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Abiomed Announces Second Quarter Fiscal 2014 Revenue Of $44.3 Million, Up 19% Over Prior Year, Driven By Record Impella Utilization

Stocks in this article: ABMD

DANVERS, Mass., Nov. 6, 2013 (GLOBE NEWSWIRE) -- Abiomed, Inc. (Nasdaq:ABMD), a leading provider of breakthrough heart support technologies, today reported second quarter fiscal 2014 revenue of $44.3 million, up 19% compared to revenue of $37.4 million in the same period of fiscal 2013, and a second quarter fiscal 2014 GAAP net income of $1.1 million or $0.03 per diluted share, compared to $5.5 million or $0.13 per diluted share in the prior year period.

Financial and operating highlights during the second quarter of fiscal 2014 and fiscal year to date include:

  • Fiscal second quarter worldwide Impella® revenue totaled $40.2 million, up 23% compared to revenue of $32.8 million during the same period of the prior year. U.S. Impella revenue grew 21% to $37.0 million from $30.7 million in the prior year with U.S. Impella patient usage up 24% from the prior year.  
  • An additional 30 hospitals purchased Impella 2.5 during the quarter, bringing the total to 805 customer sites. As part of Abiomed's continued Impella CP™ launch, an additional 65 hospitals purchased Impella CP, bringing the total number of Impella CP U.S. sites to 237. Impella 2.5 and Impella CP unit inventory at hospitals averaged 2.4 units, equal to the prior sequential quarter.   
  • Gross margin rate for the second quarter of fiscal 2014 was 79.6% compared to 80.8% in the second quarter of fiscal 2013. There were 172 Impella AIC consoles placed during the quarter compared to 114 in the same period of the prior year.  
  • Income from operations for the second quarter fiscal 2014 was $1.4 million, compared to $5.9 million in the prior year period. Operating expense in the second quarter of fiscal 2014 included $1.9 million related to the Department of Justice subpoena and $0.7 million of medical device tax.  
  • Cash, cash equivalents, short and long-term marketable securities totaled $96.9 million as of September 31, 2013. The Company continues to have no debt and a U.S. federal net operating loss carry-forward of approximately $190 million as of March 31, 2013.  
  • Abiomed today announced that the Impella RP RECOVER RIGHT study has enrolled more than 50% of the required patients and as a result, HDE approval is forecasted for February 2015.  
  • In October, there were over 25 Impella-related sessions at the Transcatheter Cardiovascular Therapeutics (TCT) 2013 conference in San Francisco.  
  • In August, Abiomed received approval from the U.S. Department of Veterans Affairs to be included on its authorized Veteran's Administration (VA) Federal Supply Schedule, providing the Impella platform to VA medical facilities, Department of Defense (DOD) hospitals and other federal agencies.

"Abiomed achieved many new quarterly records on Impella utilization, including most overall patients, most prophylactic patients and most emergent patients," said Michael R. Minogue, Chairman, President and Chief Executive Officer of Abiomed. "We are on track to transform into a PMA and PMDA company while setting new records in patient utilization and completing enrollment in our Impella RP study."

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