This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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

  • 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."

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,086.63 -26.91 -0.16%
S&P 500 1,987.01 +3.48 0.18%
NASDAQ 4,473.6970 +17.6810 0.40%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs