DANVERS, Mass., May 04, 2017 (GLOBE NEWSWIRE) -- Abiomed, Inc. (NASDAQ:ABMD), a leading provider of breakthrough heart support technologies, today reported fourth quarter fiscal 2017 revenue of $124.7 million, an increase of 33% compared to revenue of $94.0 million for the same period of fiscal 2016. For fiscal year 2017, total revenue was $445.3 million, up 35% compared to revenue of $329.5 million in fiscal year 2016.
Fourth quarter fiscal 2017 GAAP net income was $14.9 million or $0.33 per diluted share, impacted by $3.1 million or $0.07 per diluted share of one-time items, described below. For the full fiscal year, GAAP net income was $52.1 million or $1.17 per diluted share.
Financial and operating highlights during the fourth quarter of fiscal 2017 include:
"Abiomed remains one of the fastest growing GAAP profitable companies and fiscal 2017 was another successful year as we achieved our corporate goals with two FDA approvals, approval in Japan, and dedicated DRGs from the Centers for Medicare and Medicaid Services (CMS)," said Michael R. Minogue, Chairman, President and Chief Executive Officer, Abiomed. "We want to thank our shareholders for their support and all of our employees and customers for their hard work and dedication to patients and our mission of heart recovery."
FISCAL YEAR 2018 OUTLOOK
The Company is giving its fiscal year 2018 guidance for total revenues to be in the range of $555 million to $575 million, an increase of 25% - 29% over the prior year. The Company is also giving its fiscal year 2018 guidance for GAAP operating margin to be in the range of 22% to 24%.
EARNINGS CONFERENCE CALL DETAILS
The Company will host a conference call to discuss the results at 8 a.m. ET on Thursday, May 4, 2017. 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. EDT May 4, 2017 through 11:00 a.m. EDT on May 7, 2017. The replay phone number is (855) 859-2056; the international number is (404) 537-3406. The replay access code is 3991529.
The ABIOMED logo, ABIOMED, Impella, Impella 2.5, Impella CP, Impella 5.0, Impella RP, and Recovering Hearts. Saving Lives. are registered trademarks of ABIOMED, Inc. in the U.S. and in certain foreign countries. cVAD Registry is a trademark 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 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|
|(in thousands, except share data)|
|March 31, 2017||March 31, 2016|
|Cash and cash equivalents||$||39,040||$||48,231|
|Short-term marketable securities||190,908||163,822|
|Accounts receivable, net||54,055||42,821|
|Prepaid expenses and other current assets||8,024||6,778|
|Total current assets||326,958||288,392|
|Long-term marketable securities||47,143||1,000|
|Property and equipment, net||87,777||23,184|
|In-process research and development||14,482||15,396|
|Long-term deferred tax assets, net||34,723||58,534|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Current portion of capital lease obligation||799||—|
|Total current liabilities||69,617||46,541|
|Other long-term liabilities||3,251||220|
|Long-term deferred tax liabilities||783||832|
|Capital lease obligation, net of current portion||15,539||—|
|Commitments and contingencies|
|Class B Preferred Stock, $.01 par value||—||—|
|Authorized - 1,000,000 shares; Issued and outstanding - none|
|Common stock, $.01 par value||437||426|
|Authorized - 100,000,000 shares; Issued - 45,249,281 shares at March 31, 2017 and 43,973,119 shares at March 31, 2016;|
|Outstanding - 43,673,286 shares at March 31, 2017 and 42,596,228 shares at March 31, 2016|
|Additional paid in capital||565,962||508,624|
|Treasury stock at cost - 1,575,995 shares at March 31, 2017 and 1,376,891 shares at March 31, 2016||(46,763||)||(26,660||)|
|Accumulated other comprehensive loss||(20,606||)||(14,540||)|
|Total stockholders' equity||452,071||368,775|
|Total liabilities and stockholders' equity||$||550,414||$||423,931|
|Abiomed, Inc. and Subsidiaries|
|Consolidated Statements of Operations|
|(in thousands, except per share data)|
Three Months Ended
Fiscal Years Ended
|Funded research and development||26||6||109||23|
|Costs and expenses:|
|Cost of product revenue||19,261||14,663||70,627||50,419|
|Research and development||16,325||14,225||66,386||49,759|
|Selling, general and administrative||60,100||45,256||218,153||164,261|
|Income from operations||28,994||19,813||90,138||65,104|
|Investment income, net||486||186||1,554||395|
|Other (expense) income, net||(124||)||228||(349||)||339|
|Income before income taxes||29,356||20,227||91,343||65,838|
|Income tax provision||14,457||9,229||39,227||27,691|
|Basic net income per share||$||0.34||$||0.26||$||1.21||$||0.90|
|Basic weighted average shares outstanding||43,579||42,463||43,238||42,204|
|Diluted net income per share||$||0.33||$||0.24||$||1.17||$||0.85|
|Diluted weighted average shares outstanding||44,924||45,112||44,658||44,895|
For further information please contact: Ingrid Goldberg, Director, Investor Relations 978-646-1590 email@example.com Adrienne Smith Senior Director, Public Relations and Corporate Communications 978-646-1553 firstname.lastname@example.org