Abiomed Announces Q1 FY 2018 Revenue of $132.5 Million, Up 29% Over Prior Year
(Thomson Reuters ONE) -
Company announces Japanese reimbursement for Impella® heart pumps and raises
lower end of FY 2018 revenue guidance
DANVERS, Mass., July 27, 2017 (GLOBE NEWSWIRE) -- Abiomed, Inc. (NASDAQ:ABMD), a
leading provider of breakthrough heart support technologies, today reported
first quarter fiscal 2018 revenue of $132.5 million, an increase of 29% compared
to revenue of $103.0 million for the same period of fiscal 2017. First quarter
fiscal 2018 GAAP net income was $37.4 million or $0.82 per diluted share,
compared to GAAP net income of $12.9 million or $0.29 per diluted share for the
prior year period.
Financial and operating highlights during the first quarter of fiscal 2018
include:
* Fiscal first quarter worldwide revenue from Impella(®) heart pumps totaled
$127.2 million, an increase of 30% compared to revenue of $97.8 million
during the same period of the prior fiscal year. U.S. revenue from Impella
heart pumps grew 28% to $114.7 million and U.S. Impella patient usage grew
27%.
* Outside the U.S., revenue from Impella heart pumps totaled $12.5 million and
was up 53%, predominately from Germany, which grew 62% in revenue from the
prior fiscal year.
* The installed base for Impella 2.5(®) heart pumps in the U.S. grew by an
additional 16 hospitals, which made initial purchases of Impella heart
pumps, bringing the installed customer base to 1,154 sites. The installed
customer base for Impella CP(®) heart pumps grew by 46 new U.S. hospitals,
bringing the total number of Impella CP sites to 1,062. The installed
customer base for Impella 5.0(®) heart pumps grew by 19 new U.S. hospitals,
bringing the total number of Impella 5.0 sites to 472.
* An additional 15 sites made initial purchases of the Impella RP(®) heart
pumps during the quarter, bringing the total number to 142 sites.
* Gross margin for fiscal first quarter 2018 was 83.5% compared to 85.4% in
the first quarter of fiscal 2017.
* Operating income for the first quarter of fiscal 2018 was $33.1 million, or
25.0% operating margin, compared to $21.2 million, or 20.6% operating margin
in the prior year period.
* First quarter fiscal 2018 GAAP net income was $37.4 million or $0.82 per
diluted share, which benefited from the adoption of a new accounting
standard that required $16.8 million, or $0.37 per diluted share, of excess
tax benefits related to employee share-based compensation awards be recorded
as a reduction of income tax expense. This compared to GAAP net income of
$12.9 million or $0.29 per diluted share for the prior year period, before
new accounting standards.
* The Company generated $12.0 million in cash, cash equivalents and marketable
securities, totaling $289.1 million as of June 30, 2017, compared to $277.1
million at March 31, 2017. The Company incurs annual cash outlays in the
first quarter and currently has no debt.
* The Company has recently received approval from the Japanese Ministry Health
Labour and Welfare (MHLW) for reimbursement on Impella 2.5 and 5.0 Impella
heart pumps and 10 physician societies have completed the hospital guidance
document. At recent average exchange rates, reimbursement in Japan is
estimated to be $24,000, equivalent to our Impella sales price in the U.S.,
and commences this September. We expect our first Japanese patient in
September and are reiterating our controlled Impella launch at 10 hospitals
by end of this fiscal year in March.
* On June 30, a new study of Abiomed's Impella 2.5 heart pump demonstrated
potential survival benefit with pre-PCI insertion in heart attacks with the
left main coronary artery.
"We have been notified by MHLW of Japanese reimbursement for Impella beginning
in September allowing our introduction into the world's second largest medical
device market," said Michael R. Minogue, Chairman, President and Chief Executive
Officer, Abiomed. "Our continued execution validates Abiomed as one of the
fastest growing medical technology companies with increasing GAAP profitability
and no debt. I am proud of our team's ability to consistently achieve our
strategic initiatives and execute on our tactical plan as Abiomed builds the
Field of Heart Recovery."
FISCAL YEAR 2018 OUTLOOK
The Company is increasing the lower end of its fiscal year 2018 revenue guidance
by $5 million to a new range of $560 million to $575 million, an increase in
revenue of 26% to 29% from the prior year. This compares to the prior forecast
of $555 million to $575 million. The Company is maintaining its fiscal year
guidance for GAAP operating margin in the range of 22% to 24%.
CONFERENCE CALL
The Company will host a conference call to discuss the results on Thursday, July
27, 2017, 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 July 27, 2017 through 11 a.m. EDT on July 30, 2017. The replay
phone number is (855) 859-2056; the international number is (404) 537-3406. The
replay access code is 51159965.
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 March
30, 2017 31, 2017
ASSETS
Current assets:
Cash and cash equivalents $ 43,970 $ 39,040
Short-term marketable securities 207,441 190,908
Accounts receivable, net 53,557 54,055
Inventories 36,926 34,931
Prepaid expenses and other current assets 9,021 8,024
Total current assets 350,915 326,958
Long-term marketable securities 37,669 47,143
Property and equipment, net 92,804 87,777
Goodwill 33,199 31,045
In-process research and development 15,487 14,482
Long-term deferred tax assets, net 113,457 34,723
Other assets 8,686 8,286
Total assets $ 652,217 $ 550,414
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 12,784 $ 20,620
Accrued expenses 35,695 37,703
Deferred revenue 9,697 10,495
Current portion of capital lease obligation 829 799
Total current liabilities 59,005 69,617
Other long-term liabilities 588 3,251
Contingent consideration 9,418 9,153
Long-term deferred tax liabilities 837 783
Capital lease obligation, net of current 15,325 15,539
portion
Total liabilities 85,173 98,343
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 441 437
Authorized - 100,000,000 shares; Issued -
45,791,680 shares at June 30, 2017 and
45,249,281 shares at March 31, 2017
Outstanding - 44,080,941 shares at June
30, 2017 and 43,673,286 shares at March
31, 2017
Additional paid in capital 580,017 565,962
Retained earnings (accumulated deficit) 65,661 (46,959 )
Treasury stock at cost - 1,710,739 shares at
June 30, 2017 and 1,575,995 shares at March (64,567 ) (46,763 )
31, 2017
Accumulated other comprehensive loss (14,508 ) (20,606 )
Total stockholders' equity 567,044 452,071
Total liabilities and stockholders' equity $ 652,217 $ 550,414
Abiomed, Inc. and Subsidiaries
Consolidated Statements of Operations
(Unaudited)
(in thousands, except per share data)
Three Months Ended
June 30,
2017 2016
Revenue:
Product revenue $ 132,431 $ 102,989
Funded research and development 37 6
132,468 102,995
Costs and expenses:
Cost of product revenue 21,862 15,070
Research and development 16,931 15,660
Selling, general and 60,597 51,032
administrative
99,390 81,762
Income from operations 33,078 21,233
Other income:
Investment income, net 635 269
Other income (expense), net 79 (77 )
714 192
Income before income taxes 33,792 21,425
Income tax (benefit) provision (3,582 ) 8,515
(1)
Net income $ 37,374 $ 12,910
Basic net income per share $ 0.85 $ 0.30
Basic weighted average shares 43,895 42,811
outstanding
Diluted net income per share $ 0.82 $ 0.29
(2)
Diluted weighted average shares 45,608 45,178
outstanding
(1) Income tax provision
includes the effect of the
following item:
Excess tax benefits related to
stock-based compensation awards $ 16,842 $ -
*
(2) Diluted net income per
share includes the effect of
the following item:
Excess tax benefits related to
stock-based compensation awards $ 0.37 $ -
*
* In the first quarter of fiscal 2018, the Company adopted Accounting
Standards Update No. 2016-09, Improvements to Employee Share-Based Payment
Accounting, which requires that all excess tax benefits and tax deficiencies
related share-based compensation arrangements be recognized as income tax
benefit or expense, instead of in stockholders' equity as previous guidance
required.
For further information please contact:
Ingrid Goldberg Ward
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
Unternehmensinformation / Kurzprofil:
Datum: 27.07.2017 - 13:00 Uhr
Sprache: Deutsch
News-ID 554229
Anzahl Zeichen: 15586
contact information:
Town:
Danvers
Kategorie:
Business News
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