By a News Reporter-Staff News Editor at Cardiovascular Week -- Thoratec Corporation (NASDAQ: THOR), a world leader in device-based mechanical circulatory support therapies to save, support and restore failing hearts, said that it has entered into a $30 million Accelerated Share Repurchase (ASR) agreement (see also Thoratec Corporation).
"This commitment to capital deployment reflects our ongoing conviction in the long term opportunities in our business," said Gary F. Burbach, President and Chief Executive Officer. "Furthermore, our strong financial position will enable us to evaluate the potential for additional capital deployment in a consistently disciplined manner that allows for meeting our top priorities of internal growth and strategic initiatives," he added.
The ASR will begin in the coming days and complete execution during the third quarter, and is being conducted under the $200 million share repurchase authorization approved by the Board of Directors in December 2013. Additional repurchase activity may take place on the open market or in privately negotiated transactions from time to time based on market and other conditions, and the program may be modified, suspended, terminated, or extended by the company at any time without prior notice.
Thoratec is a world leader in therapies to address advanced-stage heart failure. The company's products include the HeartMate II(®) LVAS (Left Ventricular Assist Systems) and Thoratec(®) VAD (Ventricular Assist Device) with more than 20,000 devices implanted in patients suffering from heart failure. Thoratec also manufactures the CentriMag(®) and PediMag(®)/PediVAS(®) product lines. Thoratec is headquartered in Pleasanton, California. For more information, visit the company's website at http://www.thoratec.com.
Thoratec, the Thoratec logo, and HeartMate II are registered trademarks of Thoratec Corporation. CentriMag and PediMag are registered trademarks of Thoratec LLC, and PediVAS is a registered trademark of Thoratec Switzerland GmbH.
Keywords for this news article include: Cardiology, Thoratec Corporation.
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