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Thoratec's CEO Discusses Q4 2011 Results - Earnings Call Transcript

Stocks in this article: THOR

With respect to our financial results for the quarter, Thoratec generated revenues of $109.4 million, a 12% increase over revenues of $97.6 million in the fourth quarter of 2010. In terms of geographic breakdown, we reported revenues of $88.2 million in the U.S. versus $78.8 million in the prior year, an increase of 12%. While international revenues were $21.2 million versus $18.8 million a year ago, representing an increase of 13%. The year-over-year impact of foreign exchange was roughly neutral.

For the full year, revenues from continuing operations in 2011 were $422.7 million representing the high end of our previously issued revenue guidance, and a 10% increase relative to revenues of $383 million in 2010. The HeartMate and CentriMag product lines drove growth for the full year and populated revenues grew 13% offsetting more modest growth in non-pump revenues of 5%.

We also continue to demonstrate solid operating leverage with 2011 non-GAAP earnings per share rising $1.56 slightly above the high end of our previous guidance, and representing a 27% increase compared to 2010. We achieved this profitability increase through revenue growth and impressive gross margin expansion of over 300 basis points, while we continue to invest aggressively in our markets and product development initiatives.

Revenue growth in the fourth quarter was also led by our HeartMate and CentiMag product lines partially offset by a decline in sales of PVAD and IVAD. HeartMate revenues in the quarter were $93.8 million versus $83.9 million a year ago for an increase of 12%. Revenues from our acute surgical support line, which includes CentriMag and PediMag were $8.8 million compared with $5.7 million a year ago. This strong performance include a growth in the core U.S. CentriMag business of 10%, as well as approximately $2.5 million of incremental revenues recorded as a result of the transaction completed during the third quarter.

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