ABIOMED, Inc.
Aug 1, 2013
PDF

Abiomed Announces First Quarter Fiscal 2014 Revenue of $42.7 Million, Up 10% Over Prior Year

Abiomed Receives FDA Approval of PMA Shell for Modular Submission of the Impella 2.5

DANVERS, Mass., Aug. 1, 2013 (GLOBE NEWSWIRE) -- Abiomed, Inc. (Nasdaq:ABMD), a leading provider of breakthrough heart support technologies, today reported first quarter fiscal 2014 revenue of $42.7 million, up 10% compared to revenue of $38.8 million in the same period of fiscal 2013, and a first quarter fiscal 2014 GAAP net loss of $1.7 million or a loss of $0.04 per diluted share, compared to GAAP net income of $3.1 million or $0.08 per diluted share in the prior year period.

Financial and operating highlights during the first quarter of fiscal 2014 and fiscal year to date include:

"We are on track to achieve our fiscal year revenue guidance and set new records in patient utilization. We are investing for success in our training, regulatory approvals and product portfolio," said Michael R. Minogue, Chairman, President and Chief Executive Officer of Abiomed. "We are pleased to report today that the FDA has recently approved our PMA Shell for our Impella modular submission."

The Company is maintaining its fiscal year 2014 revenue guidance in a range of $180 million to $185 million, with worldwide Impella revenue forecasted to increase by approximately 20%. The Company is revising its fiscal year 2014 GAAP operating margin guidance, now expected to be approximately breakeven to 5% (from its prior guidance of operating margin of 7% to 8%) due to legal costs, regulatory submissions, pipeline development, and stock compensation expense.

The Company will host a conference call to discuss the first quarter fiscal year 2014 results on Thursday, August 1, 2013, 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. A replay of this conference call will be available beginning at 11 a.m. ET August 1, 2013 through 11:59 p.m. ET on August 8, 2013. The replay phone number is (855) 859-2056; the international number is (404) 537-3406. The replay access code is 17314885.

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, 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. 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)
     
 June 30, 2013March 31, 2013
 (unaudited)  
ASSETS    
Current assets:    
Cash and cash equivalents  $ 11,727  $ 9,451
Short-term marketable securities 55,725  67,256
Accounts receivable, net  20,983  22,946
Inventories  16,513  14,930
Prepaid expenses and other current assets 1,737  2,022
Total current assets 106,685  116,605
Long-term marketable securities 20,588  11,406
Property and equipment, net 6,479  6,549
Goodwill 35,932  35,410
Other assets 779  29
Total assets  $ 170,463  $ 169,999
LIABILITIES AND STOCKHOLDERS' EQUITY    
Current liabilities:    
Accounts payable  $ 6,270  $ 7,696
Accrued expenses 12,829  15,162
Deferred revenue 3,993  4,198
Total current liabilities 23,092  27,056
Long-term deferred tax liability 5,781  5,554
Other long-term liabilities 285  309
Total liabilities 29,158  32,919
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 401  397
Authorized - 100,000,000 shares; Issued - 40,218,485 shares at June 30, 2013 and 39,788,383 shares at March 31, 2013;    
Outstanding - 39,012,118 shares at June 30, 2013 and 38,601,384 shares at March 31, 2013    
Additional paid in capital 420,674  414,810
Accumulated deficit (259,984)  (258,261)
Treasury stock at cost - 1,206,367 shares at June 30, 2013 and 1,186,999 shares at March 31, 2013 (16,554)  (16,129)
Accumulated other comprehensive loss (3,232)  (3,737)
Total stockholders' equity 141,305  137,080
Total liabilities and stockholders' equity  $ 170,463  $ 169,999
 
Abiomed, Inc. and Subsidiaries
Consolidated Statements of Operations
(Unaudited)
(in thousands, except share data)
     
 Three Months Ended June 30, 
 20132012
Revenue:    
Product revenue  $ 42,609  $ 38,647
Funded research and development  61  136
   42,670  38,783
Costs and expenses:    
Cost of product revenue   8,723  7,446
Research and development   7,287  6,712
Selling, general and administrative   27,967  20,953
Amortization of intangible assets  --   111
   43,977  35,222
Income (loss) from operations  (1,307)  3,561
Other expense:    
Investment income (expense), net  16  (2)
Other expense, net  (21)  (4)
   (5)  (6)
Income (loss) before income tax provision  (1,312)  3,555
Income tax provision  411  436
Net income (loss)   $ (1,723)  $ 3,119
     
Basic net income (loss) per share  $ (0.04)  $ 0.08
Basic weighted average shares outstanding  38,678  39,144
     
Diluted net income (loss) per share  $ (0.04)  $ 0.08
Diluted weighted average shares outstanding  38,678  41,549
CONTACT: For further information please contact:

         Susie Lisa, CFA

         Senior Director, Investor Relations and Corporate Development

         978-646-1590

         slisa@abiomed.com

         

         Aimee Genzler

         Corporate Communications Manager

         978-646-1553

         ir@abiomed.com