Grossman will take over the positions from Gary F. Burbach effective immediately. Burbach stepped down from his executive and board positions at the medical instruments and supplied company, but will remain on as an advisor through the first quarter of 2016.
Grossman previously served as president and CEO of Thoratec from 1996 to 2006, and recently served as president and CEO of Conceptus.
In the same release announcing the new president and CEO, Thoratec announced it expects revenue of $102 million to $107 million in the third quarter, below the Capital IQ Consensus Estimate of $109.54 million for the quarter.
TheStreet Ratings team rates THORATEC CORP as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate THORATEC CORP (THOR) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself and unimpressive growth in net income."