Doug Godshall: "We are pleased to provide a review of our first quarter results for 2014, our strongest quarter reported to date. Our team generated sales of 665 HeartWare systems, more than 100 units higher than our previous record high of 549 units. And for the first time we surpassed 300 units in a quarter in both international and U.S markets, with 330 in the U.S and 352 internationally. Overall, our $66.5 million in first quarter revenue represented a 35% increase over the first quarter of 2013 and a 25% increase sequentially from revenue of $53 million in the fourth quarter of 2013. We expanded our global footprint to nearly 250 customers around the world with five new U.S customers and 12 new international customers. Interest in HeartWare’s portfolio continues to strengthen as demonstrated by growing momentum in our supplemental destination therapy study and the considerable interest in MVAD as we rapidly approach first human use... As we progress and now with well over 5,000 implants, a few of whom have been on the system for more than six years now, we will continue to learn more about how to make our system better and how to manage it better."
12-1-13: “HEARTWARE ANNOUNCES ACQUISITION OF CIRCULITE, INC.” • Acquisition expands HeartWare’s technology platform into partial support for less sick patients • Investor Conference Call on Monday, Dec. 2, 2013 at 8amET
Framingham & Teaneck, Dec. 1, 2013: HeartWare International, Inc. (Nasdaq: HTWR), a leading innovator of less invasive, miniaturized circulatory support technologies that are revolutionizing the treatment of advanced heart failure, today announced that it has acquired CircuLite, Inc. – developer of the SYNERGY® Circulatory Support System, designed to treat less sick, ambulatory, chronic heart failure patients who are not yet inotrope-dependent.
According to the terms of the merger agreement, HeartWare has acquired all of the issued and outstanding equity interests of CircuLite for consideration of $30 million, consisting of approximately $18 million in HeartWare common stock and cash of approximately $12 million to settle CircuLite’s debt and transaction expenses, plus certain contingent success payments due upon satisfaction of regulatory and commercial milestones not to exceed $320 million in the aggregate over a 10-year period.
“The partial-support system developed by CircuLite represents the industry’s most intriguing platform for the treatment of patients with earlier stage heart failure,” said Doug Godshall, President and CEO at HeartWare. “CircuLite has pioneered the partial-assist approach and demonstrated that this technique can significantly enhance the quality of life for this group of patients, which is believed to be a substantially larger population than the end-stage heart failure patients that HeartWare currently treats with our full-support Ventricular Assist Devices (VADs). CircuLite’s next generation endovascular system, which will be implanted collaboratively by cardiologists and surgeons in a hybrid cath lab setting, offers an extremely compelling interventional approach to circulatory support. While our HVAD® and MVAD® Systems offer minimally invasive treatment to end-stage heart failure patients, the SYNERGY platform offers even less invasive and ultimately interventional options to earlier-stage heart failure patients.”. . .
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