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Thoratec Corporation Authorizes Additional $50 Million Share Repurchase Program
Date:11/7/2011

PLEASANTON, Calif., Nov. 7, 2011 /PRNewswire/ -- Thoratec Corporation (NASDAQ: THOR), a world leader in device-based mechanical circulatory support therapies to save, support and restore failing hearts, announced today that its Board of Directors has authorized the repurchase of an additional $50 million of the company's shares of common stock over the next year.  With this authorization, the total amount available for share repurchases by the company is $100 million, including $50 million remaining from the previous program announced in February 2011.

"Today's authorization reflects our confidence in the long-term strength of the company, as well as our commitment to a disciplined capital deployment strategy.  We believe we have the necessary financial resources to fund our growth initiatives and pursue business development opportunities, while also returning value to shareholders in a consistent fashion over time," said Gary F. Burbach, President and Chief Executive Officer.

During the first nine months of 2011, Thoratec generated $87 million of cash flow from continuing operating activities, an increase of over 40% relative to the comparable period in 2010.  As of October 1, 2011, the company had over $230 million in cash, cash equivalents and investments.

Repurchases will take place on the open market or in privately negotiated transactions from time to time based on market and other conditions.  The program is effective immediately, and it may be modified, suspended, terminated or extended by the company at any time without prior notice.

Thoratec is a world leader in therapies to address advanced-stage heart failure.  The company's products include the HeartMate LVAS and Thoratec VAD, with more than 18,000 devices implanted in patients suffering from heart failure.  Thoratec also manufactures and distributes the CentriM
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SOURCE Thoratec Corporation
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