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Abiomed Announces Q1 FY 2017 Revenue of $103.0 Million, Up 40% Over Prior Year

Del

DANVERS, Mass., 2016-07-28 13:00 CEST (GLOBE NEWSWIRE) --

Abiomed, Inc. (NASDAQ:ABMD), a leading provider of breakthrough heart support technologies, today reported first quarter fiscal 2017 revenue of $103.0 million, an increase of 40% compared to revenue of $73.4 million for the same period of fiscal 2016. First quarter fiscal 2017 GAAP net income was $12.9 million or $0.29 per diluted share, compared to GAAP net income of $8.9 million or $0.20 per diluted share for the prior year period.

Financial and operating highlights during the first quarter of fiscal 2017 include:

  • Fiscal first quarter worldwide Impella® revenue totaled $97.8 million, an increase of 42% compared to revenue of $68.8 million during the same period of the prior fiscal year.  U.S. Impella revenue grew 41% to $89.6 million and U.S. Impella patient usage grew 40%.
     
  • Outside the U.S. Impella revenue grew 61% to $8.2 million led by German revenue, which accounted for 74% of revenue and grew by 117%.
         
  • The installed base for Impella 2.5™ heart pumps grew by an additional 27 hospitals, which made initial purchases of Impella heart pumps, bringing the installed customer base to 1,066 sites. As part of Abiomed's continued Impella CP® heart pump launch, 35 new U.S. hospitals purchased Impella CP, bringing the total number to 861 sites.
     
  • An additional 9 sites made initial purchases of the Impella RP during the quarter, bringing the total number to 89 sites.
     
  • Gross margin for fiscal first quarter 2017 was 85.4% compared to 85.1% in the first quarter of fiscal 2016.
     
  • Operating profit for the first quarter of fiscal 2017 was $21.2 million, or 20.6% operating margin, compared to $15.0 million, or 20.4% of revenue in the prior year period.
     
  • The Company generated $10.1 million in cash, cash equivalents and marketable securities, totaling $223.2 million as of June 30, 2016, compared to $213.1 million at March 31, 2016. The Company currently has no debt.
     
  • On April 7, Abiomed announced that it received U.S. Food and Drug Administration (FDA) Pre-Market Approval (PMA) for the Impella 2.5™, Impella CP®, Impella 5.0™ and Impella LD™ heart pumps to provide treatment of ongoing cardiogenic shock. The intent of the Impella system therapy is to reduce ventricular work and to provide the circulatory support necessary to allow heart recovery and early assessment of residual myocardial function.

“Abiomed is creating a new era of medicine focused on the Field of Heart Recovery and offering new treatment paradigms for high risk heart failure patients,” said Michael R. Minogue, Chairman, President and Chief Executive Officer, Abiomed. “With an estimated 6% U.S. Impella penetration rate, we are prepared for continued growth within the PROTECTED PCI and emergent indications. Outside the U.S., we stand ready to transform the standard of care for patients in Germany, Japan and beyond.”

FISCAL YEAR 2017 OUTLOOK
The Company is increasing the lower end of its fiscal year 2017 revenue guidance with the new range of $435 million to $445 million, an increase in revenue of 32% to 35% from the prior year. This compares to the prior forecast of $430 million to $445 million and a 30% - 35% increase from the prior year. The Company is maintaining its fiscal year guidance for GAAP operating margin in the range of 18% to 20%.

CONFERENCE CALL
The Company will host a conference call to discuss the results on Thursday, July 28, 2016, at 8:00 a.m. EDT. Michael R. Minogue, Chairman, President and Chief Executive Officer; Michael Tomsicek, Vice President and Chief Financial Officer, will host the conference call.

To listen to the call live, please tune into the webcast via http://investor.abiomed.com or dial (855) 212-2361; the international number is (678) 809-1538.  Supplemental information in the form of a slide presentation will also be accessible at the same location.  A replay of this conference call will be available beginning at 11 a.m. EDT July 28, 2016 through 11:59 p.m. EDT on July 30, 2016. The replay phone number is (855) 859-2056; the international number is (404) 537-3406. The replay access code is 44717460.

ABOUT ABIOMED 
Based in Danvers, Massachusetts, Abiomed, Inc. is a leading provider of medical devices that provide circulatory support.  Our products are designed to enable the heart to rest by improving blood flow and/or performing the pumping of the heart. For additional information, please visit: www.abiomed.com

FORWARD-LOOKING STATEMENTS 
This release contains forward-looking statements, including statements regarding development of Abiomed's existing and new products, the Company's progress toward commercial growth, and future opportunities and expected regulatory approvals. The Company's actual results may differ materially from those anticipated in these forward-looking statements based upon a number of factors, including uncertainties associated with development, testing and related regulatory approvals, including the potential for future losses, complex manufacturing, high quality requirements, dependence on limited sources of supply, competition, technological change, government regulation, litigation matters, future capital needs and uncertainty of additional financing, and other risks and challenges detailed in the Company's filings with the Securities and Exchange Commission, including the most recently filed Annual Report on Form 10-K and Quarterly Report on Form 10-Q. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this release. The Company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances that occur after the date of this release or to reflect the occurrence of unanticipated events.

Abiomed, Inc. and Subsidiaries
Consolidated Balance Sheets
(Unaudited)
(in thousands, except share data)
         
    June 30, 2016   March 31, 2016
         
ASSETS        
Current assets:        
Cash and cash equivalents   $    38,274     $   48,231  
Short-term marketable securities       184,900         163,822  
Accounts receivable, net       41,280         42,821  
Inventories        29,093         26,740  
Prepaid expenses and other current assets       6,741         6,778  
Total current assets       300,288         288,392  
Long-term marketable securities       —         1,000  
Property and equipment, net       25,950         23,184  
Goodwill       32,272          33,003  
In-process research and development       15,055         15,396  
Long-term deferred tax assets, net       51,296         58,534  
Other assets        4,451         4,422  
Total assets   $   429,312     $   423,931  
LIABILITIES AND STOCKHOLDERS' EQUITY        
Current liabilities:        
Accounts payable   $   8,372     $    9,381  
Accrued expenses       26,257         28,382  
Deferred revenue       8,590         8,778  
Total current liabilities       43,219         46,541  
Other long-term liabilities       213         220  
Contingent consideration       7,739         7,563  
Long-term deferred tax liabilities       814         832  
Total liabilities       51,985         55,156  
Commitments and contingencies        
Stockholders' equity:        
Class B Preferred Stock, $.01 par value       —         —  
Authorized - 1,000,000 shares; Issued and outstanding - none        
Common stock, $.01 par value       430         426  
Authorized - 100,000,000 shares; Issued - 44,543,177 shares at June 30, 2016
  and 43,973,119 shares at March 31, 2016;
       
Outstanding - 43,008,100 shares at June 30, 2016 and 42,596,228 shares at March 31, 2016        
Additional paid in capital       520,842         508,624  
Accumulated deficit       (86,165 )       (99,075 )
Treasury stock at cost - 1,535,077 shares at June 30, 2016 and 1,376,891 shares 
at March 31, 2016
       (41,691 )       (26,660 )
Accumulated other comprehensive loss       (16,089 )       (14,540 )
Total stockholders' equity       377,327         368,775  
Total liabilities and stockholders' equity   $   429,312     $   423,931  




 

Abiomed, Inc. and Subsidiaries
Consolidated Statements of Operations
(Unaudited)
(in thousands, except per share data)
               
               
    For the Three Months Ended June 30,
    2016   2015
Revenue:              
Product revenue   $      102,989     $   73,426  
Funded research and development         6       6  
          102,995         73,432  
Costs and expenses:              
Cost of product revenue         15,070         10,868  
Research and development         15,660         10,210  
Selling, general and administrative         51,032         37,323  
          81,762         58,401  
Income from operations         21,233         15,031  
Other income:              
Investment income, net         269         63  
Other income (expense), net         (77 )       53  
          192          116  
Income before income taxes         21,425         15,147  
Income tax provision         8,515         6,288  
Net income   $      12,910     $   8,859  
               
Basic net income per share   $     0.30     $   0.21  
Basic weighted average shares outstanding         42,811          41,696  
               
Diluted net income per share   $     0.29     $   0.20  
Diluted weighted average shares outstanding         45,178         44,410  

         For further information please contact:
         
         Ingrid Goldberg,
         Director, Investor Relations
         978-646-1590
         ir@abiomed.com

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