DANVERS, Mass., May 03, 2016 (GLOBE NEWSWIRE)
-- Abiomed, Inc. (NASDAQ:ABMD), a leading provider of
breakthrough heart support technologies, today reported fourth
quarter fiscal 2016 revenue of $94.0 million, an increase of 39%
compared to revenue of $67.6 million for the same period of fiscal
2015. For fiscal year 2016, total revenue was $329.5 million,
up 43% compared to revenue of $230.3 million in fiscal year 2015.
This revenue exceeds the third quarter upgraded fiscal year
guidance of $326 million.
Fourth quarter fiscal 2016 GAAP
net income was $11.0 million or $0.24 per diluted share. For the
full fiscal year, GAAP net income was $38.1 million or $0.85 per
diluted share.
Financial and operating highlights
during the fourth quarter of fiscal 2016 include:
- Fiscal fourth quarter worldwide Impella® heart
pump revenue totaled $88.6 million, an increase of 40% compared to
revenue of $63.4 million during the same period of the prior fiscal
year. Full year worldwide Impella revenue totaled $310.1
million, up 46% compared to $212.7 million for fiscal
2015.
- U.S. Impella heart pump revenue grew 42% to $81.8
million from $57.7 million in the prior fiscal year with U.S.
patient usage of the Impella heart pumps up 45%. Full year
U.S. Impella revenue totaled $287.2 million, up 50% compared to
$191.5 million in the prior fiscal year.
- The installed base for Impella 2.5(TM) heart
pumps grew by an additional 19 hospitals, which made initial
purchases of Impella heart pumps, bringing the installed customer
base to 1,039 sites. As part of Abiomed's continued Impella
CP® heart pump launch, 38 new U.S. hospitals purchased Impella CP,
bringing the total number to 826 sites.
- The installed base for Impella RP® heart pumps
grew by an additional 9 hospitals, bringing the total number to 80
sites.
- Gross margin for fiscal fourth quarter 2016 was
84.4% compared to 84.0% in the fourth quarter of fiscal 2015.
For the full fiscal year, gross margin was 84.7% compared to 82.7%
in the prior year.
- Income from operations for the fourth quarter of
fiscal 2016 was $19.8 million, or 21% operating margin,
compared to $12.4 million, or 18.3% of revenue in the prior year
period. For the full fiscal year, income from operations was $65.1
million, or 19.8% of revenue, compared to $28.7 million, or 12.4%
of revenue in the prior year.
- The Company generated $16.9 million in cash, cash
equivalents and marketable securities, totaling $213.1 million as
of March 31, 2016, compared to $196.2 million at December 31, 2015.
The Company currently has no debt.
- In the prior year, GAAP net income included an
income tax benefit of $86.5 million largely due to the release of
the valuation allowance on most of Abiomed's deferred tax assets.
The release of the valuation allowance was a one-time accounting
adjustment in the prior year. As such, fourth quarter fiscal 2015
GAAP net income was $98.9 million ($86.5 million driven by one-time
adjustment) or $2.24 per diluted share and full fiscal year GAAP
net income was $113.7 million or $2.65 per diluted share. As a
comparison basis, GAAP income before taxes for the fourth quarter
of fiscal 2016 was $20.2 million, as compared to $12.4 million, or
a 63% increase over prior year.
- On April 7, 2016, Abiomed announced that the
Impella 2.5, Impella CP and Impella 5.0(TM) heart pumps received
Food & Drug Administration (FDA) pre-market approval (PMA) for
cardiogenic shock. In the setting of cardiogenic shock, the Impella
therapy stabilizes a patient's hemodynamics, unloads the left
ventricle, perfuses the end organs and per the indication, allows
for heart recovery.
"Our performance validates Impella as the new
standard of care and Abiomed as one of the fastest growing, GAAP
profitable, medical technology companies. We have a long
run-way for growth as today we estimate that we have penetrated
only 5% of the total high risk patient population," said Michael R.
Minogue, Chairman, President and Chief Executive Officer, Abiomed.
"I am proud of our dedicated employees and grateful to our
customers that have enabled our company to create a new era of
medicine focused on the Field of Heart Recovery. Fiscal 2017
is positioned to be a fantastic year as we continue to execute our
plan with our exclusive regulatory approvals."
FISCAL YEAR
2017 OUTLOOK
The Company is giving its fiscal year 2017 guidance for total
revenues to be in the range of $430 million to $445 million, an
increase of 30% to 35% over the prior year. The Company is also
giving its fiscal year 2017 guidance for GAAP operating margin to
be in the range of 18% to 20%.
EARNINGS
CONFERENCE CALL DETAILS
The Company will host a conference call to discuss the results at 8
a.m. ET on Tuesday, May 3, 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. ET May 3, 2016 through 11:59 p.m. ET on May 5, 2016. The
replay phone number is (855) 859-2056; the international number is
(404) 537-3406. The replay access code is 75816370.
The ABIOMED
logo, ABIOMED, Impella, Impella CP, and Impella RP are registered
trademarks of Abiomed, Inc. in the U.S.A. and certain foreign
countries. Impella 2.5, Impella 5.0, Impella LD, 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. 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, September
30, 2015 and December 31, 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.
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
Abiomed, Inc. and Subsidiaries |
|
Consolidated Balance Sheets |
|
(Unaudited) |
|
(in thousands, except share data) |
|
|
|
|
|
|
|
|
|
March 31, 2016 |
|
March 31, 2015 |
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
|
$ |
48,231 |
|
|
$ |
22,401 |
|
|
Short-term marketable securities |
|
|
163,822 |
|
|
|
109,557 |
|
|
Accounts receivable, net |
|
|
42,821 |
|
|
|
31,828 |
|
|
Inventories |
|
|
26,740 |
|
|
|
16,774 |
|
|
Prepaid expenses and other current assets |
|
|
6,778 |
|
|
|
4,479 |
|
|
Total current assets |
|
|
288,392 |
|
|
|
185,039 |
|
|
Long-term marketable
securities |
|
|
1,000 |
|
|
|
13,996 |
|
|
Property and equipment,
net |
|
|
23,184 |
|
|
|
9,127 |
|
|
Goodwill |
|
|
33,003 |
|
|
|
31,534 |
|
|
In-process research and
development |
|
|
15,396 |
|
|
|
14,711 |
|
|
Long-term deferred tax assets,
net |
|
|
58,534 |
|
|
|
80,306 |
|
|
Other assets |
|
|
4,422 |
|
|
|
3,654 |
|
|
Total assets |
|
$ |
423,931 |
|
|
$ |
338,367 |
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Accounts payable |
|
$ |
9,381 |
|
|
$ |
10,389 |
|
|
Accrued expenses |
|
|
28,382 |
|
|
|
21,894 |
|
|
Deferred revenue |
|
|
8,778 |
|
|
|
7,036 |
|
|
Total current liabilities |
|
|
46,541 |
|
|
|
39,319 |
|
|
Other long-term
liabilities |
|
|
220 |
|
|
|
183 |
|
|
Contingent consideration |
|
|
7,563 |
|
|
|
6,510 |
|
|
Long-term deferred tax
liabilities |
|
|
832 |
|
|
|
795 |
|
|
Total liabilities |
|
|
55,156 |
|
|
|
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 |
|
|
426 |
|
|
|
413 |
|
|
Authorized - 100,000,000 shares; Issued - 43,973,119
shares at March 31, 2016 and 42,618,717 shares at March 31,
2015; |
|
|
|
|
|
Outstanding - 42,596,228 shares at March 31, 2016 and
41,335,773 shares at March 31, 2015 |
|
|
|
|
|
Additional paid in capital |
|
|
508,624 |
|
|
|
465,046 |
|
|
Accumulated deficit |
|
|
(99,075 |
) |
|
|
(137,222 |
) |
|
Treasury stock at cost - 1,376,891 shares at March 31,
2016 and 1,282,944 shares at March 31, 2015 |
|
|
(26,660 |
) |
|
|
(19,347 |
) |
|
Accumulated other comprehensive loss |
|
|
(14,540 |
) |
|
|
(17,330 |
) |
|
Total stockholders'
equity |
|
|
368,775 |
|
|
|
291,560 |
|
|
Total liabilities and
stockholders' equity |
|
$ |
423,931 |
|
|
$ |
338,367 |
|
|
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, |
|
|
2016 |
|
2015 |
|
2016 |
|
2015 |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
Product revenue |
$ |
93,951 |
|
$ |
|
67,550 |
|
|
$ |
329,520 |
|
$ |
|
229,950 |
|
|
Funded research and development |
|
6 |
|
|
|
7 |
|
|
|
23 |
|
|
|
361 |
|
|
|
|
93,957 |
|
|
|
67,557 |
|
|
|
329,543 |
|
|
|
230,311 |
|
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of product revenue |
|
14,663 |
|
|
|
10,806 |
|
|
|
50,419 |
|
|
|
39,945 |
|
|
Research and development |
|
14,225 |
|
|
|
9,853 |
|
|
|
49,759 |
|
|
|
35,973 |
|
|
Selling, general and administrative |
|
45,256 |
|
|
|
34,535 |
|
|
|
164,261 |
|
|
|
125,727 |
|
|
|
|
74,144 |
|
|
|
55,194 |
|
|
|
264,439 |
|
|
|
201,645 |
|
|
Income from operations |
|
19,813 |
|
|
|
12,363 |
|
|
|
65,104 |
|
|
|
28,666 |
|
|
Other income: |
|
|
|
|
|
|
|
|
|
|
|
|
Investment income, net |
|
186 |
|
|
|
68 |
|
|
|
395 |
|
|
|
196 |
|
|
Other income (expense), net |
|
228 |
|
|
|
(59 |
) |
|
|
339 |
|
|
|
(97 |
) |
|
|
|
414 |
|
|
|
9 |
|
|
|
734 |
|
|
|
99 |
|
|
Income before income
taxes |
|
20,227 |
|
|
|
12,372 |
|
|
|
65,838 |
|
|
|
28,765 |
|
|
Income tax provision
(benefit) |
|
9,229 |
|
|
|
(86,502 |
) |
|
|
27,691 |
|
|
|
(84,923 |
) |
|
Net income |
$ |
10,998 |
|
$ |
|
98,874 |
|
|
$ |
38,147 |
|
$ |
|
113,688 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income per
share |
$ |
0.26 |
|
$ |
|
2.40 |
|
|
$ |
0.90 |
|
$ |
|
2.80 |
|
|
Basic weighted average shares
outstanding |
|
42,463 |
|
|
|
41,168 |
|
|
|
42,204 |
|
|
|
40,632 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income per
share |
$ |
0.24 |
|
$ |
|
2.24 |
|
|
$ |
0.85 |
|
$ |
|
2.65 |
|
|
Diluted weighted average
shares outstanding |
|
45,112 |
|
|
|
44,049 |
|
|
|
44,895 |
|
|
|
42,858 |
|