The Danvers, Mass.-based company posted profits of $62.2 million, or $1.36 per share, on sales of $209.8 million for the three months ended Sept. 30, 2020, nearly quadrupling its bottom line on sales growth of 2.3%.
Adjusted to exclude one-time items, earnings per share were $1.01, 9¢ ahead of Wall Street, where analysts were looking for sales of $198.9 million.
Abiomed’s GAAP income received an $8.2 million, or 18¢ per share, gain on its investment in Shockwave, plus $7.9 million (17¢ per share) in excess tax benefits related to employee share-based compensation awards.
“I am proud to report that we achieved our Q2 ‘Yellow’ phase goals and grew sequentially, stabilized revenue in the U.S. and increased revenue double digits outside of the U.S. while advancing our regulatory, clinical and engineering milestones,” Abiomed chairman, presient & CEO Michael Minogue said in a news release. “I am also proud of the patients first commitment and leadership from our employees and customers to recover hearts and save lives every day.”
Abiomed said it now expects to log third-quarter revenue in the range of $221 million to $230 million, but did not offer full-year guidance.
ABMD shares were down -6.8% at $263.63 per share in late-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down -0.4%.