(By Balachander) HeartWare International Inc. (NASDAQ: HTWR), a maker of ventricular assist devices to treat advanced heart failure, issued its revenue guidance for the fourth quarter and full year that were above market expectations.
The company expects total revenue for the fourth quarter and full year to be roughly $32 million and $110 million, respectively.
Wall Street analysts, on average, expect revenue of $27.76 million and $106.07 million for the three-month period and 2012, respectively.
HeartWare said the results reflect positive initial trends in the commercial launch of the HeartWare Ventricular Assist System in the U.S., as around 40 percent of fourth-quarter revenue were generated from domestic sales.
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In addition, the company said it remains optimistic about long-term global market growth prospects and its role in stimulating that growth.
"This sentiment is bolstered by our observed revenue growth of approximately 40 percent in the fourth quarter over the fourth quarter of 2011, and approximately 33 percent growth in full-year 2012 revenues over 2011," HeartWare added.
The company's HeartWare Ventricular Assist System features the HVAD pump, a small full-support circulatory assist device designed to be implanted next to the heart, avoiding the abdominal surgery generally required to implant competing devices.
HTWR shares dipped 0.17 percent to trade at $89.48. Over the past year, the stock has been trading between $61.00 and $97.31.