Thoratec 3Q Profit Surges On Heart Pump Success

PLEASANTON, Calif. (AP) — Heart device maker Thoratec Corp. said Wednesday that its third-quarter profit almost doubled on strong growth in its cardiovascular division. The company also raised the low end of its full-year revenue forecast, and its shares rose more than 10 percent.

The company earned $11.8 million, or 20 cents per share, during the quarter that ended Oct. 3. That was up from $6.1 million, or 11 cents per share, during the year-ago period.

Revenue rose 9 percent to $87.9 million from $80.8 million a year ago.

Analysts surveyed by Thomson Reuters were expecting a profit of 19 cents per share on revenue of $88.4 million.

Sales have risen nearly 30 percent through the first nine months of this year in its cardiovascular division, driven by strong adoption of its HeartMate II heart pump for use by patients waiting for a transplant. The company is aiming for approval for the pump to be used permanently by people who aren't eligible for a transplant.

The company said revenue declined modestly in its International Technidyne unit.