Earnings Call Excerpt
Thoratec Corp. (THOR)
Q2 2009 Earnings Call
August 05, 2009 4:30 pm ET
Executives
David Smith - EVP and CFO
Gary Burbach - President and CEO
Larry Cohen - President of our ITC Division
Analysts
Suraj Kalia - SMH Capital
Taylor Harris - JPMorgan
Jason Mills - Canaccord Adams
Mimi Pham - JMP Securities
Tim Lee - Piper Jaffray
Rick Wise - Leerink Swann
Bob Hopkins - Bank of America
Joshua Zable - Natixis
Duane Nash - Wedbush
Jayson Bedford - Raymond James
Keay Nakae - Collins Stewart
Sean Lavin - Lazard
Greg Simpson - Stifel Nicolaus
Presentation
Operator
Good day and welcome to the Thoratec Corporation Earnings Call. Today's conference is being recorded. At this time, I would like to turn the conference over to David Smith. Please go ahead sir.
David Smith
Thank you operator. Good afternoon, and thank you for joining us today. With me are Gary Burbach, President and Chief Executive Officer; and Larry Cohen, President of our ITC Division. Thoratec continued a strong performance in the second quarter of 2009 reflecting growing adoption of the HeartMate II both domestically and in the international markets. In addition, we continue to add new HeartMate II centers, made progress with our PMA for Destination Therapy for HeartMate II, and had a successful controlled launch of our new HeartMate external peripherals.
Also last week we announced the termination of the proposed acquisition of HeartWare, which we will discuss today. Following Gary's review of these and other key operational events during the quarter, I'll discuss the financial results for the quarter, as well as our updated guidance for 2009. We'll then open your call for questions.
As a reminder during the course of today's conference call and the question-and-answer-session that follows, we may make projections or other forward-looking statements that are subject to the Safe Harbor provisions of the securities laws regarding future events or the financial performance of the company.
We caution you that these statements are only predictions and that actual results may differ materially. We also alert you to the risks contained in the documents we filed with the Securities and Exchange Commission such as our annual and quarterly reports on Forms 10-K and 10-Q. We do not undertake any obligation to update or correct any forward-looking statements.
Gary Burbach
Thank you, David, and good afternoon. To echo David's opening remarks, Thoratec had a very successful and productive second quarter with respect to product sales and the key elements of our growth strategy. During my comments today, I'll provide some color on our revenue growth, update you on our PMA submission for Destination Therapy, discuss some of the recent data publications and our market education programs and outline our perspectives on the HeartWare transaction.
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