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

anufacturing variances.

Operating expenses for the third quarter of 2008 and 2007 on a GAAP basis were $40.6 million and $34.7 million, respectively. On a non-GAAP basis, operating expenses in the third quarter of 2008 were $35.2 million compared with $30.1 million in the third quarter of 2007. Operating expenses on a non-GAAP basis are described later in this press release. The year-over-year increase in operating expenses is primarily due to product and market development initiatives, commercialization efforts around the HeartMate II and higher compensation expense.

The company's GAAP effective tax rate for the third quarter of 2008 was 23.3 percent versus 24.0 percent a year ago. The non-GAAP tax rate for the third quarter of 2008, which is described later in this press release, was 30.9 percent versus 36.8 percent a year ago. The decrease is primarily related to R&D tax credits.

On a GAAP and non-GAAP basis, the company's convertible debt was dilutive to the company's fully diluted weighted average shares outstanding for the third quarter of 2008 and the nine months ended 2007 and 2008. The increase in shares was approximately 7.3 million.

Cash and investments at the end of the quarter were $255.4 million, an increase of $37.1 million from the end of fiscal 2007. The cash and investment balance includes $30.6 million of Auction Rate Securities classified as long-term investments.

GUIDANCE FOR FISCAL 2008

The following statements are based on current expectations. These statements are forward-looking and actual results may differ materially. For a more detailed discussion of forward-looking statements, please see additional information below. The company provided an update to guidance for the full year. Revenues are projected to be between $302 million and $308 million. GAAP EPS is expected to be between $0.31 and $0.37 per diluted share, while non-GAAP EPS is expected to be in a range of $0.54 to $0.59 per diluted share.
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SOURCE Thoratec Corporation
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