November 7, 2013

Revenue Up 140% at HeartWare

Revenue soared and losses narrowed at HeartWare International of Framingham due to rising sales of its Ventricular Assist System.

The heart disease technology company reported Thursday a 140 percent increase in quarterly revenue, from $22.9 million in 2012 to $54.8 million, beating analysts' expectations of $49.4 million for the quarter that ended Sept. 30.

Net losses also fell on a year-over-year basis from $1.75 to 69 cents per share. Wall Street projected losses a loss of 83 cents in the most recent quarter.

"Our results for the third quarter reflect continued positive trends in the commercial launch of the HeartWare 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 549 of the pumps were sold globally during the quarter, compared with 256 during the same quarter in 2012. It also beat the company's previous high quarterly sales mark of 523, set in the second quarter of 2013.

(Image credit: freedigitalphotos.net)

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