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

of 2011 were $42.7 million versus $44.2 million a year ago. On a non-GAAP basis, operating expenses were $36.8 million in the first quarter of 2011 versus $38.5 million a year ago. Non-GAAP operating expenses are described later in this press release. The year-over-year decrease in operating expenses was due primarily to the $8.5 million expense recorded in the first quarter of 2010 related to the acquisition of the Percutaneous Heart Pump (PHP), offset by increased spending on product and market development initiatives, including the continued expansion of our field organization and investment in our next generation pump platforms.

On a GAAP basis, other expense was $2.1 million in the first quarter of 2011 versus other expense of $3.3 million in the prior year. On a non-GAAP basis, other expense totaled $0.2 million versus other expense of $1.2 million a year ago.

The company's GAAP effective tax rate in the first quarter of 2011 was 34.1 percent versus 33.8 percent a year ago. The non-GAAP tax rate, which is described later in this press release, was 34.1 percent versus 34.5 percent in the first quarter of 2010.

Cash and investments at the end of the first quarter of 2011 were $438.0 million versus $469.5 million at the end of fiscal 2010, primarily reflecting the $50.0 million used for the repurchase of shares.

GUIDANCE FOR FISCAL 2011 CONTINUING OPERATIONS

The following statements are based on current expectations. These statements are forward-looking and actual results may differ materially. For a more detailed discussion of forward-looking statements, please see the additional information below.  The company updated guidance for the full year.

The company continues to expect that revenues from continuing operations for fiscal 2011 will be in the range of $410-$425 million, with GAAP net income per diluted share expected to be in the range of $1.02-$1.12 and non-GAAP net income per diluted share expected to be i
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SOURCE Thoratec Corporation
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