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

a non-GAAP basis, other income totaled $0.7 million versus other expense of $0.2 million a year ago. Other income and expense on a non-GAAP basis is described later in this press release.

The company's GAAP effective tax rate in the first quarter of 2012 was 32.4 percent versus 34.1 percent a year ago. The non-GAAP tax rate, which is described later in this press release, was 33.1 percent versus 34.1 percent in the first quarter of 2011.

Cash and investments at the end of the first quarter of 2012 were $247.5 million versus $209.5 million at the end of fiscal 2011.

GUIDANCE FOR FISCAL 2012

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 expects revenues will be in the range of $452 million to $467 million, reflecting the strong first quarter performance, as well as continued momentum in the Destination Therapy market, driven by the company's market development initiatives. 

Gross margins on a GAAP basis are expected to be in the range of 68.5 to 69.0 percent and 71.0 to 71.5 percent on a non-GAAP basis.

GAAP net income per diluted share is expected to be in the range of $1.24 to $1.34 and non-GAAP net income per diluted share in 2012 is expected to be in the range of $1.62 to $1.72.

CONFERENCE CALL/WEBCAST INFORMATION

Thoratec will hold a conference call to discuss its financial results and operating activities for all interested parties at 1:30 p.m., Pacific Daylight Time (4:30 p.m., Eastern Daylight Time), today. The teleconference can be accessed by calling (719) 457-2620, passcode 8806446. Please dial in 10-15 minutes prior to the beginning of the call. The webcast will be available via the Internet at

SOURCE Thoratec Corporation
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