Thanks Pat........ but you forgot to post it here as well
NEW YORK (Associated Press) - Shares of heart device maker Thoratec Corp. hit a new annual low Tuesday after the company said its 2008 profit would fall short of Wall Street expectations.
Shares fell $1.26, 7.6 percent, to $15.23 in afternoon trading. Earlier in the session, the stock fell to $14.55, its lowest point in just over a year.
In 2008, the company expects profit between 9 cents and 12 cents per share, or 36 cents and 40 cents per share, excluding charges. Analysts expect profit, on average, of 50 cents per share.
The company forecast revenue for this year between $255 million to $265 million, while analysts expect $260.7 million.
Also on Tuesday, Thoratec said it earned $3.7 million, or 7 cents per share, during the fourth quarter, marking a 19 percent increase from the year-earlier result. Excluding stock option costs and one-time items, the company earned 11 cents per share, 1 cent better than analysts polled by Thomson Financial expected.
Revenue rose 9 percent to $64.1 million from $58.8 million. Analysts expected revenue of $59 million.
The company sells implantable heart devices for patients who are ineligible for a heart transplant. Top of page
HTW Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
