The Danvers, Mass.-based heart pump maker posted profits of $14.9 million, or 33¢ per share, on sales of $124.7 million for the 3 months ended March 31, for a bottom-line increase of 35.5% on sales growth of 32.7% compared with Q4 2016.
But analysts on Wall Street were looking for earnings per share of 35¢; Abiomed topped the consensus Street estimate for sales by more than $2 million.
Full-year profits were $52.1 million, or $1.17 per share, on sales of $445.2 million, representing profit growth of 36.6% on sales growth of 35.1% compared with fiscal 2016.
“Abiomed remains 1 of the fastest-growing GAAP-profitable companies and fiscal 2017 was another successful year as we achieved our corporate goals with 2 FDA approvals, approval in Japan and dedicated DRGs from the Centers for Medicare & Medicaid Services,” chairman, president & CEO Michael Minogue said in prepared remarks. “We want to thank our shareholders for their support and all of our employees and customers for their hard work and dedication to patients and our mission of heart recovery.”
Abiomed said it expects to post sales of $555 million to $575 million during fiscal 2018; the consensus forecast calls for revenues of $574.3 million and EPS of $1.78.
ABMD shares, which closed down -3.3% yesterday at $129.89 apiece, slid a further -2.2% to $127.00 each today in early trading.
In a separate release, the company said it launched a 50-patient feasibility study for its Impella CP device, which won FDA approval last October. The study is designed to examine using the Impella CP to unload the left ventricle prior to primary percutaneous coronary intervention in patients presenting ST segment elevation myocardial infarction without cardiogenic shock.
The primary safety endpoint of the study, which is expected to be complete within 18 months, is the rate of major adverse cardiovascular and cerebrovascular events at 30 days, the company said.