Thoratec Q3 Profit Declines

(RTTNews) - Thoratec Corp. (THOR) reported that its third-quarter net income decreased to $18.9 million, or $0.32 per share, from $24.3 million, or $0.41 per share, last year.

Non-GAAP net income was $28.5 million, down from $29.2 million in the comparable quarter last year. Earnings per share were $0.49, same as last year.

On average, 15 analysts polled by Thomson Reuters expected the company to report profit per share of $0.40 for the quarter. Analysts' estimates typically exclude special items.

Revenues were $126.4 million, up 7 percent increase from $117.8 million in the same period a year ago. Analysts expected revenue of $121.30 million for the quarter.

The company is increasing guidance for fiscal 2013 net income per diluted share to a range of $1.30 to $1.35 on a GAAP basis and $1.80 to $1.85 on a non-GAAP basis.

Earlier, the company expected net income per share to be 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 company is narrowing guidance for fiscal 2013 revenues to a range of $500 million to $505 million compared with the previous guidance range of $490 million to $510 million.

Analysts expect the company to report fiscal 2013 profit per share of $1.75 on revenue of $502.63 million.