Cardiac Science has reported net losses for the fourth quarter and the full year of 2008. The company also named Dave Marver as a replacement for CEO and president John Hinson, who is leaving "for personal reasons."
Marver is currently the medical device maker's chief operating officer. He will also replace Hinson on the board of directors, the company said.
For the quarter, the Bothell, Wash.-based Cardiac Science booked a net loss of $105.2 million, including a $107.7 million non-cash impairment charge related to a share price drop "significantly below book value". The company attributed the loss in large part to "the depressed macroeconomic environment and volatility in the equity markets." These results compare with fourth quarter 2007 reported net income of $2.4 million.
The 2008 net loss was $98.4 million, compared with 2007 net income of $8.5 million, according to the company. Net income for 2007 included exceptional litigation-related items that increased net income by $1.4 million. Excluding these items, pro forma net income in 2007 was $7.1 million.
Revenue for the fourth quarter of 2008 was $51.1 million, a 1 percent increase from last year's fourth quarter revenue of $50.4 million. Revenue for 2008 was $206.2 million, an increase of 13 percent over 2007 revenue of $182.1 million.