HeartWare Reports $10.9 Million Loss in Second Quarter

FRAMINGHAM – HeartWare International Inc. reported a loss of $10.9 million in its second quarter today, July 29.

The Framingham-based company surpassed Wall Street expectations, but said it had a loss of 62 cents per share.

Heartware posted revenue of $68.7 million in the second quarter which also topped Wall Street forecasts.

The company’s shares have been on the rise since 2016, up 15 percent. However, the stock has dropped 30 percent in the last 12 months.

The company is an innovator of less-invasive, miniaturized circulatory support technologies that treat advanced heart failure.

HeartWare, in a press release, said total revenue decreased approximately 7 percent year-over-year, which is primarily attributable to the third quarter 2015 completion of enrollment of the company’s ENDURANCE2 Destination Therapy (DT) clinical trial, which contributed approximately $5 million to revenue in the second quarter of 2015.

During the second quarter, a total of 715 HeartWare HVAD® Systems were sold globally, representing a sequential-quarter increase of 24 percent from 578 units sold in the first quarter of 2016, said the press release.

A total of 371 units were sold in the U.S. during the second quarter, representing an increase of 26 percent on a sequential-quarter basis, primarily due to a rebound in the overall bridge-to-transplant market.

A total of 344 units were sold internationally during the second quarter of 2016, representing an increase of 22 percent on a sequential-quarter basis, primarily due to increased sales in most European markets, with the exception of a slight unit decrease in Germany.

U.S. revenue was $41.0 million for the second quarter of 2016, compared to $42.9 million for the same period in 2015.

Framingham Source Editor Susan Petroni

Susan Petroni Framingham Source Editor Email: editor@FraminghamSource.com Phone: 508-315-7176

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