Thoratec books strong Q1

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Thoratec, a provider of device-based mechanical circulatory support therapies to save, support and restore failing hearts, swung to a net income of $5.6 million in the first quarter of 2009, compared with a net loss of $700,000 in the same period a year ago.

Based on generally accepted accounting principles (GAAP), the Pleasanton, Calif.-based company booked revenues of $89.5 million for the first quarter of fiscal 2009, an increase of 39 percent over revenues of $64.4 million in the first quarter of last year, including a 61 percent increase in revenues in its cardiovascular division.

Specifically, the company said its cardiovascular division revenues were $64.6 million versus $40.2 million in the same period a year ago. Revenues at its International Technidyne division were $24.9 million versus $24.2 million a year ago, which were impacted by competitive pressure in its skin incision and professional ProTime businesses, as well as the impact of the current economic environment on hospital and physician capital equipment purchasing activity.