Cardiac Science (NASDAQ:DFIB)
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Cardiac Science Comments on 2004 Third Quarter Revenues
IRVINE, Calif., Oct. 14 /PRNewswire-FirstCall/ -- Cardiac Science, Inc.
(NASDAQ:DFIB), a leading manufacturer of life-saving automated public access
defibrillators (AEDs) and provider of comprehensive AED/CPR training services,
today announced that revenue for the third quarter ended September 30, 2004
will be in the range of $14.5 to $14.6 million. The shortfall in revenue from
previously provided guidance was principally due to sales cycles in the U.S.
corporate and government market, which continue to be longer than anticipated
and difficult to predict, increased competition in the municipal market, as
well as $500,000 in backorders related primarily to a higher than expected mix
of the recently introduced Powerheart G3 Automatic.
Cardiac Science Chairman and CEO Raymond W. Cohen said, "Although sales in the
U.S. market were lower than expected, we continue to make solid progress in our
core corporate and government workplace markets, as evidenced by large orders
we received in the third quarter from Amtrak, Jones Day Reavis and Pogue and
others. Our domestic pipeline is strong and we believe that the timing of
certain large orders in the U.S., combined with a new $3 million order from our
OEM partner in Japan and the previously announced $3 million U.K. government
order, will result in a strong fourth quarter, with revenue expected to range
between $18 and $20 million."
Cardiac Science plans to release its third quarter financial results for the
period ended September 30, 2004 and provide guidance for the fourth quarter at
1:30 a.m. (Eastern) on October 27, 2004 and to host a conference call to be
broadcast live on the Internet at 11:30 a.m. (Eastern) that same day.
About Cardiac Science
Cardiac Science develops, manufactures and markets Powerheart(R)-brand
public-access defibrillators (AEDs) and offers comprehensive AED/CPR training
services that facilitate successful deployments. The company also makes the
Powerheart(R) CRM(TM), the only FDA-cleared therapeutic patient monitor that
instantly and automatically treats hospitalized cardiac patients who suffer
life-threatening heart rhythms. Cardiac Science also manufactures its AED
products on a private label basis for other leading medical companies. For
more information, please visit http://www.cardiacscience.com/.
This news release contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. In addition, from time
to time the company, or its representatives, have made or may make forward
looking statements orally or in writing. The words "estimate," "potential,"
"intended," "expect," "anticipate," "believe," and other similar expressions or
words are intended to identify forward looking statements. Such forward-looking
statements include, but are not limited to the achievement of future revenue
growth and other expected financial results. Cardiac Science cautions that
these statements are subject to substantial risks and uncertainties and are
qualified by important factors that could cause actual results to differ
materially from those reflected by the forward-looking statements and should
not be relied upon by investors when making an investment decision.
Information on these and other factors is detailed in the company's Form 10-K
for the year ending December 31, 2003, subsequent quarterly filings, and other
documents filed by the company with the Securities and Exchange Commission.
For further information, please contact: Investors, Matt Clawson, , or Media,
Len Hall, , both of Allen & Caron Inc, +1-949-474-4300, for Cardiac Science,
Inc.; or Roderick de Greef, Chief Financial Officer of Cardiac Science, Inc.,
+1-949-797-3800, .
DATASOURCE: Cardiac Science, Inc.
CONTACT: investors, Matt Clawson, , or media, Len
Hall, , both of Allen & Caron Inc, +1-949-474-4300, for
Cardiac Science, Inc.; or Roderick de Greef, Chief Financial Officer of
Cardiac Science, Inc., +1-949-797-3800,
Web site: http://www.cardiacscience.com/