Medical device maker Abiomed (NASDAQ:ABMD) posted better-than-expected third quarter results as the company swung to a profit, prompting a boost to the low-end of its full-year revenue guidance.
For the three months that ended December 31, the company reported revenues jumped 18 percent to $32.1 million from $27 million a year ago.
The company posted a profit of $2.9 million, or seven cents per share, compared with a year ago loss of $802,000, or two-cent-per-share loss.
Analysts polled by Bloomberg expected a loss of one penny, on revenues of $31.4 million.
"The company’s drive and execution were evidenced this quarter by the release of new clinical and economic data, new products and best ever financial performance," chief executive Michael Minogue said in a statement.
"With Impella at an annual run rate of over $100 million and growing greater than 30 percent, we believe Abiomed is in just the early innings of our potential market and look forward to the future."
The Impella is a pump that pulls blood from the left ventricle through an inlet area near the tip, and expels blood from the catheter into the ascending aorta, used for patients that have heart failure.
Sales for the device worldwide rose 31 percent to $27.7 million in the quarter, from $21.2 million a year ago.
In the United States, Impella sales rose 30 percent to $25.5 million. An additional 37 hospitals in the U.S. purchased Impella 2.5 during the quarter, bringing the total to 605 Impella customer sites.
Total U.S. revenue of $29.6 million was up 17 percent from $25.3 million in the prior year, while revenue from outside the U.S. totaled $2.6 million, up 37 percent.
Gross margin nudged up slightly to 80.5 percent from 80 percent a year earlier.
For fiscal year 2012, the company raised the low end of its revenue guidance. It now expects sales to be to between $122 and $125 million, up from its prior forecast of $120 to $125 million.
Analysts polled by Bloomberg expect revenues of $123 million.
Abiomed, based in Massachusetts, makes medical devices that provide circulatory support to acute heart failure patients.
Shares rose 5.56 percent to $20.31 each Friday afternoon on the Nasdaq.