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Abiomed Announces Q3 FY 2017 Revenue of $114.7 Million, Up 34% Over Prior Year

Del

DANVERS, Mass., 2017-01-26 13:00 CET (GLOBE NEWSWIRE) --

Abiomed, Inc. (NASDAQ:ABMD), a leading provider of breakthrough heart support technologies, today reported third quarter fiscal 2017 revenue of $114.7 million, an increase of 34% compared to revenue of $85.8 million for the same period of fiscal 2016.  Third quarter fiscal 2017 GAAP net income was $15.4 million or $0.34 per diluted share, compared to GAAP net income of $10.6 million or $0.23 per diluted share for the prior year period.

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

  • Fiscal third quarter worldwide revenue from Impella heart pumps totaled $109.2 million, an increase of 35% compared to revenue of $81.0 million during the same period of the prior fiscal year.  U.S. revenue from Impella pumps grew 34% to $100.3 million and U.S. patient usage grew 32%.
  • Outside the U.S., revenue from Impella heart pumps totaled $8.9 million and was up 47%, predominantly from Germany, which grew 80% in revenue from the prior fiscal year.
  • The installed base for Impella 2.5™ heart pumps in the U.S. grew by an additional 20 hospitals, which made initial purchases of Impella heart pumps, bringing the installed customer base to 1,119 sites. The installed customer base for Impella CP® heart pumps grew by 49 new U.S. hospitals, bringing the total number of Impella CP sites to 972.
  • An additional 8 sites made initial purchases of Impella RP® heart pumps during the quarter, bringing the total number of sites to 120.
  • Gross margin for third quarter fiscal 2017 was 83.4% compared to 85.1% in the prior year period.
  • Operating income for the third quarter of fiscal 2017 was $25.4 million, or 22.2% operating margin, compared to $17.5 million, or 20.4% operating margin in the prior year period.
  • The Company generated $22.0 million in cash, cash equivalents and marketable securities, totaling $258.9 million as of December 31, 2016, compared to $236.9 million at September 30, 2016. The Company currently has no debt.
  • On October 31, 2016, Abiomed launched the Impella Quality (IQ) Assurance Program. The mission of the program is to improve real-world outcomes in Protected PCI and cardiogenic shock patients through training, education and utilization of clinical guidelines, protocols and best practices derived from observational quality assurance data (IQ), Institutional Review Board (IRB) approved registry data (cVAD) and Investigational Device Exemption (IDE) approved FDA studies.
  • On December 7, 2016, Abiomed announced that the Impella CP received expanded FDA Approval for High-Risk Percutaneous Coronary Intervention (PCI) Procedures

“These are the best of times for Abiomed, because the high risk patient population has been validated and only now with our regulatory approvals can we educate and train our customers to improve the standard of care through hemodynamic support. We began building this field of heart recovery less than one year ago and in the medical technology industry history demonstrates the impact of FDA approvals on adoption,” said Michael R. Minogue, Chairman, President and Chief Executive Officer, Abiomed. “What makes Abiomed unique is Impella’s ability to be used effectively in a Hub and Spoke model to achieve Protected PCI and heart muscle recovery in your community.”

FISCAL YEAR 2017 OUTLOOK
The Company is increasing the lower end of its fiscal year 2017 revenue guidance with the new range of $440 million to $445 million, an increase in revenue of 34% to 35% from the prior year. This compares to the prior increased forecast of $435 million to $445 million. The Company projects revenue to be around $122 million for the fourth quarter of fiscal 2017 and 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, January 26, 2017, at 8:00 a.m. EST. 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. EST January 26, 2017 through 11 a.m. EST on January 29, 2017. The replay phone number is (855) 859-2056; the international number is (404) 537-3406. The replay access code is 44227123.

The ABIOMED logo, ABIOMED, Impella, Impella CP, and Impella RP are registered trademarks of Abiomed, Inc. in the U.S. and in certain foreign countries. Impella 2.5, Impella 5.0, and Recovering hearts. Saving lives. 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 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)
         
    December 31, 2016   March 31, 2016
         
ASSETS        
Current assets:        
Cash and cash equivalents   $   61,069     $   48,231  
Short-term marketable securities       179,640         163,822  
Accounts receivable, net        50,178         42,821  
Inventories        32,053         26,740  
Prepaid expenses and other current assets       10,479         6,778  
Total current assets       333,419         288,392  
Long-term marketable securities       18,240         1,000  
Property and equipment, net       60,909         23,184  
Goodwill       30,562         33,003  
In-process research and development       14,257         15,396  
Long-term deferred tax assets, net       39,007         58,534  
Other assets       4,570         4,422  
Total assets   $   500,964     $   423,931  
LIABILITIES AND STOCKHOLDERS' EQUITY        
Current liabilities:        
Accounts payable   $   14,558     $   9,381  
Accrued expenses       34,539         28,382  
Deferred revenue       9,004         8,778  
Current portion of capital lease obligation       770         —  
Total current liabilities       58,871         46,541  
Other long-term liabilities       17         220  
Contingent consideration       8,175         7,563  
Long-term deferred tax liabilities       771         832  
Capital lease obligation, net of current portion       15,750         —  
Total liabilities       83,584         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       435         426  
Authorized - 100,000,000 shares; Issued - 45,081,996 shares at December
31, 2016 and 43,973,119 shares at March 31, 2016
       
Outstanding - 43,507,808 shares at December 31, 2016 and 42,596,228
shares at March 31, 2016
       
Additional paid in capital       546,796         508,624  
Accumulated deficit       (61,858 )       (99,075 )
Treasury stock at cost - 1,574,188 shares at December 31, 2016 and 1,376,891
shares at March 31, 2016
      (46,556 )       (26,660 )
Accumulated other comprehensive loss       (21,437 )       (14,540 )
Total stockholders' equity       417,380         368,775  
Total liabilities and stockholders' equity   $   500,964     $   423,931  
         
Abiomed, Inc. and Subsidiaries
Consolidated Statements of Operations
(Unaudited)
(in thousands, except per share data)
                         
    For the Three Months Ended 
December 31,
  For the Nine Months Ended 
December 31,
    2016     2015     2016     2015
Revenue:                        
Product revenue   $   114,624     $   85,789     $   320,541     $   235,569
Funded research and development       50         6         83         17
        114,674         85,795         320,624         235,586
Costs and expenses:                        
Cost of product revenue        18,987         12,744         51,366         35,756
Research and development        16,349         13,755         50,061         35,534
Selling, general and administrative        53,935         41,853         158,053         119,005
        89,271         68,352         259,480         190,295
Income from operations       25,403         17,443         61,144         45,291
Other income (expense):                        
Investment income, net       457         84         1,068         209
Other (expense) income, net       (34 )       (29 )       (225 )       111
        423         55         843         320
Income before income taxes       25,826         17,498         61,987         45,611
Income tax provision       10,394         6,943         24,770         18,462
Net income   $   15,432     $   10,555     $   37,217     $   27,149
                         
Basic net income per share   $   0.36     $   0.25     $   0.86     $   0.64
Basic weighted average shares outstanding     43,431         42,427         43,125         42,118
                         
Diluted net income per share   $   0.34      $    0.23      $    0.83      $    0.61
Diluted weighted average shares outstanding   44,770         44,949         44,597         44,805

         For further information please contact:
         
         Ingrid Goldberg
         Director, Investor Relations
         978-646-1590
         igoldberg@abiomed.com
         
         Adrienne Smith
         Senior Director, Public Relations and Corporate Communications
         978-646-1553
         adsmith@abiomed.com

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