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UPDATE 2-Thoratec shares plunge as 2010 outlook disappoints
July 29, 2010 / 9:22 PM / 7 years ago

UPDATE 2-Thoratec shares plunge as 2010 outlook disappoints

* Q2 adj EPS $0.34 vs est $0.32

* Q2 rev $95.1 mln vs est $95.2 mln

* Sees 2010 adj EPS $1.19 to $1.23 vs est $1.23

* Sees 2010 rev $380 mln to $385 mln vs est $386.9 mln

* Shares down 13 pct (Adds details, updates stock movement)

July 29 (Reuters) - Cardiac devices maker Thoratec Corp THOR.O forecast full-year revenue that fell short of market expectations and gave 2010 earnings that may miss analysts’ consensus view, sending its shares down 13 percent.

The maker of the HeartMate II heart pump said it now sees 2010 revenue from continuing operations of $380 million to $385 million in 2010, below the market consensus of $386.9 million.

It forecast full-year adjusted earnings of $1.19 and $1.23, a share. Analysts on average were expecting the company to earn $1.23 for the year, according to Thomson Reuters I/B/E/S.

The earnings forecast represents a raise from the company’s previous range for adjusted earnings of $1.14 to $1.19 a share that it had forecast in April.

However, at the time, Thoratec had also forecast an adjusted full-year profit of $1.23 to $1.28 a share, excluding the impact of a one-time acquisition related charge.

For the second-quarter, the company posted adjusted earnings of 34 cents a share, compared with analysts’ expectations of a profit of 32 cents.

Revenue for the quarter ended July 3 was $95.1 million, which compares with market expectations of $95.2 million.

Thoratec shares, which have risen 57 percent over the last six months, were down 13 percent at $37 in trading after the bell. They closed at $42.54 Thursday on Nasdaq. (Reporting by Krishnakali Sengupta in Bangalore; Editing by Anthony Kurian)

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