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

Medical offset in part by cash generation from operations. Compared to the end of fiscal 2010, the cash balance also reflects the retirement of the company's convertible debt and share repurchase activity earlier in 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 $418-$423 million, representing a reduction relative to the prior guidance range of $422-$430 million. GAAP net income per diluted share is currently expected to be in the range of $1.08-$1.12, compared to $1.05-$1.15 previously.  Non-GAAP net income per diluted share is currently expected to be in the range of $1.48-$1.52, representing an increase from the prior guidance range of $1.40-$1.50.

Gross margin is expected to increase to approximately 69.0 percent on a GAAP basis and approximately 70.5 percent on a non-GAAP basis.

GAAP operating expenses are expected to increase approximately 16 percent over 2010, while non-GAAP operating expenses are expected to increase approximately 13 percent versus 2010.

CONFERENCE CALL/WEBCAST INFORMATION

Thoratec will hold a conference call to discuss its financial results and operating activities for all interested parties at 1:30 p.m., Pacific Daylight Time (4:30 p.m., Eastern Daylight Time), today. The teleconference can be accessed by calling (719) 325-4849, passcode 4439200. Please dial in 10-15 minutes prior to the beginning of the call. The webcast will be available through Tuesday, November 8, via http://www.thoratec.com or by telephone at (719) 457-0820, passcode 4439200.

GAAP TO NON-GAAP RECONCILIATION

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SOURCE Thoratec Corporation
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