Exhibit 99.1
Abiomed Announces Record Revenue of $14.1 Million
for Fiscal First Quarter 2008
DANVERS, Mass.--(BUSINESS WIRE)--Aug. 9, 2007--Abiomed, Inc.
(NASDAQ: ABMD) today announced financial results for its first quarter
of fiscal 2008 with record revenue of $14.1 million. This represents
growth of 8% over a strong first quarter of fiscal 2007, which was up
55% over the first quarter of fiscal 2006.
Recent financial and operating highlights include:
-- Record revenue of $14.1 million, which represents the highest
quarterly revenue in Company history.
-- Record total Impella revenue, up 157%, and record Impella(R)
Console revenue.
-- Record number of AB5000(TM) Ventricles shipped in a quarter
and sixth consecutive record quarter for the number of
patients supported on the AB5000.
-- Record number of total ventricular assist device (VAD) units
shipped of 629. Impella disposables revenue grew 117%, AB5000
disposables revenue increased 23%, and BVS(R) 5000 disposables
revenue declined 26%.
-- Impella Console revenue increased 400% and AB5000(TM) Console
revenue decreased 30%. The Company expects FDA supplement
approval on its iPulse(TM) Combination Console in its fiscal
third quarter of 2008, which ends December 31, 2007.
-- Abiomed has provided a formal written response to questions
from the FDA on the Company's 510(k) submission for the
Impella(R) 2.5 and has provided the FDA with a report on its
recently completed 20-patient U.S. pilot study. Abiomed has
also submitted the formal request to initiate a randomized
pivotal study for the Impella 2.5.
-- Gross margin for the first quarter of fiscal 2008 was 75%, up
200 basis points.
-- The first quarter of fiscal 2008 GAAP net loss was $8.3
million, or $.26 per share, which included stock option and
other stock-based compensation expense of $1.7 million, or
$.05 per share and $1.2 million of expense, or $.04 per share,
related to an arbitration decision. The net loss for the first
quarter of fiscal 2007 was $6.1 million, or $.23 per share and
included stock option and other stock-based compensation
expense of $1.7 million, or $.06 per share.
"We are pleased with the record revenue achieved this quarter
through continued progress broadening our product portfolio and
expanding our global reach," said Michael R. Minogue, Chairman, CEO
and President of Abiomed. "Abiomed is poised for growth with multiple
global regulatory milestones pending this fiscal year on the Impella
2.5, Impella(R) 5.0, supplements on the iPulse and AbioCor(R), and new
product submissions."
Financial information for the first quarter of fiscal 2008 is
attached to this press release.
CONFERENCE CALL AND WEBCAST INFORMATION
Abiomed will host a conference call to discuss the results on
Thursday, August 9, 2007, at 8:00 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 866-578-5788; the international
number is 617-213-8057. The access code is 32438160. A replay of this
conference call will be available beginning at 10 a.m. ET on August 9,
2007 through 11:59 p.m. ET on August 23, 2007. The replay phone number
is 888-286-8010; the international number is 617-801-6888. The replay
access code is 37400047.
OTHER
Comparative references made in this press release to revenue,
gross margin or other increases/decreases refer to the first quarter
of fiscal 2008 as compared to the first quarter of fiscal 2007.
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, the
expected timing of regulatory approvals on various products including
iPulse, the Impella product line and other products currently under
regulatory review, 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 on our products including iPulse, the Impella
product line and other products currently under regulatory review,
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 annual report 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 Balance Sheets
(in thousands, except share data)
June 30, March 31,
2007 2007
----------- ----------
ASSETS (Unaudited)
- ----------------------------------------------
Current assets:
Cash and cash equivalents $ 62,227 $ 69,646
Short-term marketable securities 499 5,479
Accounts receivable, net 13,829 10,932
Inventories 10,800 8,567
Prepaid expenses and other current assets 1,972 1,758
----------- ----------
Total current assets 89,327 96,382
Property and equipment, net 6,185 5,764
Intangible assets, net 7,024 7,329
Goodwill 27,000 26,708
----------- ----------
Total assets $ 129,536 $ 136,183
=========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
- ----------------------------------------------
Current liabilities:
Accounts payable $ 3,555 $ 5,185
Accrued expenses 5,870 7,017
Deferred revenue 719 695
----------- ----------
Total current liabilities 10,144 12,897
Long-term deferred tax liability 1,494 1,191
Other long-term liabilities 275 --
----------- ----------
Total liabilities 11,913 14,088
----------- ----------
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 325 323
Authorized-100,000,000 shares;
Issued-32,452,138 shares at June 30, 2007
and 32,254,577 shares at March 31, 2007;
Outstanding-32,441,119 shares at June 30,
2007 and 32,243,558 shares at March 31,
2007
Additional paid-in-capital 296,306 292,467
Accumulated deficit (179,739) (171,189)
Treasury stock, at cost - 11,019 shares at
June 30, 2007 and at March 31, 2007 (116) (116)
Accumulated other comprehensive income 847 610
----------- ----------
Total stockholders' equity 117,623 122,095
----------- ----------
Total liabilities and stockholders' equity $ 129,536 $ 136,183
=========== ==========
Abiomed, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(Unaudited)
(in thousands, except per share data)
Three Months Ended
June 30, June 30,
2007 2006
-------- --------
Revenues:
Products $13,901 $13,008
Funded research and development 162 --
-------- --------
14,063 13,008
Costs and expenses:
Cost of product revenues excluding
amortization of intangibles 3,532 3,483
Research and development 5,516 5,419
Selling, general and administrative 12,441 9,392
Expensed in-process research and development -- 800
Arbitration decision:
Reimbursement of legal fees 504 --
Non-cash value of warrants 728 --
Amortization of intangibles 380 366
-------- --------
23,101 19,460
Loss from operations (9,038) (6,452)
Other income, net:
Investment income 907 315
Foreign exchange gain (loss) (22) 114
Other income, net 23 30
-------- --------
908 459
Loss before provision for income taxes (8,130) (5,993)
Provision for income taxes 145 138
-------- --------
Net loss $(8,275) $(6,131)
======== ========
Basic and diluted net loss per share $ (0.26) $ (0.23)
Weighted average shares outstanding 32,338 26,488
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