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

ended the first quarter of 2011 with 265 HeartMate II centers globally, including 142 in North America and 123 internationally, versus 254 at the end of fiscal 2010. Ninety-four  centers in North America have received CMS (Centers for Medicare and Medicaid Services) certification for DT reimbursement.

"There have been a number of important clinical education and market development events over the past four months, including our Thoratec Mechanical Circulatory Support Users' Conference and our largest summit for community cardiologists to date. In addition, there have been a number of data presentations at recent professional meetings that have continued to demonstrate the unrivaled clinical performance of the HeartMate II.  Despite the challenging patient populations and broad base of centers in which HeartMate II has been studied, it has generated impressive survival outcomes and the lowest reported rates of catastrophic adverse events, including pump thrombosis and stroke."

"We also realized some important milestones with our product pipeline during the first quarter, including the full commercial launch of our sealed inflow and outflow grafts for the HeartMate II.  Feedback so far has been excellent, with clinicians commenting favorably on the grafts' ease of implant and potential to reduce peri-operative bleeding," Burbach added.

Thoratec also said that it will redeem all of the outstanding Senior Subordinated Convertible Notes due 2034 (CUSIP No. 885175AA7 and CUSIP No. 885175AB5) on May 17, 2011.  In the event that holders decide to exercise their conversion right, the company intends to deliver cash in exchange for the principal value of the Notes, with the remaining in-the-money portion to be paid for through a mix of cash and shares of common stock.  The company intends to communicate the exact mix to noteholders prior to the redemption date. As of April 30, 2011, there were 243,382 notes outstanding. Informati
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SOURCE Thoratec Corporation
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