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Thoratec® Reports Second Quarter 2013 Results



                Thoratec® Reports Second Quarter 2013 Results

- Revenue of $130.5 million for the second quarter of 2013, an increase of 10%
year-over-year

- GAAP Net Income per Diluted Share of $0.40, and Non-GAAP Net Income per
Diluted Share of $0.52

- Company reaffirms full-year 2013 guidance for revenue of $490 million to
$510 million and adjusts guidance for earnings per share to account for the
acquisition of DuraHeart® II

PR Newswire

PLEASANTON, Calif., July 31, 2013

PLEASANTON, Calif., July 31, 2013 /PRNewswire/ -- Thoratec Corporation
(NASDAQ: THOR), a world leader in device-based mechanical circulatory support
therapies to save, support and restore failing hearts, today reported its
financial results for the second quarter and first half of 2013.

"Thoratec delivered strong results during the second quarter, supported by our
leadership positions with HeartMate II^® and CentriMag^®, as well as our
intense focus on driving continued growth in the global MCS market," said Gary
F. Burbach, President and Chief Executive Officer. "HeartMate II unit volume
increased by nine percent on a global basis, highlighted by sequential growth
in the U.S. market and robust growth internationally, driven in part by our
successful initial launch in Japan," he added.

For the quarter ended June 29, 2013, Thoratec reported revenues of $130.5
million, a ten percent increase versus revenues of $118.6 million in the same
period a year ago.  Net income on a GAAP basis was $23.2 million, or $0.40 per
diluted share, compared to GAAP net income of $20.8 million, or $0.35 per
diluted share, in the same period last year.  Non-GAAP net income, which is
described later in this press release, was $30.4 million, or $0.52 per diluted
share in the second quarter of 2013, compared to non-GAAP net income of $26.8
million, or $0.45 per diluted share, in the second quarter of 2012.

For the first six months of fiscal 2013, revenues were $248.2 million, an
increase of one percent over revenues of $245.4 million in the same period a
year ago. Net income on a GAAP basis was $41.4 million, or $0.71 per diluted
share, compared with GAAP net income of $46.3 million, or $0.78 per diluted
share, in the same period a year ago. Non-GAAP net income was $54.3 million,
or $0.93 per diluted share, compared with non-GAAP net income of $57.4
million, or $0.96 per diluted share, in the same period a year ago.

"We recently celebrated the 15,000^th implant of HeartMate II, a significant
milestone for Thoratec, the broader field of mechanical circulatory support,
and the patients that we serve," Burbach commented.  "HeartMate II has set a
new standard for clinical performance and has facilitated broader adoption of
VAD therapy.  We remain committed to continuing to drive the field forward
through our significant investments in market and product development."

Second Quarter and First Six Months of 2013 Financial Results

Thoratec reported revenues of $130.5 million in the second quarter of 2013, an
increase of ten percent compared to the same quarter last year.  The HeartMate
product line contributed $115.7 million, an increase of nine percent, driven
primarily by expansion of our international business, including the commercial
launch in Japan. The CentriMag product line contributed $11.5 million, an
increase of 44 percent, and the PVAD^TM and IVAD^TM product line contributed
$2.7 million, a decrease of 29 percent.

For the first half of 2013, Thoratec reported revenues of $248.2 million, an
increase of one percent, compared to the same period last year. The HeartMate
product line contributed $218.6 million to revenues, relatively in-line with
the same period last year, while the CentriMag product line contributed $21.9
million, an increase of 31 percent. The PVAD and IVAD product line contributed
$6.5 million, a decrease of 32 percent.

GAAP gross margin in the second quarter of 2013 was 68.6 percent compared to
69.6 percent in the same quarter last year. The decrease in GAAP gross margin
was due primarily to manufacturing variances, and the impact of the U.S.
medical device excise tax, which we recorded for the first time at the
beginning of 2013, offset by lower intangible amortization expense and the
absence of the Levitronix Medical fair market value inventory adjustment. 
Non-GAAP gross margin, described later in this press release, was 70.4 percent
compared to 72.1 percent in the same quarter last year.

GAAP operating expenses in the second quarter of 2013 were $56.4 million
compared to $51.8 million in the same quarter last year. The increase in GAAP
operating expenses was due primarily to incremental personnel supporting our
product and market development initiatives, offset by the absence of an
expense related to the termination of a distributor in 2012. Non-GAAP
operating expenses, described later in this press release, were $47.7 million
compared to $46.1 million in the same quarter last year. 

The company's GAAP effective tax rate in the second quarter of 2013 was 30.3
percent versus 32.7 percent a year ago. The decrease in the GAAP effective tax
rate was primarily due to the federal research tax credit, which we recognized
in 2013 but were unable to recognize in 2012 due to the absence of enacted
legislation. The non-GAAP tax rate, which is described later in this press
release, was 31.5 percent versus 32.2 percent in the same period last year.

Cash and investments were $270.9 million as of June 29, 2013, compared to
$262.1 million as of March 30, 2013, and $260.4 million as of December 29,
2012. 

GUIDANCE FOR FISCAL 2013

The following statements are based on current expectations. These statements
are forward-looking and actual results may differ materially. For a more
detailed discussion of forward-looking statements, please see the additional
information below. 

The company reaffirmed prior guidance for fiscal 2013 revenues, which are
expected to be in the range of $490 million to $510 million.  For fiscal 2013
net income per share, the company has adjusted its GAAP and non-GAAP guidance
to account for the previously disclosed $6-7 million of recurring operating
expenses (approximately $0.07 per share on an after-tax basis) associated with
the development of DuraHeart II, which Thoratec recently acquired.   GAAP net
income per share guidance has also been adjusted to include $1.3 million of
transaction-related expenses incurred through the end of the second quarter. 
Following these adjustments, GAAP net income per diluted share is expected to
be in the range of $1.23 to $1.33, and non-GAAP net income per diluted share
is expected to be in the range of $1.69 to $1.79.  Guidance above does not
include the impact of the DuraHeart II acquisition's purchase price allocation
(which has not yet been finalized) and any incremental transaction-related
expenses that may be incurred during the second half of the year; however,
these items will not affect results on a non-GAAP basis.

CONFERENCE CALL/WEBCAST INFORMATION

Thoratec will hold a conference call to discuss its financial results and
operating activities for all interested parties at 1:30 p.m., Pacific Daylight
Time (4:30 p.m., Eastern Daylight Time), today. The teleconference can be
accessed by calling (719) 325-2396, passcode 9195808. Please dial in 10-15
minutes prior to the beginning of the call. The webcast will be available via
the Internet at http://www.thoratec.com.  A replay of the conference call will
be available through Thursday, August 8, via http://www.thoratec.com or by
telephone at (719) 457-0820, passcode 9195808.

GAAP TO NON-GAAP RECONCILIATION

Thoratec management evaluates and makes operating decisions using various
measures. These measures are generally based on revenues generated by the
company's products and certain costs of producing those revenues, such as
costs of product sales, research and development and selling, general and
administrative expenses. We use the following measures, which are not
calculated in accordance with Generally Accepted Accounting Principles
("GAAP"): non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating
expenses, non-GAAP tax rate, non-GAAP net income, non-GAAP net income per
diluted share and non-GAAP shares used to compute diluted net income per
share. These are non-GAAP financial measures under Section 101 of Regulation G
under the Securities Exchange Act of 1934, as amended. These non-GAAP
financial measures are calculated by excluding certain GAAP financial items
that we believe have less significance to the day-to-day operation of our
business.  The company has outlined below the type and scope of these
exclusions and the limitations on the use of the non-GAAP financial measures
as a result of these exclusions.

Management uses these non-GAAP financial measures for financial and
operational decision making, including in the determination of employee annual
cash incentive compensation, as a means to evaluate period-to-period
comparisons, as well as comparisons to our competitors' operating results. 
Management also uses this information internally for forecasting and
budgeting, as it believes that the measures are indicative of Thoratec core
operating results.  Management also believes that non-GAAP financial measures
provide useful supplemental information to management and investors regarding
the performance of the company's business operations, provide a greater
transparency with respect to key metrics used by management in its decision
making, facilitate comparisons of results for current periods and guidance for
future periods with our historical operating results, and assist in analyzing
future trends.

Non-GAAP net income consists of GAAP net income, excluding, as applicable, the
tax effected impact of share-based compensation expense, the amortization of
purchased intangible assets, acquisition related transaction costs, and
Levitronix Medical fair market value (FMV) inventory adjustments related to
the acquisition.

Non-GAAP net income per diluted share is defined as non-GAAP net income
divided by the weighted average number of shares on a fully-diluted basis. 

Non-GAAP shares used to compute diluted net income per share consists of GAAP
shares used to compute diluted net income per share adjusted for any
exclusions made in conjunction with the application of the two-class method
for calculating net income per share.

Non-GAAP gross profit and gross margin consist of GAAP gross profit and gross
margin excluding share-based compensation expense, the amortization of
purchased intangible assets, and Levitronix Medical FMV inventory adjustments
related to the acquisition.   

Non-GAAP operating expenses consist of GAAP operating expenses excluding
share-based compensation expense, amortization of purchased intangible assets,
and acquisition related transaction costs.

Non-GAAP tax expense consists of the GAAP tax expense adjusted for the tax
effect of the adjustments from GAAP net income to non-GAAP net income.

Management believes that it is useful in measuring Thoratec's operations to
exclude the amortization of purchased intangible assets.  These costs are
primarily fixed at the time of an acquisition and, unlike other fixed costs
that result from ordinary operations, are the result of infrequent and
irregular events.

Because of varying valuation methodologies, subjective assumptions and the
variety of award types that companies can use, Thoratec management believes
that providing non-GAAP financial measures that exclude share-based
compensation allow investors to compare Thoratec's recurring core business
operating results to those of other companies and over multiple periods.  The
exclusion also enhances investors' ability to review Thoratec's business from
the same perspective as Thoratec management, which believes that share-based
compensation expense is not directly attributable to the underlying
performance of the company's business operations.

To enable investors to compare Thoratec's recurring core business operating
results to those of other companies and over multiple periods, Thoratec has
excluded Levitronix Medical FMV inventory adjustments related to the
acquisition as they are infrequent in nature.

There are a number of limitations related to the use of non-GAAP financial
measures.  First, non-GAAP financial measures exclude some costs, namely
share-based compensation, that are recurring expenses.  Second, share-based
compensation is part of an employee's compensation package and as such may be
useful for investors to consider.  Third, the components of costs that we
exclude in our non-GAAP financial measures may differ from components that our
peer companies exclude when they report their results from operations.

Non-GAAP financial measures should not be considered as a substitute for
measures of financial performance in accordance with GAAP. However, these
measures may provide additional insight into Thoratec's financial results.
Investors and potential investors are strongly encouraged to review the
reconciliation of non-GAAP financial measures contained within this press
release with their most directly comparable GAAP financial results and not to
rely on any single financial measure to evaluate our business.

The reconciliations of the forward looking non-GAAP financial measures to the
most directly comparable GAAP financial measures in the tables below include
all information reasonably available to Thoratec at the date of this press
release.  These tables include adjustments that we can reasonably predict. 
Events that could cause the reconciliation to change include acquisitions and
divestitures of business, goodwill and other asset impairments and sales of
marketable equity securities.

The following table includes the GAAP Condensed Consolidated Statements of
Operations for the three and six month periods ending June 29, 2013 and June
30, 2012:

THORATEC CORPORATION
Condensed Consolidated Statements of Operations
(Unaudited)
(in thousands, except for per share data)
                             Three Months Ended        Six Months Ended 
                            June 29,     June 30,     June 29,     June 30,
                            2013         2012         2013         2012
Product sales               $            $            $            $      
                             130,479      118,659      248,204      245,428
Cost of product sales       41,000       36,022       76,073       74,909
Gross profit                89,479       82,637       172,131      170,519
Operating expenses:
Selling, general and        34,924       32,013       69,669       63,214
administrative
Research and development    21,506       19,808       46,019       39,504
Total operating expenses    56,430       51,821       115,688      102,718
Income from operations      33,049       30,816       56,443       67,801
Other income and
(expense):
Interest expense            -            -            (4)          (3)
Interest income and other   213          88           1,330        822
Income before income taxes  33,262       30,904       57,769       68,620
Income tax expense          (10,073)     (10,096)     (16,410)     (22,326)
Net income                  $            $            $            $        
                             23,189       20,808       41,359       46,294
Net income per share-       $            $            $            $          
Basic:                         0.40         0.35         0.72         0.79
Net income per share-       $            $            $            $          
Diluted:                       0.40         0.35         0.71         0.78
Shares used to compute net
income per share:
Basic                       57,429       58,737       57,457       58,587
Diluted                     58,120       59,518       58,398       59,513

The following table presents our quarterly revenues by source for the first
and second quarter of fiscal 2013 and for the full year of fiscal 2012:

THORATEC CORPORATION
Quarterly Revenue Analysis
(Unaudited)
(in millions)
 Three Months Ended 
              June 29,  March     December    September 29,   June     March
              2013      30, 2013  29, 2012    2012            30,      31,
                                                              2012     2012
Revenue by
Product Line
              $         $         $           $               $        $      
HeartMate                                                                     
              115.7       102.9       110.8    105.9          106.2      111.7
PVAD & IVAD   2.7       3.8       5.6         3.8             3.8      5.8
CentriMag (1) 11.5      10.4      11.5        7.5             8.0      8.7
Other         0.6       0.6       0.6         0.6             0.6      0.6
              $         $         $           $               $        $      
Total                                                                         
              130.5       117.7       128.5    117.8          118.6      126.8
Revenue by
Category
              $         $         $           $               $        $      
Pump                                                                          
              93.5          84.3        93.0   85.0           85.7        
                                                                       92.6
Non-Pump      36.4      32.8      34.9        32.2            32.3     33.6
Other         0.6       0.6       0.6         0.6             0.6      0.6
              $         $         $           $               $        $      
Total                                                                         
              130.5       117.7       128.5    117.8          118.6      126.8
Revenue by
Geography
              $         $         $           $               $        $      
United States                                                                 
              98.8          92.3      102.0    97.5           97.1       103.9
International 31.7      25.4      26.5        20.3            21.5     22.9
              $         $         $           $               $        $      
Total                                                                         
              130.5       117.7       128.5    117.8          118.6      126.8
(1) CentriMag includes
PediMag/PediVAS®  sales

The following table presents our quarterly pump units by geography for the
first and second quarter of fiscal 2013 and for the full year of fiscal 2012:

THORATEC CORPORATION
Quarterly Pump Units
(Unaudited)
                  Three months ended
Units by          June 29,  March     December    September    June    March
Geography         2013      30, 2013  29, 2012    29, 2012     30,     31,
                                                               2012    2012
United States     770       716       812         781          773     838
International     287       219       254         208          212     219
Total (1)         1,057     935       1,066       989          985     1,057
(1) Excludes CentriMag and PediMag/PediVAS units

The following table reconciles the specific items excluded from GAAP net
income in the calculation of non-GAAP net income and diluted net income per
share for the periods shown below:

THORATEC CORPORATION
Reconciliation of GAAP to Non-GAAP Net Income
(Unaudited)
(in thousands, except for per share data)
                           Three Months Ended           Six Months Ended 
Net income                June 29, 2013   June 30,     June 29,     June 30,
reconciliation                            2012         2013         2012
Net income on a GAAP      $               $            $            $        
basis                     23,189          20,808       41,359       46,294
Share-based
compensation expense:
- Cost of product         616             573          1,187        976
sales
- Selling, general and    4,625           3,409        8,308        6,388
administrative
- Research and            1,964           1,587        3,878        3,103
development
Amortization of
purchased intangibles:
- Cost of product         1,703           2,072        3,417        4,144
sales
- Selling, general and    748             601          1,500        1,203
administrative
- Research and            82              82           164          164
development
Levitronix Medical FMV    -               274          -            630
inventory adjustments
Acquisition related       1,344           -            1,344        -
transaction costs
Income tax effect of      (3,900)         (2,617)      (6,830)      (5,513)
non-GAAP adjustments
Net income on a           $               $            $            $        
non-GAAP basis            30,371          26,789       54,327       57,389
                           Three Months Ended           Six Months Ended 
Diluted net income per    June 29, 2013   June 30,     June 29,     June 30,
share reconciliation                      2012         2013         2012
Diluted net income per    $               $            $            $        
share on a GAAP basis     0.40                0.35         0.71         0.78
Share-based
compensation expense:
- Cost of product         0.01            0.01         0.02         0.01
sales
- Selling, general and    0.08            0.06         0.14         0.11
administrative
- Research and            0.04            0.03         0.07         0.05
development
Amortization of
purchased intangibles:
- Cost of product         0.03            0.03         0.06         0.07
sales
- Selling, general and    0.01            0.01         0.03         0.02
administrative
- Research and            0.00            -            0.00         -
development
Levitronix Medical FMV    -               -            -            0.01
inventory adjustments
Acquisition related       0.02            -            0.02         -
transaction costs
Income tax effect of      (0.07)          (0.04)       (0.12)       (0.09)
non-GAAP adjustments
Diluted net income per    $               $            $            $        
share on a non-GAAP       0.52                0.45         0.93         0.96
basis
                           Three Months Ended           Six Months Ended 
                          June 29, 2013   June 30,     June 29,     June 30,
                                          2012         2013         2012
Shares used to compute
diluted net income per
share reconciliation
Shares used in
calculation of diluted    58,120          59,518       58,398       59,513
net income per share
-- GAAP
Weighted average
unvested restricted       -               -            -            25
stock awards (1)
Shares used in
calculation of diluted    58,120          59,518       58,398       59,538
net income per share
-- non-GAAP
(1)  The company adopted the two-class method in calculating net income per
share on a GAAP basis, which excludes the weighted average unvested restricted
stock awards outstanding of  0 and 25,000 for the six months ended June
29,2013 and June 30, 2012, respectively.

The following table reconciles the specific items excluded from GAAP gross
profit and gross margin in the calculation of non-GAAP gross profit and gross
margin for the periods shown below:

THORATEC CORPORATION
Reconciliation of GAAP to Non-GAAP Gross Profit
(Unaudited)
(in thousands)
                   Three Months Ended             Six Months Ended 
                  June 29,       June 30,        June 29,       June 30,
                  2013           2012            2013           2012
Gross profit on a $        68.6% $        69.6%  $        69.4% $        69.5%
GAAP basis          89,479         82,637        172,131        170,519
Share-based
compensation      616            573             1,187          976
expense
Amortization of   1,703          2,072           3,417          4,144
intangibles
Levitronix
Medical FMV       -              274             -              630
inventory
adjustments
Gross profit on a $        70.4% $        72.1%  $        71.2% $        71.8%
non-GAAP basis      91,798         85,556        176,735        176,269

The following table reconciles the specific items excluded from GAAP operating
expenses in the calculation of non-GAAP operating expenses for the periods
shown below:

THORATEC CORPORATION
Reconciliation of GAAP to Non-GAAP Operating Expenses
(Unaudited)
(in thousands)
                                      Three Months Ended    Six Months Ended 
                                     June 29,   June 30,   June 29,  June 30,
                                     2013       2012       2013      2012
 Operating expenses on a GAAP        $          $          $         $      
basis                                56,430     51,821     115,688   102,718
Share-based compensation expense:
- Selling, general and               (4,625)    (3,409)    (8,308)   (6,388)
administrative
- Research and development           (1,964)    (1,587)    (3,878)   (3,103)
Amortization of purchased
intangibles:
- Selling, general and               (748)      (601)      (1,500)   (1,203)
administrative
- Research and development           (82)       (82)       (164)     (164)
Acquisition related transaction      (1,344)    -          (1,344)   -
costs
 Operating expenses on a non-GAAP    $          $          $         $        
basis                                47,667     46,142     100,494   91,860

 

The following table reconciles the GAAP tax expense adjusted for the tax
effect of the adjustments from GAAP net income to non-GAAP net income:

THORATEC CORPORATION
Reconciliation of GAAP to Non-GAAP Tax Expense
(Unaudited)
(in thousands)
                  Three Months Ended             Six Months Ended 
                 June 29,       June 30,        June 29,        June 30,
                 2013           2012            2013            2012
Tax expense on a $        30.3% $        32.7%  $         28.4% $        32.5%
GAAP basis         10,073         10,096        16,410            22,326
Share-based
compensation     2,932          2,469           5,547           4,478
expense
Amortization of
purchased        892            1,011           1,786           2,023
intangibles
Excess
compensation     (439)          (973)           (1,018)         (1,240)
limitations and
other
Levitronix
Medical FMV      -              110             -               252
inventory
adjustments
Acquisition
related          515            -               515             -
transaction
costs
Tax expense on a $        31.5% $        32.2%  $         30.0% $        32.7%
non-GAAP basis     13,973         12,713        23,240            27,839

The following table reconciles the guidance on a GAAP basis and non-GAAP basis
for the periods shown below: 

THORATEC CORPORATION
Reconciliation of GAAP to Non-GAAP  Forward-Looking Guidance
(Unaudited)
(in thousands, except for per share data)
Net income per diluted share reconciliation   For the Fiscal Year Ended 2013 
                                             From             To
Net income per diluted share on a GAAP basis $          1.23  $              
                                                               1.33
Share-based compensation expense             0.32             0.31
Amortization of purchased intangibles        0.13             0.13
Acquisition related transaction costs        0.02             0.02
Tax rate effect on Non-GAAP earnings         (0.01)           -
Net income per diluted share on a non-GAAP   $          1.69  $              
basis                                                          1.79
Shares used in calculation of net income per 58,500           58,500
diluted share - GAAP and Non-GAAP

About Thoratec

Thoratec is the world leader in mechanical circulatory support with the
broadest product portfolio to treat the full range of clinical needs for
patients suffering from advanced heart failure. The company's products include
the HeartMate LVAS and Thoratec VAD, with more than 20,000 devices implanted
in patients suffering from heart failure. Thoratec also manufactures and
markets the CentriMag and PediMag / PediVAS product lines. Thoratec is
headquartered in Pleasanton, California. For more information, visit
www.thoratec.com.

Thoratec, the Thoratec logo, HeartMate and HeartMate II are registered
trademarks of Thoratec Corporation and HeartMate III, HeartMate PHP and IVAD
are trademarks of Thoratec Corporation. CentriMag and PediMag are registered
trademarks of Thoratec LLC, and PediVAS is a registered trademark of Thoratec
Switzerland GmbH.

Many of the preceding paragraphs, particularly but not exclusively those
addressing guidance for fiscal 2012 financial results or future performance
contain forward-looking statements within the meaning of Sections 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
These statements can be identified by the words, "believes," "views,"
"expects," "plans," "projects," "hopes," "could," "will," "estimates," and
other similar words. Actual results, events or performance could differ
materially from these forward-looking statements based on a variety of
factors, many of which are beyond Thoratec's control. Therefore, readers are
cautioned not to put undue reliance on these statements. Investors are
cautioned that all such statements involve risks and uncertainties, including
risks related to regulatory approvals, the development of new products,
including development and clinical trial timing, and new markets including
Destination Therapy, the growth of existing markets for our products, customer
and physician acceptance of Thoratec products, changes in the mix of existing
markets for our products and related gross margin for such product sales, the
ability to improve financial performance, the effects of FDA regulatory
requirements, our ability to address quality issues adequately and on a timely
basis without a resulting recall of products or interruption of manufacturing
or shipment of products, the effects of healthcare reimbursement and coverage
policies, the effects of seasonality on Thoratec product sales, the effects of
competition and the effects of any merger, acquisition and divestiture related
activities. Forward-looking statements contained in this press release should
be considered in light these factors and those factors discussed from time to
time in Thoratec's public reports filed with the Securities and Exchange
Commission, such as those discussed under the heading, "Risk Factors," in
Thoratec's most recent annual report on Form 10-K, quarterly reports on Form
10-Q, current reports on Form 8-K and other SEC filings. These forward-looking
statements speak only as of the date hereof. Thoratec undertakes no obligation
to publicly release the results of any revisions to these forward-looking
statements that may be made to reflect events or circumstances after the date
hereof, or to reflect the occurrence of unanticipated events.

SOURCE Thoratec Corporation

Website: http://www.thoratec.com
Contact: Neil Meyer, Director of Investor Relations, Thoratec Corporation,
(925) 738-0029
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