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Abiomed revenues up 25% on heart pump sales, narrows net loss

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Medical device maker Abiomed, Inc. (NASDAQ:ABMD) reported its first-quarter fiscal year 2012 revenue climbed 25% on account of growth of its miniature heart pump Impella, as the company narrows its net loss. 

Revenue jumped 25% to $27.4 million in the first-quarter that ended June 30. That compares to $22 million, one year ago.

The company reported a net loss of $4.5 million, or 12 cents per share, versus $5.9 million, or 16 cents a share, in the same period last year. 

 Analysts, on average, expected Abiomed to have a net loss of 6 cents, on revenues of $27.8 million, according to Bloomberg. 

Abiomed also said gross margin came in at 78.5%, up from the 76% in the year-earlier quarter.

Operating expenses rose 13% to $25.8 million, up from $22.8 million resulting from the continued build-out of the U.S. commercial organization to support sales and marketing initiatives related to the Impella platform.

Revenue for Impella worldwide rose 33% to $22.2 million, up from $16.7 million one year ago.  

The company said U.S. Impella sales grew 31%, while sales outside the U.S. rose 70% from the prior year. 

"The Impella platform continues to expand with a wave of clinical evidence, patient success stories and U.S. reimbursement confirmation," Michael Minogue Chief Executive of Abiomed said in a statement.

Back in April, Abiomed filed for regulatory approval of Impella in Japan. 

"We remain committed to leading in innovation and technology and will be announcing specific investor updates on new Impella enhancements, new products and the Japan submission, later this year."

Further, an extra 25 U.S. hospitals bought Impella 2.5 during the first quarter bringing the total to 546 customer sites, in-line with the company’s strategy to open fewer sites and drive deeper utilization at existing customer sites. 

The company expects its fiscal year 2012 sales guidance to rise by 20% to 24% and to be in the tune of $120 million to $125 million, unchanged from its previous forecast.


 

Quick facts: ABIOMED, Inc.

Price: 304 USD

NASDAQ:ABMD
Market: NASDAQ
Market Cap: $13.69 billion
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