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Thoratec

This article was originally published in The Gray Sheet

Executive Summary

Cardiac assist device maker's board of directors authorizes share repurchase program under which up to $20 mil. in Thoratec common stock may be purchased in open-market or private transactions, company announces April 12. "We believe that our stock is currently undervalued in view of our products already on the market...and the very large nature of our potential markets," CEO Keith Grossman explains in an April 12 release. The firm's stock price dropped almost 40%, from 20.56 to 12, in the two days following an October 2000 announcement of plans to acquire Thermo Cardiosystems ("The Gray Sheet" Oct. 9, 2000, p. 13). The share price has not reached the $20 level since then, and the stock is currently trading at 7.95, close to a 52-week low of 6.37. "Given our cash position of $130 mil. following our merger with Thermo Cardiosystems...we believe we have the resources and financial flexibility to use this process to enhance shareholder value," Grossman adds.
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