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.
Electromed takes a heavy Q3 reimbursement hit
Electromed (NSDQ:ELMD) took a heavy hit to its profits during the 3 months ended March 31, partly driven by challenges in reimbursement for the company’s flagship SmartVest devices.
The New Prague, Minn.-based device maker posted 3rd-quarter profits of $95,000, or 1¢ per diluted share, on sales of $4.8 million. That compares with Q3 2011 profits of $487,000, or 6¢ per diluted share, on sales of $5.2 million.
The company announced earlier this week that founder, chairman & CEO Robert Hansen relinquished control of the company after 20 years steering the ship. Electromed appointed COO James Cassidy, who joined Electromed last year, to take over as interim CEO.
The Melville, N.Y.-based device maker posted 1st-quarter profits of $187,000, or 1¢ per diluted share, on sales of $6.7 million. That compares with profits of $492,000, or 3¢ per share, on sales of $6.2 million during the same period last year.
The Tewksbury, Mass.-based diagnostic devices maker posted losses of $1.8 million, or 2¢ per share, on sales of $554,000 during the 3 months ended March 31. That compares with Q1 2011 losses of $1.3 million, or 1¢ per share, on sales of $637,000.
Echo Therapeutics narrows losses amid shrinking sales
Echo Therapeutics’s (NSDQ:ECTE) sales sank hard in the 1st quarter, but the company narrowed its losses by more than a third.
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.
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.