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Thoratec's CEO Discusses Q3 2011 Results - Earnings Call Transcript

Stocks in this article: THOR

Revenues from the HeartMate product line in the quarter were $87.6 million versus $80.6 million a year ago for an increase of 9%. Revenues from our acute surgical support line which includes CentriMag and PediMag were $7.2 million compared with $3.7 million a year ago. This strong performance include a growth in the core US CentriMag business of close to 50% as well as $1.6 million of incremental revenues recorded as a result of the Levitronix Medical transaction completed during the quarter.

Revenues from the Thoratec product line, the PVAD and IVAD were $7.2 million versus $6.2 million a year ago or an increase of 16%.

We experienced solid year-over-year unit growth in the quarter selling 853 pumps, an increase of 11% versus 766 pumps in the third quarter a year ago. In terms of pump shipments by geography, we shipped 665 pumps in the United States, an increase of 10% over 605 pumps a year ago and 188 internationally, an increase of 17% versus 161 a year ago.

Within the US, HeartMate II drove year-over-year unit growth with the large majority of growth continuing to come from the centers that adopted HeartMate II following the clinical trial.

On a sequential basis, all groups of centers in the US experienced a similar seasonal patterns with respect to HeartMate II volume.

As for Destination Therapy, just over 40% of our US HeartMate II implants during the third quarter were for the DT indication in line with the second quarter. In International markets, the PVAD franchise was the primary catalyst of year-over-year unit growth with the HeartMate II up modestly.

With respect to new center development, we added six HeartMate II centers in the US and two internationally during the quarter, bringing the total number of HeartMate II centers in the US to 141 and 139 internationally. This compares to 130 and 124 respectively at the end of 2010, and we believe we are on track to meet or exceed our previously stated 2011 target for new centre additions.

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