Sunshine Heart (SSH) Tops Q1 EPS by 5c

Sunshine Heart (NASDAQ: SSH) reported Q1 EPS of ($0.26), $0.05 better than the analyst estimate of ($0.31).

Business Update:

• Company is making solid progress on pursuing a more optimal clinical strategy to expedite the approval of C-Pulse therapy in the U.S.
• Advancing the development of a fully implantable system by conducting an acute first-in-man study in 2016 that measures neuromodulation effects
• Expect to submit clinical protocol for a short-term study of CP-1 to the FDA by the end of Q3; estimate protocol approval and commencement of patient enrollment in the U.S. by early 2017
• Data from OPTIONS-HF study showing improvements in cardiac remodeling, functional capacity, and quality of life, to be presented at the European Society of Cardiology Heart Failure conference May 21st, 2016 in Florence, Italy
• Meaningful progress on reducing operating cash-burn in Q1; down 35% from Q1 a year ago.
• Ended Q1 with $16.5 million in cash, $7.1 million in borrowings; management continues to expect to raise capital in 2016

For earnings history and earnings-related data on Sunshine Heart (SSH) click here.

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