Thoratec up in after-hours trading on 2Q results

Thoratec 2nd-quarter net income and revenue top expectations, shares rise aftermarket

Associated Press

NEW YORK (AP) -- Shares of Thoratec Corp. gained ground in aftermarket trading Wednesday after the heart device maker's second-quarter net income and revenue beat Wall Street forecasts on better sales of its HeartMate pumps.

Net income rose 11 percent. Sales of its HeartMate pumps climbed 9 percent to $115.7 million on better international sales, including the launch of the device in Japan. HeartMate pumps are used in patients who are waiting for a heart transplant or in those too sick for heart transplant surgery.

Thoratec shares rose $2.83, or 8.6 percent, to $35.62 in aftermarket trading.

Net income was $23.2 million, or 40 cents per share, up from $20.8 million, or 35 cents per share. Excluding one-time items Thoratec made 52 cents per share over the three months ended June 29. Revenue rose 10 percent, to $130.5 million.

Analysts forecast 43 cents per share and $121.3 million in revenue, according to FactSet.

Thoratec now expects net income of $1.69 to $1.79 per share for this year. It had called for $1.76 to $1.86 per share but lowered its estimate to include costs related to an acquisition. It maintained its estimate of $490 million to $510 million in revenue.

Analysts are projecting net income of $1.73 per share and $494.2 million in revenue, on average.

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