Shares of HeartWare International (NSDQ:HTWR) are up by more than 10% today after the heart pump maker skewered expectations with its 1st-quarter results, reporting nearly 87% top-line growth and paring losses by more than ⅓.
Framingham, Mass.-based HeartWare yesterday posted losses of $13.0 million, or 87¢ per share, on sales of $49.2 million during the 3 months ended March 31 – pinning a 33¢ pasting on Wall Street’s predicted losses of $1.20 per share.
Investors reacted this morning with an opening bid of $93.71 per share, 9.7% above yesterday’s close, and kept shares at that level until about noon, when HTWR shares were going for $94.66 apiece, up 10.8%.
"Our results for the 1st quarter reflect positive initial trends in the commercial launch of the HeartWare ventricular assist system in the U.S., following approval from the FDA in November 2012, and continued strong support from our international customers," president & CEO Doug Godshall said in prepared remarks. "During the first quarter of 2013, 482 HVAD pumps were sold globally, an increase from 298 units in the first quarter of 2012 and more than our previous high quarterly total of 345 units in the 4th quarter of 2012.
"It has been quite gratifying to see such strong interest from new hospital centers thus far in our commercial launch," Godshall added. "Our team has been working diligently to expedite the training of additional hospitals in the U.S., and in the five months since FDA approval, 27 new U.S. sites have been trained. In total, HeartWare now has more than 190 customers around the world."
