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Thoratec Reports Second Quarter Revenue Increase of 17 Percent
Date:8/3/2011

PLEASANTON, Calif., Aug. 3, 2011 /PRNewswire/ -- Thoratec Corporation (NASDAQ: THOR), a world leader in device-based mechanical circulatory support therapies to save, support and restore failing hearts, said today revenues for the second quarter of 2011 were $111.2 million, a 17 percent increase over revenues of $95.1 million in the second quarter of 2010.

Results for all periods of fiscal 2010 exclude contributions from the company's International Technidyne Corporation (ITC) Division. Thoratec completed the divestiture of ITC in November of 2010.

For the quarter ended July 2, 2011, Thoratec reported net income on a GAAP basis of $21.8 million, or $0.36 per diluted share, versus GAAP net income of $17.5 million, or $0.29 per diluted share, in the same period a year ago. Non-GAAP net income, which is described later in this press release, was $27.4 million, or $0.44 per diluted share, in the second quarter of 2011, versus non-GAAP net income of $22.4 million, or $0.34 per diluted share, in the second quarter a year ago.

For the first six months of fiscal 2011, revenues were $210.7 million, an increase of eight percent over revenues of $194.4 million in the same period a year ago. On a GAAP basis, Thoratec reported net income of $38.2 million, or $0.63 per diluted share, for the first six months of 2011. For the first six months of 2010, the company reported GAAP net income of $30.9 million, or $0.52 per diluted share. Non-GAAP net income in the first six months of 2011 was $49.2 million, or $0.77 per diluted share, compared with non-GAAP net income of $40.9 million, or $0.63 per diluted share, in the first six months of 2010.

"We had an excellent quarter with double digit revenue growth both year-over-year and sequentially, driven by the continued market penetration of the HeartMate II® LVAS (Left Ventricular Assist System) for Destination Therapy (D
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SOURCE Thoratec Corporation
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