HeartWare International Announces Preliminary Fourth Quarter 2012 Revenues
FRAMINGHAM, Mass. and SYDNEY, Jan. 7, 2013 /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 that it expects total revenues for the fourth quarter of 2012 will be approximately $32 million, bringing expected full-year 2012 revenues to approximately $110 million.
"These results reflect positive initial trends in the commercial launch of the HeartWare® Ventricular Assist System in the U.S., as approximately 40 percent of fourth quarter revenues were derived from domestic sales," explained Doug Godshall, President and Chief Executive Officer. "In addition, we remain optimistic about long-term global market growth prospects and HeartWare's role in stimulating that growth. This sentiment is bolstered by our observed revenue growth of approximately 40 percent in the fourth quarter over the fourth quarter of 2011, and approximately 33 percent growth in full-year 2012 revenues over 2011."
These preliminary results are being provided in conjunction with the Company's presentation to the investment community today at the 31st Annual J.P. Morgan Healthcare Conference. HeartWare's presentation commences at 10:30 a.m. Pacific Standard Time (1:30 p.m. EST) at the Westin St. Francis Hotel in San Francisco. A live webcast of the Company's presentation at the conference will be available via a link provided at www.heartware.com. A replay of the webcast will be available for 90 days at the site after the presentation.
The financial estimates presented above are preliminary and remain subject to management's final review as well as audit by the Company's independent registered accounting firm. The Company intends to report complete fourth quarter and full-year 2012 financial results in late February. Details regarding the timing of the release of those results, as well as details of a conference call and publicly available webcast, will be announced in a subsequent news release.
About HeartWare International
HeartWare International develops and manufactures miniaturized implantable heart pumps, or ventricular assist devices, to treat Class IIIB / IV patients suffering from advanced heart failure. TheHeartWare® Ventricular Assist System features the HVAD® pump, a small full-support circulatory assist device designed to be implanted next to the heart, avoiding the abdominal surgery generally required to implant competing devices. The HeartWare System is approved in the United States for the intended use as a bridge to cardiac transplantation in patients who are at risk of death from refractory end-stage left ventricular heart failure, has received CE Marking in the European Unionand has been used to treat patients in 27 international countries. The device is also currently the subject of a U.S. clinical trial for destination therapy. For additional information, please visit the Company's website at www.heartware.com.
HeartWare International, Inc. is a member of the Russell 2000® and its securities are publicly traded on The NASDAQ Stock Market and the Australian Securities Exchange.
HEARTWARE, HVAD, MVAD and HeartWare logos are registered trademarks of HeartWare, Inc.
This announcement contains forward-looking statements that are based on management's beliefs, assumptions and expectations and on information currently available to management. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future are forward-looking statements, including without limitation our expectations with respect to the progress of clinical trials and post-approval studies, regulatory approvals, research and development activities and commercialization strategies. Management believes that these forward-looking statements are reasonable as and when made. However, you should not place undue reliance on forward-looking statements because they speak only as of the date when made. HeartWare does not assume any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. HeartWare may not actually achieve the plans, projections or expectations disclosed in forward-looking statements, and actual results, developments or events could differ materially from those disclosed in the forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, including without limitation those described in Part I, Item 1A. "Risk Factors" in our Annual Report on Form 10-K filed with the Securities and Exchange Commission. We may update our risk factors from time to time in Part II, Item 1A "Risk Factors" in our Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, or other filings with the Securities and Exchange Commission.
For further information:
HeartWare International, Inc.
Phone: +1 508 739 0864