Pleasanton, Calif.-based Thoratec, which makes heart pumps for patients with severe heart disease, posted profits of $23.2 million, or 40¢ per share, on sales of $130.5 million for the 3 months ended June 29.
That amounts to profit growth of 11.4% on top-line gains of 10.0%. Adjusted to exclude 1-time items, earnings per share of 52¢ topped The Street’s estimate by 9¢, sending share prices up some 10.0% as of about 11:20 a.m. at $36.08 apiece.
Sales of Thoratec’s flagship left ventricular assist device, the HeartMate II, were up 9% globally, according to president & CEO Gary Burbach.
"We recently celebrated the 15,000th implant of HeartMate II, a significant milestone for Thoratec, the broader field of mechanical circulatory support, and the patients that we serve," Burbach said in prepared remarks. "HeartMate II has set a new standard for clinical performance and has facilitated broader adoption of VAD therapy. We remain committed to continuing to drive the field forward through our significant investments in market and product development."
Thoratec confirmed its sales outlook for the rest of the year, saying it expects to post revenues of $490 million to $510 million in 2013.
But the company narrowed its EPS guidance on a 7¢ charge from its $44 million buyout of the DuraHeart II heart pump from Terumo Corp. (TYO:4543). Thoratec said it now expects to report EPS of $1.23-$1.33, down from $1.32-$1.42, and adjusted EPS of $1.69-$1.79, down from $1.76 to $1.86, according to a press release.