Abiomed (Nasdaq: ABMD) today reported Q1 earnings that beat The Street, but the company is scaling back revenue projections amid tough foreign exchange rates for U.S. companies.
The Danvers, Mass.–based maker of circulatory and oxygenation support devices earned $54.6 million, or $1.19 per share, off $277.1 million in sales for the quarter ended June 30, 2022 — versus a loss of $26.5 million, or 59¢ per share, off $252.6 million in sales for the same quarter a year ago.
Adjusted to exclude one-time items, EPS were $1.25, 19¢ ahead of The Street, where analysts expected EPS of $1.06 on $277.2 million in sales.
“Abiomed has achieved record revenue in five of the last six quarters despite the ongoing headwinds. Abiomed has proven to be resilient because our technology and 24 x 7 hospital support addresses the growing epidemic of heart disease in multiple emergency patient populations,” Abiomed CEO Michael R. Minogue said in a news release. “Our continued strong financial and operational performance is a result of our disciplined execution of our Abiomed 2.0 playbook, which enables us to innovate breakthrough technology, advance clinical research and support record levels of patients in this dynamic environment.”
Based on current foreign exchange rates, the company scaled back its revenue projection to $1.13 to $1.17 billion, or 10% to 14% growth, compared to the previous fiscal year.
Investors reacted by sending ABMD shares down more than 2% to $294.82 apiece in morning trading. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was up slightly.