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 $68.20 as of about 3 p.m. today, up 0.3 percent.
The stock has been volatile all month, 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.”
