Thoratec (NSDQ:THOR) shares are up more than 11% today after the heart pump maker put mid-double-digit profit growth numbers on the board for the 4th quarter and full-year 2011.
The Pleasanton, Calif.-based cardiac assist device maker logged profits of $15.3 million, or 25 cents per diluted share, on sales of $109.4 million for the 3 months ended Dec. 31, 2011. That’s a 46.4% bottom-line gain and a top-line boost of 12.1%, compared with profits of $10.5 million, or 17 cents diluted EPS, on sales of $97.6 million during Q4 2010.
For the full year, Thoratec reported profits were up 34.6%, to $71.5 million ($1.19 diluted EPS), on sales of $422.7 million – a 10.4% top-line gain.
In early 2010, the company won pre-market approval for its HeartMate II left ventricular assist device as a so-called “destination therapy.” That meant it could be marketed to heart disease patients too sick to undergo a transplant or other cardiac surgeries.
President & CEO Gary Burbach said the HeartMate II device’s expanding footprint drove the strong results.
“Our growth came primarily from utilization increases at existing VAD programs, driven largely by our investment in market development initiatives, but also from continued expansion of the therapy to new centers,” Burbach said in prepared remarks. “Our 4th-quarter performance was particularly encouraging, highlighted by mid-teens volume growth of HeartMate II in both the U.S. and our direct European markets. Internationally, HeartMate II had its best quarter in history, and in the U.S., we estimate that the destination therapy indication climbed to over 40% of HeartMate II implants, providing us with solid momentum as we enter 2012.”
THOR shares were trading at $43.34 today as of about 3:15 p.m., up 11.5%.