The Danvers, Mass.-based company reported profits of $44.6 million, or 98¢ per share, on sales of $164.9 million for the three months ended June 30, for a bottom-line loss of -95% sales loss of -20.6% compared with Q1 2019.
Adjusted to exclude one time items, earnings per share were 58¢, 26¢ ahead of The Street, where analysts were looking for sales of $144.1 million.
“I am proud of Abiomed’s execution during the COVID-19 pandemic, delivering on our Q1 RED phase commitments and maintaining our focus to recover hearts and save lives. We achieved sequential improvements in revenue and patients, strengthened our clinical data, and advanced our pipeline technology,” president and CEO Michael Minogue said in a news release. “We will make fiscal year 2021 one of the most productive and transformative years for the company as we build Abiomed 2.0 and continue to innovate products that are smaller, smarter and more connected, while we pursue studies for Class I guidelines.”
Due to the uncertainties surrounding the COVID-19 pandemic, Abiomed is not proving a full-year financial outlook.
Shares in ABMD were down -1.74% to $311.48 apiece in mid-morning trading.