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Thoratec's CEO Discusses Q2 2012 Results - Earnings Call Transcript

Turning to our results for the first half of 2012, revenues were $245.4 million representing an increase of 16% versus the first half of 2011, or 15% excluding the impact of foreign exchange and acquisitions. During the first half of the year, our performance was driven by HeartMate revenue growth of 18%, which more than offset the 36% decline in our PVAD franchise, which I mentioned previously. Growth in this period was relatively balanced across geographies with domestic revenues increasing 15% and international revenues increasing 18% excluding foreign exchange and acquisitions.

Earnings on non-GAAP basis were $0.96 per share during the first six months of 2012, an increase of 25%. Unit growth of HeartMate II has been quite encouraging and has driven our overall financial performance, both in the second quarter and the first six months of 2012. For Q2, HeartMate II units grew 13% year-over-year against a very strong prior year quarter. In the U.S. where the quarterly comparison was the most difficult, HeartMate II unit growth was 8%, while internationally we achieved 32% growth for the second quarter in a row.

This performance brought first half unit growth for HeartMate II to 19% domestically and 22% on a worldwide basis. It is the destination therapy indication that has driven HeartMate II growth in recent periods, and the past two quarters have been no exception with DT implants rising to over 45% of our domestic HeartMate II sales in the first half of the year. Looking forward, we continue to expect the DT indication to account for the vast majority of growth in the VAD market.

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