HeartWare revenue up, but so are losses
Fueled by sales of it its Ventricular Assist Systems, Framingham-based HeartWare International on Thursday announced a 35-percent jump in revenue for the first quarter, from $49.2 million in the first quarter of 2013 to $66.5 million.
The company said it sold 665 of the systems globally, a 38-percent increase over the first quarter of 2013. Sales were up both domestically and internationally. HeartWare said its U.S. revenue was $33.8 million, up 29 percent, while revenue from international markets was $32.7 million, an increase of 42 percent.
However, operating expenses totaled $60 million, compared with $38.6 million in the first quarter of 2013, some of which the company attributed to the inclusion of a full quarter of expenses from its December 2013 acquisition of CircuLite, the expansion of sales and marketing activities, increased employee expenses and other administrative expenses. In all, acquisition and restructuring costs amounted to about $7.5 million.
For its bottom line, HeartWare reported a net loss for the first quarter of $19.4 million, or $1.15 per share, compared to $13 million (87 cents per share).
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