IN THE NEWS
Cardiac Science Expects Fourth Quarter Revenue of $50 Million
Defibrillation Product Revenue Increases 45% and Cardiac Monitoring Product Revenue Increases 15% over Fourth Quarter 2006Bothell, WA – Cardiac Science Corporation, a global leader in advanced cardiac monitoring and defibrillation products, today provided preliminary revenue results for the fourth quarter ended December 31, 2007. The Company expects revenue to total approximately $50 million, representing growth of approximately 28% compared with the fourth quarter of 2006. For the year, revenue is expected to exceed $181 million, representing year-over-year growth of approximately 17% compared to 2006.
“This was an excellent quarter for the Company, with continued strong growth in revenue from our defibrillation products and a return to growth in our cardiac monitoring line,” said John Hinson, president and chief executive officer. “Defibrillation revenue continues to benefit from solid demand for AEDs both domestically and internationally and we realized meaningful revenue during the fourth quarter from sales of our recently-introduced crash cart defibrillator, consistent with our earlier expectations. We were especially pleased with the increase in sales of our cardiac monitoring products,” Mr. Hinson concluded.
Fourth quarter 2007 revenue estimates are preliminary. The Company expects to announce its full financial results for the fourth quarter 2007 in late February 2008.
As previously announced, Mr. Michael Matysik will be presenting at the 10th Annual Needham & Company, LLC Growth Conference at the New York Palace Hotel on Tuesday, January 8, 2008, at 1:30 p.m. Eastern Time. An archived replay of the presentation will also be available following the live presentation and can be accessed at http://www.cardiacscience.com for 90 days.
About Cardiac Science
Cardiac Science, a wholly owned subsidiary of Opto Circuits (India) Ltd., develops, manufactures, and markets a family of advanced diagnostic and therapeutic cardiology devices and systems, including automated external defibrillators (AED), electrocardiograph devices (ECG/EKG), cardiac stress treadmill and systems, PC-based diagnostic workstations, Holter monitoring systems, hospital defibrillators, vital signs monitors, cardiac rehabilitation telemetry systems, and cardiology data management systems (informatics) that connect with hospital information (HIS), electronic medical record (EMR), and other information systems. The company sells a variety of related products and consumables and provides a portfolio of training, maintenance, and support services. Cardiac Science, the successor to the cardiac businesses that established the trusted Burdick®, HeartCentrix®, Powerheart®, and Quinton® brands, is headquartered in Bothell, Washington. With customers in almost 100 countries worldwide, the company has operations in North America, Europe, and Asia. For information, call 425.402.2000 or visit http://www.cardiacscience.com.
Forward-Looking Statements
This press release contains forward-looking statements. The words "believe," "expect," "intend," "anticipate," variations of such words, and similar expressions identify forward-looking statements, but their absence does not mean that the statement is not forward-looking. Forward-looking statements in this press release include, but are not limited to, those relating to Cardiac Science Corporation's future AED sales in Japan, expected shipments of backordered products in the fourth quarter of 2010, and expectations regarding the closing of the transaction with Opto Circuits. These are forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Actual results and performance may vary significantly from those expressed or implied in such statements. Factors that could cause or contribute to such varying results and other risks include those more fully described in the Annual Report on Form 10-K filed by Cardiac Science Corporation for the year ended December 31, 2009, as updated by subsequent quarterly reports on Form 10-Q. Cardiac Science Corporation undertakes no duty or obligation to update the information provided herein.
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For information, contact (media) Anastasia Mironova amironova@cardiacscience.com+1.425.402.2092 | (investors) ir@optoindia.com | +91.80.2852.8088 LOGO: http://www.cardiacscience.com/images/main_logo.gif