Thoratec Corporation, a heart device maker, expects its revenues for 2009 to be in the range of $345 million to $355 million. Growth in the cardiovascular division is anticipated to be in the low-to-mid teens. This is expected to be driven by continued HeartMate II growth as Thoratec product line sales are estimated to be flat to slightly down versus 2008. Thoratec is a California-based company.
Revenue growth at ITC is expected to be in the mid-single digits, with growth coming from our hospital point-of-care and alternate site offerings.
GAAP and non-GAAP gross margins are expected to be consistent with those in fiscal 2008. The continued positive impact of the HeartMate II market expansion on gross margin is expected to be offset primarily by FX rates, as well as costs associated with the introduction of new peripherals for the HeartMate product line.
GAAP income from operations is expected to increase between 40 percent and 60 percent over 2008, while non-GAAP income from operations is expected to increase 20 to 30 percent. The increase reflects increased revenues and improved operating leverage.
Weighted average shares outstanding are expected to be between 57 million and 58 million on a GAAP basis and 64 million and 65 million on a non-GAAP basis. We expect that our convertible debt will continue to be dilutive to non-GAAP earnings per share in 2009.
On a GAAP basis, earnings per share includes the adoption of FSP 14-1 related to convertible instruments, an impact of approximately $0.07 per diluted share. GAAP earnings per share are expected to be $0.41 to $0.47 per diluted share. This compares to approximately $0.31 in 2008 when adjusted for FSP 14-1. Earnings per share on a non-GAAP basis are expected to be $0.70 to $0.76 per diluted share.