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

ibed later in this press release, was 71.6 percent versus 68.9 percent a year ago. The increase in non-GAAP gross margin was due to favorable foreign exchange and pump to non-pump mix.

Operating expenses on a GAAP basis in the third quarter of 2011 were $43.9 million versus $35.9 million a year ago. On a non-GAAP basis, operating expenses in the third quarter of 2011 were $36.3 million versus $30.8 million in the third 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 addition of the Levitronix Medical business, increased spending on product and market development initiatives, and continued expansion of our research and development and field organizations.  

On a GAAP basis, other income was $280,000 in the third quarter of 2011 versus $1.8 million of other expense in the same period a year ago. On a non-GAAP basis, other income was $280,000 versus other income of $354,000 a year ago. Other income on a non-GAAP basis is described later in this press release.

The company's GAAP effective tax rate for the third quarter of 2011 was 32.2 percent versus 37.4 percent a year ago. The non-GAAP tax rate, which is described later in this press release, was 32.9 percent versus 35.5 percent in the third quarter of 2010. The decrease in the GAAP and non-GAAP tax rates was due to a one-time California research and development credit and favorable return to provision adjustments.  In addition, the company was unable to recognize federal research and development credits in the third quarter of 2010 due to the absence of enacted legislation.

Cash and investments at the end of the third quarter of 2011 were $232.6 million versus $298.5 million at the end of second quarter and $469.5 million at the end of fiscal 2010. The decline in cash and investments from the prior quarter reflects the acquisition of Levitronix
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