million in the same period of 2010. Research and development expense was $12.7 million for the third quarter of 2011, compared to $9.3 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 MVAD platform. Selling, general and administrative expenses were $10.8 million in the third quarter of 2011, compared to
$7.0 million in the third 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 third quarter of 2011 was $14.0 million, or a $1.00 loss per basic and diluted share, compared to a $7.8 million net loss, or a loss of $0.57 per basic and diluted share, in the third quarter of 2010. For the nine months ended September 30, 2011, the Company recorded a net loss of $33.5 million, or a $2.41 loss per basic and diluted share, compared to a $22.4 million net loss, or a loss of $1.66 per basic and diluted share, in the first nine months of 2010.
At September 30, 2011, the Company's balance sheet showed $189.4 million in cash, cash equivalents and investments, compared to $198.8 million at June 30, 2011 and $217.5 million at December 31, 2010. The decrease in cash, cash equivalents and investments during the first nine months of 2011 primarily reflects the purchase and manufacture of inventories of $14.0 million, the purchase of property, plant and equipment of $8.5 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 Friday, October 28, 2011 at 8:00 a.m. U.S. Eastern Daylight Time (11:00 p.m. Australian Eastern Daylight Time, Friday, October 28, 2011) to discuss the Company's financial results
Page: 1 2 3 4 5 6 Related medicine technology :1
|SOURCE HeartWare International, Inc.|
Copyright©2010 PR Newswire.
All rights reserved
. HeartWare Announces Presentation of Clinical Data at the 25th European Association for Cardio-Thoracic Surgery (EACTS) Annual Meeting in Lisbon2
. HeartWare to Present at The Lazard Capital Markets 3rd Annual Circulatory Assist Device Day3
. HeartWare to Present at the Wedbush Securities 2011 Life Sciences Management Access Conference4
. HeartWare to Present at the Canaccord Genuity 31st Annual Growth Conference5
. HeartWare International Reports Second Quarter 2011 Revenues of $20.4 Million; 109% Increase From $9.8 Million in Second Quarter 20106
. HeartWare to Report Financial Results for Second Quarter of 20117
. HeartWare to Present at the Wells Fargo 2011 Healthcare Conference8
. HeartWare to Present at the 2011 Bank of America Merrill Lynch Health Care Conference9
. HeartWare International Reports First Quarter 2011 Revenues of $18.0 Million; 68% Increase From $10.7 Million in First Quarter 201010
. HeartWare Reports Additional Data from Bridge-to-Transplant Clinical Trial and Continued Access Patients11
. HeartWare Announces Presentations at The International Society of Heart and Lung Transplantation Annual Meeting