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Home » Abiomed beats The Street in Q1, boosts full-year revenue guidance

Abiomed beats The Street in Q1, boosts full-year revenue guidance

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AbiomedAbiomed  (NASDAQ: ABMD) posted first-quarter results that beat the consensus forecast on Wall Street, with the company boosting its revenue growth forecast to 22–24% for the fiscal year.

The Danvers, Mass.–based maker of circulatory and oxygenation support devices reported a loss of –$26.5 million, or –59¢ per share, on sales of $252.5 million for the three months ended June 30, 2021 — versus a profit of $44.5 million, or 98¢ per share, on sales of $164.8 million during the previous Q1.

Worldwide Impella heart pump product revenue was up 55% to $241.5 million. In addition, the company in June announced FDA approval of its next-gen Impella RP with SmartAssist.

Adjusted to exclude one-time items, earnings per share were $1.10, a nickel ahead of The Street, where analysts were looking EPS of $1.05 on sales of $240.91 million.

“Q1 was a solid start with record global revenue and patient utilization in U.S., Europe and Japan, and we believe we are well-positioned for success in FY22,” Abiomed CEO Michael R. Minogue said in a news release posted yesterday evening. “We will continue to create and deliver value by successfully advancing our innovation, clinical research and commercial distribution. We remain steadfast to creating the field of heart recovery and driving a new standard of care for circulatory support.”

Investors reacted by sending ABMD shares up more than 2% to $338.65 apiece today’s morning trading. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was down slightly.

 

 

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Chris Newmarker is the executive editor of WTWH Media life science's news websites and publications including MassDevice, Medical Design & Outsourcing and more. A professional journalist of 18 years, he is a veteran of UBM (now Informa) and The Associated Press whose career has taken him from Ohio to Virginia, New Jersey and, most recently, Minnesota. He’s covered a wide variety of subjects, but his focus over the past decade has been business and technology. He holds bachelor’s degrees in journalism and political science from Ohio State University. Connect with him on LinkedIn or email at cnewmarker@wtwhmedia.com.

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