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Thoratec Reports Second Quarter Results
Date:8/1/2012

PLEASANTON, Calif., Aug. 1, 2012 /PRNewswire/ -- Thoratec Corporation (NASDAQ: THOR), a world leader in device-based mechanical circulatory support therapies to save, support and restore failing hearts, today reported its financial results for the second quarter and first half of 2012.

"We achieved solid growth during the second quarter, driven by continued development of the Destination Therapy (DT) opportunity, and delivered the strongest six-month financial performance in the company's history," said Gary F. Burbach, President and Chief Executive Officer. "We were particularly pleased with HeartMate II unit growth of 13 percent during the second quarter and 22 percent for the first half of 2012, demonstrating healthy underlying market trends and HeartMate II's strong competitive position," he added.

For the quarter ended June 30, 2012, Thoratec reported revenues of $118.6 million, a seven percent increase over revenues of $111.2 million in the second quarter of 2011. Net income on a GAAP basis was $20.8 million, or $0.35 per diluted share, compared with GAAP net income of $21.8 million, or $0.36 per diluted share, in the same period a year ago. Non-GAAP net income was $26.8 million, or $0.45 per diluted share, compared with non-GAAP net income of $27.4 million, or $0.44 per diluted share, in the same period a year ago.

For the first six months of fiscal 2012, revenues were $245.4 million, an increase of 16 percent over revenues of $210.7 million in the same period a year ago. Net income on a GAAP basis was $46.3 million, or $0.78 per diluted share, compared with GAAP net income of $38.2 million, or $0.63 per diluted share, in the same period a year ago. Non-GAAP net income was $57.4 million, or $0.96 per diluted share, compared with non-GAAP net income of $49.2 million, or $0.77 per diluted share, in the same period a year ago.

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SOURCE Thoratec Corporation
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