Medical device maker Abiomed, Inc. (NASDAQ: ABMD) reported a decline in fourth quarter earnings even as revenues remained flat. The company withheld its full-year guidance, citing the uncertainties caused by the Covid-19 outbreak. Following the announcement, the stock gained sharply in early trading on Thursday.
Net income dropped 57% annually to $31.8 million or $0.70 per share and came in below analysts’ estimates. At $206.7 million, revenue was unchanged year-over-year.
In the US, revenues of Impella dropped 3%, while revenues of the flagship product rose 12% in the international market. Abiomed’s stock dropped 31% in the past twelve months. After slipping to a multi-year low last month, the stock is regaining strength.
After Novavax (NASDAQ: NVAX) reported its progress on developing the COVID-19 vaccine at the end of February, the shares of the company started trading in double-digits after a long time.
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Eastman Kodak (NYSE: KODK) reported a loss of $5 million on revenue of $213 million in the second quarter of 2020. The company earned $201 million in the prior-year quarter.