08.06.14
Pleasanton, Calif.-based Thoratec Corporation, which makes device-based mechanical circulatory support therapies to save, support and restore failing hearts, has entered into a $30 million accelerated share repurchase (ASR) agreement.
“This commitment to capital deployment reflects our ongoing conviction in the long term opportunities in our business,” said President and CEO Gary F. Burbach. “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.”
The ASR will begin in the coming days with complete execution during the third quarter, which ends at the close of September. It is being conducted under the $200 million share repurchase authorization approved by the board of directors in December last year. 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’s products include the Heartmate II LVAS (left ventricular assist systems) and Thoratec VAD (ventricular assist device) with reportedly more than 20,000 devices implanted in patients suffering from heart failure. Thoratec also manufactures the Centrimag and Pedimag/PediVAS product lines.
“This commitment to capital deployment reflects our ongoing conviction in the long term opportunities in our business,” said President and CEO Gary F. Burbach. “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.”
The ASR will begin in the coming days with complete execution during the third quarter, which ends at the close of September. It is being conducted under the $200 million share repurchase authorization approved by the board of directors in December last year. 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’s products include the Heartmate II LVAS (left ventricular assist systems) and Thoratec VAD (ventricular assist device) with reportedly more than 20,000 devices implanted in patients suffering from heart failure. Thoratec also manufactures the Centrimag and Pedimag/PediVAS product lines.