HeartWare International Reports Fourth Quarter 2010 Revenues of $20.9 Million; 71% Increase From $12.2 Million In Fourth Quarter 2009

Thu, 02/24/2011 - 3:37am

FRAMINGHAM, Mass. and SYDNEY, Feb. 24, 2011 /PRNewswire/ -- HeartWare International, Inc. (Nasdaq: HTWR; ASX: HIN), a leading innovator of less invasive, miniaturized circulatory support technologies that are revolutionizing the treatment of advanced heart failure, today announced revenues of $20.9 million for the fourth quarter ended December 31, 2010.  This compares to $12.2 million in revenues for the fourth quarter of 2009, and revenues of $13.8 million in the third quarter of 2010.  For the 2010 fiscal year, the Company generated revenues of $55.2 million, compared with $24.2 million in 2009.

"Our results for 2010 reflect increasing demand throughout the year, particularly in the fourth quarter during which we saw the largest number of units sold – 236 pumps worldwide – of the HeartWare® Ventricular Assist System in any quarter to date," explained Doug Godshall, President and Chief Executive Officer.  "The international markets accounted for approximately 69 percent of our revenues for the quarter, as we have increased the number of implanting sites to 47 hospitals, from only 16 at the start of 2010.

"In the U.S., the rate of implant procedures remained variable, as hospital sites went through the re-initiation process to participate in the second allotment of 54 patients granted by the Food and Drug Administration (FDA) in September under the Continued Access Protocol (CAP) for our bridge-to-transplant clinical study," Mr. Godshall added.  "In our 450-patient destination therapy study, we now have 30 of the planned 50 U.S. sites approved for implantation, and 78 patients have been randomized and enrolled in the study to date."

Total operating expenses for the fourth quarter of 2010 were $18.9 million, compared to $9.8 million in the prior year period.  Research and development expense was $11.5 million for the fou




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