Thoratec (THOR) reported a nice beat last night but the stock is moribund.
- Heart device maker Thoratec Corp. said its profit jumped 73 percent in the fiscal fourth quarter due to strong sales of its HeartMate II pump. Late Thursday, Thoratec said its profit grew to $6.4 million, or 11 cents per share, compared with $3.7 million, or 7 cents per share, in the fourth quarter of 2007. Revenue increased 34 percent, to $85.7 million from $64.1 million.
- The results exceeded Wall Street expectations. Analysts had forecast a profit of 14 cents per share and $81.2 million in revenue, according to Thomson Financial.
- During that period, the company added 12 new HeartMate II centers, giving it a total of 101 in North America.
- The company said its profit surged almost sevenfold in fiscal 2008, rising to $22.5 million, or 39 cents per share. A year ago the company earned $3.2 million, or 6 cents per share. Its adjusted profit grew to 61 cents per share, from 33 cents per share. Revenue rose 34 percent, to $313.6 million from $234.8 million. More than half that total, $160.8 million, came from sales of HeartMate II and HeartMate XVE.
- Cash and investments at the end of the quarter were $278.6 million, an increase of $60.3 million from the end of fiscal 2007. The cash and investment balance includes $30.0 million of Auction Rate Securities classified as long- term investments.
- Thoratec said it expects a profit of 41 cents to 47 cents per share for the year, or 70 cents to 76 cents per share excluding one-time items. It forecast $345 million to $355 million in revenue. Analysts are expecting a profit of 72 cents per share and $353.7 million in revenue, according to a Thomson Reuters survey.
Until the stock bursts through some resistance above we'll wait to add any. But business seems to clicking along nicely... but not the current flavor of the day.
Long Thoratec in fund; no personal position