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CGCP Chart & preannounce earnings! http://stockcharts.com/gallery?CGCP CardioGenesis Announces Preliminary Fourth Quarter, Year End Results
Tuesday January 18, 7:32 am ET
Fourth Quarter Revenue Highest in Last Four Years; Positive Operating Results Expected for Both Fourth Quarter and 2004


FOOTHILL RANCH, Calif., Jan. 18 /PRNewswire-FirstCall/ -- CardioGenesis Corporation (OTC Bulletin Board: CGCP - News), the market leader in surgical products and accessories used in angina-relieving Transmyocardial Revascularization (TMR) and Percutaneous Myocardial Channeling (PMC) procedures, today announced that fourth quarter and 2004 annual revenues are expected to be at their highest level in the last four years. Strong TMR handpiece sales combined with laser sales in the fourth quarter resulted in expected revenues in the range of $4.9 - $5.1 million for the fourth quarter and $15.2 - $15.4 million for the year. These results reflect an estimated 80% quarter-to-quarter increase in revenues from the 2004 third quarter, a 48% increase in revenues compared to Q4 of 2003, and a 14% year-to-year increase in revenues from the prior year.

The Company also announced the highest level of handpiece sales in eight quarters with handpiece sales exceeding 800 units in the fourth quarter. Laser sales were also robust in the fourth quarter with 11 units sold. The FDA approval in late December of the SolarGen 2100s provided the Company with the opportunity to sell three SolarGen 2100s units in December. Chairman and CEO, Michael J. Quinn commented, "Customer reactions to our advanced TMR PLUS Platform and SolarGen 2100s have been very positive."