ABIOMED, Inc.
May 1, 2014
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Abiomed Announces Fourth Quarter Fiscal 2014 Revenue of $50.4 Million, Up 15%

DANVERS, Mass., May 1, 2014 (GLOBE NEWSWIRE) -- Abiomed, Inc. (Nasdaq:ABMD), a leading provider of breakthrough heart support technologies, today reported fourth quarter fiscal 2014 revenue of $50.4 million, up 15% compared to revenue of $43.7 million for the same period of fiscal 2013, and a fourth quarter fiscal 2014 GAAP net income of $3.6 million, or $0.09 per diluted share. For the full fiscal year 2014, total revenue was $183.6 million, up 16%, and GAAP net income was $7.4 million or $0.18 per diluted share.

Financial and operating highlights for the fourth quarter of fiscal 2014 and fiscal year to date include:

"Abiomed delivered another strong quarter, driven by record patient utilization and 200% growth in Impella CP patients," said Michael R. Minogue, Chairman, President and Chief Executive Officer, Abiomed. "For the full fiscal year, Abiomed had solid Impella growth of 19% with overall revenue of $183.6M, and set new records for patients supported and quantity of clinical publications. On the regulatory side, we completed our Impella 2.5 PMA submission and our Impella RP FDA trial."

FISCAL YEAR 2015 OUTLOOK

The Company is giving its fiscal year 2015 guidance for total revenues to be in the range of $205 million to $212 million. The Company is also giving its fiscal year 2015 guidance for GAAP operating margin to be in the range of 5% - 7%. 

CONFERENCE CALL

The Company will host a conference call to discuss the results on Thursday, May 1, 2014, at 8:00 a.m. ET. Michael R. Minogue, Chairman, President and Chief Executive Officer; and Robert L. Bowen, 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 (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 May 1, 2014 through 11:59 p.m. ET on May 8, 2014. The replay phone number is (855) 859-2056; the international number is (404) 537-3406. The replay access code is 22380865.

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)
 
 March 31,
 20142013
     
ASSETS    
Current assets:    
Cash and cash equivalents $ 20,916  $ 9,451
Short-term marketable securities 55,663  67,256
Accounts receivable, net 24,357  22,946
Inventories 13,948  14,930
Prepaid expenses and other current assets 3,082  2,022
Total current assets 117,966  116,605
Long-term marketable securities 41,761  11,406
Property and equipment, net 6,889  6,549
Goodwill 37,990  35,410
Other 801  29
Total assets $ 205,407  $ 169,999
LIABILITIES AND STOCKHOLDERS' EQUITY    
Current liabilities:    
Accounts payable $ 7,746  $ 7,696
Accrued expenses 17,899  15,162
Deferred revenue 4,766  4,198
Total current liabilities 30,411  27,056
Long-term deferred tax liability 6,415  5,554
Other long-term liabilities 228  309
Total liabilities 37,054  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 411  397
Authorized - 100,000,000 shares; Issued - 41,122,695 shares at March 31, 2014 and 39,788,383 shares at March 31, 2013;    
Outstanding - 39,916,328 shares at March 31, 2014 and 38,601,384 shares at March 31, 2013    
Additional paid in capital 436,136  414,810
Accumulated deficit (250,910)  (258,261)
Treasury stock at cost - 1,206,367 shares at March 31, 2014 and 1,186,999 shares at March 31, 2013 (16,554)  (16,129)
Accumulated other comprehensive loss (730)  (3,737)
Total stockholders' equity 168,353  137,080
Total liabilities and stockholders' equity $ 205,407  $ 169,999
 
Abiomed, Inc. and Subsidiaries
Consolidated Statements of Operations
(Unaudited)
(in thousands, except share data)
 
 Three Months EndedYear Ended
 March 31,March 31,
 2014201320142013
Revenue:        
Product revenue $ 50,242 $ 43,536  $ 183,280  $ 157,614
Funded research and development 191 138  363  510
  50,433 43,674  183,643  158,124
Costs and expenses:        
Cost of product revenue 10,114 8,826  37,322  31,596
Research and development 7,920 6,822  30,707  25,647
Selling, general and administrative 28,721 23,894  107,251  84,227
Amortization of intangible assets  --  --  --   111
  46,755 39,542  175,280  141,581
Income from operations 3,678 4,132  8,363  16,543
Other income (expense):        
Investment income (expense), net 40 (7)  118  (7)
Other income (expense), net 44 15  49  326
  84 8  167  319
Income before provision for income taxes 3,762 4,140  8,530  16,862
Income tax provision 140 398  1,179  1,848
Net income $ 3,622 $ 3,742  $ 7,351  $ 15,014
         
Basic net income per share $ 0.09 $ 0.10 $ 0.19 $ 0.38
Basic weighted average shares outstanding 39,810 38,445 39,334 39,113
         
Diluted net income per share $ 0.09 $ 0.09 $ 0.18 $ 0.37
Diluted weighted average shares outstanding 42,125 39,824 41,606 41,052
CONTACT: For further information please contact:

         Aimee Genzler

         Corporate Communications Manager

         978-646-1553

         ir@abiomed.com