I'll admit being confused by this one; will have to find some time to listen to the conference call to get a take on why the bad news of last week has been brushed to the side. My main beef here is lack of long term visibility on Heartmate II; hopefully this was just a big pothole that was quickly corrected but who knows and in this market with so many cheap valuations there doesn't seem to be a great reason to risk capital on a story with so many questions at this point. But maybe we'll revisit some day down the road as this product seems to have a high uptake among doctors.
- Cardiac device maker Thoratec Corp (THOR) posted quarterly results that topped market estimates, helped by strength in its heart device HeartMate II LVAS, and raised its full-year outlook for the second time in less than three months.
- Reports Q3 (Sep) earnings of $0.17 per share, $0.07 better than the First Call consensus of $0.10; revenues rose 44.0% year/year to $80.8 mln vs the $69.4 mln consensus.
- The company said its implanted heart pump HeartMate II LVAS helped generate a 68 percent rise in revenue at its cardiovascular division, and it added 17 new HeartMate II centres in the quarter.
- Looking ahead, the company now sees earnings of 54 cents to 59 cents a share and revenue of $302 million to $308 million for fiscal 2008. In August, it had raised its full-year outlook and had forecast earnings of 47 cents to 52 cents a share, before items, on revenue of $285 million to $295 million