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Thoratec Reports First Quarter 2011 Results
Date:5/3/2011

PLEASANTON, Calif., May 3, 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 the first quarter of fiscal 2011 were $99.5 million versus revenues of $99.3 million in the same period a year ago.  Revenues in the quarter were driven by strong underlying performance in North America, where VAD units increased 13% sequentially, compared to the fourth quarter of 2010.

Results for all periods of fiscal 2010 exclude contributions from the company's International Technidyne Corporation (ITC) Division. Thoratec completed the divestiture of ITC in November 2010.

For the quarter ended April 2, 2011, Thoratec reported net income on a GAAP basis of $16.5 million, or $0.27 per diluted share, versus GAAP net income of $13.4 million, or $0.23 per diluted share, in the first quarter of 2010. Non-GAAP net income, which is described later in this press release, was $21.8 million, or $0.34 per diluted share, in the first quarter of fiscal 2011, versus non-GAAP net income of $18.5 million, or $0.29 per diluted share, in the same period a year ago.

"Thoratec had a solid first quarter, highlighted by 13% sequential VAD unit growth in North America. We believe this performance reflects favorably on our market and center development activities and shows continued momentum in the DT market. We were particularly pleased with the contributions made by centers that have adopted HeartMate II since commercial approval," said Gary Burbach, president and chief executive officer. "Our international revenues declined 3% year-over-year on a constant currency basis, as we believe the broader market softened in the first quarter following robust growth in the fourth quarter of 2010."  

The company said it
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SOURCE Thoratec Corporation
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