Abiomed Announces Q2 FY 2018 Revenue of $132.8 Million, Up 29% and Record U.S. Patient Utilization, Up 33%
October 26 2017 - 7:00AM
YASTEST
DANVERS, Mass., Oct. 26, 2017 (GLOBE NEWSWIRE)
-- Abiomed, Inc. (NASDAQ:ABMD), a leading provider of
breakthrough heart support technologies, today reported second
quarter fiscal 2018 revenue of $132.8 million, an increase of 29%
compared to revenue of $103.0 million for the same period of fiscal
2017. Second quarter fiscal 2018 GAAP net income was $24.5 million
or $0.54 per diluted share, compared to GAAP net income of $8.9
million or $0.20 per diluted share for the prior year period.
Financial and operating highlights during the
second quarter of fiscal 2018 include:
-
Worldwide revenue from Impella heart pumps
totaled $127.4 million, an increase of 30% compared to revenue of
$97.9 million during the same period of the prior year. U.S.
revenue from Impella pumps grew 27% to $113.6 million and U.S.
patient usage grew 33%.
-
Outside the U.S., revenue from Impella heart
pumps totaled $13.8 million and was up 61%, predominantly from
Germany, which grew 64% in revenue from the prior year with record
number of patients.
-
The installed base for Impella 2.5® heart
pumps in the U.S. grew by an additional 17 hospitals, which made
initial purchases of Impella heart pumps, bringing the installed
customer base to 1,171 sites. The installed customer base for
Impella CP® heart
pumps grew by 31 new U.S. hospitals, bringing the total number of
Impella CP sites to 1,093. The installed customer base for Impella
5.0® heart
pumps grew by 12 new U.S. hospitals, bringing the total number of
Impella 5.0 sites to 484.
-
An additional 44 sites made initial purchases of
Impella RP® heart
pumps during the quarter, bringing the total number of sites to
186.
-
Gross margin of 84% compared to 83% of the prior
year.
-
Operating income was $31.7 million, or 24%
operating margin, compared to $14.5 million, or 14% operating
margin in the prior year.
-
GAAP net income was $24.5 million or $0.54 per
diluted share, which benefited from a new accounting standard that
required $4.5 million, or $0.10 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 $8.9 million or $0.20 per diluted share for the
prior year, before the new accounting standard.
-
The Company generated $30.1 million in cash,
cash equivalents and marketable securities, totaling $319.2 million
as of September 30, 2017, compared to $289.1 million at June 30,
2017. The Company currently has no debt.
-
On September 20, 2017, Abiomed received FDA PMA
approval for the Impella RP heart pump. With this approval, the
Impella RP heart pump is the only percutaneous temporary
ventricular support device that is FDA-approved as safe and
effective for right heart failure.
-
Today, Abiomed announced in a separate press
release the first patient treated with Impella® heart
pump in Japan. The Impella 2.5 and Impella 5.0 heart pumps are
approved for the treatment of drug-resistant acute heart failure
and are the first and only percutaneous temporary ventricular
support devices approved by the Pharmaceuticals and Medical Devices
Agency (PMDA) in Japan.
"This quarter, we set new records for supporting
patients in the U.S. and Germany and we continue to observe
improved clinical outcomes with our education and training
initiatives," said Michael R. Minogue, Chairman, President and
Chief Executive Officer, Abiomed. "I am proud of the team's ability
to consistently adapt and execute as we transform the standard of
care and build the Field of Heart Recovery."
FISCAL YEAR 2018
OUTLOOK
The Company is again increasing the lower end of its fiscal year
2018 revenue guidance by $5 million to a new range of $565 million
to $575 million, an increase in revenue of 27% to 29% from the
prior year. This compares to the Company's initial forecast
of $555 million to $575 million and a 25% to 29% increase from the
prior year. The Company is also increasing its fiscal year guidance
for GAAP operating margin to the range of 23% to 25%, from 22% to
24%.
CONFERENCE CALL
The Company will host a conference call to discuss the results on
Thursday, October 26, 2017, at 8:00 a.m. EDT. 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. EDT October
26, 2017 through 11:00 a.m. EDT on October 29, 2017. The replay
phone number is (855) 859-2056; the international number is (404)
537-3406. The replay access code is 95924236.
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, 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) |
|
|
|
|
|
|
|
|
|
September 30, 2017 |
|
March
31, 2017 |
|
ASSETS |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
|
$ |
44,536 |
|
|
$ |
39,040 |
|
|
Short-term marketable
securities |
|
|
218,661 |
|
|
|
190,908 |
|
|
Accounts receivable, net |
|
|
57,327 |
|
|
|
54,055 |
|
|
Inventories |
|
|
40,632 |
|
|
|
34,931 |
|
|
Prepaid expenses and other
current assets |
|
|
9,014 |
|
|
|
8,024 |
|
|
Total current assets |
|
|
370,170 |
|
|
|
326,958 |
|
|
Long-term marketable securities |
|
|
55,954 |
|
|
|
47,143 |
|
|
Property and equipment, net |
|
|
97,697 |
|
|
|
87,777 |
|
|
Goodwill |
|
|
34,332 |
|
|
|
31,045 |
|
|
In-process research and development |
|
|
16,016 |
|
|
|
14,482 |
|
|
Long-term deferred tax assets, net |
|
|
106,798 |
|
|
|
34,723 |
|
|
Other assets |
|
|
13,686 |
|
|
|
8,286 |
|
|
Total assets |
|
$ |
694,653 |
|
|
$ |
550,414 |
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Accounts payable |
|
$ |
16,667 |
|
|
$ |
20,620 |
|
|
Accrued expenses |
|
|
35,256 |
|
|
|
37,703 |
|
|
Deferred revenue |
|
|
10,584 |
|
|
|
10,495 |
|
|
Current portion of capital lease
obligation |
|
|
851 |
|
|
|
799 |
|
|
Total current liabilities |
|
|
63,358 |
|
|
|
69,617 |
|
|
Other long-term liabilities |
|
|
598 |
|
|
|
3,251 |
|
|
Contingent consideration |
|
|
9,835 |
|
|
|
9,153 |
|
|
Long-term deferred tax liabilities |
|
|
866 |
|
|
|
783 |
|
|
Capital lease obligation, net of current
portion |
|
|
15,110 |
|
|
|
15,539 |
|
|
Total liabilities |
|
|
89,767 |
|
|
|
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 |
|
|
442 |
|
|
|
437 |
|
|
Authorized - 100,000,000 shares;
Issued - 45,921,029 shares at September 30, 2017 and
45,249,281
shares at March 31, 2017 |
|
|
|
|
|
Outstanding - 44,200,784 shares
at September 30, 2017 and 43,673,286 shares
at March 31, 2017 |
|
|
|
|
|
Additional paid in capital |
|
|
592,081 |
|
|
|
565,962 |
|
|
Retained earnings (accumulated
deficit) |
|
|
90,164 |
|
|
|
(46,959 |
) |
|
Treasury stock at cost -
1,720,245 shares at September 30, 2017 and 1,575,995 shares at
March 31, 2017 |
|
|
(65,999 |
) |
|
|
(46,763 |
) |
|
Accumulated other comprehensive
loss |
|
|
(11,802 |
) |
|
|
(20,606 |
) |
|
Total stockholders' equity |
|
|
604,886 |
|
|
|
452,071 |
|
|
Total liabilities and stockholders' equity |
|
$ |
694,653 |
|
|
$ |
550,414 |
|
|
|
|
|
|
|
|
Abiomed, Inc. and
Subsidiaries |
Consolidated
Statements of Operations |
(Unaudited) |
(in thousands,
except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
September 30, |
|
Six
Months Ended
September 30, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
Product revenue |
$ |
132,782 |
|
|
$ |
102,928 |
|
|
$ |
265,213 |
|
$ |
205,917 |
|
Funded research and
development |
|
41 |
|
|
|
27 |
|
|
|
78 |
|
|
33 |
|
|
|
132,823 |
|
|
|
102,955 |
|
|
|
265,291 |
|
|
205,950 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
Cost of product revenue |
|
21,627 |
|
|
|
17,309 |
|
|
|
43,489 |
|
|
32,379 |
|
Research and development |
|
19,390 |
|
|
|
18,052 |
|
|
|
36,321 |
|
|
33,712 |
|
Selling, general and
administrative |
|
60,080 |
|
|
|
53,086 |
|
|
|
120,677 |
|
|
104,118 |
|
|
|
101,097 |
|
|
|
88,447 |
|
|
|
200,487 |
|
|
170,209 |
|
Income from operations |
|
31,726 |
|
|
|
14,508 |
|
|
|
64,804 |
|
|
35,741 |
|
Other income: |
|
|
|
|
|
|
|
|
|
|
|
Investment income, net |
|
781 |
|
|
|
342 |
|
|
|
1,416 |
|
|
611 |
|
Other (expense) income, net |
|
(23 |
) |
|
|
(114 |
) |
|
|
56 |
|
|
(191 |
) |
|
|
758 |
|
|
|
228 |
|
|
|
1,472 |
|
|
420 |
|
Income before income taxes |
|
32,484 |
|
|
|
14,736 |
|
|
|
66,276 |
|
|
36,161 |
|
Income tax provision (1) |
|
7,981 |
|
|
|
5,861 |
|
|
|
4,399 |
|
|
14,376 |
|
Net income |
$ |
24,503 |
|
|
$ |
8,875 |
|
|
$ |
61,877 |
|
$ |
21,785 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income per share |
$ |
0.56 |
|
|
$ |
0.21 |
|
|
$ |
1.41 |
|
$ |
0.51 |
|
Basic weighted average shares outstanding |
|
44,141 |
|
|
|
43,129 |
|
|
|
44,018 |
|
|
42,971 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income per share (2) |
$ |
0.54 |
|
|
$ |
0.20 |
|
|
$ |
1.36 |
|
$ |
0.49 |
|
Diluted weighted average shares outstanding |
|
45,698 |
|
|
|
44,580 |
|
|
|
45,655 |
|
|
44,493 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Income tax provision includes
the effect of the following item: |
|
|
|
|
|
|
|
|
|
|
|
Excess tax benefits related to
stock-based compensation awards * |
$ |
4,434 |
|
|
$ |
- |
|
|
$ |
21,276 |
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Diluted net income per share
includes the effect of the following item: |
|
|
|
|
|
|
|
|
|
|
|
Excess tax benefits related to
stock-based compensation awards * |
$ |
0.10 |
|
|
$ |
- |
|
|
$ |
0.47 |
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
* 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,
Director, Investor Relations
978-646-1590
ir@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
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