Abiomed shares down despite Street-beating FY2019 Q1, Indian Impella approval

Shares in Abiomed (NSDQ:ABMD) have fallen today despite the medical device maker posting earnings that beat expectations by Wall Street for its fiscal year 2019 first quarter and announcing approval of its Impella heart pump in India. The Danvers, Mass.-based company posted profits of $90.1 million, or $1.95 per share, on sales of $180 million for the three months ended June 30, seeing profits grow 141% while sales grew 35.9% compared with the same period during the previous year. Earnings per share were well ahead of the 82¢ consensus on Wall Street, where analysts expected to see sales of $173.2 million, which the company also beat. “Abiomed reported a strong start to our fiscal year 2019. Abiomed is committed to sustainable growth and improving patient outcomes each quarter. We do this through advanced training, product enhancements and sharing of best practices derived from real world experience,” prez & CEO Michael Minogue said in a press release. Abiomed lifted the low end of its full fiscal year 2019 revenue guidance by $15 million, now expecting to post between $755 and $770 million, up 27% to 30% over the previous year. The company said it is maintaining its existing 2019 GAAP operating margin guidance of between 28% and 30%. Shares in Abiomed have fallen 14.8% so far, at $367.11 as of 10:00 a.m. EDT. Despite beating expectations, Leerink Partner analyst Danielle Antalffy was skeptical that share prices would rise after the news, but said that tra...
Source: Mass Device - Category: Medical Devices Authors: Tags: Business/Financial News Cardiac Assist Devices Cardiovascular MassDevice Earnings Roundup Regulatory/Compliance Wall Street Beat Abiomed Source Type: news