HeartWare Revenue Grows In 3Q
Revenue for Framingham-based HeartWare International Inc., which makes circulatory support technology to treat heart failure, grew slightly in the third quarter, thanks to 40-percent growth in international business, according to an earnings report.
Revenue from international markets increased about 40 percent to $19.2 million in the quarter ended Sept. 30, the report said, while U.S. revenue decline to $3.7 million from $7.6 million in the same period last year.
The company said declining U.S. revenue, which is now generated only from clinical trials, was due to the completion of one of its clinical trials in the second quarter. International revenue gains were the result of a 51-percent increase in sales of the company's trademark Ventricular Assist Systems in Europe, the report said.
Total revenue increased slightly to $22.8 million for the quarter from $21.3 million last year. Year-to-date, HeartWare revenue climbed to $78.2 million from $59.7 million in 2011. But the company experienced quarterly and annual net losses of $24.9 million and $66.6 million respectively, due to increased operating expenses to support growth, HeartWare said.
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