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Sunshine Heart Announces Second Quarter 2013 Financial Results And Corporate Update

Stocks in this article: SSH

EDEN PRAIRIE, Minn., Aug. 7, 2013 (GLOBE NEWSWIRE) -- Sunshine Heart, Inc. (Nasdaq:SSH) today announced financial results and provided a corporate update for the second quarter ended June 30, 2013.

Second Quarter Corporate Highlights:

  • Three new sites activated (five total) in C-Pulse® COUNTER HF U.S. pivotal trial with a total of seventeen sites committed to participate. On schedule to meet guidance of twenty two by year end.
  • Two sites activated (three total) in C-Pulse OPTIONS HF EU post-market study. On schedule to meet guidance of eight by year end.
  • Four implants completed in OPTIONS HF EU post market study with zero neurologic events, zero bleeding events, zero clotting events, zero deaths and zero re-hospitalizations due to worsening heart failure (also US COUNTER HF trial primary endpoint).
  • Multiple C-Pulse product enhancements approved with several additional enhancements underway. Fully implantable system on schedule per previous guidance of Q4 chronic animal study.
  • Two additional patents issued for C-Pulse for a total of 67 (14 in the U.S.) with 27 additional (8 in the U.S.) patents pending.

Second Quarter Financial Highlights:

  • SG&A expense totaled $2.2 million in the second quarter and $4.1 million year-to-date 2013 vs. $1.6 million and $3.5 million, respectively in 2012
  • R&D expense totaled $3.2 million in the second quarter and $5.6 million year-to-date 2013 vs. $1.8 million and $4.0 million, respectively in 2012
  • Australia R&D tax credit refund of $1.1 million in the second quarter 2013 vs. a refund of $0.7 million in the second quarter 2012
  • Loss per share of $(0.35) and $(0.81) in the second quarter and year-to date 2013, respectively, vs. loss per share of $(0.42) and $(1.08) in comparable periods of 2012
  • Cash used in operations was $7.6 million year-to-date 2013 vs. $6.8 million in 2012
  • Cash on hand at June 30, 2013 was $21.5 million

FINANCIALS:

Operating expenses in the second quarter 2013 totaled $5.3 million, compared to $3.4 million in the second quarter of 2012. Operating expenses in the first half of 2013 totaled $9.7 million, compared to $7.5 million in the first six months of 2012. The increase over the prior year periods was attributable to increased clinical research and infrastructure expenses related to the U.S. pivotal trial and EU post-market study, as well as increased non-cash compensation expenses.

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