Surgical systems maker Cardica Inc. said Tuesday its fiscal fourth quarter loss narrowed on lower costs following cuts to its sales force.
The company lost $3.1 million, or 13 cents per share, compared with a loss of $3.5 million, or 22 cents per share, during the same period a year prior. Revenue fell to $991,000 from $2 million as the company reduced its sales force. The company also had no development revenue because a program with Cook Medical was put on hold.
Meanwhile, operating expenses fell to $4.1 million from $5.5 million, following cuts to the company's sales force.
For the full year, Cardica narrowed its loss to $10.9 million, or 50 cents per share, from a loss of $17.2 million, or $1.09 per share, in fiscal 2009. Revenue fell to $4 million from $9.9 million.
The company also announced Tuesday that it entered a licensing deal worth $12 million upfront with Intuitive Surgical Inc.
In aftermarket trading, Cardica shares rose 76 cents, or 46 percent, to $2.42. The stock had gained 5 cents, or 3.1 percent, to close the regular session at $1.66.