HeartWare Revenue Soars
Continuing to ride high on the commercial launch of its Ventricular Assist System, HeartWare International, which makes technologies that treat heart disease, saw its revenue and profits soar in the second quarter.
The Framingham-based company said revenue for the quarter that ended June 30 jumped 75 percent over the same period last year, to $50.8 million. U.S.-based revenue, which reflects sales of the Ventricular Assist System, rose 500 percent, to $25.1 million, up from $4.2 million last year.
The company also narrowed its losses, from $22.8 million, or $1.61 per share, in 2012, to $12.9 million, or 79 cents per share.
"Our results for the second quarter reflect positive initial trends in the commercial launch of the HeartWare Ventricular Assist System in the U.S., following approval from the Food and Drug Administration (FDA) late last year, as well as continued strong support from our international customers," said President and CEO Doug Godshall.
He said 523 of the pumps were sold globally during the quarter, compared with 318 during the same quarter in 2012. It also beat the company’s previous high quarterly sales mark of 482 units, set in the first quarter of 2013. Godshall said HeartWare has more than 200 customers, including 120 outside the U.S.
"It continues to be quite gratifying to see such strong interest from new hospital centers thus far in our commercial launch," he said.
For the first half of the year, revenue was up 81 percent, to $100.1 million. Meanwhile, the net loss was $25.9 million, or $1.66 per share, down from $41.6 million, or $2.94 per share, in 2012.
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