ABIOMED, Inc.
Jan 30, 2014
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Abiomed Announces Third Quarter Fiscal 2014 Record Revenue of $46.2 Million, Up 21% Over the Prior Year

DANVERS, Mass., Jan. 30, 2014 (GLOBE NEWSWIRE) -- Abiomed, Inc. (Nasdaq:ABMD), a leading provider of breakthrough heart support technologies, today reported third quarter fiscal 2014 revenue of $46.2 million, up 21% compared to revenue of $38.3 million in the same period of fiscal 2013, and a third quarter fiscal 2014 GAAP net income of $4.4 million, or $0.11 per diluted share, compared to $2.7 million, or $0.07 per diluted share, in the prior year period.

Financial and operating highlights during the third quarter of fiscal 2014 and fiscal year to date include:

"We have now grown top line revenue double digits for 17 straight quarters, year over year, achieved profitability and accumulated $107 million in cash without incurring debt," said Michael R. Minogue, Chairman, President and Chief Executive Officer, Abiomed. "Abiomed is capitalizing on the opportunity to increase revenue, complete the regulatory requirements and become the new standard of care."

FISCAL YEAR 2014 OUTLOOK

The Company is maintaining its fiscal year 2014 guidance for total revenues to be in the range of $180 million to $185 million with worldwide Impella revenues increasing approximately 20%. The Company is also maintaining its fiscal year 2014 guidance for GAAP operating margin to be in the range of approximately breakeven to 5%. 

CONFERENCE CALL

The Company will host a conference call to discuss the results on Thursday, January 30, 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 January 30, 2014 through 11:59 p.m. ET on February 6, 2014. The replay phone number is (855) 859-2056; the international number is (404) 537-3406. The replay access code is 29977730.

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)
   
 December 31, 2013March 31, 2013
 (unaudited) 
ASSETS    
Current assets:    
Cash and cash equivalents  $ 22,631  $ 9,451
Short-term marketable securities 56,944  67,256
Accounts receivable, net  22,958  22,946
Inventories  14,819  14,930
Prepaid expenses and other current assets 2,377  2,022
Total current assets 119,729  116,605
Long-term marketable securities 27,784  11,406
Property and equipment, net 7,022  6,549
Goodwill 38,029  35,410
Other assets 801  29
Total assets  $ 193,365  $ 169,999
LIABILITIES AND STOCKHOLDERS' EQUITY    
Current liabilities:    
Accounts payable  $ 6,066  $ 7,696
Accrued expenses 16,015  15,162
Deferred revenue 4,354  4,198
Total current liabilities 26,435  27,056
Long-term deferred tax liability 6,234  5,554
Other long-term liabilities 239  309
Total liabilities 32,908  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 409  397
Authorized - 100,000,000 shares; Issued - 40,972,146 shares at December 31, 2013 and 39,788,383 shares at March 31, 2013;    
Outstanding - 39,765,779 shares at December 31, 2013 and 38,601,384 shares at March 31, 2013    
Additional paid in capital 431,754  414,810
Accumulated deficit (254,532)  (258,261)
Treasury stock at cost - 1,206,367 shares at December 31, 2013 and 1,186,999 shares at March 31, 2013  (16,554)  (16,129)
Accumulated other comprehensive loss (620)  (3,737)
Total stockholders' equity 160,457  137,080
Total liabilities and stockholders' equity  $ 193,365  $ 169,999
 
 
Abiomed, Inc. and Subsidiaries
Consolidated Statements of Operations
(Unaudited)
(in thousands, except share data)
     
 Three Months Ended
December 31, 
Nine Months Ended
December 31, 
 2013201220132012
Revenue:        
Product revenue  $ 46,141  $ 38,112  $ 133,038  $ 114,078
Funded research and development  54  138  172  372
   46,195  38,250  133,210  114,450
Costs and expenses:        
Cost of product revenue   9,458  8,130  27,208  22,770
Research and development   7,779  6,259  22,787  18,825
Selling, general and administrative   24,364  20,943  78,530  60,333
Amortization of intangible assets  --   --   --   111
   41,601  35,332  128,525  102,039
Income from operations  4,594  2,918  4,685  12,411
Other income:        
Investment income, net  37  1  78  -- 
Other income, net  20  324  5  311
   57  325  83  311
Income before income tax provision  4,651  3,243  4,768  12,722
Income tax provision  258  559  1,039  1,450
Net income  $ 4,393  $ 2,684  $ 3,729  $ 11,272
         
Basic net income per share  $ 0.11  $ 0.07  $ 0.10  $ 0.29
Basic weighted average shares outstanding  39,592  39,417  39,179  39,331
         
Diluted net income per share  $ 0.11  $ 0.07  $ 0.09  $ 0.27
Diluted weighted average shares outstanding  41,726  40,865  41,315  41,418
CONTACT: Aimee Genzler

         Corporate Communications Manager

         978-646-1553

         ir@abiomed.com