With respect to 2008, sales are projected to be in the range of $255 million to $265 million, with an expectation that the HeartMate II will launch at the end of the 1st quarter.
Cardiovascular Division growth is expected to be from the low to mid teens, with growth primarily based upon the launch of HeartMate II in the U.S. including its introduction to a broader set of transplant centers, growth in implant volumes at existing trial centers and an increase in the HeartMate II average selling price. Continued growth is also expected in Europe.
We expect that ITC will grow in the mid-single digits, with growth coming from our Hospital Point of Care and Alternate Site products.
GAAP gross margins are expected to be between 58% and 59%, with non-GAAP gross margins between 59% and 60%.
GAAP income from operations is expected to increase between 150% and 300% over 2007, while non-GAAP income from operations is expected to increase between 15% and 30%. The increase reflects leverage in the business, while continuing investments in product development, market development and HeartMate II launch activities.
Weighted average shares outstanding are expected to be between 56 million and 57 million for GAAP and 63 million and 64 million shares for non-GAAP. We expect our convertible debt to continue to be dilutive in 2008 for non-GAAP EPS. The increase in share count is expected to be partially offset by adding back the interest expense on the notes.
GAAP EPS is expected to be between $0.09 to $0.12, while non-GAAP EPS will be in a range of $0.36 to $0.40.
GAAP TO NON-GAAP RECONCILIATION
Thoratec management evaluates and makes operating decisions using
various measures. These measures are generally based on revenues generated
by its products and certain costs of producing that revenue, such as costs
of product sale
|SOURCE Thoratec Corporation|
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