Tuesday, Abiomed, Inc. (ABMD), a maker of heart devices, reported a narrower loss for the fourth quarter, as revenues rose 12% year-on-year.
The Danvers, Massachusetts-based company reported a fourth-quarter net loss of $8.45 million or $0.23 per share, compared to a loss of $14.97 million or $0.46 per share in the same quarter last year.
On a non-GAAP basis, net loss was $6.3 million or $0.17 per share, compared to a loss or $7.9 million or $0.24 per share in the year ago quarter.
On average, 10 analysts polled by Thomson Reuters expected the company to report a loss of $0.16 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenue for the quarter was $19.58 million, up 12% from $17.51 million in the comparable quarter last year. Analysts expected the company to report revenue of $20.53 million for the quarter.
Research and development expenses increased to $7.13 million from $6.69 million in the previous year quarter. Total costs and expenses for the quarter increased to $27.75 million from $26.40 million in the prior year quarter.
For the full year, Abiomed reported a net loss of $31.60 million or $0.91 per share, narrower than $40.93 million or $1.26 per share loss a year ago. On a non-GAAP basis, net loss was $21.2 million or $0.61 per share, compared to $27.7 million or $0.85 per share last year. Analysts expected the company to report a loss of $0.84 per share for the full year.
Total revenue was $73.2 million, up 24% from $58.94 million in the comparable year. Nine Wall Street analysts expected the company to report revenue of $74.09 million for the full year.
"Fiscal 2009 showcased the U.S. market demand for Impella 2.5 minimally invasive heart recovery technology, demonstrated by its rapid adoption and utilization, during a difficult financial time for our customers," said Michael Minogue, Abiomed's chairman, president and chief executive officer.
ABMD closed Monday's regular trading at $6.86 on the Nasdaq.
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