Handpiece revenue increased slightly to $2,235,000, as compared to $2,230,000 in the prior year period.
Laser revenue totaled $540,000, a decrease of $174,000 from the first quarter of 2010.
The company reported a net loss of $433,000, compared with net loss of $18,000 in the prior year first quarter.
Research and development expenses increased 81% to $521,000 from $288,000.
Sales and marketing expenses decreased 22% to $1,357,000 from $1,731,000.
Cardiogenesis executive chairman Paul McCormick said the company posted a solid performance for the first quarter of 2011 with product revenues in excess of $3m.
"In addition, we completed our preclinical work at the Texas Heart Stem Cell Center which included bone marrow compatibility testing as well as a large animal safety study for the PHOENIX™ System," McCormick said.
"On 29 March, we announced the signing of a definitive agreement to be acquired by CryoLife in an all cash transaction valued at approximately $22m. The transaction is expected to close before the end of the second quarter."
Cardiogenesis’ holmium: YAG laser system and single use fiber-optic delivery systems are used to perform a FDA-cleared surgical procedure known as Transmyocardial Revascularization (TMR).
