HeartWare Pumps Up Sales, But Losses Climb
Framingham-based HeartWare International, which makes heart pumps and other devices for patients suffering from advanced heart failure, saw its revenue climb 42 percent to $32.7 million in its fourth quarter ended Dec. 31.
That helped boost its 2012 revenue to $110.9 million, an increase of 34 percent over 2011.
But the company lost just over $21 million during the quarter – down slightly from the same quarter a year ago – bringing its annual loss to $87.7 million. That was up from a loss of $55.1 million in 2011.
The quarterly revenue gain was due in part to regulatory approval of the company's ventricular assist system in late November.
Cost of revenue jumped 55 percent for the year and research and development expenses also rose, as the company works to advance its pipeline of technologies.
HeartWare had nearly $103 million in cash, cash equivalents and investments to end the year.
WBJ Web Partners
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