ABIOMED, Inc.
Jan 27, 2015
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Abiomed Announces Third Quarter Fiscal 2015 Record Revenue of $62.0 Million, up 34% Over the Prior Year

- Impella U.S. Patient Utilization Increases 46% Over the Prior Year

DANVERS, Mass., Jan. 27, 2015 (GLOBE NEWSWIRE) -- Abiomed, Inc. (Nasdaq:ABMD), a leading provider of breakthrough heart support technologies, today reported third quarter fiscal 2015 revenue of $62.0 million, up 34% compared to revenue of $46.2 million in the same period of fiscal 2014, and a third quarter fiscal 2015 GAAP net income of $12.7 million, or $0.30 per diluted share, compared to $4.4 million, or $0.11 per diluted share, in the prior year period.

Financial and operating highlights during the third quarter of fiscal 2015 and fiscal year to date include:

"The Company delivered a record performance. These outstanding results are a testament to our customers, our Impella technology and our dedicated team. It demonstrates the growing clinical need for percutaneous heart pumps that improve patient care and enable minimally invasive procedures," said Michael R. Minogue, Chairman, President and Chief Executive Officer, Abiomed.

FISCAL YEAR 2015 OUTLOOK

The Company is increasing its fiscal year 2015 guidance for total revenue to be in the range of $223 million to $226 million, an increase of 21% to 23% from the prior year. This new range compares to the previous range of $209 million to $212 million, which represented an increase of 14% to 15% from the prior year. The Company is also increasing its fiscal year 2015 guidance for GAAP operating margin to be in the range of 9% to 11% from the previous range of 1% to 4%.

The Company's fiscal year period ends on March 31, 2015. Currently, the Company is estimating fiscal year 2016 revenue in the range of $260 million to $270 million and upon completion of the fourth quarter will provide formal guidance during the earnings call, expected in early May 2015.

CONFERENCE CALL

The Company will host a conference call to discuss the results on Wednesday, January 28, 2015, at 8:00 a.m. EST. Michael R. Minogue, Chairman, President and Chief Executive Officer; 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 (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 28, 2015 through 11:59 p.m. EST on February 4, 2015. The replay phone number is (855) 859-2056; the international number is (404) 537-3406. The replay access code is 5150221.

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, statements regarding the controlled launch of Impella RP and related training of medical professionals relating to such launch. These forward-looking statements may be accompanied by such words as "anticipate," "believe," "estimate," "expect," "forecast," "intend," "may," "plan," "potential," "project," "target," "will," and other words and terms of similar meaning. These forward-looking statements include all matters that are not historical facts. 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 update or revise 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, whether as a result of new information, future events or otherwise, unless otherwise required by law.

Abiomed, Inc. and Subsidiaries
Consolidated Balance Sheets
(Unaudited)
(in thousands, except share data)
     
 December 31, 2014March 31, 2014
   
ASSETS    
Current assets:    
Cash and cash equivalents  $ 19,478  $ 20,916
Short-term marketable securities  93,946  55,663
Accounts receivable, net  28,373  24,357
Inventories  15,444  13,948
Prepaid expenses and other current assets  3,331  3,082
Total current assets  160,572  117,966
Long-term marketable securities  17,982  41,761
Property and equipment, net  7,583  6,889
Goodwill  35,327  37,990
In-process research and development  16,480  -- 
Long-term deferred tax assets  778  -- 
Other assets  2,051  801
Total assets  $ 240,773  $ 205,407
LIABILITIES AND STOCKHOLDERS' EQUITY    
Current liabilities:    
Accounts payable  $ 8,249  $ 7,746
Accrued expenses  16,561  17,899
Deferred revenue  6,595  4,766
Total current liabilities  31,405  30,411
Other long-term liabilities  196  228
Contingent consideration  6,365  -- 
Long-term deferred tax liabilities  7,089  6,415
Total liabilities  45,055  37,054
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  422  411
Authorized - 100,000,000 shares; Issued - 42,333,276 shares at December 31, 2014 and 41,122,695 shares at March 31, 2014;    
Outstanding - 41,079,333 shares at December 31, 2014 and 39,916,328 shares at March 31, 2014    
Additional paid in capital  457,891  436,136
Accumulated deficit  (236,096)  (250,910)
Treasury stock at cost - 1,253,943 shares at December 31, 2014 and 1,206,367 shares at March 31, 2014  (17,567)  (16,554)
Accumulated other comprehensive loss  (8,932)  (730)
Total stockholders' equity  195,718  168,353
Total liabilities and stockholders' equity  $ 240,773  $ 205,407
     
     
Abiomed, Inc. and Subsidiaries
Consolidated Statements of Operations
(Unaudited)
(in thousands, except share data)
     
 Three Months EndedNine Months Ended
 December 31,December 31,
 2014201320142013
Revenue:        
Product revenue  $ 61,966  $ 46,141  $ 162,400  $ 133,038
Funded research and development  39  54  354  172
   62,005  46,195  162,754  133,210
Costs and expenses:        
Cost of product revenue  9,838  9,458  29,139  27,208
Research and development  8,365  7,779  26,120  22,787
Selling, general and administrative  30,139  24,364  91,192  78,530
   48,342  41,601  146,451  128,525
Income from operations  13,663  4,594  16,303  4,685
Other income:        
Investment income, net  48  37  128  78
Other (loss) income, net  (10)  20  (38)  5
   38  57  90  83
Income before income tax provision  13,701  4,651  16,393  4,768
Income tax provision  1,017  258  1,579  1,039
Net income  $ 12,684  $ 4,393  $ 14,814  $ 3,729
         
Basic net income per share  $ 0.31  $ 0.11  $ 0.37  $ 0.10
Basic weighted average shares outstanding  40,856  39,592  40,456  39,179
         
Diluted net income per share  $ 0.30  $ 0.11  $ 0.35  $ 0.09
Diluted weighted average shares outstanding  42,884  41,726  42,345  41,315
         
CONTACT: For further information please contact:

         Ingrid Goldberg,

         Director, Investor Relations

         978-646-1590

         ir@abiomed.com

         

         Aimee Genzler

         Director, Corporate Communications

         978-646-1553

         agenzler@abiomed.com