NEW YORK (AP) -- Shares of Thoratec Corp. slumped Friday after the heart device maker's first-quarter results fell short of Wall Street estimates.
Thoratec said its net income fell because it spent more money on product and market development, and its revenue declined. The Pleasanton, Calif., company said sales of its HeartMate pumps fell 8 percent during the quarter.
Net income was down 29 percent, to $18.2 million, or 31 cents per share, from $25.5 million, or 43 cents per share. Excluding one-time items, the company made 41 cents per share in the latest quarter. Revenue slid 7 percent, to $117.7 million. HeartMate sales dropped to $102.9 million.
Analysts expected 46 cents per share and $122.2 million in revenue, according to FactSet.
HeartMate pumps are used in patients who are waiting for a heart transplant or in those too sick for heart transplant surgery. Thoratec began selling its HeartMate II Pocket Controller in Europe during the quarter. The device has not yet received U.S. approval.
Thoratec maintained its estimates for the full year, forecasting adjusted income of $1.76 to $1.86 per share on $490 million to $510 million. Analysts expect $1.80 per share on $497.5 million in revenue, on average.
Thoratec stock lost $4, or 11 percent, to $32.52 in afternoon trading. The shares have traded between $29.39 and $39.86 in the last year.