February 23, 2010
Med Device Developer Improves Revenue, Losses
By Matthew L. Brown
HeartWare International Inc., a Framingham-based developer of miniature heart pumps, said it lost $1.9 million in the fourth quarter compared to a $3.9 million loss a year earlier.
The firm also managed to increase revenue for the quarter from $7.5 million in 2008 to $12.2 million last year.
For the year, the firm reported revenue of $24.2 million and a $20.9 million loss. The prior year, it reported revenue of $332,000 and a loss of $23.8 million.
The company ended the year with more than $50 million in cash and equivalents.
Along with the revenue increases and loss reduction, the company reported increases in operating expenses for both the quarter and the year as it expanded its commercialization efforts in Europe.
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