hi Scotty, i may join you later on the DJX puts.
opened some HPRT july calls.
couldn't decide between share or further out options.
stock was downgraded today. they appear to have a good product.
as i read the report the earnings are rising and are great.
earnings should continue to rise and the stock will rise.
Thursday January 29, 4:15 pm Eastern Time
Company Press Release
Heartport Announces Fourth Quarter and Year-end 1997 Results
REDWOOD CITY, Calif.--(BW HealthWire)--Jan. 29, 1998--Heartport, Inc. (NASDAQ: HPRT - news), today announced results for the fourth quarter and fiscal year ended December 31, 1997.
The company estimates that approximately 1,100 Port-Access(tm) minimally invasive cardiac surgery procedures were performed in the fourth quarter of 1997, bringing the estimated total number of Port-Access procedures performed in 1997 to more than 3,300.
''I'm very pleased with our performance in 1997, a year in which we achieved excellent clinical results and established a clear leadership position in the minimally invasive cardiac surgery field,'' said Wesley D. Sterman, M.D., Heartport's president and chief executive officer. ''Sales and gross margins increased significantly while we exercised discipline in controlling expenses. Our primary focus is now on increasing usage of our systems, which will drive us toward profitability.''
Heartport's net sales for the year ended December 31, 1997, were $23.4 million. Net sales for the fourth quarter of 1997 were $8.4 million, a 17 percent increase over the third quarter of 1997. This compares to fourth quarter and year-end 1996 net sales of $600,000. Fourth quarter 1997 net sales included a $1.0 million fee paid to Heartport as part of its agreement with Getz Bros., Co., Ltd., to distribute Heartport's systems in Japan.
Operating expenses for the fourth quarter of 1997 were $15.9 million and the net loss was $11.9 million, or $0.48 per basic and diluted share, compared to operating expenses in the previous quarter of $15.3 million and net loss of $12.9 million, or $0.52 per basic and diluted share. Operating expenses for the year ended December 31, 1997, were $61.0 million and net loss was $51.3 million, or $2.08 per basic and diluted share. Cash and short-term investments totaled approximately $113 million at December 31, 1997.
''We established a fully integrated operation to leverage our first to market advantage,'' said Richard B. Brewer, Heartport's chief operating officer. ''We are strengthening our competitive position and establishing strong partnerships with our customers through world-class training, high-quality systems, ongoing product development, and, most importantly, excellent patient outcomes.''
Heartport, Inc., is a cardiovascular device company advancing cardiac surgery by developing, manufacturing, and marketing Port-Access minimally invasive cardiac surgery systems for major heart surgery. The company's technology is designed to allow surgeons to perform a wide range of heart operations through a small incision, or ''port,'' between the ribs, without the need to split open the breastbone and pry apart the ribcage as is required in conventional open-chest heart surgery.
Note: Except for the historical information contained herein, this press release contains forward-looking statements, the accuracy of which are necessarily subject to risks and uncertainties. Actual events or results may differ materially due to factors set forth from time to time in Heartport's filings with the Securities and Exchange Commission, including its 1996 Annual Report on Form 10-K and 1997 Quarterly Reports on Form 10-Q.
Check out the Heartport World Wide Web site: heartport.com
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Condensed Consolidated Statements of Operations
(unaudited)
(in thousands, except per share amounts)
Three Months Ended Year Ended
December 31, December 31,
1997 1996 1997 1996
Net sales $ 8,402 624 $ 23,421 624
Cost of goods sold 4,204 561 15,395 561
Gross profit 4,198 63 8,026 63
Operating expenses:
Research and development 3,774 6,558 18,005 21,059
Selling, general and
administrative 12,092 5,500 43,005 11,223
Patent acquisition -- -- -- 5,216
Total operating expenses 15,866 12,058 61,010 37,498
Loss from operations (11,668) (11,995) (52,984) (37,435)
Net interest and other
income (expense) (184) 1,076 1,653 3,381
Net loss $(11,852) $(10,919) $(51,331) $(34,054)
Basic and diluted net
loss per share $ (0.48) $ (0.45) $ (2.08) $ (1.50)
Shares used in calculation
of net loss per share 24,858 24,365 24,687 22,771
Selected Consolidated Balance Sheet Data
(in thousands)
Dec. 31, 1997 Dec. 31, 1996
(unaudited)
Cash and short-term investments $112,585 $ 89,852
Inventories 4,878 2,107
Total current assets 124,848 94,226
Property and equipment, net 13,408 6,395
Total assets 142,810 101,852
Total current liabilities 10,925 6,665
Total long-term liabilities 89,868 4,717
Total stockholders' equity 42,017 90,470
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