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Thoratec Reports 44 Percent Increase in Third Quarter Revenues
Date:10/30/2008

) for bridge-to-transplantation, which helped generate a 68 percent increase in revenues from our Cardiovascular Division versus a year ago," said Gary F. Burbach, president and chief executive officer of Thoratec. "In addition to experiencing greater implant activity, we also added 17 new HeartMate II centers during the quarter. We have now added a total of 43 new centers, surpassing our goal of adding 40 new centers during the year," he added.

"I am very pleased with our results to date and based on our performance through the first three quarters of the year, we believe we are positioned to have a highly successful 2008. At the same time, we are implementing programs to add new HeartMate II centers and increase activity from referring cardiologists that are designed to lay a foundation for long-term growth," Burbach added.

The company also updated enrollment in the Destination Therapy (DT) arm of its pivotal clinical trial for the HeartMate II. As of October 24, 2008, there were 607 patients enrolled in the DT arm of the trial, including 366 patients in the randomized portion of the study.

FINANCIAL HIGHLIGHTS

Thoratec reported revenues of $80.8 million in the third quarter of 2008 compared with revenues of $56.1 million in the third quarter of 2007. Cardiovascular Division revenues were $57.1 million versus $34.0 million in the same period a year ago. Revenues at ITC were $23.7 million versus $22.0 million a year ago.

GAAP gross margin in the third quarter of 2008 was 60.3 percent versus 57.7 percent a year ago. Non-GAAP gross margin, which excludes SFAS No. 123R expense and is described later in this press release, was 60.8 percent versus 58.5 percent a year ago. The improvement in gross margin reflects primarily the increase in average selling prices associated with U.S. commercial approval of the HeartMate II. This was partially offset by lower margins at ITC primarily related to geographic and product mix, and unfavorable m
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SOURCE Thoratec Corporation
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