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HeartWare Reports Second Quarter 2012 Results
Date:8/7/2012

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

- Tables to Follow-

 HEARTWARE INTERNATIONAL, INCCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(in thousands, except per share data)(unaudited)Three Months EndedJune 30,Six Months EndedJune 30,2012201120122011Revenue, net

$   29,053$   20,389$
55,398$
38,364Cost of revenue

12,6657,91323,49315,509Gross profit

16,38812,47631,90522,855Operating expenses:Selling, general and administrative

14,2049,89226,92018,556Research and development

20,00510,28040,01219,580Total operating expenses

34,20920,17266,93238,136Loss from operations

(17,821)(7,696)(35,027)(15,281)Other expense, net

(4,961)(2,400)(6,600)(4,246)Net loss

$
(22,782)$  (10,096)$  (41,627)$  (19,527)Net loss per common share — basic and diluted

$
(1.61)$
(0.73)$
(2.94)$
(1.40)Weighted average shares outstanding — basic and diluted

14,15713,92314,13913,912HEARTWARE INTERNATIONAL, INC.CONDENSED CONSOLIDATED BALANCE SHEETS(in thousands)(unaudited)June 30, 2012December 31, 2011ASSETSCurrent assets:Cash and cash equivalents

$
4,501$
71,257Short-term investments, net

16,50191,925Accounts receivable, net

21,44314,953Inventories, net

34,67032,005Prepaid expenses and other current assets

6,0174,507Total current assets

193,132214,647Property, plant and equipment, net

19,21318,325Other assets, net

8,1937,760Total assets

$
220,538$
240,732LIABILITIES AND STOCKHOLDERS' EQUITYCurrent liabilities:Accounts payable

$
,008$
5,025Other accrued liabilities

13,18512,436Total current liabilities

24,19317,461Convertible senior notes, net

97,20594,277Other long-term liabilities

2,9132,210Stockholders' equity

96,227126,784Total lia
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SOURCE HeartWare International, Inc.
Copyright©2012 PR Newswire.
All rights reserved

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