HeartWare Revenue Grows 87% In Q1
Framingham-based HeartWare International Inc., which makes technology to treat patients with advanced heart failure, announced an 87-percent jump in revenue in its first quarter of 2013, thanks to the commercial launch of its Ventricular Assistant System.
Revenue rose to $49.2 million, compared to $26.4 million, the company said. President and CEO Doug Godshall largely credited the commercial launch of HeartWare's Ventricular Assistant System in the U.S. for the gains. It was the first full quarter the product was commercially available.
"It has been quite gratifying to see such strong interest from new hospital centers thus far in our commercial launch," Godshall said. "Our team has been working diligently to expedite the training of additional hospitals in the U.S., and in the five months since (U.S. Food and Drug Administration) approval, 27 new U.S. sites have been trained. In total, HeartWare now has more than 190 customers around the world."
The company also trimmed its losses for the quarter, which ended March 31. Its net loss was $13 million, or 87 cents per share, compared to a loss of $18.9 million, or $1.33 per share last year.
At the end of the period, HeartWare reported $228 million in cash, cash equivalents and investments.
Total operating expenses were up to $38.6 million, compared to $32.7 million in 2012. The company said development costs rose because of clinical trial, and research and development costs related to new technologies. Meanwhile, general and administrative expenses also grew, reflecting an expansion of sales and marketing in the U.S. and implementation of the 2.3-percent excise tax on certain medical device sales that took effect Jan. 1, HeartWare said.
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