Abiomed shreds fiscal Q2 forecasts

November 1, 2018 By Brad Perriello

Abiomed (NSDQ:ABMD) today posted fiscal second-quarter numbers that shredded the consensus forecast and raised its outlook on the rest of the year, sending share prices up sharply today.

The Danvers, Mass.-based cardiac assist device maker more than doubled its profits to $50.1 million, or $1.09 per share, on sales of $181.8 million, for a 104.6% bottom-line gain on revenue growth of 36.9%.

Analysts on Wall Street were looking for EPS of 74¢ on sales of $175.2 million.

“We have established a strong foundation with our innovation and technology, balance sheet and intellectual property portfolio,” chairman, president & CEO Michael Minogue said in prepared remarks. “We are executing our plan for sustainable growth while helping to improve patient outcomes focused on native heart recovery.”

Abiomed boosted the low end of its full-year revenue guidance for the second quarter in a row, saying it now expects to log revenues of $765 million to $770 million, compared with $755 million to $770 million previously. The company stood pat on its GAAP operating margin guidance of 28% to 30%.

ABMD shares were up 6.2% to $362.35 apiece today in early trading.

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