The Danvers, Mass.-based maker of circulatory support devices — including Impella heart pumps — posted profits of $31.8 million, or 70¢ per share, on sales of $206.7 million for the three months ended March 31, 2020. The results out yesterday evening represented a 57% bottom-line slide on a sales decline of 0.2%.
Adjusted to exclude one-time items, earnings per share were $1.00, 6¢ ahead of Wall Street, where analysts were looking for sales of $207.1 million.
Abiomed also announced the acquisition of Breethe and its novel extracorporeal membrane oxygenation (ECMO) system that could potentially be used to treat people with COVID-19, not to mention cardiogenic shock. Breethe (Baltimore) has applied for 510(k) clearance for the system, which it describes as a first-of-its-kind compact ECMO system with an integrated oxygen concentrator that eliminates the need for bulky oxygen tanks. Financial terms of the deal were undisclosed.
“We will endure the challenges and come out stronger as Abiomed 2.0 because of the investments in innovation to have products that are smaller, smarter, and more connected in the cloud with AI algorithms for heart recovery,” Abiomed CEO Michael Minogue said in a news release.
Due to the deferral of cardiac procedures during the COVID-19 pandemic, Abiomed is not providing financial guidance for its 2021 fiscal year. The company estimates that the pandemic had about a $17 million negative impact on its worldwide Impella heart pump revenue, plus a $15 million negative impact in the U.S. alone.
ABMD shares are up 9.3% at $185.04 per share in morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — is down –0.3% so far today.