ABIOMED, Inc.
Jan 26, 2017
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Abiomed Announces Q3 FY 2017 Revenue of $114.7 Million, Up 34% Over Prior Year

Largest Quarterly Sequential Revenue Increase in Company History

DANVERS, Mass., Jan. 26, 2017 (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:

"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 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. 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