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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 : 6/10

vs
industry
vs
history
Cash to Debt 1.48
HTWR's Cash to Debt is ranked lower than
57% of the 311 Companies
in the Global Medical Devices industry.

( Industry Median: 2.27 vs. HTWR: 1.48 )
Ranked among companies with meaningful Cash to Debt only.
HTWR' s 10-Year Cash to Debt Range
Min: 1.03   Max: No Debt
Current: 1.48

Equity to Asset 0.48
HTWR's Equity to Asset is ranked lower than
73% of the 281 Companies
in the Global Medical Devices industry.

( Industry Median: 0.65 vs. HTWR: 0.48 )
Ranked among companies with meaningful Equity to Asset only.
HTWR' s 10-Year Equity to Asset Range
Min: 0.33   Max: 0.96
Current: 0.48

0.33
0.96
F-Score: 5
Z-Score: 3.71
M-Score: -2.51
WACC vs ROIC
5.11%
5.85%
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 : 5/10

vs
industry
vs
history
Operating margin (%) 3.18
HTWR's Operating margin (%) is ranked higher than
50% of the 294 Companies
in the Global Medical Devices industry.

( Industry Median: 3.55 vs. HTWR: 3.18 )
Ranked among companies with meaningful Operating margin (%) only.
HTWR' s 10-Year Operating margin (%) Range
Min: -8846.69   Max: -0.04
Current: 3.18

-8846.69
-0.04
Net-margin (%) -5.13
HTWR's Net-margin (%) is ranked lower than
61% of the 294 Companies
in the Global Medical Devices industry.

( Industry Median: 2.05 vs. HTWR: -5.13 )
Ranked among companies with meaningful Net-margin (%) only.
HTWR' s 10-Year Net-margin (%) Range
Min: -7157.83   Max: -6.96
Current: -5.13

-7157.83
-6.96
ROE (%) -7.20
HTWR's ROE (%) is ranked lower than
61% of the 285 Companies
in the Global Medical Devices industry.

( Industry Median: 3.17 vs. HTWR: -7.20 )
Ranked among companies with meaningful ROE (%) only.
HTWR' s 10-Year ROE (%) Range
Min: -93.88   Max: -9.51
Current: -7.2

-93.88
-9.51
ROA (%) -3.42
HTWR's ROA (%) is ranked lower than
56% of the 313 Companies
in the Global Medical Devices industry.

( Industry Median: 0.16 vs. HTWR: -3.42 )
Ranked among companies with meaningful ROA (%) only.
HTWR' s 10-Year ROA (%) Range
Min: -83.42   Max: -4.54
Current: -3.42

-83.42
-4.54
ROC (Joel Greenblatt) (%) 13.84
HTWR's ROC (Joel Greenblatt) (%) is ranked higher than
63% of the 308 Companies
in the Global Medical Devices industry.

( Industry Median: 3.61 vs. HTWR: 13.84 )
Ranked among companies with meaningful ROC (Joel Greenblatt) (%) only.
HTWR' s 10-Year ROC (Joel Greenblatt) (%) Range
Min: -1473.4   Max: -0.22
Current: 13.84

-1473.4
-0.22
Revenue Growth (3Y)(%) 40.30
HTWR's Revenue Growth (3Y)(%) is ranked higher than
97% of the 186 Companies
in the Global Medical Devices industry.

( Industry Median: 3.00 vs. HTWR: 40.30 )
Ranked among companies with meaningful Revenue Growth (3Y)(%) only.
HTWR' s 10-Year Revenue Growth (3Y)(%) Range
Min: 0   Max: 429.3
Current: 40.3

0
429.3
EPS Growth (3Y)(%) -33.90
HTWR's EPS Growth (3Y)(%) is ranked lower than
81% of the 159 Companies
in the Global Medical Devices industry.

( Industry Median: -4.90 vs. HTWR: -33.90 )
Ranked among companies with meaningful EPS Growth (3Y)(%) only.
HTWR' s 10-Year EPS Growth (3Y)(%) Range
Min: -33.9   Max: 42
Current: -33.9

-33.9
42
» HTWR's 10-Y Financials

Financials


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

» Details

Guru Trades

Q2 2014

HTWR Guru Trades in Q2 2014

Jim Simons 113,200 sh (+317.30%)
Manning & Napier Advisors, Inc 240,980 sh (+29.89%)
Steven Cohen 4,600 sh (unchged)
Ron Baron 500,000 sh (unchged)
» More
Q3 2014

HTWR Guru Trades in Q3 2014

Manning & Napier Advisors, Inc 561,290 sh (+132.92%)
Steven Cohen Sold Out
Ron Baron 314,672 sh (-37.07%)
Jim Simons 43,800 sh (-61.31%)
» More
Q4 2014

HTWR Guru Trades in Q4 2014

Steven Cohen 94,100 sh (New)
Jim Simons 77,600 sh (+77.17%)
Manning & Napier Advisors, Inc 713,030 sh (+27.03%)
Ron Baron Sold Out
» More
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
» 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. (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 6.50
HTWR's P/B is ranked lower than
84% of the 368 Companies
in the Global Medical Devices industry.

( Industry Median: 3.30 vs. HTWR: 6.50 )
Ranked among companies with meaningful P/B only.
HTWR' s 10-Year P/B Range
Min: 4.16   Max: 20.13
Current: 6.5

4.16
20.13
P/S 4.40
HTWR's P/S is ranked lower than
74% of the 384 Companies
in the Global Medical Devices industry.

( Industry Median: 0.00 vs. HTWR: 4.40 )
Ranked among companies with meaningful P/S only.
HTWR' s 10-Year P/S Range
Min: 4.33   Max: 130.95
Current: 4.4

4.33
130.95
EV-to-EBIT 137.25
HTWR's EV-to-EBIT is ranked higher than
59% of the 382 Companies
in the Global Medical Devices industry.

( Industry Median: 0.00 vs. HTWR: 137.25 )
Ranked among companies with meaningful EV-to-EBIT only.
HTWR' s 10-Year EV-to-EBIT Range
Min: -11877.7   Max: 174.9
Current: 137.25

-11877.7
174.9
Current Ratio 6.07
HTWR's Current Ratio is ranked higher than
85% of the 381 Companies
in the Global Medical Devices industry.

( Industry Median: 2.04 vs. HTWR: 6.07 )
Ranked among companies with meaningful Current Ratio only.
HTWR' s 10-Year Current Ratio Range
Min: 1.23   Max: 23.06
Current: 6.07

1.23
23.06
Quick Ratio 4.89
HTWR's Quick Ratio is ranked higher than
84% of the 381 Companies
in the Global Medical Devices industry.

( Industry Median: 1.53 vs. HTWR: 4.89 )
Ranked among companies with meaningful Quick Ratio only.
HTWR' s 10-Year Quick Ratio Range
Min: 1.23   Max: 21.57
Current: 4.89

1.23
21.57
Days Inventory 198.23
HTWR's Days Inventory is ranked higher than
50% of the 384 Companies
in the Global Medical Devices industry.

( Industry Median: 198.08 vs. HTWR: 198.23 )
Ranked among companies with meaningful Days Inventory only.
HTWR' s 10-Year Days Inventory Range
Min: 171.01   Max: 8207.82
Current: 198.23

171.01
8207.82
Days Sales Outstanding 47.33
HTWR's Days Sales Outstanding is ranked higher than
86% of the 384 Companies
in the Global Medical Devices industry.

( Industry Median: 96.55 vs. HTWR: 47.33 )
Ranked among companies with meaningful Days Sales Outstanding only.
HTWR' s 10-Year Days Sales Outstanding Range
Min: 49.24   Max: 268.25
Current: 47.33

49.24
268.25

Valuation & Return

vs
industry
vs
history
Price/Net Current Asset Value 99.70
HTWR's Price/Net Current Asset Value is ranked lower than
56% of the 381 Companies
in the Global Medical Devices industry.

( Industry Median: 0.00 vs. HTWR: 99.70 )
Ranked among companies with meaningful Price/Net Current Asset Value only.
HTWR' s 10-Year Price/Net Current Asset Value Range
Min: 5   Max: 41.13
Current: 99.7

5
41.13
Price/Tangible Book 14.40
HTWR's Price/Tangible Book is ranked lower than
82% of the 379 Companies
in the Global Medical Devices industry.

( Industry Median: 5.30 vs. HTWR: 14.40 )
Ranked among companies with meaningful Price/Tangible Book only.
HTWR' s 10-Year Price/Tangible Book Range
Min: 4.82   Max: 20.93
Current: 14.4

4.82
20.93
Price/Median PS Value 0.40
HTWR's Price/Median PS Value is ranked higher than
96% of the 383 Companies
in the Global Medical Devices industry.

( Industry Median: 0.00 vs. HTWR: 0.40 )
Ranked among companies with meaningful Price/Median PS Value only.
HTWR' s 10-Year Price/Median PS Value Range
Min: 0.38   Max: 10.12
Current: 0.4

0.38
10.12
Earnings Yield (Greenblatt) 0.70
HTWR's Earnings Yield (Greenblatt) is ranked higher than
58% of the 380 Companies
in the Global Medical Devices industry.

( Industry Median: -2.60 vs. HTWR: 0.70 )
Ranked among companies with meaningful Earnings Yield (Greenblatt) only.
HTWR' s 10-Year Earnings Yield (Greenblatt) Range
Min: 0.6   Max: 0.7
Current: 0.7

0.6
0.7

Business Description

Industry: Medical Devices » Medical Devices
Compare:MDT, SYK, SMA, ZMH, STJ » details
Traded in other countries:HIN.Australia, X1H.Germany, 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
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 
Heartware International Inc (HTWR) CFO & COO David Mcintyre sells 3,415 Shares Nov 24 2009 

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