Cardica (NSDQ:CRDC) fell further into the red with a 7% increase in 4th quarter losses compared to the same time last year, as well as an almost 20% increase in losses for the full year.
However, the company’s diluted per-share losses came to 8¢ for the quarter and 40¢ for the year, beating analysts’ expectations of 9¢ and 42¢, respectively.
The Redwood City, Calif.-based device maker posted 4th-quarter 2013 losses of $3.9 million, or 8¢ per diluted share, on sales of $872,000. That compared with Q4 2012 losses of $3.6 million, or 10¢ per diluted share, on sales of $946,000.
For the full year losses were $16.1 million, or 40¢ per diluted share, on sales of $3.1 million. That compared with full-year 2012 losses of $13.6 million, or 44¢ per diluted share, on sales of $3.3 million.
The company is hedging its bets on its MicroCutter product line and has just completed a European trial for the surgical stapling tool. Tao Levy, an analyst with Wedbush, pointed out that fewer MicroCutter Xchange 30 products left the front door than expected this quarter.
"We anticipate filing of our 510(k) application with the FDA next week," said CEO Bernard Hausen in the company conference call. "I know there may be a focus from some investors on commercial aspect of this product and that is not what we are focusing right now."
There wasn’t a lot of movement on Wall Street, with shares closing yesterday at $1.36, down 0.7% on the day.
