Abiomed Announces Q3 FY 2017 Revenue of $114.7 Million, Up 34% Over Prior Year
(Thomson Reuters ONE) -
Largest Quarterly Sequential Revenue Increase in Company History
DANVERS, Mass., Jan. 26, 2017 (GLOBE NEWSWIRE) -- Abiomed, Inc. (NASDAQ:ABMD), a
leading provider of breakthrough heart support technologies, today reported
third quarter fiscal 2017 revenue of $114.7 million, an increase of 34% compared
to revenue of $85.8 million for the same period of fiscal 2016. Third quarter
fiscal 2017 GAAP net income was $15.4 million or $0.34 per diluted share,
compared to GAAP net income of $10.6 million or $0.23 per diluted share for the
prior year period.
Financial and operating highlights during the third quarter of fiscal 2017
include:
* Fiscal third quarter worldwide revenue from Impella heart pumps totaled
$109.2 million, an increase of 35% compared to revenue of $81.0 million
during the same period of the prior fiscal year. U.S. revenue from Impella
pumps grew 34% to $100.3 million and U.S. patient usage grew 32%.
* Outside the U.S., revenue from Impella heart pumps totaled $8.9 million and
was up 47%, predominantly from Germany, which grew 80% in revenue from the
prior fiscal year.
* The installed base for Impella 2.5(TM) heart pumps in the U.S. grew by an
additional 20 hospitals, which made initial purchases of Impella heart
pumps, bringing the installed customer base to 1,119 sites. The installed
customer base for Impella CP® heart pumps grew by 49 new U.S. hospitals,
bringing the total number of Impella CP sites to 972.
* An additional 8 sites made initial purchases of Impella RP® heart pumps
during the quarter, bringing the total number of sites to 120.
* Gross margin for third quarter fiscal 2017 was 83.4% compared to 85.1% in
the prior year period.
* Operating income for the third quarter of fiscal 2017 was $25.4 million, or
22.2% operating margin, compared to $17.5 million, or 20.4% operating margin
in the prior year period.
* The Company generated $22.0 million in cash, cash equivalents and marketable
securities, totaling $258.9 million as of December 31, 2016, compared to
$236.9 million at September 30, 2016. The Company currently has no debt.
* On October 31, 2016, Abiomed launched the Impella Quality (IQ) Assurance
Program. The mission of the program is to improve real-world outcomes in
Protected PCI and cardiogenic shock patients through training, education and
utilization of clinical guidelines, protocols and best practices derived
from observational quality assurance data (IQ), Institutional Review Board
(IRB) approved registry data (cVAD) and Investigational Device Exemption
(IDE) approved FDA studies.
* On December 7, 2016, Abiomed announced that the Impella CP received expanded
FDA Approval for High-Risk Percutaneous Coronary Intervention (PCI)
Procedures
"These are the best of times for Abiomed, because the high risk patient
population has been validated and only now with our regulatory approvals can we
educate and train our customers to improve the standard of care through
hemodynamic support. We began building this field of heart recovery less than
one year ago and in the medical technology industry history demonstrates the
impact of FDA approvals on adoption," said Michael R. Minogue, Chairman,
President and Chief Executive Officer, Abiomed. "What makes Abiomed unique is
Impella's ability to be used effectively in a Hub and Spoke model to achieve
Protected PCI and heart muscle recovery in your community."
FISCAL YEAR 2017 OUTLOOK
The Company is increasing the lower end of its fiscal year 2017 revenue guidance
with the new range of $440 million to $445 million, an increase in revenue of
34% to 35% from the prior year. This compares to the prior increased forecast of
$435 million to $445 million. The Company projects revenue to be around $122
million for the fourth quarter of fiscal 2017 and 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,
January 26, 2017, at 8:00 a.m. EST. 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. EST January 26, 2017 through 11 a.m. EST on January 29, 2017. The
replay phone number is (855) 859-2056; the international number is (404)
537-3406. The replay access code is 44227123.
The ABIOMED logo, ABIOMED, Impella, Impella CP, and Impella RP are registered
trademarks of Abiomed, Inc. in the U.S. and in certain foreign countries.
Impella 2.5, Impella 5.0, and Recovering hearts. Saving lives. 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 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 March
31, 2016 31, 2016
ASSETS
Current assets:
Cash and cash equivalents $ 61,069 $ 48,231
Short-term marketable securities 179,640 163,822
Accounts receivable, net 50,178 42,821
Inventories 32,053 26,740
Prepaid expenses and other current assets 10,479 6,778
Total current assets 333,419 288,392
Long-term marketable securities 18,240 1,000
Property and equipment, net 60,909 23,184
Goodwill 30,562 33,003
In-process research and development 14,257 15,396
Long-term deferred tax assets, net 39,007 58,534
Other assets 4,570 4,422
Total assets $ 500,964 $ 423,931
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 14,558 $ 9,381
Accrued expenses 34,539 28,382
Deferred revenue 9,004 8,778
Current portion of capital lease obligation 770 -
Total current liabilities 58,871 46,541
Other long-term liabilities 17 220
Contingent consideration 8,175 7,563
Long-term deferred tax liabilities 771 832
Capital lease obligation, net of current 15,750 -
portion
Total liabilities 83,584 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 435 426
Authorized - 100,000,000 shares; Issued -
45,081,996 shares at December
31, 2016 and 43,973,119 shares at March
31, 2016
Outstanding - 43,507,808 shares at December
31, 2016 and 42,596,228
shares at March 31, 2016
Additional paid in capital 546,796 508,624
Accumulated deficit (61,858 ) (99,075 )
Treasury stock at cost - 1,574,188 shares at
December 31, 2016 and 1,376,891 (46,556 ) (26,660 )
shares at March 31, 2016
Accumulated other comprehensive loss (21,437 ) (14,540 )
Total stockholders' equity 417,380 368,775
Total liabilities and stockholders' equity $ 500,964 $ 423,931
Abiomed, Inc. and Subsidiaries
Consolidated Statements of Operations
(Unaudited)
(in thousands, except per share data)
For the Three Months Ended For the Nine Months Ended
December 31, December 31,
2016 2015 2016 2015
Revenue:
$ $ $ $
Product revenue 114,624 85,789 320,541 235,569
Funded research 50 6 83 17
and development
114,674 85,795 320,624 235,586
Costs and
expenses:
Cost of product 18,987
revenue 12,744 51,366 35,756
Research and 16,349
development 13,755 50,061 35,534
Selling, general
and 53,935 41,853 158,053 119,005
administrative
89,271
68,352 259,480 190,295
Income from 25,403
operations 17,443 61,144 45,291
Other income
(expense):
Investment 457 84 1,068 209
income, net
Other (expense) (34 ) (29 ) (225 ) 111
income, net
423 55 843 320
Income before 25,826
income taxes 17,498 61,987 45,611
Income tax 10,394 6,943
provision 24,770 18,462
Net income $ 15,432 $ $ $
10,555 37,217 27,149
Basic net income $ 0.36 $ 0.25 $ 0.86 $ 0.64
per share
Basic weighted
average shares 43,431 42,427 43,125 42,118
outstanding
Diluted net $ 0.34 $ 0.23 $ 0.83 $ 0.61
income per share
Diluted weighted
average shares 44,770 44,949 44,597 44,805
outstanding
For further information please contact:
Ingrid Goldberg
Director, Investor Relations
978-646-1590
igoldberg(at)abiomed.com
Adrienne Smith
Senior Director, Public Relations and Corporate Communications
978-646-1553
adsmith(at)abiomed.com
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Abiomed via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 26.01.2017 - 13:00 Uhr
Sprache: Deutsch
News-ID 520171
Anzahl Zeichen: 14755
contact information:
Town:
Danvers
Kategorie:
Business News
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