WorldHeart Reports Third Quarter 2007 Financial Results.

- Levacor(TM) Rotary VAD Advancing Towards U.S. Trials -

OAKLAND, Calif., Nov. 14 /PRNewswire-FirstCall/ -- -- World Heart Corporation (WorldHeart), a developer of mechanical circulatory support systems, today reported its third quarter 2007 financial results.

Revenue for the third quarter ended September 30, 2007 was $531,000, compared with revenues of $1,387,000 reported in the third quarter ended September 30, 2006. For the nine month periods ended September 30, 2007 and September 30, 2006, revenues were $2,228,000 and $7,660,000, respectively. The decrease in revenue resulted from the Company's decision, in the fourth quarter of 2006, to discontinue the RELIANT Trials and reduce commercial activities associated with its first-generation Novacor(R) LVAS and to focus its efforts on the next-generation Levacor VAD, for which commercial sales have not yet commenced.

The net loss for the 2007 third quarter was $3,018,000, or $0.26 per share, compared with a net loss of $7,619,000, or $1.37 per share, in the prior year's third quarter. For the nine month period ended September 30, 2007, the net loss was $10,925,000, or $0.95 per share, compared with a net loss of $14,949,000, or $2.69 per share, in the first nine months of 2006. The decrease in the net loss for the quarter, compared with the 2006 quarter, resulted from a non-recurring inventory write-down of $3,600,000 in the third quarter of 2006 related to the legacy Novacor(R) LVAS product, coupled with reduced operating expenses and an increase in other income from the Levacor Rotary VAD clinical product in the 2007 quarter. The decrease in the net loss per share for the third quarter and nine month periods of 2007 compared to 2006 resulted from net loss decreasing and an increase in common shares outstanding resulting from the private placement of common shares during the fourth quarter of 2006. The weighted average shares…