Abiomed Inc. (NASDAQ: ABMD) reported its fiscal second-quarter financial results before the markets opened on Thursday. The company had $0.17 in earnings per share (EPS) on $76.4 million in revenue, which compared to the consensus estimates from Thomson Reuters of $0.16 in EPS on revenue of $74.59 million. The same period from the previous year had EPS of $0.09 and $51.94 million in revenue.

The company increased its 2016 fiscal year guidance. Abiomed expects revenue to be in the range of $305 million to $315 million, up from $300 million to $310 million, representing an increase in revenue of 32% to 37% from the previous year.

Gross margin for fiscal second quarter 2016 was 84.1%, versus 81.5% in the same quarter of last year.

The Impella RP heart pump installed base has a goal of 60 sites for the entire fiscal year. At the end of the second quarter, Abiomed is ahead of schedule, with an additional 31 hospitals that made initial purchases of the Impella RP during the quarter, bringing the total number to 54 Impella RP U.S. sites.

Michael R. Minogue, chairman, president and CEO of Abiomed, commented on earnings:

We have had an exciting start to fiscal year 2016 with first half revenue growth of 49% and establishment of Protected PCI™ as a new indication. As evidenced by our patient growth and awareness at TCT, Protected PCI has been validated by physicians that treat higher risk patients requiring percutaneous hemodynamic support in the cath lab. We are confident that in the years ahead, Abiomed will deliver strong growth, support new indications and countries, and launch new best in class products. As always, Abiomed is committed to meaningfully impacting the lives of our patients and helping our physicians improve outcomes.

Abiomed generated $19 million in cash, cash equivalents and marketable securities, totaling $175.5 million at the end of the fiscal second quarter, compared to $156.4 million at the end of June, 2015. The company continues to have no debt.

ALSO READ: 6 Top Specialty Pharmaceutical Stocks to Buy With Over 100% Upside Potential

Shares of Abiomed were last seen trading down 22.5% at $76.33 Thursday, with a consensus analyst price target of $106.67 and a 52-week trading range of $26.50 to $110.68.

One possible explanation for the drop-off could very well be profit taking. Abiomed shares have more than doubled in 2015 and nearly tripled over the past 52 weeks. Not to mention, with such a stellar year so far, these positive results may not be enough for investors.

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.