Abiomed (NSDQ:ABMD) lifted its revenue guidance for the year after posting a Street-beating 1st quarter today.
The Danvers, Mass.-based company reported profits of $12.9 million, or 29¢ per share, on sales of $103 million for the 3 months ended June 30. That amounts to a healthy 45.7% bottom-line gain as sales grew 40.3% compared with the same period last year.
Abiomed handily beat Wall Street analyst’s expectations of 23¢ in EPS and $97.2 million in revenue.
“Abiomed is creating a new era of medicine focused on the field of heart recovery and offering new treatment paradigms for high risk heart failure patients. With an estimated 6% U.S. Impella penetration rate, we are prepared for continued growth within the Protected PCI and emergent indications. Outside the U.S., we stand ready to transform the standard of care for patients in Germany, Japan and beyond,” CEO Michael Minogue said in prepared remarks.
Shares have dipped slightly, down 0.9% to trade at $114.99 as of 12:27 p.m. EDT.
The company increased the low end of its fiscal year 2017 revenue guidance $5 million, now expecting between $435 and $445 million. That would be up 32 to 35% from the prior year, the company said.
In April, Abiomed said it won expanded FDA premarket approval indications for its Impella line of percutaneous heart pumps to treat patients suffering cardiogenic shock following acute myocardial infarction or cardiac surgery.
The Impella devices are now indicated for the stabilization of a patient’s hemodynamics, unloading of the left ventricle, perfusion of the end organs and to allow for recovery of the native heart, according to the Danvers, Mass.-based company.
