Thoratec 3Q profit surges on heart pump success

Heart device maker Thoratec Corp. said Wednesday that its third-quarter profit almost doubled on strong growth in its cardiovascular division. The company also raised the low end of its full-year revenue forecast, and its shares rose more than 10 percent.

The company earned $11.8 million, or 20 cents per share, during the quarter that ended Oct. 3. That was up from $6.1 million, or 11 cents per share, during the year-ago period.

Revenue rose 9 percent to $87.9 million from $80.8 million a year ago.

Analysts surveyed by Thomson Reuters were expecting a profit of 19 cents per share on revenue of $88.4 million.

Sales have risen nearly 30 percent through the first nine months of this year in its cardiovascular division, driven by strong adoption of its HeartMate II heart pump for use by patients waiting for a transplant. The company is aiming for approval for the pump to be used permanently by people who aren't eligible for a transplant.

The company said revenue declined modestly in its International Technidyne unit.

Thoratec raised the low end of its revenue guidance by $5 million from what it had predicted in August. It said it now expects revenue of $360 million to $365 million for the year.

It said it expects to report a profit of 41 cents to 46 cents per share for the year, and an adjusted profit of 80 cents to 84 cents per share.

Analysts have forecast an adjusted profit of 80 cents per share on revenue of $364.9 million.

Thoratec shares rose $2.75, or 10.2 percent, to $29.74 in late trading, having closed earlier down 26 cents at $26.99.