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Thoratec Reports 44 Percent Increase in Second Quarter Revenues;
Date:7/31/2008

h excludes SFAS No. 123R expense and is described later in this press release, was 62.1 percent versus 59.4 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 and favorable pump mix at the Cardiovascular Division combined with favorable manufacturing variances. This was offset by lower margins at ITC primarily related to geographic and product mix and competitive pricing pressure in our skin incision business.

Operating expenses for the second quarters of 2008 and 2007 on a GAAP basis were $40.0 million and $33.0 million, respectively. On a non-GAAP basis, operating expenses in the second quarter of 2008 were $34.5 million compared with $27.6 million in the second 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 second quarter of 2008 was 27.8 percent versus 6.1 percent in the second quarter of 2007. The non-GAAP tax rate for the second quarter of 2008, which is described later in this press release, was 32.4 percent versus 26.8 percent in the prior year. This increase is primarily related to an increase in projected pre tax earnings and the absence of R&D tax credits in 2008, which will be recognized in a future period upon Congressional approval.

On a GAAP and non-GAAP basis, the company's convertible debt was dilutive to the company's fully diluted weighted average shares outstanding. The increase in shares was approximately 7.3 million.

Cash and investments at the end of the quarter were $228 million, an increase of $10 million from the end of fiscal 2007. The cash and investments balance includes $32.0 million of Auction Rate
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SOURCE Thoratec Corporation
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