Abiomed dips on missed Q4 earnings, despite sales beat

Share prices for Abiomed (NSDQ:ABMD) dipped today after the company reported fiscal 4th-quarter earnings that missed expectations, despite a top-line gain of nearly 33%. The Danvers, Mass.-based heart pump maker posted profits of $14.9 million, or 33¢ per share, on sales of $124.7 million for the 3 months ended March 31, for a bottom-line increase of 35.5% on sales growth of 32.7% compared with Q4 2016. But analysts on Wall Street were looking for earnings per share of 35¢; Abiomed topped the consensus Street estimate for sales by more than $2 million. Full-year profits were $52.1 million, or $1.17 per share, on sales of $445.2 million, representing profit growth of 36.6% on sales growth of 35.1% compared with fiscal 2016. “Abiomed remains 1 of the fastest-growing GAAP-profitable companies and fiscal 2017 was another successful year as we achieved our corporate goals with 2 FDA approvals, approval in Japan and dedicated DRGs from the Centers for Medicare & Medicaid Services,” chairman, president & CEO Michael Minogue said in prepared remarks. “We want to thank our shareholders for their support and all of our employees and customers for their hard work and dedication to patients and our mission of heart recovery.” Abiomed said it expects to post sales of $555 million to $575 million during fiscal 2018; the consensus forecast calls for revenues of $574.3 million and EPS of $1.78. ABMD shares, which closed down -3.3% yesterday at $129.89...
Source: Mass Device - Category: Medical Equipment Authors: Tags: Cardiac Assist Devices MassDevice Earnings Roundup Wall Street Beat Abiomed Source Type: news