Thoratec Announces $200 Million Share Repurchase Authorization
PLEASANTON, Calif., Dec. 9, 2013
PLEASANTON, Calif., Dec. 9, 2013 /PRNewswire/ --Thoratec Corporation (NASDAQ:
THOR), a world leader in device-based mechanical circulatory support therapies
to save, support and restore failing hearts, announced today that its Board of
Directors has authorized the repurchase of up to $200 million of the company's
shares of common stock effective through the end of 2015. The company's
previous share repurchase authorization will expire at the end of 2013.
"This authorization reflects our strong financial position and commitment to a
disciplined capital allocation strategy, along with continued confidence in
our long-term growth opportunities. Funding our internal growth initiatives
and pursuing attractive business development opportunities remain our top
priorities, although this authorization provides the flexibility to also
allocate capital to share repurchases in a measured and opportunistic fashion
over time," said Gary F. Burbach, President and Chief Executive Officer.
During the first nine months of 2013, Thoratec generated $86 million of cash
flow from operating activities. As of September 30, 2013, the company had
over $280 million in cash, cash equivalents and investments.
Repurchases will take place on the open market or in privately negotiated
transactions from time to time based on market and other conditions. The
program is effective immediately, and it may be modified, suspended,
terminated or extended by the company at any time without prior notice.
Thoratec is a world leader in therapies to address advanced-stage heart
failure. The company's products include the HeartMate® LVAS (Left Ventricular
Assist System) and Thoratec® VAD (Ventricular Assist Device) with more than
20,000 devices implanted in patients suffering from heart failure. Thoratec
also manufactures and distributes the CentriMag® and PediMag®/PediVAS® product
lines. Thoratec is headquartered in Pleasanton, California. For more
information, visit the company's website at http://www.thoratec.com.
Thoratec, the Thoratec logo, HeartMate and HeartMate II are registered
trademarks of Thoratec Corporation and IVAD is a trademark 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 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," 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, the effects of FDA regulatory
requirements, our ability to address issues raised by FDA inspections
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 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
Contact: Neil Meyer, Director of Investor Relations, Thoratec Corporation,
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