Pretty quiet on the thread. Anyone still holding WHT?
Attention Business/Financial Editors:
World Heart Corporation announced results for the third quarter of fiscal 2000
OTTAWA, ONTARIO, CANADA Oct. 24 /CNW/ - World Heart Corporation
(WorldHeart or the Corporation) today announced results for the third quarter
of fiscal 2000, which ended on September 30.
Mr. Roderick M. Bryden, President and Chief Executive Officer said, "the
third quarter was an excellent period for WorldHeart:
- HEARTSAVERvad(TM) began long term in vitro and in vivo trials and
remained on track for formal pre-clinical trials in the first and
second quarter next year;
- financial results were ahead of forecasts, with revenues from the
Novacor(R) LVAS of $2.9 million, vs. an estimate of $5 million for the
second half, cash usage in operations of $6 million vs. forecast of $9
million, and cash balance of $52.8 million vs. forecast of $50 million;
and
- integration of Novacor with WorldHeart went smoothly following the
June 30 closing, and will be complete before year-end".
The Corporation reported revenues from operations of $2,897,489. There
were no comparable commercial revenues from previous fiscal periods. The net
loss for the quarter was $11,359,451, or $0.75 per share, compared with a net
loss of $6,097,997, or $0.43 per share for the same period in the previous
year. Cash usage in operations for the quarter was $6,061,829 compared with
$4,827,187 for the same period last year. Cash and near-cash resources totaled
$52,845,490 at September 30, 2000, compared with $59,867,000 at June 30, 2000
and $25,027,354 at December 31, 1999. R&D expenses for the quarter were
$4,828,482, compared with $5,001,778 for the same period last year. All
financial figures are expressed in Canadian dollars and are prepared in
accordance with Generally Accepted Accounting Principles (GAAP) in Canada.
In the fourth quarter, WorldHeart expects to see significant advances in
both the pre-clinical trials program for HEARTSAVERvad and the market position
of Novacor.
The HEARTSAVERvad program will continue in vivo trials in Canadian and US
centres, and produce systems for the final series of pre-clinical trials in
the first half of 2001 to support application for clinical trial approvals in
Canada in the second quarter and in US and Europe in the second half of 2001.
Novacor implants will exceed 1,200 by year-end and a major program will
be launched to expand the rate of implant in 2001 in Europe and North America
and to commence clinical sales in Japan and other countries. This program
encompasses:
- technical refinements reflecting clinical experience;
- accelerated enrollment in the current US clinical trial, named
INTrEPID, for Alternative to Medical Therapy;
- initiation of a US clinical trial, named NICE, to evaluate a new inflow
cannulae which has shown promising results in 17 patients in Europe;
and
- expanded clinical marketing, sales and support activity in cooperation
with Edwards Lifesciences LLC.
This program is targeted to expand clinical use of Novacor in 2001 and
position HEARTSAVERvad and Novacor(R) LVAS for future growth in applications
for long-term use in Bridge to Transplant, Bridge to Recovery and Alternative
to Medical Therapy indications.
WorldHeart is an Ottawa-based, global medical devices business currently
focused on existing and future ventricular assist technologies. WorldHeart is
developing HEARTSAVERvad, a pulsatile ventricular assist device for
implantation in patients with end-stage heart disease. This is the next
generation of ventricular assist devices that is being developed to treat the
serious and growing problem of congestive heart failure, a contributing cause
in the deaths of over 45,000 Canadians every year. HEARTSAVERvad and other
related technologies such as transcutaneous energy and information transfer,
and biotelemetry are licensed from the University of Ottawa Heart Institute.
This year, WorldHeart became a leading participant in the heart assist
industry by acquiring the Novacor Division from Edwards Lifesciences LLC. The
acquisition of the Novacor Left Ventricular Assist System provides WorldHeart
with one of the world's most trusted and reliable assist devices, as well as a
valuable global alliance with Edwards Lifesciences LLC for sales,
distribution, and support. WorldHeart is a public company whose stock trades
on the NASDAQ (ticker symbol: WHRT) and The Toronto Stock Exchange (ticker
symbol: WHT). For more information about WorldHeart please call 613-226-4278
or visit the website at www.worldheart.com.
Any forward-looking statements in this release are made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform Act of
1995. Investors are cautioned that all forward-looking statements involve risk
and uncertainties, including without limitation, risks in product development
and market acceptance of and demand for the Corporation's products, risks of
downturns in economic conditions generally, and in the medical devices
markets, risks associated with costs and delays posed by government
regulation, limitations on third party reimbursement, inability to protect
proprietary technology, potential product liability and other risks detailed
in the Corporation's filings with the U.S. Securities and Exchange Commission.
All financial figures are prepared in accordance with Canadian generally
accepted accounting principles (GAAP) and are expressed in Canadian dollars.
World Heart Corporation
Highlights of Statement of Loss (Unaudited)
(Numbers in thousands, except per share data)
Three Months Ended
September 30, September 30,
2000 1999
Revenue $ 2,897,489 $ -
Cost of goods sold:
Direct materials and labour $ (1,003,366) $ -
Overhead and other $ (2,870,270) $ -
Gross Margin $ (976,146) $ -
Expenses:
Selling, general and $( 2,386,329) $( 1,487,192)
administrative
Research and development $ (4,828,482) $( 5,001,778)
Amortization of intangibles $ (3,735,566) $ -
Total expenses $(10,950,377) $( 6,488,970)
Other income and expenses $ 567,073 $ 390,973
Net loss $(11,359,451) $( 6,097,997)
Basic and fully diluted loss $ (0.75) $ (0.43)
per common share
Shares used to compute basic and 15,069,597 14,082,336
fully diluted loss per share
Highlights of Balance Sheet (Unaudited)
(Numbers in thousands)
September 30, December 31,
2000 1999
Current Assets $ 67,657,709 $ 25,632,750
Capital Assets $ 6,331,451 $ 839,719
Total Assets $129,233,730 $ 27,019,716
Current Liabilities $ 8,024,758 $ 2,030,759
Total Liabilities $ 71,535,275 $ 2,408,006
Shareholders' Equity $ 57,698,455 $ 24,611,710
Total Liabilities & Equity $129,233,730 $ 27,019,716
-0- 10/24/2000
For further information: Ian W. Malone, Vice President Finance and Chief Financial Officer, World Heart Corporation, Tel:
(613) 226-4278, Fax: (613) 226-4744, E-mail: ian.malone@worldheart.com |
