Abiomed predicts more net losses

Heart device maker Abiomed Inc. said today that its 2008 net loss would be wider than Wall Street estimates.

For the fiscal year, Abiomed expects a net loss of between $21 million and $26 million. Analysts polled by Thomson Financial expect a loss of $20.2 million for the year.

In 2007, the company reported a loss of $27.9 million.

The company said it would invest in research and development to broaden its product portfolio and plans to increase its global distribution.

Abiomed also said its revenue would grow more than 20 percent in the year, implying revenue would be more than $60.7 million.

Abiomed shares rose 19 cents to $12.28 in morning trading. (AP)