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

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 atwww.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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