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Thoratec Reports 40 Percent Increase in Third Quarter Revenues From Continuing Operations
Date:10/28/2010

the third quarter of 2010 were $35.9 million, versus $31.2 million a year ago. On a non-GAAP basis, operating expenses in the third quarter of 2010 were $30.8 million versus $25.7 million in the third quarter of 2009. Operating expenses on a non-GAAP basis are described later in this press release. The year-over-year increase in operating expenses was due primarily to spending on product and market development initiatives, including expansion of our sales force and the addition of research and development personnel.

On a GAAP basis, other expense totaled $1.8 million in the third quarter of 2010 versus other income of $3.8 million in the third quarter a year ago. On a non-GAAP basis, other income totaled $354,000 versus other income of $504,000 a year ago. Other income on a GAAP basis in the third quarter of 2009 included a $5.2 million fair value gain on an embedded conversion feature within the HeartWare loan. The impact of the embedded conversion feature is excluded on a non-GAAP basis. Other income and expense on a non-GAAP basis is described later in this press release.

The company's GAAP effective tax rate for the third quarter of 2010 was 37.4 percent versus 33.4 percent a year ago. The non-GAAP tax rate, which is described later in this press release, was 35.5 percent in the third quarter of 2010 versus 34.2 percent a year ago. The increase in the GAAP and non-GAAP effective tax rates was due to higher pre-tax income and return to provision adjustments.

Cash and investments at the end of the third quarter of 2010 were $410.1 million versus $376.3 million at the end of the second quarter of 2010 and $331.6 million at the end of fiscal 2009.

GUIDANCE FOR FISCAL 2010 FROM CONTINUING OPERATIONS

The company continues to expect that our full year revenues from continuing operations will be in the range of $380 to $385 million in 2010. GAAP net income per diluted share is expected to be between $0.97 and $1.01 and non-GAAP net in
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SOURCE Thoratec Corporation
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