Key Developments For Thoratec Corp
Thoratec Corp (THOR.O) (Nasdaq)
Thoratec Corporation's Destination Therapy Trial Data Demonstrate Superiority For HeartMate II Over HeartMate XVE
Thoratec Corporation announced that data released from the Destination Therapy (DT) pivotal trial for the HeartMate II left ventricular assist system (LVAS) demonstrate that the device achieved statistically superior results over the HeartMate XVE, including survival at two years while remaining free from disabling stroke or the need for reoperation to replace or repair the pump. As treated survival was 58% for HeartMate II patients versus 24% for the HeartMate XVE patients. The HeartMate II Destination Therapy trial involved 200 patients enrolled at 38 centers who were randomized to the HeartMate XVE on a 2-1 basis, respectively. 46% of the HeartMate II patients successfully achieved the primary composite endpoint of survival at two years while remaining free from disabling stroke or the need for reoperation to replace or repair the pump versus eleven percent of the XVE patient cohort, on an intent to treat basis. Secondary endpoints in the trial included as treated actuarial survival, adverse events, functional status, patient quality of life, hospitalization and assessment of neuro-cognitive function. Patients enrolled in the trial ranged in age from 26 81 years old, with a median age of 64 years.
Thoratec Corporation Raises Low End Of Prior FY 2009 Revenue Outlook To A Range In Line With Analysts' Estimates; Raises FY 2009 EPS Outlook
Thoratec Corporation announced that for fiscal 2009, it now expects revenues to be in the range of $360-$365 million with GAAP net income per diluted share (EPS) expected to be in the range of $0.41-$0.46 and non-GAAP EPS is expected to be in the range of $0.80-$0.84. According to Reuters Estimates, analysts were expecting the Company to report revenues of $364 million and non-GAAP EPS of $0.79 for the same period.
Thoratec Corporation Updates FY 2009 Revenue Outlook; EPS Outlook To A Range Above Analysts' Estimates
Thoratec Corporation updated its fiscal 2009 outlook and expects revenue to be in the range of $355-$365 million, GAAP earnings per share (EPS) are expected to be in a range of $0.31-$0.37, including the adoption of FSPAPB 14-1 and the expenses associated with the HeartWare transaction, which combined are expected to be between $0.20-$0.21 per diluted share and non-GAAP EPS are expected to be $0.76-$0.81. According to Reuters Estimates, analysts were expecting the Company to report revenues of $358 million and non-GAAP EPS of $0.72 for the same period.
HeartWare International, Inc. Announces Joint Termination Of Proposed Merger
HeartWare International, Inc. on July 31, 2009 (US Eastern time), confirmed that both the HeartWare International, Inc and Thoratec Corporation had mutually determined to terminate the proposed acquisition of HeartWare by Thoratec in consequence of the US Federal Trade Commission’s decision to oppose the acquisition.
Thoratec Corporation and HeartWare International, Inc. Announces Termination of Proposed Transaction
Thoratec Corporation and HeartWare International, Inc. announced they have mutually agreed to terminate their merger agreement, announced on February 13, 2009, under which Thoratec would acquire HeartWare. The decision to terminate the merger agreement was made in response to a determination by the U.S. Federal Trade Commission (FTC) to file a complaint in the U.S. Federal District Court challenging the proposed acquisition.
