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Wedbush Comments on Thoratec Ahead of 3Q Earnings Tomorrow


Wedbush Securities has published a research report on Thoratec Corporation (NASDAQ: THOR) ahead of the company's earnings report, scheduled for Tuesday November 1, 2011 after market close.

In the report, Wedbush writes, "We estimate Q3:11 revenue and EPS at $104.4 million and $0.35, compared to consensus of $103.6 million and $0.34. Recall in the previous quarter THOR reported surprisingly strong earnings, due to a nearly 20% quarter-over-quarter growth in US DT sales. Our revenue estimate implies a decline of 6% from the prior quarter, driven by summers seasonality in Europe (-14%) and a decline in US BTT implants (-9%). Recall that in August, THOR raised its 2011 revenue guidance to $422-430 million from $410-425 million following the strong Q2:11 results. Unless Q3:11 revenues are meaningfully better than expected, we do not think THOR will raise its guidance tomorrow."

Wedbush Securities maintains its Neutral rating and $33 price target on Thoratec, which is currently trading down $0.39 from Friday's $37.20 closing price.

Posted-In: Wedbush SecuritiesAnalyst Color Earnings News Reiteration Analyst Ratings


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