California’s Thoratec plunges despite strong second quarter

Was it something they said?

Shares of Thoratec Corp. (NSDQ:THOR) plunged on Wall Street Friday, despite solid second quarter earnings results that saw the company boost its bottom line by 765 percent.

ThePleasenton, Calif. heart pump maker reported net income of $15.95 million on $95 million in sales during the three month period ended on July 3, 2010, compared to a $1.83 profit on $15.95 million for the same period last year.

For the six month period ended on July 3, 2010 the company posted similarly impressive results, reporting a $30.9 million profit on $194.4 million in sales, compared to $9 million in net income on $133.8 million in sales.

Sales were paced by the company’s HeartMate II and HeartMate XVE heart assist pumps, which made up about 87 percent of the company’s total sales nut.

Despite the strong numbers the Street pounded the company for failing to meet its sales guidance of $97.8 million in revenues for the quarter. Through midday,shares of Thoratec stock were down 13 percent from yesterday’s closing price of $42.54.

The company also raised its sales guidance for 2010 to $380 million to $385 million, compared to previously announced estimates of $365 million to $375 million.

While Wall Street seemed cool to the company’s performance some analysts were pleased with the company’s results.

Rick Wise, an analyst for Leerink Swann called the quarter “Better than it looks,” in a note to investors and raised their target price to $50, up slightly from previous estimates of $49 to $53 per share.