Thoratec Profit Tops Estimate; Reaffirms FY Outlook - Quick Facts

(RTTNews) - Medical device maker Thoratec Corp. (THOR) Tuesday reported first-quarter net earnings of $18.24 million or $0.32 per share compared with $18.17 million or $0.31 per share last year.

Excluding items, adjusted earnings for the quarter were $23.7 million or $0.41 per share compared with $24 million or $0.41 per share a year ago.

Revenues for the quarter were up 7% at $125.7 million compared with $117.7 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.39 per share on revenues of $122.6 million for the quarter. Analysts' estimates typically exclude special items.

"Performance in the quarter was driven by continued growth in HeartMate II, along with exceptional results in our CentriMag acute product line," said CEO Gary Burbach.

Results were somewhat impacted by gross margin that shrunk to 68.2 percent from 70.2 percent last year.

Looking ahead to fiscal 2014, the company continues to expect net earnings of $1.28 to $1.38 per share, adjusted earnings of $1.72 to $1.82 per share and revenues of $520 million to $535 million.

Analysts expect earnings of $1.75 per share on revenues of $527.45 million for the year.

Pleasanton, California-based Thoratec develops proprietary medical devices used for mechanical circulatory support for the treatment of heart failure patients.