Thoratec Announces Anticipated Revenues for First Quarter of Fiscal 2001

Apr 02, 2001, 01:00 ET from Thoratec Corporation

    PLEASANTON, Calif., April 2 /PRNewswire/ -- Thoratec Corporation
 (Nasdaq: THOR) said today that it estimates pro forma revenues for the first
 quarter of fiscal 2001 of approximately $25 million, assuming that Thoratec's
 merger with Thermo Cardiosystems had closed on January 1, 2001.  The company
 expects to report approximately $21.5 million of revenue, based on the
 transaction's actual closing date of February 14, 2001.
     The company said first quarter revenues reflect the impact of the
 following temporary factors.  The company recorded lower than expected
 domestic sales of its HeartMate(R) LVAS device due to significant distractions
 and uncertainties among the Thermo Cardiosystems' sales force, both before and
 immediately after the close of the merger.  In addition, the company said that
 staffing changes at the FDA had impacted the timing of the agency's review of
 the company's application to market its TLC-II(R) Portable VAD Driver in the
 U.S.  Thoratec had anticipated receiving approval for the device -- which has
 been approved for sale in Europe for more than two years -- and recording
 initial U.S. revenues from it during the first quarter.
     "Our customers remain enthusiastic about our larger company's combined
 products, although we expect to continue to see a fair amount of quarter-to-
 quarter variability in the heart transplant portion of our market.  We have
 accomplished the integration of our two sales forces and their fundamental
 cross training on both product lines.  We have already started to see some
 positive trends in the HeartMate business in March.  In addition, we believe
 FDA approval of the TLC-II will be forthcoming in the near future," said
 D. Keith Grossman, president and chief executive officer of Thoratec.  "The
 fundamentals of our business and markets continue to be sound, and we are
 making good progress toward our various regulatory milestones that we believe
 will open even larger market opportunities."
     The company said it will report full first quarter results the week of
 April 23.
 
     Formerly known as Thoratec Laboratories Corporation, the company is
 engaged in the research, development, manufacturing and marketing of medical
 devices for circulatory support and vascular graft applications.  The
 Thoratec(R) Ventricular Assist Device (VAD) System is the only ventricular
 assist device that is approved for use both as a bridge-to-transplant and for
 recovery from open-heart surgery and has been used in the treatment of more
 than 1,500 patients.  The company is also a leader in the research,
 development and manufacture of implantable left ventricular assist systems
 (LVAS).  Its air-driven and electric HeartMate heart assist devices, which are
 approved for sale in the U.S., Europe and Canada, are implanted alongside the
 natural heart and take over the pumping function of the left ventricle for
 patients whose hearts are too damaged or diseased to produce adequate blood
 flow.
     The company's other products include the Vectra(TM) vascular access graft,
 which is used in patients undergoing hemodialysis, and is approved for sale in
 the U.S., Europe and Japan and a number of other foreign countries.  Its
 Aria(TM) coronary artery bypass graft, which is designed for use by patients
 having too few suitable native blood vessels, is currently in clinical trials
 in the U.S.  The company's International Technidyne division supplies
 whole-blood coagulation testing equipment and related disposables, as well as
 single-use skin-incision devices.  Headquartered in Pleasanton, California,
 the company also has facilities in Woburn and Chelmsford, Massachusetts,
 Rancho Cordova, California and Edison, New Jersey.  For more information,
 visit the company's web sites at http://www.thoratec.com or
 http://www.itcmed.com.
 
     The portions of this news release that relate to future plans, events or
 performance are forward-looking statements.  Investors are cautioned that all
 such statements involve risks and uncertainties, including risks related to
 the merger and benefits thereof, government regulatory approval process and
 market acceptance of new products.  These factors, and others, are discussed
 more fully under the heading of "Risk Factors" in Thoratec's 10-K for the
 fiscal year ended December 30, 2000, and other filings with the Securities and
 Exchange Commission.  Actual results, events or performance may differ
 materially.  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
    PLEASANTON, Calif., April 2 /PRNewswire/ -- Thoratec Corporation
 (Nasdaq: THOR) said today that it estimates pro forma revenues for the first
 quarter of fiscal 2001 of approximately $25 million, assuming that Thoratec's
 merger with Thermo Cardiosystems had closed on January 1, 2001.  The company
 expects to report approximately $21.5 million of revenue, based on the
 transaction's actual closing date of February 14, 2001.
     The company said first quarter revenues reflect the impact of the
 following temporary factors.  The company recorded lower than expected
 domestic sales of its HeartMate(R) LVAS device due to significant distractions
 and uncertainties among the Thermo Cardiosystems' sales force, both before and
 immediately after the close of the merger.  In addition, the company said that
 staffing changes at the FDA had impacted the timing of the agency's review of
 the company's application to market its TLC-II(R) Portable VAD Driver in the
 U.S.  Thoratec had anticipated receiving approval for the device -- which has
 been approved for sale in Europe for more than two years -- and recording
 initial U.S. revenues from it during the first quarter.
     "Our customers remain enthusiastic about our larger company's combined
 products, although we expect to continue to see a fair amount of quarter-to-
 quarter variability in the heart transplant portion of our market.  We have
 accomplished the integration of our two sales forces and their fundamental
 cross training on both product lines.  We have already started to see some
 positive trends in the HeartMate business in March.  In addition, we believe
 FDA approval of the TLC-II will be forthcoming in the near future," said
 D. Keith Grossman, president and chief executive officer of Thoratec.  "The
 fundamentals of our business and markets continue to be sound, and we are
 making good progress toward our various regulatory milestones that we believe
 will open even larger market opportunities."
     The company said it will report full first quarter results the week of
 April 23.
 
     Formerly known as Thoratec Laboratories Corporation, the company is
 engaged in the research, development, manufacturing and marketing of medical
 devices for circulatory support and vascular graft applications.  The
 Thoratec(R) Ventricular Assist Device (VAD) System is the only ventricular
 assist device that is approved for use both as a bridge-to-transplant and for
 recovery from open-heart surgery and has been used in the treatment of more
 than 1,500 patients.  The company is also a leader in the research,
 development and manufacture of implantable left ventricular assist systems
 (LVAS).  Its air-driven and electric HeartMate heart assist devices, which are
 approved for sale in the U.S., Europe and Canada, are implanted alongside the
 natural heart and take over the pumping function of the left ventricle for
 patients whose hearts are too damaged or diseased to produce adequate blood
 flow.
     The company's other products include the Vectra(TM) vascular access graft,
 which is used in patients undergoing hemodialysis, and is approved for sale in
 the U.S., Europe and Japan and a number of other foreign countries.  Its
 Aria(TM) coronary artery bypass graft, which is designed for use by patients
 having too few suitable native blood vessels, is currently in clinical trials
 in the U.S.  The company's International Technidyne division supplies
 whole-blood coagulation testing equipment and related disposables, as well as
 single-use skin-incision devices.  Headquartered in Pleasanton, California,
 the company also has facilities in Woburn and Chelmsford, Massachusetts,
 Rancho Cordova, California and Edison, New Jersey.  For more information,
 visit the company's web sites at http://www.thoratec.com or
 http://www.itcmed.com.
 
     The portions of this news release that relate to future plans, events or
 performance are forward-looking statements.  Investors are cautioned that all
 such statements involve risks and uncertainties, including risks related to
 the merger and benefits thereof, government regulatory approval process and
 market acceptance of new products.  These factors, and others, are discussed
 more fully under the heading of "Risk Factors" in Thoratec's 10-K for the
 fiscal year ended December 30, 2000, and other filings with the Securities and
 Exchange Commission.  Actual results, events or performance may differ
 materially.  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