Company Increases Revenue and Earnings Guidance for 2008 Based on
Continuing Adoption of HeartMate II(R)
PLEASANTON, Calif., Oct. 30 /PRNewswire-FirstCall/ -- Thoratec Corporation (Nasdaq: THOR), a world leader in device-based mechanical circulatory support therapies to save, support and restore failing hearts, today said that revenues for the third quarter of 2008 increased 44 percent over revenues in the same period a year ago.
Revenues for the quarter ended September 27, 2008, were $80.8 million versus $56.1 million in the third quarter of 2007. Net income on a GAAP basis in the third quarter of 2008 was $7.2 million, or $0.12 per diluted share, compared with a net loss on a GAAP basis of $1.4 million, or $0.03 per share, in the same period a year ago. Non-GAAP net income, which is described later in this press release, was $10.5 million, or $0.17 per diluted share, compared with non-GAAP net income of $2.5 million, or $0.04 per diluted share, in the third quarter of 2007.
For the first nine months of fiscal 2008, revenues were $227.9 million, a 34 percent increase over revenues of $170.7 million in the first nine months of fiscal 2007. On a GAAP basis, Thoratec reported net income of $16.2 million, or $0.28 per diluted share, versus a net loss of $430,000, or $0.01 per share, in the same period a year ago. Non-GAAP net income for the first nine months of fiscal 2008 was $27.1 million, or $0.45 per diluted share, compared with non-GAAP net income of $12.0 million, or $0.22 per diluted share, in the first nine months of fiscal 2007.
"As was the case last quarter, our strong financial performance was
driven by the continued adoption of the HeartMate II LVAS (Left Ventricular
|SOURCE Thoratec Corporation|
Copyright©2008 PR Newswire.
All rights reserved