12% losses are now just normal day to day action in this market for the average stock - so considering the news we'll take it. Instead of a $10K loss as I expected to take, we are taking a bit over $2k. The company reports Oct 30th and I expect Thoratec to smash earnings, but the problem for now is future guidance.
- The company urged patients to have their HeartMate II Left Ventricular Assist Systems implants checked after confirming 27 reports of cases in which wear and fatigue to an electrical wire required the devices to be replaced. The reports occurred over five years and are based on 1,972 implants. In five cases, the device could not be replaced and the patients died.
- RBC Capital Markets analyst Ryan Bachman reaffirmed a "Sector Perform" rating but cut his price target to $18 from $21. "The nature of Friday's dramatic press release caused investors to initially fear the worst, but after speaking with management, we believe the near-term financial impact may not be as bad as initially thought," Bachman said in a note to investors. "The situation is not good, to be sure, but it may not have warranted the 50 percent sell-off seen in after-hours trading Friday afternoon."
No position
