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UPDATE 1-Thoratec Q1 results better than expected, shares jump
April 29, 2010 / 9:42 PM / in 7 years

UPDATE 1-Thoratec Q1 results better than expected, shares jump

* Q1 adj EPS $0.29 vs est $0.23

* Revenue up 36 pct to $121.6 mln

* Shares up 13 pct after market

April 29 (Reuters) - Cardiac-device maker Thoratec Corp THOR.O posted better-than-expected quarterly results, driven by strong sales at its cardiovascular division, sending its shares up 13 percent in after-market trade.

For the first quarter, net income was $12.4 million, or 21 cents a share, compared with $5.6 million, or 10 cents a share, a year ago.

Excluding items, the company earned 29 cents a share.

Analysts on average were expecting 23 cents a share, before items, according to Thomson Reuters I/B/E/S.

Revenue rose 36 percent to $121.6 million, ahead of market estimates of $101.6 million. Cardiovascular division revenue jumped 54 percent to $99.3 million, while revenue at its International Technidyne Corp (ITC) division dropped 10 percent.

Gross margin was 62.4 percent versus 60.4 percent a year ago.

For 2010, the company expects to earn between $1.14 and $1.19 a share, excluding items, on revenue of $365 million to $375 million.

The full year outlook excludes the ITC division, the company said. Earlier this week, Thoratec said it agreed to sell its ITC division to Danaher Corp (DHR.N). [ID:nWNAB1909]

Analysts on average were expecting 2010 earnings of $1.07 per share, on revenue of $436.0 million.

Shares of the company rose 13 percent to $41.00 in after-market trade. They closed at $36.29 Thursday on Nasdaq. (Reporting by Shailesh Kuber in Bangalore; Editing by Anne Pallivathuckal)

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