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UPDATE: Abiomed re-states Q4 results, vaults to nearly $1 million in profits

Fri, 06/04/2010 - 2:40pm
Mass Device

Abiomed Inc. (NSDQ:ABMD) re-stated its fourth-quarter sales and earnings numbers, resulting in a nearly $1 million boost to its bottom line.

The Danvers, Mass.-based cardiac assist device maker said it failed to account for about $800,000 in reduced operating expenses from its exit from a building lease in Athlone, Ireland. That boosted profits for the fourth quarter from $193,000, or 1 cent per share, to $975,000, or 3 cents per share. That compares with a net loss of $8.5 million, or 23 cents per share, for Q4 2009.

Abiomed's sales numbers for the quarter remained the same. Revenues were $23.0 million during the three months ended March 31, compared with $19.6 during the same period last year, according to a regulatory filing.

The bottom-line growth got a big boost from the sale of Abiomed's entire stake in World Heart Corp. (NSDQ:WHRT) in a liquidation that began at the end of the fiscal 2010 third quarter. The revenue growth was partially driven by sales of its Impella heart pump, which accounted for $15.2 million, or 66.1 percent, of total U.S. income during the quarter.

The earnings follow a trajectory of improving results throughout fiscal 2010. For FY2010, net losses narrowed to $19.8 million, or 54 cents per share, on sales of $85.7 million. Fiscal 2009 losses were 31.6 million, or 91 cents per share, on revenues of $73.2 million.

Abiomed share prices closed at $9.55 June 4, down 4.8 percent.

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