HeartWare International (NSDQ:HTWR) posted record revenues of $21.3 million during the third quarter, up 54.4 percent, but saw losses gap wider by a whopping 78 percent.
The Framingham, Mass.-based medical device maker also said CFO David McIntyre is stepping down to move back to Australia to rejoin family.
HeartWare posted a net loss of $14.0 million, or $1.00 per share, for the three months ended Sept. 30. That compares with losses of $7.8 million, or 57 cents per share, on sales of $13.8 million during the same period last year.
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Analysts had expected losses of 76 cents a share, excluding one-time items.
“During the third quarter, our team generated global sales for the HeartWare Ventricular Assist System of 233 units, leading to our highest quarterly revenue to date,” president & CEO Doug Godshall said in prepared remarks. “The international markets contributed 142 units sold and accounted for 64 percent, or approximately $13.7 million, of our 2011 third quarter revenues, up from $9.9 million in the third quarter of 2010.”
HTWR shares were trading at $67.55 as of about 10:10 a.m. today, down 0.7 percent.
The stock was volatile throughout October, spiking 5 percent on the release of positive data from a clinical trial before sliding when the FDA failed to put them on the docket for an advisory panel hearing this year.
HeartWare executives said they’ve told the FDA that a hearing before the watchdog agency’s circulatory devices panel isn’t necessary, given earlier hearing for similar LVAD devices.
“We are hopeful that we won’t get a panel; we continue to expect that we will get a panel,” Godshall told analysts during a conference call. “Given that they’ve cleared the filings that came right before us, it strikes us that it’s logical that we will hear shortly – and shortly being by the end of November – but I have no reason to know when to expect them to get in touch with us.”
MassDevice keeps a close eye on public medical device companies, tracking their quarterly sales and earnings reports. For the most recent filings, check out our Earnings Roundup, where we collect each quarter’s reports.
Integra Lifesciences’ Q3 sales rise, earnings fall 32%
Integra Lifesciences (NSDQ:IART) boosted third-quarter earnings but booted net income, which plunged 31.8 percent during the three months ended Sept. 30.
The Plainsboro, N.J.-based company reported net income of $11.2 million, or 39 cents per share, on sales of $202.2 million for Q3 2011. That compares with profits of $16.5 million, or 55 cents per share, on sales of $186.6 million.
Adjusted for one-time items, Integra beat The Street by a penny – analysts were were expecting adjusted EPS of 76 cents per share, 1 cent below the reported 76-cent adjusted EPS. Read more
Haemonetics dives on missed Q2 2012 guidance, lowered earnings outlook
Shares of Haemonetics (NYSE:HAE) lost nearly 5 percent yesterday and is down another 9 percent today, after the company missed Wall Street’s earnings expectations and lowered its fiscal 2012 guidance yesterday.
The Braintree, Mass.-based blood management company reported profits of $13.9 million, or 54 cents per share, on sales of $179.4 million for the three months ended Oct. 1. That compares with profits of $21.3 million, or 85 cents per share, on sales of $166.8 million during the same period last year.
Analysts on The Street were looking for adjusted EPS of 76 cents; Haemonetics miss that target by a wide margin, logging adjusted EPS of 72 cents. The company also lowered its earnings guidance for fiscal 2012, saying it now expects adjusted EPS of $3.00 to $3.10, down from $3.35 to $3.45; analysts are looking for $3.38 per share. Read more
