Thoratec Posts Loss, Halts Test Enrollment
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Thoratec Corp. shares fell 13% after the maker of products to treat cardiovascular disease reported a $1.8-million first-quarter loss and halted enrollment in a European clinical trial.
Shares of the Pleasanton, Calif.-based company fell $1.12 to $7.80 in Nasdaq trading.
Thoratec reported a net loss of 3 cents a share, compared with a loss of $82.2million, or $1.88, a year earlier. Revenue rose 38% to $29.6 million.
Excluding merger, restructuring and other expenses, Thoratec said profit from operations would have been $1 million, or 2 cents a share. Analysts expected earnings of 8cents a share, according to Thomson Financial/First Call.
Thoratec said it temporarily halted enrollment in a European trial of its HeartMate II implantable left ventricular assistance device. Company officials didn’t return calls for comment.
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