Abiomed (NSDQ:ABMD) shares came under pressure today after the medical device maker reported fiscal first-quarter sales that missed the mark and lowered its top-line outlook on the rest of the year.
Danvers, Mass.-based Abiomed posted profits of $88.9 million, or $1.93 per share, on sales of $207.7 million for the three months ended June 3o, for a bottom-line slide of -1.3% on sales growth of 15.4% compared with fiscal Q1 2019.
Adjusted to exclude one-time items, earnings per share were $1 even, a penny ahead of the consensus on Wall Street, where analysts were looking for revenues of $211.0 million.
“In Q1, we implemented new training programs, organizational changes in distribution, and launched external initiatives that will require time to drive more growth in the future,” chairman, president & CEO Michael Minogue said in prepared remarks. “We are confident in our ultimate global adoption because we know that our innovation improves clinical outcomes and patient quality of life.”
Abiomed said it now expects to report sales of $885 million to $925 million, down from $900 million to $945 million previously.
ABMD shares, which closed down a tick at$278.56 apiece yesterday, were off by -19.3% to $224.75 each today in pre-market trading.
