Abiomed (NSDQ:ABMD) shares dipped sharply this morning after the medical device company reported lower profits during its fiscal 3rd quarter, despite posting strong sales growth.
Danvers, Mass.-based Abiomed logged profits of $2.7 million, or 7¢ per share, on sales of $38.3 million for the 3 months ended Dec. 31, 2012, for a profit decline of 8.1% and top-line growth of 18.8% compared with the same period in 2011.
Earnings per share were in line with Wall Street analysts’ expectations for 7¢.
"We are excited to announce that we achieved a record quarter for patient utilization, which reflects the continued growth in physician demand for Impella," chairman, president & CEO Michael Minogue said in prepared remarks. "We are also encouraged by the strong interest in the Impella CP launch and awareness surrounding the new CPT physician payment codes for Impella that went into effect in the beginning of 2013."
Abiomed hewed to its forecast for the rest of fiscal 2013, saying it still expects to post revenues of $155 million to $157 million, up 23%-24%.
ABMD shares were trading at $13.42 as of about 10:15 this morning, down 6.9%.
