Abiomed Announces Q4 FY 2017 Revenue of $124.7 Million, Up 33% Over Prior Year and Total Year Revenue of $445.3 Million, Up 35% Over Prior Year
(Thomson Reuters ONE) -
DANVERS, Mass., May 04, 2017 (GLOBE NEWSWIRE) -- Abiomed, Inc. (NASDAQ:ABMD), a
leading provider of breakthrough heart support technologies, today reported
fourth quarter fiscal 2017 revenue of $124.7 million, an increase of 33%
compared to revenue of $94.0 million for the same period of fiscal 2016. For
fiscal year 2017, total revenue was $445.3 million, up 35% compared to revenue
of $329.5 million in fiscal year 2016.
Fourth quarter fiscal 2017 GAAP net income was $14.9 million or $0.33 per
diluted share, impacted by $3.1 million or $0.07 per diluted share of one-time
items, described below. For the full fiscal year, GAAP net income was $52.1
million or $1.17 per diluted share.
Financial and operating highlights during the fourth quarter of fiscal 2017
include:
* Fiscal fourth quarter worldwide Impella® heart pump revenue totaled $118.9
million, an increase of 34% compared to revenue of $88.6 million during
* U.S. Impella heart pump revenue for the quarter grew 32% to $108.2 million
from $81.8 million in the prior fiscal year with U.S. patient usage of the
Impella heart pumps up 30%. Full year U.S. Impella revenue totaled $387.5
million, up 35% compared to $287.2 million in the prior fiscal year.
* The installed base for Impella 2.5® heart pumps in the U.S. grew by an
additional 19 hospitals, which made initial purchases of Impella heart
pumps, bringing the installed customer base to 1,138 sites. The installed
customer base for Impella CP® heart pumps grew by 44 new U.S. hospitals,
bringing the total number of Impella CP sites to 1,016. The installed
customer base for Impella 5.0® heart pumps grew by 11 new U.S. hospitals,
bringing the total number of Impella 5.0 sites to 453.
* An additional 7 sites made initial purchases of Impella RP® heart pumps
during the quarter, bringing the total number of sites to 127.
* Gross margin for fiscal fourth quarter 2017 was 84.6% compared to 84.4% in
the fourth quarter of fiscal 2016. For the full fiscal year, gross margin
was 84.1% compared to 84.7% in the prior year.
* Operating income for the fourth quarter of fiscal 2017 was $29.0 million, or
23.3% operating margin, compared to $19.8 million, or 21.1% operating margin
in the prior year period. For the full fiscal year, operating income was
$90.1 million, or 20.2% of revenue, compared to $65.1 million, or 19.8% of
revenue in the prior year.
* The Company generated $18.2 million in cash, cash equivalents and marketable
securities in the fourth quarter of fiscal 2017, bringing the total to
$277.1 million as of March 31, 2017. The Company currently has no debt.
* Fourth quarter fiscal 2017 GAAP net income was $14.9 million or $0.33 per
diluted share and full fiscal year GAAP net income was $52.1 million or
$1.17 per diluted share. This compares to GAAP net income for the fourth
quarter of fiscal 2016 of $11.0 million or $0.24 per diluted share and full
fiscal year GAAP net income of $38.1 million or $0.85 per diluted share.
During the fourth quarter of fiscal 2017, the Company recorded a non-
recurring income tax charge of $3.1 million, or $0.07 per diluted share,
related to uncertainty about the utilization of research and development tax
credits.
* Beginning in the first quarter of fiscal 2018, the Company will adopt a new
accounting standard entitled "Improvements to Employee Share-Based Payment
Accounting". Under this new standard, excess tax benefits and deficiencies
associated with employee share-based payments will no longer be recognized
as additional paid-in capital on the balance sheet, but instead will be
recognized directly to income tax expense or benefit in the income statement
for the reporting period in which they occur. The adoption of the new
accounting standard is likely to introduce positive fluctuations to net
income, our tax provision and earnings per share this year, but will not
impact Abiomed's operating income or cash tax paid.
* On February 23, 2017, Abiomed announced that it has supported more than
50,000 patients in the U.S. with its Impella® heart pumps.
* On March 19, 2017 at the American College of Cardiology (ACC) 66th Annual
Scientific Session in Washington, D.C, Abiomed announced and presented data
from the Impella® Quality (IQ) Assurance Program, which includes the IQ
Database and cVAD RegistryTM. The Abiomed IQ Assurance Program is a real-
world collection of clinical information derived from the treatment of
patients with Impella devices since 2008. Trends in the observational IQ
Database, combined with information from Abiomed's Institutional Review
Board (IRB)-approved cVAD Registry have helped identify best practices and
protocols that are associated with improved survival and native heart
recovery in hospitals using Impella devices. The data presented also
included new data from the Detroit Cardiogenic Shock Initiative (DCSI),
which is an unprecedented collaboration between five heart hospitals in
Detroit focused on systematic best practices to increase cardiogenic shock
survival rates.
* On March 30, 2017, Abiomed announced the Grand Opening of Newly-Expanded
manufacturing and training space at Danvers, Massachusetts headquarters.
* Today, Abiomed announced in a separate press release, the first patient
enrolled in the STEMI Door to Unloading (DTU) feasibility study.
"Abiomed remains one of the fastest growing GAAP profitable companies and fiscal
2017 was another successful year as we achieved our corporate goals with two FDA
approvals, approval in Japan, and dedicated DRGs from the Centers for Medicare
and Medicaid Services (CMS)," said Michael R. Minogue, Chairman, President and
Chief Executive Officer, Abiomed. "We want to thank our shareholders for their
support and all of our employees and customers for their hard work and
dedication to patients and our mission of heart recovery."
FISCAL YEAR 2018 OUTLOOK
The Company is giving its fiscal year 2018 guidance for total revenues to be in
the range of $555 million to $575 million, an increase of 25% - 29% over the
prior year. The Company is also giving its fiscal year 2018 guidance for GAAP
operating margin to be in the range of 22% to 24%.
EARNINGS CONFERENCE CALL DETAILS
The Company will host a conference call to discuss the results at 8 a.m. ET on
Thursday, May 4, 2017. The conference call releasing full quarterly results will
be hosted by Michael R. Minogue, Chairman, President and Chief Executive Officer
and Michael Tomsicek, Vice President and Chief Financial Officer.
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 4, 2017 through 11:00 a.m. EDT on May 7, 2017. The replay
phone number is (855) 859-2056; the international number is (404) 537-3406. The
replay access code is 3991529.
The ABIOMED logo, ABIOMED, Impella, Impella 2.5, Impella CP, Impella 5.0,
Impella RP, and Recovering Hearts. Saving Lives. are registered trademarks of
ABIOMED, Inc. in the U.S. and in certain foreign countries. cVAD Registry is a
trademark 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)
March March
31, 2017 31, 2016
--------------- ---------------
ASSETS
Current assets:
Cash and cash equivalents $ 39,040 $ 48,231
Short-term marketable securities 190,908 163,822
Accounts receivable, net 54,055 42,821
Inventories 34,931 26,740
Prepaid expenses and other current assets 8,024 6,778
--------------- ---------------
Total current assets 326,958 288,392
Long-term marketable securities 47,143 1,000
Property and equipment, net 87,777 23,184
Goodwill 31,045 33,003
In-process research and development 14,482 15,396
Long-term deferred tax assets, net 34,723 58,534
Other assets 8,286 4,422
--------------- ---------------
Total assets $ 550,414 $ 423,931
--------------- ---------------
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 20,620 $ 9,381
Accrued expenses 37,703 28,382
Deferred revenue 10,495 8,778
Current portion of capital lease obligation 799 -
--------------- ---------------
Total current liabilities 69,617 46,541
Other long-term liabilities 3,251 220
Contingent consideration 9,153 7,563
Long-term deferred tax liabilities 783 832
Capital lease obligation, net of current
portion 15,539 -
--------------- ---------------
Total liabilities 98,343 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 437 426
Authorized - 100,000,000 shares; Issued -
45,249,281 shares at March 31, 2017 and
43,973,119 shares at March 31, 2016;
Outstanding - 43,673,286 shares at March
31, 2017 and 42,596,228 shares at March
31, 2016
Additional paid in capital 565,962 508,624
Accumulated deficit (46,959 ) (99,075 )
Treasury stock at cost - 1,575,995 shares at
March 31, 2017 and 1,376,891 shares at March
31, 2016 (46,763 ) (26,660 )
Accumulated other comprehensive loss (20,606 ) (14,540 )
--------------- ---------------
Total stockholders' equity 452,071 368,775
--------------- ---------------
Total liabilities and stockholders' equity $ 550,414 $ 423,931
--------------- ---------------
Abiomed, Inc. and Subsidiaries
Consolidated Statements of Operations
(Unaudited)
(in thousands, except per share data)
Three Months Ended Fiscal Years Ended
March 31, March 31,
2017 2016 2017 2016
------------- ---------- ------------- -----------
Revenue:
Product revenue $ 124,654 $ 93,951 $ 445,195 $ 329,520
Funded research and
development 26 6 109 23
------------- ---------- ------------- -----------
124,680 93,957 445,304 329,543
------------- ---------- ------------- -----------
Costs and expenses:
Cost of product revenue 19,261 14,663 70,627 50,419
Research and development 16,325 14,225 66,386 49,759
Selling, general and
administrative 60,100 45,256 218,153 164,261
------------- ---------- ------------- -----------
95,686 74,144 355,166 264,439
------------- ---------- ------------- -----------
Income from operations 28,994 19,813 90,138 65,104
------------- ---------- ------------- -----------
Other income:
Investment income, net 486 186 1,554 395
Other (expense) income, net (124 ) 228 (349 ) 339
------------- ---------- ------------- -----------
362 414 1,205 734
------------- ---------- ------------- -----------
Income before income taxes 29,356 20,227 91,343 65,838
Income tax provision 14,457 9,229 39,227 27,691
------------- ---------- ------------- -----------
Net income $ 14,899 $ 10,998 $ 52,116 $ 38,147
------------- ---------- ------------- -----------
Basic net income per share $ 0.34 $ 0.26 $ 1.21 $ 0.90
Basic weighted average
shares outstanding 43,579 42,463 43,238 42,204
Diluted net income per
share $ 0.33 $ 0.24 $ 1.17 $ 0.85
Diluted weighted average
shares outstanding 44,924 45,112 44,658 44,895
For further information please contact:
Ingrid Goldberg,
Director, Investor Relations
978-646-1590
ir(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
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Datum: 04.05.2017 - 13:00 Uhr
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