As previously reported, Guggenheim analyst Chris Pasquale downgraded Abiomed to Neutral from Buy after the company reported disappointing Q1 results, marking its second straight quarter of "sluggish growth." Given the lack of a sales recovery, he no longer believes it's reasonable to assign primary blame for this slowdown to the FDA's letter, but thinks it's increasingly likely that Impella has entered a flatter adoption phase, Pasquale tells investors. He believes the process of establishing a "new normal" growth trajectory "could be a protracted one," Pasquale concluded.