Approximately one year after the company landed FDA approval for its Ventricular Assist System, the company is boasting significant surge in revenue. In early morning trading on November 7, the company's shares increased by 15%.
In total, the company pulled in $54.8 million of revenues in the third quarter of 2013. This represents a 140% year-over-year increase from $23 million in the same quarter of 2012. That said, profits fell slightly over the same period last year. In total, the company lost $11.4 million during Q3 of 2013. However, this is a significant improvement over losses of $25 million during the third quarter of 2012.
Since the company's flagship device launched in January, sales have been strong. The Ventricular Assist System is designed to assist heart failure patients while they wait for a transplant. In the United States, sales of the device increased to $28.2 million. International sales also reached $26.2 million.
To expand indications for the device, the company is conducting the Endurance trial to evaluate the VAS as a full destination therapy instead of a temporary assist device for patients awaiting transplant.
"Our results for the third quarter reflect continued positive trends in the commercial launch of the HeartWare System in the U.S., following approval from Food and Drug Administration (FDA) late last year, as well as continued strong support from our international customers," noted Doug Godshall, CEO and president of HeartWare.
