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Abiomed swings to Q4 profit, revenue up 31%

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Medical device maker Abiomed (NASDAQ:ABMD) swung to a fourth quarter profit thanks to  31 percent growth in revenue and higher margins.

Net income was $2.56 million, or six cents a share, compared with a net loss of $1.77 million, or five cents a share, a year-prior.

For the first three months of the year, revenue stood at $37.3 million versus sales of $28.5 million, a year-earlier.

On average, analysts had forecasted per share earnings of seven cents, on $34.9 million in revenue, according to Bloomberg.

In early morning trade, the company’s stock rose 4.68 percent climbing to $24.85 apiece on the Nasdaq on Wednesday.

"We are happy to report the best quarter and year in company history, in terms of number of patients supported, revenue growth, and profitability," chief executive Michael R. Minogue said in a statement.

"Abiomed is highly motivated to help thousands of patients and create significant shareholder value," Minogue added.

In the U.S., Impella revenue spiked 44 percent to $29.9 million. Worldwide Impella sales totalled $32.3 million, up from $22.6 million a year ago, representing a 43 percent rise.

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.

As targeted, an additional 26 hospitals purchased Impella 2.5 during the quarter, the company said, bringing the total to 631 customer sites.

Gross margin widened to 81.8 percent, compared to 79.5 percent in the prior year period.

Looking ahead, the company expects revenues for the year to be between $152 to $157 million, representing growth of 20 to 24 percent.

Global revenue of the Impella device is forecasted to rise by 30 percent.

Quick facts: ABIOMED, Inc.

Price: 150.26 USD

NASDAQ:ABMD
Market: NASDAQ
Market Cap: $6.77 billion
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