ABIOMED shares were barely higher pre-market Thursday after the company reported fiscal Q1 EPS of $0.82 per share, up from $0.29 per share a year ago. Analysts polled by Capital IQ expected earnings of $0.42 per share.
The company said Q1 earnings benefited from adoption of a new accounting standard that required $16.8 million, or $0.37 per diluted share, of excess tax benefits related to employee share-based compensation awards to be recorded as a reduction of income tax expense.
The company said Q1 revenue ended June 30 was $132.5 million, up from $103 million a year ago, which beat the $130.8 million consensus. ABIOMED also said it is raising the low end of its FY18 revenue outlook to $560 million and $575 million from $555 million to $575 million. Analysts are expecting full-year revenues of $570.5 million.