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
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