Heartware International revenue drops to $69M
Courtesy of www.medicaldevices.org
Douglas Godshall, president and CEO of Framingham-based HeartWare International, described the second quarter as "solid."
The struggles at Heartware International continue as the company saw continued year-over-year losses in the second quarter of 2016.
The Framingham medical device company specializing in the treatment of heart failure reported revenue of $68.7 million for the quarter that ended on June 30. While this represents 24.6-percent sequential growth, it is 6.7-percent lower than the same quarter in 2015. U.S. revenue was also down, with the company posting $41 million for the second quarter of 2016, compared to $42.9 million for the same period in 2015.
These year-over-year revenue declines were primarily because of a $5 million revenue boost in the second quarter of 2015 as a result of the company’s ENDURANCE2 Destination Therapy (DT) clinical trial. International competition also drove down the revenue, according to the company.
For the six months ended June 30, total revenue decreased approximately 14 percent to $123.8 million, compared to $143.6 million for the same period in 2015. This continues a downward path that the company saw in 2015.
The financial results come as the company prepares to be acquired for $1.1 billion by healthcare solutions firm Medtronic, which has locations in Massachusetts.
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