HeartWare's Mixed Results
Framingham-based heart pump maker HeartWare International Inc. saw its losses increase in the fourth quarter and for 2011, the company announced.
Revenues improved by 2.8 million quarter over quarter, growing to $23.1 million. Revenues were up significantly for the year, reaching $82.8 million compared to $55.2 million in 2010.
HeartWare lost $21.6 million in the fourth quarter, which was three times its $7 million loss during the same quarter in 2010. For the year, the company lost $55.1 million, up from $29.4 million the year before.
Operating expenses were up in the fourth quarter, as were research and development expenditures. HeartWare said R&D spending of $17.9 million, up from $11.5 million, was primarily due to the company's premarket approval application for one of its products as well as spending on its pipeline of technologies. Human clinical trials for its MVAD pump will begin this year, the company said.
The company had $163.2 million in cash on Dec. 31.
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