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Thoratec reports 4th quarter revenue of $128 million

Year-end revenues were $477.6 million, down 5%

Pleasanton-based Thoratec Corporation, developer and manufacturer of device-based mechanical circulatory support heart therapies has reported revenues of $128 million for the its fourth fiscal quarter of 2014.

That compares to revenues of $128.2 million in the same period of 2013.

"We were pleased with our results in the fourth quarter, which included sequential improvement in overall market growth and our competitive position," said D. Keith Grossman, president and chief executive officer.

"I am encouraged by initial progress with our recent organizational and execution related initiatives, and by the sales performance across all of our key geographies," he added.

Net income based on generally accepted accounting principles (GAAP) was $11.8 million, or $0.21 per diluted share, compared with GAAP net income of $13.1 million, or $0.23 per diluted share, in the same period a year ago.

Non-GAAP net income was $21.4 million, or $0.39 per diluted share, compared with non-GAAP net income of $22.1 million, or $0.38 per diluted share, in the same period a year ago.

For the year ended January 3, 2015, revenues were $477.6 million, a decrease of 5% compared to revenues of $502.8 million in the same period a year ago.

Net income on a GAAP basis was $50.4 million, or $0.89 per diluted share, compared with GAAP net income of $73.3 million, or $1.26 per diluted share, in the same period a year ago. Non-GAAP net income was $79.7 million, or $1.40 per diluted share, compared with non-GAAP net income of $104.9 million, or $1.80 per diluted share, in the same period a year ago.

"We made significant advancements in our product pipeline during the quarter, including completion of enrollment in the HeartMate III CE Mark trial, substantial enrollment in the safety phase of the HeartMate III IDE in the U.S., and additional cases in the HeartMate PHP CE Mark trial, all of which continue to bring us closer to commercialization of exciting next generation products," Grossman said.

"While we will have significant work over the next few quarters in order to achieve sustained favorable trends, my confidence in the long-term potential of our business remains very high and I look forward to realization of our future opportunities."

Thoratec maintains its global headquarters at 6035 Stoneridge Drive.

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