NASDAQ OMX

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

Dela

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 31, 2017   March 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 
March 31,
  Fiscal Years Ended 
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@abiomed.com

Adrienne Smith
Senior Director, Public Relations and Corporate Communications
978-646-1553
adsmith@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

Om

NASDAQ OMX
NASDAQ OMX



Följ NASDAQ OMX

Abonnera på våra pressmeddelanden.

Senaste pressmeddelandena från NASDAQ OMX

Oxford Immunotec to Present at the 29th Annual Piper Jaffray Healthcare Conference21.11.2017 15:15Pressmeddelande

OXFORD, United Kingdom and MARLBOROUGH, Mass., Nov. 21, 2017 (GLOBE NEWSWIRE) -- Oxford Immunotec Global PLC (Nasdaq:OXFD), a global, high-growth diagnostics company focused on developing and commercializing proprietary tests for the management of underserved immune-regulated conditions, today announced that Peter Wrighton-Smith, Chief Executive Officer, will present at the 29th Annual Piper Jaffray Healthcare Conference on Tuesday, November 28th, at 12:00 p.m. EST. The conference will be held at the Lotte New York Palace. A live webcast of the presentation will be available online from the investor relations page of the Company's corporate website at www.oxfordimmunotec.com. A webcast replay will be available approximately two hours after the live presentation and will be archived on the website for approximately 90 days. About Oxford Immunotec Oxford Immunotec Global PLC is a global, high-growth diagnostics company focused on developing and comme

OmniComm Systems Signs Letter of Intent to Acquire Certain Assets of Algorithm and its Subsidiary Algorics21.11.2017 14:00Pressmeddelande

Acquisition Will Expand OmniComm's Product Line With Data Analytics and Risk-Based Monitoring Solutions FORT LAUDERDALE, Fla., Nov. 21, 2017 (GLOBE NEWSWIRE) -- OmniComm Systems, Inc. (OTCQX:OMCM), a leading global provider of clinical data management technology, and  Algorithm, Inc. and its subsidiaries Algorics Ltd. and Algorithm Informatics Pvt. Ltd. (collectively, "Algorics"), have signed a letter of intent ("LOI"), under which OmniComm will acquire certain assets and assume certain liabilities of Algorics, a provider of clinical analytics solutions and software. By combining forces, the companies expect increased operating efficiency, strengthened traction in the maturing risk-based approach solution area, new marketing opportunities and an expanded portfolio of electronic data capture (EDC) solutions for the global clinical trials industry. The transaction would also provide OmniComm with an office in India, a country of growing importance in t

CrownBio's Translatable FATZO Model Utilized in Eli Lilly's Preclinical Type 2 Diabetes Research Programs21.11.2017 14:00Pressmeddelande

SANTA CLARA, Calif., Nov. 21, 2017 (GLOBE NEWSWIRE) -- Crown Bioscience, a wholly-owned subsidiary of Crown Bioscience International (TWSE: ticker 6554) and a global drug discovery and development services company providing translational platforms to advance oncology, inflammation, cardiovascular and metabolic disease research, announces the publication of two new papers. These joint publications illustrate the utility of Crown Bioscience's proprietary FATZO model as a model for obesity and type 2 diabetes in preclinical studies. The research conducted by Crown Bioscience, Eli Lilly and Company and Ball State University was published in two PLOS ONE papers: Peterson et al. Glucose dysregulation and response to common anti-diabetic agents in the FATZO/Pco model PLOS One 2017;12 (6):e0179856, https://doi.org/10.1371/journal.pone.0179856  Droz et al. Correlation of disease severity with body weight and high fat diet in the FATZO/Pco model PLOS One 2017;1

Port Moresby Stock Exchange (POMSoX) Launches New Nasdaq Trading System21.11.2017 11:31Pressmeddelande

NEW YORK and PORT MORESBY, Papua New Guinea, Nov. 21, 2017 (GLOBE NEWSWIRE) -- Nasdaq Inc. (NASDAQ:NDAQ) and the Port Moresby Stock Exchange (POMSoX) have announced that POMSoX has gone live with the widely deployed Nasdaq Matching Engine that operates on the Nasdaq Financial Framework platform. The launch of the new trading platform is a result of an upgrade from previous Nasdaq trading technology. The new trading engine will handle the trading of equities in the Papua New Guinea market. POMSoX has been a customer of Nasdaq since 1999.  "The Nasdaq trading platform will allow significant innovation in terms of market design and market offerings," said Johnson Kalo, a POMSoX board member said. "We believe the platform will provide strong support for future growth in the PNG market and provide new business opportunities in areas such as market data distribution." "We are pleased to continue to support POMSoX, a longstanding Nasdaq customer," said Robert Frojd, Regional Man

CloudCraze Joins the Pledge 1% Movement, Makes Commitment to Philanthropic Leadership21.11.2017 08:00Pressmeddelande

CloudCraze will leverage profit and employee time to improve communities around the world LONDON, Nov. 21, 2017 (GLOBE NEWSWIRE) -- CloudCraze, the enterprise B2B commerce platform built natively on Salesforce, has joined Pledge 1%, a corporate philanthropy movement dedicated to making the community a key stakeholder in every business. Spearheaded by Atlassian, Rally, Salesforce and Tides, Pledge 1% empowers companies to donate 1% of product, 1% of equity, 1% of profit or 1% of employee time to improve communities around the world. CloudCraze is joining an impressive network of entrepreneurs and companies across the globe that have committed to philanthropic efforts through the Pledge 1% movement. By pledging 1% of its profit and employee time, CloudCraze is demonstrating a commitment to philanthropic leadership. "We are incredibly excited that CloudCraze has taken the pledge," said Amy Lesnick, chief executive of Pledge 1%. "CloudCraze can play a pivotal role i

HemChecks avläsare kalibrerad med toppresultat - Regulatorisk20.11.2017 16:18Pressmeddelande

HemChecks avläsare kalibrerad med toppresultat Det medicintekniska bolaget HemCheck, som utvecklar ett patientnära test för detektion av hemolys, kan idag meddela att den digitala avläsare som utgör en del av bolagets produktkoncept Helge, kalibrerats med mycket gott resultat. Detta skedde genom studier i egen regi. Avläsaren kan nu färdigställas och produktkonceptet kommer därmed ett steg närmare CE-märkning. Som ett led i att färdigställa bolagets produktkoncept Helge har HemCheck under hösten utfört studier i egen regi med hjälp av blod från frivilliga bloddonatorer. Syftet var att kalibrera avläsaren och på så sätt möjliggöra en patientnära avläsning av hemolys, det vill säga redan på ett tidigt stadium avgöra om blodprovet är användbart och kan ska skickas till analys.   -Enkelt utryckt har vi lärt avläsaren att mäta hemolys på våra engångstester. Det är en viktig milstolpe och en stor framgång. Nu känner vi oss redo

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

Besök vårt pressrum