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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

ctaylor@heartwareinc.com
Phone: +1 508 739 0864

- Tables to Follow-HEARTWARE INTERNATIONAL, INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(in thousands, except per share data)(unaudited)Three Months EndedSeptember 30, Nine Months EndedSeptember 30, 2011201020112010Revenues, net

$   21,340$   13,817$
59,704$
34,277Cost of revenues

7,8846,00323,39215,976Gross profit

13,4567,81436,31218,301Operating expenses:Selling, general and administrative

10,8336,99329,38919,238Research and development

12,7059,31332,28521,580Total operating expenses

23,53816,30661,67440,818Loss from operations

(10,082)(8,492)(25,362)(22,517)Other income (expense), net

(3,882)648(8,129)147Net loss

$
(13,964)$  (7,844)$  (33,491)$  (22,370)Net loss per common share — basic and diluted

$
(1.00)$
(0.57)$
(2.41)$
(1.66)Weighted average shares outstanding — basic and diluted

13,948,16213,752,82913,924,18213,467,540HEARTWARE INTERNATIONAL, INC.CONDENSED CONSOLIDATED BALANCE SHEETS(in thousands)

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

$
99,124$
92,148Short-term investments, net

90,29221,330Accounts receivable, net

11,33719,053Inventories, net

28,57315,077Prepaid expenses and other current assets

5,0402,406Total current assets

234,366250,014Property, plant and equipment, net

14,8287,484Long-term investments, net

—4,006Other assets, net

6,1716,073Total assets

$
255,365$
267,577LIABILITIES AND STOCKHOLDERS' EQUITYCurrent liabilities:Accounts payable

$
4,568$
3,890Accrued expenses and other current liabilities

11,2387,001Total current liabilities

15,80610,891Convertible senior notes, net

92,87788,922Other long-term liabilities

1,947—Stockholders' equity

144,7
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SOURCE HeartWare International, Inc.
Copyright©2010 PR Newswire.
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