NEW YORK (TheStreet) -- Thoratec (THOR) plummeted to a 52-week low of $22.80 on Thursday after the medical device manufacturer reported second-quarter earnings and issued full-year guidance that came up well short of analysts' expectations.
Thoratec reported earnings of 43 cents a share on revenue of $118.1 million, while analysts polled by Thomson Reuters had expected earnings of 43 cents a share on revenue of $128.27 million.
The company also drastically cut its full-year earnings per share guidance to a range of $1.25 to $1.35 from a range of $1.72 to $1.82. Thoratec slashed its full-year revenue guidance to a range of $455 million to $470 million from a range of $520 million to $535 million. The consensus estimate calls for full-year EPS of $1.75 on revenue of $523.42 million.
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The stock was down 29.32% to $23.02 at 1:28 p.m. More than 7.5 million shares had changed hands, compared to the average volume of 541,263.THOR data by YCharts