Abiomed Announces Q3 FY 2016 Revenue of $85.8 Million, Up 38% Over Prior Year
February 04 2016 - 7:00AM
Abiomed, Inc. (NASDAQ:ABMD), a leading provider of breakthrough
heart support technologies, today reported third quarter fiscal
2016 revenue of $85.8 million, an increase of 38% compared to
revenue of $62.0 million for the same period of fiscal 2015.
Third quarter fiscal 2016 GAAP net income was $10.6 million
or $0.23 per diluted share, compared to GAAP net income of $12.7
million or $0.30 per diluted share for the prior year period.
Financial and operating highlights during the
third quarter of fiscal 2016 include:
- Fiscal third quarter worldwide Impella® heart pump revenue
totaled $81.0 million, an increase of 41% compared to revenue of
$57.4 million during the same period of the prior fiscal
year. U.S. Impella heart pump revenue grew 45% to $75.0
million from $51.9 million in the prior fiscal year with U.S.
patient usage of the Impella heart pumps up 45%.
- The installed base for Impella 2.5™ heart pumps grew by an
additional 20 hospitals, which made initial purchases of Impella
heart pumps, bringing the installed customer base to 1,020
sites. As part of Abiomed's continued Impella CP® heart pump
launch, 49 new U.S. hospitals purchased Impella CP, bringing the
total number to 788 sites with Impella CP heart pumps.
- The Impella RP® heart pump installed base had a goal of 60
sites for the entire fiscal year. As of the end of the third fiscal
quarter, the Company is ahead of schedule, with an additional 17
hospitals that made initial purchases of the Impella RP during the
quarter, bringing the total number of U.S. sites to 71 with Impella
RP heart pumps.
- Gross margin for fiscal third quarter 2016 was 85.1% compared
to 84.1% in the third quarter of fiscal 2015.
- Income from operations for the third quarter of fiscal 2016 was
$17.5 million, or 20.4% of revenue, compared to $13.7 million, or
22.1% of revenue in the prior year period.
- The Company generated $20.7 million in cash, cash equivalents
and marketable securities, totaling $196.2 million as of December
31, 2015, compared to $175.5 million at September 30, 2015. The
Company currently has no debt.
- In December 2015, the Company announced its intent to purchase
its Danvers, Massachusetts headquarters and is continuing its due
diligence for the final purchase.
“I am proud of our discipline and execution that we have
demonstrated in achieving this early phase of success. We are
operationally prepared with our sector expertise to take advantage
of this unique organic opportunity,” said Michael R. Minogue,
Chairman, President and Chief Executive Officer, Abiomed. “Abiomed
is revolutionizing the treatment for heart failure by focusing
exclusively on the heart muscle and with new indications, new
geographies and new products on the horizon; the Impella platform
has a long runway for growth.”
FISCAL YEAR 2016 OUTLOOKThe
Company is increasing its fiscal year 2016 guidance for total
revenue to be approximately $326 million, indicating a growth rate
greater than 41% over the prior year. Previous guidance was in the
range of $305 million to $315 million, which had indicated an
increase of 32% to 37% from the prior year. This guidance projects
revenue to be approximately $90 million for the fourth quarter of
fiscal 2016.
The Company is increasing its fiscal year 2016 guidance for GAAP
operating margin to greater than 17%, updated from the previous
guidance range of 15% to 17%.
EARNINGS CONFERENCE CALL
DETAILSThe Company will release full quarterly results for
the third quarter of fiscal 2016 and update the fiscal 2016
guidance via conference call at 8 a.m. ET on Thursday, February 4,
2016. 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 February
4, 2016 through 11:59 p.m. EDT on February 6, 2016. The replay
phone number is (855) 859-2056; the international number is (404)
537-3406. The replay access code is 3101592.
The ABIOMED logo, ABIOMED, Impella, Impella CP,
Impella RP, and Symphony are registered trademarks of Abiomed, Inc.
in the U.S.A. and certain foreign countries. Impella 2.5, Impella
5.0, Impella LD, Impella BTR, Impella cVAD, Impella ECP, Recovering
hearts. Saving lives., and Protected PCI 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
includes forward-looking statements. These forward-looking
statements generally can be identified by the use of words such as
“anticipate,” “expect,” “plan,” “could,” “may,” “will,” “believe,”
“estimate,” “forecast,” “goal,” “project,” and other words of
similar meaning. These forward-looking statements address
various matters including, the Company’s guidance for fiscal 2016
revenue. Each forward-looking statement contained in this press
release is subject to risks and uncertainties that could cause
actual results to differ materially from those expressed or implied
by such statement. Applicable risks and uncertainties
include, among others, 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
the risks identified under the heading “Risk Factors” in the
Company's Annual Report on Form 10-K for the year ended March 31,
2015 and the Company’s Quarterly Report on Form 10-Q for the
quarters ended June 30, 2015 and September 30, 2015, each filed
with the Securities and Exchange Commission, as well as other
information the Company files with the SEC. We caution
investors not to place considerable reliance on the forward-looking
statements contained in this press release. You are
encouraged to read our filings with the SEC, available at
www.sec.gov, for a discussion of these and other risks and
uncertainties. The forward-looking statements in this press
release speak only as of the date of this release and the Company
undertakes no obligation to update or revise any of these
statements. Our business is subject to substantial risks and
uncertainties, including those referenced above. Investors,
potential investors, and others should give careful consideration
to these risks and uncertainties.
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Abiomed, Inc. and Subsidiaries |
|
Consolidated Balance Sheets |
|
(Unaudited) |
|
(in thousands, except share data) |
|
|
|
|
|
|
|
|
|
December 31, 2015 |
|
March 31, 2015 |
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
Current
assets: |
|
|
|
|
|
Cash and cash equivalents |
|
$ |
53,226 |
|
|
$ |
22,401 |
|
|
Short-term marketable
securities |
|
|
142,968 |
|
|
|
109,557 |
|
|
Accounts receivable, net |
|
|
36,842 |
|
|
|
31,828 |
|
|
Inventories |
|
|
25,535 |
|
|
|
16,774 |
|
|
Prepaid expenses and other current
assets |
|
|
4,115 |
|
|
|
4,479 |
|
|
Deferred tax assets, net |
|
|
19,059 |
|
|
|
35,100 |
|
|
Total
current assets |
|
|
281,745 |
|
|
|
220,139 |
|
|
Long-term marketable securities |
|
|
— |
|
|
|
13,996 |
|
|
Property
and equipment, net |
|
|
15,020 |
|
|
|
9,127 |
|
|
Goodwill |
|
|
31,697 |
|
|
|
31,534 |
|
|
In-process research and development |
|
|
14,786 |
|
|
|
14,711 |
|
|
Long-term deferred tax assets, net |
|
|
43,956 |
|
|
|
45,206 |
|
|
Other
assets |
|
|
4,422 |
|
|
|
3,654 |
|
|
Total
assets |
|
$ |
391,626 |
|
|
$ |
338,367 |
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
Accounts payable |
|
$ |
8,836 |
|
|
$ |
10,389 |
|
|
Accrued expenses |
|
|
21,921 |
|
|
|
21,894 |
|
|
Deferred revenue |
|
|
6,913 |
|
|
|
7,036 |
|
|
Total
current liabilities |
|
|
37,670 |
|
|
|
39,319 |
|
|
Other
long-term liabilities |
|
|
236 |
|
|
|
183 |
|
|
Contingent consideration |
|
|
7,392 |
|
|
|
6,510 |
|
|
Long-term deferred tax liabilities |
|
|
799 |
|
|
|
795 |
|
|
Total
liabilities |
|
|
46,097 |
|
|
|
46,807 |
|
|
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 |
|
|
424 |
|
|
|
413 |
|
|
Authorized - 100,000,000 shares;
Issued - 43,777,675 shares at December 31, 2015 and 42,618,717
shares at March 31, 2015; |
|
|
|
|
|
Outstanding - 42,437,354 shares at
December 31, 2015 and 41,335,773 shares at March 31, 2015 |
|
|
|
|
|
Additional paid in capital |
|
|
495,991 |
|
|
|
465,046 |
|
|
Accumulated deficit |
|
|
(110,073 |
) |
|
|
(137,222 |
) |
|
Treasury stock at cost - 1,340,321
shares at December 31, 2015 and 1,282,944 shares at March 31,
2015 |
|
|
(23,255 |
) |
|
|
(19,347 |
) |
|
Accumulated other comprehensive
loss |
|
|
(17,558 |
) |
|
|
(17,330 |
) |
|
Total
stockholders' equity |
|
|
345,529 |
|
|
|
291,560 |
|
|
Total
liabilities and stockholders' equity |
|
$ |
391,626 |
|
|
$ |
338,367 |
|
|
|
|
|
|
|
|
Abiomed, Inc. and Subsidiaries |
|
Consolidated Statements of
Operations |
|
(Unaudited) |
|
(in thousands, except share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended December
31, |
|
For the Nine Months Ended December
31, |
|
|
|
2015 |
|
2014 |
|
2015 |
|
2014 |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Product revenue |
|
$ |
|
85,789 |
|
|
$ |
|
61,966 |
|
|
$ |
235,569 |
|
$ |
|
162,400 |
|
|
Funded research and
development |
|
|
|
6 |
|
|
|
|
39 |
|
|
|
17 |
|
|
|
354 |
|
|
|
|
|
|
85,795 |
|
|
|
|
62,005 |
|
|
|
235,586 |
|
|
|
162,754 |
|
|
Costs
and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of product revenue |
|
|
|
12,744 |
|
|
|
|
9,838 |
|
|
|
35,756 |
|
|
|
29,139 |
|
|
Research and development |
|
|
|
13,755 |
|
|
|
|
8,365 |
|
|
|
35,534 |
|
|
|
26,120 |
|
|
Selling, general and
administrative |
|
|
|
41,853 |
|
|
|
|
30,139 |
|
|
|
119,005 |
|
|
|
91,192 |
|
|
|
|
|
|
68,352 |
|
|
|
|
48,342 |
|
|
|
190,295 |
|
|
|
146,451 |
|
|
Income
from operations |
|
|
|
17,443 |
|
|
|
|
13,663 |
|
|
|
45,291 |
|
|
|
16,303 |
|
|
Other
income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment income, net |
|
|
|
84 |
|
|
|
|
48 |
|
|
|
209 |
|
|
|
128 |
|
|
Other (loss) income, net |
|
|
|
(29 |
) |
|
|
|
(10 |
) |
|
|
111 |
|
|
|
(38 |
) |
|
|
|
|
|
55 |
|
|
|
|
38 |
|
|
|
320 |
|
|
|
90 |
|
|
Income
before income taxes |
|
|
|
17,498 |
|
|
|
|
13,701 |
|
|
|
45,611 |
|
|
|
16,393 |
|
|
Income
tax provision |
|
|
|
6,943 |
|
|
|
|
1,017 |
|
|
|
18,462 |
|
|
|
1,579 |
|
|
Net
income |
|
$ |
|
10,555 |
|
|
$ |
|
12,684 |
|
|
$ |
27,149 |
|
$ |
|
14,814 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
net income per share |
|
$ |
|
0.25 |
|
|
$ |
|
0.31 |
|
|
$ |
0.64 |
|
$ |
|
0.37 |
|
|
Basic
weighted average shares outstanding |
|
|
|
42,427 |
|
|
|
|
40,856 |
|
|
|
42,118 |
|
|
|
40,456 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
net income per share |
|
$ |
|
0.23 |
|
|
$ |
|
0.30 |
|
|
$ |
0.61 |
|
$ |
|
0.35 |
|
|
Diluted
weighted average shares outstanding |
|
|
|
44,949 |
|
|
|
|
42,884 |
|
|
|
44,805 |
|
|
|
42,345 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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For further information please contact:
Ingrid Goldberg,
Director, Investor Relations
978-646-1590
ir@abiomed.com
Aimee Genzler
Director, Corporate Communications
978-646-1553
agenzler@abiomed.com
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