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Abiomed Announces Third Quarter Fiscal 2014 Record Revenue Of $46.2 Million, Up 21% Over The Prior Year

Stocks in this article: ABMD

  • Abiomed Receives Approval in China for Impella 2.5, Impella 5.0 and MPC

DANVERS, Mass., Jan. 30, 2014 (GLOBE NEWSWIRE) -- Abiomed, Inc. (Nasdaq:ABMD), a leading provider of breakthrough heart support technologies, today reported third quarter fiscal 2014 revenue of $46.2 million, up 21% compared to revenue of $38.3 million in the same period of fiscal 2013, and a third quarter fiscal 2014 GAAP net income of $4.4 million, or $0.11 per diluted share, compared to $2.7 million, or $0.07 per diluted share, in the prior year period.

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

  • Fiscal third quarter worldwide Impella® revenue totaled $42.0 million, an increase of 25% compared to revenue of $33.5 million during the same period of the prior year. U.S. Impella revenue grew 21% to $37.7 million from $31.1 million in the prior year.
  • An additional 31 hospitals purchased Impella 2.5 during the quarter, bringing the total to 836 customer sites. As part of Abiomed's continued Impella CP® launch, an additional 75 hospitals purchased Impella CP, bringing the total number of Impella CP U.S. sites to 312.
  • Gross margin for the third quarter of fiscal 2014 was 79.5% compared to 78.7% in the third quarter of fiscal 2013. There were 178 Impella AIC consoles placed during the quarter compared to 149 in the same period of the prior year.
  • Income from operations for the third quarter fiscal 2014 was $4.6 million, or 10.0% of revenue compared to $2.9 million, or 7.6% of revenue in the prior year period. Operating expense in the third quarter of fiscal 2014 included $1.6 million of stock compensation expense and $0.7 million related to the Department of Justice subpoena and shareholder litigation. In the third quarter of the prior year, stock compensation expense totaled $1.9 million, and Department of Justice subpoena and shareholder litigation related expense totaled $0.8 million.
  • Cash, cash equivalents, short and long-term marketable securities totaled $107.4 million as of December 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.
  • During the quarter, there were 11 clinical publications on Impella, including new results from the USpella registry published in the Journal of Interventional Cardiology, additional insights from the PROTECT II study as well as new cost-effectiveness data, both published in Catheter Cardiovascular Interventions.
  • Abiomed announced today that it has received CFDA approval in China to sell and market the Impella 2.5, Impella 5.0 and the original MPC console. Abiomed will conduct a limited launch at five to ten key hospitals in China during calendar year 2015.

"We have now grown top line revenue double digits for 17 straight quarters, year over year, achieved profitability and accumulated $107 million in cash without incurring debt," said Michael R. Minogue, Chairman, President and Chief Executive Officer, Abiomed. "Abiomed is capitalizing on the opportunity to increase revenue, complete the regulatory requirements and become the new standard of care."

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