ABMD - Earnings call transcript Q1 2022

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Operator

Good day, and thank you for standing by. Welcome to the Q1 2022 Abiomed, Inc. Earnings Conference Call. At this time, all participants are in a listen-only mode. [Operator Instructions] Please be advised that today's conference is being recorded. now today, hand Officer. Todd would to conference I speaker your Trapp, Instructions] like the to over [Operator Chief Financial go ahead. Please

Todd Trapp

XXXX Chairman, Chief today’s as Financial Good quarter and format I’m is to for welcome Mike Officer Chief Trapp, earnings Minogue, follows. Executive with year The Abiomed's Todd and morning, be This and conference call President Abiomed's Vice will here call. President and fiscal first Officer.

I and First, release. our will Mike open then discuss your highlights, will outlined After press to questions. will review business results, our operational were quarter we which the financial call and first in that,

not non-GAAP the information current or The be presentation During results between on non-GAAP to is results information substitute provided GAAP. should financial are of this in in to or earnings financial results performance. GAAP additional overall tables discuss we our presented superior call, information for enhance Reconciliation certain of considered This accordance a a our with non-GAAP isolation basis. prepared and the the in release. will in understanding

would guaranteed forward-looking Executive obligation update and and with like Actual may forward-looking the involves call investors President, Mike filed to of variety XX-Q SEC. Officer, the to With earnings differ our and this XX-K due statements call me are any remind Abiomed's The not our release Chairman, Minogue. press future. company undertake Finally, I do cautions everyone statements. recent in over that, Chief turn that and any uncertainties most and We let a statements. to risks in forward-looking to the not today includes materially results factors identified

Mike Minogue

In prior year global versus we versus reported prior delivered Good of Japan. our to quarter. million, revenue record in $XXX year revenue Europe the 'XX morning, X% and everyone. and strong XX% start Thanks, utilization patient up Todd. QX, with U.S., record Abiomed fiscal up

continuing commercial a achieved lead to margin, a advancing building on XX.X% invest with non-GAAP innovation, quarter, focus while premier extending our team. operating a and and the we Within evidence clinical

$XXX zero cash and balance remains with robust Our sheet million in debt.

stability, implant regulatory The to minimally Impella surgeons strategy X.X with left and in all or heart continues success. acquiring sites leading our for goals unloading for sternotomy heart the ventricle total. It out to perform X.X IT in I’m early or versus RP, invasive lives. XX fully our forward not quarter cardiologists a proud hospitals portfolio designed Impella XXX While with to remaining well. revolutionary XXX for the a recovering surgical which maintained hospital a sites surgical and hearts the drive analysis continuing to on our hospitals roll ECP, pressure, means the cloud XXX% lab and cath and XX employees saving to device grew outcomes. coring a communicate the heart of to SmartAssist device U.S., and Impella on require the flow, as the make in to they our disciplined for We’ve weanable product have axillary over innovation, for artery We Beginning X,XXX X.X and this right allows the X.X less Connect. of track Abiomed the Impella heart product. this volume SmartAssist quarter, the milestones patents and patents in expanded and status at out Impella very it allows longer to faster for saving U.S. execution and briefly dedication continued their our our correlates pump aortic more the of outside our predictive company. Impella On and via X,XXX work will heart X,XXX a and The software X.X the I hard the pending. the continues today’s strategic mission does to ventricular failure the to call, ambulation surgeons our time U.S better forward and is progress with on patient, heart XX% to shoulder. a and prior preCARDIA, which innovation life Impella recovery usage we look every grew highlight patients and We of heart in many than and to company our In more also for pressure, for heart revenue suite. minutes is discuss left be year-over-year implant

venous also FDA patients capability CP, HIPAA will and field all and The utilize single FDA effective support approval now premarket We and heart first Impella space RP to offers percutaneous service U.S XX% the of pump exclusive This be as with through with right next Impella internet information to groundbreaking The the of safe device Connect to hospital, the It of software, and other software a is secure a ventricle and with will monitoring of support, website. ideal has published the more Much company embolism. Impella right patients capability COVID. ventricle. smart Impella right RP this in COVID provides The with our remote Impella acute heart FDA guidance technology right is and and pump multiple right of live any weaning for for enable elucidate Connect than cloud. connected which right authorization XX% time is our in Impella use from heart this studies X.X now compliant No SmartAssist SmartAssist at approximately received failure. real that on this the pump on monitored help a the emergency generation XX/X are sites, with failure treat U.S is already enhanced with with weaning. approval recent pulmonary and a heart access failure. for the sensor sensor trends heart and the management for

We also Connect to the in of continue Japan. Impella accelerate and Germany rollout

study, we early removal Impella in the and on easing feasibility Next, allows smallest ahead drive Impella we diameter, achieved smaller will review. patients access additional We insertion French study our product is from optimal pump to and EFS. data new we body. remain and X milestones, submitted enrolled outcomes implemented to initial EFS prepare to to single-arm already measures the patients. started this Impella heart the with on the up based to of the FDA to plan ECP breakthrough of ECP, and FDA overall which ECP the in schedule our expand our better details have to parallel, for the continue XX XX for This In sites To believe technology we PCI, protective a clinical process FDA, site for utilization. world's date, PCI pivotal study. interaction High-Risk with enhancements have

submit technology by innovation, year. to access IDE protocol and for the goal FDA program Approval time our real enroll compliment High-Risk end allows which confirm and safety for expect of pivotal overall, we the quarter, We U.S EFS for our patients. want accelerated to new to feedback faster fiscal Next first to the for our for with PCI patient this

the includes cardiologists, heart become grow leading interventional our heart surgeons failure and strategy intensivists, to cardiologists, player stronger. the team, Finally, heart for which

and our patients the ECPella the now and recently pump product and treatment every continued breakthrough on ADHF, our a acquisition, movement failure continue minimally in our complement our heart FDA combination new device leading the failure, we be of efforts, was than ADHF, and in older This enhance acutely devices including designated commercial further platform network. and breakthrough has early decompensated these by failure portfolio, a patients our the technology referral community To of a Our population X.X specialists Abiomed. Heart for the Impella broader of in cause with acquired the excellence for the years to of preCARDIA. ECMO options failure potential future hospitalization invest and will relationship Impella is increased BTR spoke revolutionary with as failure age, network for towards country. includes of heart community, the and in region patient this our with for millions focus Breethe, marks expand heart Impella tool in ICU. a managing clinical patients the XX hub preCARDIA existing invasive heart we to with portfolio, the hospital called with stage strategic success, believe

better Specifically, will we began XXX,XXX we our patients. High-Risk direct outreach of referral identify U.S the programs patient population PCI that expect undertreated

to by CAMP deliver leveraging and transition settings. and site virtual PCI, We continue and both on education best-in-class to training

fiscal at year. educational excited Camp Surgery We cases and to such and internationally, our as Heart this Camp seen through Heart advisory well CAMP PCI expand physician Failure platform on as as are boards, live have and events traction

of is Due Mathur X grandson, of EF recovering woodworking time of of continue value of would to over recovery year, in a work XX% now to and decided like populations innovation, distribution. of been. Before like I performed coronary like of fiscal we're SmartAssist, QX and surgery. for the their with had type the and his Protected surgery. surgery, turned Today, later. disease, experienced more After days share story. Fisher, to a for create headquarters. a and closing, I determined support driving patient John our standard Dr. to evaluated appreciate thank successfully the COVID-XX, pain and fraction a comorbidities, and he seek current commercial his CFO. function was we will Mathur, growing our success walking enjoys the cardiologist, When normal chest and ongoing dedication conclude, the our for multiple around was for home remain Dr. low inserted became to X candidate to he turn grandfather diabetes, been We Ashland, who more deliver severe I a revascularization. lives, spending mission inspiring our mission creating research to I is PCI solid we called has from dogs, retired enforcement would with Impella. field our XX% John the for was John officer to bypass in customers Atish diagnosed clinical 'XX. In law chest start care ejection from and Trapp, by with returned happens evaluation, world. he complete for would an with for husband, following artery Todd year with new pain shareholders. hearts heart advancing coronary and Impella employees Ohio. Interventional believe John to to multiple Abiomed a his CP CABG an artery patient was at John down a recovery heart his saving John including and well-positioned we while a call than the treatment. steadfast and and XX

Todd Trapp

Thanks, patient utilization, to versus increase quarter Mike, increase year, in delivered morning, results grew 'XX good XX% million. We was the strong and utilization the of U.S., with U.S higher XX% revenue in total from of the prior revenue million, COVID-XX. primarily everyone. due XX% and first year fiscal sales of and rate. Starting driven This recovery year-over-year growth reorder an $XXX a to by a with patient favorable $XXX mix

the fiscal CP within recovery of U.S., QX, by the encouraged quarter into sites. the X,XXX the our their the way working are patients we We to in as the system. COVID continue from At now back in see is continued end

sites in Impella the XXX We now XXX sites prior have X.X quarter. versus Impella in placed XX is and with X.X sites, up the SmartAssist

XXX Lastly, sites XX Impella in up is QX. versus the RP sites,

$XX consistent in U.S inventory per inventory XXX%, at and levels the above was reorder and with the the mix combined X.X quarters. site. favorable foreign two increased versus European a from Impella utilization, strong X.X million, quarter U.S., year. was the CP and the to revenue a year-over-year units average performance in XX% of recovery is the benefit slightly for the due XX% hospitals prior exchange Outside prior rate. patient totaled revenue This up Our sales

open we bringing a to million 'XX. offsetting up to XX% QX and XX openings. XXX. in new year-over-year the our site site XX in revenue, XX% Our of Japan compares patient due quarter This delivered business utilization X In growth to lower total openings site openings sites last the sites, quarter, $XX.X in

point the the period half and second XXX by increase of margin ease. to expect new of our We as year was and prior higher robust, But to our to in rates some hospital restrictions due same timing, the to more limits sales we vaccination in train COVID-XX is as the was have QX XX.X% the primarily new in XX.X% Summer volume The sites more sites Japan for which Gross increase hospital open related basis impact year. Olympics, compared ability backlog favorable seen sites. remains mix. restrictions and this in in driven to

in Our QX for deck. GAAP summarized our quarter are financial release in the earnings press results

to press We increase investments section year. increase are smaller, IV of such drive products the to and The driven of devices prior non-GAAP to of on higher increase impact in randomized $XX quarter, on SG&A an summarized totaled remainder a clinical spend deck The performance our STEMI believe training more new growth. XX.X%. additions and and translated from in BTR. headcount Non-GAAP costs quarter year. that and prior operating the of margin in the cost highlights innovation and on by connected Investor the $XXX to to as XX% the order driven For direct-to-patient on well from call, sustainable a financial and totaled or consistent team, from release smarter, full distribution will earnings is operating million, COVID-related XX% in expense expense million, as our the non-GAAP first DTU provide for and quarter prior our GAAP year. evidence our the to one-time the of for the and income and peers. abiomed.com. control be available was transparency versus by I'm between actions ECP increase as give clinical with acquisition our which long-term of $XX are initiative, non-GAAP our R&D preCARDIA reconciliation going basis results education, the A PROTECT the XX% grew greater $XX million trials, year-over-year million for

points basis more share, million, primarily higher of XXX per of investments. 'XX. $XX income was the QX offset for net our versus growth volume, was which to $X.XX expansion up margin Non-GAAP due or Our XX% quarter enhancing than

driven Our volume year-over-year performance was by and a tax higher rate. lower effective

shares debt quarter million after remains securities sheet free, remaining and investment and funding acquire preCARDIA. the of of we ended to balance marketable Our cash our strategic with the $XXX

slowdown and we full our slow a of from last typically QX of this is year year devices, vacations. we quarter for to believe it terms And all summertime In in due in guidance, that summer, experiences a the cardiovascular lab line or more mind $XXX physician our fiscal is on seasonality. exasperated keep With revenue that being expect be performance even revenue demand QX COVID based year. the million record to vacation QX pent-up in summer said, in down our from slightly quarter. cath

year, QX, expect As based we the lift finish to transition we to we best year hospital half And QX, in see our March typically expect the engagement. and physician our in as back quarter, the to activity we increased results. sequential fiscal deliver of on

XX% $X.XX to full to XX% year. to This range confidence an in performance are original the quarter, expect in is up and Given the and our guidance we based the our the the from our the to billion, billion, variant. our assumes COVID cath any XX% year. range, up a low-end million of due guidance distribution. some to the continued assumptions vaccine lab, our procedure the impact for in At $XXX on normalized from cadence include The global to Delta of high-end $X.XX guidance it raising strong now our first outlook, of billion of increase $X.XX unevenness be revenue our minimal year range in for XX%

through in In the We summary, are operating the performance. for well margin innovation, by our XX% are first range. and in building expect clinical encouraged excellence. we executed and be We non-GAAP strategic to commercial to investments evidence quarter future XX%

year of for recovery. for heart now line William with please build to the beyond first a [Operator Our the 'XX we open and field Margaret as successful Blair. We Instructions] comes Operator, new continue question fiscal questions. are well-positioned from Kaczor

line is open. Your

Margaret Kaczor

some screen a hoping the good that Obviously, being talked and to to that what's a into that start you're could all lot should funnel. was questions. the Hey, wanted whether into included year. I deeper says you solidly as quarter. things the go better of bit little get a throughout cadence initiatives. getting these little drivers, excluding up taking equal morning, those guys bit Is initiatives everyone. to -- for now that into and nice And and Thanks this talk that go continue you're we here. on to helpful. uptick ramping about patients something last quarter commercial seasonality, that some We you of a in guidance, I if be about this saw would

Mike Minogue

Great, Margaret. in green green which for is is we now to Abiomed as X.X phase row and you've execution. it question. because quarters is Thanks for the I our transition answer two seen the a yes, now guess

with the product is starting innovation. just So

SmartAssist If look X.X XXX% indications we growth have the now XXX% and at out we Shock. was year. for COVID. you to PCI just by roll is innovate, FDA It growth the Japan X.X. launched by and CP that combined shift break it today driven and when demand to for we grew RP, are evaluate to out the approvals we're because starting it's for our exclusive in grew Impella XX%, ECMO, XX%. also which use in similar High-Risk a product primarily existing and and first exceed going willingness slower to has so to is to driven does approved just emergency and which grew And and the continue X.X

lots big products. converted that On quarters is study presentations which publications. III, in on prospective PROTECT of research, being got High-Risk are The ones ahead are just PCI. the FDA abstract those we've got of largest clinical So strong we've growth to now

showing a protocol, permanent which You've got RESTORE ejection practice improvement fraction. EF, best is in

also the Shock to Impella to presentation the of which Cardiogenic study. presentation completion publication going is Japan the have publication, the have you going NCSI and You for

there's last, IV, also DTU, have enroll. XX earnings were then momentum excitement of strengthen plus started a interaction. course, tremendous we've hub now of with to to distribution. half speed, a quarter, our of to but move pointed sites least we've at ability we enrollable lot made a the strong to And information, around and focused which very there's last and you PROTECT out, and So our to now call. we spoke since got which to STEMI do And able another patients as the changes and had ECP have It's about

on those as grow that call hub PCI those where which continue most continue transferred So to are as High-Risk during also network do and the the accounts, centers we they COVID well spoke even to to, patients saw growth. which complicated are shock the

So shock and do. very feel indications, to and treat to allowing executing us We very than growth. across And strong QX, confident the board, now at we've PCI just coming to out we're but High-Risk more more before. ever be existing had got patients excited

Margaret Kaczor

that initiatives Okay. focus maybe a of, on That’s R&D little obviously, RP SmartAssist. with list got, but bit you've laundry let's new a

You bring Can thoughts to got about shocks controlled off you that the product sideline for years a the is is think whether premium with new possibility? could or how come? think access, that a products Thanks. could approval sort -- it us And of for be do ASP the the that. like rollout X.X whether we for has And if axillary helped a then around you same? it give about

Mike Minogue

on the to RP it out to what the there? Yes, the part Margaret, I was but first the SmartAssist, X.X, clarify, with connection heard just cut

Margaret Kaczor

the off X.X bring it it can bring -- actually it Sorry, Is where sideline. like the sort docs it's a of X.X sideline? and was material did just change off and more clinicians more

Mike Minogue

absolutely. Oh,

RP percutaneous. put So truly lab the a be RP. The few cath is can in and on things

and be so So that unique. -- through it also the can that But surgeons designing it juggler, it's will are utilized we put device way. that's that

And also end the ability So will using you'll for full that are come the already we're X.X. getting Impella the year, support that of have are at now. the but surgeons

preferred you all our patients access, increasing. are method with is the to on of PCI those the now with products out there. So PCI, exception it's half which X.X are leaders the from for demand, as numbers And the High-Risk for High-Risk see single

two of and same also some do the PCI. address they does use the and things around And the cath PCI Impella a the remember, of in do for really they do hole the High-Risk that ease so holes. rather you than single And when lab access,

So a team it approach. in we've where together got heart and of momentum comes lot is this

CABG patients a high those that get a of X.X. are revascularization risk Some with

of lab get And go cath to patients some the PCI. those a to High-Risk

you're Abiomed in So the coming customer, referral you're together. new the technology. and if network field, and all stream is the the But has a again,

and the Impella and We cloud best in provide also support XX/X platform. have the we with the Connect clinical most studies, the that's SmartAssist

Margaret Kaczor

Great. Thanks, guys.

Operator

you. Thank

Our O'Brien next Matthew question Sandler. comes Piper from with

is open. Your line

Matthew O'Brien

taking the morning. so questions. for Good Thanks much

access technology? technology, other they're fiscal from then, Mike, and about And Can So, in more that a that little think seeing how that hospitals there backlog X.X. to of on interest out these about of all then, technology get here 'XX the And earlier some bit the of of just higher the you and some you're to 'XX? ramping? utilization talk of adopters the fiscal we should that how

Mike Minogue

reason for old the incision out the then devices require to hole see Matt, the Cleveland the size in you could in Cedars, of and Dr. have the Midwest ABXXXX the for protocol you'll is one Soltesz do breakthrough and Impella West at with in in you including left We something it's gave and have it last The and of in Ed implantables quarter a do a year, also because the they more other East centers, And Clinic. X.X, our surgeon is a Impella that core to transplant spread product. you'd VAD our the use question. now how presentation ventricle. it a an ECMO, thanks you prior than Coast, a largest ribs to make VAD, wanted the for you sternotomy, hospitals. and see these to essentially five out in -- And see a liters, it the Day Investor X.X important if that

heart want do. events. all shock, the lung and patient's in on if coming And things you ECMO, above if is necessarily to ability nor back not going And their and device away again, that's year tend put That then have you And in X to a get the trouble to he or to has machine, off adverse ventricle, most the so that transplant, them want does patient and not a and baseline. those XX a to is permanent load get a something invasive you expensive or takes requires old implantable And the surgery. them.

So what the profound opens being these kidneys decompensated, therapy. and a game X.X need become III benefit that acutely patients at are have really in And the to changer and needs of does have does is the Class have kidneys that it heart. support or loaded the it been IV new shock up their Class really -- and a more longer

And excited. so we're

use be where We to they we growth, it patients anecdotal unloads a patients can in These of while kidney having a have product to transplant. we X.X having cells recover think strong Japan, myocardial or kidneys that go continue an heart stronger the even stem transplant, all are transplants. X.X the had Japan submitted expect listed in around will of and just They don't a prolonged of the for data have of the this necessarily for kidneys inotropes, driver heart believe recovery. And sternotomies to in the after they their a it patient, supports off urine. growth years. make it hemodynamics. now do We've lot Impella next And approval come already immediately things because even over several and their do

of what it's it weanable what is lot that's minimally to invasive continuing which always have heart So it's wanted, and does because a a breakthrough surgeons product the pump do. a

Matthew O'Brien

Great. That's hear. fantastic to

follow-up feasibility a think standard. ECP, I from patients side, you're on XX moving that's on As to pretty XX the

first You're pivotal year. fiscal the patient the in talking end of this the by about

last for many So XX, you're Mike, should in 'XX, you quarter think And then pivotal? about we did I the think the sometime feasibility how the something enrolling 'XX? side, about patients, 'XX, potentially part by for approval early calendar mid then even in an maybe late -- is this the you early enroll can or of early or in part even and 'XX get if

Mike Minogue

great numbers Matt, we give are little yet from that primarily we today. the a So protocol the from excitement the we to all physicians. did it's think the FDA. we going the two give details of the with were use a not bit question. There's But single-arm But until centers lock We'll tremendous in color study, all a to what we PCI ECP. be to up other our given doing XX out do anywhere High-Risk single-arm we we centers comfortable, to pretty feel And very from we is to compare data, if equivalency. but able a numbers can numbers enroll in with but haven't a quickly. we'll on looking basis, to you're -- XX at And a an

and that this it's as we the for PCI. well things are the in device. utilization really confident feel fact the X the French a parameters in important just High-Risk very access as most simplify out does safety closure around So valve and And

with new of be the the to ahead some implemented feasibility. and happy made we're changes. benefit we've pleased So the We're of already technology That's schedule. early process

the to there. XX level So going up next to another patients keep the to we're -- experience utilize to continue

feasibility can we're we into roll the and already So study, schedule. pivotal. into ahead early a ECP confident, into bring it right product expand -- ease through to then and the that right market centers of the we're We're excited

Matthew O'Brien

Got it. so Thanks much.

Operator

Thank you.

next with from Our Chickering Bank. Deutsche comes Pito question

Your line open. is

Pito Chickering

question. taking good my for morning guys. Hey, Thanks

if because was us can the to I you guidance the U.S international drivers positive a give due key X.X patient the delta between the the there sort large of quarter. is -- And here growth revenue any, ASP? penetration ASP go of we guidance revenues As growth revenues? this between and and increase, over And the to increase, much ask how just

Todd Trapp

so good It's our the at year, increase second Europe U.S., of guidance expect question. all a the geographies, acceleration would geographies, in different on based Pito. and I is like the look the I we when basically three half Thanks, do Todd. This Japan. of see, say major and say, we to

And to we’ve so the all them guidance provided expect in do we that year. increase out for contribute that to

Pito Chickering

on basis I'm or the the revenue missed by moved obviously then XXX if sorry, maintaining points, And Okay. guidance up but margins. this, you operating top but guidance lower I XXX end the points, basis by of margins, end

we're So the making And through maybe much. seeing here. bottom more line which Thanks just contemplating why revenue investments so you that throw quarter? today you curious are last were not

Mike Minogue

would be I year us lot really second, and quarter in spin a and it's to third is in investing would the Pito, have we say I the Yes, quarter. fourth one going say of to we're into and the that

So the as for as STEMI those going you pay and trials the you're I QX, said, increase, up, as we're ramp QX to costs drink. like see both well IV, -- to going PROTECT QX, clinical

So or time enroll cost initiate incurred. a the patient, where every is that's you site,

So right first would I pushed as we're costs pilot would I of that now the the say on little QX. say, we a bit looking now, and QX, around, randomized looking in accelerate, control the direct-to-patient QX and I to to, well trials have like mostly as the some to quarter initiatives right, said, we're

Pito Chickering

Sheath much. an Can Great. well. as get the And updated so Thanks you then just one a timeline XR quick one. of

Mike Minogue

made want And market Sheath is now limited roadmap essentially be match higher a release And what XR end to the is they Pito, We our design bit. want. flow was going what single the timing the our access. this the decision customers the with the year. CP of to fiscal for little really by to a change

CP fiscal -- release from going 'XX really go and the we're But feel fiscal of comfortable market the the has curve met with to to and the the to is at majority year of learning single limited 'XX. access. been mid year So them end

a you High-Risk our at, of and patient. the so this look isn't compatible And patients again, for for current PCI. single all-time XX% it's And quarter access, And an it's for benefit if the PCI High-Risk use that. Sheath high

French TAVR at RESTORE comfortable single Sheath very in are out, access. and the the cath technology XR been it we're now can the in to comes abstracts look PROTECT Impella and with on single clinical that is the the lab, based XX that We'll And experienced the catheter we short-term, So put lower digits. vascular CP it's vascular TAVR, Bar And the or we're have next-gen And bleeding our we're with approval equivalent growing. into for are and rates whether customer the our EF, actually our that now access than to complications And single in more have bleeding as it's when III, you investment similar FDA. align the or to training going and the X III users feedback, French. access. already at from low because do that the

customers for higher So long-term, our kind majority. eliminate from and that and ECP the complications outcomes much are those bleeding vascular our Impella of the want late of any better overall, concerns CP. will But for flow

Pito Chickering

so Thanks much. Great.

Operator

Thank you.

Jefferies. Petrone from comes question next Our with Anthony

open. line Your is

Anthony Petrone

good Great. quarter Thanks and congrats on the here.

of the a And forward. Just is that a back clear follow-up Todd. it on for of a in price to want in looking was the -- Just current mix fiscal seems the there's dynamics up, benefit benefit pricing the quarter in part guidance half just quarter? like year? going I to third -- into there the want

want Impella just that. be clarify to And then on So would question follow-up a Connect.

an in you're there many noticing there what one And those Just and I'll sites active sites. are usage have follow-up on then how on at trends update M&A.

Todd Trapp

see perform extremely things. continuing to year, half second the question, to the do to in one it surgical ASPs Number a business and I is drive for down our thanks continues the well. Yes, comes of tailwinds Anthony. really expect the to few

his As sites XXX terms still the long the sites, in we X.X. we're of with over were a anecdotally, in opening runway remarks, have new in U.S. Mike go just as mentioned the We X.X to XXX% on up

higher -- ASP average is becoming the business piece smaller X.X also significantly the versus still on than the benefit a to are X.X we the And X.X. the the with we favorable of so mix CP. And continue Impella from

do I of second on through, expect half positive to least trend see is and at beyond. that continuing So the in ASP year the

the at quarter, end almost the sites, the were obviously sites X,XXX Connect Impella of U.S. over we to close the of terms In in

had over being XX% supported Connect. sites Impella XX% of on of patients about cloud Connect So our in our and Impella are the

Europe some Japan. in to continue well So in and we as progress we to that of as make rollout continue there, accelerate

Anthony Petrone

M&A. quick one And a on

like we in ahead the preCARDIA, study, timelines on look R&D year the the done just so. deals enrolled, company past cycle but looks feasibility to shifting Just development with and study is feasibility beyond as non-GAAP. the or already that here of Two sort the

how on comments just that over a years? story bigger So Is you the of couple Thanks. see going the M&A forward. piece of next Abiomed

Mike Minogue

is without changes On certain is has continuing product. completed, again, patients to But safety this early there and feasibility data make enroll the the question. been we're study preCARDIA Anthony, you specifics, improvements given Thanks as to for submitted. the Mike. the

midterm in process. do that's see regulatory in it So the our path. on current We based

not we'll that. focused on the midterm, So more getting market which it's It stream High-Risk out to have from really some the it are It's does advanced because product, commercial our both patients artery in Impella and augment decompensating that's PCI timeline. support. get a candidates patients with That as are of referral coronary what on long-term, disease, we're -- they for those already doing. great more

get end of shock Some support longer cardiogenic have and in those and issues. kidney may worse need may and up

going Impella it And for the have been to non-GAAP, very it. Relative of GAAP. they're So reporting to X.X. now years our excited the most peers several get on about we're

XX% doing to more I doesn't or And change And think investors, it remind overall preCARDIA original strategy of property. of we it's intellectual something the we started. when certain everyone, own acquisitions, mindset been our types the it of and our one strengthens that that on fact see we transparent. were deals, if got we've

support see help willing, there that's in, ideas and were you'll we be things able what there innovate. out then we to we're and that. there's the and do have to that the us continue from is balance But And we sheet we're So and experts do might beginning. to

we're So to can where our stay breakthrough matches focused be acquire But that on we're obviously, opportunistic, to more going going strategy. we technology growth. organic

Anthony Petrone

you. Thank

Operator

you. Thank

question next with comes Our Pasquale Chris Guggenheim. from

open. is line Your

Chris Pasquale

a something Thanks. on just portfolios. connected is ago, in you follow-up mentioned failure second roles wanted I or your emerging heart there which roles Mike, to some overlapping of the

patients, you which targeting IV same preCARDIA, failure having You've got population. of Impella now is you success X.X, decompensated acutely lot and have that III Class sort is with heart of a which mentioned Class

BTR have also the still internal You in pipeline.

they you So roles different another? about those and how complement think versus the how do duplicate for one products

Mike Minogue

at failure epidemic for for the heart failure. and growing going address Chris, of are we to And heart are look interventional out cardiologists, we heart the surgeons. there biggest problems cardiologists,

a center the a surgery, so a And is open heart or transplant X.X have. whether if must at just Impella that you're a center you're does surgeon,

You and of already ECPella so ECMO this now, is have now part leveraging those relationships. our

If a failure ICU heart you're you're referring the the cardiologist, in in or you're community.

we PCI. So around High-Risk have failure which heart committee are part in you the And see cardiologists. to fact, PROTECT executive data want of leading IV, a the

IV mindset PROTECT the optical study, Protected that cardiology and so patients think ejection of just So think to we them medical of post interventional failure cardiology transition treatment. as heart in improvement with potential for management for an PCI can about the those fraction

up escalate, patients, So And on if they those us which upstream it then X.X those things end leverage with preCARDIA, chronic we'll BTR. puts from or more on acute well.

synergy. lab transplant centers dedicated even We're top we the that cloud. are way our distribution the at team again, VAD working surgical those leverage the distribution, suite largest and cath relationships. and patients with hub all great a the the And is calling in overlay spoke, every we're on and now the and that the largest And So there's out community. also on distribution we in

from people as from manage our there's accept patient and to CMS support hospital to there are on other, to go Impella the DRG is a dedicated the information even and So them. involved, they transfer one

innovation, improve clinical to that home in these have with but for patients because of sick are doing, the confident that their that just So we future, but showing to feel that not heart. own we're because outcomes also only survive, of partly very very populations the opportunity the the research we go continue

Chris Pasquale

a And of you’ve you heard running trial love And is actually up the a progress? curious that I STEMI only and set? not I has the Thanks. on just -- you while, you many how going anticipated can DTU now. sites And mean, the for activated. speed half then that I update trial to why sites highly do trial? still at quite the an in Anything Would pretty been say Thanks. think enrolled have data half patients up

Mike Minogue

-- done out I always Chris, at think are we there. of Yes, better, we but halfway can XX we're hospitals have

you because some see STEMI of get they curve. the start that’s COVID on the pace Delta we we that these were I them to been a sites cath a process. And the COVID And complicated the those big up other while that’s into testing and in Once of where of initially. and I COVID down require most the and running, studies, hit lab. type studies itself still, outperformed before think think patients acceleration we companies wanted, I if we hospitals shut because doing moved you look at bring additional of when believe, you got for months the only steps few now will pace at at haven’t

complexity, hospitals a at only Thanks got for of the enrolled, we We months but well. executed XX lot a XX think been has there shutdown are COVID. and So patients because we few I and has were pretty the team adapted and question. of

Operator

you. Thank

with Marie question BTIG. next comes from Our Thibault

open. is line Your

Marie Thibault

and for CAMP to an are this Good morning. CAMP wanted impact push you just morning Mike, heard that heart But it’s initiated PCI expect I what of possibly Hi. you mean, I forward? of think, can we that And adding, CAMP that’s you that training failure on surgery questions. heart the the get program? sort feel get an the I and up. failure symbolic how appreciate you into been PCI I heart line wanted and of going to surgery from say time heart I clearly heart has failure. program idea, idea impactful And the to since

Mike Minogue

Sure.

question. for the thanks Marie, So,

before crystal COVID ball hit. before put that CAMP credits the said do would alone. have had physicians COVID place other we concept live had have a we we were we interactive And the lucky reason for had CME already and Someone cases, that and had training fortunate and had designed to day to if do in a faculty for PCI

up better it there that we are teach CAMP course, for do wire who of reason. because every and for weeks our numbers we the sample hemodynamics, do things to the space. But biased that and of but doing on very are that’s grow now believe gotten a only and for amount this and case week, and in give over it’s one PCI, top helpful, people important been credits customers around were XX us to cases that is the information one a live X around live show COVID. is with has opportunity and just CME higher just engaged of a the performers tremendous leaders the the There And So Internet. in we more skills most are growing doing most,

user But do virtual continue Internet do is group where on. type We with right be to the and what more going advisory the pretty it's boards. training and we to phenomenal. training of can meetings the protected hands reserve in-person then a And password do on we now to

and with share tips our going pace, happen is, improve does are expand faster recovery. also further them at outcomes. again, and best tricks survival with knowledge will heart and users practices a heart and surgery our allow And improving I and outcomes native to think which will to it's spread what failure that base of the

ICU. So the in versus maybe these less are big items four hours

Marie Thibault

And Thanks. then in an just hear heard BTR. development the to phase? product I on where is love good. very good, Very don’t Would that update I Okay. think

Mike Minogue

to last quarter. the our call we're we in going QX earnings this At said anticipate first in-human of

lot things on it. will BTR I forward of Remember a have will again but without cloud, sternotomy, for will It it's in have and had the out, are extremely able Impella to We it LVAD confident. be a certain Recovery. we an to It the schedule. great things stands home flow. the Bridge cut and with go high run will be flow you to

watch and the wean while in tension wall left the the to you off flow. patient it allows So you increase coronary ventricle

patient is do So our of end very a excited breakthrough we for U.S to year. We’ve are here tremendous been while in There it's and first excitement. on the the it technology. another working

Marie Thibault

the for Okay. Thanks …

Todd Trapp

want Just 'XX. of QX to it's confirm,

Marie Thibault

QX of 'XX.

Marie Thibault

quarter. this not speakers] [Multiple

Mike Minogue

we fiscal This will feasibility U.S early the our Thank study. do 'XX. QX year in-human in in Yes, our first you.

Marie Thibault

you. Thank

Operator

Thank you.

with Bedford Raymond question next comes James. Our from Jayson

open. is line Your

Jayson Bedford

Good I been has Hi. will quick. lot so A be covered, morning.

Just was quarter, by you on of type do pent-up fulfillment think business demand? any the helped of procedural the the

Todd Trapp

Good Yes, is Jayson, Todd. question. this

with obviously, treated did set and in improvement actual before. a just June. QX patients X% reminder year, sequential of saw COVID mentioned, As a QX record we have we quarter again, in the more within quarter ever April as a to the trough from And a last than seen in was Mike in everyone, and patient there growth

that into seasonality. with in and that June I our would normal I we continued strength month that bit would say, little bolus played I the then of or highlighted line really think some April. last on of a earnings say, out expected, May And call as and

the we So, are with quarter pleased out. very how overall, played think I

Jayson Bedford

from Breethe Okay. you the contribution Todd, revenue the of And in quarter? well do have as maybe, FX the as just then impact

Todd Trapp

the than it in mean, probably point small in very, was time. very less the at so I quarter, Jayson, quarter. very in this $XXX,XXX small

Jayson Bedford

I And FX? Maybe you gave it, apologize.

Todd Trapp

euro-dollar U.S mean, I from a FX. FX, XX in from headwind was a point Yes, it -- about Europe, perspective,

it on it look you probably a consolidated was level, point. less when global a for at and I think Abiomed, than

Jayson Bedford

that Okay. how in any have update you study? And then of just lastly, PROTECT in enrolled IV, many terms patients

Todd Trapp

PROTECT IV, yes.

a done handful of we As activated now we've X sites that right have we've patients. site -- and of

Jayson Bedford

you. Thank Okay.

Operator

you. Thank

from next question with SVB Our Leerink. Danielle comes Antalffy

Your line open. is

Danielle Antalffy

years but base feels of I that. Thanks strong any parse if of taking so the And is to have backlog I are we that of what -- like mean, interest guess, few if were express on not would you PCI, or my sort type starting on they data And, follow-up market started sort volume get just necessarily made, the be question those CAMP COVID, turning they not, this a physicians great that from whatever point virtual. it involved impacted were to saw wondering lower that for? is to of of that it's waiting you really at start you’re very users And any out AHA. out question. Mike. are time Congrats some the My Hey. Have dramatically by much ago a again? hard on X business, morning, the for in to the of just that everyone. question getting looking year. I’m Good if to to more What is, a

Mike Minogue

CAMP the kind to Danielle, of is playbook. COVID also around our the tied interaction question of PCI

So, ended High-Risk because as actually they PCI. sometimes were we that drops in centers. went disclosed and big users the low sites the last And the so COVID it's in the up which the they mid or centers, hub keeping community, tended year, users, be biggest to doing more patients up the centers, the were

the there, transplant and people turned on direct-to-patient network, outline these we've calling part that experts playbook that coordinate is out live cath sure watch So some can all there. initiative those centers, PCI, CAMP out with our go calling And try film with then of COVID do they making with a referring reviews. physician and the the and in the patients surgical to we finding potentially a link distribution teaching and of kind patients that cases, suites those where to in interact of on our and by distribution, centers, we finding labs on

live So, The the -- cases case. or people is submit has CAMP now explain Wednesday every Wednesday they -- other and every is it.

users from rather the of And own studies tremendous then can get kind than us on already and in does on network to everywhere. allow home top So or amount and fly having a it case we plane of computer that put their the a at it do office have there. to leverage

see again, So quarter and are the able and to a partly we very large such all the centers QX, in to smaller, have helpful, PCI. what is that's we been strong mid growing size and why continue it's the High-Risk for are

Danielle Antalffy

Got it.

Todd, anything I helpful. is revenue to CAMP, is it's else more the discrepancy your higher that's discrepancy in stocking. there next make Is are -- hear. there patient but And want growth, every I a there anything. and know I’m the versus driving tends growth to good revenue missing guessing there That's My the I in be versus quarter, U.S growth? think in that's big that's a not growth we on shift probably is just question, mixed patient Okay. to a the discrepancy. sure

Todd Trapp

-- some if of mentioned year slightly a XXX%. Danielle, X.X, a in I little about them. walk, think so improvement And XXX%. we mean, the a obviously of look you just high-level you it reorder a captured mix from my as rate was still that was COVID, it in seen I couple And reorder obviously below last above prepared points. then just was remarks, rate was with I QX all

gap So I patients between of mix, and think bridges with sales really the and reorder the revenue. kind the

Danielle Antalffy

That's Okay. me. from Thanks. it

Todd Trapp

Danielle. Thanks,

Operator

not would to for questions I over now to Mike at the you. turn Thank Minogue remarks. time. showing closing any call this I'm back like further

Mike Minogue

you. Thank a day. great have everyone, And

care. If free to you feel out. have reach Take any follow-up questions,

Operator

This concludes you today's Thank conference participating. call. for

disconnect. may You now

Abiomed (ABMD) 5 Aug 212022 Q1 Earnings call transcript