Thoratec Corp (THOR) Reports In-Line Q2 EPS, FY14 Guidance Misses Views

Thoratec Corp (NASDAQ: THOR) reported Q2 EPS of $0.43, in-line with the analyst estimate of $0.43. Revenue for the quarter came in at $118.1 million versus the consensus estimate of $128.3 million.

The HeartMate® product line contributed $102.0 million, a decrease of 12 percent while the CentriMag product line contributed $13.1 million, an increase of 14 percent.

Thoratec Corp sees FY2014 EPS of $1.25-$1.35, versus the consensus of $1.75. Thoratec Corp sees FY2014 revenue of $455-470 million, versus the consensus of $523.42 million.

Gross margin is expected to be approximately 69 percent on a GAAP basis and 70.5 percent on a non-GAAP basis. We expect the effective tax rate to be approximately 31 percent on both a GAAP and non-GAAP basis. The guidance above does not include any impact from the Apica Cardiovascular acquisition's purchase price allocation, which has not yet been finalized; however, this purchase price allocation should not affect results on a non-GAAP basis.

"We are disappointed with the shortfall in our financial results as near-term factors are having a greater than expected negative impact on our business," said Gary F. Burbach, President and Chief Executive Officer. "However, our confidence in the long-term outlook for our business remains unchanged, and we will focus on executing to realize these opportunities while working diligently on implementing actions to improve near-term results."

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

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