Exhibit 99.01
Abiomed Announces Fiscal First Quarter 2007 Results with Revenues up 55% to
$13 Million; Revenue for Console Sales Grew 398%
DANVERS, Mass.--(BUSINESS WIRE)--Aug. 8, 2006--Abiomed, Inc.
(NASDAQ: ABMD) today announced financial results for its first fiscal
2007 quarter ended June 30, 2006. Revenue for the quarter was $13
million, up 55% compared to revenue of $8.4 million in the first
quarter of fiscal 2006.
Recent operating highlights and financial results for the first
fiscal quarter of 2007 as compared to the first fiscal quarter of 2006
included:
-- Revenue from console sales (AB5000 and Impella) grew 398% and
rentals of AB5000 consoles continued to expand with double
digit new agreements.
-- A record number of patients placed on AB5000 Circulatory
Support worldwide.
-- 16 of the top 20 U.S. News and World Report Heart Centers have
now purchased Abiomed's AB5000.
-- Revenue from disposables increased 35%.
-- Gross margins for the first fiscal quarter of 2007 were 73%.
-- Sales and clinical headcount increased to 49, up approximately
58% over last year, with 4 global new hires added during the
quarter.
-- The Company's Impella 2.5 and 5.0 minimally invasive
cardiovascular support systems received conditional approval
for pilot trials in the United States.
-- The first fiscal quarter of 2007 reported net loss was $6.1
million, or $.23 per share, including stock option expense of
$1.6 million and an in-process research and development
(IPR&D) charge of $0.8 million. The aggregate effect during
the first quarter of fiscal 2007 of stock option expense and
the IPR&D charge was expenses of $2.4 million, or $.09 per
share.
"We made excellent progress on our strategic goals as we increased
global distribution and continued to generate momentum to establish
recovery as the standard of care for acute heart failure," said
Michael R. Minogue, Chairman, CEO and President of Abiomed.
The Company is updating its revenue guidance for fiscal 2007 to
$52 million, or approximately 20% growth, up from its previous
guidance of a range between $49 million to $52 million.
Financial information for the first quarter of fiscal 2007 is
attached to this press release.
CONFERENCE CALL AND WEBCAST INFORMATION
Abiomed will host a conference call to discuss the first quarter
results on August 8, 2006, at 5:00 p.m. ET. Michael R. Minogue,
Chairman, Chief Executive Officer and President, and Daniel J.
Sutherby, Chief Financial Officer, will host the conference call.
To listen to the call live, please tune into the webcast via
www.abiomed.com or dial 800-289-0494; the international number is
913-981-5520. A replay of this conference call will be available
beginning at 8:15 p.m ET on August 8, 2006, through 11:59 p.m. ET
Sunday, August 13, 2006. The replay phone number is 888-203-1112; the
international number is 719-457-0820. The replay access code is
7544547.
ABOUT ABIOMED
Based in Danvers, Massachusetts, Abiomed, Inc. is a leading
developer, manufacturer and marketer of medical products designed to
assist or replace the pumping function of the failing heart. Abiomed
currently manufactures and sells the AB5000(TM) Circulatory Support
System and the BVS(R) 5000 Biventricular Support System for the
temporary support of all patients with failing but potentially
recoverable hearts. In Europe, Abiomed offers the IMPELLA(R)
RECOVER(R) minimally invasive cardiovascular support systems under CE
Mark approval. The IMPELLA(R) 5.0 and 2.5 are investigational devices
limited by Federal Law solely to investigational use in the United
States. Other IMPELLA devices are not yet available for sale in the
United States. The Company's AbioCor(R) Implantable Replacement Heart
was the subject of an initial clinical trial under an Investigational
Device Exemption from the United States Food and Drug Administration.
The AbioCor has not been approved for commercial distribution, and is
not available for use or sale outside of the initial clinical trial.
For additional information please visit: www.abiomed.com.
FORWARD-LOOKING STATEMENTS
This Release contains forward-looking statements, including
statements regarding development of Abiomed's existing and new
products, the Company's progress toward commercial growth, and future
opportunities. The Company's actual results may differ materially from
those anticipated in these forward-looking statements based upon a
number of factors, including uncertainties associated with
development, testing and related regulatory approvals, anticipated
future losses, complex manufacturing, high quality requirements,
dependence on limited sources of supply, competition, technological
change, government regulation, future capital needs and uncertainty of
additional financing and other risks and challenges detailed in the
Company's filings with the Securities and Exchange Commission,
including the Annual Report filed on Form 10-K. Readers are cautioned
not to place undue reliance on any forward-looking statements, which
speak only as of the date of this Release. The Company undertakes no
obligation to publicly release the results of any revisions to these
forward-looking statements that may be made to reflect events or
circumstances that occur after the date of this Release or to reflect
the occurrence of unanticipated events.
ABIOMED, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except per share and share data)
Three Months Ended
----------------------------
June 30, June 30,
2006 2005
------------ ------------
Revenues:
Products $13,008 $8,400
Funded research and
development - 23
------------ ------------
13,008 8,423
------------ ------------
Costs and expenses:
Cost of product revenues 3,483 2,333
Research and development 5,419 3,964
Selling, general and
administrative 9,392 7,304
Expensed in-process research
and development 800 13,306
Amortization of intangibles 366 250
------------ ------------
19,460 27,157
------------ ------------
Loss from operations (6,452) (18,734)
Other income, net:
Investment income 315 264
Foreign exchange gain (loss) 114 (54)
Other 30 16
------------ ------------
459 226
------------ ------------
Tax Provision 138 -
------------ ------------
Net loss $(6,131) $(18,508)
============ ============
Net loss per share:
Basic and diluted $(0.23) $(0.77)
Weighted average shares
outstanding: 26,488,487 24,134,413
Note: Above prepared in accordance with Generally Accepted Accounting
Principles. The three months ended June 30, 2006 includes stock option
expense of $1.6 million or $.06 per share.
ABIOMED, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
(unaudited)
June 30, March 31,
2006 2006
--------- ---------
ASSETS
Current Assets:
Cash and cash equivalents $9,732 $7,832
Short-term marketable securities 15,065 23,003
Accounts receivable, net of allowance for
doubtful accounts of $214 at June 30, 2006
and $211 at March 31, 2006, respectively. 9,679 8,880
Inventories 4,209 4,868
Prepaid expenses and other current assets 2,226 1,860
--------- ---------
Total current assets 40,911 46,443
Property and Equipment, net of accumulated
depreciation of $12,507 and $12,078 at
June 30, 2006 and March 31, 2006, respectively 5,458 4,824
Intangible assets, net 8,211 8,164
Goodwill 20,114 19,106
--------- ---------
Total assets $74,694 $78,537
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable $2,375 $3,070
Accrued expenses 4,062 5,185
Deferred revenue 705 484
--------- ---------
Total current liabilities 7,142 8,739
--------- ---------
Long-Term Liabilities 447 310
--------- ---------
Total liabilities 7,589 9,049
--------- ---------
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
Authorized - 100,000,000 shares;
Issued - 26,561,570 shares at June 30, 2006
and 26,474,270 at March 31, 2006
Outstanding - 26,555,391 shares at June 30,
2006 and 26,468,091 shares at March 31, 2006 266 265
Additional paid-in capital 216,723 214,666
Deferred stock-based compensation - (171)
Accumulated deficit (149,439) (143,308)
Treasury stock at cost; 6,179 shares at June 30,
2006 and March 31, 2006 (66) (66)
Accumulated other comprehensive loss (379) (1,898)
--------- ---------
Total stockholders' equity 67,105 69,488
--------- ---------
Total liabilities and stockholders'
equity $74,694 $78,537
========= =========
CONTACT: Abiomed, Inc.
Daniel J. Sutherby, 978-646-1812
Chief Financial Officer
ir@abiomed.com
or
Liza Heapes, 978-646-1668
Media Relations
mediarelations@abiomed.com