- Impella U.S. Patient Utilization Increases 46% Over the Prior Year
DANVERS, Mass., Jan. 27, 2015 Abiomed Inc ( ABMD ), a leading provider of breakthrough heart support technologies, today reported third quarter fiscal 2015 revenue of $62.0 million, up 34% compared to revenue of $46.2 million in the same period of fiscal 2014, and a third quarter fiscal 2015 GAAP net income of $12.7 million, or $0.30 per diluted share, compared to $4.4 million, or $0.11 per diluted share, in the prior year period.
Financial and operating highlights during the third quarter of fiscal 2015 and fiscal year to date include:
"The Company delivered a record performance. These outstanding results are a testament to our customers, our Impella technology and our dedicated team. It demonstrates the growing clinical need for percutaneous heart pumps that improve patient care and enable minimally invasive procedures," said Michael R. Minogue, Chairman, President and Chief Executive Officer, Abiomed.
FISCAL YEAR 2015 OUTLOOK
The Company is increasing its fiscal year 2015 guidance for total revenue to be in the range of $223 million to $226 million, an increase of 21% to 23% from the prior year. This new range compares to the previous range of $209 million to $212 million, which represented an increase of 14% to 15% from the prior year. The Company is also increasing its fiscal year 2015 guidance for GAAP operating margin to be in the range of 9% to 11% from the previous range of 1% to 4%.
The Company's fiscal year period ends on March 31, 2015. Currently, the Company is estimating fiscal year 2016 revenue in the range of $260 million to $270 million and upon completion of the fourth quarter will provide formal guidance during the earnings call, expected in early May 2015.
CONFERENCE CALL
The Company will host a conference call to discuss the results on Wednesday, January 28, 2015, at 8:00 a.m. EST. 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. EST January 28, 2015 through 11:59 p.m. EST on February 4, 2015. The replay phone number is (855) 859-2056; the international number is (404) 537-3406. The replay access code is 5150221.
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, statements regarding the controlled launch of Impella RP and related training of medical professionals relating to such launch. 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 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 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) | ||
December 31, 2014 | March 31, 2014 | |
ASSETS | ||
Current assets: | ||
Cash and cash equivalents | $ 19,478 | $ 20,916 |
Short-term marketable securities | 93,946 | 55,663 |
Accounts receivable, net | 28,373 | 24,357 |
Inventories | 15,444 | 13,948 |
Prepaid expenses and other current assets | 3,331 | 3,082 |
Total current assets | 160,572 | 117,966 |
Long-term marketable securities | 17,982 | 41,761 |
Property and equipment, net | 7,583 | 6,889 |
Goodwill | 35,327 | 37,990 |
In-process research and development | 16,480 | -- |
Long-term deferred tax assets | 778 | -- |
Other assets | 2,051 | 801 |
Total assets | $ 240,773 | $ 205,407 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Current liabilities: | ||
Accounts payable | $ 8,249 | $ 7,746 |
Accrued expenses | 16,561 | 17,899 |
Deferred revenue | 6,595 | 4,766 |
Total current liabilities | 31,405 | 30,411 |
Other long-term liabilities | 196 | 228 |
Contingent consideration | 6,365 | -- |
Long-term deferred tax liabilities | 7,089 | 6,415 |
Total liabilities | 45,055 | 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 | 422 | 411 |
Authorized - 100,000,000 shares; Issued - 42,333,276 shares at December 31, 2014 and 41,122,695 shares at March 31, 2014; | ||
Outstanding - 41,079,333 shares at December 31, 2014 and 39,916,328 shares at March 31, 2014 | ||
Additional paid in capital | 457,891 | 436,136 |
Accumulated deficit | (236,096) | (250,910) |
Treasury stock at cost - 1,253,943 shares at December 31, 2014 and 1,206,367 shares at March 31, 2014 | (17,567) | (16,554) |
Accumulated other comprehensive loss | (8,932) | (730) |
Total stockholders' equity | 195,718 | 168,353 |
Total liabilities and stockholders' equity | $ 240,773 | $ 205,407 |
Abiomed, Inc. and Subsidiaries | ||||
Consolidated Statements of Operations | ||||
(Unaudited) | ||||
(in thousands, except share data) | ||||
Three Months Ended | Nine Months Ended | |||
December 31, | December 31, | |||
2014 | 2013 | 2014 | 2013 | |
Revenue: | ||||
Product revenue | $ 61,966 | $ 46,141 | $ 162,400 | $ 133,038 |
Funded research and development | 39 | 54 | 354 | 172 |
62,005 | 46,195 | 162,754 | 133,210 | |
Costs and expenses: | ||||
Cost of product revenue | 9,838 | 9,458 | 29,139 | 27,208 |
Research and development | 8,365 | 7,779 | 26,120 | 22,787 |
Selling, general and administrative | 30,139 | 24,364 | 91,192 | 78,530 |
48,342 | 41,601 | 146,451 | 128,525 | |
Income from operations | 13,663 | 4,594 | 16,303 | 4,685 |
Other income: | ||||
Investment income, net | 48 | 37 | 128 | 78 |
Other (loss) income, net | (10) | 20 | (38) | 5 |
38 | 57 | 90 | 83 | |
Income before income tax provision | 13,701 | 4,651 | 16,393 | 4,768 |
Income tax provision | 1,017 | 258 | 1,579 | 1,039 |
Net income | $ 12,684 | $ 4,393 | $ 14,814 | $ 3,729 |
Basic net income per share | $ 0.31 | $ 0.11 | $ 0.37 | $ 0.10 |
Basic weighted average shares outstanding | 40,856 | 39,592 | 40,456 | 39,179 |
Diluted net income per share | $ 0.30 | $ 0.11 | $ 0.35 | $ 0.09 |
Diluted weighted average shares outstanding | 42,884 | 41,726 | 42,345 | 41,315 |
For further information please contact: Ingrid Goldberg, Director, Investor Relations 978-646-1590 This email address is being protected from spambots. You need JavaScript enabled to view it. Aimee Genzler Director, Corporate Communications 978-646-1553 This email address is being protected from spambots. You need JavaScript enabled to view it.