Thoratec Reports 14 Percent Growth in Cardiovascular Division Sales as Third Quarter Revenues Increase Ni... (On a GAAP basis other income totaled $3....)

Thoratec Reports 14 Percent Growth in Cardiovascular Division Sales as Third Quarter Revenues Increase Nine Percent

Date:11/4/2009

On a GAAP basis, other income totaled $3.9 million in the third quarter of 2009 versus other expense of $0.6 million a year ago. These changes in GAAP other income and expense are primarily attributable to a $5.2 million fair value gain on an embedded conversion feature within the HeartWare loan in part offset by the decline in interest rates and shortened maturities in the investment portfolio. The impact of the embedded conversion feature is excluded on a non-GAAP basis.

The company's GAAP effective tax rate in the third quarter of 2009 was 32.6 percent versus 19.6 percent a year ago. The non-GAAP tax rate for the third quarter of 2009, which is described later in this press release, was 34.0 percent versus 30.9 percent a year ago. The increases in the tax rates were due to an increase in pre-tax earnings and lower tax-exempt interest.

On a non-GAAP basis, the company's convertible debt was dilutive to the company's fully diluted weighted average shares outstanding. The increase was approximately 7.3 million shares.

Cash and investments at the end of the third quarter of 2009 were $304 million, including $16 million of restricted cash related to the credit facility made available to HeartWare International, Inc., and $25 million of Auction Rate Securities classified as long-term investments. This compares with $295 million at the end of the second quarter of 2009 and $279 million at the end of fiscal 2008.

Guidance for Fiscal 2009

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 additional information below.

Revenues for 2009 are now expected to be in the range of $360-$365 million, with GAAP net income per diluted share expected to be in the range of $0.41-$0.46. Non-GAAP net income per diluted share is expected to be in the ran
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SOURCE Thoratec Corporation
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