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Thoratec Corporation history
Thoratec Corporation company history timeline
Thoratec was incorporated in California in 1976 as Thoratec Laboratories Corporation.
VADs are used in patients too old or ill for a heart transplant, or to keep a patient alive until a heart becomes available for transplantation surgery. It completed its initial public offering (IPO) of stock in 1981, trading under the ticker "THOR". The company's efforts were focused on developing devices for circulatory support and vascular graft applications.
In December 1995 Thoratec received FDA approval to sell its Thoratec Ventricular Assist Device System, an external blood pump with cannulae connecting the pump to the patient's heart and vessels.
In 1996 this VADS was used in more than 750 patients, and Thoratec sold 285 of them in clinical trials for the FDA. Company revenues that year were $7.5 million.
By 2000, the Thoratec VAD System was the only device approved by the FDA for left, right, or biventricular support for both providing a bridge until heart transplant and for recovery of the heart after open-heart surgery.
With the 2001 Thermo Cardiosystems merger, Thoratec acquired the HeartMate Left Ventricular Assist System, an implanted VAD for end-stage heart patients.
The company introduced an enhanced version of the device, the HeartMate XVE, and it was FDA approved for destination therapy in May 2003, having previously been approved for bridge to transplantation.
In January 2010 Thoratec acquired catheter-based heart pump technology from the Swedish medical-technology company Getinge.
In August 2011 Thoratec acquired the medical business of Levitronix.
The company therefore discontinued its first-generation HeartMate XVE in 2011.
In March 2014 Thoratec issued a warning against improper use of the external controller for the HeartMate II.
In July 2014 Thoratec acquired Apica Cardiovascular Limited.
Thoratec's third-generation HeartMate LVAD is the HeartMate 3, designed to lower adverse event rates through improved hemocompatibility, and to increase ease of surgical placement through new design and compact size. It began undergoing clinical trials in the United States and internationally in mid 2014.
The acquisition was completed in October 2015.
As of mid 2015, Thoratec has the only FDA-approved LVAD for destination therapy, or permanent support; the ventricular assist system by competitor HeartWare Inc. is still in clinical trials for destination therapy.
In late 2015 the company initiated a clinical study exploring the use of the Thoratec PHP in patients undergoing high-risk percutaneous coronary intervention (PCI).
According to the press release, the device further differentiates Thoratec's approach to mechanical circulatory support, and is expected to begin in-human implantation in 2016 followed by clinical trials.
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Thoratec Corporation competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Varian Medical Systems | 1948 | $3.2B | 10,000 | 2 |
| Intuitive Surgical | 1995 | $8.4B | 5,527 | 292 |
| Analogic | 1967 | $486.0M | 1,500 | 37 |
| ResMed | 1989 | $4.7B | 8,000 | 34 |
| Stryker | 1941 | $22.6B | 43,000 | 2,129 |
| Boston Scientific | 1979 | $16.7B | 36,000 | 828 |
| NuVasive | 1997 | $1.2B | 2,800 | - |
| Baxter International | 1931 | $10.6B | 48,000 | 281 |
| Gilead Sciences | 1987 | $28.8B | 11,800 | 581 |
| Danaher | 1969 | $23.9B | 80,000 | 1,675 |
Thoratec Corporation history FAQs
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Thoratec Corporation may also be known as or be related to THORATEC CORP, Thoratec, Thoratec Corp and Thoratec Corporation.