Abiomed Announces Q4 FY 2016 Revenue of $94.0 Million, Up 39% Over Prior Year
May 03 2016 - 7:00AM
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™ 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™ 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 OUTLOOKThe
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
DETAILSThe 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
Relations978-646-1590ir@abiomed.com
Aimee GenzlerDirector, Corporate
Communications978-646-1553 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 |
|
|
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