Thoratec (Pleasanton, California), a device-based mechanical circulatory support therapies company, said that revenues for the second quarter of 2008 increased 44% over revenues in the same period a year ago.
Revenues for the quarter ended June 28, 2008 were $82.6 million vs. $57.3 million in the second quarter of 2007. Net income on a GAAP basis in the second quarter of fiscal 2008 was $8.7 million, or 15 cents per diluted share, compared with net income on a GAAP basis of $1.3 million, or 2 cents per diluted share, in the second quarter of 2007. Non-GAAP net income, which is described later in this press release, was $12.1 million, or $0.20 per diluted share, in the second quarter of 2008, compared with non-GAAP net income of $5.3 million, or 9 cents per diluted share, in the same period a year ago.
"We were extremely pleased with our performance for the quarter, which was driven by a 68% increase in sales at our Cardiovascular Division year-over-year," said Gary Burbach, president/CEO.
"The key contributor to this growth was our successful launch of the HeartMate II LVAS (Left Ventricular Assist System) for bridge-to- transplantation (BTT) following its approval by the FDA in April. Our program to bring on new centers is ahead of expectations, as we added 26 during the quarter. We have also seen increased activity at existing centers and benefited from favorable pricing for the HeartMate II. In addition, we are seeing continued strong adoption of the HeartMate II in Europe," Burbach said.
Northfield shareholders to meet in October
Northfield Laboratories (Evanston, Illinois) said that its annual meeting of shareholders will be held on Thursday, Oct. 2, 2008 at 10:00 a.m. CST, at The Deer Path Inn, 255 East Illinois Road, Lake Forest, Illinois.
At the meeting, Northfield will ask shareholders to vote on four proposals, including the election of seven directors and the ratification of the appointment of KPMG as independent auditors of the company.
In addition, the company will seek approval of a proposal to allow the board of directors to implement a reverse stock split if and when the board deems such action appropriate. The company will also seek shareholder approval for a proposal to increase the number of shares available for grant under the company's 2003 equity compensation plan.