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

decrease of seven percent. CentriMag Blood Pump sales were $9.7 million versus $8.3 million in the first half of 2010, an increase of 17 percent. Graft sales were $1.2 million, compared to $1.4 million in the first six months of 2010. Revenues from pump sales were $148.6 million, an 11 percent increase over pump sales of $133.9 million in the first half of 2010. Non-pump revenues were $60.9 million versus $59.1 million a year ago, or an increase of three percent. Revenues in the U.S. were $175.5 million, an increase of eight percent over revenues of $162.1 million a year ago, while international revenues were $35.2 million, a nine percent increase over revenues of $32.3 million in the first six months of 2010. For the first six months of 2011, foreign exchange rate fluctuations had a $0.6 million favorable impact on revenues versus the same period in 2010.

GAAP gross margin for the second quarter of 2011 was 70.9 percent versus 67.8 percent a year ago. Non-GAAP gross margin, which is described later in this press release, was 71.2 percent versus 68.2 percent a year ago. The increase in non-GAAP gross margin was due to favorable pump to non-pump mix and volume based efficiencies, and lower inventory reserves.

Operating expenses on a GAAP basis in the second quarter of 2011 were $44.6 million versus $35.3 million a year ago. On a non-GAAP basis, operating expenses in the second quarter of 2011 were $37.5 million versus $30.2 million in the second quarter a year ago. Operating expenses on a non-GAAP basis are described later in this press release. The year-over-year increase in non-GAAP operating expenses was due primarily to the increased spending on product and market development initiatives, including the continued expansion of our research and development and field organizations, and investment in our next generation pump and fully implantable pump platforms.

On a GAAP basis, other expense was $1.3 million in the second quarter of 2011 versus $
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SOURCE Thoratec Corporation
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