Ventricular Assist Device company, HeartWare International, Inc., says it expects revenues for Q4 2013 to be approximately $53 million, bringing expected full-year 2013 revenues to approximately $208 million. This represents 87% revenue growth over prior year, signalling a strongly upward trajectory for the company, although the growth is slightly lower than earlier predictions.
Heartware’s preliminary results accompanied its presentation to the investment community at the 32nd Annual J.P. Morgan Healthcare Conference. While it’s early in its history to be jumping to too many conclusions, there’s little doubt 2013 was a good year in the development of the company. It sold 2000 of its systems worldwide, of 5000 sold since its formation.
The company, as we’ve reported extensively in the past, develops and manufactures miniaturized implantable heart pumps, or ventricular assist devices, to treat Class IIIB / IV patients suffering from advanced heart failure. The HeartWare® Ventricular Assist System features the HVAD® pump, a small full-support circulatory assist device designed to be implanted next to the heart, avoiding the abdominal surgery generally required to implant competing devices. The HeartWare System is approved in the United States for the intended use as a bridge to cardiac transplantation in patients who are at risk of death from refractory end-stage left ventricular heart failure, has received CE Marking in the European Union and has been used to treat patients in 37 countries.
“Our full-year revenue growth of 87% for 2013 above 2012 reflects the first complete year of commercialization of the HeartWare® Ventricular Assist System in the U.S. and represents the strong market penetration we have experienced to date,” said Doug Godshall, President and Chief Executive Officer. “Fourth Quarter 2013 revenues were derived roughly evenly between domestic and international sales, with October and December being notably stronger than November in the U.S.”
“Looking ahead, we remain focused on continued expansion of our domestic commercial footprint for bridge-to-transplant patients, as well as ramping enrollment in our destination therapy clinical trial. In international markets, we have received approval to commence our clinical trial in Japan, a key growth market in the future,” Mr. Godshall added.
Source: HeartWare International, Inc., PR Newswire