FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended DECEMBER 31, 1995
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number 1-9585
ABIOMED, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 04-2743260
(State of incorporation) (I.R.S. Employer No.)
33 CHERRY HILL DRIVE
DANVERS, MASSACHUSETTS 01923
(Address of principal executive offices, including zip code)
(508) 777-5410
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) or the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
Yes [X] No [ ]
As of December 31, 1995, there were 5,517,458 shares outstanding of the
registrant's Common Stock, $.01 par value, and 1,428,000 shares outstanding
of the registrant's Class A Common Stock, $.01 par value.
ABIOMED, INC. AND SUBSIDIARIES
TABLE OF CONTENTS
Page No.
Part I - Financial Information:
Item 1. Financial Statements
Consolidated Balance Sheets
December 31, 1995 and March 31, 1995
3-4
Consolidated Statements of Operations
Three and Nine Months Ended December 31, 1995
and December 31,1994
5
Consolidated Statements of Cash Flows
Nine Months Ended December 31, 1995
and December 31, 1994
6
Notes to Consolidated Financial Statements
7-9
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations
10-14
Part II - Other Information
15
Signatures
15
ABIOMED, INC. AND SUBSIDIARIES
PART 1. FINANCIAL INFORMATION
ITEM 1: FINANCIAL STATEMENTS
CONSOLIDATED BALANCE SHEETS
ASSETS
December 31, 1995
March 31, 1995
(unaudited)
(audited)
Current Assets:
Cash and cash equivalents (Note 6)
$1,719,315
$614,091
Short-term investments (Note 6)
7,657,505
3,876,943
Accounts receivable, net
2,377,114
1,775,734
Inventories (Note 3)
1,540,070
1,409,280
Prepaid expenses and other current assets
207,271
53,830
Total current assets
13,501,275
7,729,878
Investments :
Long-term marketable securities (Note 6)
1,525,463
6,533,490
Property and equipment, at cost:
Machinery and equipment
2,287,859
2,189,139
Furniture and fixtures
149,842
122,934
Leasehold improvements
351,065
279,181
2,788,766
2,591,254
Less: Accumulated depreciation
and amortization
2,265,297
2,124,234
523,469
467,020
Other long-term assets, net (Note 7)
662,693
- -
$16,212,900
$14,730,388
The accompanying notes are an integral part
of these consolidated financial statements.
ABIOMED, INC. AND SUBSIDIARIES
PART 1. FINANCIAL INFORMATION
ITEM 1: FINANCIAL STATEMENTS (continued)
CONSOLIDATED BALANCE SHEETS (continued)
LIABILITIES AND STOCKHOLDERS' INVESTMENT
December 31, 1995
March 31, 1995
(unaudited)
(audited)
Current Liabilities:
Accounts payable
$952,844
$198,280
Accrued expenses
1,498,808
1,227,379
Total current liabilities
2,451,652
1,425,659
Stockholders' Investment (Note 4):
Class B Preferred Stock, $.01 par value-
Authorized 1,000,000 shares
Issued and outstanding-none
- -
- -
Common Stock, $.01 par value-
Authorized 25,000,000 shares at December 31, 1995
Issued and Outstanding-5,517,458 shares at
December 31, 1995 and 4,885,852 shares at
March 31, 1995
55,175
48,859
Class A Common Stock $.01 par value
Authorized - 2,346,000 shares
Issued and Outstanding - 1,428,000 shares at
December 31, 1995 and 2,040,000 shares at
March 31, 1995
14,280
20,400
Additional paid-in capital
36,611,521
36,476,770
Accumulated deficit
(22,919,728)
(23,241,300)
Total stockholders' investment
13,761,248
13,304,729
$16,212,900
$14,730,388
The accompanying notes are an integral part
of these consolidated financial statements.
ABIOMED, INC. AND SUBSIDIARIES
PART 1. FINANCIAL INFORMATION
ITEM 1: FINANCIAL STATEMENTS (continued)
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
Nine Months Ended
Three Months Ended
December 31, 1995
December 31,1994
December 31, 1995
December 31, 1994
Revenues:
Products and services
$7,008,112
$4,891,535
$2,613,319
$2,252,927
Contracts
2,353,272
1,662,065
897,976
499,959
9,361,384
6,553,600
3,511,295
2,752,886
Costs and expenses:
Cost of products and services
2,809,482
2,180,560
997,157
1,123,802
Research and development (including
costs related to contracts)
2,491,603
1,677,022
972,566
535,983
Selling, general and administrative
4,133,992
3,359,435
1,484,048
1,233,693
9,435,077
7,217,017
3,453,771
2,893,478
Net income (loss) from operations
(73,693)
(663,417)
57,524
(140,592)
Interest and other income
395,265
327,239
131,539
111,001
Net Income (loss)
$321,572
($336,178)
$189,063
($29,591)
Net income (loss) per common share
(Note 5):
$.05
($.05)
$.03
-
Weighted average number of common
and dilutive common equivalent shares
outstanding
6,988,400
6,474,089
6,993,772
6,474,234
The accompanying notes are an integral part
of these consolidated financial statements.
ABIOMED, INC. AND SUBSIDIARIES
PART 1. FINANCIAL INFORMATION
ITEM 1: FINANCIAL STATEMENTS (continued)
CONSOLIDATED STATEMENT OF CASH FLOWS
(unaudited)
Nine Months Ended
December 31, 1995
December 31, 1994
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)
$321,572
($336,178)
Adjustments to reconcile net income (loss) to net cash
provided by (used in) operating activities-
Depreciation and amortization
248,370
246,186
Non cash transactions related to Abiomed
Limited Partnership
-
(192,991)
Changes in assets and liabilities-
Accounts receivable
(601,380)
(170,286)
Inventories
(130,790)
260,045
Prepaid expenses and other current assets
(153,441)
(10,798)
Accounts payable
754,564
92,425
Accrued expenses
271,429
(99,673)
Net cash provided by (used in) operating activities
710,324
(211,270)
CASH FLOWS FROM INVESTING ACTIVITIES:
(Purchases) sales of investments, net
1,227,465
376,141
Purchases of property and equipment and improvments
(197,512)
(48,777)
Purchases of limited partner units (Note 7)
(770,000)
- -
Net cash (used in) provided by investing activities
259,953
327,364
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercise of stock options and stock issued
under employee stock purchase plan
134,947
9,703
Net cash provided by financing activities
134,947
9,703
NET INCREASE IN CASH AND EQUIVALENTS,
EXCLUDING INVESTMENTS
1,105,224
125,797
CASH AND CASH EQUIVALENTS, EXCLUDING INVEST-
MENTS, AT BEGINNING OF PERIOD
614,091
480,058
CASH AND CASH EQUIVALENTS , EXCLUDING INVEST-
MENTS, AT END OF PERIOD
$1,719,315
$605,855
The accompanying notes are an integral part
of these consolidated financial statements.
ABIOMED, INC. AND SUBSIDIARIES
PART 1. FINANCIAL INFORMATION (continued)
ITEM 1: FINANCIAL STATEMENTS (continued)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
1. Basis of Preparation
The unaudited consolidated financial statements of ABIOMED, Inc. (the
Company), presented herein have been prepared in accordance with the
instructions to Form 10-Q and do not include all of the information and note
disclosures required by generally accepted accounting principles. These
statements should be read in conjunction with the consolidated financial
statements and notes thereto included in the Company's latest audited
financial statements, which are contained in the Company's Form 10-K for the
year ended March 31, 1995, which was filed with the Securities and Exchange
Commission. In the opinion of management, the accompanying consolidated
financial statements include all adjustments (consisting only of normal,
recurring adjustments) necessary to summarize fairly the Company's financial
position and results of operations. The results of operations for the nine
months ended December 31, 1995 may not be indicative of the results that may
be expected for the full fiscal year.
2. Principles of Consolidation
The consolidated financial statements include the accounts of the
Company and its wholly-owned subsidiaries, ABIOMED Cardiovascular, Inc.,
ABIOMED R&D Inc., ABIODENT, Inc., Abiomed Research and Development,
Inc., ABD Holding Company, Inc., and the accounts of its majority-owned
subsidiary Abiomed Limited Partnership (see Note 7). All significant
intercompany accounts and transactions have been eliminated in
consolidation.
3. Inventories
Inventories include raw materials, work-in-process, and finished goods
and are priced at the lower of cost (first-in, first-out) or market and consist
of the following:
December 31,1995
March 31, 1995
Raw Materials
$499,452
$339,686
Work-in-Process
725,217
412,956
Finished Goods
315,401
656,638
TOTAL
$1,540,070
$1,409,280
Finished goods and work-in-process inventories consist of direct
material, labor and overhead.
ABIOMED, INC. AND SUBSIDIARIES
PART 1. FINANCIAL INFORMATION (continued)
ITEM 1: FINANCIAL STATEMENTS (continued)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(unaudited, continued)
4. Stockholders' Investment
On August 9, 1995, the Stockholders of the Company voted to increase
the number of authorized shares of Common Stock from 10,000,000 to
25,000,000 shares.
Effective August 10, 1995, in accordance with the rights for the Class A
Common Stock, 612,000 shares of Class A Common Stock $.01 par value were
converted into an equal number of shares of the Company's $.01 par value
Common Stock.
During the third quarter of fiscal 1996, options to purchase 195,500
shares of Common Stock were granted at exercise prices ranging from $9.75 to
$11.00 per share. Options to purchase 29,200 shares were canceled during the
quarter. Options to purchase 3,675 shares were exercised in the third quarter
at exercise prices ranging from $5.75 to $8.00 per share. .
5. Net Income (Loss) Per Common Share
Net income (loss) per common share has been computed by dividing the
net income (loss) by the weighted average number of common and common
equivalent shares outstanding during the period. Common equivalent shares,
such as stock options, have not been included in the per share calculation
where the effect of their inclusion would be antidilutive. No common
equivalent shares are considered dilutive in periods, such as the three and
nine month periods ended December 31, 1994, in which a loss is reported
because all such common equivalent shares are antidilutive.
6. Cash and Cash Equivalents
The Company classifies any marketable security with a maturity date of
90 days or less at the time of acquisition to be a cash equivalent. Securities,
including marketable securities, with original maturities of greater than 90
days are classified as investments. Such investments are classified as long-
term investments when their maturities are greater than one year from the
balance sheet date. The company reports investments at cost plus accrued
interest.
7. Other Long Term Assets
Other long term assets represent the Company's investment in limited
partner units of the Abiomed Limited Partnership, net of minority interest.
Abiomed Limited Partnership (the Partnership) was formed in March 1985 and
provided initial funding for the design and development of two of the
Company's products, the BVS and SupraCor (the Products). Today, the
Partnership is inactive except for certain royalty rights, described below, on
the Company's sales of the Products.
ABIOMED, INC. AND SUBSIDIARIES
PART 1. FINANCIAL INFORMATION (continued)
ITEM 1: FINANCIAL STATEMENTS (continued)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(unaudited, continued)
7. Other Long Term Assets (continued)
The Partnership consists of a sole general partner, which is the
Company's wholly-owned subsidiary, Abiomed Research and Development,
Inc.; a special limited partner, which is the Company's wholly-owned
subsidiary ABIOMED Cardiovascular, Inc. (Cardiovascular); and one hundred
thirty-five limited partner units. As of March 31, 1995 the Company held a
10.9% interest in the Partnership comprised of 1.0% by the general partner
and 9.9% by the special limited partner while each of the limited partner
units were owned by third party investor limited partners. The limited partner
units aggregate to hold an 89.1% interest in the Partnership.
In May 1995, the Company made an offer to purchase each of the one
hundred thirty-five limited partner units for $10,000 each. Seventy-seven
limited partner units were tendered to the Company under this offer for which
the company paid $770,000. Combined with the Company's initial 10.9%
ownership, the Company now owns 61.7% of the Partnership. The Company's
purchase of these limited partner units results in the Company consolidating
the limited partnership with the purchase price treated as a long-term asset
amortized on straight-line basis over 5 years.
In March 1995, the Company satisfied all of its remaining fixed
obligations to the Partnership. Commencing April 1, 1995 and ending August
3, 2000, the Company owes a royalty to the Partnership of 5.5% of certain
revenues from the Products. Because the Company owns 61.7% of the
Partnership, the net royalty expense to the Company is approximately 2.1% of
certain revenues from the Products. This royalty formula is subject to certain
maximum amounts and to certain additional adjustments in the event that the
Company sells the technology.
ABIOMED, INC. AND SUBSIDIARIES
PART 1. FINANCIAL INFORMATION (continued)
ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
NET INCOME (LOSS)
Net income and income per share for the three months ended December
31, 1995 were approximately $189,000 and $.03 per share, respectively. These
earnings compare to a net loss and loss per share of approximately $30,000
and $0.00 per share, respectively, in the same period of the previous year.
Net income and income per share for the nine months ended December
31, 1995 were approximately $322,000 and $.05 per share, respectively. These
earnings compare to a loss of approximately $336,000 and $.05 per share in
the same period of the previous year.
REVENUES
In the three months ended December 31, 1995, total revenues were
approximately $3,511,000, 27% higher than total revenues of approximately
$2,753,000 in the same period of the previous year.
Product revenues were approximately $2,613,000, 16% higher than
product revenues of approximately $2,253,000 in the same period of the
previous year. These results primarily reflect increased domestic unit sales
and increased average selling prices of the disposable cardiovascular product
to the expanded installed customer base. Revenues from the Company's dental
products, though growing, represented less than 10% of total revenues for the
nine months ended December 31, 1995. More than 90% of total product and
service revenues in the quarter were derived from domestic sources.
Revenues from Research and Development (R&D) contracts and grants
for this quarter were approximately $898,000, 80% higher than total revenues
of approximately $500,000 reported in the same quarter of the previous year.
This increase primarily reflects timing of scheduled activities under existing
contracts and grants.
In the nine months ended December 31, 1995, total revenues were
approximately $9,361,000, 43% higher than total revenues of approximately
$6,554,000 in the same period of the previous year.
ABIOMED, INC. AND SUBSIDIARIES
PART 1. FINANCIAL INFORMATION (continued)
ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS(continued)
REVENUES (continued)
Product revenues for the nine month period were approximately
$7,008,000 compared with $4,892,000 for the same period of the previous
year, an increase of 43%. This growth primarily reflects increased unit sales
of the disposable cardiovascular product and increased unit sales to new
customers. Revenues from dental products continued to grow, however,
represented less than 10% of total revenue for the nine month period.
Revenues from Research and Development contracts and grants for the
nine months ended December 31, 1995 were approximately $2,353,000, 41%
higher than in the same period of the prior year. The increase primarily
reflects the timing of scheduled activities under existing contracts and grants
as well as contributions from new contracts and grants. In aggregate, as of
December 31, 1995, the Company's backlog of research and development
contracts and grants totaled approximately $6,051,000 including
approximately $758,000 from the National Heart, Lung and Blood Institute
(NHLBI) relating to the current phase of funding for the Company's total
artificial heart (TAH) research and development. Approximately 75% of the
Company's contract revenues and related expenses in the current fiscal year
have been derived from the TAH contract. The levels of revenue and expense
under this specific contract have been maintained at higher than linear rates
during this 9-month period. The Company expects that increased efforts and
contributions from the Company's ten other active contracts and grants will
offset most or all of any compensating reduction in the rate of spending under
the TAH contract for the next two quarters, although there can be no
assurance that this will be the case.
A continuation phase of the TAH contract is scheduled to be awarded at
the end of September 1996 be the NHLBI. If this continuation phase is
awarded to the Company, the contract specifies that this continuation phase
would total approximately $8,600,000. The Company believes that only two of
the three scientific teams presently receiving government funding will qualify
for funding of this continuation phase.
To date, the Company's government contracts and grants, including
collection of amounts due thereunder, have not been noticeably affected by the
federal budget stalemate and the Company does not anticipate that these
contracts and grants will be affected, although there can be no assurance that
this will be the case.
COSTS AND EXPENSES
Total costs and expenses for the three months ended December 31, 1995
were approximately $3,454,000, 19% higher than total costs and expenses of
approximately $2,893,000 in the same fiscal quarter of the previous year. The
majority of this increase reflects expenses incurred to support higher
revenues.
ABIOMED, INC. AND SUBSIDIARIES
PART 1. FINANCIAL INFORMATION (continued)
ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS(continued)
COSTS AND EXPENSES (continued)
Cost of products sold as a percentage of product sales (38%) decreased
from the same quarter of the previous year (50%) while decreasing in total
cost by approximately $127,000. These decreased costs primarily reflect
higher production efficiencies.
Total research and development costs increased during the third fiscal
quarter of 1996 to approximately $973,000, an 82% increase over research and
development costs of approximately $536,000 incurred during the same fiscal
period of the previous year. The increase primarily reflects the timing of
scheduled expenditures under contracts and grants.
Selling, general and administrative expenses for the three months ended
December 31, 1995 increased to $1,484,000, 20% higher than selling, general
and administrative expenses in the same fiscal quarter of the previous year.
This increase primarily reflects increased sales and marketing expenses,
particularly increased personnel and sales commissions, related to the
increase in product revenues.
Total costs and expenses for the nine month period ended December 31,
1995 increased to approximately $9,435,000, 31% higher than total costs and
expenses of approximately $7,217,000 for the first nine months of last year.
The increase is primarily attributable to higher revenue levels attained during
the first nine months of fiscal 1996.
Cost of products sold as a percentage of products sales (40%) for the
nine months ended December 31, 1995 decreased from the same nine month
period ended December 31, 1994 (45%) while increasing in total cost by
approximately $629,000. These increased costs primarily reflect higher
product revenues.
Total research and development costs increased to approximately
$2,492,000 for the nine months ended December 31, 1995. This represents a
49% increase over the $1,677,000 reported for the same period in the previous
fiscal year. The increase primarily reflects the timing of scheduled
expenditures under contracts and grants.
Selling, general and administrative expenses for the nine months ended
December 31, 1995 increased to approximately $4,134,000, 23% higher than
selling, general and administrative expenses in nine month period ended
December 31, 1994. This increase primarily reflects increased sales and
marketing expenses, particularly increased personnel and sales commissions
related to the increase in product and service revenues.
ABIOMED, INC. AND SUBSIDIARIES
PART 1. FINANCIAL INFORMATION (continued)
ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS(continued)
INTEREST AND OTHER
Interest and other income increased to approximately $132,000 in the
third quarter of 1996 compared with approximately $111,000 in the
corresponding quarter of the prior year primarily due to higher levels of cash
and investments.
For the nine months ended December 31, 1995, interest and other
income was approximately $395,000 compared to $327,000 for the nine months
ended December 31, 1994. This increase was primarily due to higher levels of
cash and investments.
LIQUIDITY AND CAPITAL RESOURCES
As of December 31, 1995, the Company's balance sheet included
$10,902,000 in cash and investments, a decrease of approximately $123,000
from March 31, 1995. This decrease reflects $770,000 in cash used to
purchase limited partner units from third party limited partner investors in
Abiomed Limited Partnership offset partially by approximately $710,000 in
cash generated from operations and other activities. The December 31, 1995
balance includes approximately $1,719,000 in cash, $7,658,000 in short-term
investments and $1,525,000 in investments with various maturities, the latest
of which is September 1998. The Company also has a $3,000,000 line of credit
from a bank which expires on December 1, 1996, and which was entirely
available at December 31, 1995.
Net cash provided by operating activities included net income, and
depreciation and amortization expenses of approximately $248,000, an
increase in accounts payable of $755,000 and an increase in accrued expenses
of approximately $271,000. These sources of cash were partially offset by an
increase in accounts receivable of approximately $601,000, an increase in
inventories of approximately $131,000 and an increase of prepaid expenses
and other current assets of approximately $153,000. The increase in accounts
receivable is attributable to increased revenues and longer collection periods
for certain accounts. The increase in accounts payable was primarily
attributable to increased purchases of direct materials for manufacturing and
research and development activities.
Net cash used in investing activities included $770,000 used to purchase
limited partner units of the Partnership and approximately $198,000 of
purchases and improvements of property and equipment which were partially
offset by approximately $1,227,000 of net purchases and maturities of
investments. As set forth in Note 7 of the financial statements included in
this report, during the second fiscal quarter of the current fiscal year the
Company purchased units of the investor limited partner's interests in the
Partnership at a purchase price of $10,000 per unit. As of December 31, 1995
the Company had acquired and paid for seventy-seven (77) units of the
Partnership.
ABIOMED, INC. AND SUBSIDIARIES
PART 1. FINANCIAL INFORMATION (continued)
ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued)
PRODUCT DEVELOPMENT UPDATE
For the past year, the Company has been involved in a pilot study aimed
at demonstrating the feasibility of using the SupraCor for resuscitation of
patients who suffer from cardiac arrest and do not respond to current life
support techniques. The SupraCor Catheter (the SupraCor), is an advanced
intra-aortic balloon-based catheter designed to operate in the patient's
ascending aorta. This pilot study has been conducted at one medical center in
the United States at which sixteen patients have been enrolled into the pilot
study.
The intent of the pilot study has been to determine the feasibility for
insertion and placement of the device on twenty patients (up to a maximum of
thirty) and to evaluate its ability to improve resuscitation of patients
unresponsive to existing therapies and who face certain death. This first
phase study did not encompass post-resuscitation support of these patients,
which though believed to be ultimately necessary for FDA approval of the
device, was not part of this first phase.
In January 1996, upon completion of the first year of the study, which
consisted of sixteen patients, and before additional trials, the medical
center's Institutional Review Board asked whether further enrollment of the
remaining patients under the existing protocol was necessary to complete the
study. The Company has concluded that enrollment of the remaining four
patients would provide only limited additional meaningful information. The
Company has further concluded that there is need for procedural changes, and
possibly device refinements, which should be made prior to proceeding with
any further studies. The Company and its medical collaborators are currently
analyzing the data from the study. Pending analysis of this data and a review
of this product from an overall business perspective, including marketing,
regulatory and product improvement considerations, the Company has
suspended all clinical activity with its SupraCor catheter.
HEALTH CARE REFORM
Private and government proposals for significant health care reform are
expected to continue to affect healthcare expenditures in the United States as
well as internationally where the company sells or plans to sell its products.
The Company cannot assess at this time the potential impact that healthcare
trends may have on future results because of uncertainties surrounding any
unforseeable changes.
***
ABIOMED, INC. AND SUBSIDIARIES
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
None
Item 2. Changes in Securities
None
Item 3. Defaults upon Senior Securities
None
Item 4. Submission of Matters to a Vote of Security Holders
None
Item 5. Other Information
None
Item 6. Exhibits and Reports on Form 8-K
a) Exhibits
None
b) Reports on Form 8-K
None
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
ABIOMED, Inc.
Date: February 6, 1996 /s/ David M. Lederman
David M. Lederman
CEO and President
Date: February 6, 1996 /s/ John F. Thero
John F. Thero
Vice President Finance and
Administration; and Treasurer
Chief Financial Officer
Principal Accounting Officer
14