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Planet abiomed Inc.
Jul 26,2018

Abiomed Announces Q1 FY 2019 Record Revenue of $180 Million, Up 36% Over Prior Year

Completed Enrollment for the FDA STEMI DTU Safety and Feasibility Study

DANVERS, Mass., July 26, 2018 (GLOBE NEWSWIRE) -- ABIOMED, Inc. (NASDAQ:ABMD), a leading provider of breakthrough heart recovery and support technologies, today reported first quarter fiscal 2019 revenue of $180.0 million, an increase of 36% compared to revenue of $132.5 million for the same period of fiscal 2018. First quarter fiscal 2019 GAAP net income was $90.1 million or $1.95 per diluted share, up 141% compared to GAAP net income of $37.4 million or $0.82 per diluted share for the prior year period.

Recent financial and operating highlights include:

  • Worldwide Impella® heart pump revenue for the quarter totaled $173.7 million, an increase of 37% compared to revenue of $127.2 million during the same period of the prior fiscal year. 
     
  • U.S. Impella heart pump revenue for the quarter totaled $151.7 million, an increase of 32% compared to revenue of $114.7 million during the same period in the prior fiscal year with U.S. patient usage of the Impella heart pumps up 30%.
     
  • Outside the U.S., Impella heart pump revenue for the quarter totaled $21.9 million, an increase of 75% compared to revenue of $12.5 million during the same period in the prior fiscal year.
     
  • Gross margin for first quarter 2019 was 82.9% compared to 83.5% during the same period in the prior fiscal year.
     
  • Operating income for the first quarter was $46.7 million, or 26.0% operating margin, compared to $33.1 million, or 25.0% operating margin in the prior fiscal year.
     
  • First quarter fiscal 2019 GAAP net income was $90.1 million, or $1.95 per diluted share, which benefited from $53.8 million, or $1.17 per diluted share, of excess tax benefits related to employee share-based compensation awards recorded as a reduction of income tax expense. This compared to GAAP net income of $37.4 million or $0.82 per diluted share for the prior fiscal year, which benefited from $16.8 million, or $0.37 per diluted share, of excess tax benefits.
     
  • The Company’s cash and marketable securities balance as of June 30, 2018 was $367.4 million. The Company currently has no debt.
     
  • In June 2018, the Company completed enrollment for its STEMI DTU safety and feasibility study and 30-day follow-up.
     
  • In June 2018, the Company received approval in India for Impella 2.5®, Impella CP® and Impella 5.0® and treated the first patient at Fortis Escorts Heart Institute in New Delhi.
     
  • On June 22, 2018, the Company held the inaugural Women’s Initiative for Heart Recovery Physician Advisory Board meeting. Physicians collaborated to raise awareness of the expanded FDA indications for Impella for patients with peripartum and postpartum cardiomyopathy (PPCM) and spontaneous coronary artery dissection (SCAD).

“Abiomed reported a strong start to our fiscal year 2019,” said Michael R. Minogue, Chairman, President and Chief Executive Officer, ABIOMED, Inc. “Abiomed is committed to sustainable growth and improving patient outcomes each quarter. We do this through advanced training, product enhancements and sharing of best practices derived from real world experience.”

FISCAL YEAR 2019 OUTLOOK
The Company is increasing the lower end of its fiscal year 2019 revenue guidance by $15 million to a new range of $755 million to $770 million, an increase of 27% to 30% over the prior fiscal year. The Company is maintaining its fiscal year 2019 guidance for GAAP operating margin in the range of 28% to 30%.

EARNINGS CONFERENCE CALL DETAILS
The Company will host a conference call to discuss the results at 8 a.m. ET on Thursday, July 26, 2018. The conference call releasing full quarterly results will be hosted by Michael R. Minogue, Chairman, President and Chief Executive Officer and Todd A. Trapp, 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. ETJuly 26, 2018 through 11:00 a.m. ET on August 2, 2018. The replay phone number is (855) 859-2056; the international number is (404) 537-3406. The replay access code is 295-7159.

The ABIOMED logo, ABIOMED, IMPELLA, IMPELLA 2.5, IMPELLA 5.0, IMPELLA LD, IMPELLA CP, IMPELLA RP, IMPELLA BTR, IMPELLA 5.5, and IMPELLA ECP are registered marks or trademarks of ABIOMED, Inc., and are registered in the U.S. and certain foreign countries. AB5000 and cVAD REGISTRY, 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.

For further information please contact: 

Ingrid Goldberg,
Director, Investor Relations
978-646-1590
ir@abiomed.com

Abiomed, Inc. and Subsidiaries  
Consolidated Balance Sheets  
(Unaudited)  
(in thousands, except share data)  
           
    June 30, 2018   March 31, 2018  
ASSETS          
Current assets:          
Cash and cash equivalents   $   61,288     $   42,975    
Short-term marketable securities       299,228         319,274    
Accounts receivable, net        67,511         70,010    
Inventories        55,781         50,204    
Prepaid expenses and other current assets       13,489         11,808    
Total current assets       497,297         494,271    
Long-term marketable securities       6,887         37,502    
Property and equipment, net       127,324         117,167    
Goodwill       33,948         35,808    
In-process research and development       15,837         16,705    
Long-term deferred tax assets, net       115,049         70,746    
Other assets       15,697         14,176    
Total assets   $   812,039     $   786,375    
LIABILITIES AND STOCKHOLDERS' EQUITY          
Current liabilities:          
Accounts payable   $   25,673     $   23,565    
Accrued expenses       38,930         46,147    
Deferred revenue       12,075         14,970    
Total current liabilities       76,678         84,682    
Other long-term liabilities       815         776    
Contingent consideration       10,331         10,490    
Long-term deferred tax liabilities       856         903    
Total liabilities       88,680         96,851    
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       449         444    
Authorized - 100,000,000 shares; Issued - 46,767,984 shares at June 30, 2018 and 46,100,649 shares at March 31, 2018          
Outstanding - 44,876,271 shares at June 30, 2018 and 44,375,337 shares
at March 31, 2018
         
Additional paid in capital       637,974         619,905    
Retained earnings       230,523         140,457    
Treasury stock at cost - 1,891,713 shares at June 30, 2018 and 1,725,312 shares at March 31, 2018       (134,674 )       (67,078 )  
Accumulated other comprehensive loss       (10,913 )       (4,204 )  
Total stockholders' equity       723,359         689,524    
Total liabilities and stockholders' equity   $   812,039     $   786,375    
           

 

Abiomed, Inc. and Subsidiaries
Consolidated Statements of Operations
(Unaudited)
(in thousands, except per share data)
           
           
  Three Months Ended
June 30,
  2018   2017
Revenue $   180,010      $    132,468  
Costs and expenses:          
Cost of product revenue      30,850         21,862  
Research and development      21,273         16,931  
Selling, general and administrative      81,139         60,597  
      133,262         99,390  
Income from operations     46,748         33,078  
Other income:          
Investment income, net     1,551         635  
Other income, net     188         79  
      1,739         714  
Income before income taxes     48,487         33,792  
Income tax benefit (1)     (41,579 )       (3,582 )
Net income $   90,066     $   37,374  
           
Basic net income per share $   2.02      $   0.85  
Basic weighted average shares outstanding     44,546         43,895  
           
Diluted net income per share (2) $   1.95      $   0.82  
Diluted weighted average shares outstanding     46,169         45,608  
(1) Income tax benefit includes the effect of the following item:          
Excess tax benefits related to stock-based compensation awards $   53,837     $   16,842  
(2) Diluted net income per share includes the effect of the following item:          
Excess tax benefits related to stock-based compensation awards $   1.17     $   0.37  

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Source: ABIOMED, Inc.