HeartWare dives on big Q1 sales, earnings misses

Shares prices for HeartWare International (NSDQ:HTWR) plunged this morning after the implantable heart pump maker posted 1st-quarter earnings that badly missed expectations on Wall Street. Framingham, Mass.-based HeartWare reported that losses widened 20.1% to -$17.5 million, or -$1 per share, on a -21.3% revenue slide to $55.1 million. Adjusted to exclude 1-time items, losses per share were -95¢, -16¢ off the forecast on The Street, where analysts were looking for sales of $59.9 million. “In the 1st quarter, our international revenue performance was impacted by competitive dynamics in Germany, as well as lower implant volumes in certain other international markets,” president & CEO Doug Godshall said in prepared remarks. “In the U.S., the bridge-to-transplant segment of the market for which the HVAD system is approved, showed softness resulting from a slowdown in the volume of patients eligible for bridge-to-transplant procedures at the start of the year and an evolving trend toward destination therapy due to ease of reimbursement. Our 1st-quarter financial performance and the overall market dynamics reinforce the importance of our work toward securing a DT indication in the U.S. and focusing our energies upon the continued enhancement of our technologies. “Despite 1st-quarter trends, the HVAD system remains the most versatile pump, utilized in the widest range of patients, among currently available ventricular assist systems,” Godsha...
Source: Mass Device - Category: Medical Equipment Authors: Tags: Cardiac Assist Devices MassDevice Earnings Roundup Wall Street Beat HeartWare International Inc. Source Type: news