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Abiomed Announces Q4 FY 2018 Revenue of $174 Million, Up 40%, and Total Year Revenue of $594 Million, Up 33%, Over Prior Year

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Total Year Operating Income was $157.1 Million, up 74% Over Prior Year

DANVERS, Mass., May 03, 2018 (GLOBE NEWSWIRE) -- ABIOMED, Inc. (NASDAQ:ABMD), a leading provider of breakthrough heart recovery and support technologies, today reported fourth quarter fiscal 2018 revenue of $174.4 million, an increase of 40% compared to revenue of $124.7 million for the same period of fiscal 2017.  For fiscal year 2018, total revenue was $593.7 million, up 33% compared to revenue of $445.3 million and operating income was $157.1 million, up 74% compared to operating income of $90.1 million in fiscal year 2017.

Recent financial and operating highlights include:

  • Worldwide Impella® heart pump revenue for the quarter totaled $168.3 million, an increase of 42% compared to revenue of $118.9 million during the same period of the prior fiscal year.  Full year worldwide Impella heart pump revenue totaled $570.9 million for fiscal 2018, an increase of 35% compared to revenue of $423.7 million for the prior year.
     
  • U.S. Impella heart pump revenue for the quarter totaled $146.2 million, an increase of 35% compared to revenue of $108.2 million during the same period in the prior fiscal year with U.S. patient usage of the Impella heart pumps up 35%.  Full year U.S. Impella revenue totaled $505.1 million, up 30% compared to $387.5 million in the prior fiscal year with U.S. patient usage of the Impella heart pumps up 32%.
     
  • Outside the U.S., fourth quarter revenue from Impella heart pumps totaled $22.1 million and was up 107% over prior year, predominantly from Germany, which recorded $15.0 million, up 95% over prior year.  Full year revenue from Impella heart pumps outside of the U.S. totaled $65.7 million and was up 81% year over year, predominantly from Germany, which recorded $45.2 million, up 70%.  Additionally, the Company began its commercial launch in Japan in September and recorded $2.9 million in revenue for the fiscal year 2018.
     
  • Gross margin for fourth quarter 2018 was 82.7% compared to 84.6% in the fourth quarter of prior fiscal year. For the full fiscal year 2018, gross margin was 83.4% compared to 84.1% in the prior year.
     
  • Operating income for the fourth quarter was $47.6 million, or 27.3% operating margin, compared to $29.0 million, or 23.3% operating margin in the prior year. For the full fiscal year 2018, operating income was $157.1 million, or 26.5% of revenue, compared to $90.1 million, or 20.2% of revenue in the prior fiscal year.
     
  • Fourth quarter fiscal 2018 GAAP net income was $36.8 million or $0.80 per diluted share compared to $14.9 million or $0.33 per diluted share for the prior fiscal year. Full fiscal year 2018 GAAP net income was $112.2 million or $2.45 per diluted share compared to $52.1 million or $1.17 per diluted share for the prior fiscal year.
     
  • The Company generated $49.1 million in cash, cash equivalents and marketable securities in the fourth quarter of fiscal 2018, bringing the total to $399.8 million as of March 31, 2018. The Company currently has no debt.
     
  • On February 13, 2018, the Company received approval for an expanded FDA indication for cardiomyopathy, including peripartum cardiomyopathy and myocarditis, with cardiogenic shock and announced Abiomed's Women's Initiative for Heart Recovery.
     
  • On February 14, 2018, the Company received approval for an expanded FDA indication for high risk percutaneous coronary intervention (PCI) procedures for severely complex patients with mild, moderate and severely depressed ejection fraction.
     
  • On March 30, 2018, the Company appointed new Vice President and Chief Financial Officer Todd A. Trapp.
     
  • On April 2, 2018, the Company received FDA approval for Impella CP® with SmartAssist(TM) and Optical Sensor.
     
  • On April 4, 2018, the Company announced European Approval (CE Marking) for Impella 5.5(TM) and first patient treated at University Heart Center Hamburg in Germany.

"Abiomed delivered another record quarter and fiscal year. I am proud of our Patients First execution and operational discipline from research to manufacturing to customer support. We earned multiple global regulatory approvals in the US, Germany and Japan on new products, new indications and reimbursement," said Michael R. Minogue, Chairman, President and Chief Executive Officer, ABIOMED, Inc.  "Fiscal 2019 is positioned to be another outstanding year and we appreciate the investment from our shareholders. I am also grateful to the dedicated employees and customers that have enabled us to serve our patients and achieve our corporate goals around heart recovery."

FISCAL YEAR 2019 OUTLOOK
The Company is giving its fiscal year 2019 guidance for total revenues to be in the range of $740 million to $770 million, an increase of 25% to 30% over the prior year. The Company is also giving its fiscal year 2019 guidance for GAAP operating margin to be in the range of 28% to 30%.

EARNINGS CONFERENCE CALL DETAILS
The Company will host a conference call to discuss the results at 8 a.m. ET on Thursday, May 3, 2018. The conference call releasing full quarterly results will be hosted by Michael R. Minogue, Chairman, President and Chief Executive Officer and Todd A. Trapp, 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. ET May 3, 2018 through 11:00 a.m. ET on May 10, 2018. The replay phone number is (855) 859-2056; the international number is (404) 537-3406. The replay access code is 448 8806.

The ABIOMED logo, ABIOMED, IMPELLA, IMPELLA 2.5, IMPELLA 5.0, IMPELLA LD, IMPELLA CP, IMPELLA RP, IMPELLA BTR, IMPELLA 5.5, and IMPELLA ECP are registered marks or trademarks of ABIOMED, Inc., and are registered in the U.S. and certain foreign countries. AB5000 and cVAD REGISTRY, 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, 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.

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)  
           
    March 31, 2018   March 31, 2017  
           
ASSETS          
Current assets:          
Cash and cash equivalents   $   42,975     $   39,040    
Short-term marketable securities       319,274         190,908    
Accounts receivable, net        70,010         54,055    
Inventories        50,204         34,931    
Prepaid expenses and other current assets       11,808         8,024    
Total current assets       494,271         326,958    
Long-term marketable securities       37,502         47,143    
Property and equipment, net       117,167         87,777    
Goodwill       35,808         31,045    
In-process research and development       16,705         14,482    
Long-term deferred tax assets, net       70,746         34,723    
Other assets       14,176         8,286    
Total assets   $   786,375     $   550,414    
LIABILITIES AND STOCKHOLDERS' EQUITY          
Current liabilities:          
Accounts payable   $   23,565     $   20,620    
Accrued expenses       46,147         37,703    
Deferred revenue       14,970         10,495    
Current portion of capital lease obligation       -         799    
Total current liabilities       84,682         69,617    
Other long-term liabilities       776         3,251    
Contingent consideration       10,490         9,153    
Long-term deferred tax liabilities       903         783    
Capital lease obligation, net of current portion       -         15,539    
Total liabilities       96,851         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       444         437    
Authorized - 100,000,000 shares; Issued - 46,100,649 shares at March 31, 2018 and 45,249,281 shares at March 31, 2017;          
Outstanding - 44,375,337 shares at March 31, 2018 and 43,673,286 shares at March 31, 2017          
Additional paid in capital       619,905         565,962    
Retained earnings (Accumulated deficit)       140,457         (46,959 )  
Treasury stock at cost - 1,725,312 shares at March 31, 2018 and 1,575,995 shares at March 31, 2017       (67,078 )       (46,763 )  
Accumulated other comprehensive loss       (4,204 )       (20,606 )  
Total stockholders' equity       689,524         452,071    
Total liabilities and stockholders' equity   $   786,375     $   550,414    
           

 

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,
  2018     2017     2018     2017  
Revenue $   174,436     $   124,680     $   593,749     $   445,304  
Costs and expenses:                      
Cost of revenue      30,098         19,261         98,581         70,627  
Research and development      21,270         16,325         75,297         66,386  
Selling, general and administrative      75,501         60,100         262,734         218,153  
      126,869         95,686         436,612         355,166  
Income from operations     47,567         28,994         157,137         90,138  
Other income:                      
Investment income, net     1,303         486         3,688         1,554  
Other (expense) income, net     (363 )       (124 )       (388 )       (349 )
      940         362         3,300         1,205  
Income before income taxes     48,507         29,356         160,437         91,343  
Income tax provision     11,660         14,457         48,267         39,227  
Net income $   36,847     $   14,899     $   112,170     $   52,116  
                       
Basic net income per share $   0.83     $   0.34     $   2.54     $   1.21  
Basic weighted average shares outstanding     44,320         43,579         44,153         43,238  
                       
Diluted net income per share $   0.80     $   0.33     $   2.45     $   1.17  
Diluted weighted average shares outstanding     46,141         44,924         45,849         44,658  

 

 

 




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

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