Thoratec Profit Falls On Weak Sales, Cuts FY Guidance; Stock Down 12%

(RTTNews) - Thoratec Corp (THOR) Wednesday reported second-quarter net earnings of $17.4 million or $0.30 per share, compared with $23.2 million or $0.40 per share last year.

Excluding items, adjusted earnings for the quarter were $0.43 per share.

Revenue for the quarter was down 10% at $118 million, compared with $130.5 million in the prior year.

Analysts polled by Thomson Reuters projected earnings of $0.43 per share on revenue of $128.3 million for the quarter. Analysts' estimates typically exclude special items.

For fiscal year 2014, the company now expects adjusted earnings of $1.25 to $1.35 per share and revenue of $455 million to $470 million. It earlier earnings of $1.72 to $1.82 per share and revenue of $520 million to $535 million.

Analysts project earnings of $1.75 per share on revenue of $523.4 million for the year.

Thoratec develops medical devices used for mechanical circulatory support for the treatment of heart failure patients.

In after-hours trade on the Nasdaq, Thoratec shares dropped 12.50% or $4.07 at $28.50. The stock closed the day at $32.56, down $0.50 or 1.51%.