FY 2020 Annual Revenue of
Recent financial and operating highlights include:
“Everyone at
FISCAL YEAR 2021 OUTLOOK
The COVID-19 pandemic has resulted in customers diverting resources to treat COVID-19 patients and deferring cardiac procedures. Due to the uncertain scope and duration of the COVID-19 pandemic and the timing of economic recovery, the company will not be providing full year revenue or operating margin guidance at this time. The company will analyze and monitor this dynamic environment and will provide an update on guidance when appropriate.
Due to the current situation on social distancing, we will not be hosting a full investor day in person at our headquarters on
EARNINGS CONFERENCE CALL DETAILS
The company will host a conference call to discuss the quarterly and full year results at
To listen to the call live, please tune into the webcast via https://edge.media-server.com/mmc/p/gfyn6zsu or dial (855) 212-2361; the international number is (678) 809-1538. A replay of this conference call will be available beginning at
ABOUT
Based in
FORWARD-LOOKING STATEMENTS
This release contains forward-looking statements, including, without limitation, statements regarding development of
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
192,341 |
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$ |
121,021 |
|
Short-term marketable securities |
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250,775 |
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370,677 |
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Accounts receivable |
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84,650 |
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|
90,809 |
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Inventories |
|
|
90,088 |
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|
|
80,942 |
|
Prepaid expenses and other current assets |
|
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18,009 |
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|
13,748 |
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Total current assets |
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635,863 |
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|
677,197 |
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Long-term marketable securities |
|
|
207,795 |
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|
21,718 |
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Property and equipment, net |
|
|
164,931 |
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|
145,005 |
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|
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31,969 |
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|
32,601 |
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In-process research and development |
|
|
14,913 |
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|
15,208 |
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Long-term deferred tax assets, net |
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43,336 |
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|
77,502 |
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Other assets |
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|
117,655 |
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|
85,115 |
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Total assets |
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$ |
1,216,462 |
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$ |
1,054,346 |
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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Current liabilities: |
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Accounts payable |
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$ |
32,774 |
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$ |
32,185 |
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Accrued expenses |
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75,107 |
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|
57,420 |
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Deferred revenue |
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|
19,147 |
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16,393 |
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Other current liabilities |
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|
4,857 |
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— |
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Total current liabilities |
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131,885 |
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|
105,998 |
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Other long-term liabilities |
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|
9,305 |
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|
1,061 |
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Contingent consideration |
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9,000 |
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|
9,575 |
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Long-term deferred tax liabilities |
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|
806 |
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|
822 |
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Total liabilities |
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150,996 |
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117,456 |
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Stockholders' equity: |
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Class |
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— |
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— |
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Authorized - 1,000,000 shares; Issued and outstanding - none |
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Common stock, |
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451 |
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451 |
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Authorized - 100,000,000 shares; Issued - 47,542,061 shares at |
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Outstanding - 45,008,687 shares at |
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Additional paid in capital |
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739,133 |
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690,507 |
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Retained earnings (accumulated deficit) |
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602,482 |
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399,473 |
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(265,411 |
) |
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(138,852 |
) |
Accumulated other comprehensive loss |
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(11,189 |
) |
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(14,689 |
) |
Total stockholders' equity |
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1,065,466 |
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|
936,890 |
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Total liabilities and stockholders' equity |
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$ |
1,216,462 |
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$ |
1,054,346 |
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Three Months Ended
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Fiscal Years Ended
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2020 |
2019 |
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2020 |
2019 |
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Revenue |
$ |
206,658 |
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$ |
207,081 |
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$ |
840,883 |
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$ |
769,432 |
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Costs and expenses: |
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Cost of revenue |
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39,369 |
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34,848 |
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151,305 |
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129,567 |
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Research and development |
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25,346 |
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25,548 |
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98,759 |
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93,503 |
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Selling, general and administrative |
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83,891 |
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81,296 |
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341,600 |
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321,550 |
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|||
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148,606 |
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141,692 |
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|
591,664 |
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544,620 |
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Income from operations |
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58,052 |
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65,389 |
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249,219 |
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224,812 |
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Other (loss) income: |
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Investment income, net |
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3,100 |
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2,769 |
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12,167 |
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8,166 |
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Other (expense) income, net |
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(21,839 |
) |
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30,372 |
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(4,561 |
) |
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30,382 |
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(18,739 |
) |
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33,141 |
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7,606 |
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38,548 |
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Income before income taxes |
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39,313 |
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98,530 |
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256,825 |
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263,360 |
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Income tax provision |
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7,515 |
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24,569 |
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53,816 |
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4,344 |
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Net income (A) |
$ |
31,798 |
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$ |
73,961 |
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$ |
203,009 |
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$ |
259,016 |
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Basic net income per share |
$ |
0.71 |
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$ |
1.64 |
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$ |
4.49 |
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$ |
5.77 |
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Basic weighted average shares outstanding |
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45,040 |
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|
45,091 |
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45,179 |
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44,911 |
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Diluted net income per share (B) |
$ |
0.70 |
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$ |
1.60 |
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$ |
4.43 |
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$ |
5.61 |
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Diluted weighted average shares outstanding |
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45,575 |
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46,173 |
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45,816 |
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46,151 |
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(A) Net income includes the effect of the following items: |
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Excess tax benefits related to stock-based compensation awards |
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(1,063 |
) |
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(798 |
) |
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(14,838 |
) |
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(69,267 |
) |
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Unrealized loss (gain) on investment in Shockwave Medical - net of tax |
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13,595 |
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(23,636 |
) |
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|
367 |
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(23,636 |
) |
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$ |
12,532 |
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$ |
(24,434 |
) |
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$ |
(14,471 |
) |
$ |
(92,903 |
) |
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(B) Diluted net income per share includes the effect of the following items: |
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Excess tax benefits related to stock-based compensation awards |
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(0.02 |
) |
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(0.02 |
) |
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(0.32 |
) |
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(1.50 |
) |
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Unrealized loss (gain) on investment in Shockwave Medical - net of tax |
|
0.30 |
|
|
(0.51 |
) |
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|
0.01 |
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(0.51 |
) |
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$ |
0.28 |
|
$ |
(0.53 |
) |
|
$ |
(0.31 |
) |
$ |
(2.01 |
) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20200430005252/en/
Vice President and Chief Financial Officer
978-646-1680
ttrapp@abiomed.com
Director, Communications & Public Relations
978-882-8408
tlangford@abiomed.com
Source: