Sunshine Heart Announces Fourth Quarter 2016 Financial Results And Provides Company Update

EDEN PRAIRIE, Minn., March 02, 2017 (GLOBE NEWSWIRE) -- Sunshine Heart, Inc. (NASDAQ:SSH) announced today its financial results for the fourth quarter ended December 31, 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 performance and financing transactions.

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 77588684. An audio archive of the webcast and a transcript of the call will be available following the call at ir.sunshineheart.com.

Business Highlights

• 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 55 hospital accounts that have purchased Aquadex over the past 12 months; expanding sales efforts to re-engage an additional 110 hospital accounts. The Company is on track and currently has 115 active hospital accounts ordering products.
  
  
• Pursuing growth strategies in 4 primary areas: i) identifying diagnostic technologies to optimize utilization, ii) data generation to optimize reimbursement, iii) application expansion into other areas of the hospital, and iv) expanding use to outpatient setting.
  
  
• Completed a registered direct offering and a private placement of convertible preferred shares and stock warrants during the quarter for total gross proceeds of approximately $3.6 million.
  
  
• Reduced total costs and expenses by 40% and operating cash utilization by 43% from same quarter last year.
  
  
• Received NASDAQ notification that Company is in compliance with minimum bid price requirement; the Company has until March 20^th to evidence compliance with the $2.5M minimum shareholder equity requirement.

“Our focus remains on serving the large number of heart failure patients in the U.S. with fluid overload who could benefit from our Aquadex therapy,” said John Erb, Chairman and CEO. “We are confident that our strategies will drive sustained growth.”

 FINANCIALS