Stock sale gain lifts Abiomed to 1Q profit
Heart device maker Abiomed Inc. on Wednesday reported a return to profitability for the fiscal fourth quarter on the sale of its stake in World Heart Corp., which netted $6.4 million.
For the quarter ended March 31, Abiomed said it earned $193,000, or a penny per share, compared with a loss of $8.5 million, or 23 cents per share, a year earlier. Excluding one-time costs and the gain from the sale, the company lost 13 cents per share.
Revenue rose 17 percent to $23 million from $19.6 million as revenue from sales of its Impella device rose 67 percent to $15.2 million. The Impella Cardiac Assist Device system allows surgeons to implant a device that keeps a patient's blood flowing during and after surgery to relieve heart failure.
Analysts polled by Thomson Reuters had expected a slightly smaller loss of 12 cents on $22.7 million in revenue.
For the company's 2010 fiscal year, it lost $19.8 million, or 54 cents per share, compared with a loss of $31.6 million, or 91 cents per share, in fiscal 2009. Revenue rose to $85.7 million from $73.2 million.
The company expects fiscal 2011 revenue between $93 million and $95 million, below analysts' average forecast for $102.5 million in revenue.
Shares of Abiomed slipped 9 cents to $9.13 in morning trading.