Exhibit 99.1
Abiomed Announces Fiscal 2007 Revenue up 16%
to $51 Million
-Record Number of Disposable Units (625) Shipped in Fiscal Q4 2007
-Gross Margin of 80% in Fiscal Q4 2007
-Fiscal 2008 Revenue Growth Forecasted at Greater Than 20%
DANVERS, Mass.--(BUSINESS WIRE)--May 17, 2007--Abiomed, Inc.
(NASDAQ: ABMD) today announced financial results for its fourth
quarter of fiscal 2007 ended March 31, 2007. Revenue for the fourth
quarter of fiscal 2007 was $13.9 million and revenue for the full
fiscal year 2007 reached $50.6 million, up approximately 16% over
fiscal year 2006. For the full fiscal year 2007, revenue from its
AB5000 product platform was up 38%, BVS declined 22%, and Impella was
up 87%.
Recent financial and operating highlights include:
-- In the fourth quarter of fiscal 2007, Abiomed shipped a record
625 disposable units. Revenues in the fourth quarter of fiscal
2007 as compared to the fourth quarter of fiscal 2006 for
AB5000 disposables increased 15%, BVS disposables revenue
declined 19%, and Impella disposables revenue grew 140%.
-- The Company believes there will be U.S. market demand for
Abiomed's iPulse console (combination driver for the
Intra-Aortic Balloon, BVS and AB5000) following FDA supplement
approval anticipated later this summer. In December 2006,
Abiomed announced the new iPulse Console and 510(k) clearance
of its Intra-Aortic Balloon. In the fourth quarter of fiscal
2007, Abiomed began selling Intra-Aortic Balloons. In the
fourth quarter of fiscal 2007 compared to the fourth quarter
of fiscal 2006, AB5000 console revenue declined 38%, however,
total AB5000 console revenue increased 41% for the full fiscal
year 2007 compared to fiscal 2006.
-- Fourth quarter of fiscal 2007 total revenue of $13.9 million
increased approximately 1% compared to the same period of
fiscal 2006, as disposables growth was partially offset by
lower AB5000 console revenue.
-- Gross margin for the fourth quarter of fiscal 2007 was 80%, up
800 basis points compared to the same period of fiscal 2006.
-- The fourth quarter of fiscal 2007 was the fifth consecutive
record quarter for the number of patients supported by AB5000
Circulatory Support Systems worldwide and a record number of
AB5000 Ventricles were shipped during the quarter.
-- The fourth quarter of fiscal 2007 GAAP net loss was $6.3
million, or $.22 per share, which included stock option and
other stock-based compensation expense of $1.2 million, or
$.04 per share. The net loss for the fourth quarter of fiscal
2006 was $3.7 million, or $.14 per share.
-- Completed public offering of approximately 5.1 million common
shares with net cash proceeds of approximately $65 million.
-- Completed patient enrollment of 20 patients in the pilot trial
for Impella 2.5. The pilot trial will be completed after
Abiomed has concluded all necessary post-enrollment patient
monitoring. In addition, Abiomed continues to work with the
FDA on its 510(k) submission for the Impella 2.5.
"We are pleased with our momentum during fiscal year 2007 as we
increased our global distribution, announced four new products,
demonstrated progress with our regulatory approvals and grew revenue
by double digits," said Michael R. Minogue, Chairman, CEO and
President of Abiomed. "We are excited about our growth opportunities
in fiscal 2008 as we bring Impella, iPulse and other new products to
global markets to establish heart recovery as the standard of care for
all acute events."
Abiomed forecasts fiscal 2008 revenue growth to be greater than
20%, with incremental revenue growth based on the timing of U.S.
clinical trials and global regulatory approvals of new products
(Impella 2.5, Impella 5.0, Impella pediatric, iPulse supplement,
AbioCor supplement, and other products to be announced). Abiomed's
forecast for fiscal 2008 does not include the impact of potentially
receiving 510(k) clearance of the Impella 2.5. Based on its current
strategy to increase its global distribution and invest in research
and development to broaden its product portfolio, the Company expects
a GAAP net loss in fiscal 2008 of approximately $21 million to $26
million, including the effects of stock option expense of
approximately $6 million.
Financial information for the fourth quarter and full year of
fiscal 2007 is attached to this press release.
CONFERENCE CALL AND WEBCAST INFORMATION
The Company will host a conference call to discuss the results on
May 17, 2007, at 11:00 a.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
http://investor.abiomed.com or dial 800-510-0219; the international
number is 617-614-3451. The access code is 91288639. A replay of this
conference call will be available beginning at 1 p.m. ET on May 17,
2007 through 11:59 p.m. ET on May 31, 2007. The replay phone number is
888-286-8010; the international number is 617-801-6888. The replay
access code is 88212273.
ABOUT ABIOMED
Based in Danvers, Massachusetts, Abiomed, Inc., is a leading
provider of medical devices that provide circulatory support to acute
heart failure patients across the continuum of care in heart recovery.
Our products are designed to enable the heart to rest, heal and
recover by improving blood flow and/or performing the pumping of the
heart. 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 its most recently filed quarterly report on Form 10-Q.
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 BALANCE SHEETS
(Unaudited)
(in thousands, except share data)
March 31,
----------------------
2007 2006
---------- ----------
ASSETS
Current assets:
Cash and cash equivalents $ 69,646 $ 7,832
Short-term marketable securities 5,479 23,003
Accounts receivable, net 10,932 8,880
Inventories 8,567 4,868
Prepaid expenses and other current assets 1,758 1,860
---------- ----------
Total current assets 96,382 46,443
Property and equipment, net 5,764 4,824
Intangible assets, net 7,329 8,164
Goodwill 26,708 19,106
---------- ----------
Total Assets $ 136,183 $ 78,537
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 5,185 $ 3,070
Accrued expenses 7,017 5,185
Deferred revenue 695 484
---------- ----------
Total current liabilities 12,897 8,739
---------- ----------
Long-term deferred tax liability 1,191 310
---------- ----------
Total Liabilities 14,088 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--
32,254,577 shares at March 31, 2007 and
26,474,270 shares at March 31, 2006
Outstanding--32,243,558 shares at March
31, 2007 and 26,468,091 shares at March
31, 2006 323 265
Additional paid-in capital 292,467 214,666
Deferred stock-based compensation -- (171 )
Accumulated deficit (171,189 ) (143,308 )
Treasury stock, at cost
11,019 shares at March 31, 2007 and
6,179 shares at March 31, 2006 (116 ) (66 )
Accumulated other comprehensive (loss)
income 610 (1,898 )
---------- ----------
Total stockholders' equity 122,095 69,488
---------- ----------
Total liabilities and stockholders' equity $ 136,183 $ 78,537
========== ==========
ABIOMED, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except per share data)
- ----------------------------------------------------------------------
Three months ended Twelve months ended
March 31, March 31,
------------------ --------------------
2007 2006 2007 2006
-------- -------- --------- ---------
Revenue:
Products $13,710 $13,717 $ 50,408 $ 43,322
Funded research and
development 141 79 241 348
-------- -------- --------- ---------
13,851 13,796 50,649 43,670
Costs and expenses:
Cost of product revenue
excluding amortization 2,731 3,834 12,012 11,685
Research and development 5,963 4,222 22,292 16,739
Selling, general and
administrative 11,093 9,365 42,448 30,923
Expensed in-process
research and development -- -- 800 13,306
Amortization of
intangible assets 365 353 1,608 1,308
-------- -------- --------- ---------
20,152 17,774 79,160 73,961
-------- -------- --------- ---------
Loss from operations (6,301 ) (3,978 ) (28,511 ) (30,291 )
-------- -------- --------- ---------
Other income:
Investment income 204 318 1,045 1,194
Foreign exchange gain
(loss) (176 ) 52 (27 ) (116 )
Other income, net 55 29 87 120
-------- -------- --------- ---------
83 399 1,105 1,198
-------- -------- --------- ---------
Net loss before provision
for income taxes (6,218 ) (3,579 ) (27,406 ) (29,093 )
Provision for income taxes 131 103 475 356
-------- -------- --------- ---------
Net loss $(6,349 ) $(3,682 ) $(27,881 ) $(29,449 )
======== ======== ========= =========
Basic and diluted net loss
per share $ (0.22 ) $ (0.14 ) $ (1.03 ) $ (1.15 )
Weighted average shares
outstanding 28,336 26,382 27,124 25,649
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