Shares of Abiomed (ABMD) Soar as Cramer Gives the Thumbs Up
The chairman and chief executive officer of Abiomed (Nasdaq: ABMD), Michael Minogue, appeared on Jim Cramer’s Mad Money yesterday. Shares are trading up 3.52 percent in the early trading following the airing of the interview last night.
During his interview, Mr. Minogue covered the company previous quarter's upside and whether shares are attractive at their current level.
On February 3, 2012, the company reported its third quarter results with earnings of $0.11 per share on $32.2 million in total sales, well above the Street's consensus which was calling for an earnings loss of $0.01 per share on $31.43 million in revenues.
Mr. Minogue highlighted that the company's heart pump, Impella, is gaining attraction and popularity within the healthcare industry as it recently made medical guidelines in November. The government and insurance agencies are both willing to reimburse patients for the procedure. Impella sales were up 31 percent in the last quarter. The CEO noted that it allows the patient to keep their original heart. The pump was approved back in 2008 and has now been installed in over 7,000 U.S. patients within 605 hospitals.
The company itself has roughly $70 million in cash and no debt. Shares are trading up 74 percent on a year-over-year basis and are up 27 percent year to date.
Cramer is enthusiastically bullish on the future of the company and its pipeline as the company is currently working on products to target much larger markets.
VIDEO:
Get immediate access to market moving news and alerts with StreetInsider.com Premium - FREE TRIAL!
During his interview, Mr. Minogue covered the company previous quarter's upside and whether shares are attractive at their current level.
On February 3, 2012, the company reported its third quarter results with earnings of $0.11 per share on $32.2 million in total sales, well above the Street's consensus which was calling for an earnings loss of $0.01 per share on $31.43 million in revenues.
Mr. Minogue highlighted that the company's heart pump, Impella, is gaining attraction and popularity within the healthcare industry as it recently made medical guidelines in November. The government and insurance agencies are both willing to reimburse patients for the procedure. Impella sales were up 31 percent in the last quarter. The CEO noted that it allows the patient to keep their original heart. The pump was approved back in 2008 and has now been installed in over 7,000 U.S. patients within 605 hospitals.
The company itself has roughly $70 million in cash and no debt. Shares are trading up 74 percent on a year-over-year basis and are up 27 percent year to date.
Cramer is enthusiastically bullish on the future of the company and its pipeline as the company is currently working on products to target much larger markets.
VIDEO:
Get immediate access to market moving news and alerts with StreetInsider.com Premium - FREE TRIAL!
You May Also Be Interested In
- UPDATE: Bristow Group (BRS) Reports Better-Than-Expected Q4 Results; Offers FY13 Outlook
- UPDATE: Youku.com (YOKU) Misses Q1 EPS by 1c; Sees Q2 Sales Up 90-100% YoY
- UPDATE: Lowe's (LOW) Beats Q1 Views Amid Lagging Seasonal Demand; Issues Light FY12 Earnings Outlook
Create E-mail Alert Related Categories
Insiders' BlogRelated Entities
Jim Cramer, EarningsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
