Thoratec Corp (THOR) Tops Q1 EPS by 2c; Reaffirms

Thoratec Corp (NASDAQ: THOR) reported Q1 EPS of $0.41, $0.02 better than the analyst estimate of $0.39. Revenue for the quarter came in at $125.7 million versus the consensus estimate of $122.56 million.

Thoratec Corp sees FY2014 EPS of $1.72-$1.82, versus the consensus of $1.75. Thoratec Corp sees FY2014 revenue of $520-535 million, versus the consensus of $527.45 million.

"Our operational and financial progress in the first quarter provides a solid foundation for a successful 2014," said Gary F. Burbach, President and Chief Executive Officer. "Performance in the quarter was driven by continued growth in HeartMate II, along with exceptional results in our CentriMag acute product line," he added.

For the quarter ended March 29, 2014, Thoratec reported revenues of $125.7 million, a seven percent increase versus revenues of $117.7 million in the same period a year ago. Net income on a GAAP basis was $18.2 million, or $0.32 per diluted share, compared to GAAP net income of $18.2 million, or $0.31 per diluted share, in the same period last year. Non-GAAP net income, which is described later in this press release, was $23.7 million, or $0.41 per diluted share in the first quarter of 2014, compared to non-GAAP net income of $24.0 million, or $0.41 per diluted share, in the first quarter of 2013.

"We remain excited about upcoming pipeline opportunities with HeartMate III and HeartMate PHP, both of which we anticipate will begin clinical trials in the near future," Burbach commented. "We continue to expect that our attractive end market opportunity combined with technological innovation will drive strong future growth."

For earnings history and earnings-related data on Thoratec Corp (THOR) click here.

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