Abiomed Inc. (ABMD:NASDAQ) today announced that it posted record revenue of $231.7 million in Q3/21, representing a 5% increase over Q3/20. The company added that operating income in Q3/21 increased by 2% to $71.4 million, compared to $70.3 million in 3/20.
The firm indicated that in Q3/21, Worldwide Impella® product revenue totaled $220.8 million, an increase of 4% versus $212.6 million in Q3/20, and added that these revenues were composed $179.6 million in the U.S. and $41.2 million outside the U.S. The company stated that its gross margin in Q3/21 improved to 82.3% compared to 82.0% in Q3/20.
Abiomed additionally reported GAAP net income of $61.9 million, or $1.35 per diluted share for Q3/21, compared to GAAP net income of $69.2 million or $1.51 per diluted share in Q3/20.
The company highlighted that as it reported previously on November 5, 2020, "1,000 patients have been treated with the Impella 5.5 with SmartAssist heart pump in the first year after the U.S. Food and Drug Administration granted Impella 5.5 with SmartAssist its highest level of approval for safety and efficacy." The firm indicated that these patients were treated with an average duration of device support of 14 days mostly for conditions including acute myocardial infarction, cardiogenic shock from cardiomyopathy and post-cardiotomy.
The firm discussed several achievements in Q3/21, one of which was that "on December 21, 2020, the first two patients in the world have been treated with the Abiomed Breethe OXY-1 System," which it described as being a compact cardiopulmonary bypass system.
The company's Chairman, President and CEO Michael R. Minogue commented, "Abiomed delivered a record revenue quarter as we continue to remain both focused and committed to our mission of recovering hearts and saving lives despite the challenging COVID environment...We are excited to close Q4 as Abiomed 2.0 and enter Fiscal Year 2022 with our best ever clinical outcomes from existing products, existing indications and existing countries."
The company offered some forward guidance and stated that it expects that global revenue in Q4/21 will be in the range of $225-235 million, which represents a 9-14% increase over Q4/20 revenue.
Abiomed is based in Danvers, Mass., and is a provider of medical devices that provide circulatory support. The company advised that its products are designed "to enable the heart to rest by improving blood flow and/or performing the pumping of the heart." The firm's products are typically designed for use in the care of heart failure patients to assist or replace the pumping function of the failing heart. The company's products are used most frequently by interventional cardiologists in hospitals' cardiac catheterization , electrophysiology and hybrid labs and in the heart surgery suite of tools employed by thoracic surgeons.
Abiomed Inc. (ABMD:NASDAQ) began the day with a market cap of around $14.8 billion with approximately 45.19 million shares outstanding and a short interest of about 4.9%. ABMD shares opened higher today at $334.38 (+$5.78, +1.76%) over yesterday's $328.60 closing price and reached a new 52-week high this morning of $385.00. The stock has traded today between $334.37 and $385.00 per share and closed at $355.05 (+$26.45, +8.05%).
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