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Thoratec Reports First Quarter 2012 Results
Date:5/1/2012

ental revenues recorded as a result of the Levitronix Medical acquisition completed during the third quarter of 2011. The Thoratec® product line, which includes the PVAD and IVAD, accounted for revenues of $5.8 million compared to revenues of $7.3 million a year ago. In the first quarter of 2012, pump sales accounted for $92.6 million compared to sales of $70.8 million a year ago.  Non-pump sales were $33.6 million versus sales of $28.2 million in the first quarter of 2011. The balance of the company's revenues reflects contributions from its graft business. Revenues in the U.S. were $103.9 million versus revenues of $82.5 million a year ago. International revenues in the first quarter of 2012 were $22.9 million versus revenues of $17.0 million a year ago. Foreign exchange rate fluctuations had a negative impact of $0.5 million in the first quarter of 2012 compared to the first quarter of 2011.

GAAP gross margin in the first quarter of 2012 was 69.3 percent versus 68.1 percent a year ago. Non-GAAP gross margin, which is described later in this press release, was 71.6 percent versus 70.5 percent a year ago. The year-over-year increase in gross margin was due to volume-based efficiencies and the contribution from the acquisition of Levitronix Medical.Operating expenses on a GAAP basis in the first quarter of 2012 were $50.9 million versus $40.7 million a year ago. On a non-GAAP basis, operating expenses were $45.7 million in the first quarter of 2012 versus $36.8 million a year ago. Non-GAAP operating expenses 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 sales force expansion and the addition of research and development personnel, and the inclusion of Levitronix Medical.

On a GAAP basis, other income was $0.7 million in the first quarter of 2012 versus other expense of $2.1 million in the prior year. On
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SOURCE Thoratec Corporation
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