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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

rther information:
Christopher Taylor
HeartWare International, Inc.
Email: ctaylor@heartwareinc.com
Phone: +1 508 739 0864- Tables to Follow-HEARTWARE INTERNATIONAL, INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(in thousands, except share and per share data)

(unaudited)Three Months EndedJune 30, Six Months EndedJune 30, 2011201020112010Revenues, net

$   20,389$   9,757$
38,364$
20,460Cost of revenues7,9134,29315,5099,974Gross profit12,4765,46422,85510,486Operating expenses:Selling, general and administrative9,8927,68918,55612,244Research and development10,2807,51119,58012,267Total operating expenses20,17215,20038,13624,511Loss from operations(7,696)(9,736)(15,281)(14,025)Other income (expense), net(2,400)(246)(4,246)(501)Net loss$
(10,096)$  (9,982)$  (19,527)$  (14,526)Net loss per common share — basic and diluted

$
(0.73)$
(0.73)$
(1.40)$
(1.09)Weighted average shares outstanding — basic and diluted

13,923,25813,682,73413,911,99313,322,531HEARTWARE INTERNATIONAL, INC.CONDENSED CONSOLIDATED BALANCE SHEETS(in thousands)

(unaudited)June 30, 2011December 31, 2010ASSETSCurrent assets:Cash and cash equivalents

$
8,844$
92,148Short-term investments, net

79,99821,330Accounts receivable, net

15,24819,053Inventories, net

22,52215,077Prepaid expenses and other current assets

4,6592,406Total current assets

241,271250,014Property, plant and equipment, net

11,1307,484Long-term investments, net

—4,006Other assets, net

6,1256,073Total assets

$
258,526$
267,577LIABILITIES AND STOCKHOLDERS' EQUITYCurrent liabilities:Accounts payable

$
3,336$
3,890Accrued expenses and other current liabilities

8,3317,001Total current liabilities

11,66710,891Convertible senior notes, net

91,51988,922Stockholders' equity'/>"/>

SOURCE HeartWare International, Inc.
Copyright©2010 PR Newswire.
All rights reserved

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