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Abiomed Increases Revenue Forecast After New Device Approval

According to Reuters, Abiomed Inc. stocks have gone up by 30 percent in extended hours trading after the company received FDA approval for its new heart pump device and raised revenue forecasts for the year ending March 31 by more than $10 million. The Impella RP device helps blood circulation in patients who develop acute right heart failure after surgery for up to 14 days. The FDA decision arrived six weeks earlier than initially expected, and the device will help more than 8,000 patients. Increased sales of the company’s other medical devices gave Abiomed $62 million of third quarter revenue, 34 percent higher than analyst estimates. Abiomed stock closed at $38.63 on the Nasdaq on Tuesday.

Read the article published by Reuters.