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Share Name | Share Symbol | Market | Type |
---|---|---|---|
ABIOMED Inc | NASDAQ:ABMD | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 381.02 | 381.02 | 381.02 | 0 | 01:00:00 |
Abiomed, Inc. (NASDAQ: ABMD), a leading provider of breakthrough heart recovery and support technologies, today reported first quarter fiscal 2020 revenue of $207.7 million, an increase of 15.4% compared to revenue of $180.0 million for the same period of fiscal 2019. Operating income was $60.7 million, up 30%, compared to $46.7 million in the same period of fiscal 2019.
“In Q1, we implemented new training programs, organizational changes in distribution, and launched external initiatives that will require time to drive more growth in the future,” said Abiomed Chairman, President and CEO, Michael R. Minogue. “We are confident in our ultimate global adoption because we know that our innovation improves clinical outcomes and patient quality of life.”
Financial and operating highlights for the first quarter fiscal 2020 include:
FISCAL YEAR 2020 OUTLOOK
The company is revising its fiscal year 2020 guidance for total revenues to be in the range of $885 million to $925 million, an increase of 15% to 20% over the prior year. The company is also revising its fiscal year 2020 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 8:00 a.m. EST on Thursday, August 1, 2019. 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 https://edge.media-server.com/mmc/p/yatfouke or dial (855) 212-2361; the international number is (678) 809-1538. A replay of this conference call will be available beginning at 11:00 a.m. EST August 1, 2019 through 11:00 a.m. EST on August 8, 2019. The replay phone number is (855) 859-2056; the international number is (404) 537-3406. The replay access code is 9696367.
ABOUT ABIOMED
Based in Danvers, Massachusetts, USA, 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.
Abiomed, Impella, Impella 2.5, Impella 5.0, Impella LD, Impella CP, Impella RP, and Impella Connect are registered trademarks of Abiomed, Inc., and are registered in the U.S. and certain foreign countries. Impella BTR, Impella 5.5, Impella ECP, CVAD Study, and SmartAssist are pending trademarks of Abiomed, Inc.
FORWARD-LOOKING STATEMENTS
This release contains forward-looking statements, including, without limitation, statements regarding development of Abiomed's existing and new products, the company's progress toward commercial growth, and future opportunities and expected regulatory approvals. All statements, other than statements of historical facts, may be forward-looking statements. These forward-looking statements may be accompanied by such words as “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “potential,” “project,” “target,” “should,” “likely,” “will” and other words and terms of similar meaning. The company's actual results may differ materially from those anticipated in these forward-looking statements based upon a number of factors, including, without limitation: the company’s dependence on Impella® products for all of its revenues; the company’s ability to successfully compete against its existing or potential competitors; the acceptance of the company’s products by cardiac surgeons and interventional cardiologists; long sales and training cycles associated with expansion into new hospital cardiac centers; reduced market acceptance of the company’s products due to lengthy clinician training process; the company’s ability to effectively manage its growth; the company’s ability to successfully commercialize its products; the company’s ability to obtain regulatory approvals and market and sell its products in certain jurisdictions; enforcement actions and product liability suits relating to off-label uses of the company’s products; unsuccessful clinical trials or procedures relating to products under development; the company’s ability to maintain compliance with regulatory requirements; the failure of third-party payers to provide reimbursement of the company’s products; the company’s ability to increase manufacturing capacity to support continued demand for its products; the company or its vendors’ failure to achieve and maintain high manufacturing standards; the failure of the company’s suppliers to provide the components the company requires; the company’s ability to expand its direct sales activities into international markets; and other risks and challenges detailed in the company's filings with the Securities and Exchange Commission (the “SEC”), including the most recently filed Annual Report on Form 10-K and the filings subsequently filed with or furnished to the SEC. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this release. Unless otherwise required by law, 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) June 30, 2019 March 31, 2019 ASSETS Current assets: Cash and cash equivalents$
101,048
$
121,021
Short-term marketable securities
385,624
370,677
Accounts receivable, net
86,206
90,809
Inventories
87,726
80,942
Prepaid expenses and other current assets
16,761
13,748
Total current assets
677,365
677,197
Long-term marketable securities
40,032
21,718
Property and equipment, net
151,654
145,005
Goodwill
33,035
32,601
In-process research and development
15,411
15,208
Long-term deferred tax assets, net
66,743
77,502
Other assets
140,820
85,115
Total assets
$
1,125,060
$
1,054,346
LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable
$
29,688
$
32,185
Accrued expenses
51,941
57,420
Deferred revenues
16,193
16,393
Other current liabilities
2,379
— Total current liabilities
100,201
105,998
Contingent consideration
9,931
9,575
Long-term deferred tax liabilities
833
822
Other long-term liabilities
11,502
1,061
Total liabilities
122,467
117,456
Stockholders' equity: Class B Preferred Stock, $.01 par value — — Authorized - 1,000,000 shares; Issued and outstanding - none Common stock, $.01 par value
454
451
Authorized - 100,000,000 shares; Issued - 47,435,945 shares at June 30, 2019and 47,026,226 shares at March 31, 2019 Outstanding - 45,374,278 shares at June 30, 2019 and 45,122,985 sharesat March 31, 2019 Additional paid in capital
704,884
690,507
Retained earnings
488,396
399,473
Treasury stock at cost - 2,061,667 shares at June 30, 2019 and 1,903,241 shares atMarch 31, 2019
(179,386
)
(138,852
)
Accumulated other comprehensive loss
(11,755
)
(14,689
)
Total stockholders' equity
1,002,593
936,890
Total liabilities and stockholders' equity
$
1,125,060
$
1,054,346
Abiomed, Inc. and Subsidiaries Consolidated Statements of Operations (Unaudited) (in thousands, except per share data) For the Three Months Ended June 30,
2019
2018
Revenue$
207,666
$
180,010
Costs and expenses: Cost of revenue
37,073
30,850
Research and development
23,790
21,273
Selling, general and administrative
86,078
81,139
146,941
133,262
Income from operations
60,725
46,748
Other income: Investment income, net
3,049
1,551
Other income, net
39,364
188
42,413
1,739
Income before income taxes
103,138
48,487
Income tax provision (benefit)
14,215
(41,579
)
Net income (A)$
88,923
$
90,066
Basic net income per share
$
1.97
$
2.02
Basic weighted average shares outstanding
45,215
44,546
Diluted net income per share (B)
$
1.93
$
1.95
Diluted weighted average shares outstanding
46,092
46,169
(A) Net income includes the effect of the following items: Excess tax benefits related to stock-based compensation awards (1)
$
(12,821
)
$
(53,837
)
Unrealized gain on investment in Shockwave Medical - net of tax (2)
(29,998
)
—$
(42,819
)
$
(53,837
)
(B) Diluted net income per share includes the effect of the following items: Excess tax benefits related to stock-based compensation awards (1)$
(0.28
)
$
(1.17
)
Unrealized gain on investment in Shockwave Medical - net of tax (2)
(0.65
)
—$
(0.93
)
$
(1.17
)
(1) Amount represents the impact of excess tax benefits and shortfalls associated with stock-based awards in each respective period presented.
(2) In the first quarter of fiscal 2020, the company recorded an unrealized gain on its investment in Shockwave Medical of $39.6 million ($30.0 million, net of tax provision) and is recorded within other income, net.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190801005302/en/
Ingrid Goldberg Director, Investor Relations 978-646-1590 ir@abiomed.com
Tom Langford Director, Communications & Public Relations 978-882-8408 tlangford@abiomed.com
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