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SEC Filings

10-Q
HEARTWARE INTERNATIONAL, INC. filed this Form 10-Q on 11/02/2015
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Table of Contents

HEARTWARE INTERNATIONAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(In thousands, except per share data)

 

     Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
     2015     2014     2015     2014  

Revenue, net

   $ 65,166      $ 68,608      $ 208,756      $ 205,211   

Cost of revenue

     32,990        22,977        80,258        68,846   
  

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

     32,176        45,631        128,498        136,365   

Operating expenses:

        

Selling, general and administrative

     25,171        20,584        69,347        65,765   

Research and development

     30,386        29,477        93,355        88,981   

Change in fair value of contingent consideration

     2,360        (3,620     6,700        (14,180
  

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

     57,917        46,441        169,402        140,566   

Loss from operations

     (25,741     (810     (40,904     (4,201

Other income (expense):

        

Foreign exchange gain (loss)

     (426     (3,298     (3,367     (3,109

Interest expense

     (3,638     (3,312     (10,618     (9,759

Investment income, net

     150        138        431        543   

Loss on extinguishment of long-term debt

     —          —          (16,588     —     

Other, net

     —          —          —          (1,261
  

 

 

   

 

 

   

 

 

   

 

 

 

Loss before income taxes

     (29,655     (7,282     (71,046     (17,787

Provision for income taxes

     272        88        809        663   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss

   $ (29,927   $ (7,370   $ (71,855   $ (18,450
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss per common share – basic and diluted

   $ (1.73   $ (0.43   $ (4.16   $ (1.09
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average shares outstanding – basic and diluted

     17,303        17,007        17,256        16,977   
  

 

 

   

 

 

   

 

 

   

 

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 

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