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HeartWare International Reports Fourth Quarter 2012 Revenue Of $32.7 Million; Full Year 2012 Revenue Of $110.9 Million
Date:2/27/2013

by 6 percent compared to the same period in 2011. 

"With 345 HVAD® pumps sold during the fourth quarter, the largest number in any quarter to date, the total number of pumps sold in 2012 was 1,217, compared to 932 pumps sold in 2011," added Mr. Godshall. "Our team has been working diligently to expedite the training of additional hospitals in the U.S., and since FDA approval 18 new U.S. sites have been trained, with 2 more in training this week."

Total operating expenses for the fourth quarter of 2012 were $35.4 million, as compared to $30.8 million in the same period of 2011. 

Research and development expense was $22.2 million for the fourth quarter of 2012, as compared to $17.9 million in the same period of 2011.  Increased development costs are a result of continuing clinical trial costs and research and development costs related to advancing HeartWare's pipeline technologies, including the MVAD® platform and a fully implantable system, as well as other early research initiatives.

Selling, general and administrative expenses were $13.3 million in the fourth quarter of 2012, compared to $12.9 million in the fourth quarter of 2011.  The increase in selling, general and administrative expenses is related to continued growth supporting commercial activity outside of the U.S., preparation for and rollout of the commercial launch in the U.S., and an overall increase in corporate infrastructure to support the Company's rapid growth. 

Net loss for the fourth quarter of 2012 was $21.1 million, or a $1.46 loss per basic and diluted share, compared to a $21.6 million net loss, or a loss of $1.53 per basic and diluted share, in the fourth quarter of 2011.  For the fiscal year ended December 31, 2012, the Company recorded a net loss of $87.7 million, or a $6.15 loss per basic and diluted share, compared to a $55.1 million net loss, or a loss of $3.94 per basic and diluted shar
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SOURCE HeartWare International, Inc.
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