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Thoratec Reports Third Quarter Fiscal 2011 Results
Date:11/1/2011

PLEASANTON, Calif., Nov. 1, 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 that revenues for the third quarter of 2011 were $102.6 million, a 13 percent increase over revenues of $91.0 million in the same period a year ago.

Results for all periods exclude the impact of the International Technidyne Corporation (ITC) Division. Thoratec completed the divestiture of ITC in November 2010.

For the quarter ended October 1, 2011, Thoratec reported net income on a GAAP basis of $19.0 million, or $0.31 per diluted share, versus GAAP net income of $15.5 million, or $0.26 per diluted share, in the same period a year ago. Non-GAAP net income, which is described later in this press release, was $25.1 million, or $0.41 per diluted share, in the third quarter of 2011, versus non-GAAP net income of $20.8 million, or $0.32 per diluted share, in the third quarter a year ago.

For the first nine months of fiscal 2011, revenues were $313.3 million, an increase of ten percent over revenues of $285.4 million in the same period a year ago. On a GAAP basis, Thoratec reported net income of $57.2 million, or $0.95 per diluted share, for the first nine months of 2011. For the first nine months of 2010, the company reported GAAP net income of $46.4 million, or $0.78 per diluted share. Non-GAAP net income in the first nine months of 2011 was $74.3 million, or $1.18 per diluted share, compared with non-GAAP net income of $61.7 million, or $0.95 per diluted share, in the first nine months of 2010.

"Thoratec had a solid third quarter, generating double-digit growth in pump unit sales year-over-year in both the U.S. and international markets. We continue to benefit from increased adoption of mechanical circulatory support, as well as the market leadersh
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SOURCE Thoratec Corporation
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