Second-quarter profits slid nearly 24% for Thoratec (NSDQ:THOR), but the implantable heart pump maker still managed to soundly beat expectations for its sales and earnings.
Pleasanton, Calif.-based Thoratec posted profits of $13.2 million, or 24¢ per share, on sales of $128.7 million for the 3 months ended July 4, for a -23.9% bottom-line slide on sales growth of 9.0% compared with Q2 2014.
Thoratec, which last month agreed to be acquired by St. Jude Medical (NYSE:STJ) in a $3.4 billion deal, said adjusted earnings per share were 37¢, 9¢ ahead of expectations on Wall Street, where analysts were looking for sales of $118 million.
“The 2nd quarter continued our trend of improving company and market performance and marked a notable return of revenue growth throughout our business,” president & CEO Keith Grossman said in prepared remarks. “We were pleased not only with improved market growth, but also with our competitive position, particularly in the U.S.”
Thoratec did not issue updated guidance due to the pending acquisition by St. Jude.