DANVERS, Mass., May 03, 2016 (GLOBE NEWSWIRE) -- Abiomed, Inc. (NASDAQ:ABMD), a leading provider of breakthrough heart support technologies, today reported fourth quarter fiscal 2016 revenue of $94.0 million, an increase of 39% compared to revenue of $67.6 million for the same period of fiscal 2015. For fiscal year 2016, total revenue was $329.5 million, up 43% compared to revenue of $230.3 million in fiscal year 2015. This revenue exceeds the third quarter upgraded fiscal year guidance of $326 million.
Fourth quarter fiscal 2016 GAAP net income was $11.0 million or $0.24 per diluted share. For the full fiscal year, GAAP net income was $38.1 million or $0.85 per diluted share.
Financial and operating highlights during the fourth quarter of fiscal 2016 include:
"Our performance validates Impella as the new standard of care and Abiomed as one of the fastest growing, GAAP profitable, medical technology companies. We have a long run-way for growth as today we estimate that we have penetrated only 5% of the total high risk patient population," said Michael R. Minogue, Chairman, President and Chief Executive Officer, Abiomed. "I am proud of our dedicated employees and grateful to our customers that have enabled our company to create a new era of medicine focused on the Field of Heart Recovery. Fiscal 2017 is positioned to be a fantastic year as we continue to execute our plan with our exclusive regulatory approvals."
FISCAL YEAR 2017 OUTLOOK
The Company is giving its fiscal year 2017 guidance for total revenues to be in the range of $430 million to $445 million, an increase of 30% to 35% over the prior year. The Company is also giving its fiscal year 2017 guidance for GAAP operating margin to be in the range of 18% to 20%.
EARNINGS CONFERENCE CALL DETAILS
The Company will host a conference call to discuss the results at 8 a.m. ET on Tuesday, May 3, 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. ET May 3, 2016 through 11:59 p.m. ET on May 5, 2016. The replay phone number is (855) 859-2056; the international number is (404) 537-3406. The replay access code is 75816370.
The ABIOMED logo, ABIOMED, Impella, Impella CP, and Impella RP are registered trademarks of Abiomed, Inc. in the U.S.A. and certain foreign countries. Impella 2.5, Impella 5.0, Impella LD, Recovering hearts. Saving lives., and Protected PCI are trademarks of Abiomed, Inc.
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.
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. 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, September 30, 2015 and December 31, 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.
For further information please contact:
Director, Investor Relations
Director, Corporate Communications
|Abiomed, Inc. and Subsidiaries|
|Consolidated Balance Sheets|
|(in thousands, except share data)|
|March 31, 2016||March 31, 2015|
|Cash and cash equivalents||$||48,231||$||22,401|
|Short-term marketable securities||163,822||109,557|
|Accounts receivable, net||42,821||31,828|
|Prepaid expenses and other current assets||6,778||4,479|
|Total current assets||288,392||185,039|
|Long-term marketable securities||1,000||13,996|
|Property and equipment, net||23,184||9,127|
|In-process research and development||15,396||14,711|
|Long-term deferred tax assets, net||58,534||80,306|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Total current liabilities||46,541||39,319|
|Other long-term liabilities||220||183|
|Long-term deferred tax liabilities||832||795|
|Commitments and contingencies|
|Class B Preferred Stock, $.01 par value||—||—|
|Authorized - 1,000,000 shares; Issued and outstanding - none|
|Common stock, $.01 par value||426||413|
|Authorized - 100,000,000 shares; Issued - 43,973,119 shares at March 31, 2016 and 42,618,717 shares at March 31, 2015;|
|Outstanding - 42,596,228 shares at March 31, 2016 and 41,335,773 shares at March 31, 2015|
|Additional paid in capital||508,624||465,046|
|Treasury stock at cost - 1,376,891 shares at March 31, 2016 and 1,282,944 shares at March 31, 2015||(26,660||)||(19,347||)|
|Accumulated other comprehensive loss||(14,540||)||(17,330||)|
|Total stockholders' equity||368,775||291,560|
|Total liabilities and stockholders' equity||$||423,931||$||338,367|
|Abiomed, Inc. and Subsidiaries|
|Consolidated Statements of Operations|
|(in thousands, except per share data)|
|Three Months Ended |
|Fiscal Years Ended |
|Funded research and development||6||7||23||361|
|Costs and expenses:|
|Cost of product revenue||14,663||10,806||50,419||39,945|
|Research and development||14,225||9,853||49,759||35,973|
|Selling, general and administrative||45,256||34,535||164,261||125,727|
|Income from operations||19,813||12,363||65,104||28,666|
|Investment income, net||186||68||395||196|
|Other income (expense), net||228||(59||)||339||(97||)|
|Income before income taxes||20,227||12,372||65,838||28,765|
|Income tax provision (benefit)||9,229||(86,502||)||27,691||(84,923||)|
|Basic net income per share||$||0.26||$||2.40||$||0.90||$||2.80|
|Basic weighted average shares outstanding||42,463||41,168||42,204||40,632|
|Diluted net income per share||$||0.24||$||2.24||$||0.85||$||2.65|
|Diluted weighted average shares outstanding||45,112||44,049||44,895||42,858|