CardioGenesis Corporation designs, develops, manufactures and distributes laser-based surgical products and disposable fiber-optic accessories for the treatment of advanced cardiovascular disease through transmyocardial revascularization (TMR) and percutaneous transluminal myocardial revascularization (PMR). 
 

26632 Towne Centre Drive, Suite 320 Foothill Ranch, CA 92610
Phone: (714) 649-5000 Fax: (714) 649-5101

The Company reported that revenues in the second quarter of 2005 were $4.9 million compared to $3.4 million in the same period in 2004, an increase of 45 percent. Revenues in the 2005 second quarter were fueled by a 38% increase in handpiece unit sales and as well as a significant increase in laser sales. The Company reported a record 1,025 handpieces shipped worldwide in the second quarter, the highest quarterly handpiece sales performance in the last four years. Domestic handpiece shipments increased by 17% and international handpiece shipments increased considerably to 173 units compared to 12 units in the prior year quarter. For the first six months of 2005, revenues increased by 6% to $7.9 million, from revenues of $7.4 million in the same period last year.

Chairman and CEO Michael J. Quinn commented on the second quarter results, "Our strong revenue performance was supported by an increase in disposable units and a good quarter for capital sales, and we're pleased with the significant growth in TMR disposable units achieved both domestically and internationally. $4.9 million for the quarter represents the second highest quarterly revenue performance during the past 4 years. We are seeing the initial benefits from our renewed international sales efforts, with a five fold increase in international sales compared to the prior year quarter. This is the result of establishing new distribution relationships in four targeted markets during the second quarter."