Abiomed stock keeps on sliding

August 1, 2019 By Nancy Crotti

Abiomed (NSDQ:ABMD) shares continued to plummet today following a tough earnings report, closing down -26.45% to $204.87 each.

The Danvers, Mass.-based medical device maker reported fiscal first-quarter sales that missed the mark and lowered its top-line outlook on the rest of the year.

Abiomed posted profits of $88.9 million, or $1.93 per share, on sales of $207.7 million for the three months ended June 3o, for a bottom-line slide of -1.3% on sales growth of 15.4% compared with fiscal Q1 2019. Adjusted to exclude one-time items, earnings per share were $1 even, a penny ahead of the consensus on Wall Street, where analysts were looking for revenues of $211.0 million.

Abiomed said it now expects to report sales of $885 million to $925 million, down from $900 million to $945 million previously.

ABMD shares, which closed down a tick at $278.56 apiece yesterday, were off by -19.3% to $224.75 each today in pre-market trading.

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