Thoratec Reports 40 Percent Increase in Third Quarter Revenues From Continuing ... ( PLEASANTON Calif. Oct. 28 /- Thoratec...)

Thoratec Reports 40 Percent Increase in Third Quarter Revenues From Continuing Operations

Date:10/28/2010

PLEASANTON, Calif., Oct. 28 /PRNewswire-FirstCall/ -- Thoratec Corporation (Nasdaq: THOR), a world leader in device-based mechanical circulatory support therapies to save, support and restore failing hearts, said revenues from continuing operations in the third quarter of 2010 increased 40 percent versus the third quarter of 2009.

Results from continuing operations for both the third quarter and first nine months of 2010 and 2009 exclude contributions from the company's International Technidyne Corporation (ITC) Division. In the second quarter of 2010 Thoratec disclosed that its board of directors expects to sell ITC within the next twelve months; therefore, ITC is classified as held for sale and its results are accounted for as a discontinued operation.

For the quarter ended October 2, 2010, revenues were $91.0 million, compared with revenues of $65.1 million in the third quarter of 2009. Net income on a GAAP basis in the third quarter of 2010 was $15.5 million, or $0.26 per diluted share, versus GAAP net income of $11.8 million, or $0.20 per diluted share, in the third quarter of 2009. Non-GAAP net income, which is described later in this press release, was $20.8 million, or $0.32 per diluted share, in the third quarter of 2010, versus non-GAAP net income of $13.3 million, or $0.21 per diluted share, in the third quarter a year ago.

For the first nine months of fiscal 2010, revenues were $285.3 million, an increase of 43 percent over revenues of $198.9 million in the same period a year ago. On a GAAP basis, Thoratec reported net income of $46.4 million, or $0.78 per diluted share, for the first nine months of 2010, versus net income of $20.8 million, or $0.36 per diluted share, in the same period a year ago. Non-GAAP net income in the first nine months of 2010 was $61.7 million, or $0.95 per diluted share, compared with non-GAAP net income of $38.4 million, or
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SOURCE Thoratec Corporation
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