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Danvers, Mass.-Based Abiomed Seeks Wall Street's Heart with New Device.
Byline: Ross Kerber
Jun. 21--With a trial of Abiomed Inc.'s artificial heart nearing completion, the company's new chief executive is looking to get Wall Street's blood moving faster.
The Danvers cardiac-devices company is best-known for its AbioCor artificial heart, which is almost through a clinical trial the company needs before it can start selling the device more widely -- it hopes by early next year.
But chief executive Michael R. Minogue has begun outlining new ambitions for the company's less-glamorous products, as well, external cardiac pumps that assist patients with weak hearts, often after they have had heart attacks.
Recently, he announced goals including double-digit growth and annual revenue of $500 million by 2011. Minogue said the company is on track to become profitable by March 31, largely on the sales of external cardiac pumps. The only complicating factor, he said, would be if the company makes an acquisition.
After his hiring was announced on April 6, Minogue spent two months speaking with employees and customers. Recently, he has also begun to meet with investors. That may have helped to keep the stock stable at about $12.50 a share this month, up from $7 a share in late February.
"I gave myself the first 60 days to learn all about my employees and customers," Minogue said in a recent interview. "For the next 60 days I'm going to get Wall Street's heart pumping."
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