Abiomed (NSDQ:ABMD) today posted third-quarter results that beat the overall consensus on Wall Street.
The Danvers, Massachusetts–based heart device company reported profits of $45.8 million, or $1.00 per share, on sales of $261.2 million for the three months ended Dec. 31, 2021, on sales growth of 12.74% compared with Q4 2020.
Adjusted to exclude one-time items, earnings per share were $1.13, 16¢ ahead of The Street, where analysts were looking for sales of $252.8 million.
“Despite a slower start in October due to the COVID resurgence and hospital labor shortages, our Abiomed 2.0 playbook allowed us to adapt and execute, grow sequentially, and support the most patients ever in a quarter. These record results would not have been possible without the dedication of our customers and employees supporting critically ill patients 24 x 7 on-site, online and in the cloud with Impella Connect,” CEO and president Michael Minogue said in a news release. “Our focus on extending our lead in innovation, advancing clinical evidence, and building a premier commercial team enables the pursuit of becoming the global standard of care for hemodynamic support.”
The company said it is increasing the lower end of its fiscal year 2022 revenue guidance to a range of $1.025 billion to $1.030 billion with a growth of 21%-22% versus the year prior.
Shares in ABMD were down more than 5% to $290.57 apiece by later afternoon trading. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down slightly.
Analysts from BTIG noted that the drop in ABMD’s stock price could be due to the overall markets having an off day. U.S. procedure volumes decreased during the peak of the COVID-19 variant omicron, but the analysts say that ABMD’s shares are fairly valued and reflect on the company’s product pipeline, strong balance sheet and revenue.