Abiomed nearly triples fiscal Q2 profits, crushes earnings expectations

Abiomed (NSDQ:ABMD) today said that its fiscal second-quarter profits nearly tripled and crushed the consensus earnings forecast on a nearly 30% sales increase.

The Danvers, Mass.-based percutaneous heart pump maker posted profits of $24.5 million, or 54¢ per share, on sales of $132.8 million for the three months ended Sept. 30, for a bottom-line gain if 176.1% on sales growth of 29.0% compared with fiscal Q2 2017.

Analysts on Wall Street were looking for EPS of 38¢ on sales of $131.1 million.

“This quarter, we set new records for supporting patients in the U.S. and Germany and we continue to observe improved clinical outcomes with our education and training initiatives,” chairman, president & CEO Michael Minogue said in prepared remarks. “I am proud of the team’s ability to consistently adapt and execute as we transform the standard of care and build the field of heart recovery.”

Abiomed raised the low end of its sales guidance to $565 million to $575 million, up from prior guidance of $555 million to $575 million.

In a separate release, the company said the first Japanese acute heart failure patient was treated with its Impella 5.0 pump after winning approval there in September 2016.

“Treating the first Japanese Impella patient marks a significant milestone for our company,” Minogue said. “We are pleased to launch the field of heart recovery in Japan and we commend the dedication of Japanese physicians and the regulatory body for seeking out new and cost-effective solutions for improving patient outcomes and quality of life.”

“In acute heart failure, such as cardiogenic shock, initial treatment is very important because of its impact on subsequent cardiac functions and the patient’s general condition. Impella, which provides minimally invasively mechanical support for the circulatory system, makes it possible to carry out safe and effective treatment even in the case of severe heart failure, which had been difficult until now. This is a very fortunate development for both patients and their families, so we look forward to using Impella and supporting its popularization in the medical field,” added Dr. Yoshiki Sawa, of Osaka University Hospital, who led the treatment for Japan’s first Impella heart failure patient.

Abiomed said it’s opened an office in Tokyo and expects to have its devices in 10 Japanese hospitals by the end of its fiscal year in March 2018.

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