Why Abiomed Shares Are Sinking Today
Shares of Abiomed (NASDAQ: ABMD) were sinking 13.8% lower as of 11:15 a.m. EST on Monday. The big decline came after the medical device maker announced preliminary third-quarter revenue of $222 million before the market opened. The consensus Wall Street estimate was for Abiomed to report Q3 revenue of $226.7 million.
One quarter that disappoints analysts isn't the worst thing in the world. However, investors appear to be worried about the reason why Abiomed's revenue was lower than expected. The company said that it "was negatively impacted by two presentations at a conference on November 17, which the company believes are based on misleading analyses."
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Source Fool.com
