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Thoratec Reports 34 Percent Increase in 2008 Revenues
Date:2/5/2009

graphic and product mix, and unfavorable manufacturing variances.

Operating expenses for 2008 and 2007 on a GAAP basis were $160.3 million and $138.5 million, respectively. On a non-GAAP basis, operating expenses in 2008 were $138.0 million versus $116.1 million a year ago. Operating expenses on a non-GAAP basis are described later in this press release. The year-over- year increase in operating expense is due primarily to product and market development initiatives, commercialization efforts around the HeartMate II and higher compensation expense.

The company's GAAP effective tax rate for 2008 was 26.9 percent versus a tax benefit of 38.1 percent a year ago. The non-GAAP tax rate for the full year, which is described later in this press release, was 32.6 percent versus 29.0 percent in 2007. The principle cause of the rate increase in 2008 was higher income before taxes.

On a GAAP and non-GAAP basis, the company's convertible debt was dilutive to the company's diluted weighted average shares outstanding for the fourth quarter and full year 2008. The company's convertible debt was also dilutive on a non-GAAP basis for the full year 2007. The increase in dilutive shares was approximately 7.3 million shares.

Cash and investments at the end of the quarter were $278.6 million, an increase of $60.3 million from the end of fiscal 2007. The cash and investment balance includes $30.0 million of Auction Rate Securities classified as long- term investments.

GUIDANCE FOR FISCAL 2009

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.

Revenues for 2009 are projected to be in the range of $345.0 million to $355.0 million. Growth in the Cardiovascular
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SOURCE Thoratec Corporation
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