Nasdaq GlobeNewswire

Abiomed Announces Q2 FY 2016 Revenue of $76.4 Million, Up 47% Over Prior Year

Del

DANVERS, Mass, 2015-10-29 12:00 CET (GLOBE NEWSWIRE) --

Abiomed, Inc. (NASDAQ:ABMD), a leading provider of breakthrough heart support technologies, today reported second quarter fiscal 2016 revenue of $76.4 million, an increase of 47% compared to revenue of $51.9 million for the same period of fiscal 2015. Second quarter fiscal 2016 GAAP net income was $7.7 million or $0.17 per diluted share, an increase of 103% and 89% respectively, compared to GAAP net income of $3.8 million or $0.09 per diluted share for the prior year period.

Financial and operating highlights during the second quarter of fiscal 2016 include:

  • Fiscal second quarter worldwide Impella® heart pump revenue totaled $71.7 million, an increase of 53% compared to revenue of $46.9 million during the same period of the prior fiscal year.  U.S. revenue grew 59% to $66.7 million from $42.0 million in the prior fiscal year with patient usage up 48%.  
     
  • The installed base for Impella 2.5 grew by an additional 27 hospitals, bringing the installed customer base to 1,000 sites.  As part of Abiomed's continued Impella CP® heart pump launch, 45 new hospitals purchased Impella CP, bringing the total number of Impella CP U.S. sites to 739.  
     
  • The Impella RP® heart pump installed base has a goal of 60 sites for the entire fiscal year. As of the end of the second quarter, the Company is ahead of schedule, with an additional 31 hospitals that made initial purchases of the Impella RP during the quarter, bringing the total number to 54  Impella RP U.S. sites. 
     
  • Gross margin for fiscal second quarter 2016 was 84.1% compared to 81.5% in the second quarter of fiscal 2015.  
     
  • Income from operations for the second quarter of fiscal 2016 was $12.8 million, or 16.8% of revenue, compared to $4.2 million, or 8.0% of revenue in the prior year period.
     
  • The Company generated $19 million in cash, cash equivalents and marketable securities, totaling $175.5 million as of September 30, 2015, compared to $156.4 million at June 30, 2015. The Company continues to have no debt. 
     
  • At its annual Investor Day on August 11, Abiomed outlined its long-term growth strategy and five-year vision for revenues and demonstrated future products in development, which can be accessed via webcast here: http://edge.media-server.com/m/p/ckvn5o7f. The future products, which were also recently displayed at the TCT 2015 conference, included:
    • The Impella ECP™ (Expandable Cardiac Power) heart pump on a complete 9 Fr Impella catheter and pump;
    • The Next Generation Impella CP with an increased flow of 4.5 liters/minute and smart sensor technology;
    • The Impella 5.5, which can be implanted via axillary (without a sternotomy), is designed with a 19 Fr pump on a 9 Fr catheter for months of flow of 5.5 liters per minute and patient ambulation;
    • The longer term Impella BTR™ (Bridge to Recovery) heart pump, which can also be implanted via axillary (without a sternotomy), is designed to provide up to a year of 5.5 plus flow driven by a wearable driver.
       
  • The Company also announced the submission of its U.S Food & Drug Administration (FDA) pre-market approval (PMA) supplements in August. The supplements are requesting approval for the Impella family of heart pumps (Impella 2.5, Impella CP and Impella 5.0/LD). The submissions are requesting approval for a set of indications related to the use of the Impella devices in patients suffering cardiogenic shock following acute myocardial infarction or cardiac surgery. A request for a longer duration of support was also included.
     
  • A key clinical paper titled, “Percutaneous left ventricular assist device for high-risk percutaneous coronary interventions: Real-world versus clinical trial experience,” was published in the American Heart Journal during the second quarter. The paper, authored by Mauricio Cohen et al., analyzed the results of high risk PCI (percutaneous coronary intervention) patients in the U.S. Impella (now cVAD™) Registry and determined that real-world clinical outcomes with the Impella 2.5 appeared to be favorable and consistent compared with the randomized PROTECT II trial.
     
  • Seth Bilazarian, MD, was announced as the new Vice President of Interventional Cardiology Programs at Abiomed on October 8. 
     
  • At the Cardiovascular Research Foundation's (CRF) annual Transcatheter Cardiovascular Therapeutics (TCT) 2015 scientific sessions in October, there were over 25 Impella heart pump presentations, 3 Protected PCI symposia and 5 live Impella heart pump cases.


“We have had an exciting start to fiscal year 2016 with first half revenue growth of 49% and establishment of Protected PCI™ as a new indication. As evidenced by our patient growth and awareness at TCT, Protected PCI has been validated by physicians that treat higher risk patients requiring percutaneous hemodynamic support in the cath lab,” said Michael R. Minogue, Chairman, President and Chief Executive Officer, Abiomed. “We are confident that in the years ahead, Abiomed will deliver strong growth, support new indications and countries, and launch new best in class products. As always, Abiomed is committed to meaningfully impacting the lives of our patients and helping our physicians improve outcomes.”

FISCAL YEAR 2016 OUTLOOK

The Company is increasing its fiscal year 2016 guidance for total revenue to be in the range of $305 million to $315 million, up from $300 million to $310 million, representing an increase in revenue of 32% to 37% from the prior year.

The Company is updating its fiscal year guidance for GAAP operating margin to be in the range of 15% to 17%, from the previous guidance range of 14% to 16%.

CONFERENCE CALL

The Company will release financial results for the second quarter of fiscal 2016. The Company will host a conference call to discuss the results on Thursday, October 29, 2015, 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.  A replay of this conference call will be available beginning at 11 a.m. EDT October 29, 2015 through 11:59 p.m. EDT on October 31, 2015. The replay phone number is (855) 859-2056; the international number is (404) 537-3406. The replay access code is 55643535.

The ABIOMED logo, ABIOMED, Impella, Impella RP and Impella CP are registered trademarks of Abiomed, Inc. in the U.S.A. and certain foreign countries.  Impella ECP, Impella BTR, Protected PCI, Recovering Hearts. Saving lives and cVAD are trademarks of Abiomed, Inc..

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 includes forward-looking statements.  These forward-looking statements generally can be identified by the use of words such as “anticipate,” “expect,” “plan,” “could,” “may,” “will,” “believe,” “estimate,” “forecast,” “goal,” “project,” and other words of similar meaning.  These forward-looking statements address various matters including, the development of Abiomed's existing and new products, the Company's progress toward commercial growth, the Company’s guidance for fiscal 2016 revenue and GAAP operating margins and future opportunities. Each forward-looking statement contained in this press release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement.  Applicable risks and uncertainties include, among others, 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 the risks identified under the heading “Risk Factors” in the Company's Annual Report on Form 10-K for the year ended March 31, 2015 and the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2015, each filed with the Securities and Exchange Commission, as well as other information the Company files with the SEC.  We caution investors not to place considerable reliance on the forward-looking statements contained in this press release.  You are encouraged to read our filings with the SEC, available at www.sec.gov, for a discussion of these and other risks and uncertainties.  The forward-looking statements in this press release speak only as of the date of this release and the Company undertakes no obligation to update or revise any of these statements.  Our business is subject to substantial risks and uncertainties, including those referenced above.  Investors, potential investors, and others should give careful consideration to these risks and uncertainties.

 

Abiomed, Inc. and Subsidiaries
Consolidated Balance Sheets
(Unaudited)
(in thousands, except share data)
         
    September 30, 2015   March 31, 2015
         
ASSETS        
Current assets:        
Cash and cash equivalents $   54,421     $   22,401  
Short-term marketable securities     121,087         109,557  
Accounts receivable, net      37,119         31,828  
Inventories      23,032         16,774  
Prepaid expenses and other current assets     4,030         4,479  
Deferred tax assets, net     25,715         35,100  
Total current assets     265,404         220,139  
Long-term marketable securities   —       13,996  
Property and equipment, net     11,420         9,127  
Goodwill       32,676         31,534  
In-process research and development     15,243         14,711  
Long-term deferred tax assets, net     44,240         45,206  
Other assets     4,423         3,654  
Total assets $   373,406     $   338,367  
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:      
Accounts payable $   8,788     $   10,389  
Accrued expenses     18,861         21,894  
Deferred revenue     6,803         7,036  
Total current liabilities     34,452         39,319  
Other long-term liabilities     217         183  
Contingent consideration     6,817         6,510  
Long-term deferred tax liabilities     824         795  
Total liabilities     42,310         46,807  
Commitments and contingencies    
Stockholders' equity:      
Class B Preferred Stock, $.01 par value   —     —
 
Common stock, $.01 par value     424         413  
Authorized - 100,000,000 shares; Issued - 43,756,550 shares at September 30, 2015
  and 42,618,717 shares at March 31, 2015;
       
Outstanding - 42,417,469 shares at September 30, 2015 and 41,335,773
  shares at March 31, 2015
       
Additional paid in capital     489,463         465,046  
Accumulated deficit     (120,628 )       (137,222 )
Treasury stock at cost - 1,339,081 shares at September 30, 2015 and 1,282,944
  shares at March 31, 2015
      (23,157 )       (19,347 )
Accumulated other comprehensive loss     (15,006 )       (17,330 )
Total stockholders' equity     331,096         291,560  
Total liabilities and stockholders' equity $   373,406     $   338,367  

 

 

Abiomed, Inc. and Subsidiaries
Consolidated Statements of Operations
(Unaudited)
(in thousands, except share data)
 
    For the Three Months Ended
September 30,
  For the Six Months Ended 
September 30,
    2015   2014   2015   2014
Revenue:                        
Product revenue $   76,354   $     51,774     $   149,780   $     100,434  
Funded research and development     5         164         11         315  
        76,359         51,938         149,791         100,749  
Costs and expenses:                      
Cost of product revenue    12,144         9,612         23,012         19,301  
Research and development    11,569         8,693         21,779         17,755  
Selling, general and administrative      39,829         29,455         77,152         61,053  
        63,542         47,760         121,943         98,109  
Income from operations     12,817         4,178         27,848         2,640  
Other income (loss):                      
Investment income, net   62         36         125         80  
Other income (loss), net     87         (39 )       140         (28 )
        149         (3 )       265         52  
Income before income taxes   12,966         4,175         28,113         2,692  
Income tax provision     5,231         336         11,519         562  
Net income $   7,735   $     3,839     $   16,594   $     2,130  
                         
Basic net income per share $   0.18   $     0.09     $   0.40   $     0.05  
Basic weighted average shares outstanding   42,228         40,448         41,963         40,256  
                         
Diluted net income per share $   0.17   $     0.09     $   0.37   $     0.05  
Diluted weighted average shares outstanding   44,922         42,239         44,778         42,069  

         For further information please contact:
         
         Ingrid Goldberg,
         Director, Investor Relations
         978-646-1590
         ir@abiomed.com
         
         Aimee Genzler
         Director, Corporate Communications
         978-646-1553
         agenzler@abiomed.com

Om Nasdaq GlobeNewswire

Nasdaq GlobeNewswire
Nasdaq GlobeNewswire
One Liberty Plaza - 165 Broadway
NY 10006 New York

+1 212 401 8700http://www.nasdaqomx.com

NASDAQ (NASDAQ: NDAQ) is a leading provider of trading, exchange technology, information and public company services across six continents.

Følg saker fra Nasdaq GlobeNewswire

Registrer deg med din epostadresse under for å få de nyeste sakene fra Nasdaq GlobeNewswire på epost fortløpende. Du kan melde deg av når som helst.

Siste saker fra Nasdaq GlobeNewswire

Global Smart Lock Leader ASSA ABLOY joins Z-Wave Alliance Board of Directors12.12.2017 15:00Pressemelding

ASSA ABLOY takes a leadership role in the Alliance to help further Z-Wave adoption and to support global sales of Z-Wave Smart Door Locks FREMONT, Calif., Dec. 12, 2017 (GLOBE NEWSWIRE) -- The Z-Wave Alliance, an open consortium of leading global companies deploying the Z-Wave smart home standard, today announces the addition of ASSA ABLOY to the Alliance Board of Directors. Owner of leading and trusted lock brands such as Yale, Mul-T-Lock and ABLOY, ASSA ABLOY joins principal members ADT, Alarm.com, FIBARO, Huawei, Ingersoll-Rand, Jasco Products, LEEDARSON, LG Uplus, Nortek Security & Control, SmartThings, and Sigma Designs.  "ASSA ABLOY was already a leader in the smart lock industry and is clearly making moves to become a global force in smart security and connected access control," said Mitchell Klein, Executive Director of the Z-Wave Alliance, "The entire Alliance will benefit from ASSA ABLOY's contribution to the Board of Directors a

Ammo Incorporated Releases STREAK Visual Ammunition12.12.2017 15:00Pressemelding

SCOTTSDALE, Ariz., Dec. 12, 2017 (GLOBE NEWSWIRE) -- AMMO, Inc. (OTC:POWW), a technology leader and premier American ammunitions manufacturer, today announced its newest product offering, STREAK Visual Ammunition.  AMMO, Inc. holds the exclusive worldwide rights for the incredible patented technology used to make the STREAK products. STREAK is one of the most technologically advanced ammunition to hit the market in decades. "We are beyond excited to bring STREAK Visual Ammunition to the market.  Our acquisition of the exclusive rights for the STREAK technology is a game changer for both our company as well as the shooting industry.  Once you shoot with STREAK and you can actually see your projectile travel throughout its path, you will be bored by shooting normal ammunition," said AMMO, Inc.'s CEO, Fred Wagenhals. Unlike conventional tracers, STREAK rounds are NOT an incendiary, they don't use burning metals to generate light. Replacing fire-hazard burning metals is a non

Neato Appoints New CEO Matt Petersen12.12.2017 15:00Pressemelding

NEWARK, Calif., Dec. 12, 2017 (GLOBE NEWSWIRE) -- Neato Robotics, leader in smart robots for the home, today announced the appointment of new CEO Matt Petersen, effective January 1st, 2018. Petersen has sat on the Neato board since 2014. Petersen currently is the Senior Vice President and Chief Marketing Officer of JAFRA Cosmetics International, a Vorwerk owned subsidiary. A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/6271e9c8-ac52-402c-9245-9e05fcb4ca36 Current CEO, Giacomo Marini, will step down after five years. Under his tenure, Neato has grown substantially and has launched innovative products with cutting edge technology, including the full Botvac Connected product line of robot vacuums. The tremendous amount of success during this period led to the acquisition by Vorwerk. Marini has been a Director at Neato since 2006, Chairman since 2007, Executive Chairman 2011-2013, and Chairman and CEO

Williams Scotsman to Acquire Acton Mobile12.12.2017 14:05Pressemelding

Expands Williams Scotsman's position as a specialty rental services market leader providing innovative modular space and portable storage solutions across North America Williams Scotsman will have nearly 100,000 modular space and portable storage units serving approximately 35,000 customers from over 100 locations across the United States, Canada and Mexico  BALTIMORE, Dec. 12, 2017 (GLOBE NEWSWIRE) -- WillScot Corporation (NASDAQ:WSC) ("Williams Scotsman") today announced that it has entered into a definitive agreement whereby Williams Scotsman International, Inc. will acquire the entity that owns Acton Mobile (ActonMobile.com) from Prophet Equity for a cash purchase price of $235 million, subject to customary adjustments.  Brad Soultz, president and chief executive officer of Williams Scotsman, commented, "We are excited to welcome Acton to the Williams Scotsman family.  Acton shares our core values, and is highly compl

Nature's Recent Scientific Reports Publication Describes How Apabetalone May Be a Powerful Agent Against HIV-112.12.2017 13:30Pressemelding

CALGARY, Alberta, Dec. 12, 2017 (GLOBE NEWSWIRE) -- Resverlogix Corp. ("Resverlogix" or the "Company") (TSX:RVX) announced today that a recent Nature Scientific Reports has published a 12 page publication on BET (bromodomain and extra-terminal) inhibitors; RVX-208 (apabetalone) and PFI-1 owned by Resverlogix and Pfizer, respectively.  The publication by Lu et al, "BET inhibitors RVX-208 and PFI-1 reactivate HIV-1 from latency", (Scientific Reports 7, Article number: 16646, https://www.nature.com/articles/s41598-017-16816-1) demonstrates that both BET inhibitors can reactivate HIV-1 from latency.  Persistent latent reservoirs of HIV-1 in resting CD4+T cells are the major obstacle in curing HIV-1 infection. Their conclusion suggests that BET inhibitors, such as apabetalone (RVX-208), are a group of leading compounds for potentially unmasking HIV-1 latency to allow for viral eradication. Mr. Donald McCaffrey, President and Chief Executive Officer commented, "We are thrilled to lear

ILPA Issues Model Subscription Agreement for Private Equity Funds12.12.2017 13:00Pressemelding

Fund Document Developed to Increase Clarity, Reduce Costs and Time to Close WASHINGTON and TORONTO, Dec. 12, 2017 (GLOBE NEWSWIRE) -- In an effort to streamline fundraising, increase clarity and improve the efficiency of capital formation, the Institutional Limited Partners Association (ILPA) today released a model subscription agreement (MSA) for private equity funds.  Developed by legal counsels representing the private equity industry, the modular, multi-jurisdictional document provides a balanced, off-the-shelf solution which can be easily customized to meet the needs of fund managers and their investors, saving significant time and cost.  The ILPA MSA is available to the industry on the ILPA website. "In speaking to private equity stakeholders about legal procedures in need of streamlining, the fund closing process was at the top of the list for constructive disruption," said Chris Hayes, Director of Industry Affairs, ILPA. "Both LPs

I vårt presserom finner du alle våre siste saker, kontaktpersoner, bilder, dokumenter og annen relevant informasjon om oss.

Besøk vårt presserom