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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 |
Protected PCI Utilization Growth of 70% in the U.S.
DANVERS, Mass., Oct. 29, 2015 (GLOBE NEWSWIRE) -- Abiomed, Inc. (NASDAQ:ABMD), a leading provider of breakthrough heart support technologies, today reported second quarter fiscal 2016 revenue of $76.4 million, an increase of 47% compared to revenue of $51.9 million for the same period of fiscal 2015. Second quarter fiscal 2016 GAAP net income was $7.7 million or $0.17 per diluted share, an increase of 103% and 89% respectively, compared to GAAP net income of $3.8 million or $0.09 per diluted share for the prior year period.
Financial and operating highlights during the second quarter of fiscal 2016 include:
"We have had an exciting start to fiscal year 2016 with first half revenue growth of 49% and establishment of Protected PCI(TM) as a new indication. As evidenced by our patient growth and awareness at TCT, Protected PCI has been validated by physicians that treat higher risk patients requiring percutaneous hemodynamic support in the cath lab," said Michael R. Minogue, Chairman, President and Chief Executive Officer, Abiomed. "We are confident that in the years ahead, Abiomed will deliver strong growth, support new indications and countries, and launch new best in class products. As always, Abiomed is committed to meaningfully impacting the lives of our patients and helping our physicians improve outcomes."
FISCAL YEAR 2016 OUTLOOK
The Company is increasing its fiscal year 2016 guidance for total revenue to be in the range of $305 million to $315 million, up from $300 million to $310 million, representing an increase in revenue of 32% to 37% from the prior year.
The Company is updating its fiscal year guidance for GAAP operating margin to be in the range of 15% to 17%, from the previous guidance range of 14% to 16%.
CONFERENCE CALL
The Company will release financial results for the second quarter of fiscal 2016. The Company will host a conference call to discuss the results on Thursday, October 29, 2015, at 8:00 a.m. EDT. Michael R. Minogue, Chairman, President and Chief Executive Officer; Michael Tomsicek, Vice President and 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 29, 2015 through 11:59 p.m. EDT on October 31, 2015. The replay phone number is (855) 859-2056; the international number is (404) 537-3406. The replay access code is 55643535.
The ABIOMED logo, ABIOMED, Impella, Impella RP and Impella CP are registered trademarks of Abiomed, Inc. in the U.S.A. and certain foreign countries. Impella ECP, Impella BTR, Protected PCI, Recovering Hearts. Saving lives and cVAD 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 development of Abiomed's existing and new products, the Company's progress toward commercial growth, the Company's guidance for fiscal 2016 revenue and GAAP operating margins and future opportunities. 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 quarter ended June 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.
Abiomed, Inc. and Subsidiaries | ||||||||
Consolidated Balance Sheets | ||||||||
(Unaudited) | ||||||||
(in thousands, except share data) | ||||||||
September 30, 2015 | March 31, 2015 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 54,421 | $ | 22,401 | ||||
Short-term marketable securities | 121,087 | 109,557 | ||||||
Accounts receivable, net | 37,119 | 31,828 | ||||||
Inventories | 23,032 | 16,774 | ||||||
Prepaid expenses and other current assets | 4,030 | 4,479 | ||||||
Deferred tax assets, net | 25,715 | 35,100 | ||||||
Total current assets | 265,404 | 220,139 | ||||||
Long-term marketable securities | - | 13,996 | ||||||
Property and equipment, net | 11,420 | 9,127 | ||||||
Goodwill | 32,676 | 31,534 | ||||||
In-process research and development | 15,243 | 14,711 | ||||||
Long-term deferred tax assets, net | 44,240 | 45,206 | ||||||
Other assets | 4,423 | 3,654 | ||||||
Total assets | $ | 373,406 | $ | 338,367 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 8,788 | $ | 10,389 | ||||
Accrued expenses | 18,861 | 21,894 | ||||||
Deferred revenue | 6,803 | 7,036 | ||||||
Total current liabilities | 34,452 | 39,319 | ||||||
Other long-term liabilities | 217 | 183 | ||||||
Contingent consideration | 6,817 | 6,510 | ||||||
Long-term deferred tax liabilities | 824 | 795 | ||||||
Total liabilities | 42,310 | 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 - 43,756,550 shares at September 30, 2015 and 42,618,717 shares at March 31, 2015; | ||||||||
Outstanding - 42,417,469 shares at September 30, 2015 and 41,335,773 shares at March 31, 2015 | ||||||||
Additional paid in capital | 489,463 | 465,046 | ||||||
Accumulated deficit | (120,628 | ) | (137,222 | ) | ||||
Treasury stock at cost - 1,339,081 shares at September 30, 2015 and 1,282,944 shares at March 31, 2015 | (23,157 | ) | (19,347 | ) | ||||
Accumulated other comprehensive loss | (15,006 | ) | (17,330 | ) | ||||
Total stockholders' equity | 331,096 | 291,560 | ||||||
Total liabilities and stockholders' equity | $ | 373,406 | $ | 338,367 |
Abiomed, Inc. and Subsidiaries | ||||||||||||||||
Consolidated Statements of Operations | ||||||||||||||||
(Unaudited) | ||||||||||||||||
(in thousands, except share data) | ||||||||||||||||
For the Three Months Ended September 30, | For the Six Months Ended September 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Revenue: | ||||||||||||||||
Product revenue | $ | 76,354 | $ | 51,774 | $ | 149,780 | $ | 100,434 | ||||||||
Funded research and development | 5 | 164 | 11 | 315 | ||||||||||||
76,359 | 51,938 | 149,791 | 100,749 | |||||||||||||
Costs and expenses: | ||||||||||||||||
Cost of product revenue | 12,144 | 9,612 | 23,012 | 19,301 | ||||||||||||
Research and development | 11,569 | 8,693 | 21,779 | 17,755 | ||||||||||||
Selling, general and administrative | 39,829 | 29,455 | 77,152 | 61,053 | ||||||||||||
63,542 | 47,760 | 121,943 | 98,109 | |||||||||||||
Income from operations | 12,817 | 4,178 | 27,848 | 2,640 | ||||||||||||
Other income (loss): | ||||||||||||||||
Investment income, net | 62 | 36 | 125 | 80 | ||||||||||||
Other income (loss), net | 87 | (39 | ) | 140 | (28 | ) | ||||||||||
149 | (3 | ) | 265 | 52 | ||||||||||||
Income before income taxes | 12,966 | 4,175 | 28,113 | 2,692 | ||||||||||||
Income tax provision | 5,231 | 336 | 11,519 | 562 | ||||||||||||
Net income | $ | 7,735 | $ | 3,839 | $ | 16,594 | $ | 2,130 | ||||||||
Basic net income per share | $ | 0.18 | $ | 0.09 | $ | 0.40 | $ | 0.05 | ||||||||
Basic weighted average shares outstanding | 42,228 | 40,448 | 41,963 | 40,256 | ||||||||||||
Diluted net income per share | $ | 0.17 | $ | 0.09 | $ | 0.37 | $ | 0.05 | ||||||||
Diluted weighted average shares outstanding | 44,922 | 42,239 | 44,778 | 42,069 |
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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