Investors reacted negatively to Thoratec‘s (NSDQ:THOR) 4th-quarter and 2012 results, despite earnings in line with Wall Street’s expectations and revenues that soundly beat its forecast for the full year.
Thoratec Corp.
Thoratec lands FDA win for HeartMate II trial
Japanese health regulators approve Thoratec ‘s HeartMate II pump
Report: Baxter’s in the hunt for $4B Gambro buyout | Wall Street Beat
Thoratec kills it in Q3, raises sales & earnings outlook
Thoratec (NSDQ:THOR) beat Wall Street’s expectations by 10¢ with its 3rd-quarter results, posting double-digit sales and earnings increases but failing to impress investors on The Street.
The Pleasanton, Calif.-based medical device company reported profits of $24.3 million, or 41¢ per share, on sales of $117.8 million during the 3 months ended Sept. 29, representing sales growth of 14.8% and a 35.1% earnings increase.
HeartWare bails on study evaluating LVAD in healthier patients
HeartWare International (NSDQ:HTWR) decided to back out of the REVIVE-IT study of its left-ventricular assist device, citing the need to focus efforts on the company’s efforts to win FDA approval for the device.
The REVIVE-IT study, which the HeartWare had contributed about $600,000 to, was designed to evaluate the company’s LVAD system in patients with lower-risk heart disease.
Thoratec names Taylor Harris permanent CFO | Personnel Moves
Meeting: Will CMS limit off-label use of left ventricular assist devices?
The Centers for Medicare & Medicaid Services are likely to leave current payment intact for left ventricular assist devices, but an agenda released ahead of a November meeting hints at possible restrictions on off-label use for the costly devices.
The federal agency plans to meet November 14 to review available evidence on LVADs and discuss how best to optimize outcomes for heart failure patients, especially when it comes to pinpointing which patients are likely to benefit from the procedure.
HeartWare closes $8M World Heart buyout
R&D expenses clip Thoratec’s profits, shares slide more than 6%
Medical Device Tax: SCOTUS ruling on healthcare reform a long-term boon for medical device companies
The U.S. Supreme Court’s decision to uphold the healthcare reform law – and therefore the medical device tax – could bode well for medical device companies over the long term, Wall Street analysts say.
Companies have already baked the impact of the 2.3% revenue tax into their assumptions, as have most med-tech investors, the analysts say. That likely means a short-term hit on The Street, as the upside of repeal evaporated this morning, but longer-term growth as 30 million to 40 million new patients gain health insurance.