Exhibit 99.1
Abiomed, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Unaudited)
(in thousands, except share data)
March 31, | ||||||||
2010 | 2009 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 4,788 | $ | 1,785 | ||||
Short-term marketable securities | 53,477 | 55,394 | ||||||
Accounts receivable, net | 13,516 | 15,724 | ||||||
Inventories | 9,211 | 14,777 | ||||||
Prepaid expenses and other current assets | 1,676 | 809 | ||||||
Total current assets | 82,668 | 88,489 | ||||||
Property and equipment, net | 6,753 | 7,792 | ||||||
Intangible assets, net | 2,979 | 4,359 | ||||||
Goodwill | 37,170 | 31,295 | ||||||
Long-term marketable securities | — | 3,721 | ||||||
Other assets | — | 302 | ||||||
Total assets | $ | 129,570 | $ | 135,958 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 3,764 | $ | 5,550 | ||||
Accrued expenses | 13,011 | 10,818 | ||||||
Deferred revenue | 1,289 | 1,211 | ||||||
Total current liabilities | 18,064 | 17,579 | ||||||
Long-term deferred tax liability | 3,040 | 2,086 | ||||||
Other long-term liabilities | 510 | 310 | ||||||
Total liabilities | 21,614 | 19,975 | ||||||
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 | 375 | 367 | ||||||
Authorized - 100,000,000 shares; Issued - 37,484,018 shares at March 31, 2010 and 36,736,843 shares at March 31, 2009; Outstanding - 37,433,064 shares at March 31, 2010 and 36,685,889 shares at March 31, 2009 | ||||||||
Additional paid-in-capital | 372,425 | 362,097 | ||||||
Accumulated deficit | (263,015 | ) | (243,991 | ) | ||||
Treasury stock at cost - 50,954 at March 31, 2010 and March 31, 2009 | (827 | ) | (827 | ) | ||||
Accumulated other comprehensive loss | (1,002 | ) | (1,663 | ) | ||||
Total stockholders’ equity | 107,956 | 115,983 | ||||||
Total liabilities and stockholders’ equity | $ | 129,570 | $ | 135,958 | ||||
Abiomed, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(Unaudited)
(in thousands, except share data)
Three Months Ended March 31, | Twelve Months Ended March 31, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Revenue: | ||||||||||||||||
Products | $ | 22,828 | $ | 19,384 | $ | 84,765 | $ | 72,512 | ||||||||
Funded research and development | 151 | 199 | 948 | 698 | ||||||||||||
Total Revenue | 22,979 | 19,583 | 85,713 | 73,210 | ||||||||||||
Costs and expenses: | ||||||||||||||||
Cost of product revenue | 6,239 | 5,498 | 22,529 | 20,437 | ||||||||||||
Research and development | 6,788 | 7,131 | 25,954 | 25,328 | ||||||||||||
Selling, general and administrative | 14,864 | 14,718 | 60,837 | 55,357 | ||||||||||||
Amortization of intangible assets | 362 | 407 | 1,469 | 1,606 | ||||||||||||
28,253 | 27,754 | 110,789 | 102,728 | |||||||||||||
Loss from operations | (5,274 | ) | (8,171 | ) | (25,076 | ) | (29,518 | ) | ||||||||
Other income (expense): | ||||||||||||||||
Investment income (expense), net | 1 | 104 | 373 | (1,404 | ) | |||||||||||
Gain on sale of WorldHeart stock | 6,389 | — | 6,389 | 313 | ||||||||||||
Other expense, net | 102 | (235 | ) | (39 | ) | (236 | ) | |||||||||
6,492 | (131 | ) | 6,723 | (1,327 | ) | |||||||||||
Loss before provision for income taxes | 1,218 | (8,302 | ) | (18,353 | ) | (30,845 | ) | |||||||||
Provision for income taxes | 243 | 152 | 671 | 752 | ||||||||||||
Net loss | $ | 975 | $ | (8,454 | ) | $ | (19,024 | ) | $ | (31,597 | ) | |||||
Basic and diluted net loss per share | $ | 0.03 | $ | (0.23 | ) | $ | (0.52 | ) | $ | (0.91 | ) |