NASDAQ OMX

Abiomed Announces Q3 FY 2018 Record Revenue of $154 Million, Up 34% Over Prior Year

Dela


U.S. Patient Utilization Grew 33%, Year Over Year

DANVERS, Mass., Feb. 01, 2018 (GLOBE NEWSWIRE) -- Abiomed, Inc. (NASDAQ:ABMD), a leading provider of breakthrough heart support and recovery technologies, today reported third quarter fiscal 2018 revenue of $154.0 million, an increase of 34% compared to revenue of $114.7 million for the same period of fiscal 2017.

Financial and operating highlights during the third quarter of fiscal 2018 include:

  • Worldwide revenue from Impella heart pumps totaled $148.0 million, an increase of 36% compared to revenue of $109.2 million during the same period in the prior year. U.S. revenue from Impella pumps grew 30% to $130.7 million and U.S. patient usage grew 33%.

  • Outside the U.S., revenue from Impella heart pumps totaled $17.3 million and was up 94% year over year, predominantly from Germany, which recorded $11.4 million, up 71%. Additionally, the Company recorded $1.1 million in revenue from Japan.

  • The installed base for Impella 2.5® heart pumps in the U.S. grew by an additional 10 hospitals, which made initial purchases of Impella heart pumps, bringing the installed customer base to 1,181 sites. The installed customer base for Impella CP® heart pumps grew by 41 new U.S. hospitals, bringing the total number of Impella CP sites to 1,134. The installed customer base for Impella 5.0® heart pumps grew by 14 new U.S. hospitals, bringing the total number of Impella 5.0 sites to 498.

  • An additional 36 sites made initial purchases of Impella RP® heart pumps during the quarter, bringing the total number of sites to 222.

  • Third quarter fiscal 2018 GAAP net income was $13.4 million, or $0.29 per diluted share. Third quarter fiscal 2018 adjusted* net income before the recently enacted Tax Reform Act was $32.2 million, or $0.70 per diluted share, compared to $15.4 million or $0.34 per diluted share for the prior year period.  Third quarter fiscal 2018 adjusted* net income included income tax expense adjustments of approximately $18.8 million, or $0.41 per diluted share due primarily to the recently enacted Tax Reform Act and excess tax benefits on employee share-based compensation awards, which were not applicable in the prior year period.

  • Gross margin was 83.8% compared to 83.4% in the prior year.

  • Operating income was $44.8 million, or 29.1% operating margin, compared to $25.4 million, or 22.2% operating margin in the prior year.

  • The Company generated $56.7 million in cash from operating activities during the third quarter. Cash, cash equivalents and marketable securities totaled $350.7 million as of December 31, 2017, compared to $319.2 million at September 30, 2017. The Company currently has no debt.

  • In October 2017, the Company officially closed on the purchase of its Danvers, Massachusetts global headquarters for $16.5 million.

"It is an exciting time for the company as we collaborate with our customers to improve patient outcomes and the standard of care for circulatory support," said Michael R. Minogue, Chairman, President and Chief Executive Officer, Abiomed. "The Field of Heart Recovery is growing and Abiomed is well positioned to capture the $5 billion U.S. market opportunity, while planting the seeds for future growth in global markets."

FISCAL YEAR 2018 OUTLOOK
The Company is increasing its fiscal year 2018 revenue guidance again to approximately $583 million, an increase of approximately 31% from the prior year. This compares to the Company's prior fiscal 2018 guidance of $565 million to $575 million and a 27% to 29% increase from the prior year. This guidance projects revenue to be approximately $164 million for the fourth quarter of fiscal 2018. The Company is increasing its fiscal year guidance for GAAP operating margin to approximately 26%.  This compares to the Company's prior fiscal 2018 guidance of 23% to 25%.

CONFERENCE CALL
The Company will host a conference call to discuss the results on Thursday, February 1, 2018, at 8:00 a.m. EST. Michael R. Minogue, Chairman, President and Chief Executive Officer and Robert L. Bowen, former 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 February 1, 2018 through 11:00 a.m. EST on February 8, 2017. The replay phone number is (855) 859-2056; the international number is (404) 537-3406. The replay access code is 2967997.

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, future opportunities, expected regulatory approvals and fiscal year 2018 revenue and operating margin expectations. 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.

* USE OF NON-GAAP MEASURES
To supplement its consolidated financial statements, which are prepared and presented in accordance with accounting principles generally accepted in the United States ("GAAP"), the Company uses the following non-GAAP financial measures: adjusted net income and adjusted net income per diluted share. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. The Company uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. The Company believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding the provisional income tax expense related to the Tax Reform Act; and the excess tax benefits associated with share-based compensation arrangements. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning, forecasting, and analyzing future periods. These non-GAAP financial measures also facilitate management's internal comparisons to its historical performance and liquidity. The Company believes these non-GAAP financial measures are useful to investors because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by institutional investors and the analyst community to help them analyze the performance of the Company's business.

Adjusted net income and adjusted net income per diluted share. The Company defines adjusted net income as net income, net of the provisional income tax expense related to the Tax Reform Act and the excess tax benefits associated with share-based compensation arrangements. The Company defines adjusted net income per diluted share as adjusted net income divided by diluted shares used for GAAP purposes which are calculated as the weighted average outstanding shares plus dilutive potential shares outstanding during the period. See below for a reconciliation of adjusted net income and adjusted net income per diluted share to net income and net income per diluted share.

For further information please contact: 

Ingrid Goldberg,
Director, Investor Relations
978-646-1590
ir@abiomed.com

 

Abiomed, Inc. and Subsidiaries  
Consolidated Balance Sheets  
(Unaudited)  
(in thousands, except share data)  
           
    December 31, 2017   March 31, 2017  
ASSETS          
Current assets:          
Cash and cash equivalents   $   50,502     $   39,040    
Short-term marketable securities       250,751         190,908    
Accounts receivable, net        64,862         54,055    
Inventories        46,891         34,931    
Prepaid expenses and other current assets       9,192         8,024    
Total current assets       422,198         326,958    
Long-term marketable securities       49,485         47,143    
Property and equipment, net       107,977         87,777    
Goodwill       34,814         31,045    
In-process research and development       16,241         14,482    
Long-term deferred tax assets, net       75,201         34,723    
Other assets       13,686         8,286    
Total assets   $   719,602     $   550,414    
LIABILITIES AND STOCKHOLDERS' EQUITY          
Current liabilities:          
Accounts payable   $   21,991     $   20,620    
Accrued expenses       41,565         37,703    
Deferred revenue       11,797         10,495    
Current portion of capital lease obligation       -         799    
Total current liabilities       75,353         69,617    
Other long-term liabilities       466         3,251    
Contingent consideration       10,423         9,153    
Long-term deferred tax liabilities       878         783    
Capital lease obligation, net of current portion       -         15,539    
Total liabilities       87,120         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       443         437    
Authorized - 100,000,000 shares; Issued - 45,995,445 shares at December 31, 2017 and 45,249,281 shares at March 31, 2017           
Outstanding - 44,271,905 shares at December 31, 2017 and 43,673,286 shares
at March 31, 2017
         
Additional paid in capital       605,697         565,962    
Retained earnings (accumulated deficit)       103,610         (46,959 )  
Treasury stock at cost - 1,723,540 shares at December 31, 2017 and 1,575,995 shares at March 31, 2017        (66,622 )       (46,763 )  
Accumulated other comprehensive loss       (10,646 )       (20,606 )  
Total stockholders' equity       632,482         452,071    
Total liabilities and stockholders' equity   $   719,602     $   550,414    
           

 

Abiomed, Inc. and Subsidiaries
Consolidated Statements of Operations
(Unaudited)
(in thousands, except per share data)
                       
  Three Months Ended
December 31,
  Nine Months Ended
December 31,
  2017     2016     2017     2016  
Revenue:                      
Product revenue $   153,989     $   114,624     $   419,202     $   320,541  
Funded research and development     33         50         111         83  
      154,022         114,674         419,313         320,624  
Costs and expenses:                      
Cost of product revenue      24,994         18,987         68,483         51,366  
Research and development      17,706         16,349         54,027         50,061  
Selling, general and administrative      66,556         53,935         187,233         158,053  
      109,256         89,271         309,743         259,480  
Income from operations     44,766         25,403         109,570         61,144  
Other income:                      
Investment income, net     969         457         2,385         1,068  
Other expense, net     (81 )       (34 )       (25 )       (225 )
      888         423         2,360         843  
Income before income taxes     45,654         25,826         111,930         61,987  
Income tax provision     32,208         10,394         36,607         24,770  
Net income $   13,446     $   15,432     $   75,323     $   37,217  
                       
Basic net income per share $   0.30      $    0.36     $   1.71      $    0.86  
Basic weighted average shares outstanding     44,247         43,431         44,095         43,125  
                       
Diluted net income per share $   0.29      $    0.34     $   1.65      $    0.83  
Diluted weighted average shares outstanding     45,869         44,770         45,731         44,597  

 

Abiomed, Inc. and Subsidiaries
Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures
(Unaudited)
(in thousands, except per share data)
                       
  Three Months Ended
December 31,
  Nine Months Ended
December 31,
  2017     2016   2017     2016
                       
GAAP net income $ 13,446     $ 15,432   $ 75,323     $ 37,217
GAAP net income includes the effect of the following items:                      
Effect of the Tax Reform Act on net deferred tax assets *   21,957       -     21,957       -
Excess tax benefits related to stock-based compensation awards **   (3,214 )     -     (24,490 )     -
    18,743       -     (2,533 )     -
Adjusted net income $ 32,189     $ 15,432   $ 72,790     $ 37,217
                       
                       
GAAP net income per share - diluted $ 0.29     $ 0.34   $ 1.65     $ 0.83
GAAP diluted net income per share includes the effect of the following items:                      
Effect of the Tax Reform Act on net deferred tax assets *   0.48       -     0.48       -
Excess tax benefits related to stock-based compensation awards **   (0.07 )     -     (0.54 )     -
  $ 0.41     $ -   $ (0.06 )   $ -
Adjusted net income per share - diluted $ 0.70     $ 0.34   $ 1.59     $ 0.83
                       
                       
Shares used in calculation of adjusted net income per diluted share   45,869       44,770     45,731       44,597
                       
                       
* On December 22, 2017, the Tax Cut and Jobs Act ("the Tax Reform Act") was enacted into law. This new tax law, among other items, reduces the U.S. federal statutory corporate income tax rate from 35% to 21% effective January 1, 2018. During the three and nine months ended December 31, 2017, the Company recorded a one-time income tax expense adjustment related to the revaluation of its deferred taxes due to a reduction of the U.S. federal statutory corporate income tax rate.
 
** 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.

 

 

 

 

 




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

Om

NASDAQ OMX
NASDAQ OMX



Följ NASDAQ OMX

Abonnera på våra pressmeddelanden.

Senaste pressmeddelandena från NASDAQ OMX

Fentress Architects: The Future of Airports as Civic Spaces21.5.2018 22:27Pressmeddelande

The European Cultural Centre and Global Art Affairs Foundation invited Fentress Architects and North Carolina State University College of Design to participate in the 2018 Venice Architecture Biennale May 26-November 25, 2018, at the historic Palazzo Bembo. Denver, Colo. - May 21, 2018, May 21, 2018 (GLOBE NEWSWIRE) -- Architecture students from North Carolina State University College of Design will join Fentress at the Palazzo Bembo to present their designs for airports of the future. Fentress has been guiding students in preparation for the exhibition, which allows 11 students to embark on a once-in-a-lifetime opportunity to travel to Italy for the 2018 Venice Biennale of Architecture. Their designs will be featured in the "Time Space Existence" exhibit, offering the public a glimpse at the future of airport design. The students are participating in an Airport Design course with Principal in Charge of Design Curt Fentress, FAIA, RIBA, and Alumni Distinguished Professor of Architectur

Oxford Immunotec's T-SPOT®.TB Test Included in the World Health Organization's First-Ever Essential Diagnostics List21.5.2018 22:15Pressmeddelande

OXFORD, United Kingdom and MARLBOROUGH, Mass., May 21, 2018 (GLOBE NEWSWIRE) -- Oxford Immunotec Global PLC (Nasdaq:OXFD), a global, high-growth diagnostics company, today announced that the Company's T-SPOT.TB test for tuberculosis (TB) infection has been included in the World Health Organization (WHO) Model List of Essential In Vitro Diagnostics (EDL) - First Edition. The EDL includes the 113 most important tests recommended by WHO for use at various levels of the health care system. These essential diagnostics satisfy the priority health care needs of the population and were selected with due regard to disease prevalence and public health relevance, evidence of efficacy and accuracy, and comparative cost-effectiveness. 58 of the tests listed are for the detection and diagnosis of a wide range of common conditions, providing an essential package that can form the basis for screening and management of patients. The remaining 55 tests are designed for the detection, diagnosis, and moni

Virgin Pulse and RedBrick Health Joining Forces to Create World's Largest Digital Employee Wellbeing and Engagement Company21.5.2018 17:00Pressmeddelande

Merger Will Create First and Only One-Stop-Shop for Employee Health, Wellbeing and Benefits Engagement; Combined Company Will Have More Than 3,300 Customers Across 190 Countries PROVIDENCE, R.I., May 21, 2018 (GLOBE NEWSWIRE) -- Providence-based Virgin Pulse and Minneapolis-based RedBrick Health announced today that the industry pioneers will merge, creating the world's largest, most comprehensive digital health and engagement company. This powerful combination will deliver the industry's only fully integrated digital platform, with benefits navigation and live coaching to support global clients and members across the entire health, wellbeing and benefits lifecycle - from screening and assessment to activation, behavior change and the adoption of sustainable, healthy habits. "We are thrilled to join with RedBrick to set a new vision and standard for employee health, wellbeing and engagement," said David Osborne, Virgin Pulse CEO, who will serve as CEO of the combined company. "Bringing

Hotels.com App Wins 2018 MediaPost Appy Award in Travel & Tourism Category21.5.2018 16:00Pressmeddelande

Developed by EPAM, app is recognized for creativity and excellence in app design NEWTOWN, Pa., May 21, 2018 (GLOBE NEWSWIRE) -- Hotels.com® and EPAM Systems, Inc. (NYSE:EPAM) announced their triumphant win at the 2018 MediaPost Appy Awards in the Travel and Tourism category this week. The Hotels.com mobile app, developed in collaboration with EPAM Systems, Inc., a leading global provider of digital platform engineering and software development services, has been crowned the best app developed for airlines, hotels, travel search engines, destinations, cruises, travel advice or car rentals. With over 70 million downloads and a 4.5+ star rating from consumers on both iOS and Android app stores, the Hotels.com app has now been recognized by the industry leading Appy Awards, which honor creativity and excellence in app design. The app provides a simple, fast and secure way for users to plan, book and manage hotel reservations, and allows travelers to book hundreds of thousands of places to

Karolinska Development's portfolio company Pharmanest appoints new CEO21.5.2018 15:01Pressmeddelande

STOCKHOLM, May 21, 2018. Karolinska Development's portfolio company Pharmanest AB announces the appointment of Helena Jansson as new Chief Executive Officer. Helena is an experienced life science executive, with a proven track record of successful business development and commercialization of pharmaceutical products. She replaces Gunilla Lundmark, who leaves her position after seven years. Helena Jansson has long experience in the life science industry and a broad knowledge base with a focus on business development and commercialization of pharmaceutical portfolios. She has spent a substantial part of her career at Medivir AB, in positions such as Business Unit Director, Head of Supply Chain and Director Alliance Management. In 2017, Pharmanest signed an outlicensing agreement with Gedeon Richter, a leading European pharmaceutical company within women's health. The agreement gives Gedeon Richter the marketing and sales rights to commercialize Pharmanest's first product SHACT (Short Act

Karolinska Development's portfolio company Pharmanest appoints new CEO21.5.2018 15:01Pressmeddelande

STOCKHOLM, May 21, 2018. Karolinska Development's portfolio company Pharmanest AB announces the appointment of Helena Jansson as new Chief Executive Officer. Helena is an experienced life science executive, with a proven track record of successful business development and commercialization of pharmaceutical products. She replaces Gunilla Lundmark, who leaves her position after seven years. Helena Jansson has long experience in the life science industry and a broad knowledge base with a focus on business development and commercialization of pharmaceutical portfolios. She has spent a substantial part of her career at Medivir AB, in positions such as Business Unit Director, Head of Supply Chain and Director Alliance Management. In 2017, Pharmanest signed an outlicensing agreement with Gedeon Richter, a leading European pharmaceutical company within women's health. The agreement gives Gedeon Richter the marketing and sales rights to commercialize Pharmanest's first product SHACT (Short Act

I vårt pressrum kan du läsa de senaste pressmeddelandena, få tillgång till pressmaterial och hitta kontaktinformation.

Besök vårt pressrum