"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.
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
|SOURCE Thoratec Corporation|
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