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

2.0 million in the same period a year ago. On a non-GAAP basis, other expense was $35,000 versus $22,000 a year ago. Other expense on a non-GAAP basis is described later in this press release.

The company's GAAP effective tax rate for the second quarter of 2011 was 33.9 percent versus 35.4 percent a year ago. The non-GAAP tax rate, which is described later in this press release, was 34.2 percent versus 35.4 percent in the second quarter of 2010. The decrease in the GAAP and non-GAAP tax rates reflects the company's inability in the second quarter of 2010 to recognize federal research and development credits in the absence of enacted legislation.

Cash and investments at the end of the second quarter of 2011 were $298.5 million versus $438.0 million at the end of the first quarter of 2011 and $469.5 million at the end of fiscal 2010. The decline in cash and investments from year end was due to the retirement of the company's convertible debt and the share repurchase activity in the first quarter of 2011.

GUIDANCE

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 that revenues for fiscal 2011 will be in the range of $422 to $430 million. This represents an increase from prior guidance and reflects the contribution from the first half of the year, and the expectation for ongoing growth in the second half of the year, along with $4 million in incremental revenues attributable to the acquisition of Levitronix Medical.

Gross margin is expected to increase to a range of 68.5 to 69.5 percent on a GAAP basis and 69 to 70 percent on a non-GAAP basis, reflecting the strong gross margin performance during the first half of 2011 and the expectation for moderation in the second
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SOURCE Thoratec Corporation
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