ABIOMED, Inc.
Jul 28, 2016
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Abiomed Announces Q1 FY 2017 Revenue of $103.0 Million, Up 40% Over Prior Year

Lower end of revenue guidance increased for FY 2017

DANVERS, Mass., July 28, 2016 (GLOBE NEWSWIRE) -- Abiomed, Inc. (NASDAQ:ABMD), a leading provider of breakthrough heart support technologies, today reported first quarter fiscal 2017 revenue of $103.0 million, an increase of 40% compared to revenue of $73.4 million for the same period of fiscal 2016. First quarter fiscal 2017 GAAP net income was $12.9 million or $0.29 per diluted share, compared to GAAP net income of $8.9 million or $0.20 per diluted share for the prior year period.

Financial and operating highlights during the first quarter of fiscal 2017 include:

"Abiomed is creating a new era of medicine focused on the Field of Heart Recovery and offering new treatment paradigms for high risk heart failure patients," said Michael R. Minogue, Chairman, President and Chief Executive Officer, Abiomed. "With an estimated 6% U.S. Impella penetration rate, we are prepared for continued growth within the PROTECTED PCI and emergent indications. Outside the U.S., we stand ready to transform the standard of care for patients in Germany, Japan and beyond."

FISCAL YEAR 2017 OUTLOOK
The Company is increasing the lower end of its fiscal year 2017 revenue guidance with the new range of $435 million to $445 million, an increase in revenue of 32% to 35% from the prior year. This compares to the prior forecast of $430 million to $445 million and a 30% - 35% increase from the prior year. The Company is maintaining its fiscal year guidance for GAAP operating margin in the range of 18% to 20%.

CONFERENCE CALL
The Company will host a conference call to discuss the results on Thursday, July 28, 2016, at 8:00 a.m. EDT. Michael R. Minogue, Chairman, President and Chief Executive Officer; Michael Tomsicek, 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.  Supplemental information in the form of a slide presentation will also be accessible at the same location.  A replay of this conference call will be available beginning at 11 a.m. EDT July 28, 2016 through 11:59 p.m. EDT on July 30, 2016. The replay phone number is (855) 859-2056; the international number is (404) 537-3406. The replay access code is 44717460.

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)
     
  June 30, 2016 March 31, 2016
     
ASSETS    
Current assets:    
Cash and cash equivalents $   38,274  $  48,231 
Short-term marketable securities    184,900     163,822 
Accounts receivable, net    41,280     42,821 
Inventories     29,093     26,740 
Prepaid expenses and other current assets    6,741     6,778 
Total current assets    300,288     288,392 
Long-term marketable securities    —     1,000 
Property and equipment, net    25,950     23,184 
Goodwill    32,272      33,003 
In-process research and development    15,055     15,396 
Long-term deferred tax assets, net    51,296     58,534 
Other assets     4,451     4,422 
Total assets $  429,312  $  423,931 
LIABILITIES AND STOCKHOLDERS' EQUITY    
Current liabilities:    
Accounts payable $  8,372  $   9,381 
Accrued expenses    26,257     28,382 
Deferred revenue    8,590     8,778 
Total current liabilities    43,219     46,541 
Other long-term liabilities    213     220 
Contingent consideration    7,739     7,563 
Long-term deferred tax liabilities    814     832 
Total liabilities    51,985     55,156 
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    430     426 
Authorized - 100,000,000 shares; Issued - 44,543,177 shares at June 30, 2016
  and 43,973,119 shares at March 31, 2016;
    
Outstanding - 43,008,100 shares at June 30, 2016 and 42,596,228 shares at March 31, 2016    
Additional paid in capital    520,842     508,624 
Accumulated deficit    (86,165)    (99,075)
Treasury stock at cost - 1,535,077 shares at June 30, 2016 and 1,376,891 shares
at March 31, 2016
     (41,691)    (26,660)
Accumulated other comprehensive loss    (16,089)    (14,540)
Total stockholders' equity    377,327     368,775 
Total liabilities and stockholders' equity $  429,312  $  423,931 


 





Abiomed, Inc. and Subsidiaries
Consolidated Statements of Operations
(Unaudited)
(in thousands, except per share data)
        
        
  For the Three Months Ended June 30,
  2016 2015
Revenue:       
Product revenue $    102,989  $  73,426 
Funded research and development     6   6 
      102,995     73,432 
Costs and expenses:       
Cost of product revenue     15,070     10,868 
Research and development     15,660     10,210 
Selling, general and administrative     51,032     37,323 
      81,762     58,401 
Income from operations     21,233     15,031 
Other income:       
Investment income, net     269     63 
Other income (expense), net     (77)    53 
      192      116 
Income before income taxes     21,425     15,147 
Income tax provision     8,515     6,288 
Net income $    12,910  $  8,859 
        
Basic net income per share $   0.30  $  0.21 
Basic weighted average shares outstanding     42,811      41,696 
        
Diluted net income per share $   0.29  $  0.20 
Diluted weighted average shares outstanding     45,178     44,410 

 

 

For further information please contact: 

Ingrid Goldberg,
Director, Investor Relations
978-646-1590
ir@abiomed.com