Abiomed shares surge on fiscal Q1 sales
Abiomed (NSDQ:ABMD) saw stocks surgeA transient variation in the current and/or potential at a point in the circuit. today after it announced surprising fiscal 1st quarter earnings and raised guidance for the rest of the fiscal year.
The Danvers, Mass.-based company reported sales of $73.4 million for the 3 months ended June 30. That amounts to 50% growth in sales compared to same quarter in 2014, which clocked in at $48.7 million.
Abiomed saw a bottom-line gain of over 500% as it turned last years $1.7 million loss into $8.9 million in profits for the quarter.
Adjusted to exclude 1-time items, earnings per share topped street estimates of 8¢ by more than double at 20¢ per share.
Shares have surged on the news, rising nearly 15% to $88.73 as of 11:08 a.m., EST.
“After a full quarter of FDA approval for high-risk PCI with Impella 2.5, we feel that our customer education and training efforts are truly making an impact on our business. Our license to become the standard of care has transformed into a reality and I’m proud of the discipline and execution we have demonstrated to get to this phase of the Company’s financial and regulatory success,” CEO Michael Minogue said in a press release.
Abiomed significantly raised its guidance for the next year in response, setting revenue 30-35% higher at $300 million to $310 million, and GAAP operating margin in the range of 14% to 16%, the company said.