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Planet abiomed Inc.
May 16,2012

Abiomed Announces Record Fourth Quarter Revenue of $37.3 Million, Up 31% and Achieves Profitability for Full Fiscal Year

Abiomed Announces Record Fourth Quarter Revenue of $37.3 Million, Up 31% and Achieves Profitability for Full Fiscal YearDANVERS, Mass., May 16, 2012 (GLOBE NEWSWIRE) -- Abiomed, Inc. (Nasdaq:ABMD - News), a leading provider of breakthrough heart support technologies, today reported fourth quarter fiscal 2012 revenue of $37.3 million, up 31% compared to revenue of $28.5 million in the same period of fiscal 2011, and GAAP net income of $2.6 million or $0.06 per diluted share compared to GAAP net loss of $1.8 million or a loss of $0.05 per basic and diluted share in the prior year. For the full fiscal year, total revenue was $126.4 million, up 25% compared to revenue of $101.2 million in the prior fiscal year and GAAP net income was $1.5 million or $0.04 per diluted share compared to GAAP net loss of $11.8 million or a loss of $0.32 per basic and diluted share in the prior year.

Financial and operating highlights during the fourth quarter of fiscal 2012 include:

  • Fiscal fourth quarter worldwide Impella revenue totaled $32.3 million, up 43% compared to revenue of $22.6 million during the same period of the prior year. U.S. Impella revenue grew 44% to $29.9 million.
  • Full year worldwide Impella revenue totaled $106.9 million, up 37% compared to revenue of $78.2 million during the same period of the prior year. U.S. Impella revenue grew 37% to $99.1 million.
  • As targeted, an additional 26 hospitals purchased Impella 2.5 during the quarter, bringing the total to 631 customer sites.
  • Gross margin rate for the fourth quarter FY 2012 was 81.8% compared to 79.5% in the prior year. For the full fiscal year, gross margin rate was 80.6% compared to 78.3% in the prior year.
  • Non-GAAP net income for the fourth fiscal quarter, which is described later in this press release, was $5.3 million or $0.13 per diluted share compared to $0.6 million or $0.01 per diluted share in the prior year. For the full fiscal year, non-GAAP net income was $12.1 million or $0.30 per diluted share compared to a non-GAAP net loss of $2.1 or a loss of $0.06 per share in the prior year.
  • Cash, cash equivalents and short-term marketable securities totaled $77.2 million as of March 31, 2012, an increase of $7.6 million from December 31, 2011; the company continues to have no debt.
  • Abiomed announced in April the successful first human use outside the U.S. of the Impella cVADTM device, a new percutaneous Impella heart pump that provides peak flow of approximately four liters of blood per minute.1
  • Abiomed also announced in April that it received CE Marking approval in the European Union to market the Impella cVAD device.1
  • At the American College of Cardiology Scientific Sessions in March, there were multiple presentations on the Impella platform, including first-in-man experience outside the U.S. with the Impella RP, a new percutaneous heart pump designed to treat right-sided heart failure.1
  • The fourth quarter fiscal 2012 represented the first full quarter after the November 2011 release of the ACCF/AHA/SCAI 2011 Guidelines for Percutaneous Coronary Intervention (PCI), which incorporated Impella support for both the emergent and prophylactic settings.

"We are happy to report the best quarter and year in company history, in terms of number of patients supported, revenue growth, and profitability," said Michael R. Minogue, Chairman, President and Chief Executive Officer of Abiomed. "Abiomed is highly motivated to help thousands of patients and create significant shareholder value."

Based on current expectations and consistent with Abiomed's seasonal utilization, the company anticipates fiscal year 2013 revenues to increase by 20% to 24% and to be in the range of $152 million to $157 million. Worldwide Impella revenues are forecasted to increase by approximately 30%.

The company will host a conference call to discuss the fourth quarter and full fiscal year 2012 results on Wednesday, May 16, 2012, at 8:00 a.m. ET with Michael R. Minogue, Chairman, President and Chief Executive Officer; Robert L. Bowen, Vice President and Chief Financial Officer; and Susan V. Lisa, Senior Director of Investor Relations and Corporate Development.

To listen to the call live, please tune into the webcast via http://investor.abiomed.com or dial (877) 638-9567; the international number is (253) 237-1032. Please reference "Abiomed Q4:F12 conference call." A replay of this conference call will be available beginning at 11:00 a.m. ET on May 16, 2012 through 11:59 p.m. ET on May 23, 2012. The replay phone number is (855) 859-2056; the international number is (404) 537-3406. The replay access code is 47634386.

1The Impella cVAD and the Impella RP are not currently cleared for sale or use in the United States.

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 anticipated future losses, complex manufacturing, high quality requirements, dependence on limited sources of supply, competition, technological change, government regulation, 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 Annual Report filed on Form 10-K and most recently filed 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)




March 31,

2012 2011



ASSETS

Current assets:

Cash and cash equivalents $ 5,990 $ 5,831
Short-term marketable securities 71,233 54,481
Accounts receivable, net 20,458 15,376
Inventories 11,142 7,505
Prepaid expenses and other current assets 1,716 1,544
Total current assets 110,539 84,737
Property and equipment, net 6,378 6,273
Intangible assets, net 115 1,632
Goodwill 36,846 38,946
Other long-term assets 33 --
Total assets $ 153,911 $ 131,588
LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable $ 6,910 $ 6,283
Accrued expenses 12,480 14,078
Deferred revenue 3,025 1,982
Total current liabilities 22,415 22,343
Long-term deferred tax liability 4,799 4,010
Other long-term liabilities 400 492
Total liabilities 27,614 26,845
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 393 377
Authorized - 100,000,000 shares; Issued - 37,323,708 shares at March 31, 2012
and 37,756,719 shares at March 31, 2011;

Outstanding - 37,272,754 shares at March 31, 2012 and 37,705,765 shares
at March 31, 2011

Additional paid-in-capital 401,771 379,218
Accumulated deficit (273,275) (274,770)
Treasury stock at cost - 50,954 shares (827) (827)
Accumulated other comprehensive (loss) income (1,765) 745
Total stockholders' equity 126,297 104,743
Total liabilities and stockholders' equity $ 153,911 $ 131,588


Abiomed, Inc. and Subsidiaries
Consolidated Statements of Operations
(Unaudited)
(in thousands, except share data)






Three Months Ended Year Ended

March 31, March 31,

2012 2011 2012 2011
Revenue:



Product $ 37,237 $ 28,103 $ 125,286 $ 99,837
Funded research and development 107 426 1,089 1,314
Total Revenue 37,344 28,529 126,375 101,151





Costs and expenses:


Cost of product revenue excluding amortization of intangibles 6,786 5,848 24,507 21,977
Research and development 7,236 6,843 27,159 26,677
Selling, general and administrative 20,028 16,888 71,711 62,287
Amortization of intangible assets 352 361 1,478 1,395

34,402 29,940 124,855 112,336
Income (loss) from operations 2,942 (1,411) 1,520 (11,185)
Other income (expense):


Investment income (expense), net 1 8 (3) 9
Gain on sale of WorldHeart stock -- -- -- 456
Gain on settlement of investment -- -- 1,017 --
Other income (expense), net (15) (126) 9 (143)

(14) (118) 1,023 322
Income (loss) before provision for income taxes 2,928 (1,529) 2,543 (10,863)
Income tax provision 361 243 1,048 892
Net income (loss) $ 2,567 $ (1,772) $ 1,495 $ (11,755)





Basic net income (loss) per share $ 0.07 $ (0.05) $ 0.04 $ (0.32)
Basic weighted average shares outstanding 38,840 37,231 37,159 37,167





Diluted net income (loss) per share $ 0.06 $ (0.05) $ 0.04 $ (0.32)
Diluted weighted average shares outstanding 41,251 37,231 40,172 37,167


Abiomed, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Net Income (Loss)
(in thousands, except for per share data)

Three Months Ended Year Ended

March 31, March 31,

2012 2011 2012 2011





Net income (loss) on a GAAP basis $ 2,567 $ (1,772) $ 1,495 $ (11,755)





Share-based compensation expense:


- Cost of product revenue 66 51 282 214
- Research & development 450 252 1,719 1,001
- Selling, general and administrative 1,353 1,100 5,772 4,206





Athlone lease exit charge


- Selling, general and administrative -- -- -- 791





Amortization of intangible assets 352 361 1,478 1,395





Depreciation 530 579 2,337 2,553





Gain on investment



- Other income (expense) -- -- (1,017) --





Sale of World Heart Stock


- Other income (expense) -- -- -- (456)





Income tax effect of non-GAAP adjustments -- -- -- --





Net income (loss) on a non-GAAP basis $ 5,318 $ 571 $ 12,066 $ (2,051)











Net Income (Loss) Per Share Reconciliation
(in thousands, except for per share data)






Three Months Ended Year Ended

March 31, March 31,

2012 2011 2012 2011





Net income (loss) per diluted share on a GAAP basis $ 0.06 $ (0.05) $ 0.04 $ (0.32)





Share-based compensation expense:


- Cost of product revenue 0.01 -- 0.01 0.01
- Research & development 0.01 0.01 0.04 0.03
- Selling, general and administrative 0.03 0.03 0.14 0.11





Athlone fair value charge


- Selling, general and administrative -- -- -- 0.02





Amortization of intangible assets 0.01 0.01 0.04 0.04





Depreciation 0.01 0.01 0.06 0.06





Gain on investment



- Other income (expense) -- -- (0.03) --





Sale of World Heart Stock


- Other income (expense) -- -- -- (0.01)





Income tax effect of non-GAAP adjustments -- -- -- --





Net income (loss) per diluted share on a non-GAAP basis $ 0.13 $ 0.01 $ 0.30 $ (0.06)





Shares used in calculation of net income (loss) per 41,251 38,323 40,172 37,167
diluted share on a non-GAAP basis




Contact:

Susie Lisa, CFA
Senior Director, Investor Relations and
Corporate Development
978-646-1590
slisa@abiomed.com
Aimee Maillett
Corporate Communications Manager
978-646-1553
ir@abiomed.com