HeartWare International Inc. (NSDQ:HTWR) continued to lose money during the second quarter, but company officials remained confident that strong international sales and a piggy bank full of cash put in on solid ground until sales pick up in earnest in the U.S.
The Framingham, Mass.-based maker of miniaturized heart pumps reported a $9.9 million loss on $9.7 million in sales for the three months ended June 30, compared to a $6.9 million loss on $1.4 million in sales during the same period last year.
For the first six months of the year, HeartWare lost $14 million on $20.5 million in sales, compared to a $13.1 million loss on $2.1 million in sales during the first half of 2009.
President and CEO Douglas Godshall said international sales made up 80 percent of total revenues, as the company didn’t start to implant patients in the U.S. with its left ventricular assist device until early May, about seven weeks before the end of the quarter.
R&D expenses more than doubled to $7.5 million during the quarter, compared to the $2.9 million the company spent during the comparable period in 2009.
But Heartware remains in a strong cash position after a February stock offering, which netted more than $50 million. The company had $83.3 million in cash as of the end of the quarter, about $30 million more than it had closing out the same period last year.