Thoratec posts profits in Q4, FY2009, due to strong HeartMate sales

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Thoratec, a provider in device-based mechanical circulatory support therapies for failing hearts, has reported positive outcomes for the fourth quarter and the 2009 fiscal year, partly due to strong HeartMate sales.

The company said its net income on a GAAP [generally accepted accounting principles] basis in fiscal 2009 was $28.6 million, versus GAAP net income of $18.3 million in fiscal 2008.

For the year ending Jan. 2, revenues were $373.9 million versus $313.6 million in the prior year, Thoratec said. Revenues for the fourth quarter of fiscal 2009 were $104.5 million, a 22 percent increase over revenues of $85.7 million in the fourth quarter a year ago.

The Pleasanton, Calif.-based company has seen a 30 percent growth in revenues from its cardiovascular division in fiscal 2009, which led to a 19 percent increase in total 2009 revenues versus those in fiscal year 2008.

The growth revenues were generated from its cardiovascular division in both North America and Europe.

Total revenues from the HeartMate product line, which includes both the HeartMate II LVAS (left ventricular assist system) and HeartMate XVE, increased 43 percent year-over-year.

The company said that it ended the year with 120 HeartMate II centers in North America, an increase of 19 during the year, and 91 internationally, an increase of 14 during 2009. In addition, there are now 76 centers with Centers for Medicare & Medicaid Services certification for reimbursement for destination therapy.