Leading cardiac assist devices maker, Abiomed Inc. (ABMD), provided encouraging preliminary data for its fourth-quarter 2013 results. The company will report full results on May 2, 2013.
Revenues climbed 17% year over year to $43.7 million. It increased 14% sequentially, reflecting solid Impella product sales. For fiscal 2013, revenues grew 25% to $158.1 million, which was above the company’s guidance of $155–$157 million.
The current Zacks Consensus Estimates for revenues for the fourth quarter and fiscal 2013 are $42 million and $156 million, respectively.
Preliminary global Impella sales for the fourth quarter increased 22% to $39.3 million, while the same for fiscal 2013 grew 31% to $106.9 million. It also surpassed the company’s expectation of achieving 30% year over year growth.
Further, preliminary U.S. Impella sales grew 22% to $36.5 million. Abiomed opened 30 new U.S. Impella 2.5 sites in the quarter to end with 748 customer sites. Additionally, Impella CP was sold to 55 hospitals, bringing the total to 101 customer sites. For fiscal 2013, U.S. Impella revenues increased 32% to $131.3 million.
Mass.-based Abiomed is engaged in developing, manufacturing and marketing of medical products designed to assist or replace the pumping function of the failing heart. It is enjoying a strong demand for its Impella products. Impella utilization continues to grow at a healthy pace, as is evident from the increasing number of patients being treated with the device.
The current Zacks Consensus Estimates for earnings for the fourth quarter and fiscal 2013 are 7 cents and 34 cents, respectively.
The company has a Zacks Rank #2 (Buy). Other medical stocks such as Cepheid (CPHD), Cyberonics (CYBX) and NuVasive (NUVA) with a Zacks Rank #1 (Strong Buy) appear impressive.
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