ABIOMED Reports Record Revenue of $29.5 Million and Profitability for Second Quarter of Fiscal 2012, Driven by 40% Impella Growth

Nov 03 2011

DANVERS, Massachusetts – Abiomed, Inc. (NASDAQ: ABMD), a leading provider of breakthrough heart support technologies, today reported second quarter fiscal 2012 revenue of $29.5 million, up 26% compared to revenue of $23.4 million in the same period of fiscal 2011. 

Financial and operating highlights during the second quarter of fiscal 2012 include:

• Fiscal second quarter worldwide Impella® revenue totaled $24.8 million, up 40% compared to revenue of $17.7 million during the same period of the prior year. U.S. Impella revenues of $23.1 million were up 41% from the prior year.

• Total U.S. revenues of $27.3 million were up 25% from $21.8 million in the prior year. Revenue from outside the U.S. totaled $2.2 million, up 38% from $1.6 million in the prior year.

• In alignment with the Company’s strategy to open fewer sites and drive deeper utilization at existing customer sites, an additional 22 U.S. hospitals purchased Impella 2.5 during the quarter, as compared to 27 hospitals added in the second quarter of fiscal 2011, bringing the total to 568 customer sites.

• Revenue from the sales of BVS® 5000, AB5000™, related accessories and funded research and development was $2.8 million for the second quarter of fiscal 2012, 35% lower than $4.3 million in the second quarter of fiscal 2011.

• Service revenue totaled $1.9 million in the second quarter of fiscal 2012, up 36% from $1.4 million in the prior year. 

• Gross margin rate for the second quarter of fiscal 2012 was 81%, an increase of 4 points compared to 77% in the second quarter of fiscal 2011.

• GAAP net income for the second quarter of fiscal 2012 was $0.6 million, or $0.02 per basic and diluted share, a $3.8 million improvement compared to a GAAP net loss of $3.2 million or a loss of $0.09 per basic and diluted share for the second quarter of fiscal 2011.

• Non-GAAP net income, which is described later in this press release, for the second quarter of fiscal 2012, was $3.4 million, or $0.09 per basic and diluted share, a $4.3 million improvement compared to a non-GAAP net loss of $0.9 million or a loss of $0.02 per basic and diluted share, in the second quarter of fiscal 2011. 

• Cash, cash equivalents and short-term marketable securities totaled $60.8 million at September 30, 2011, an increase of $1.7 million from $59.1 million at June 30, 2011.

• On September 19, 2011, Abiomed announced the first patient enrolled in MINI-AMI, an FDA prospective, randomized, controlled multi-center study to assess the role of 24 hours of direct unloading of the left ventricle with Impella 2.5 support to reduce infarct size in patients with ST-elevation myocardial infarction (STEMI) without cardiogenic shock.

• At the Transcatheter Cardiovascular Therapeutics (TCT) 2011 meeting, the Company will be announcing new clinical and economic data from PROTECT II during three breakfast sessions. In addition, there will be more than 20 presentations involving Impella at the annual conference, to be held in San Francisco from November 7 to 11, 2011.

• The Company will also be presenting new information at the American Heart Association (AHA) Scientific Sessions in Orlando, to be held from November 12 to 16, 2011.

• The Company will be holding an investor day on Friday, December 9, 2011 at the New York Palace hotel. The meeting will review recent data and product announcements and also disclose new product enhancements and other company updates.

Based on the 25% revenue growth in the first half of fiscal 2012 and current expectations, the Company is reiterating full fiscal year 2012 revenue guidance to increase by 20% to 24% and be in the range of $120 million to $125 million.

“We are proud to report the best quarter in company history with 26% growth in total revenue at $29.5 million and 40% growth in Impella revenue driven by record patients supported,” said Michael R. Minogue, Chairman, President and Chief Executive Officer of Abiomed. “The new data and products being announced at the upcoming meetings will elucidate why we believe Abiomed is poised to transform the standard of care for heart failure patients requiring hemodynamic support.”
The Company will host a conference call to discuss the results on Thursday, November 3, 2011, at 8:00 a.m. ET. Michael R. Minogue, Chairman, President and Chief Executive Officer and Robert L. Bowen, 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 866.804.6928; the international number is 857.350.1674.  The access participant code is 50388236. A replay of this conference call will be available beginning at 11 a.m. ET on November 3, 2011 through 11:59 p.m. ET on November 17, 2011. The replay phone number is 888.286.8010; the international number is 617.801.6888.  The replay access code is 48538587.

ABOUT ABIOMED
Based in Danvers, Massachusetts, Abiomed, Inc. is a leading provider of medical devices that provide circulatory support to acute heart failure patients across the continuum of care in heart recovery. Our products are designed to enable the heart to rest, heal and recover by improving blood flow and/or performing the pumping of the heart. For additional information please visit: www.abiomed.com.