August 5, 2011
HeartWare Pumps Up Revenues, Losses Persist
Framingham-based medical device maker HeartWare International Inc. reported that its revenues more than doubled during the second quarter.
Despite the increase in business, HeartWare reported a net loss of $10.1 million, compared to a loss of $10 million during the same quarter a year prior.
Revenues were $20.4 million, a 109 percent increase over $9.8 million during the same quarter last year. The increase was driven by the sale of more heart pumps to international customers as well as a boost in domestic sales, which more than tripled, the company said.
R&D expenditures increased from $7.5 million to $10.3 million, primarily due to the pre-market approval application process and increased expenditures on pipeline technologies.
WBJ Web Partners
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