This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Sunshine Heart Announces Second Quarter 2013 Financial Results And Corporate Update

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


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.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.21 -0.44%
FB $117.80 -0.22%
GOOG $701.26 0.80%
TSLA $211.34 -5.00%
YHOO $36.94 2.60%


Chart of I:DJI
DOW 17,660.71 +9.45 0.05%
S&P 500 2,050.63 -0.49 -0.02%
NASDAQ 4,717.0940 -8.5450 -0.18%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs