NASDAQ OMX

Abiomed Announces Q3 FY 2016 Revenue of $85.8 Million, Up 38% Over Prior Year

4.2.2016 13:00 | NASDAQ OMX

Del

DANVERS, Mass., 2016-02-04 13:00 CET (GLOBE NEWSWIRE) --

  • U.S. Patient Utilization Grew 45%, Year Over Year
     
  • Abiomed Increases Fiscal Year 2016 Revenue Guidance
     

Abiomed, Inc. (NASDAQ:ABMD), a leading provider of breakthrough heart support technologies, today reported third quarter fiscal 2016 revenue of $85.8 million, an increase of 38% compared to revenue of $62.0 million for the same period of fiscal 2015.  Third quarter fiscal 2016 GAAP net income was $10.6 million or $0.23 per diluted share, compared to GAAP net income of $12.7 million or $0.30 per diluted share for the prior year period.

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

  • Fiscal third quarter worldwide Impella® heart pump revenue totaled $81.0 million, an increase of 41% compared to revenue of $57.4 million during the same period of the prior fiscal year.  U.S. Impella heart pump revenue grew 45% to $75.0 million from $51.9 million in the prior fiscal year with U.S. patient usage of the Impella heart pumps up 45%.  
     
  • The installed base for Impella 2.5™ heart pumps grew by an additional 20 hospitals, which made initial purchases of Impella heart pumps, bringing the installed customer base to 1,020 sites.  As part of Abiomed's continued Impella CP® heart pump launch, 49 new U.S. hospitals purchased Impella CP, bringing the total number to 788 sites with Impella CP heart pumps.  
     
  • The Impella RP® heart pump installed base had a goal of 60 sites for the entire fiscal year. As of the end of the third fiscal quarter, the Company is ahead of schedule, with an additional 17 hospitals that made initial purchases of the Impella RP during the quarter, bringing the total number of U.S. sites to 71 with Impella RP heart pumps. 
     
  • Gross margin for fiscal third quarter 2016 was 85.1% compared to 84.1% in the third quarter of fiscal 2015.  
     
  • Income from operations for the third quarter of fiscal 2016 was $17.5 million, or 20.4% of revenue, compared to $13.7 million, or 22.1% of revenue in the prior year period.
     
  • The Company generated $20.7 million in cash, cash equivalents and marketable securities, totaling $196.2 million as of December 31, 2015, compared to $175.5 million at September 30, 2015. The Company currently has no debt. 
     
  • In December 2015, the Company announced its intent to purchase its Danvers, Massachusetts headquarters and is continuing its due diligence for the final purchase.
     

“I am proud of our discipline and execution that we have demonstrated in achieving this early phase of success. We are operationally prepared with our sector expertise to take advantage of this unique organic opportunity,” said Michael R. Minogue, Chairman, President and Chief Executive Officer, Abiomed. “Abiomed is revolutionizing the treatment for heart failure by focusing exclusively on the heart muscle and with new indications, new geographies and new products on the horizon; the Impella platform has a long runway for growth.”  

FISCAL YEAR 2016 OUTLOOK
The Company is increasing its fiscal year 2016 guidance for total revenue to be approximately $326 million, indicating a growth rate greater than 41% over the prior year. Previous guidance was in the range of $305 million to $315 million, which had indicated an increase of 32% to 37% from the prior year. This guidance projects revenue to be approximately $90 million for the fourth quarter of fiscal 2016.

The Company is increasing its fiscal year 2016 guidance for GAAP operating margin to greater than 17%, updated from the previous guidance range of 15% to 17%.

EARNINGS CONFERENCE CALL DETAILS
The Company will release full quarterly results for the third quarter of fiscal 2016 and update the fiscal 2016 guidance via conference call at 8 a.m. ET on Thursday, February 4, 2016. The conference call releasing full quarterly results will be hosted by Michael R. Minogue, Chairman, President and Chief Executive Officer and Michael Tomsicek, Vice President and Chief Financial Officer.

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 February 4, 2016 through 11:59 p.m. EDT on February 6, 2016. The replay phone number is (855) 859-2056; the international number is (404) 537-3406. The replay access code is 3101592.

The ABIOMED logo, ABIOMED, Impella, Impella CP, Impella RP, and Symphony are registered trademarks of Abiomed, Inc. in the U.S.A. and certain foreign countries. Impella 2.5, Impella 5.0, Impella LD, Impella BTR, Impella cVAD, Impella ECP, Recovering hearts. Saving lives., and Protected PCI 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 Company’s guidance for fiscal 2016 revenue. 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 quarters ended June 30, 2015 and September 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)  
           
    December 31, 2015   March 31, 2015  
           
ASSETS          
Current assets:          
Cash and cash equivalents   $   53,226     $   22,401    
Short-term marketable securities       142,968         109,557    
Accounts receivable, net        36,842         31,828    
Inventories        25,535         16,774    
Prepaid expenses and other current assets       4,115         4,479    
Deferred tax assets, net       19,059         35,100    
Total current assets       281,745         220,139    
Long-term marketable securities             13,996    
Property and equipment, net       15,020         9,127    
Goodwill       31,697         31,534    
In-process research and development       14,786         14,711    
Long-term deferred tax assets, net       43,956         45,206    
Other assets       4,422         3,654    
Total assets   $   391,626     $   338,367    
LIABILITIES AND STOCKHOLDERS' EQUITY          
Current liabilities:          
Accounts payable   $   8,836     $   10,389    
Accrued expenses       21,921         21,894    
Deferred revenue       6,913         7,036    
Total current liabilities       37,670         39,319    
Other long-term liabilities       236         183    
Contingent consideration       7,392         6,510    
Long-term deferred tax liabilities       799         795    
Total liabilities       46,097         46,807    
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       424         413    
Authorized - 100,000,000 shares; Issued - 43,777,675 shares at December 31, 2015 
and 42,618,717 shares at March 31, 2015;
         
Outstanding - 42,437,354 shares at December 31, 2015 and 41,335,773 
shares at March 31, 2015
         
Additional paid in capital       495,991         465,046    
Accumulated deficit       (110,073 )       (137,222 )  
Treasury stock at cost - 1,340,321 shares at December 31, 2015 and 1,282,944 
shares at March 31, 2015
      (23,255 )       (19,347 )  
Accumulated other comprehensive loss       (17,558 )       (17,330 )  
Total stockholders' equity       345,529         291,560    
Total liabilities and stockholders' equity   $   391,626     $   338,367    
           

 

Abiomed, Inc. and Subsidiaries  
Consolidated Statements of Operations  
(Unaudited)  
(in thousands, except share data)  
                           
    For the Three Months Ended December 31,   For the Nine Months Ended December 31,  
    2015   2014   2015   2014  
Revenue:                          
Product revenue   $     85,789     $     61,966     $   235,569   $     162,400    
Funded research and development         6           39         17         354    
          85,795           62,005         235,586         162,754    
Costs and expenses:                          
Cost of product revenue          12,744           9,838         35,756         29,139    
Research and development          13,755           8,365         35,534         26,120    
Selling, general and administrative          41,853           30,139         119,005         91,192    
          68,352           48,342         190,295         146,451    
Income from operations         17,443           13,663         45,291         16,303    
Other income:                          
Investment income, net         84           48         209         128    
Other (loss) income, net         (29 )         (10 )       111         (38 )  
          55           38         320         90    
Income before income taxes         17,498           13,701         45,611         16,393    
Income tax provision         6,943           1,017         18,462         1,579    
Net income   $     10,555     $     12,684     $   27,149   $     14,814    
                           
Basic net income per share   $     0.25     $     0.31     $   0.64   $     0.37    
Basic weighted average shares outstanding         42,427           40,856         42,118         40,456    
                           
Diluted net income per share   $     0.23     $     0.30     $   0.61   $     0.35    
Diluted weighted average shares outstanding         44,949           42,884         44,805         42,345    
                           
                           

         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

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