Introduction
Improving Patient Lives
Prevalence of HF
Pioneering an Industry
Track Record of Innovation
Continued Growth
VAD Product Portfolio
ITC Product Portfolio
Letter to Our Shareholders
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Forward-Looking Statements
Corporate Directory
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This Annual Report includes forward-looking statements. These statements can be identified by the words “expects,” “projects,” “hopes,” “believes,” “intends,” “should,” “estimate,” “will,” “would,” “may,” “anticipates,” “plans,” “could,” and other similar words. Actual results could differ materially from these forward-looking statements based on a variety of factors—many of which are beyond our control. Therefore, readers are cautioned not to put undue reliance on these statements. Investors are cautioned that all such statements involve risks and uncertainties, including risks related to the development of new markets such as Destination Therapy, the growth of existing markets for our products, customer and physician acceptance of our products, changes in the mix of our product sales and the related gross margin for such product sales, the results of clinical trials including the HeartMate II, the ability to improve financial performance, regulatory approval processes, the effect of healthcare reimbursement and coverage policies, the effects of seasonality in our product sales, the effects of price competition from any of our competitors and the effects of any merger and acquisition related activities.

Factors that could cause actual results or conditions to differ from those anticipated by these and other forward-looking statements include those more fully described in the “Factors That May Affect Future Results” section of our 10-K for the fiscal year ended January 1, 2005 and in other documents we file with the Securities and Exchange Commission. Actual results, events or performance may differ materially. These forward-looking statements speak only as of the date hereof. We undertake no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events.

© 2005 Thoratec Corporation
Design: Howry Design Associates SF/CA