Thoratec Corporation Falling Despite Reiterating Guidance (THOR)
Shares of Thoratec Corporation (NASDAQ: THOR) are falling this morning by 6.53%, currently trading at $32.83. This comes despite the company reporting that Q3 revenues increased by 40% year over year and Q3 EPS increased by 21% year over year.
"The company's results for the third quarter and year-to-date 2010 reflect our success at delivering solid financial results while we continue to execute on our market and product development strategies designed to generate sustained growth for Thoratec over the long term," noted Gary F. Burbach, president and chief executive officer of Thoratec.
THOR back all prior guidance, namely revenues for FY 2010 of $380 to $385 million and non-GAAP EPS in the range of $1.19 to $1.23.
Shares have already traded half the 10-day daily average within the first half hour of trade.
Thoratec Corporation is a manufacturer of mechanical circulatory support products for use by patients with heart failure. The company develops, manufactures and markets products that are used by physicians and hospitals for cardiac assist, vascular and diagnostic applications. It operates in two segments: Cardiovascular and International Technidyne Corporation.
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