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Thoratec Reports 37 Percent Increase in Annual Revenues From Continuing Operations
Date:1/27/2011

PLEASANTON, Calif., Jan. 27, 2011 /PRNewswire/ -- Thoratec Corporation (Nasdaq: THOR), a world leader in device-based mechanical circulatory support therapies to save, support and restore failing hearts, said today that revenues from continuing operations in fiscal 2010 increased 37 percent over those in fiscal 2009.

Results from continuing operations for both the full year and fourth quarter of fiscal 2010 and 2009 exclude contributions from the company’s International Technidyne Corporation (ITC) Division. Thoratec completed the divestiture of ITC in November 2010.

For the year ended January 1, 2011, revenues were $383.0 million versus $280.0 million in the prior year. Revenues for the fourth quarter of fiscal 2010 were $97.6 million, an increase of 20 percent over revenues of $81.0 million in the fourth quarter of fiscal 2009.

Net income on a GAAP basis in fiscal 2010 was $59.0 million, or $0.99 per diluted share, versus GAAP net income of $28.9 million, or $0.50 per diluted share, in fiscal 2009. Non-GAAP net income, which is described later in this press release, was $79.8 million, or $1.23 per diluted share, in fiscal 2010, versus non-GAAP net income of $53.8 million, or $0.86 per diluted share, in fiscal 2009.

“This past year was marked by many successes, including FDA approval and launch of the HeartMate II® LVAS (Left Ventricular Assist System) for the Destination Therapy (DT) indication, continued improvements in clinical data in both the Bridge-to-Transplantation (BTT) and DT patient populations, and an impressive financial performance.  We have also implemented a broad range of initiatives designed to further develop the market and advance our leadership position,” said Gary F. Burbach, president and chief executive officer.

“Our financial performance for the year was driven by strong continued adoption
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SOURCE Thoratec Corporation
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