HeartWare rides pump to another sales leap

HeartWare rode strong sales of its Ventricular Assist System to another strong sales quarter.--Courtesy of HeartWare

HeartWare ($HTWR) is deepening its foothold in the circulatory support market, coasting to a record sales quarter as its Ventricular Assist System takes off in the U.S.

The company's revenue jumped 75% to $50.8 million in Q2, HeartWare's first full quarter since launching its heart pump in the U.S. The company sold 523 pumps around the world, beating the previous record of 482 last quarter.

Year over year, stateside revenue increased roughly 5-fold to $25.1 million on the quarter, while international sales grew about 4% to $25.7 million.

Now, HeartWare is fixated on its next goal: turning a profit. The Massachusetts company narrowed its loss by about 43.4% to $12.9 million in Q2, and CEO Doug Goodshall said HeartWare is expecting only to increase its global customer base in 2013.

"It continues to be quite gratifying to see such strong interest from new hospital centers thus far in our commercial launch," Goodshall said in a statement. "Our team has been focused on facilitating the training of additional U.S. hospitals as part of the continued commercial launch, and with 33 new sites trained between FDA approval and the end of the second quarter, we finished the first half of 2013 with 83 customers in the U.S."

HeartWare seems to have recovered from some early-launch safety concerns over the pump. In February, the company revealed that 11 of its 2,900 implanted devices had failed after a component came loose from the main unit, a problem that resulted in one death. HeartWare has since issued a field correction to identify affected devices and repair them, and the action seems to have had no effect on revenue.

- read HeartWare's full results

Special Report: HeartWare's Ventricular Assist System - Top 10 device and diagnostic FDA approvals of 2012

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