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HeartWare Reports Third Quarter 2012 Results
Date:11/9/2012

FRAMINGHAM, Mass. and SYDNEY, Nov. 9, 2012 /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 revenue of $22.9 million for the third quarter ended September 30, 2012, compared to revenue of $21.3 million for the same period of 2011.  Revenue from international markets increased approximately 40% to $19.2 million in the third quarter of 2012, from $13.7 million in the third quarter of 2011.  U.S. revenue, which is presently derived from clinical trial activities, was $3.7 million in the third quarter of 2012, compared to $7.6 million in the third quarter of 2011, due to the completed enrollment of the Company's Destination Therapy clinical trial in the second quarter of this year.  Currency fluctuations decreased revenue by nine percent in the third quarter compared to the same period in 2011.

For the nine months ended September 30, 2012, revenues increased approximately 31% to $78.3 million, compared to $59.7 million in the first nine months of 2011, supported by 60% commercial revenue growth internationally.  Currency fluctuations decreased revenue by seven percent compared to the same period in 2011. 

"We are pleased to have maintained strong international growth, particularly during the summer months of Europe, as 214 HeartWare® Ventricular Assist Systems were sold outside the U.S. in the third quarter of 2012, a 51% increase compared to 142 in the third quarter of last year," noted Doug Godshall, President and Chief Executive Officer.  "With the completion of enrollment in our Destination Therapy study in the United States, domestic revenue was primarily limited to the remaining slots in the Continued Access Protocol in the Bridge
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SOURCE HeartWare International, Inc.
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