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HeartWare International Reports Third Quarter 2011 Revenues of $21.3 Million; 54% Increase From $13.8 Million in Third Quarter 2010
Date:10/27/2011

FRAMINGHAM, Mass. and SYDNEY, Oct. 27, 2011 /PRNewswire/ -- 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 $21.3 million for the third quarter ended September 30, 2011.  This represents a 54 percent increase from $13.8 million in revenues for the same period of 2010.  For the nine months ended September 30, 2011, the Company generated revenues of $59.7 million, compared to $34.3 million in the first nine months of 2010.

"During the third quarter, our team generated global sales for the HeartWare® Ventricular Assist System of 233 units, leading to our highest quarterly revenue to date," stated Doug Godshall, President and Chief Executive Officer.  "The international markets contributed 142 units sold and accounted for 64 percent, or approximately $13.7 million, of our 2011 third quarter revenues, up from $9.9 million in the third quarter of 2010."

"In the United States, the pace of clinical enrollment increased 32 percent from the second quarter of 2011, with 112 patients enrolled in the third quarter, compared with 85 patients enrolled in the second quarter.  Enrollment for the third quarter included 88 patients in ENDURANCE and 24 patients in the Continued Access Protocol for ADVANCE.  Unit sales in the U.S. increased to 91 units in the third quarter, from 74 units in the preceding quarter of 2011," added Mr. Godshall.  "During the third quarter, we also continued to advance the development of our next generation MVAD® System by completing the GLP studies and we remain on track to commence human clinical trials of the MVAD System early next year."

Total operating expenses for the third quarter of 2011 were $23.5 million, compared to $16.3
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SOURCE HeartWare International, Inc.
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