Abiomed (NSDQ:ABMD) set off a Wall Street roller coaster with its latest earnings release, in which the Danvers, Mass.-based heart pump maker posted its 1st profitable year in a decade and a half.
The 3 months ended March 31 made up Abiomed’s "best quarter and year in company history, in terms of number of patients supported, revenue growth, and profitability," chairman, president & CEO Michael Minogue said in prepared remarks.
Abiomed reported earnings of $2.6 million, or 6¢ per diluted share, for its fiscal 4th quarter, compared with losses of $1.8 million, or 5¢ per share, during Q4 2010 – precisely in line with Wall Street’s expectations. Full-year profits of $1.5 million, or 4¢ per share, beat The Street by a penny. Abiomed lost $11.8 million, or 32¢ per share, in FY 2010.
Sales rose 31%, to $37.3 million, during the 4th quarter, compared with $28.5 million during Q4 2010.
The spike, driven by a 43% increase in worldwide sales of Abiomed’s flagship Impella cardiac assist device, prompted the company to boost its FY 2013 revenues forecast between $152 million and $157 million.
"We believe our revenue ramp indicates Impella is poised to become the new standard of care for percutaneous circulatory support with established CMS DRG reimbursement, Impella guideline inclusion and pending dedicated CPT codes," Minogue told investors during a conference call yesterday. "Over the next several years our focus on re-order revenue and patient utilization will position Abiomed to be a best-in-class company for revenue growth and operating margin. I personally want to thank and congratulate the entire team for our best ever quarterly and yearly performance."
Wall Street’s response was a flurry of activity yesterday, with ABMD shares opening at a new 52-week high of $26.17, up 10.2% over the previous night’s close. Trading settled down later in the day and by market’s close ABMD shares had fallen back to $23.22, down 2.2% on the day.
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The Philadelphia, Pa.-based glucose monitoring systems maker posted 1st-quarter losses of $3 million, or 8¢ per diluted share, on sales of $31,000 during the 3 months ended March 31. That compares with Q1 2011 losses of $4.6 million, or 20¢ per share, on sales of $230,000.
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The Cambridge, Mass.-based company posted 1st-quarter profits of $3.1 million, or 5¢ per diluted share, compared with Q1 2011 losses of $1.3 million, or 2¢ per share.
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