Thoratec (NSDQ:THOR) shares are up today after the medical device company said its 3rd-quarter sales and earnings beat expectations on Wall Street and raised its earnings guidance for the rest of the year.
Pleasanton, Calif.-based Thoratec posted profits of $18.9 million, or 32¢ per share, on sales of $126.4 million for the 3 months ended Sept. 28, for a profit decline of 22.1% on sales growth of 7.4% compared with Q3 2012.
Adjusted to exclude 1-time items, earnings per share reached 49¢, well ahead of expectations for EPS of 40¢ on The Street. Thoratec’s Q3 sales also beat analysts’ forecasts, by about $5 million.
"Thoratec generated strong results during the 3rd quarter, highlighted by continued growth in our HeartMate II and CentriMag product lines. We continue to drive expansion of the worldwide market for MCS therapy and delivered international revenue growth of 32% during the quarter,"," president & CEO Gary Burbach said in prepared remarks. "We remain solidly on track to achieve our targets for 2013 and continue to invest in strategies to promote sustainable long term growth, while strengthening our industry leading position within the field of mechanical circulatory support."
Thoratec narrowed its sales guidance for 2013 from between $490 million and $510 million to $500 million to $505 million, but boosted its earnings-per-share outlook. Diluted EPS are now slated to reach $1.30-$1.35, up from $1.23-$1.33, with adjusted EPS pegged at $1.80-$1.85, up from $1.69-$1.79.
THOR shares were trading at $42.31 apiece today as of about 11:40 a.m., up 7.5%.