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Abiomed (ABMD) lost a quarter of its market value on Thursday after the provider of technologies to support blood circulation in the heart reported fiscal-first-quarter revenue that missed the Wall Street consensus and it revised its full-year revenue estimate lower.

The stock finished 26% lower at $204.84.

New training programs, organizational changes in distribution, and certain external initiatives implemented in the first quarter "will require time to drive more growth," said Michael Minogue, chairman, president and CEO, in a statement.

For the first quarter ended June 30, Abiomed earned $1.93 a share, compared with $1.95 in the year-earlier quarter. When special items are backed out, earnings were $1 a share vs 78 cents. A survey of analysts by FactSet was looking for profit of 96 cents a share.

Revenue for the quarter was 15% higher than a year earlier at $207.7 million. The FactSet consensus was $210.7 million.

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For all of fiscal 2020, the Danvers, Mass., company now estimates revenue of $885 million to $925 million, up 15% to 20% from a year earlier. The company expects operating margin for the year of 28% to 30%. In the company's report for the fourth quarter of fiscal 2019, Abiomed estimated total revenue for fiscal 2020 would range $900 million to $945 million, up 17% to 23%. And it expected an operating margin of 29% to 31%.

The FactSet consensus revenue estimate for fiscal 2020 was $927.1 million.

Operating-profit margin for the fiscal first quarter was 29.2%, up 3.2 percentage points from the year-earlier quarter.

Abiomed also said its board authorized management to buy back as much as $200 million of common stock.

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