ABMD - Why Shares of Abiomed Rose 18.4% in July
Abiomed (NASDAQ: ABMD) , a maker of medical devices that provide circulatory support, including the Impella heart pumps used in cardiac surgery, saw its shares climb 18.4% in July, according to data from S&P Global Intelligence . Abiomed's shares closed at $247.51 on June 30, the last trading day of that month. It saw a high of $293.74 on July 29, the final trading day of last month, before closing the month at $293.01. The stock has a 52-week low of $219.85 and a 52-week high of $379.30, and is down more than 18% so far this year.
No big news pushed the stock. Instead, the stock has steadily recovered from its low this year of $224 in late June. The company's shares had fallen as the market, concerned by inflation and a rising dollar, had cooled on many growth stocks. Abiomed's price-to-earnings ratio of 97.05 may be considered high by some, but that's misleading because of its continued growth. Abiomed's quarterly revenue has climbed 108.7% over the past five years, and its recent quarterly reports show that trend isn't slowing.
The company was coming off a strong fiscal 2022 fourth-quarter earnings report with revenue of $269.9 million, up 6.1% year over year, and net income of $60.3 million, or $1.31 per share, up from $1.24 in the same period in 2021. On Thursday, Abiomed reported 2023 first-quarter revenue of $277.1 million, up 10% year over year and 2% sequentially. Abiomed also listed Q1 net income of $54.6 million, or $1.19 in earnings per share (EPS), compared to a loss of $26,5 million, or an EPS loss of $0.59 in the same period last year but down 9% from the previous quarter.
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Why Shares of Abiomed Rose 18.4% in July