Thoratec (NSDQ:THOR) started today up 7.2% as investors reacted to its stellar 1st-quarter numbers, but by the time the market closed THOR shares had fallen back to Earth to close at $34.46, down 0.1%.
The heart pump maker posted profits of $25.5 million, or 43¢ per diluted share, on sales of $126.8 million for the 3 months ended March 31.
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That amounts to bottom-line growth of 54.8% and top-line growth of 27.4%, compared with profits of $16.5 million, or 27¢ diluted EPS, on sales of $99.5 million during the same period last year.
Excluding 1-time items, adjusted EPS reached 51¢, a full dime above consensus estimates on The Street.
"I am encouraged by the ongoing success of our market development initiatives," president & CEO Gary Burbach said in prepared remarks. "In particular, we believe our first quarter results reflect continued progress in generating referrals of well-qualified candidates for HeartMate II therapy, as well as in facilitating program expansion across a broad group of centers, including the increasingly important open heart center segment."
Thoratec said it expects to log revenues of between $452 million and $467 million during 2012, with diluted EPS of $1.24-$1.34 and adjusted EPS of $1.62-$1.72. Analysts on The Street are predicting adjusted EPS of $1.65 this year.
