ABIOMED, Inc.
May 5, 2015
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Abiomed Announces Record Revenue of $67.6 Million, Up 34% and U.S. Patient Growth Up 42% in Fiscal Fourth Quarter 2015

Total Year Revenue of $230.3 Million, Up 25% Over the Prior Year

DANVERS, Mass., May 5, 2015 (GLOBE NEWSWIRE) -- Abiomed, Inc. (Nasdaq:ABMD), a leading provider of breakthrough heart support technologies, today reported fiscal fourth quarter 2015 revenue of $67.6 million, up 34% compared to revenue of $50.4 million in the same period of fiscal 2014, and a fiscal fourth quarter 2015 GAAP net income of $98.9 million, or $2.24 per diluted share, compared to $3.6 million, or $0.09 per diluted share, in the prior year period.

Fiscal fourth quarter GAAP income from operations totaled $12.4 million, up 235% compared to $3.7 million in the prior year. GAAP net income included an income tax benefit of $86.5 million largely due to the release of the valuation allowance on most of Abiomed's deferred tax assets. The release of the valuation allowance is a onetime accounting adjustment with the offset recorded on the balance sheet as short and long term deferred tax assets based on the Company's estimates of sustainable profitability.

For fiscal year 2015, total revenue was $230.3 million, up 25% compared to revenue of $183.6 million in fiscal year 2014. GAAP net income was $113.7 million or $2.65 per diluted share compared with $7.4 million or $0.18 per diluted share in fiscal year 2014.

Financial and operating highlights during the fourth quarter and for the full fiscal year include:

"This quarter and fiscal year, Abiomed executed and achieved high growth, regulatory approvals, sustainable profitability and is positioned to address a substantial clinical need as Impella becomes the standard of care," said Michael R. Minogue, Chairman, President and Chief Executive Officer, Abiomed.

FISCAL YEAR 2016 OUTLOOK

The Company is increasing its fiscal year 2016 guidance for total revenue to be in the range of $285 million to $295 million, an increase of 24% to 28% from the prior year. This new range compares to the previous estimated range of $260 million to $270 million. The Company is also giving its fiscal year guidance for GAAP operating margin to be in the range of 12% to 16%.

CONFERENCE CALL

The Company will host a conference call to discuss the results on Tuesday, May 5, 2015, at 8:00 a.m. EDT. 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. EDT May 5, 2015 through 11:59 p.m. EDT on May 7, 2015. The replay phone number is (855) 859-2056; the international number is (404) 537-3406. The replay access code is 5151339.

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 financial guidance for fiscal year 2016. 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, commercialization and related regulatory approvals, including the potential for future losses, complex manufacturing, high quality requirements, dependence on limited sources of supply, dependence on Impella products for a significant portion of the Company's revenue, 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)
     
 March 31,
2015
March 31,
2014
    
ASSETS    
Current assets:    
Cash and cash equivalents  $ 22,401  $ 20,916
Short-term marketable securities  109,557  55,663
Accounts receivable, net   31,828  24,357
Inventories   16,774  13,948
Prepaid expenses and other current assets  4,479  3,082
Deferred tax assets, net  35,100  -- 
Total current assets  220,139  117,966
Long-term marketable securities  13,996  41,761
Property and equipment, net  9,127  6,889
Goodwill  31,534  37,990
In-process research and development  14,711  -- 
Long-term deferred tax assets, net  45,206  -- 
Other assets  3,654  801
Total assets  $ 338,367  $ 205,407
LIABILITIES AND STOCKHOLDERS' EQUITY    
Current liabilities:    
Accounts payable  $ 10,389  $ 7,746
Accrued expenses  21,894  17,899
Deferred revenue  7,036  4,766
Total current liabilities  39,319  30,411
Other long-term liabilities  183  228
Contingent consideration  6,510  -- 
Long-term deferred tax liabilities  795  6,415
Total liabilities  46,807  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  413  411
Authorized - 100,000,000 shares; Issued - 42,618,717 shares at March 31, 2015 and 41,122,695 shares at March 31, 2014;    
Outstanding - 41,335,773 shares at March 31, 2015 and 39,916,328 shares at March 31, 2014    
Additional paid in capital  465,046  436,136
Accumulated deficit  (137,222)  (250,910)
Treasury stock at cost - 1,282,944 shares at March 31, 2015 and 1,206,367 shares at March 31, 2014  (19,347)  (16,554)
Accumulated other comprehensive loss  (17,330)  (730)
Total stockholders' equity  291,560  168,353
Total liabilities and stockholders' equity  $ 338,367  $ 205,407
 
Abiomed, Inc. and Subsidiaries
Consolidated Statements of Operations
(Unaudited)
(in thousands, except share data)
         
         
 Three Months Ended 
March 31, 
Year Ended 
March 31, 
 2015201420152014
Revenue:        
Product revenue  $ 67,550  $ 50,242  $ 229,950  $ 183,280
Funded research and development 7 191  361  363
  67,557 50,433  230,311  183,643
Costs and expenses:        
Cost of product revenue 10,806 10,114  39,945  37,322
Research and development  9,853 7,920  35,973  30,707
Selling, general and administrative  34,535 28,721  125,727  107,251
  55,194 46,755  201,645  175,280
Income from operations 12,363 3,678  28,666  8,363
Other income (expense):        
Investment income (expense), net 68 40  196  118
Other (expense) income, net (59) 44  (97)  49
  9 84  99  167
Income before provision for income taxes 12,372 3,762  28,765  8,530
Income tax (benefit) provision (86,502) 140  (84,923)  1,179
Net income  $ 98,874  $ 3,622  $ 113,688  $ 7,351
         
Basic net income per share  $ 2.40  $ 0.09  $ 2.80  $ 0.19
Basic weighted average shares outstanding 41,168 39,810 40,632 39,334
         
Diluted net income per share  $ 2.24  $ 0.09  $ 2.65  $ 0.18
Diluted weighted average shares outstanding 44,049 42,125 42,858 41,606
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