PLEASANTON, Calif., Dec. 9, 2013 /PRNewswire/ -- Thoratec Corporation (NASDAQ: THOR), a world leader in device-based mechanical circulatory support therapies to save, support and restore failing hearts, announced today that its Board of Directors has authorized the repurchase of up to $200 million of the company's shares of common stock effective through the end of 2015. The company's previous share repurchase authorization will expire at the end of 2013.
"This authorization reflects our strong financial position and commitment to a disciplined capital allocation strategy, along with continued confidence in our long-term growth opportunities. Funding our internal growth initiatives and pursuing attractive business development opportunities remain our top priorities, although this authorization provides the flexibility to also allocate capital to share repurchases in a measured and opportunistic fashion over time," said Gary F. Burbach, President and Chief Executive Officer.
During the first nine months of 2013, Thoratec generated $86 million of cash flow from operating activities. As of September 30, 2013, the company had over $280 million in cash, cash equivalents and investments.
Repurchases will take place on the open market or in privately negotiated transactions from time to time based on market and other conditions. The program is effective immediately, and it may be modified, suspended, terminated or extended by the company at any time without prior notice.Thoratec is a world leader in therapies to address advanced-stage heart failure. The company's products include the HeartMate® LVAS (Left Ventricular Assist System) and Thoratec® VAD (Ventricular Assist Device) with more than 20,000 devices implanted in patients suffering from heart failure. Thoratec also manufactures and distributes the CentriMag® and PediMag®/PediVAS® product lines. Thoratec is headquartered in Pleasanton, California. For more information, visit the company's website at http://www.thoratec.com. Thoratec, the Thoratec logo, HeartMate and HeartMate II are registered trademarks of Thoratec Corporation and IVAD is a trademark of Thoratec Corporation. CentriMag and PediMag are registered trademarks of Thoratec LLC, and PediVAS is a registered trademark of Thoratec Switzerland GmbH.