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Also traded in: Australia, Germany

GuruFocus Financial Strength Rank measures how strong a company’s financial situation is. It is based on these factors

1. The debt burden that the company has as measured by its Interest coverage (current year).
2. Debt to revenue ratio. The lower, the better
3. Altman Z-score.

A company ranks high with financial strength is likely to withstand any business slowdowns and recessions.

Financial Strength : 5/10

vs
industry
vs
history
Cash to Debt 1.28
HTWR's Cash to Debt is ranked lower than
64% of the 322 Companies
in the Global Medical Devices industry.

( Industry Median: 2.54 vs. HTWR: 1.28 )
Ranked among companies with meaningful Cash to Debt only.
HTWR' s Cash to Debt Range Over the Past 10 Years
Min: 1.03  Med: 2.14 Max: No Debt
Current: 1.28
Equity to Asset 0.41
HTWR's Equity to Asset is ranked lower than
78% of the 300 Companies
in the Global Medical Devices industry.

( Industry Median: 0.65 vs. HTWR: 0.41 )
Ranked among companies with meaningful Equity to Asset only.
HTWR' s Equity to Asset Range Over the Past 10 Years
Min: 0.33  Med: 0.51 Max: 0.91
Current: 0.41
0.33
0.91
F-Score: 2
Z-Score: 0.91
M-Score: -3.28
WACC vs ROIC
7.01%
-26.43%
WACC
ROIC
GuruFocus Profitability Rank ranks how profitable a company is and how likely the company’s business will stay that way. It is based on these factors:

1. Operating Margin
2. Trend of the Operating Margin (5-year average). The company with an uptrend profit margin has a higher rank.
••3. Consistency of the profitability
4. Piotroski F-Score
5. Predictability Rank•

The maximum rank is 10. A rank of 7 or higher means a higher profitability and may stay that way. A rank of 3 or lower indicates that the company has had trouble to make a profit.

Profitability Rank is not directly related to the Financial Strength Rank. But if a company is consistently profitable, its financial strength will be stronger.

Profitability & Growth : 4/10

vs
industry
vs
history
Operating margin (%) -13.45
HTWR's Operating margin (%) is ranked lower than
62% of the 308 Companies
in the Global Medical Devices industry.

( Industry Median: 1.64 vs. HTWR: -13.45 )
Ranked among companies with meaningful Operating margin (%) only.
HTWR' s Operating margin (%) Range Over the Past 10 Years
Min: -8846.69  Med: -52.07 Max: -0.04
Current: -13.45
-8846.69
-0.04
Net-margin (%) -26.29
HTWR's Net-margin (%) is ranked lower than
66% of the 308 Companies
in the Global Medical Devices industry.

( Industry Median: 0.79 vs. HTWR: -26.29 )
Ranked among companies with meaningful Net-margin (%) only.
HTWR' s Net-margin (%) Range Over the Past 10 Years
Min: -7157.83  Med: -59.91 Max: -6.96
Current: -26.29
-7157.83
-6.96
ROE (%) -36.79
HTWR's ROE (%) is ranked lower than
74% of the 295 Companies
in the Global Medical Devices industry.

( Industry Median: 1.50 vs. HTWR: -36.79 )
Ranked among companies with meaningful ROE (%) only.
HTWR' s ROE (%) Range Over the Past 10 Years
Min: -93.88  Med: -42.79 Max: -9.51
Current: -36.79
-93.88
-9.51
ROA (%) -16.00
HTWR's ROA (%) is ranked lower than
65% of the 324 Companies
in the Global Medical Devices industry.

( Industry Median: -0.56 vs. HTWR: -16.00 )
Ranked among companies with meaningful ROA (%) only.
HTWR' s ROA (%) Range Over the Past 10 Years
Min: -83.42  Med: -21.66 Max: -4.54
Current: -16
-83.42
-4.54
ROC (Joel Greenblatt) (%) -102.71
HTWR's ROC (Joel Greenblatt) (%) is ranked lower than
69% of the 320 Companies
in the Global Medical Devices industry.

( Industry Median: 3.61 vs. HTWR: -102.71 )
Ranked among companies with meaningful ROC (Joel Greenblatt) (%) only.
HTWR' s ROC (Joel Greenblatt) (%) Range Over the Past 10 Years
Min: -770.36  Med: -111.85 Max: -10.07
Current: -102.71
-770.36
-10.07
Revenue Growth (3Y)(%) 27.20
HTWR's Revenue Growth (3Y)(%) is ranked higher than
94% of the 231 Companies
in the Global Medical Devices industry.

( Industry Median: 3.60 vs. HTWR: 27.20 )
Ranked among companies with meaningful Revenue Growth (3Y)(%) only.
HTWR' s Revenue Growth (3Y)(%) Range Over the Past 10 Years
Min: 0  Med: 40.30 Max: 420.7
Current: 27.2
0
420.7
EBITDA Growth (3Y)(%) -17.40
HTWR's EBITDA Growth (3Y)(%) is ranked lower than
79% of the 193 Companies
in the Global Medical Devices industry.

( Industry Median: 2.20 vs. HTWR: -17.40 )
Ranked among companies with meaningful EBITDA Growth (3Y)(%) only.
HTWR' s EBITDA Growth (3Y)(%) Range Over the Past 10 Years
Min: -17.4  Med: -7.75 Max: 35.4
Current: -17.4
-17.4
35.4
EPS Growth (3Y)(%) -11.90
HTWR's EPS Growth (3Y)(%) is ranked lower than
70% of the 198 Companies
in the Global Medical Devices industry.

( Industry Median: 2.60 vs. HTWR: -11.90 )
Ranked among companies with meaningful EPS Growth (3Y)(%) only.
HTWR' s EPS Growth (3Y)(%) Range Over the Past 10 Years
Min: -33.9  Med: -11.90 Max: 41.9
Current: -11.9
-33.9
41.9
» HTWR's 10-Y Financials

Financials (Next Earnings Date: 2016-05-04)


Revenue & Net Income
Cash & Debt
Oprt. Cash Flow & Free Cash Flow

» Details

Guru Trades

Q1 2015

HTWR Guru Trades in Q1 2015

Steven Cohen Sold Out
Manning & Napier Advisors, Inc 660,830 sh (-7.32%)
Jim Simons 17,800 sh (-77.06%)
» More
Q2 2015

HTWR Guru Trades in Q2 2015

Jim Simons 39,300 sh (+120.79%)
Manning & Napier Advisors, Inc 653,020 sh (-1.18%)
» More
Q3 2015

HTWR Guru Trades in Q3 2015

Steven Cohen 333,800 sh (New)
Jim Simons Sold Out
Manning & Napier Advisors, Inc Sold Out
» More
Q4 2015

HTWR Guru Trades in Q4 2015

Jim Simons 50,000 sh (New)
Steven Cohen Sold Out
» More
» Details

Insider Trades

Latest Guru Trades with HTWR

(List those with share number changes of more than 20%, or impact to portfolio more than 0.1%)

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Guru Investment Theses on Heartware International Inc

Baron Funds Comments on HeartWare International - May 05, 2014

We also initiated a position in HeartWare International, Inc. (NASDAQ:HTWR), which sells an implantable heart pump for the treatment of advanced heart failure. HeartWare's HVAD is the smallest and lightest pump available and is easier and less invasive to implant. HeartWare is rapidly taking share from its competitor who was first to market.



The NIH estimates up to 100,000 patients just in the U.S., as potential candidates for a left ventrical assist device. The global market is over double that. Only 6,300 devices were implanted globally in 2013, so this market is in a nascent stage of development. Barriers to entry are very high, due to long and arduous clinical and regulatory requirements and we think this will remain a duopoly. HeartWare has a next generation pump in trials that has the potential to be disruptive technology, which could accelerate market adoption and market share gain. They also are developing products that treat earlier stages of heart failure and offer less invasive treatments.



HeartWare did a little over $200 million in revenues last year, and we believe that will more than triple in the next five years. However, the company is not profitable and won't be until 2016. Wall Street values these businesses on revenues, which is something I am uncomfortable with, and we suspect that clinical trials and product rollout will have ups and downs, so we are prepared for a bumpy ride. But if this plays out how we expect, the stock could appreciate over three-fold in the next five years, so it's worth the agita





From Baron Funds' first quarter 2014 commentary.



Check out Ron Baron latest stock trades

Ratios

vs
industry
vs
history
P/B 3.20
HTWR's P/B is ranked lower than
54% of the 294 Companies
in the Global Medical Devices industry.

( Industry Median: 2.84 vs. HTWR: 3.20 )
Ranked among companies with meaningful P/B only.
HTWR' s P/B Range Over the Past 10 Years
Min: 2.8  Med: 7.29 Max: 20.14
Current: 3.2
2.8
20.14
P/S 2.16
HTWR's P/S is ranked higher than
60% of the 290 Companies
in the Global Medical Devices industry.

( Industry Median: 3.15 vs. HTWR: 2.16 )
Ranked among companies with meaningful P/S only.
HTWR' s P/S Range Over the Past 10 Years
Min: 1.89  Med: 11.09 Max: 132.21
Current: 2.16
1.89
132.21
Current Ratio 5.39
HTWR's Current Ratio is ranked higher than
78% of the 318 Companies
in the Global Medical Devices industry.

( Industry Median: 2.88 vs. HTWR: 5.39 )
Ranked among companies with meaningful Current Ratio only.
HTWR' s Current Ratio Range Over the Past 10 Years
Min: 5.06  Med: 6.71 Max: 22.96
Current: 5.39
5.06
22.96
Quick Ratio 4.61
HTWR's Quick Ratio is ranked higher than
77% of the 318 Companies
in the Global Medical Devices industry.

( Industry Median: 2.09 vs. HTWR: 4.61 )
Ranked among companies with meaningful Quick Ratio only.
HTWR' s Quick Ratio Range Over the Past 10 Years
Min: 3.93  Med: 6.22 Max: 21.57
Current: 4.61
3.93
21.57
Days Inventory 178.04
HTWR's Days Inventory is ranked lower than
65% of the 285 Companies
in the Global Medical Devices industry.

( Industry Median: 134.42 vs. HTWR: 178.04 )
Ranked among companies with meaningful Days Inventory only.
HTWR' s Days Inventory Range Over the Past 10 Years
Min: 171.01  Med: 188.60 Max: 8207.82
Current: 178.04
171.01
8207.82
Days Sales Outstanding 46.90
HTWR's Days Sales Outstanding is ranked higher than
82% of the 272 Companies
in the Global Medical Devices industry.

( Industry Median: 70.19 vs. HTWR: 46.90 )
Ranked among companies with meaningful Days Sales Outstanding only.
HTWR' s Days Sales Outstanding Range Over the Past 10 Years
Min: 46.9  Med: 74.48 Max: 268.25
Current: 46.9
46.9
268.25
Days Payable 53.89
HTWR's Days Payable is ranked lower than
57% of the 265 Companies
in the Global Medical Devices industry.

( Industry Median: 64.85 vs. HTWR: 53.89 )
Ranked among companies with meaningful Days Payable only.
HTWR' s Days Payable Range Over the Past 10 Years
Min: 52.74  Med: 71.80 Max: 3270.96
Current: 53.89
52.74
3270.96

Valuation & Return

vs
industry
vs
history
Price/Net Current Asset Value 9.58
HTWR's Price/Net Current Asset Value is ranked lower than
69% of the 214 Companies
in the Global Medical Devices industry.

( Industry Median: 6.26 vs. HTWR: 9.58 )
Ranked among companies with meaningful Price/Net Current Asset Value only.
HTWR' s Price/Net Current Asset Value Range Over the Past 10 Years
Min: 6.36  Med: 14.48 Max: 35.88
Current: 9.58
6.36
35.88
Price/Tangible Book 5.62
HTWR's Price/Tangible Book is ranked lower than
67% of the 265 Companies
in the Global Medical Devices industry.

( Industry Median: 3.66 vs. HTWR: 5.62 )
Ranked among companies with meaningful Price/Tangible Book only.
HTWR' s Price/Tangible Book Range Over the Past 10 Years
Min: 5.99  Med: 8.48 Max: 20.67
Current: 5.62
5.99
20.67
Price/Median PS Value 0.19
HTWR's Price/Median PS Value is ranked higher than
96% of the 248 Companies
in the Global Medical Devices industry.

( Industry Median: 1.04 vs. HTWR: 0.19 )
Ranked among companies with meaningful Price/Median PS Value only.
HTWR' s Price/Median PS Value Range Over the Past 10 Years
Min: 0.28  Med: 0.97 Max: 1.93
Current: 0.19
0.28
1.93
Earnings Yield (Greenblatt) (%) -10.37
HTWR's Earnings Yield (Greenblatt) (%) is ranked lower than
75% of the 309 Companies
in the Global Medical Devices industry.

( Industry Median: 0.50 vs. HTWR: -10.37 )
Ranked among companies with meaningful Earnings Yield (Greenblatt) (%) only.
HTWR' s Earnings Yield (Greenblatt) (%) Range Over the Past 10 Years
Min: -14.52  Med: 0.70 Max: 0.7
Current: -10.37
-14.52
0.7

More Statistics

Revenue(Mil) $277
EPS $ -4.22
Beta0.60
Short Percentage of Float10.39%
52-Week Range $25.02 - 94.15
Shares Outstanding(Mil)17.53

Analyst Estimate

Dec16 Dec17 Dec18
Revenue(Mil) 240 265 297
EPS($) -3.77 -2.94 -2.42
EPS without NRI($) -3.77 -2.94 -2.42

Business Description

Industry: Medical Devices » Medical Devices
Compare:HKSE:00853, TSE:6960, NAS:SPNC, LSE:CSRT, HKSE:01302, NAS:KTWO » details
Traded in other countries:HIN.Australia, HIY1.Germany,
Heartware International Inc was incorporated in Delaware on July 29, 2008 and became the successor issuer to HeartWare Limited, an Australian corporation, on November 13, 2008, as a result of the Australian Court approved redomiciliation of HeartWare Limited from Australia to Delaware. HeartWare is a medical device company engaged in developing implantable blood pumps for the treatment of advanced heart failure. The Company operates one reportable segment which includes the design, manufacture and marketing of medical devices for the treatment of advanced heart failure. The HeartWare Ventricular Assist System, which includes a left ventricular assist device, or blood pump, patient accessories and surgical tools, is designed to provide circulatory support for patients with advanced heart failure. Beyond the HeartWare System, the company is also evaluating its next device, the Miniaturized Ventricular Assist Device. The MVAD is based on the same technology platform as the HeartWare System but adopts an axial flow, rather than a centrifugal flow, configuration and is being developed in multiple configurations. The MVAD designs are currently at the preclinical stage and undergoing animal studies focused on minimally invasive implantation techniques and are each approximately one-third the size of the HVAD Pump. The Company's competitors in the implantable cardiac assist space include Thoratec Corporation, Jarvik Heart, Inc., MicroMed Cardiovascular, Berlin Heart GmbH, and Sunshine Heart, Inc. HEARTWARE, HVAD, MVAD, PAL, CIRCULITE, SYNERGY and various company logos are the trademarks of the Company, in the United States, Europe, Australia and other countries.
» More Articles for HTWR

Headlines

Articles On GuruFocus.com
Weekly Three-Year Low Highlights: Gap, NRG Energy, Buckle, HeartWare International Oct 13 2015 
Baron Funds Comments on HeartWare International May 05 2014 
Heartware International Inc (HTWR) CFO & COO David Mcintyre sells 2,857 Shares Feb 24 2011 
Heartware International Inc (HTWR) CFO & COO David Mcintyre sells 21,834 Shares Apr 30 2010 
Heartware International Inc (HTWR) CFO & COO David Mcintyre sells 5,271 Shares Mar 09 2010 
Heartware International Inc (HTWR) CFO & COO David Mcintyre sells 3,300 Shares Feb 26 2010 
Heartware International Inc (HTWR) CFO & COO David Mcintyre sells 4,967 Shares Jan 29 2010 
Heartware International Inc (HTWR) CFO & COO David Mcintyre sells 2,521 Shares Dec 07 2009 
Heartware International Inc (HTWR) CFO & COO David Mcintyre sells 1,580 Shares Dec 03 2009 
Heartware International Inc (HTWR) CFO & COO David Mcintyre sells 3,400 Shares Nov 30 2009 

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