Quick. Name the best performing stock in the S&P 500 year-to-date. Odds are you went with one of the FANGs or some other technology stock. But you’d be wrong. It’s actually a small medical device stock that just was included in the index. Heart pump-maker Abiomed (NASDAQ:ABMD) managed to more than double over the course of the year — leaving many of the FANGs in the dust.

That is until it reported earnings this week.

After a disappointment with earnings, shares of ABMD plunged more than 11.3%.

That sort of drop with a high growth stock isn’t uncommon. But what is unusual is the opportunity to scoop up shares of the medical device leader at a big discount. For investors, the long-term prognosis for Abiomed is great.

Strong Performance & Problems at Abiomed

There’s a good chance that you’ve never heard of Abiomed. It was only a few months ago when ABMD stock joined the S&P 500. But its products are considered a game-changer in the medical device sector. The firm produces the Impella, the world’s smallest heart pump. The device is minimally invasive and can be configured in a variety of applications. Open-heart surgery is risky to begin with, but especially so for those patients have suffered some sort of major cardiovascular event. Impella eliminates many of the risks. Because of this, Impella is quickly becoming the standard of care for doctors in cardiac surgery.

Worldwide sales of Impella have continued to grow and beat expectations. Last year alone, Abiomed managed to see a 33% increase in its sales and 74% jump to its overall profits.

That’s some torrid growth for any stock, let alone one in the healthcare sector. And because of this, investors have plowed some hefty bucks into ABMD stock over the last few months. Heading into earnings this past week, Abiomed stock was up by more than 125% and shares were going for a monster-sized price-to-earnings ratio of 120. The inclusion announcement into the S&P 500 only added fuel to the fire.

And that was a big problem when the device-maker reported earnings for the second quarter.

Analysts had placed Abiomed on a very high pedestal. So, when it announced that it had missed estimates by 4 cents per share, the stock sank. And sank hard. Over the course of the day, ABMD dropped a mega-sized $47 or about 11.3% on $400-plus per share stock. It seems that Abiomed is just another case of momentum turned bad and that growth had finally stalled.

Ignoring the Abiomed Noise

But the device maker actually did nothing wrong. In fact, the quarter was actually pretty good. Darn good.

Impella sales are still flying and doctors continue to love the device. Installed units grew over the quarter and ABMD announced sales of more than $180 million for the quarter. That was a huge 36% year-over-year jump and represented record sales numbers. Moreover, the device-maker managed to report a $1.95 per share profit for the quarter. That was whopping 138% jump over the prior year period. Even when you backed out the effects of taxes on executive compensation, Abiomed still managed to earn 78 cents per share. That’s a big 43% year-over-year increase when looking at comparable numbers.

Wall Street has done lost its mind.

While profit-per-share can be subjected to accounting tricks, rising sales cannot. And the truth is, Impella is kicking butt and taking names. Abiomed continues to rack up some pretty impressive numbers. Management expects that full-year sales to be between $755 million and $770 million. That’s an increase of about 29%. Earnings per share is set to come in at over $3.50 per share. Any firm would kill for that kind of growth. Meanwhile, ABMD continues to be profitable — immensely so.

All in all, the long-term prognosis for ABMD is still very much rosy.

Buying ABMD Stock

For investors, the drop represents a very unique opportunity to snag one of the better up-and-comers in the device world. Abiomed has real sales, real profits and a growing market. Heart disease is still one of the major issues facing society today and it’s only getting worse. It’s just that analysts perhaps were expecting too much, too fast for the stock. The 11.3% drop represents a nice reset for long-term term investors.

And they should take advantage of that drop before some other larger medical device firm does. ABMD’s products would fit very nicely into a larger device markers portfolio — given the real sales growth and profits. They and investors now have the ability to score that for even cheaper. The long-term prognosis for the firm is good.

Disclosure: As of this writing, the author did not hold a position in any of the aforementioned securities.