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HeartWare International Reports First Quarter 2011 Revenues of $18.0 Million; 68% Increase From $10.7 Million in First Quarter 2010

Friday, May 6, 2011 General News J E 4
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HEARTWARE INTERNATIONAL, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

(unaudited)

March 31, 2011

December 31, 2010

ASSETS

Current assets:

Cash and cash equivalents

$             156,077

$             192,148

Short-term investments, net

57,976

21,330

Accounts receivable, net

14,116

19,053

Inventories, net

17,342

15,077

Prepaid expenses and other current assets

2,808

2,406

Total current assets

248,319

250,014

Property, plant and equipment, net

8,336

7,484

Other intangible assets, net

1,704

1,596

Long-term investments, net

-

4,006

Deferred financing costs, net

2,871

2,939

Restricted cash

1,538

1,538

Total assets

$             262,768

$             267,577

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable

$                 2,544

$                 3,890

Accrued expenses and other current liabilities

8,225

7,001

Total current liabilities

10,769

10,891

Convertible senior notes, net

90,200

88,922

Stockholders' equity

161,799

167,764

Total liabilities and stockholders' equity

$             262,768

$             267,577

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