Abiomed, Inc. (ABMD - Free Report) recently announced preliminary results for third-quarter fiscal 2019, wherein the top line surpassed the Zacks Consensus Estimate.
Revenues are anticipated to come in at $200.6 million, up 30% year over year and well ahead of the Zacks Consensus Estimate of $194.9 million.
The company is scheduled to release full financial results on Jan31, 2019.
ABIOMED, Inc. Price and Consensus
Abiomed’s fiscal third-quarter preliminary results seem to impress the investors. Share price of this Zacks Rank #3 (Hold) stock inched up 0.4% to close at $314.80 since the news release.
If the company manages to outpace the Zacks Consensus Estimate in the third quarter of fiscal 2019, it will mark the second consecutive beat.
In the past year, shares of Abiomed have rallied 68.9%, comparing favorably with the industry's 6.4% growth. The current level is also higher than the S&P 500’s decline of 6.8%.
Abiomed expects to see a solid contribution from its core Impella product line. Per management, domestic revenues from Impella products are expected to surge 27% on a year-over-year basis to $165.5 million. In the quarter under review, U.S. patient usage is expected to improve 24%.
Outside the United States, Impella product revenues are expected to be $27.5 million, up 59% year over year. Notably, the quarter witnessed strong sales in Germany and Japan.
Abiomed’s Impella utilization is accelerating at a remarkable pace, with an increasing number of hospitals and customer sites purchasing the same.
Fiscal 2019 Raised
Abiomed raised its fiscal 2019 guidance.
For fiscal 2019, the company expects revenues to be approximately $780 million, up from $765-$770 million projected earlier. This shows an increase of 31% from the previous fiscal year figure.
The Zacks Consensus Estimate is pegged at $771.2 million, significantly below the current guidance.
A few better-ranked stocks in the broader medical space are Veeva Systems Inc (VEEV - Free Report) , Penumbra, Inc. (PEN - Free Report) and OPKO Health, Inc (OPK - Free Report) , each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Veeva Systems’ long-term earnings growth rate is projected at 19.5%.
Penumbra has a long-term earnings growth rate of 20%.
OPKO Health’s long-term earnings growth rate is projected at 12%.
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