Abiomed’s fiscal Q3 crushes The Street despite $19m tax hit

Abiomed (NSDQ:ABMD) topped the consensus forecast for its fiscal third-quarter results despite taking a nearly $19 million hit due to the tax reforms enacted last year.

The Danvers, Mass.-based cardiac assist device maker posted profits of $13.4 million, or 29¢ per share, on sales of $154.0 million for the three months ended Dec. 31, 2017, for a bottom-line slide of -12.9% on sales growth of 34.3%.

But excluding the $18.8 million tax reform hit, adjusted earnings per share were 70¢, 19¢ ahead of Wall Street, where analysts were looking for sales of $148.5 million.

“It is an exciting time for the company as we collaborate with our customers to improve patient outcomes and the standard of care for circulatory support,” chairman, president & CEO Michael Minogue said in prepared remarks. “The field of heart recovery is growing and Abiomed is well-positioned to capture the $5 billion U.S. market opportunity, while planting the seeds for future growth in global markets.”

Abiomed raised its top-line outlook to $583 million, up from prior guidance for $565 million to $575 million, which works out to a $164 million projection for fiscal Q4.

ABMD shares were up 1.3% to $238.00 apiece today in pre-market trading.

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