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HeartWare International Reports Second Quarter 2011 Revenues of $20.4 Million; 109% Increase From $9.8 Million in Second Quarter 2010
Date:8/4/2011

n the second quarter of 2011."

Total operating expenses for the second quarter of 2011 were $20.2 million, compared to $15.2 million in the same period of 2010.  Research and development expense was $10.3 million for the second quarter of 2011, compared to $7.5 million in the same period of 2010, primarily attributable to the Company's ongoing Pre-Market Approval application process and increased expenditure on HeartWare's pipeline technologies, including the commencement of final preclinical testing for the next generation MVAD platform.  Selling, general and administrative expenses were $9.9 million in the second quarter of 2011, compared to $7.7 million in the second quarter of 2010.  The increase reflects continued corporate growth to support expanding commercialization activities outside of the U.S. and the need to support clinicians in a larger number of centers around the globe.

Net loss for the second quarter of 2011 was $10.1 million, or a $0.73 loss per basic and diluted share, compared to a $10.0 million net loss, or a loss of $0.73 per basic and diluted share, in the second quarter of 2010.  For the six months ended June 30, 2011, the Company recorded a net loss of $19.5 million, or a $1.40 loss per basic and diluted share, compared to a $14.5 million net loss, or a loss of $1.09 per basic and diluted share, in the first half of 2010.

At June 30, 2011, the Company's balance sheet showed $198.8 million in cash, cash equivalents and investments, compared to $217.5 million at December 31, 2010.  The decrease in cash, cash equivalents and investments in the six month period primarily reflects the purchase and manufacture of inventories of $7.5 million, the purchase of property, plant and equipment of $4.7 million and a semi-annual interest payment of $2.5 million related to the Company's convertible senior notes.

HeartWare will host a conference call on Thursday, August 4, 2011 at 5:00 p.m. U.S. Eastern Da
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SOURCE HeartWare International, Inc.
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