Thoratec (FRA:TL1) EBIT : €46.5 Mil (TTM As of Jun. 2015)

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What is Thoratec EBIT?

Thoratec's earnings before interest and taxes (EBIT) for the three months ended in Jun. 2015 was €17.0 Mil. Its earnings before interest and taxes (EBIT) for the trailing twelve months (TTM) ended in Jun. 2015 was €46.5 Mil.

EBIT or Operating Income is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Thoratec's annualized ROC % for the quarter that ended in Jun. 2015 was 10.81%. Thoratec's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2015 was 52.52%.

EBIT is also linked to Joel Greenblatt's definition of earnings yield. Thoratec's Earnings Yield (Joel Greenblatt) % for the quarter that ended in Jun. 2015 was 1.66%.

Thoratec EBIT Historical Data

The historical data trend for Thoratec's EBIT can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Thoratec EBIT Chart

Thoratec Annual Data

Trend

Dec05

Dec06

Dec07

Dec08

Dec09

Dec10

Dec11

Dec12

Dec13

Dec14

EBIT

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79.29

88.56

58.92

72.82

55.24

Thoratec Quarterly Data
	Sep10	Dec10	Mar11	Jun11	Sep11	Dec11	Mar12	Jun12	Sep12	Dec12	Mar13	Jun13	Sep13	Dec13	Mar14	Jun14	Sep14	Dec14	Mar15	Jun15
EBIT	Get a 7-Day Free Trial															18.98	1.64	11.31	16.58	16.96

Competitive Comparison of Thoratec's EBIT

For the Medical Devices subindustry, Thoratec's EV-to-EBIT, along with its competitors' market caps and EV-to-EBIT data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Thoratec's EV-to-EBIT Distribution in the Medical Devices & Instruments Industry

For the Medical Devices & Instruments industry and Healthcare sector, Thoratec's EV-to-EBIT distribution charts can be found below:

* The bar in red indicates where Thoratec's EV-to-EBIT falls into.

Thoratec EBIT Calculation

EBIT, sometimes also called Earnings Before Interest and Taxes, is a measure of a firm's profit that includes all expenses except interest and income tax expenses. It is the difference between operating revenues and operating expenses. When a firm does not have non-operating income, then Operating Income is sometimes used as a synonym for EBIT and operating profit.

EBIT for the trailing twelve months (TTM) ended in Jun. 2015 adds up the quarterly data reported by the company within the most recent 12 months, which was €46.5 Mil.

Thoratec (FRA:TL1) EBIT Explanation

1. EBIT or Operating Income is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Thoratec's annualized ROC % for the quarter that ended in Jun. 2015 is calculated as:

	ROC % (Q: Jun. 2015 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Mar. 2015 )	+	Invested Capital (Q: Jun. 2015 ))	/ count )
=	65.408 * ( 1 - 30.37% )	/	( (427.291	+	414.969)	/ 2 )
=	45.5435904	/	421.13
=	10.81 %

where

	Invested Capital		(Q: Mar. 2015 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	707.326	-	57.929	-	( 222.106	-	max(0, 63.272	-	379.831	+	222.106	))
=	427.291

	Invested Capital		(Q: Jun. 2015 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	728.109	-	69.035	-	( 244.105	-	max(0, 74.186	-	410.681	+	244.105	))
=	414.969

Note: The Operating Income data used here is four times the quarterly (Jun. 2015) data.

2. Joel Greenblatt's definition of Return on Capital:

Thoratec's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2015 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Jun. 2015 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Mar. 2015		Q: Jun. 2015
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	67.856	/	( ( (46.313 + max(86.943, 0))	+	(43.99 + max(81.178, 0)) )	/	2 )
=	67.856	/	( ( 133.256	+	125.168 )	/	2 )
=	67.856	/	129.212
=	52.52 %

where Working Capital is:

	Working Capital		(Q: Mar. 2015 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(64.873	+	60.109	+	25.233)	-	(57.929	+	0	+	5.343)
=	86.943

	Working Capital		(Q: Jun. 2015 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(72.89	+	63.135	+	19.339)	-	(69.035	+	0	+	5.151)
=	81.178

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Jun. 2015) EBIT data.

3. It is also linked to Joel Greenblatt's definition of Earnings Yield:

Thoratec's Earnings Yield (Joel Greenblatt) % for today is calculated as:

Earnings Yield (Joel Greenblatt) %	=	EBIT (TTM)	/	Enterprise Value (Q: Jun. 2015 )
	=	46.492	/	2805.680
	=	1.66 %

Thoratec EBIT Related Terms

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Thoratec (FRA:TL1) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Medical Devices & Instruments » Thoratec Corp (FRA:TL1) » Definitions » EBIT

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Address

Website

http://www.thoratec.com

Thoratec Corporation incorporated in the State of California in 1976 provides mechanical circulatory support with a product portfolio to treat the full range of clinical needs for advanced heart failure patients. It develops, manufactures and markets proprietary medical devices used for circulatory support. Following the sale of ITC in 2010, the Company has one operating segment: Cardiovascular group. This segment is organized and operates to develop and manufacture mechanical circulatory products to support the cardiovascular systems of humans. The Company's VAD products primarily serve patients suffering from late-stage HF. HF is a chronic disease that occurs when degeneration of the heart muscle reduces the pumping power of the heart, causing the heart to become too weak to pump blood at a level sufficient to meet the body's demands. Hospitals that perform open heart surgery and heart transplants are the potential customers for its Thoratec and HeartMate products. The Company estimates that it sells into 293 of these centers. According to the Company's estimates, it is in approximately 149 centers in the United States and 144 centers internationally. Competition from medical device companies and medical device divisions of healthcare companies, pharmaceutical companies and gene- and cell-based therapies is intense and is expected to increase. It therefore continues to expect new competitors both from the pharmacological and the medical device space. Among the medical device competitors are Aachen Innovative Solutions GmbH, AbioMed, Inc., Berlin Heart GmbH, HeartWare International Inc., Jarvik Heart, Inc., Maquet Cardiovascular, LLC (a division of Getinge AB), MicroMed Technology, Inc., Sun Medical Technology Research Corporation, SynCardia Systems, Inc., and Terumo Heart, Inc. All of the Company's proposed products will require regulatory approval prior to commercialization. In particular, medical devices are subject to rigorous pre-clinical testing as a condition of approval by the FDA and by similar authorities in foreign countries.

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