Sunshine Heart, Inc. (NASDAQ:SSH) Files An 8-K Announces Third Quarter 2016 Financial Results and Provides Company Update

ME Staff
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Sunshine Heart, Inc. (NASDAQ:SSH) announced today its financial results for the third quarter ended September 30, 2016. The Company will host a conference call and webcast at 9:00 AM ET today to discuss its financial results and provide an update on the Company’s recently announced strategic realignment, including the acquisition of the Aquadex FlexFlow® business.

To access the live webcast, please visit the Investors page of the Sunshine Heart website at ir.sunshineheart.com. Alternatively, you may access the live conference call by dialing (877) 303-9826 (U.S.) or (224) 357-2194 (international) and using conference ID 4610509. An audio archive of the webcast and a transcript of the call will be available following the call at ir.sunshineheart.com.

Business Highlights

  • As part of strategic realignment, the Company continues to execute near-term strategy to drive growth with the recently acquired Aquadex FlexFlow business.
  • Direct field organization providing service to the top 50 hospital accounts that have purchased Aquadex over the past 12 months.
  • Pursuing post-market clinical data collection to strengthen evidence for using Aquadex in an outpatient setting.
  • In July, completed a registered direct offering of convertible preferred shares and a private placement of stock warrants for total gross proceeds of approximately $3.5 million.  In August, the company repaid all outstanding borrowings to Silicon Valley Bank of $6.0 million and completed the Aquadex acquisition for $4.0 million in cash and 1 million shares of common stock.
  • In October, completed a registered direct offering and a private placement of convertible preferred shares and stock warrants for total gross proceeds of approximately $3.6 million.
  • Reduced operating expenses in Q3, down over 30% from a year ago; Q4 operating expenses expected to decrease over 50% from a year ago.
  • NASDAQ hearing scheduled for mid-November to petition for a further extension of time in order to meet listing requirements.

“It was a challenging quarter and a difficult decision to put our neuromodulation strategy on pause due solely to financial constraints,” said John Erb, Chairman and CEO. “While we continue to believe in the long term potential of the neuromodulation opportunity, focusing all of our efforts on growing our Aquadex business will be critical to bolstering our financial strength and will allow Sunshine Heart to strengthen its presence in the heart failure market.”

About Sunshine Heart

Sunshine Heart, Inc. (Nasdaq:SSH) is an early-stage medical device company focused on developing a product portfolio to treat moderate to severe heart failure and related conditions. The Company’s commercial product, the Aquadex system, is indicated for temporary (up to eight hours) ultrafiltration treatment of patients with fluid overload who have failed diuretic therapy, and extended (longer than 8 hours) ultrafiltration treatment of patients with fluid overload who have failed diuretic therapy and require hospitalization. Our objective is to improve the quality of life for heart failure patients and slow the disease progression. Sunshine Heart is a Delaware corporation headquartered in Minneapolis with wholly owned subsidiaries in Australia and Ireland. The Company has been listed on the NASDAQ Capital Market since February 2012.