Anyone follow this? Seems to be a VCR competitor, chart ho hum. Report from Hopkins of Lehman Brothers "Thoratec " top small cap idea" in the market.... price target of USD25 (market cap USD1.3bn) by April. ... next generation devices (such as the HeartWare HVAD) can increase the market to "thousands per year", and estimates a DT market potential of some 20,000 to 30,000 patients per year "HeartWare, for example, is a small Australian LVAD company that recently convinced Doug Godshall to become CEO. Doug is a very seasoned Medtech executive from the US and his ability to due diligence markets and opportunities is unmatched." Endquote
Blurb from Comsec Business Description
HeartWare (HTW) is developing a range of implantable circulatory assist devices aimed at treating patients with congestive heart failure. HeartWares technology is protected by a portfolio of 14 US and 10 international patents. Its device family includes three products the HVAD, MVAD and PedVAD.
During the first half of 2006, HTW initiated its human clinical trials for its lead product, HVAD Left Ventricular Assist Device, with two patients implanted with the device. A key objective for the first half of the year included a transition of the company from a product development focus into a manufacturer of Class III medical devices. A comprehensive review of its manufacturing and operational capabilities was carried out to optimise internal processes with a view to ensuring HTWs current capacity to support a level of quality production. HeartWare reported Net Loss of $10.6m for the half-year ended 30 June 2006. Revenues from ordinary activities were $1.3m, compared to 1.1m from the same period last year. Diluted EPS was (8.29) cents compared to (8.11) cents last year. Net operating cash flow was ($9.3) compared to ($4.6m) last year. Net tangible assets per share was 18.79 cents compared to 13.70 cents of pcp. No dividend was declared. The net loss reflects increased expenditure by the Company relating to the commercialisation of its range of circulatory assist devices or "heart pumps", which are used for the treatment of congestive heart failure. During the half year ended 30 June 2006 HeartWare initiated its human clinical trials for its lead product, the HVADTM Left Ventricular Assist Device. As at 31 July, two patients have been implanted with the device. The clinical trial currently underway is aimed at achieving European and Australian regulatory approval for the HVADTM device.