CARDIOGENESIS CORPORATION REPORTS 2003 FIRST QUARTER RESULTS
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Quinn said that the Company remains committed to PMR, its less invasive, catheter-
based version of TMR. He said the Company continues to work closely with the U.S. Food and
Drug Administration (FDA), which in February granted CardioGenesis an impartial forum for
consideration of PMR by a new independent panel of qualified experts. The Company is working
with the FDA to establish a meeting date and currently expects the meeting will take place within
the next 60 days.
"We are confident and optimistic that the strength of our clinical data and the significant
quality of life enhancing benefits of PMR will ultimately lead to clearance from the FDA to
market PMR in the US," Quinn added.
The Company's March 31, 2003 balance sheet showed cash and cash equivalents of $1.6
million, total assets of $7.6 million and shareholders' equity of $3.8 million, and no long term
debt.
During the year's first quarter, the Company shipped eight lasers and had worldwide
disposable sales of 721 units, compared to the shipment of eight lasers and worldwide disposable
sales of 608 units in the first quarter of 2002. At the end of the 2003 first quarter, there were 425
sites with CardioGenesis lasers for myocardial revascularization, compared to 420 sites at the
end of the first quarter of 2002. The total number of surgeons trained as of March 31, 2003, had
risen to 1,133, compared to 1,039 trained at the end of the prior year's first quarter.
Conference Call
CardioGenesis will host a conference call today, April 23, 2003, to discuss the
Company's results for its first quarter ended March 31, 2003. The call will take place at 11:30
a.m. EDT (Eastern) and will be broadcast live over the Internet. Those interested in listening to
the live webcast of the conference call may do so by going to the Company's website at
www.cardiogenesis.com
.
Web participants are encouraged to go to the selected website at least 15 minutes prior to
the start of the call to register and, if necessary, download and install any needed audio software.
An online webcast replay of the call will be accessible at
www.cardiogenesis.com
for seven days
starting shortly after the live webcast.
About CardioGenesis Corporation
CardioGenesis is a medical device company specializing in the treatment of
cardiovascular disease and is a leader in devices that stimulate cardiac angiogenesis. The
Company's market leading Holmium: YAG laser system and disposable fiber-optic accessories
are used to perform a FDA-cleared surgical procedure known as transmyocardial
revascularization (TMR) to treat patients suffering from angina. The CardioGenesis TMR
procedure, which is marketed in the U.S. and around the world, has been shown to reduce angina
and improve the quality of life in patients with coronary artery disease. The Company's
minimally invasive percutaneous myocardial revascularization (PMR) procedure is currently
being marketed in Europe and other international markets.
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