Abiomed Announces Q1 FY 2018 Revenue of $132.5 Million, Up 29% Over Prior Year
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%.
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.
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
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|
|(in thousands, except share data)|
|June 30, 2017||March 31, 2017|
|Cash and cash equivalents||$||43,970||$||39,040|
|Short-term marketable securities||207,441||190,908|
|Accounts receivable, net||53,557||54,055|
|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|
|In-process research and development||15,487||14,482|
|Long-term deferred tax assets, net||113,457||34,723|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Current portion of capital lease obligation||829||799|
|Total current liabilities||59,005||69,617|
|Other long-term liabilities||588||3,251|
|Long-term deferred tax liabilities||837||783|
|Capital lease obligation, net of current portion||15,325||15,539|
|Commitments and contingencies|
|Class B Preferred Stock, $.01 par value||-||-|
|Authorized - 1,000,000 shares; Issued and outstanding - none|
|Common stock, $.01 par value||441||437|
|Authorized - 100,000,000 shares; Issued - 45,791,680 shares at June 30, 2017 and 45,249,281 shares at March 31, 2017|
|Outstanding - 44,080,941 shares at June 30, 2017 and 43,673,286 shares at March 31, 2017|
|Additional paid in capital||580,017||565,962|
|Retained earnings (accumulated deficit)||65,661||(46,959||)|
|Treasury stock at cost - 1,710,739 shares at June 30, 2017 and 1,575,995 shares at March 31, 2017||(64,567||)||(46,763||)|
|Accumulated other comprehensive loss||(14,508||)||(20,606||)|
|Total stockholders' equity||567,044||452,071|
|Total liabilities and stockholders' equity||$||652,217||$||550,414|
|Abiomed, Inc. and Subsidiaries|
|Consolidated Statements of Operations|
|(in thousands, except per share data)|
Three Months Ended
|Funded research and development||37||6|
|Costs and expenses:|
|Cost of product revenue||21,862||15,070|
|Research and development||16,931||15,660|
|Selling, general and administrative||60,597||51,032|
|Income from operations||33,078||21,233|
|Investment income, net||635||269|
|Other income (expense), net||79||(77||)|
|Income before income taxes||33,792||21,425|
|Income tax (benefit) provision (1)||(3,582||)||8,515|
|Basic net income per share||$||0.85||$||0.30|
|Basic weighted average shares outstanding||43,895||42,811|
|Diluted net income per share (2)||$||0.82||$||0.29|
|Diluted weighted average shares outstanding||45,608||45,178|
|(1) Income tax provision includes the effect of the following item:|
|Excess tax benefits related to stock-based compensation awards *||$||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
Senior Director, Public Relations and Corporate Communications
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
Följ NASDAQ OMX
Skriv in din e-postadress så får du ett mejl när vi har något nytt att berätta.
Senaste pressmeddelandena från NASDAQ OMX
XBiotech Announces First Patient in Study Evaluating MABp1 in Combination with Onivyde® and 5-fluorouracil/folinic acid for the Treatment of Pancreatic Cancer18.10.2017 16:53 | Pressmeddelande
AUSTIN, Texas, Oct. 18, 2017 (GLOBE NEWSWIRE) -- XBiotech Inc. (NASDAQ:XBIT) announced today enrollment of the first patient into a Phase I single arm study evaluating the maximum tolerated dose of Onivyde® (Irinotecan liposome injection) and 5-fluorouracil/folinic acid in combination with MABp1 in a cohort of patients with advanced pancreatic adenocarcinoma and cachexia. The patient has begun treatment at Cedars-Sinai Medical Center under the care of Dr. Andrew Hendifar, the Study's Principle Investigator, Medical Oncology lead for the Gastrointestinal Disease Research Group and Co-Director of Pancreas Oncology at Cedars-Sinai. A total of 16 patients are expected to be enrolled in the study. Dr. Hendifar commented, "We are excited to enroll our first patient in this novel combinatorial therapy for the treatment of advanced pancreatic cancer and cachexia. This is the first attempt to add an anti-inflammatory therapy to standard chemotherapy in an effort to improve the performanc
Nasdaq and SGX Establish Collaborative Listings Agreement18.10.2017 15:42 | Pressmeddelande
NEW YORK and SINGAPORE, Oct. 18, 2017 (GLOBE NEWSWIRE) -- Nasdaq Inc. (Nasdaq:NDAQ) and Singapore Exchange (SGX) today announced the signing of a collaborative agreement in a move to leverage their strengths as two of the leading listings venues in the U.S. and Asia respectively. The new agreement seeks to enhance the channels available for companies to access capital market funding and enhance their corporate profile in both markets. As part of this agreement, Nasdaq and SGX -- who also share a successful, long-term market technology relationship -- are currently exploring the demand among corporates for a concurrent or sequential listing on both exchanges. Nasdaq and SGX are committed to supporting companies that are interested in pursuing this route. "The business landscape today is borderless," said Loh Boon Chye, CEO, SGX. "Fast-growing Asian companies looking to tap the capital markets can choose to list on SGX on Asian home ground, and embark on a listing on Nasdaq
Momentum Group acquires remaining 70 percent of Knut Sehlins Industrivaruhus in Örnsköldsvik18.10.2017 15:00 | Pressmeddelande
TOOLS Sweden (part of Momentum Group) has owned 30 percent of the shares in Knut Sehlins Industrivaruhus AB ("Sehlins") in Örnsköldsvik, Sweden since 2007. Today, TOOLS acquired the remaining 70 percent of the shares in Sehlins, which thus becomes a wholly owned subsidiary. Sehlins generates annual revenue of approximately MSEK 40 and has 14 employees. Sehlins is one of the leading industrial resellers in Örnsköldsvik, an attractive and important market with a number of successful industrial companies. The aim of the acquisition for TOOLS is to continue developing Sehlins as a wholly owned business with a focus on delivering optimal service for existing and potential customers in the local market. Sehlins has been part of TOOLS since the chain was formed in 2003. Closing takes place in October 2017. The acquisition is expected to have a marginal impact on Momentum Group's earnings per share during the current financial year. Stockholm, 18 October 2017
Momentum Group förvärvar resterande 70 procent av Knut Sehlins Industrivaruhus i Örnsköldsvik18.10.2017 15:00 | Pressmeddelande
TOOLS Sverige (inom Momentum Group-koncernen) är sedan 2007 delägare med 30 procent av aktierna i Knut Sehlins Industrivaruhus AB ("Sehlins") i Örnsköldsvik. TOOLS har idag förvärvat resterande 70 procent av aktierna i Sehlins, vilket härigenom blir ett helägt dotterbolag. Sehlins omsätter cirka 40 MSEK per år och har 14 anställda. Sehlins är en av de ledande industriåterförsäljarna i Örnsköldsvik, en intressant och viktig marknad med ett antal framgångsrika industriföretag. Syftet med TOOLS förvärv är att fortsätta utveckla Sehlins som en helägd verksamhet med fokus på att serva nuvarande och potentiella kunder på den lokala marknaden på bästa sätt. Sehlins har varit en del av TOOLS sedan starten av kedjan 2003. Tillträde sker i oktober 2017. Förvärvet bedöms ha en marginell påverkan på Momentum Groups resultat per aktie under innevarande räkenskapsår. Stockholm den 18 oktober 2017 Momentum Group AB (publ) För ytterligare inf
Colliers International Expands in Washington, D.C.18.10.2017 14:30 | Pressmeddelande
Acquisition of Beltway Real Estate Services Firm Strengthens Ongoing Commitment to the Region TORONTO and WASHINGTON, Oct. 18, 2017 (GLOBE NEWSWIRE) -- Leading global commercial real estate services firm Colliers International Group Inc. (NASDAQ:CIGI)(TSX:CIGI) announced today the acquisition of leading tenant representation advisory firm Serten Advisors. With its office in Tysons Corner, the firm serves global, national, and regional clients with a highly skilled and experienced team of professionals that have more than 100 years of combined experience. "This strategic acquisition positions Colliers to gain additional market share and win new business in the vibrant and competitive Suburban DC markets," said Marty Pupil, Colliers International President | U.S. Brokerage. "Adding Steve and Paul and the rest of their talented leadership team to our existing group of professionals in the region will further position Colliers as the commercial real estate services firm of
InSphero to Present Novel 3D Human Liver Fibrosis Model at Annual Liver Meeting® in Washington, DC18.10.2017 14:00 | Pressmeddelande
InSphero AG / InSphero to Present Novel 3D Human Liver Fibrosis Model at Annual Liver Meeting® in Washington, DC . Processed and transmitted by Nasdaq Corporate Solutions. The issuer is solely responsible for the content of this announcement. New 3D InSight(TM) Human Liver Fibrosis Model represents a powerful tool for screening efficacy and safety of anti-fibrotic drugs in vitro. Schlieren, Switzerland, Oct. 18, 2017 (GLOBE NEWSWIRE) -- InSphero AG, the leading supplier of assay-ready 3D cell culture models for accelerating drug discovery and development, will present data characterizing and demonstrating the utility of its new 3D InSight(TM) Human Liver Fibrosis Model for screening efficacy of anti-fibrotic drugs. The findings will be presented at oral and poster presentations this Friday at the annual meeting of the American Association for the Study of Liver Disease (AASLD) Conference in Washington, DC. Anti-fibrotic therapi
I vårt pressrum kan du läsa de senaste pressmeddelandena, få tillgång till pressmaterial och hitta kontaktinformation.Besök vårt pressrum