Abiomed Announces Q3 FY 2016 Revenue of $85.8 Million, Up 38% Over Prior Year
February 04 2016 - 6:00AM
-
U.S. Patient
Utilization Grew 45%, Year Over Year
-
Abiomed
Increases Fiscal Year 2016 Revenue Guidance
DANVERS, Mass., Feb. 04, 2016 (GLOBE NEWSWIRE)
-- Abiomed, Inc. (NASDAQ:ABMD), a leading provider of
breakthrough heart support technologies, today reported third
quarter fiscal 2016 revenue of $85.8 million, an increase of 38%
compared to revenue of $62.0 million for the same period of fiscal
2015. Third quarter fiscal 2016 GAAP net income was $10.6
million or $0.23 per diluted share, compared to GAAP net income of
$12.7 million or $0.30 per diluted share for the prior year
period.
Financial and operating highlights during the
third quarter of fiscal 2016 include:
-
Fiscal third quarter worldwide Impella® heart
pump revenue totaled $81.0 million, an increase of 41% compared to
revenue of $57.4 million during the same period of the prior fiscal
year. U.S. Impella heart pump revenue grew 45% to $75.0
million from $51.9 million in the prior fiscal year with U.S.
patient usage of the Impella heart pumps up
45%.
-
The installed base for Impella 2.5(TM) heart
pumps grew by an additional 20 hospitals, which made initial
purchases of Impella heart pumps, bringing the installed customer
base to 1,020 sites. As part of Abiomed's continued Impella
CP® heart pump launch, 49 new U.S. hospitals purchased Impella CP,
bringing the total number to 788 sites with Impella CP heart
pumps.
-
The Impella RP® heart pump installed base had a
goal of 60 sites for the entire fiscal year. As of the end of the
third fiscal quarter, the Company is ahead of schedule, with an
additional 17 hospitals that made initial purchases of the Impella
RP during the quarter, bringing the total number of U.S. sites to
71 with Impella RP heart pumps.
-
Gross margin for fiscal third quarter 2016 was
85.1% compared to 84.1% in the third quarter of fiscal
2015.
-
Income from operations for the third quarter of
fiscal 2016 was $17.5 million, or 20.4% of revenue, compared to
$13.7 million, or 22.1% of revenue in the prior year
period.
-
The Company generated $20.7 million in cash,
cash equivalents and marketable securities, totaling $196.2 million
as of December 31, 2015, compared to $175.5 million at September
30, 2015. The Company currently has no debt.
-
In December 2015, the Company announced its
intent to purchase its Danvers, Massachusetts headquarters and is
continuing its due diligence for the final purchase.
"I am proud of our discipline and execution that
we have demonstrated in achieving this early phase of success. We
are operationally prepared with our sector expertise to take
advantage of this unique organic opportunity," said Michael R.
Minogue, Chairman, President and Chief Executive Officer, Abiomed.
"Abiomed is revolutionizing the treatment for heart failure by
focusing exclusively on the heart muscle and with new indications,
new geographies and new products on the horizon; the Impella
platform has a long runway for growth."
FISCAL YEAR 2016
OUTLOOK
The Company is increasing its fiscal year 2016 guidance for total
revenue to be approximately $326 million, indicating a growth rate
greater than 41% over the prior year. Previous guidance was in the
range of $305 million to $315 million, which had indicated an
increase of 32% to 37% from the prior year. This guidance projects
revenue to be approximately $90 million for the fourth quarter of
fiscal 2016.
The Company is increasing its fiscal year 2016
guidance for GAAP operating margin to greater than 17%, updated
from the previous guidance range of 15% to 17%.
EARNINGS CONFERENCE CALL
DETAILS
The Company will release full quarterly results for the third
quarter of fiscal 2016 and update the fiscal 2016 guidance via
conference call at 8 a.m. ET on Thursday, February 4, 2016. 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 February
4, 2016 through 11:59 p.m. EDT on February 6, 2016. The replay
phone number is (855) 859-2056; the international number is (404)
537-3406. The replay access code is 3101592.
The ABIOMED logo, ABIOMED,
Impella, Impella CP, Impella RP, and Symphony are registered
trademarks of Abiomed, Inc. in the U.S.A. and certain foreign
countries. Impella 2.5, Impella 5.0, Impella LD, Impella BTR,
Impella cVAD, Impella ECP, Recovering hearts. Saving lives., and
Protected PCI 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 Company's
guidance for fiscal 2016 revenue. 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 quarters ended June 30, 2015 and
September 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.
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Abiomed, Inc. and Subsidiaries |
|
Consolidated Balance Sheets |
|
(Unaudited) |
|
(in thousands, except share data) |
|
|
|
|
|
|
|
|
|
December 31, 2015 |
|
March 31, 2015 |
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash
and cash equivalents |
|
$ |
53,226 |
|
|
$ |
22,401 |
|
|
Short-term marketable securities |
|
|
142,968 |
|
|
|
109,557 |
|
|
Accounts receivable, net |
|
|
36,842 |
|
|
|
31,828 |
|
|
Inventories |
|
|
25,535 |
|
|
|
16,774 |
|
|
Prepaid expenses and other current assets |
|
|
4,115 |
|
|
|
4,479 |
|
|
Deferred tax assets, net |
|
|
19,059 |
|
|
|
35,100 |
|
|
Total current
assets |
|
|
281,745 |
|
|
|
220,139 |
|
|
Long-term marketable
securities |
|
|
- |
|
|
|
13,996 |
|
|
Property and
equipment, net |
|
|
15,020 |
|
|
|
9,127 |
|
|
Goodwill |
|
|
31,697 |
|
|
|
31,534 |
|
|
In-process research
and development |
|
|
14,786 |
|
|
|
14,711 |
|
|
Long-term deferred tax
assets, net |
|
|
43,956 |
|
|
|
45,206 |
|
|
Other assets |
|
|
4,422 |
|
|
|
3,654 |
|
|
Total assets |
|
$ |
391,626 |
|
|
$ |
338,367 |
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
Accounts payable |
|
$ |
8,836 |
|
|
$ |
10,389 |
|
|
Accrued expenses |
|
|
21,921 |
|
|
|
21,894 |
|
|
Deferred revenue |
|
|
6,913 |
|
|
|
7,036 |
|
|
Total current
liabilities |
|
|
37,670 |
|
|
|
39,319 |
|
|
Other long-term
liabilities |
|
|
236 |
|
|
|
183 |
|
|
Contingent
consideration |
|
|
7,392 |
|
|
|
6,510 |
|
|
Long-term deferred tax
liabilities |
|
|
799 |
|
|
|
795 |
|
|
Total liabilities |
|
|
46,097 |
|
|
|
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 - 43,777,675 shares at
December 31, 2015
and 42,618,717 shares at March 31, 2015; |
|
|
|
|
|
Outstanding - 42,437,354 shares at December 31, 2015 and
41,335,773
shares at March 31, 2015 |
|
|
|
|
|
Additional paid in capital |
|
|
495,991 |
|
|
|
465,046 |
|
|
Accumulated deficit |
|
|
(110,073 |
) |
|
|
(137,222 |
) |
|
Treasury stock at cost - 1,340,321 shares at December 31, 2015 and
1,282,944
shares at March 31, 2015 |
|
|
(23,255 |
) |
|
|
(19,347 |
) |
|
Accumulated other comprehensive loss |
|
|
(17,558 |
) |
|
|
(17,330 |
) |
|
Total stockholders'
equity |
|
|
345,529 |
|
|
|
291,560 |
|
|
Total liabilities and
stockholders' equity |
|
$ |
391,626 |
|
|
$ |
338,367 |
|
|
|
|
|
|
|
|
Abiomed, Inc. and Subsidiaries |
|
Consolidated Statements of Operations |
|
(Unaudited) |
|
(in thousands, except share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended December 31, |
|
For the Nine Months Ended December 31, |
|
|
|
2015 |
|
2014 |
|
2015 |
|
2014 |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Product revenue |
|
$ |
|
85,789 |
|
|
$ |
|
61,966 |
|
|
$ |
235,569 |
|
$ |
|
162,400 |
|
|
Funded
research and development |
|
|
|
6 |
|
|
|
|
39 |
|
|
|
17 |
|
|
|
354 |
|
|
|
|
|
|
85,795 |
|
|
|
|
62,005 |
|
|
|
235,586 |
|
|
|
162,754 |
|
|
Costs and
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost
of product revenue |
|
|
|
12,744 |
|
|
|
|
9,838 |
|
|
|
35,756 |
|
|
|
29,139 |
|
|
Research and development |
|
|
|
13,755 |
|
|
|
|
8,365 |
|
|
|
35,534 |
|
|
|
26,120 |
|
|
Selling, general and administrative |
|
|
|
41,853 |
|
|
|
|
30,139 |
|
|
|
119,005 |
|
|
|
91,192 |
|
|
|
|
|
|
68,352 |
|
|
|
|
48,342 |
|
|
|
190,295 |
|
|
|
146,451 |
|
|
Income from
operations |
|
|
|
17,443 |
|
|
|
|
13,663 |
|
|
|
45,291 |
|
|
|
16,303 |
|
|
Other income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment income, net |
|
|
|
84 |
|
|
|
|
48 |
|
|
|
209 |
|
|
|
128 |
|
|
Other
(loss) income, net |
|
|
|
(29 |
) |
|
|
|
(10 |
) |
|
|
111 |
|
|
|
(38 |
) |
|
|
|
|
|
55 |
|
|
|
|
38 |
|
|
|
320 |
|
|
|
90 |
|
|
Income before income
taxes |
|
|
|
17,498 |
|
|
|
|
13,701 |
|
|
|
45,611 |
|
|
|
16,393 |
|
|
Income tax
provision |
|
|
|
6,943 |
|
|
|
|
1,017 |
|
|
|
18,462 |
|
|
|
1,579 |
|
|
Net income |
|
$ |
|
10,555 |
|
|
$ |
|
12,684 |
|
|
$ |
27,149 |
|
$ |
|
14,814 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income per
share |
|
$ |
|
0.25 |
|
|
$ |
|
0.31 |
|
|
$ |
0.64 |
|
$ |
|
0.37 |
|
|
Basic weighted average
shares outstanding |
|
|
|
42,427 |
|
|
|
|
40,856 |
|
|
|
42,118 |
|
|
|
40,456 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income per
share |
|
$ |
|
0.23 |
|
|
$ |
|
0.30 |
|
|
$ |
0.61 |
|
$ |
|
0.35 |
|
|
Diluted weighted
average shares outstanding |
|
|
|
44,949 |
|
|
|
|
42,884 |
|
|
|
44,805 |
|
|
|
42,345 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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For further information please contact:
Ingrid Goldberg,
Director, Investor Relations
978-646-1590
ir@abiomed.com
Aimee Genzler
Director, Corporate Communications
978-646-1553
agenzler@abiomed.com
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX 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
HUG#1983614
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