Business Corpus: Top-Rated Medtech Abiomed Pops On Street-Topping QuarterShares of Abiomed popped more than 3% Thursday after the top-rated medtech beat quarterly estimates and raised the low end of its full-year sales outlook by $10 million. The post Top-Rated Medtech Abiomed Pops On Street-Topping Quarter appeared first on Investor's Business Daily.

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Shares of Abiomed (ABMD) popped Thursday after the top-rated medical-technology company beat quarterly estimates and raised the low end of its full-year sales outlook by $10 million.

On the stock market today, Abiomed stock jumped 10.5%, to 376.94. Shares overtook their 200-day moving average after plunging 24% in October. Abiomed is ranked first among its medtech peers with a best-possible Composite Rating of 99.

Abiomed makes Impella, which the medtech says is the world's smallest heart pump. In the company's second fiscal quarter, Impella sales spiked 38% to $175.3 million with the lion's share of growth coming from outside the U.S.

"We have established a strong foundation with our innovation and technology, balance sheet and intellectual property portfolio," Chief Executive Michael Minogue said in a prepared statement. "We are executing our plan for sustainable growth while helping to improve patient outcomes focused on native heart recovery."

Impella Sales Pop Outside U.S.

During its second fiscal quarter, Abiomed earned $1.09 per share vs. 54 cents in the year-ago period. Adjusted for one-time tax benefits, Abiomed's earnings increased 84% to 81 cents a share, vs. 44 cents a year ago. Analysts polled by Zacks Investment Research had predicted 73 cents.

Total revenue of $181.8 million grew 37% year over year to top forecasts for $175 million. In the U.S., Impella sales of $152.2 million increased 34%. Outside the U.S., Impella sales flew 67% year over year to $23.1 million.

On the strong results, Abiomed boosted the low end of its fiscal 2019 sales guidance. It now sees $765 million to $770 million in revenue, which would rise 29%-30% vs. fiscal 2018. The midpoint of Abiomed's guidance was just below analyst views for $768 million.

Analysts also modeled adjusted profit of $4.88 per share for the year. Abiomed didn't offer an earnings outlook.

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The post Top-Rated Medtech Abiomed Pops On Street-Topping Quarter appeared first on Investor's Business Daily.