Bay state medical device maker Abiomed (NSDQ:ABMD) reported another strong quarter, with revenues up 20% on record sales of its flagship Impella cardiac pump.
Abiomed profits jumped nearly 64%, with per-share earnings at 11¢, beating Wall Street’s 4¢ estimate by a mile. ABMD shares gained 2% in morning trading, going for $26.77 as of about 12:00 p.m.
The company further announced today that it won approval from China’s Food & Drug Administration to market its Impella 2.5, Impella 5.0 and its MPC console, with launch slated next year for 5-10 "key hospitals."
"We have now grown top line revenue double digits for 17 straight quarters, year over year, achieved profitability and accumulated $107 million in cash without incurring debt," president & CEO Michael Minogue said in prepared remarks. "Abiomed is capitalizing on the opportunity to increase revenue, complete the regulatory requirements and become the new standard of care."
The report marked another quarter with high marks for Abiomed, which in Q2 boosted sales nearly 19% but took an 80% hit on profits, due largely to costs associated with a U.S. Justice Dept. investigation.
The Danvers, Mass.-based company maintained its fiscal outlook for the year, expecting total revenues of $180-185 million, a 20% increase over 2013.
