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HeartWare International Reports Third Quarter 2010 Revenues of $13.8 Million; Compared to $7.5 Million in Third Quarter of 2009
Date:11/3/2010

FRAMINGHAM, Mass. and SYDNEY, Nov. 3, 2010 /PRNewswire-FirstCall/ -- 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 $13.8 million for the third quarter ended September 30, 2010.  This compares to $7.5 million in revenues for the third quarter of 2009, and revenues of $9.8 million in the second quarter of 2010.  For the nine months ended September 30, 2010, the Company generated revenues of $34.3 million, compared to $12.0 million in the first nine months of 2009.

"Third quarter results reflect the largest number of implants of the HeartWare® Ventricular Assist System in any quarter to date, driven primarily by steady commercial expansion in markets outside of the United States, as well as increased U.S. clinical activities," explained Doug Godshall, President and Chief Executive Officer.  "The international markets accounted for approximately 72 percent of our revenues for the quarter, as we increased our customer base to 36 hospitals, from 16 at the start of the year.  In the U.S., the rate of implant procedures remains variable, as the first allotment of 54 patients under a Continued Access Protocol (CAP) for our bridge-to-transplant clinical study was depleted in August, and the Food and Drug Administration (FDA) granted a second 54-patient CAP in September, requiring re-initiation at sites.  Site recruitment continues in our 450-patient destination therapy study, as we move toward our goal of 50 U.S. sites for that trial."

Total operating expenses for the third quarter of 2010 were $16.3 million, compared to $6.8 million in the prior year period.  Research and development expense was $9.3 million for the third quarter of 2010, attributable to hei
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SOURCE HeartWare International, Inc.
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