ABIOMED, Inc.
May 3, 2016
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Abiomed Announces Q4 FY 2016 Revenue of $94.0 Million, Up 39% Over Prior Year

- Total Year Revenue of $329.5 Million, Up 43% Over Prior Year

DANVERS, Mass., May 03, 2016 (GLOBE NEWSWIRE) -- Abiomed, Inc. (NASDAQ:ABMD), a leading provider of breakthrough heart support technologies, today reported fourth quarter fiscal 2016 revenue of $94.0 million, an increase of 39% compared to revenue of $67.6 million for the same period of fiscal 2015.  For fiscal year 2016, total revenue was $329.5 million, up 43% compared to revenue of $230.3 million in fiscal year 2015. This revenue exceeds the third quarter upgraded fiscal year guidance of $326 million.

Fourth quarter fiscal 2016 GAAP net income was $11.0 million or $0.24 per diluted share. For the full fiscal year, GAAP net income was $38.1 million or $0.85 per diluted share.

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

"Our performance validates Impella as the new standard of care and Abiomed as one of the fastest growing, GAAP profitable, medical technology companies.  We have a long run-way for growth as today we estimate that we have penetrated only 5% of the total high risk patient population," said Michael R. Minogue, Chairman, President and Chief Executive Officer, Abiomed. "I am proud of our dedicated employees and grateful to our customers that have enabled our company to create a new era of medicine focused on the Field of Heart Recovery.  Fiscal 2017 is positioned to be a fantastic year as we continue to execute our plan with our exclusive regulatory approvals."

FISCAL YEAR 2017 OUTLOOK
The Company is giving its fiscal year 2017 guidance for total revenues to be in the range of $430 million to $445 million, an increase of 30% to 35% over the prior year. The Company is also giving its fiscal year 2017 guidance for GAAP operating margin to be in the range of 18% to 20%.

EARNINGS CONFERENCE CALL DETAILS
The Company will host a conference call to discuss the results at 8 a.m. ET on Tuesday, May 3, 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. ET May 3, 2016 through 11:59 p.m. ET on May 5, 2016. The replay phone number is (855) 859-2056; the international number is (404) 537-3406. The replay access code is 75816370.

The ABIOMED logo, ABIOMED, Impella, Impella CP, and Impella RP are registered trademarks of Abiomed, Inc. in the U.S.A. and certain foreign countries. Impella 2.5, Impella 5.0, Impella LD, 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. 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, September 30, 2015 and December 31, 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.

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

Abiomed, Inc. and Subsidiaries 
Consolidated Balance Sheets 
(Unaudited) 
(in thousands, except share data) 
      
  March 31, 2016 March 31, 2015 
      
ASSETS     
Current assets:     
Cash and cash equivalents $48,231  $22,401  
Short-term marketable securities  163,822   109,557  
Accounts receivable, net  42,821   31,828  
Inventories  26,740   16,774  
Prepaid expenses and other current assets  6,778   4,479  
Total current assets  288,392   185,039  
Long-term marketable securities  1,000   13,996  
Property and equipment, net  23,184   9,127  
Goodwill  33,003   31,534  
In-process research and development  15,396   14,711  
Long-term deferred tax assets, net  58,534   80,306  
Other assets  4,422   3,654  
Total assets $423,931  $338,367  
LIABILITIES AND STOCKHOLDERS' EQUITY     
Current liabilities:     
Accounts payable $9,381  $10,389  
Accrued expenses  28,382   21,894  
Deferred revenue  8,778   7,036  
Total current liabilities  46,541   39,319  
Other long-term liabilities  220   183  
Contingent consideration  7,563   6,510  
Long-term deferred tax liabilities  832   795  
Total liabilities  55,156   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  426   413  
Authorized - 100,000,000 shares; Issued - 43,973,119 shares at March 31, 2016 and 42,618,717 shares at March 31, 2015;     
Outstanding - 42,596,228 shares at March 31, 2016 and 41,335,773 shares at March 31, 2015     
Additional paid in capital  508,624   465,046  
Accumulated deficit  (99,075)  (137,222) 
Treasury stock at cost - 1,376,891 shares at March 31, 2016 and 1,282,944 shares at March 31, 2015  (26,660)  (19,347) 
Accumulated other comprehensive loss  (14,540)  (17,330) 
Total stockholders' equity  368,775   291,560  
Total liabilities and stockholders' equity $423,931  $338,367  

 

Abiomed, Inc. and Subsidiaries 
Consolidated Statements of Operations 
(Unaudited) 
(in thousands, except per share data) 
             
             
 Three Months Ended
March 31,
 Fiscal Years Ended
March 31,
 
 2016 2015 2016 2015 
Revenue:            
Product revenue$93,951 $ 67,550  $329,520 $ 229,950  
Funded research and development 6   7   23   361  
  93,957   67,557   329,543   230,311  
Costs and expenses:            
Cost of product revenue 14,663   10,806   50,419   39,945  
Research and development 14,225   9,853   49,759   35,973  
Selling, general and administrative 45,256   34,535   164,261   125,727  
  74,144   55,194   264,439   201,645  
Income from operations 19,813   12,363   65,104   28,666  
Other income:            
Investment income, net 186   68   395   196  
Other income (expense), net 228   (59)  339   (97) 
  414   9   734   99  
Income before income taxes 20,227   12,372   65,838   28,765  
Income tax provision (benefit) 9,229   (86,502)  27,691   (84,923) 
Net income$10,998 $ 98,874  $38,147 $ 113,688  
             
Basic net income per share$0.26 $ 2.40  $0.90 $ 2.80  
Basic weighted average shares outstanding 42,463   41,168   42,204   40,632  
             
Diluted net income per share$0.24 $ 2.24  $0.85 $ 2.65  
Diluted weighted average shares outstanding 45,112   44,049   44,895   42,858