HeartWare Revenues Up, Losses Increase
Framingham medical device maker HeartWare International Inc. reported a 54 percent increase in third quarter revenues coupled with a 78 percent increase in net losses compared to the same quarter last year.
Revenues for the quarter ending Sept. 30 were $21.3 million compared to $13.8 million a year ago, driven in part by increased international and domestic sales of its heart pumps. Losses were $13.9 million compared to $7.8 million.
Operating expenses were up to $23.5 million from $16.3 million a year prior and research and development expenses also increased from $9.3 million to $12.7 million, driven by development of pipeline technologies. The company had $189.4 million in cash, equivalents and investments compared to $198.8 million in the second quarter and $217.5 million in the fourth quarter of 2010.
HeartWare also announced that David McIntyre, the company's CFO and COO, will leave at the end of the year.
WBJ Web Partners
Most Recent
Most Recent
0 Comments