William Blair analyst Ben Andrew maintained an Outperform rating on Abiomed (NASDAQ:ABMD), following the release of the company’s fiscal third-quarter results that topped Street estimates on the top and bottom lines. No price target was provided.
Andrew said, “The recent positive developments on the clinical side (15 additional peer-reviewed papers and a reference in its sixth guideline), along with the complex high-risk interventional procedures (CHIPs) effort to recruit prophylactic patients that were once thought not to be candidates for percutaneous coronary intervention (PCI) because of complexity or age but can be supported successfully by Impella, are likely helping to lift domestic sales. Once the company receives premarket approval (PMA) clearance, we believe that it will be able to even more effectively market the device, which should boost performance further.”
The analyst concluded, “We believe that the significant number of catalysts in the next couple of months, along with recent tailwinds, should allow the top-line growth rate to accelerate in the coming years. Consequently, we continue to encourage investors to start or build positions in this unique technology provider, and we rate the stock Outperform.”
ABIOMED, Inc. provides medical devices in circulatory support and continuum of care in heart recovery to acute heart failure patients.