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Cardica Inc. Message Board

  • getitdone111 getitdone111 Feb 1, 2013 8:34 AM Flag

    Conf Call

    I do believe that Bernard is very meticulous, cautious and wants to do it right. He is a surgeon and not a business man so yes his weekness is evident however I do believe he has the integrity to do it right. On the flip side he needs to have a business man working with him that he will listen to, keep him on sched and in budget because after all the intent is to make money. They can have a fabulous device but in th eend it needs to be manufactured and marketed. Its not so much that hey are taking such a long time to execute.....the aggrivation comes from the apparent inability to plan or manage projects. Instead of thinking it through they seem to think its ok to tell shareholders over and over again arbitrary milestone targets that seem to slip over and over and over.......can you really overlook that many obsticles in your planning on a repeated basis.....can you not be startight forward with shareholders about the reality of your schedule or are you just so caloused about missing milestones that you set for yourself....In Nov it would be better to say oh we halted the enrollment because of xyz and will restart the enrollment in Feb after xyz adjustments....instead what we get is a hidden enrollment halt and then lead to believe the enrollment restarted in DEC....One can only speculate absolute incompetence in management or a deliberate stall to drive shareholders out...possibly to allow insiders to pick up shares on the cheap. The lack of disclosure on the true progress leads one to think they are trying to hide something. What doesnt make sense is some entity brought the price up from .7 to 1.6 so there is confidence out there for some reason.

    When aske about financing all they could say was we arent worried we have insiders that can get us a funding for a "few more months" few more months??? They need more than a few months unless they plan to announce an alternative. Is Applied waiting for the trial to be complete submitted?

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    • re: excitement about the product and iterations - from the transcript

      There has been a desire for the handle mechanism to become simpler. We were responding to that. We have an iteration of the product that hopefully will be done some time in the second quarter of this calendar year where just a sequence of buttons and sliders you have to push to activate and leave the device, it will be adjusted to be more empowered with what they are used to. Overall, it’s an incredible excitement about the product. There isn’t a day where we’re not hearing from people we have never met, never seen before, they would call us and ask when is this product available in the U.S., can I bring this to other foreign countries where we’re not distributing. So, I think there is a real need and desire for this type of 5-mm product and that’s extremely encouraging for us. At the same time, it emphasizes the need for high-quality product. As I had mentioned in many calls before, this is a mature market. This is a market, where surgeons are using phenomenal products that work all the time almost and have very good results and for us to come into this market in a meaningful way, quality is of the utmost importance. And every cent to use a quote from one of our surgeons, every cent we invest in quality improvements will payback a thousand fold later because of the expectations the surgeons have and the bar that has been set so high.

      Sentiment: Buy

    • Re: initial feedback - from the transcript
      Ed Arce - MLV & Company

      As that is to a distributor, I am just wondering what visibility you have to the initial use and what’s the feedback? I know this is bit of a repeat question, but just wanted to get your thoughts on that?
      Bernard Hausen - President and Chief Executive Officer

      Yes, we have very direct visibility. We are working very closely with DACH. In lot of these cases, we or myself are physically present. So, I understand how the device is being used and I can help coach and not just the sales rep, but the surgeons using the products. So, we have a lot of visibility. It’s good and it is triggering the next orders and the next shipments of our products in the weeks ahead. If I’d say we’re in a process of growth and of further expansion and we will continue to work very closely with DACH and the accounts that are selected accounts of people who understand the needs of early products such as ours in certain clinical settings.

      Sentiment: Buy

    • Re: financing - from the transcript:

      We’ve reported all along that our cash is sufficient to get us into the fourth fiscal quarter. So, clearly, we need to address our cash needs. We have also been very fortunate to have the support of our insiders and continuing support. So, we have been looking at alternatives and we are confident we can address our cash needs over the next couple of months.

      Sentiment: Buy

      • 1 Reply to webfervent
      • One thing everyone here must realize about these conference calls, is that you are providing an update to your competition that can develop plans and react to the info. Especially in a duopoly. So I understand why Bernard is very general and vague. Also this company is built to be sold. I'm sure they were managing their limited inventory for EU launch and the trial. The trial was not halted, they would be material and need to be disclosed. Really the biggest news for me is the why behind chris little. Is it because they only need a EU sales director and therefore found a better fit with a EU based individual or did Chris leave because he didn't see the light at the end of the tunnel? Will they find a replacement or was position eliminated? Agree, Hausen is a surgeon and knows what the barrier to entry is, so getting it right from the start is critical. Med Devices do not have 2nd chances in the surgical market. Look at ISRG, there is no intel you can find on their davinci staplying development program. This info is kept very close to the vest. Those of you that work for Med Device company's will get this. Delays always happen. Bigger companys can afford recalls, not start ups. So in my experience while frustrating to many shareholders wanting a jump in share price, Hausen and Newell are managing this the right way.

        Sentiment: Strong Buy

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