Abiomed (ABMD) - Get ABIOMED Inc. Report shares were lower Thursday after the medical-device company beat Wall Street's second-quarter earnings expectations but fell short on third-quarter revenue guidance.
Shares of the Danvers, Mass., company at last check were down 9% at $257.48.
Abiomed reported net income more than quadrupled to $62.2 million, or $1.36 a share, from $13.1 million, or 28 cents, in the year-earlier quarter. Adjusted earnings came to $1.01, beating Wall Street's call for 88 cents a share via a FactSet survey.
Sales totaled $209.8 million, up 2% from a year ago and beating analysts' expectations of $202.9 million in the FactSet survey.
Abiomed said it expected third-quarter revenue to range from $221 million to $230 million, representing flat with to 4% growth from the year-earlier quarter. Analysts were looking revenue of $233.8 million.
Sales of the Impella heart pump in the second quarter totaled $199.7 million, a 1% increase from a year earlier. U.S. Impella product revenue for the quarter totaled $163.2 million, down 1%.
Gross margin for the second quarter of fiscal 2021 was 81.5% compared with 83% in the fiscal 2020 period.
At Sept. 30, the company had $735.7 million of cash and marketable securities and no debt.
On Wednesday, Abiomed said the first two patients have been treated with the Impella ECP expandable percutaneous heart pump as part of an FDA Early Feasibility Study. The company said Impella ECP is the world's smallest heart pump.
The company "achieved our Q2 'Yellow' phase goals and grew sequentially, stabilized revenue in the U.S. and increased revenue double digits outside of the U.S while advancing our regulatory, clinical and engineering milestones," Michael Minogue, chairman, president and CEO, said in a statement.