Thoratec boosts expected 2008 profit and sales

PLEASANTON, Calif. - Medical device maker Thoratec Corp. lifted its 2008 profit and revenue forecasts after reporting strong cardiovascular device sales in the third quarter.

Thoratec now expects an adjusted profit of 54 cents to 59 cents per share on sales of $302 million to $308 million for the year, above its previous estimate of 47 cents to 52 cents per share on revenue of $285 million to $295 million.

Thomson Reuters reports that analysts expect a profit of 52 cents per share on $294.9 million in sales, on average.

Late Thursday, Thoratec reported stronger-than-expected third-quarter results. Sales in its cardiovascular business jumped 68 percent following regulatory approval of its HeartMate II implant earlier this year.

In morning trading, the stock rose $3.18, or 14.6 percent, to $25.03. The stock has rebounded since plunging Monday following the company's recall of certain batches of the HeartMate II Left Ventricular Assist Systems implants. Twenty-seven reports were confirmed of cases in which wear and fatigue to an electrical wire required the devices to be replaced. In five cases, the device could not be replaced and the patients died.

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