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

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 viahttp://investor.abiomed.comor 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

Largest Quarterly Sequential Revenue Increase in Company History

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Largest Quarterly Sequential Revenue Increase in Company History