Thoratec Q2 Results Top Estimates, Shares Climb - Update

(RTTNews) - Thoratec Corp. (THOR), a manufacturer of proprietary medical devices used for circulatory support, Wednesday reported higher profit for the second quarter, helped by the expansion of the international business. Adjusted earnings and revenues topped Wall Street view.

Further, the company cut its full year earnings guidance while maintaining the outlook for revenues.

Net income increased to $23.19 million or $0.40 per share from $20.81 million or $0.35 per share last year.

Non-GAAP net income was $30.4 million or $0.52 per share. In the previous year, adjusted net income totaled $26.8 million or $0.45 per share.

On average, 15 analysts polled by Thomson Reuters expected the company to report earnings per share of $0.43 for the quarter. Analysts' estimates typically exclude special items.

Revenues climbed 10 percent to $130.48 million from $118.66 million in the same period a year ago. Analysts expected revenue of $121.32 million for the quarter.

The HeartMate product line contributed $115.7 million, up 9 percent, driven primarily by expansion of the international business, including the commercial launch in Japan.

Sales of the CentriMag product line increased 44 percent to $11.5 million. Contribution from the PVADTM and IVADTM product line fell 29 percent to $2.7 million.

Gary Burbach, President and Chief Executive Officer, said, "Thoratec delivered strong results during the second quarter, supported by our leadership positions with HeartMate II and CentriMag, as well as our intense focus on driving continued growth in the global MCS market."

The company now expects fiscal 2013 net income per share in the range of $1.23 to $1.33, and non-GAAP net income per share to be in the range of $1.69 to $1.79. The previous projection was for earnings of $1.32 to $1.42 per share and adjusted earnings of $1.76 to $1.86 per share. The revision was made to account for the acquisition of DuraHeart II.

The company still expects revenues in the range of $490 million to $510 million for 2013.

Analysts expect the company to report fiscal 2013 profit per share of $1.75 on revenue of $495.02 million.

THOR closed up 0.7 percent at $32.79 on Wednesday, and advanced 8.3 percent in the extended trade.