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UPDATE 1-Thoratec Q3 beats Street, raises '08 view; shares jump
October 30, 2008 / 9:20 PM / 9 years ago

UPDATE 1-Thoratec Q3 beats Street, raises '08 view; shares jump

* Q3 non-GAAP EPS $0.17, revenue $80.8 mln

* Raises 2008 outlook

* Shares rise 10 pct

Oct 30 (Reuters) - Cardiac device maker Thoratec Corp THOR.O posted quarterly results that topped market estimates, helped by strength in its heart device HeartMate II LVAS, and raised its full-year outlook for the second time in less than three months. [ID:nWNAB5369]

Shares of the company rose 10 percent to $24 in trading after the bell. They closed at $21.85 Thursday on Nasdaq.

The company said its implanted heart pump HeartMate II LVAS helped generate a 68 percent rise in revenue at its cardiovascular division, and it added 17 new HeartMate II centres in the quarter. [ID:nPnAQTH065]

Last week, the company’s shares had lost more than half of their value after it said wear and fatigue related to HeartMate II LVAS may require surgical replacement that could potentially be fatal. [ID:nBNG396083]

Looking ahead, the company now sees earnings of 54 cents to 59 cents a share and revenue of $302 million to $308 million for fiscal 2008.

In August, it had raised its full-year outlook and had forecast earnings of 47 cents to 52 cents a share, before items, on revenue of $285 million to $295 million. (Reporting by Vidya L Nathan in Bangalore; Editing by Deepak Kannan)

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