Thoratec Q3 Profit Plunges, Trims 2014 Outlook - Quick Facts

(RTTNews) - Thoratec Corp (THOR) reported third-quarter net income of $2.90 million or $0.05 per share, sharply lower than $19.90 million or $0.32 per share in the prior-year quarter.

Excluding items, adjusted net income for the quarter was $10.16 million or $0.18 per share, compared to $28.48 million or $0.49 per share in the year-ago quarter.

Product sales for the quarter declined to $105.84 million from $126.44 million in the same quarter last year.

Analysts polled by Thomson Reuters projected earnings of $0.22 per share on revenue of $106.32 million for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to fiscal 2014, the company trimmed adjusted earnings guidance to a range of $1.20 to $1.30 per share from the prior forecast in the range of $1.25 to $1.35 per share. Revenue are now anticipated between $450 million and $460 million, down from the previous projection between $455 million and $470 million.

Street is currently looking for full-year 2014 earnings of $1.32 per share on revenues of $461.92 million.