Abiomed (NASDAQ: ABMD) reported a 13% growth in second quarter 2020 revenue, boosted by the increased usage of its Impella heart pumps. However, revenue of $205 million in the second quarter missed the market’s view of $206.45 million. The company also reiterated its fiscal 2020 revenue outlook. Shares of Abiomed, which ended down 1.72% at $181.77 yesterday, rose about 3% in the pre-market trading hours.
The medical device maker reported GAAP net income of $13.1 million, or $0.28 per share for the second quarter of 2020, which includes a $34.5 million, or $0.75 per share, unrealized loss from its investment in Shockwave. This compares to GAAP net income of $50.1 million or $1.09 per share in the second quarter of fiscal 2019.
U.S. revenue increased 9% to $172 million in the second quarter ended September 30, 2019. Outside the US revenue jumped 40% to $33 million, driven primarily by a 135% increase in Japan revenue. Early this month, the 1,000th patient has been treated with the Impella heart pump in Japan.
Abiomed had introduced Impella 5.5 with SmartAssist in the U.S. through a controlled rollout at hospitals with established heart recovery protocols. Today, the company announced that first 10 patients treated with Impella 5.5 with SmartAssist in the U.S.
The Danvers, Massachusetts-based company maintained its fiscal year 2020 revenue and operating margin guidance. Revenue is expected to grow in the range of 15% to 20% over the prior year to a range of $885 million to $925 million. FY20 GAAP operating margin is estimated to be in the range of 28% to 30%.
“We have made progress on our key initiatives in the quarter, but we still have more work to do. Our innovation and ability to improve clinical outcomes remains the driver for Impella adoption through a function of training, data and time,” said CEO Michael Minogue.
ABMD stock, which plunged to a fresh yearly low ($155.02) early this month, dropped both in the year-to-date and past 12-month periods by 44% and 45%, respectively.
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