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.
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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