October 28, 2010 / 9:12 PM / 7 years ago

UPDATE 1-Thoratec Q3 results beat expectations, backs '10 view

2 Min Read

* Q3 non-GAAP EPS $0.32 vs est $0.28

* Q3 rev $91 mln, up 40 pct

* Reaffirms 2010 outlook

Oct 28 (Reuters) - Cardiac-device maker Thoratec Corp THOR.O posted better-than-expected quarterly results, helped by increased sales of its heart pump, HeartMate II, and kept its outlook for the full year.

For the third quarter, net income was $15.5 million, or 26 cents a share, compared with $11.8 million, or 20 cents a share, a year ago.

Excluding items, the company earned 32 cents a share.

Analysts on average were expecting 28 cents a share, according to Thomson Reuters I/B/E/S.

Product sales rose 40 percent to $91 million, above analysts' view of $89.5 million.

For 2010, the company continues to expect earnings of $1.19 to $1.23 a share, excluding items, on revenue of $380-$385 million.

Analysts on average expect the company to earn $1.23 per share on revenue of $385.5 million.

Shares of the Pleasanton, California-based company closed at $35.09 Thursday on Nasdaq. They have fallen about 18 percent since Thoratec reported second-quarter results in July. (Reporting by Suzannah Benjamin in Bangalore; Editing by Don Sebastian)

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