HeartWare revenue falls as company invests in trials
Courtesy of www.medicaldevices.org
Douglas Godshall, president and CEO of Framingham-based HeartWare International, has said the company will focus on its core business moving forward.
Revenue for Framingham’s HeartWare International fell in 2015 as the company invested in studies to move towards new product deployment.
The company reported revenue of $68.1 million for the fourth quarter of 2015, a 7 percent decrease from revenue of $73.2 million from the same quarter the year before. For fiscal year 2015, the company generated revenue of $276.8 million, a 1 percent decrease compared to revenue of $278.4 million in 2014. The company was impacted by currency fluctuations, as year-over-year earnings for 2015 were 6.3 percent up on a constant currency basis.
The company also has been investing in moving new products through the pipeline. Fourth quarter revenue reflected a decline of $6.4 million relative to the same period in 2014, due to completion of patient enrollment in the company's ENDURANCE2 Destination Therapy (DT) clinical trial of the HVAD System during the third quarter of 2015. Sales of the company’s ventricular assist device were up 5 percent in 2015 to 720 systems.
All this news comes as the company became the focus of a class-action lawsuit shortly after it backed out of a planned $929 million acquisition.
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