Cardiac Science reports revenue up 16%

6 August 2008

Cardiac Science Corporation (NASDAQ:CSCX), a producer of advanced cardiac diagnosis, resuscitation, rehabilitation, and informatics products, has announced revenue of $52.1 million for the quarter ended June 30, 2008, a 16% growth compared to the same period last year.

Defibrillator sales increased 32% and service revenue 19%, offsetting a decrease in cardiac monitoring sales of 7%. Total international product sales doubled, increasing 113% over the prior year’s second quarter, driven primarily by strong automated external defibrillator (AED) sales. The Company also re-commenced hospital defibrillator shipments in the second quarter, which contributed as expected to the overall sales results.

Net income however was $2.3 million compared to net income of $4.5 million in the second quarter of 2007, though this was affected by a cash gain from a litigation settlement.

Net income for the second quarter of 2008 was up by 32% over pro forma net income for the second quarter of 2007, which would have been $1.7 million, excluding the effect of the above-mentioned litigation items, net of income taxes.

Our strong second quarter revenue growth reflects the continued expansion of AED deployments globally and our ability to capture significant share in this growing market. Our international defibrillation performance was truly exceptional. We are also quite pleased to be experiencing the continued improvement in the service areas and to be shipping the hospital defibrillator product again, said John Hinson, president and chief executive officer of Cardiac Science.

The company says it now expects revenue growth for 2008 to be 13% to 15% over 2007, giving total annual revenues between $205 and $210 million.

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