Thoratec Goes Back To The Future With CEO Appointment
This article was originally published in The Gray Sheet
D. Keith Grossman, who led the LVAD maker from 1996 to 2006, has returned as CEO following the resignation of Gary Burbach. The company has been reporting declining sales of its franchise HeartMate II LVAD system.
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The long-time leader of the ventricular assist device market Thoratec is implementing plans to get back on track for future growth, while rival HeartWare recently reported rapid global expansion and aggressive R&D investments.
Thoratec reported a near 10 percent year-over-year decline in revenue in the second quarter; physicians have become more selective about which patients to implant with a HeartMate II ventricular assist device, the firm says. The company is looking to next-generation of HeartMate products as well as the technology it acquired in the Apica deal to help it return to growth.
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