February 24, 2011
HeartWare Sales, Losses Up
HeartWare International Inc. of Framingham saw its revenues jump 71 percent in the fourth quarter of 2010 to $20.9 million as the company sold a record number of its heart pumps.
HeartWare's net loss for the quarter also increased, however, to $6.5 million, from $1.9 million in the fourth quarter of 2009.
For the full 2010 fiscal year, revenues more than doubled to $55.2 million, and losses rose to $29.4 million from $20.9 million in 2009.
The deeper losses reflect more spending both on research and development and on sales and administrative expenses.
The company said it increased the number of hospitals implanting its devices to 47, from 16 at the start of 2010. International markets made up 69 percent of the quarterly revenues.
WBJ Web Partners
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