IRVINE, Calif., Nov. 3, 2010 /PRNewswire-FirstCall/ -- Cardiogenesis Corporation (OTCQB: CGCP), a leading developer of surgical products used in the treatment of diffuse coronary artery disease, today reported financial results for its third quarter and first nine months ended September 30, 2010.
Revenue for the third quarter of 2010 was $2,764,000, a 30% increase from prior year third quarter revenue of $2,134,000. Gross margin was 84% for the quarter, two percentage points above the third quarter of 2009. The company reported a net loss of $154,000, or $0.00 per basic and diluted share, in the third quarter of 2010 as compared with a net loss of $739,000, or $0.02 per basic and diluted share, in the prior year third quarter.
"We experienced strong demand for our disposable handpieces resulting in $2.15 million in revenue in the quarter. Capital equipment sales were also solid which contributed to the increase in sales over last year. Moreover, for the first nine months of 2010 we recorded a 17% year over year increase in disposable handpiece revenue, which is a testament to our ability to increase utilization," said Cardiogenesis Executive Chairman Paul McCormick. "In addition to success with our commercial products, we are making significant progress on our clinical and regulatory initiatives while financing them through operations. We started the requisite biocompatibility and animal safety studies at the Texas Heart Institute and in addition, we enrolled the first two patients in our PHOENIX™ Combination Delivery System clinical feasibility trial. Upon completion, we plan to submit the results from these studies to the U.S. FDA to obtain regulatory clearance to begin the pivotal trial for the PHOENIX System. The PHOENIX System combines the intramyocardial delivery of stem cells with pre-treatment by TMR. PHOENIX represents an exciting proprietary growth opportunity for our Company."
For the first