Categories Earnings, Other Industries

Abiomed misses Q1 2020 estimates; slashes FY20 outlook

Abiomed (NASDAQ: ABMD) tanked more than 15% in the pre-market session as the company missed first quarter 2020 results and cut down FY20 guidance. GAAP net income was $88.9 million, or $1.93 per diluted share compared to $90.1 million or $1.95 per share in the prior-year quarter. Revenue rose 15.4% to $207.7 million, but missed analysts prediction of $210.69 million.

Abiomed (ABMD) Q1 2020 earnings results; cuts down FY20 outlook

Abiomed trimmed down its outlook for fiscal 2020. The company now predicts revenue to be in the range of $$885 million to $925 million (15-20% growth over FY19) compared to the previous estimate of $900 million to $945 million (17-23% growth over FY19). GAAP operating margin expectation also reduced to a range of 28-30% from the prior range of 29-31%.

Read: Alteryx stock advances after beating Q2 estimates

“In Q1, we implemented new training programs, organizational changes in distribution, and launched external initiatives that will require time to drive more growth in the future,” said CEO Michael Minogue.

Today, the Board of Directors of Abiomed authorized a stock repurchase of up to $200 million.

On May 13, the Danvers, Massachusetts-based company received U.S. FDA approval for Impella 5.0 and Impella LD (Abiomed’s heart pump devices) extended duration of use from 6 days to 14 days for cardiogenic shock derived from acute myocardial infarction (AMI) or cardiomyopathy.

Abiomed, which plummeted to a new 52-week low ($228.00) on May 2, had slipped 14% since the beginning of this year and 21% in the trailing 12 months. Shares of Abiomed could witness a new yearly low when the market opens today.

We’re on Apple News! Follow us to receive the latest stock market, earnings, and financial news at your fingertips

Most Popular

Tyson Foods (TSN) Q1 2023 Earnings: Key financials and quarterly highlights

Tyson Foods Inc. (NYSE: TSN) reported first quarter 2023 earnings results today. Sales rose 2.5% year-over-year to $13.2 billion. Net income attributable to Tyson was $316 million, or $0.88 per

After weak start to 2023, Apple (AAPL) sees some bright spots

Apple Inc. (NASDAQ: AAPL) this week reported its first revenue decline in more than three years, even as the high inflation continues to squeeze customers’ spending power. Sales of the

Earnings: Qualcomm (QCOM) Q1 profit falls on lower revenues

Chipmaker Qualcomm, Inc. (NASDAQ: QCOM) has reported lower earnings and revenues for the first quarter of 2023. The company also provided guidance for the second quarter of 2023. At $9.5

Tags

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top