ABIOMED, Inc.
Feb 4, 2016
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Abiomed Announces Q3 FY 2016 Revenue of $85.8 Million, Up 38% Over Prior Year

DANVERS, Mass., Feb. 04, 2016 (GLOBE NEWSWIRE) -- Abiomed, Inc. (NASDAQ:ABMD), a leading provider of breakthrough heart support technologies, today reported third quarter fiscal 2016 revenue of $85.8 million, an increase of 38% compared to revenue of $62.0 million for the same period of fiscal 2015.  Third quarter fiscal 2016 GAAP net income was $10.6 million or $0.23 per diluted share, compared to GAAP net income of $12.7 million or $0.30 per diluted share for the prior year period.

Financial and operating highlights during the third quarter of fiscal 2016 include:

"I am proud of our discipline and execution that we have demonstrated in achieving this early phase of success. We are operationally prepared with our sector expertise to take advantage of this unique organic opportunity," said Michael R. Minogue, Chairman, President and Chief Executive Officer, Abiomed. "Abiomed is revolutionizing the treatment for heart failure by focusing exclusively on the heart muscle and with new indications, new geographies and new products on the horizon; the Impella platform has a long runway for growth."  

FISCAL YEAR 2016 OUTLOOK
The Company is increasing its fiscal year 2016 guidance for total revenue to be approximately $326 million, indicating a growth rate greater than 41% over the prior year. Previous guidance was in the range of $305 million to $315 million, which had indicated an increase of 32% to 37% from the prior year. This guidance projects revenue to be approximately $90 million for the fourth quarter of fiscal 2016.

The Company is increasing its fiscal year 2016 guidance for GAAP operating margin to greater than 17%, updated from the previous guidance range of 15% to 17%.

EARNINGS CONFERENCE CALL DETAILS
The Company will release full quarterly results for the third quarter of fiscal 2016 and update the fiscal 2016 guidance via conference call at 8 a.m. ET on Thursday, February 4, 2016. 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 February 4, 2016 through 11:59 p.m. EDT on February 6, 2016. The replay phone number is (855) 859-2056; the international number is (404) 537-3406. The replay access code is 3101592.

The ABIOMED logo, ABIOMED, Impella, Impella CP, Impella RP, and Symphony are registered trademarks of Abiomed, Inc. in the U.S.A. and certain foreign countries. Impella 2.5, Impella 5.0, Impella LD, Impella BTR, Impella cVAD, Impella ECP, Recovering hearts. Saving lives., and Protected PCI 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 includes forward-looking statements.  These forward-looking statements generally can be identified by the use of words such as "anticipate," "expect," "plan," "could," "may," "will," "believe," "estimate," "forecast," "goal," "project," and other words of similar meaning.  These forward-looking statements address various matters including, the Company's guidance for fiscal 2016 revenue. Each forward-looking statement contained in this press release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement.  Applicable risks and uncertainties include, among others, 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 the risks identified under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended March 31, 2015 and the Company's Quarterly Report on Form 10-Q for the quarters ended June 30, 2015 and September 30, 2015, each filed with the Securities and Exchange Commission, as well as other information the Company files with the SEC.  We caution investors not to place considerable reliance on the forward-looking statements contained in this press release.  You are encouraged to read our filings with the SEC, available at www.sec.gov, for a discussion of these and other risks and uncertainties.  The forward-looking statements in this press release speak only as of the date of this release and the Company undertakes no obligation to update or revise any of these statements.  Our business is subject to substantial risks and uncertainties, including those referenced above.  Investors, potential investors, and others should give careful consideration to these risks and uncertainties.

  
Abiomed, Inc. and Subsidiaries 
Consolidated Balance Sheets 
(Unaudited) 
(in thousands, except share data) 
      
  December 31, 2015 March 31, 2015 
      
ASSETS     
Current assets:     
Cash and cash equivalents $  53,226  $  22,401  
Short-term marketable securities    142,968     109,557  
Accounts receivable, net     36,842     31,828  
Inventories     25,535     16,774  
Prepaid expenses and other current assets    4,115     4,479  
Deferred tax assets, net    19,059     35,100  
Total current assets    281,745     220,139  
Long-term marketable securities       13,996  
Property and equipment, net    15,020     9,127  
Goodwill    31,697     31,534  
In-process research and development    14,786     14,711  
Long-term deferred tax assets, net    43,956     45,206  
Other assets    4,422     3,654  
Total assets $  391,626  $  338,367  
LIABILITIES AND STOCKHOLDERS' EQUITY     
Current liabilities:     
Accounts payable $  8,836  $  10,389  
Accrued expenses    21,921     21,894  
Deferred revenue    6,913     7,036  
Total current liabilities    37,670     39,319  
Other long-term liabilities    236     183  
Contingent consideration    7,392     6,510  
Long-term deferred tax liabilities    799     795  
Total liabilities    46,097     46,807  
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    424     413  
Authorized - 100,000,000 shares; Issued - 43,777,675 shares at December 31, 2015 
and 42,618,717 shares at March 31, 2015;
     
Outstanding - 42,437,354 shares at December 31, 2015 and 41,335,773 
shares at March 31, 2015
     
Additional paid in capital    495,991     465,046  
Accumulated deficit    (110,073)    (137,222) 
Treasury stock at cost - 1,340,321 shares at December 31, 2015 and 1,282,944 
shares at March 31, 2015
    (23,255)    (19,347) 
Accumulated other comprehensive loss    (17,558)    (17,330) 
Total stockholders' equity    345,529     291,560  
Total liabilities and stockholders' equity $  391,626  $  338,367  
      

 

Abiomed, Inc. and Subsidiaries 
Consolidated Statements of Operations 
(Unaudited) 
(in thousands, except share data) 
              
  For the Three Months Ended December 31, For the Nine Months Ended December 31, 
  2015 2014 2015 2014 
Revenue:             
Product revenue $   85,789  $   61,966  $  235,569 $   162,400  
Funded research and development     6      39     17     354  
      85,795      62,005     235,586     162,754  
Costs and expenses:             
Cost of product revenue      12,744      9,838     35,756     29,139  
Research and development      13,755      8,365     35,534     26,120  
Selling, general and administrative      41,853      30,139     119,005     91,192  
      68,352      48,342     190,295     146,451  
Income from operations     17,443      13,663     45,291     16,303  
Other income:             
Investment income, net     84      48     209     128  
Other (loss) income, net     (29)     (10)    111     (38) 
      55      38     320     90  
Income before income taxes     17,498      13,701     45,611     16,393  
Income tax provision     6,943      1,017     18,462     1,579  
Net income $   10,555  $   12,684  $  27,149 $   14,814  
              
Basic net income per share $   0.25  $   0.31  $  0.64 $   0.37  
Basic weighted average shares outstanding     42,427      40,856     42,118     40,456  
              
Diluted net income per share $   0.23  $   0.30  $  0.61 $   0.35  
Diluted weighted average shares outstanding     44,949      42,884     44,805     42,345  
              
              

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