HeartWare revenues soar, but miss expectations
Thanks largely to its first year of its heart disease treatment being sold commercially, Framingham-based HeartWare International saw its revenue rise more than 60 percent in the fourth quarter, but fell short of analyst expectations, as the company had warned last month.
HeartWare said fourth-quarter revenue for 2013 was $53.1 million, up 62 percent from last year, but below analysts’ expectations of $58 million.
Revenue for the full year was $207.9 million, up 87 percent over the $110.9 million reported for 2012. Analysts expected $213 million.
President and CEO Doug Godshall said the company experienced “strong market adoption” of its Ventricular Assist System and sold nearly 1,000 units in 2013 to 96 customers in the U.S. About 2,000 units were sold globally to 230 customers.
Sales of HeartWare systems were up 52 percent in the fourth quarter, to 524 units.
In addition to sales, Godshall cited advances in clinical development as the company received U.S. Food and Drug Administration approval of a thoracotomy trial, as well as approval in Japan to begin a trial there.
However, losses deepened for the company in the fourth quarter, to $22 million reported, up from $21.1 million a year before.
For the full year, HeartWare saw a net loss of $59.3 million, or $3.69 per share, compared to $87.7 million, or $6.15 per share, in 2012.
WBJ Web Partners
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