Impedance cardiography (ICG) technology developer CardioDynamics of San Diego posted net sales for its fiscal 2005 second quarter (end-May 31) of $9.4 million, a decrease of 9% compared with sales of $10.3 million for the same period last year.
The firm reported a net loss for the period of $682,000, compared with net income of $958,000 reported in the same quarter last year. For the first two quarters of fiscal 2005, CardioDynamics recorded a net loss of $1.3 million, compared with net income of $1.7 million for the same period in fiscal 2004.
The company attributed the downturn to its continued transition from direct-only sales to team-selling involving its direct sales team and two distribution sales partners; Medicare policy clarification restricting hypertension coverage for ICG; and lengthened sales cycles and decreased average selling prices due to the emergence of competition.
By AuntMinnie.com staff writers
June 29, 2005
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