Thoratec Corporation Board Of Directors Authorizes Stock Repurchase Program

Apr 12, 2001, 01:00 ET from Thoratec Corporation

    PLEASANTON, Calif., April 12 /PRNewswire/ --
 Thoratec Corporation (Nasdaq:   THOR), a medical device company, today announced
 that its board of directors has authorized a stock repurchase program under
 which Thoratec common stock with a market value up to $20 million may be
 acquired in the open market or in privately negotiated transactions. The
 number of shares to be purchased and the timing of purchases will be based on
 several conditions, including the price of Thoratec stock, general market
 conditions and other factors.
     "We believe that our stock is currently undervalued in view of our
 products already in the market, our rich pipeline of products and new
 indications for use in development and in clinical trials, and the very large
 nature of our potential markets," said D. Keith Grossman, president and chief
 executive officer of Thoratec.
     "Given our cash position of over $130 million following our merger with
 Thermo Cardiosystems, as well as our prospects for cash flow generation, we
 believe we have the resources and financial flexibility to use this process to
 enhance shareholder value, while not hindering our ability to invest in our
 strategies to deliver a full spectrum of cardiac assist products and
 dramatically expand our markets," he added.
     Formerly known as Thoratec Laboratories, 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(R) 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 functions 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
 Corodova, 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 processes 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 12 /PRNewswire/ --
 Thoratec Corporation (Nasdaq:   THOR), a medical device company, today announced
 that its board of directors has authorized a stock repurchase program under
 which Thoratec common stock with a market value up to $20 million may be
 acquired in the open market or in privately negotiated transactions. The
 number of shares to be purchased and the timing of purchases will be based on
 several conditions, including the price of Thoratec stock, general market
 conditions and other factors.
     "We believe that our stock is currently undervalued in view of our
 products already in the market, our rich pipeline of products and new
 indications for use in development and in clinical trials, and the very large
 nature of our potential markets," said D. Keith Grossman, president and chief
 executive officer of Thoratec.
     "Given our cash position of over $130 million following our merger with
 Thermo Cardiosystems, as well as our prospects for cash flow generation, we
 believe we have the resources and financial flexibility to use this process to
 enhance shareholder value, while not hindering our ability to invest in our
 strategies to deliver a full spectrum of cardiac assist products and
 dramatically expand our markets," he added.
     Formerly known as Thoratec Laboratories, 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(R) 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 functions 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
 Corodova, 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 processes 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