Abiomed loss widens on increased expenses
Medical device maker Abiomed Inc. reported a wider-than-expected fiscal fourth-quarter loss today due to a surge in expenses.
The company, which makes heart pumps for cardiac failure and catheters, lost $15 million, or 46 cents per share, compared with $6.3 million, or 22 cents, in the year-ago period. Excluding items, losses totaled 22 cents per share in the latest period.
Revenue rose 26 percent to $17.5 million from $13.9 million in the prior-year period.
The results fell short of estimates from analysts surveyed by Thomson Financial, who expected a loss of 19 cents per share on revenue of $18.8 million.
Abiomed said its costs and expenses in the quarter rose 31 percent to $26.4 million.
For the fiscal year, Abiomed lost $40.9 million, or $1.26 per share, compared with $27.9 million, or $1.03 per share, in fiscal 2007. Excluding charges, 2008 losses totaled 82 cents per share. Revenue rose 16 percent to $58.9 million from $50.6 million.
Analysts expected a fiscal 2008 loss of 95 cents per share on revenue of $60.1 million.
Shares of Abiomed fell 17 cents to $13.74 in morning trading. (AP)
