Abiomed (NSDQ:ABMD) shares got a pre-market jump today from fiscal second-quarter earnings that topped the consensus forecast once some $35 million in unrealized losses from its stake in Shockwave Medical (NSDQ:SWAV) were factored in.
The Danvers, Mass.-based heart pump maker posted profits of $13.1 million, or 28¢ per share, on sales of $205.0 million for the three months ended Sept. 30, marking a -73.9% bottom-line slide on sales growth of 12.8%.
But the results included a $34.5 million charge on the loss from Abiomed’s $10 million investment in Shockwave, which in March raised nearly $97 million in an initial public offering, that deducted 75¢ from its per-share earnings. Adjusted to exclude that and other one-time items, earnings per share were $1.03, a full dime ahead of the consensus on Wall Street, where analysts were looking for sales of $206.5 million.
“We are pleased that this quarter demonstrated our ability to leverage best practices and support strategies to improve clinical outcomes overall for high risk PCI, cardiogenic shock and right heart failure,” chairman, president & CEO Michael Minogue said in prepared remarks. “We have made progress on our key initiatives in the quarter, but we still have more work to do. Our innovation and ability to improve clinical outcomes remains the driver for Impella adoption through a function of training, data and time.”
Abiomed said it still expects to report sales of $885 million to $925 million for its fiscal 2020 year, which ends next March.
ABMD shares, which closed down -1.7% at $181.77 apiece yesterday, gained 7.8% to $196 even today in pre-market trading. SWAV shares are up 95.1% since their $17 debut.
In a separate release, Abiomed touted the first U.S. commercial cases using its newly approved Impella 5.5 pump, featuring the SmartAssist technology designed to help wean patients off of the device.
