Thoratec Hammered After Hours On Q2 Rev Miss, Weak Outlook

Benzinga

Thoratec's (NASDAQ: THOR) shares plunged 25 percent in the extended session when it missed consensus second-quarter sales estimate by eight percent and offered a disappointing 2014 earnings outlook.

"We are disappointed with the shortfall in our financial results as near-term factors are having a greater than expected negative impact on our business," Chief Executive Gary F. Burbach told investors.

Net earnings in the recent period fell 25 percent while sales declined 10 percent.

Along with its earnings announcement, Thoratec also said it launched a trial for European marketing approval of its HeartMate pump and said it will accelerate an existing buyback program by acquiring $30 million in shares in the third quarter.

The company forecast 2014 adjusted earnings of $1.25 to $1.35 a share, on revenue of $455 million to $470 million. Analysts expected $1.75 a share on revenue of $523.42.

For the recent second quarter, net earnings declined to $17.4 million or $0.30 cents a share, from $23.2 million, or $0.40 cents a year earlier. Adjusted income was $0.43 cents a share, down from $0.53 a year ago.

Second-quarter revenue fell to $118.1 million from $130. 5 million.

Wall Street expected adjusted profit of $0.43 cents a share on revenue of $128.3 million.

Thoratec in after-hours trading was changing hands at $24.20, down 25.7 percent.

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