Abiomed Announces Q2 FY 2016 Revenue of $76.4 Million, Up 47% Over Prior Year
(Thomson Reuters ONE) -
Protected PCI Utilization Growth of 70% in the U.S.
DANVERS, Mass., Oct. 29, 2015 (GLOBE NEWSWIRE) -- Abiomed, Inc. (NASDAQ:ABMD), a
leading provider of breakthrough heart support technologies, today reported
second quarter fiscal 2016 revenue of $76.4 million, an increase of 47% compared
to revenue of $51.9 million for the same period of fiscal 2015. Second quarter
fiscal 2016 GAAP net income was $7.7 million or $0.17 per diluted share, an
increase of 103% and 89% respectively, compared to GAAP net income of $3.8
million or $0.09 per diluted share for the prior year period.
Financial and operating highlights during the second quarter of fiscal 2016
include:
* Fiscal second quarter worldwide Impella® heart pump revenue totaled $71.7
million, an increase of 53% compared to revenue of $46.9 million during the
same period of the prior fiscal year. U.S. revenue grew 59% to $66.7
million from $42.0 million in the prior fiscal year with patient usage up
48%.
* The installed base for Impella 2.5 grew by an additional 27 hospitals,
bringing the installed customer base to 1,000 sites. As part of Abiomed's
continued Impella CP® heart pump launch, 45 new hospitals purchased Impella
CP, bringing the total number of Impella CP U.S. sites to 739.
* The Impella RP® heart pump installed base has a goal of 60 sites for the
entire fiscal year. As of the end of the second quarter, the Company is
ahead of schedule, with an additional 31 hospitals that made initial
purchases of the Impella RP during the quarter, bringing the total number to
54 Impella RP U.S. sites.
* Gross margin for fiscal second quarter 2016 was 84.1% compared to 81.5% in
the second quarter of fiscal 2015.
* Income from operations for the second quarter of fiscal 2016 was $12.8
million, or 16.8% of revenue, compared to $4.2 million, or 8.0% of revenue
in the prior year period.
* The Company generated $19 million in cash, cash equivalents and marketable
securities, totaling $175.5 million as of September 30, 2015, compared to
$156.4 million at June 30, 2015. The Company continues to have no debt.
* At its annual Investor Day on August 11, Abiomed outlined its long-term
growth strategy and five-year vision for revenues and demonstrated future
products in development, which can be accessed via webcast
here: http://edge.media-server.com/m/p/ckvn5o7f. The future products, which
were also recently displayed at the TCT 2015 conference, included:
* The Impella ECP(TM) (Expandable Cardiac Power) heart pump on a complete
9 Fr Impella catheter and pump;
* The Next Generation Impella CP with an increased flow of 4.5
liters/minute and smart sensor technology;
* The Impella 5.5, which can be implanted via axillary (without a
sternotomy), is designed with a 19 Fr pump on a 9 Fr catheter for months
of flow of 5.5 liters per minute and patient ambulation;
* The longer term Impella BTR(TM) (Bridge to Recovery) heart pump, which
can also be implanted via axillary (without a sternotomy), is designed
to provide up to a year of 5.5 plus flow driven by a wearable driver.
* The Company also announced the submission of its U.S Food & Drug
Administration (FDA) pre-market approval (PMA) supplements in August. The
supplements are requesting approval for the Impella family of heart pumps
(Impella 2.5, Impella CP and Impella 5.0/LD). The submissions are requesting
approval for a set of indications related to the use of the Impella devices
in patients suffering cardiogenic shock following acute myocardial
infarction or cardiac surgery. A request for a longer duration of support
was also included.
* A key clinical paper titled, "Percutaneous left ventricular assist device
for high-risk percutaneous coronary interventions: Real-world versus
clinical trial experience," was published in the American Heart
Journal during the second quarter. The paper, authored by Mauricio Cohen et
al., analyzed the results of high risk PCI (percutaneous coronary
intervention) patients in the U.S. Impella (now cVAD(TM)) Registry and
determined that real-world clinical outcomes with the Impella 2.5 appeared
to be favorable and consistent compared with the randomized PROTECT II
trial.
* Seth Bilazarian, MD, was announced as the new Vice President of
Interventional Cardiology Programs at Abiomed on October 8.
* At the Cardiovascular Research Foundation's (CRF) annual Transcatheter
Cardiovascular Therapeutics (TCT) 2015 scientific sessions in October, there
were over 25 Impella heart pump presentations, 3 Protected PCI symposia and
5 live Impella heart pump cases.
"We have had an exciting start to fiscal year 2016 with first half revenue
growth of 49% and establishment of Protected PCI(TM) as a new indication. As
evidenced by our patient growth and awareness at TCT, Protected PCI has been
validated by physicians that treat higher risk patients requiring percutaneous
hemodynamic support in the cath lab," said Michael R. Minogue, Chairman,
President and Chief Executive Officer, Abiomed. "We are confident that in the
years ahead, Abiomed will deliver strong growth, support new indications and
countries, and launch new best in class products. As always, Abiomed is
committed to meaningfully impacting the lives of our patients and helping our
physicians improve outcomes."
FISCAL YEAR 2016 OUTLOOK
The Company is increasing its fiscal year 2016 guidance for total revenue to be
in the range of $305 million to $315 million, up from $300 million to $310
million, representing an increase in revenue of 32% to 37% from the prior year.
The Company is updating its fiscal year guidance for GAAP operating margin to be
in the range of 15% to 17%, from the previous guidance range of 14% to 16%.
CONFERENCE CALL
The Company will release financial results for the second quarter of fiscal
2016. The Company will host a conference call to discuss the results on
Thursday, October 29, 2015, 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. A replay of this conference call will be available beginning at
11 a.m. EDT October 29, 2015 through 11:59 p.m. EDT on October 31, 2015. The
replay phone number is (855) 859-2056; the international number is (404)
537-3406. The replay access code is 55643535.
The ABIOMED logo, ABIOMED, Impella, Impella RP and Impella CP are registered
trademarks of Abiomed, Inc. in the U.S.A. and certain foreign countries.
Impella ECP, Impella BTR, Protected PCI, Recovering Hearts. Saving lives and
cVAD are trademarks of Abiomed, Inc..
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 includes forward-looking statements. These forward-looking
statements generally can be identified by the use of words such as "anticipate,"
"expect," "plan," "could," "may," "will," "believe," "estimate," "forecast,"
"goal," "project," and other words of similar meaning. These forward-looking
statements address various matters including, the development of Abiomed's
existing and new products, the Company's progress toward commercial growth, the
Company's guidance for fiscal 2016 revenue and GAAP operating margins and future
opportunities. Each forward-looking statement contained in this press release is
subject to risks and uncertainties that could cause actual results to differ
materially from those expressed or implied by such statement. Applicable risks
and uncertainties include, among others, 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 the risks identified under the heading "Risk Factors"
in the Company's Annual Report on Form 10-K for the year ended March 31, 2015
and the Company's Quarterly Report on Form 10-Q for the quarter ended June
30, 2015, each filed with the Securities and Exchange Commission, as well as
other information the Company files with the SEC. We caution investors not to
place considerable reliance on the forward-looking statements contained in this
press release. You are encouraged to read our filings with the SEC, available
at www.sec.gov, for a discussion of these and other risks and uncertainties.
The forward-looking statements in this press release speak only as of the date
of this release and the Company undertakes no obligation to update or revise any
of these statements. Our business is subject to substantial risks and
uncertainties, including those referenced above. Investors, potential
investors, and others should give careful consideration to these risks and
uncertainties.
+------------------------------------------------------------------------------+
| Abiomed, Inc. and Subsidiaries |
+------------------------------------------------------------------------------+
| Consolidated Balance Sheets |
+------------------------------------------------------------------------------+
| (Unaudited) |
+------------------------------------------------------------------------------+
| (in thousands, except share data) |
+-------------------------------------------+-+---------------+-+--------------+
| | | | | |
+-------------------------------------------+-+---------------+-+--------------+
| | | September 30, | | |
| | | 2015 | |March 31, 2015|
+-------------------------------------------+-+---------------+-+--------------+
| | | | | |
+-------------------------------------------+-+---------------+-+--------------+
|ASSETS | | | | |
+-------------------------------------------+-+---------------+-+--------------+
|Current assets: | | | | |
+-------------------------------------------+-+-+----------+--+-+-+----------+-+
|Cash and cash equivalents |$| 54,421| | |$| 22,401| |
+---------------------------------------------+-+----------+--+-+-+----------+-+
|Short-term marketable securities | | 121,087| | | | 109,557| |
+---------------------------------------------+-+----------+--+-+-+----------+-+
|Accounts receivable, net | | 37,119| | | | 31,828| |
+---------------------------------------------+-+----------+--+-+-+----------+-+
|Inventories | | 23,032| | | | 16,774| |
+---------------------------------------------+-+----------+--+-+-+----------+-+
|Prepaid expenses and other current assets | | 4,030| | | | 4,479| |
+---------------------------------------------+-+----------+--+-+-+----------+-+
|Deferred tax assets, net | | 25,715| | | | 35,100| |
+---------------------------------------------+-+----------+--+-+-+----------+-+
|Total current assets | | 265,404| | | | 220,139| |
+---------------------------------------------+-+----------+--+-+-+----------+-+
|Long-term marketable securities | -| | | 13,996| |
+---------------------------------------------+-+----------+--+-+-+----------+-+
|Property and equipment, net | | 11,420| | | | 9,127| |
+-------------------------------------------+-+-+----------+--+-+-+----------+-+
|Goodwill | | | 32,676| | | | 31,534| |
+-------------------------------------------+-+-+----------+--+-+-+----------+-+
|In-process research and development | | 15,243| | | | 14,711| |
+---------------------------------------------+-+----------+--+-+-+----------+-+
|Long-term deferred tax assets, net | | 44,240| | | | 45,206| |
+---------------------------------------------+-+----------+--+-+-+----------+-+
|Other assets | | 4,423| | | | 3,654| |
+---------------------------------------------+-+----------+--+-+-+----------+-+
|Total assets |$| 373,406| | |$| 338,367| |
+---------------------------------------------+-+----------+--+-+-+----------+-+
|LIABILITIES AND STOCKHOLDERS' EQUITY |
+---------------------------------------------+---------------+-+--------------+
|Current liabilities: | | | |
+---------------------------------------------+-+----------+--+-+-+----------+-+
|Accounts payable |$| 8,788| | |$| 10,389| |
+---------------------------------------------+-+----------+--+-+-+----------+-+
|Accrued expenses | | 18,861| | | | 21,894| |
+---------------------------------------------+-+----------+--+-+-+----------+-+
|Deferred revenue | | 6,803| | | | 7,036| |
+---------------------------------------------+-+----------+--+-+-+----------+-+
|Total current liabilities | | 34,452| | | | 39,319| |
+---------------------------------------------+-+----------+--+-+-+----------+-+
|Other long-term liabilities | | 217| | | | 183| |
+---------------------------------------------+-+----------+--+-+-+----------+-+
|Contingent consideration | | 6,817| | | | 6,510| |
+---------------------------------------------+-+----------+--+-+-+----------+-+
|Long-term deferred tax liabilities | | 824| | | | 795| |
+---------------------------------------------+-+----------+--+-+-+----------+-+
|Total liabilities | | 42,310| | | | 46,807| |
+---------------------------------------------+-+----------+--+-+-+----------+-+
|Commitments and contingencies | | |
+---------------------------------------------+---------------+-+--------------+
|Stockholders' equity: | | | |
+---------------------------------------------+---------------+-+--------------+
|Class B Preferred Stock, $.01 par value | -| | -|
+---------------------------------------------+---------------+-+--------------+
|Authorized - 1,000,000 shares; Issued and outstanding - none |
+---------------------------------------------+-+----------+--+-+-+----------+-+
|Common stock, $.01 par value | | 424| | | | 413| |
+-------------------------------------------+-+-+----------+--+-+-+----------+-+
|Authorized - 100,000,000 shares; Issued - | | | | |
|43,756,550 shares at September 30, 2015 | | | | |
| and 42,618,717 shares at March 31, 2015; | | | | |
+-------------------------------------------+-+---------------+-+--------------+
|Outstanding - 42,417,469 shares at | | | | |
|September 30, 2015 and 41,335,773 | | | | |
| shares at March 31, 2015 | | | | |
+-------------------------------------------+-+-+----------+--+-+-+----------+-+
|Additional paid in capital | | 489,463| | | | 465,046| |
+---------------------------------------------+-+----------+--+-+-+----------+-+
|Accumulated deficit | | (120,628|) | | | (137,222|)|
+-------------------------------------------+-+-+----------+--+-+-+----------+-+
|Treasury stock at cost - 1,339,081 shares | | | | | | | | |
|at September 30, 2015 and 1,282,944 | | | | | | | | |
| shares at March 31, 2015 | | | (23,157|) | | | (19,347|)|
+-------------------------------------------+-+-+----------+--+-+-+----------+-+
|Accumulated other comprehensive loss | | (15,006|) | | | (17,330|)|
+---------------------------------------------+-+----------+--+-+-+----------+-+
|Total stockholders' equity | | 331,096| | | | 291,560| |
+---------------------------------------------+-+----------+--+-+-+----------+-+
|Total liabilities and stockholders' equity |$| 373,406| | |$| 338,367| |
+---------------------------------------------+-+----------+--+-+-+----------+-+
+------------------------------------------------------------------------------+
| Abiomed, Inc. and Subsidiaries |
+------------------------------------------------------------------------------+
| Consolidated Statements of Operations |
+------------------------------------------------------------------------------+
| (Unaudited) |
+------------------------------------------------------------------------------+
| (in thousands, except share data) |
+------------------------------------------------------------------------------+
| |
+--------+--------+-----------------------------+-+----------------------------+
| | | For the Three Months Ended | | For the Six Months Ended |
| | | September 30, | | September 30, |
+--------+--------+------------+-+--------------+-+-----------+-+--------------+
| | | 2015 | | 2014 | | 2015 | | 2014 |
+--------+--------+---+--------+-+-+------------+-+-+---------+-+-+------------+
|Revenue:| | | | | | | | | | | | |
+--------+--------+---+--------+-+-+-+--------+-+-+-+---------+-+-+-+--------+-+
| | | | | | | | | | | | | | | | |
|Product revenue | $| 76,354| |$| | 51,774| | |$| 149,780| |$| | 100,434| |
+-----------------+---+--------+-+-+-+--------+-+-+-+---------+-+-+-+--------+-+
|Funded research | | | | | | | | | | | | | | | |
|and development | | 5| | | | 164| | | | 11| | | | 315| |
+--------+--------+---+--------+-+-+-+--------+-+-+-+---------+-+-+-+--------+-+
| | | | | | | | | | | | | | | | | |
| | | | 76,359| | | | 51,938| | | | 149,791| | | | 100,749| |
+--------+--------+---+--------+-+-+-+--------+-+-+-+---------+-+-+-+--------+-+
|Costs and | | | | | | | | | | | |
|expenses: | | | | | | | | | | | |
+-----------------+---+--------+-+-+-+--------+-+-+-+---------+-+-+-+--------+-+
|Cost of product | | | | | | | | | | | | | | |
|revenue | 12,144| | | | 9,612| | | | 23,012| | | | 19,301| |
+---------------------+--------+-+-+-+--------+-+-+-+---------+-+-+-+--------+-+
|Research and | | | | | | | | | | | | | | |
|development | 11,569| | | | 8,693| | | | 21,779| | | | 17,755| |
+-----------------+---+--------+-+-+-+--------+-+-+-+---------+-+-+-+--------+-+
|Selling, general | | | | | | | | | | | | | | | |
|and | | | | | | | | | | | | | | | |
|administrative | | 39,829| | | | 29,455| | | | 77,152| | | | 61,053| |
+--------+--------+---+--------+-+-+-+--------+-+-+-+---------+-+-+-+--------+-+
| | | | 63,542| | | | 47,760| | | | 121,943| | | | 98,109| |
+--------+--------+---+--------+-+-+-+--------+-+-+-+---------+-+-+-+--------+-+
|Income from | | | | | | | | | | | | | | | |
|operations | | 12,817| | | | 4,178| | | | 27,848| | | | 2,640| |
+-----------------+---+--------+-+-+-+--------+-+-+-+---------+-+-+-+--------+-+
|Other income | | | | | | | | | | | |
|(loss): | | | | | | | | | | | |
+-----------------+---+--------+-+-+-+--------+-+-+-+---------+-+-+-+--------+-+
|Investment income, | | | | | | | | | | | | | | |
|net | 62| | | | 36| | | | 125| | | | 80| |
+-----------------+---+--------+-+-+-+--------+-+-+-+---------+-+-+-+--------+-+
|Other income | | | | | | | | | | | | | | | |
|(loss), net | | 87| | | | (39|)| | | 140| | | | (28|)|
+--------+--------+---+--------+-+-+-+--------+-+-+-+---------+-+-+-+--------+-+
| | | | 149| | | | (3|)| | | 265| | | | 52| |
+--------+--------+---+--------+-+-+-+--------+-+-+-+---------+-+-+-+--------+-+
|Income before income | | | | | | | | | | | | | | |
|taxes | 12,966| | | | 4,175| | | | 28,113| | | | 2,692| |
+-----------------+---+--------+-+-+-+--------+-+-+-+---------+-+-+-+--------+-+
|Income tax | | | | | | | | | | | | | | | |
|provision | | 5,231| | | | 336| | | | 11,519| | | | 562| |
+-----------------+---+--------+-+-+-+--------+-+-+-+---------+-+-+-+--------+-+
|Net income | $| 7,735| |$| | 3,839| | |$| 16,594| |$| | 2,130| |
+--------+--------+---+--------+-+-+-+--------+-+-+-+---------+-+-+-+--------+-+
| | | | | | | | | | | | | |
+--------+--------+---+--------+-+-+-+--------+-+-+-+---------+-+-+-+--------+-+
|Basic net income | | | | | | | | | | | | | | | |
|per share | $| 0.18| |$| | 0.09| | |$| 0.40| |$| | 0.05| |
+-----------------+---+--------+-+-+-+--------+-+-+-+---------+-+-+-+--------+-+
|Basic weighted | | | | | | | | | | | | | | |
|average shares | | | | | | | | | | | | | | |
|outstanding | 42,228| | | | 40,448| | | | 41,963| | | | 40,256| |
+--------+--------+---+--------+-+-+-+--------+-+-+-+---------+-+-+-+--------+-+
| | | | | | | | | | | | | |
+--------+--------+---+--------+-+-+-+--------+-+-+-+---------+-+-+-+--------+-+
|Diluted net | | | | | | | | | | | | | | | |
|income per share | $| 0.17| |$| | 0.09| | |$| 0.37| |$| | 0.05| |
+-----------------+---+--------+-+-+-+--------+-+-+-+---------+-+-+-+--------+-+
|Diluted weighted | | | | | | | | | | | | | | |
|average shares | | | | | | | | | | | | | | |
|outstanding | 44,922| | | | 42,239| | | | 44,778| | | | 42,069| |
+---------------------+--------+-+-+-+--------+-+-+-+---------+-+-+-+--------+-+
For further information please contact:
Ingrid Goldberg,
Director, Investor Relations
978-646-1590
ir(at)abiomed.com
Aimee Genzler
Director, Corporate Communications
978-646-1553
agenzler(at)abiomed.com
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Abiomed via GlobeNewswire
[HUG#1962341]
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Datum: 29.10.2015 - 12:00 Uhr
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News-ID 430510
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contact information:
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