in clearance yet.
Unidentified Analyst
Right. And you said you completed that and it will be ready for submission in December?
Julian Nikolchev - President & CEO
We are in the process of completing it and will be submitting in mid-December, yes.
Unidentified Analyst
Okay, thank you.
Julian Nikolchev - President & CEO
Thank you.
Operator
Your next question comes from the line of Ernest Pataki [ph], Private Investor. Please proceed.
Unidentified Analyst
Hi, Bob, how are you?
Bob Newell - CFO
Dr. Pataki, how are you?
Unidentified Analyst
Fine, thank you very much. During the conference call and I want to hi and welcome to Julian.
Julian Nikolchev - President & CEO
Thank you.
Unidentified Analyst
I have a couple of questions. One is related to a question though I heard on the conference call which is the why the board, investor got it wrong, I think I got it right. Why the Board gave the CEO such a generous package above and beyond what is required. I mean this is why a few would filing. And the second question is, why such a delay in the shareholders meeting? What was the reason behind - existing reason behind - I think that we have the money to post, we have the technology, and I was complaining that the execution of your devices has been so slow, burning rate is not - money burning rate is not what really, really I told you it would be - which is would be a $3 million a quarter.
Then another question is, the stock price is going to be delisted from NASDAQ because it's already below value, even though we're going to appeal are you considering our reverse plead? I mean if the market coupled, this company went from $80 million, $90 million to $17 million, $18 million. It's absurd, I mean I have to look forward but we have the best markets in the history of the United States Dow Jones; biotechnology, instrumentation, so look at where we are, I mean does shareholders have to hold for? I mean you management, new technology, then you have the issue which I mentioned to Bob - broken capital that is continued misunderstanding, the Directors with Directors, and the only thing that this does is put people on hold.
I mean imagine $19.50, $20 a share I mean, it's something unheard off. And it's not about the price of the stock, it's about looking forward. I mean if nobody wants to buy the $0.20 may be a $0.10 or $0.12, I mean, and I'm sorry for asking too many questions, that I apologize but…
Bob Newell - CFO
Let me answer this. I think the most important question you asked which was the first one. The Board was unanimous in their choice of Julian to come and be CEO of this company, and the compensation package that was proposed to him was a market-based compensation package that the Board felt was totally appropriate to attract someone of Julian's capability and track record to help Cardica get o-track and to produce value for shareholders. I think that all shareholders will be very thankful over the over the months and quarters they had that Julian was decided to come to Cardica and will help us achieve what were the potential that we have. So I don't blame you Dr. Pataki for being frustrated and disappointed. All I can do is assure you that our team here is working very hard to accomplish our near-term goals. And that as we accomplish those goals, we'll create more value for all of us.
Unidentified Analyst
I want to say something else also, I mean I welcome Julian, I mean maybe the - I think the current shareholders and the future of shareholders would change with the new direction of the company in the north give assurance to manage the company. I mean, I cannot agree more than that but let's see how we go to the next quarter and after the next quarter and the formation that we're going to get from you guys. I just wish you luck, I mean I wish you luck in - I'm still on, I haven't sold one stock, one share. I'm looking forward to do to prove myself the contrary that the decision that I made to invest in this company because of the technology, the videos that you send me, the consultation I make with some physicians were fine. I mean the management plays a big role in the success of a company and I still believe in it. But anyway, I want to thank you - we would mean it, you know I talk with you quite often. I want to thank you really for being so kind and so exclusive with me, and its fine. I mean you have changed direction with the new management and has accomplished what we didn't do in the last two years, that's all.
Julian Nikolchev - President & CEO
Thank you, Dr. Pataki. I appreciate your comments on that end and I can also say what - repeat what Bob is saying that the team here - and that was part of my decision, the team here is very solid. There is a lot of very good technical know-how and loyal, I mean the team has been around for a while, that was a big part of the decision that - for me and for Tom to come on Board. So we are now focused on our near-term objectives and we are - and that's where everybody is working towards that. So we hope we can share the results of that with you in the near future.
Unidentified Analyst
Thank you very much for your time and thank you again for taking my call.
Bob Newell - CFO
Thank you.
Julian Nikolchev - President & CEO
Thanks.
Operator
Your next question comes from the line of Mark Rosenker, Cray Crown Capital [ph]. Please proceed.
Unidentified Analyst
Hi, guys this is Mark in for Charles. First off, welcome Julian, good to have you aboard.
Julian Nikolchev - President & CEO
Thank you.
Unidentified Analyst
I was wondering if maybe you could talk a little more. Last quarter you saw some initial good traction in European customers with the MicroCutter XCHANGE 30. Could you reiterate that number you had this quarter and then kind of discuss where you see that ramp going forward in the next 6 or 12 months?
Julian Nikolchev - President & CEO
Yes, the MicroCutter - as you know, primarily sold in Europe and U.S. but primarily in Europe because of the focus on the VAT procedures and we're using the white device, the white cartridge. We had approximately $155,000 of sales in the fourth quarter of last year which ended in June and $185,000 this quarter, again, primarily in Europe. More important than the absolute dollar value of the sales is the focus on the VATS centers and we're really seeking to get clinical adoption in the VAT centers and in terms of sales growth that will come more from once we get U.S. a clearance and once we get launched in Japan. Then I think you will see more significant sales growth. In the meantime though, we think there is real value in showing that we can target VAT centers and gain clinical adoption in the centers that we target, and then transfer that into new markets.
Unidentified Analyst
Okay, great. So how - could you give maybe just a little color on how you're going about targeting these VATS?
Julian Nikolchev - President & CEO
There are key centers, primarily in the U.K. and Germany that do these procedures, Visually Assisted Thoracic Surgery procedures. They are well identified and the surgeons there we're in contact with and getting them to try the device getting some that have tried have started re-ordering have clinically adopted. And then we'll expand that to other markets.
Bob Newell - CFO
We think of them as strategically in terms of the volume that they are performing, as well as the quality of the - and the benefit of working with the specific surgeons, when we identify them.
Unidentified Analyst
Okay, thanks. Just one more if you wouldn't mind, you're on pace for the mid-December submission to the FDA with the animal trial. Is there anything on your end that could perhaps delay this in the next year. I know as soon as you get the ball the record could it's a varying timeframe but is there any risk at all in terms of one that's submitted or do you feel pretty comfortable with that December timeframe?
Julian Nikolchev - President & CEO
We feel comfortable with the submission timeframe. Of course, in terms of how the FDA will respond we can't we can't really predict or comment on that.
Unidentified Analyst
Sure. I'll certainly understand, we'll appreciate the time guys.
Julian Nikolchev - President & CEO
Thank you.
Bob Newell - CFO
Thank you.
Operator
That concludes our Q&A. I'll now turn the call over to Julian Nikolchev for closing remarks.
Julian Nikolchev - President & CEO
Thank you. And thank you all for joining us - our call today. We hope to see you in the annual meeting of the Society of Thoracic Surgeon in Phoenix in January. Thanks very much and we will terminate the call.
Operator
Ladies and gentlemen, that concludes today's conference. Thank you for your participation. You may now disconnect. Have a great day.
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Cardica Conference Call Transcript ===>
Cardica Announces Fiscal 2016 First Quarter Financial Results And Business Progress
Thu November 5, 2015 4:05 PM|PR Newswire | About: CRDC
REDWOOD CITY, Calif., Nov. 5, 2015 /PRNewswire/ -- Cardica, Inc. (CRDC) today announced financial results for its fiscal first quarter ended September 30, 2015. Cardica's management will hold a conference call at 4:30 p.m. Eastern Time to discuss the financial results and provide an update on the company's business.
"Cardica's MicroCutter employs an elegant and sophisticated technology that allows surgeons to operate in tight spaces with a large degree of articulation," said Julian Nikolchev, president and CEO of Cardica. "In talking to surgeons both current and potential customers there is clearly a need for this device in the field, where an increasing drive toward less and less invasive procedures can truly improve patient care."
Mr. Nikolchev continued, "We continue focusing on clinical adoption in Europe, optimizing the supply chain and pursing regulatory clearance for the vascular indication of the MicroCutter XCHANGE 30 in the United States."
Fiscal 2016 First Quarter Ended September 30, 2015, Financial Results
Total product sales were approximately $0.7 million for the fiscal 2016 first quarter, compared with $1.1 million for the fiscal 2015 first quarter. Total revenues were $0.8 million for the fiscal 2016 first quarter, compared with $1.1 million for the same period of 2015.
Cost of product sales was approximately $1.0 million for the fiscal 2016 first quarter, compared with approximately $1.6 million for the fiscal 2015 first quarter. Research and development expenses were approximately $1.6 million for the fiscal 2016 first quarter, compared with $1.7 million for the fiscal 2015 first quarter. Selling, general and administrative expenses were $2.7 million for both the fiscal 2016 and 2015 first quarters.
The net loss for the fiscal 2016 first quarter was approximately $4.6 million, or $0.05 per share, compared with a net loss of $5.1 million, or $0.06 per share, for the fiscal 2015 first quarter.
Cash, cash equivalents and investments as of September 30, 2015 were approximately $21.9 million, compared with approximately $25.2 million at June 30, 2015. As of September 30, 2015, there were approximately 89 million shares of common stock outstanding and 191,474 shares of Series A convertible preferred stock outstanding.
Conference Call Details
To access the live conference call today at 4:30 p.m. Eastern Time via phone, please dial 866-271-5140 from the United States and Canada or 617-213-8893 internationally. The conference ID is 76837265. Please dial in approximately 10 minutes prior to the start of the call. A telephone replay will be available beginning approximately four hours after the call through November 12, 2015, and may be accessed by dialing 888-286-8010 from the United States and Canada or 617-801-6888 internationally. The replay passcode is 98227459.
To access the live and subsequently archived webcast of the conference call, go to the Investor Relations section of the company's website at www.cardica.com. Please connect to the website at least 15 minutes prior to the presentation to allow for any necessary software downloads.
The webcast is also being distributed through the Thomson StreetEvents Network. Institutional investors can access the call via Thomson StreetEvents at www.streetevents.com, a password-protected event management site.
About Cardica
Cardica designs and manufactures proprietary stapling and anastomotic devices for cardiac and laparoscopic surgical procedures. Cardica's technology portfolio is intended to reduce operating time and facilitate minimally-invasive and robot-assisted surgeries. Cardica's MicroCutter XCHANGE® 30, a cartridge-based articulating surgical stapling device with a five-millimeter shaft diameter, is manufactured and cleared for use in a variety of gastrointestinal procedures and appendectomies in the United States, and for a wide range of surgical procedures in Europe. In addition, Cardica manufactures and markets its automated anastomosis systems, the C-Port® Distal Anastomosis Systems and PAS-Port® Proximal Anastomosis System for coronary artery bypass graft (CABG) surgery, and has shipped over 56,500 units throughout the world.
Cardica, Inc.
Consolidated Statements of Operations
(amounts in thousands except per share amounts)
Three months ended
September 30,
2015
2014
(unaudited)
Revenue
Product sales, net
$ 737
$ 1,051
Royalty revenue
18
17
Total
755
1,068
Operating costs and expenses
Cost of product sales
1,023
1,633
Research and development
1,616
1,736
Selling, general and administrative
2,657
2,658
Total operating costs and expenses
5,296
6,027
Loss from operations
(4,541)
(4,959)
Interest and other income
16
4
Interest expense
(120)
(110)
Net loss allocable to common stockholders
$ (4,645)
$ (5,065)
Basic and diluted net loss per share allocable to common stockholders
$ (0.05)
$ (0.06)
Shares used in computing basic and diluted net loss per share allocable to common stockholders
88,964
88,946
Consolidated Balance Sheets
(amounts in thousands)
September 30,
June 30,
2015
2015
Assets
(unaudited)
Cash, cash equivalents and investments
$ 21,946
$ 25,206
Accounts receivable
498
424
Inventories
1,172
1,391
Other assets
2,029
2,273
Total assets
$ 25,645
$ 29,294
Liabilities and stockholders' equity
Accounts payable and other liabilities
$ 2,634
$ 1,849
Deferred revenue
2,528
2,528
Long term debt
2,898
2,828
Total stockholders' equity
17,585
22,089
Total liabilities and stockholders' equity
$ 25,645
$ 29,294
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/cardica-announces-fiscal-2016-first-quarter-financial-results-and-business-progress-300173515.html
SOURCE Cardica, Inc.
http://seekingalpha.com/pr/15264726-cardica-announces-fiscal-2016-first-quarter-financial-results-and-business-progress
i think i've found a connection between CRDC and the company making the cutting edge for CRDC's Xchange surgical cutter.
i will not post speculation. so if i do not come to a definite and verifiable research i will not post.
i'm about 90% through with due diligence and if i find something that warrants posting i will do so.
The Proxy Battle Between Broadfin Capital and Cardica (CRDC) Is Heating Up Just As New CEO Is Unveiled
By ANDREI BRAGHIS in Hedge Funds,News
Published: October 5, 2015
The battle between Broadfin Capital and the Board of Cardica, Inc. (NASDAQ:CRDC) is heating up. As promised in a recent letter, Broadfin Capital and manager Kevin Kotler have stepped up their activist efforts and have issued a proxy statement, seeking shareholder support at the company’s next annual meeting.
According to a recent filing with the Securities and Exchange Commission, Broadfin and Kotler are seeking an overhaul of the company’s Board, having put together a list of eight nominees. In 2014, Cardica shareholders elected three members nominated by Broadfin and now Kotler is looking to have them re-elected and replace the remaining five directors.
Together, Broadfin Capital holds 8.97 million shares of Cardica, or 10.1% of its common stock, which makes it the largest shareholder.
http://www.insidermonkey.com/blog/the-proxy-battle-between-broadfin-capital-and-cardica-crdc-is-heating-up-just-as-new-ceo-is-unveiled-375183/
Cardica Appoints Experienced Medical Device Executive Julian Nikolchev As President And Chief Executive Officer
Mon October 5, 2015 8:01 AM
REDWOOD CITY, Calif., Oct. 5, 2015 /PRNewswire/ -- Cardica, Inc. (CRDC) today announced the appointment of Julian Nikolchev as president, chief executive officer and a member of the Cardica board of directors, effective October 15, 2015. Mr. Nikolchev succeeds Bernard A. Hausen, M.D., Ph.D., who cofounded Cardica and served as president and chief executive officer since 2000 and who announced that he was stepping down from his positions in August 2015.
"Julian brings extensive experience leading medical device companies from development through commercialization, establishing leading brands in the marketplace and ultimately achieving commercial and strategic goals," said Gary Petersmeyer, chairman of the board of directors for Cardica. "His broad knowledge of the medical device market adds to his deep technical understanding and appreciation of the engineering necessary to maximize the potential for the MicroCutter XCHANGE® 30 and future products. We believe he is the right person to lead the company through its next phase of growth."
"Our board also greatly appreciates Dr. Hausen's drive for innovation, his fifteen years of service for Cardica and constant efforts to achieve better proprietary stapling technology for our industry."
Mr. Nikolchev brings more than 30 years of medical device experience to Cardica. Previously, he served as founder, CEO and chief technology officer of Pivot Medical (now part of Stryker Sports Medicine) where he directed the transition from development enterprise to a full commercial organization with the leading brand in the fastest growing orthopedic market segment. He joined Pivot Medical while serving as a venture partner at Frazier Healthcare Ventures. Before Frazier, he served as founder, president and CEO of CardioMind (sold to Biosensors International) and previously as president and CEO of Pro*Duct Health (sold to Cytyc (CYTC)). Prior to Pro*Duct Health, he served as manager of the new venture group at Target Therapeutics, where he subsequently founded Conceptus (sold to Bayer AG in 2014) and served as founder and chief technology officer for many years. Prior to his tenure leading medical device companies, Mr. Nikolchev served in a variety of escalating management positions within engineering organizations. He holds B.S. and M.S. degrees in Mechanical Engineering from Stanford University and a M.S. degree in Management of Technology from the Massachusetts Institute of Technology. He is the author of numerous papers on technology commercialization and new technology development and an inventor and co-inventor on more than 35 issued or pending patents.
"I am delighted to join Cardica at this pivotal time in the company's history, and look forward to addressing the challenges ahead while driving the company towards commercial success, building on the solid foundation established by Dr. Hausen and the dedicated team at Cardica," commented Mr. Nikolchev. "I believe there is a tremendous opportunity to leverage the unique features and benefits of the MicroCutter XCHANGE® 30 to establish a market-leading product line in the United States and internationally."
About Cardica
Cardica designs and manufactures proprietary stapling and anastomotic devices for cardiac and laparoscopic surgical procedures. Cardica's technology portfolio is intended to reduce operating time and facilitate minimally-invasive and robot-assisted surgeries. Cardica's MicroCutter XCHANGE® 30, a cartridge-based articulating surgical stapling device with a five-millimeter shaft diameter, is manufactured and cleared for use in a variety of gastrointestinal procedures and appendectomies in the United States, and for a wide range of surgical procedures in Europe. In addition, Cardica manufactures and markets its automated anastomosis systems, the C-Port® Distal Anastomosis Systems and PAS-Port® Proximal Anastomosis System for coronary artery bypass graft (CABG) surgery, and has shipped over 55,000 units throughout the world.
http://seekingalpha.com/news/2811566-new-chief-at-cardica
your concerns are warranted. in this crazy market anything can happen and common shareholders are the last to know. so its always best to all agendas as a possibility.
yes,..institutional ownership is at 55%.
i have no idea what Applied Medical purpose was for purchase. 2012 was quite a while ago and only thing that comes to mind is whatever Cardica was apparently presenting to Applied Medical, they, A/M, viewed Cardica as an investment opportunity. who knows,..maybe there was something in the works for both companies to collaborate ???? i really have no idea. and why they sold ?,...no idea.
yes,..i agree with you. i see CRDC as a better than a 50/50 chance of shareholders to receive value. i especially like Kotler actions. very, very positive.
I don't think a hostile takeover is something to worry about. Especially at this point in the game and nor do I think it will happen. I was just stating it as a potential concern of mine moving forward. I try to be very objective when discussing a stock until I personally "believe in my mind" that the company is a sure thing.
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