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.
