Abiomed (NSDQ:ABMD) posted record-breaking figures in its 3rd quarter 2012 earning report, boosting its outlook for 2012 and winning a lot of love from The Street.
ABMD shares jumped 6.5% to $20.50 as of about 11:30 a.m., having opened at $21.75 in a flurry of trading before markets opened today. Along the way, shares hit a new 52-week high of $21.92, after closing at $19.24 last night.
The Danvers, Mass.-based company’s impressive sales were driven by its Impella heart pump, which garnered $27.7 million worldwide in the 3 months ended Dec. 31, 2011, a 32% increase from the same time last year.
Abiomed boosted its forecast for the rest of the year to between $122 million and $125 million, compared to previous guidance of $120 million to $125 million, according to SEC filings.
The bulk of the revenues, $25.5 million, were inside the U.S., a 30% increase for domestic Impella sales, according to regulatory filings. The company added 37 new hospitals to its client list during the quarter, bringing it to a grand total of 605 U.S. Impella sites.
"The company’s drive and execution were evidenced this quarter by the release of new clinical and economic data, new products and best ever financial performance," chairman, president & CEO Michael Minogue said in prepared remarks. "With Impella at an annual run rate of over $100 million and growing greater than 30%, we believe Abiomed is in just the early innings of our potential market and look forward to the future. "
Abiomed posted profits of $2.9 million, or 7 cents per diluted share in Q3, an impressive turnaround from the $800,000 lost, or a loss of 2 cents per diluted share, during the same time last year.
Excluding 1-time expenses, EPS reached 11 cents per share, beating Wall Street’s forecast of modest losses of less than a penny.
"The company’s drive and execution were evidenced this quarter by the release of new clinical and economic data, new products and best ever financial performance," said Michael R. Minogue, Chairman, President and Chief Executive Officer of Abiomed. "With Impella at an annual run rate of over $100 million and growing greater than 30%, we believe Abiomed is in just the early innings of our potential market and look forward to the future. "
