Shares in Abiomed (NSDQ:ABMD) are rising today after the medical device maker beat expectations on Wall Street and saw massive growth to its profits in its fourth quarter and full fiscal year 2018 earnings results.
The Danvers, Mass.-based posted profits of $36.9 million, or 80¢ per share, on sales of $174.4 million for the three months ended March 31, seeing bottom-line growth of 147.3% while sales grew 39.9% compared to the same period during the previous year.
Earnings per share for the fourth quarter were well ahead of the 64¢ consensus on Wall Street, where analysts expected to see sales of $164.3 million.
For the full year, Abiomed posted profits of $112.2 million, or $2.45 per share, on sales of $593.8 million, seeing the bottom-line grow a massive 115.2% while sales grew 33.3% compared with the pervious fiscal year.
Earnings per share were ahead of the $2.30 consensus on Wall Street, where analysts expected to see sales of $583.7 million, which the company also topped.
“Abiomed delivered another record quarter and fiscal year. I am proud of our Patients First execution and operational discipline from research to manufacturing to customer support. We earned multiple global regulatory approvals in the US, Germany and Japan on new products, new indications and reimbursement. Fiscal 2019 is positioned to be another outstanding year and we appreciate the investment from our shareholders. I am also grateful to the dedicated employees and customers that have enabled us to serve our patients and achieve our corporate goals around heart recovery,” prez & CEO Michael Minogue said in a prepared statement.
Abiomed provided guidance for its fiscal year 2019, expecting to see sales of between $740 and $770 million, up 25% to 30% over 2018.
Abiomed shares have risen 11.2% so far today, at $335.95 as of 11:19 a.m. EDT.
Last month, Abiomed saw shares fall slightly after the Centers for Medicare and Medicaid Services released a proposal covering changes in its reimbursement.