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Thoratec Reports 14 Percent Growth in Cardiovascular Division Sales as Third Quarter Revenues Increase Nine Percent
Date:11/4/2009

. The pace of adoption for these new external peripherals has been strong, with almost 60 centers transitioning to them through the end of October.

Financial Highlights

Thoratec reported revenues of $87.9 million in the third quarter of 2009 versus revenues of $80.8 million in the third quarter of 2008. Cardiovascular Division revenues were $65.1 million versus $57.1 million in the same period a year ago. Revenues at ITC were $22.8 million versus $23.7 million a year ago. The company said revenues at ITC reflect the impact of the current economic environment on hospital and physician capital equipment purchasing activity and competitive pressure in its professional ProTime business.

For the first nine months of 2009, Cardiovascular Division revenues were $198.9 million versus $154.8 million in the first nine months of 2008. Revenues at ITC were $70.5 million in the first nine months of 2009 versus $73.1 million in the first nine months of 2008.

Gross margin on a GAAP basis in the third quarter of 2009 was 61.1 percent versus 60.3 percent a year ago. Non-GAAP gross margin, which is described later in this press release, was 61.7 percent versus 60.8 percent in the same period a year ago. Factors favorably impacting gross margin in the quarter included worldwide HeartMate II volume and the launch of the new HeartMate external peripherals, offset in part by the impact of foreign exchange, lower ITC volume and unfavorable manufacturing variances at ITC.

Operating expenses on a GAAP basis in the third quarter of 2009 were $40.1 million versus $40.6 million a year ago. On a non-GAAP basis, operating expenses in the third quarter of 2009 were $33.8 million versus $35.2 million in the third quarter of 2008. Operating expenses on a non-GAAP basis are described later in this press release. This year over year decrease is primarily related to lower compensation expense and other operating expenses at ITC.


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SOURCE Thoratec Corporation
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