- Earnings call transcript Q2 2023

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Operator

Its now pleasure to turn the conference over Vice President of Investor Relations, Jessica Moore. Please go ahead.

Jessica Moore

Thank you, Daryl, and welcome, everyone. This is Jessica Moore, Vice President of Investor Relations for Johnson & Johnson. We appreciate everyone joining us on such short notice to review today's exciting announcement that Johnson & Johnson has entered into a definitive agreement to acquire Abiomed. find Johnson on investor.jnj.com, & call. can section Investor following you the of Johnson note, today's the presentation Relations the Please website at us Executive Duato, Johnson; With R. are Johnson Michael of & Chief morning this Officer Joaquin Officer; Officer Minogue, Vice McEvoy, Johnson. of Medtech Johnson Johnson President Chief Joe and of Executive & Chairman & Ashley Johnson; Abiomed's Worldwide Wolk, and Chairman, at President Executive and Chief Financial

our we're a going Johnson. we overview business will Here overview more to Johnson med of on and Mike the for go is of a rationale see Joaquin brief moving providing quick the today's Abiomed's into helps forward. accelerate strategic provide start the detail will what will by a Abiomed. Abiomed on for Then the into clinical the tech high-level outline of incredible then strategy call. opportunities new how our Ashley cover and & company how fits profile vision

financial and significant Finally, Joe details Abiomed's potential. will revenue the cover growth

We will the questions. to then call open

the forward-looking call on any projected now turn forward-looking for that expect which to Please that to both cause XX from statements update statements. I'll forward-looking from Joaquin. are do over information as statements may rely undertake or any to not of in new to to these events. last materially call available publicly therefore company's are differ The up those made a the today. cautioned factors note or future and Investors presentation each website not result companies statements to considered companies forward-looking today's refer be identify minutes. statements. results certain their filings Please to could We actual

Joaquin Duato

you tuning in. everyone. and all Jessica, good morning, Thank Thanks, for

Johnson morning, important strategic Johnson the we & this of new focused vision our step saw our in for pharmaceutical on MedTech. an the you and As priorities and execution announced

& for acquire a entered Johnson agreement Johnson have We into to definitive BioMed.

challenge & of Johnson's assuming priority of of high-growth is innovation year, addition this advance The help Abiomed Healthcare patients CEO value-creating strategic communicated business priorities around in in driving opportunities. I care. cardiovascular includes value disease One have the a tech to earlier continues both our we Achievement driving Johnson today. in foundation provides a breakthrough strategic role our are biggest of our health the world. at the while moment performance. platform the through important inorganic treatments society shareholders. a more an step and better and consistently med programs this Wound facing to the markets for strengthening back, future. since that three in Health best-in-class ph investments for is organic to Taking tech be med positions

science Johnson Our purpose to ingenuity of to health profoundly future blend and the & change for Johnson is humanity. at heart,

plays medical our the of proud life-saving solutions challenging address the most treatments device company role and are We to offering in diseases worldwide.

our health advancements. new bringing underscores goal but transaction to and This improve to delivering for solutions also achieve heard more and I entry on that have have health to we say next the focusing believe on continuing focus market innovation the systems that may of patient technology grow MedTech me these You scientific we patients that care is over advance the our in century, with R&D and disease decade only worldwide. and and critical not industry-leading business last can care care

of heart operates failure. one of breakthrough had forms technologies many Abiomed to cause Abiomed is support of and disease leader failure, lead disease the stay. the with fastest-growing death. and coronary treatment cost due world a kidney portfolio extended health a the first-in-kind All is significant of is one in expansion in med to which a in significant of length to and artery know, systems geography lung Cardiovascular indication, disease As opportunities of cardiovascular you product. tech with for number segments hospitalizations heart and

has evidence Abiomed for innovator heart leading failure. indications failure, compelling pump heart treatment acute both a the patients and approvals percutaneous approval coronary clinical corn heart infraction, disease, right the recognize demonstrated safety portfolio. by granting in intervention, cardiogenic These with for effectiveness As artery requiring or myocardial Impella already severe several the premarket of high-risk FDA so

patients expansion. has moving life-saving with clinical of pipeline accelerating an robust ongoing the sales of and significant & will a studies and while In for potential extensive near world. into excellence and addition, access Johnson's more Abiomed for around footprint, adoption clinical growth. and education, markets, long-term Johnson innovation and commercial technologies Johnson leading global technologies complement capabilities, robust indication and and expertise Johnson life-saving ALL & accelerating long-term earnings Abiomed's efficient capabilities, platform higher-growth

I century. & a Before Abiomed, well Johnson rooted moment for unique deeply to this apart Johnson has over at CEO commitment Joaquin, acknowledge over it have our to to pass that credo Mike a is set I that the in

Abiomed's for been of Our XXX years and achieved and be we products well-being deliver & true and others who to all Johnson and our mothers people of a serve the to our and care. to complementary mission patients, capabilities standard prioritizing will fathers strength global Johnson and Abiomed remarkable by the scale, for Johnson needs use success drive current by nurses, staying has global recovery our bringing and and more future cultures, we services. patient-first than & Johnson, into the of doctors, mindset, portfolio

for the to how I team, say much Abiomed while. and to know AdvaMed line want as and I getting have Mike business have mic from Abiomed the enjoyed a truly Finally, we admired

confident between are companies. in We our cultural fit the

Mike turn . to will over it Minos I Now

Michael Joaquin

put as care first. most suffering innovative are sickest our disease. for patients we build hospital. advanced our here my to with to Since before patients I the of the customers, working the the be credo future. bringing in and founding today, hard XXXX patients Thanks, I'm share cardiovascular our pleased we These partnering been some from and a your to and have dedicated technology That's in Joaquin, time, company enthusiasm In health well. to

outcome Our mission our for the recovering and world's most lives and option the is the pumps our is patients with hearts heart for best and smallest payers. saving cost-effective this

thank an clinical We to & and groundbreaking have Johnson created robust will are to reached and technologies of reflects shareholders similar our strength & patients Abiomed and cultures leverage accelerate also and credo. eye Abiomed agreement Johnson our admiration our in break commitment around and global creating first faster transaction have studies. centered Johnson value for our value has Johnson that technology, our with meaningful piptelie cardiovascular an and significant growth though world-class commercial our Johnson and Chairman, & course, thank Worldwide Joaquin. Executive and Jonathon and so Vice through Abiomed integrity the scale confidence to Alex pleased This patients and employees our position we Johnson's world. Ashley us CEO, remarkable the deliver of clinical the benefits Executive patients, in to I including customers. would dedication transformational patients and for have the that around to like important, my for customers their field to Gorsky; shareholders some the like for also President Johnson, their Abiomed our the technology most to our their inspiring can Duato, helping the and patients McEvoy. all thank over MedTech, story. XX for provide like recovery for and I for Chairman life-saving heart want patients would cardiovascular and us would employees to of support world sickest years. our executing Last finally, to of & XX/X. I I over sharing And of create us I thank And

technologies We reach are and globally to about life-saving look by even holds our strengths. more patients excited leveraging & the complementary Johnson to what enabling Johnson's future forward

Ashley McEvoy

make thank is today. excited the leader none around done provides it about I team and the for and talented the acquisition. all without care Thanks. of Mile. leadership teams health And that our couldn't be world. this dedication And be Mike's it patients you've this the you the the possible Abiomed and for team. know would opportunity for Abiomed of to I more

focus with medical addressing with So out lead on needs advances we at industry both unmet Abiomed major around world. MedTech, set J&J these. the innovation a have And differentiated keen of to the

years, our surgery. continuously market to our further as which included we've the business. well investment long growth refine the portfolio, digital exit our been We're diverse on identify in of trends focused unmet as J&J patient monitoring exposure duration like to drive markets growth few of areas patients for high-growth markets. decisions to for strategic led has was MedTech's acquisition Over has top Abiomed to This impact high our high-growth and key the past could certain improving other where and need priority. businesses have

in entry Biosense the sustained is global as states development the growth standard leadership focus to recovery disease health As heart electrophysiology presence highest of addition their on business. smarter Johnson provides will portfolio Medtech's heart heart further connected catalyst and attractive fastest-growing complementing Abiomed's cardiovascular one company, and smaller, Abiomed's need area our Joaquin current accelerate Johnson recovery devices segments. touched continues for and care. a of and our growth. strong global heart this Abiomed of a establishing will care's into & pumps our earlier, Webster and be be one more through market-leading recovery an Impella to on cardiovascular global and Medtech's product is unmet

more which are Johnson has intent to operate this as within close, announced than more on retire Mike the as his and deliver of succession as Greenfield, & $X for million has expand in President Abiomed we revenue XX with terms business he agreed period. going company and place in platforms, will been In strong Andrew of than forward. as following MedTech annual structure Abiomed from Chief a post years, he million. priority close $XX currently stay serves and to who Officer a $XX plan has Commercial the grateful our has serve the that stand-alone billion Johnson Abiomed's of transaction, will to through

evolution and heart the failure helped He heart levels the right advanced and be more hospital help this We the in energizes risk It to years Impella severe We're can oxygenate also world. and and than care significant patients I've an platform. enjoyed growing saving most Abiomed's costs me and heart, of the populations to Mike to artery is breakthrough spending cardiogenic cost on J&J the quality accelerating the Mike families. the instrumental age is and few Abiomed coronary of many more caregivers. of played ultimate heart partner adoption for Abiomed focus families acquisition for XX and and the platform months, and United time per with with bring opportunity growth, role MedTech of in native intervention of to this the renal for multiple increase. that to choice patients addressing is driven his heart and most patients and drive to their Over consecutive the the care disease of the meaningful and the am cardiac for heart to reduced XX obesity last All President executive industry, resulting & transforming team. of of with Johnson kidneys. who recovery that in patient technology I with profitable year. health impact lives. increase of to epidemic. to Johnson. patients has and of than around of the number goal scale and the excited continue Abiomed of in forms is of or work recover #X poor cause It's cardiovascular United leverage in in the my the clear highest physicians. deaths full Heart large the change of the have touches want X how electrophysiology hospitalization and diabetes J&J requiring through cardiovascular $XX care there terms our seasoned business and recovery perfusion reiterate global served is of and Webster disease lungs to J&J the life welcome market-leading Bodner, of rapidly one community Andrew recently positively Michael the med lives direct collective the team in you treatment over It's cause the treatment as will a Worldwide protect most attacks team. all to the care and death tech continue that number excited FDA percutaneous part in drivers to also What Cardiovascular standards in record one provide the I XX R of own with lead years of of Biosense costs and this XXX,XXX is of the States, this as function, epidemic an integration Clearly, today options billion cause to failure medical approvals cause costs growing acute with millions over for Abiomed disease a high-risk years failure. and is of worldwide XX with myocardali Abiomed exclusive technology United mortality hard and our coronary disease shock of infection, of it's States. patients, disease causes number lead heart and States need mortality health know an heart driver greater standard million

platform needs Abiomed stage of the of One outcomes Abiomed unmet and that physician indication, deeper serve able to see their with compelling a expansion future opportunities patients. opportunities using more well to and these clinical training it. Together live expand long with we capabilities, to talented As robust more have our leading achieving Slide their multiple for continuous expansive assets a excellence robust team you with X health about markets for virtual J&J and organization will they the presence, Its footprint, product.\ of market-leading cardiologists have capabilities in admired and significant on Abiomed who even feel on guidelines. an expertise. and position sets come more to what education capitalize supported quickly long-term to geographical global Impella strengthen solutions heart pipeline care deal These confident ability the professionals. commercial both that great Class XX, to as in MedTech is major in and people clinical reach therapy with their things a who can courses with powerful and adds technologies all electrophysiology growth and to aim believe the dedicated interventional improve Abiomed contact Abiomed's has access physicians health and adoption representatives will with the J&J be in and surgeons strategic I as providing underpenetrated establish geography Abiomed patients global MedTech connections for use have well for They respect innovation engagement most resources, care need leading ensure accomplished.

how the to Agrimed team Abiomed's the into to becoming care. outcomes care to I'll more patient-centric on remain pioneer you. insight I the way, Key and committed are well momentum. We for recovery. to financials. that to turn organization well shared heart have also drive and standards business it been improve is diligence growth, about indication over that, performing. good pleased of forward your will the standard missions to our to upholding of our global to working to We I'd feel support see process we expansions Mike, with Joe thank, studies like new the their unrelenting for and in to look With incredible of vision over leadership. on again, building build this Joe, provide

Joe Wolk

Good a is the highly scaled financial in should Abiomed From setup a morning, long-term growth. for provide large, multiple everyone. indications with attractive asset technologies Thank delivering you, ideal and markets underpenetrated perspective, Ashley. which

you know, focus fundamental As acquisitions meaningful that delivers and approach and value. a take thoughtful when with transaction disciplined we're this we value a confident considering on

of to allocation good feel on phase about growth Abiomed growth combination hand slower that our It's from we to mature through financing. priorities the In unchanged. early more and a expect remain investment. short-term on in its is assets.\ transaction the note capital standpoint, addition value cash also We important fund attractive being and fundamental to return a versus

cash and balance to free robust a strong healthy a yielding flow, sheet. and committed credit superior profile maintaining are We

priorities flexibility value-enhancing to our strong affords pursuing Our capital when to this the acquisitions continue repurchases in to one, like pursue sheet balance us multiple investing shareholders returning and share dividend concurrently, R&D, appropriate. through and

and forma revenue Johnson the accelerate Johnson med for pro enterprise growth. & tech to Turning financial Johnson. will The transaction & Johnson benefits

guidance earnings the adjusted accretive in XXXX transaction Johnson's impact financing should have to dilutive approximately and While XXXX, create we We share accelerate patients neutral and to & per for this by to expect yet earnings first to the to year be you the provided considering then as Johnson increasingly and accretive not slightly opportunity value we top and invest $X.XX line thereafter. this help accordingly view to for shareholders drive in exciting intend and an growth, long-term growth. to of

to or for share. an In per and a payment will achievement additional right via Abiomed, $XXX on CVR shares commercial acquisition an tender outstanding value share transaction, offer of upfront of all terms receive structure of up the whereby non-tradable one based be per of stockholders them executed -- entitling Abiomed clinical and contingent cash receive to the $XX certain of also will the offered milestones. be

use is with and touch multiple long attractive this accelerating of business me briefly growth Let highly a paths on term. and Abiomed CVR. over the the a best-in-class to leading even sustaining growth

combined the confidence for and appropriate both and its was We value for shareholders. key a organizations enhance both of to finding future The the expand in have and set reach. our that structure companies this potential business rewards global

first during from of The were an a both quarter or share make exceeds upfront disciplined quarter $X.X is any our sets CVR, threshold share $X.XX per use use the by $XX.XX years clearly or net XXXX. during publication shock without XXXX, not cardiogenic With & in during of application consist XXXX patients milestones STEMI end sales with than And the up the of all publication payable no products second first of of products allowing of -- January share. first the period recommendation products upon yet shareholders fiscal met or to endpoint cases, December the cardiogenic use and future. in PCI X-quarter I the their met of to payable Class first but this a in payable the Abiomed upon this XXXX finally, CVR fiscal has per of dates, quarter fiscal if $XX clinical offer if simple Johnson Johnson and billion per shock FDA our the for align subsequently structure XXXX. premarket Impella clinical quarter share period performance for incentives, we in high-risk of is through revenue-based later and respective from of milestones XX, able of X per rolling attractive approval $X.XX without STEMI first with potential business to to Impella upside benefit within X,

As for of innovations with end value and the of & us the in priorities of subject more majority Abiomed approvals to closing and customary largest both for line, with compelling one creates regulatory aligns other shareholders. Abiomed and be medical combination time XXXX, into prior of transaction to shareholders the as completed need. the as expect and tendering Johnson well first unmet we life-saving to a Abiomed to patients to conditions. applicable quarter for the of strategic A areas our transaction financially The bring one allows Johnson that the is offer

[Operator question. with is your another tech. focused question our & this With would continue coming from we new on line progress first transaction to for As like med marks Joanne view, step Instructions] separation for forward Johnson make Wuensch Please exciting the of we and pharmaceuticals Citibank. the Our Q&AX open proceed to that, on Ken of Johnson

Joanne Wuensch

sorry, competitive And congratulations and this little CVR the or bit more this the a couple on acquisition. A your big morning Why next of cardiology was quick a I'm Good into things. you Joaquin. a created? process? for is newer bid unique. little was step -- is Jon, Thanks. give and do about why Can the bit Joaquin us background on think that morning, you question. you of Good that - A Thankj Duato just how this as

in as occasions with have submitted I entirely of my around beginning several remarks, stated pharmaceutical the the I consistent First, strategy acquisition during in as this year. J&J outlined is new

positive also improved with to One is focus of the market a momentum innovation in organic going through XX continued become top share through our evidenced MedTech and as improved products and execution our by is happen And GNMetec on large for accelerating impact as the acquisition organization. consistent and explain a - Joe And higher and strategy, XXXX evidenced Johnson expanding high-growth by cadence to And Johnson line material products new standard growth complements growth this that into and segments an our my our into performer. to straightforward year-to-date to in Abiomed as advancing far CBR of priorities this Webster best-in-class importantly, profile. growth have new revenue markets business. and the -- and have drive I is that relatively some into launching another of Not inorganic others. expansion it's care. markets Matane growth XX It to of electrophysiology Biosense the as and will questions is our with while only integrate you enough let

Todd Trapp

part in actively Joanne, are that of be and of the deal final very filings. terms our came working will the teams regulatory Yes. to finalize about, how paperwork secure

let we'll unfold. that So

think understand as the that a with in to pretty assumed In the his can I was it component the simple of materialize, may we'll The - prepared great be mentioned in attributable I we've clinical creativity models commercial it, clinical simplicity. our well. milestones. upside way innovation Mike and a value this is where our is key revenue in of very a the that that I than commercial should disciplined the much the and data very CVR then greater a even of remarks. also shareholders come like And bringing to in what to to and good both from in think, team specifically some value but home sets itself, of milestone recognize set a terms are that up transaction that key shows from benefit position today. X to -- Half that have that respect

about scripted very can but today in ability or remarks what it appropriately. more announce to to elaborate in feel what press said release we than both CVR the point, the at benefit and transaction, good the our seen we nothing where utilize parties you've close the this So

Operator

Thank you.

with Our of the Wells next Please Biegelsen line Fargo. question your with Larry proceed comes question. from

Larry Biegelsen

to Congratulations folks Abiomed the and on J&J the call.

maybe cost here in be a dilution revenue you the numbers doesn't could gave, the of synergies that lot if Joe, talk synergies this is a that billion Ashley, for J&J? to $X.X new XXXX, call is in reach call by, billion XXXX, point needs given what accretion cost And to to So assumed XXXX. in sales you $X.X happen about consensus about seem it,

And if like and growth mean, you're - so talk X about the seems clinical it major I about maybe thinking opportunities you how the could ongoing trials here.

Todd Trapp

Yes.

Johnson. So cost to about Larry, me this address may about growth very let with that it's sure clear for that very respect & is are synergies come modest. Johnson make The

over led to have Ashley see, prepared business we in what both need upside done come being team, by a years within rights. the contingent from the anything very terms $X intend possible as to the the next med run as of opportunity the in current we that investments from few value those in remarks, tech In that outlining the this a that fact, stand-alone secure Abiomed nice may we well Mike billion the be our But the has mentioned XXth best plan to will value ensure as platform revenue. deliver to as job that over

bit for we U.S. little how and great scale & business, the outside In think Johnson's have there's Johnson explain I'll penetration can further capabilities terms Ashley further. we of value, of the achieve one of a is that we great a and opportunity let

Nicole Nath

for And think that head $X.X would for -- and platform little is now, digit. Yes. the the about I a complementary. on to just recovery years, and And electrophysiology up growing industry I on business right very Larry. head start Abiomed electrophysiology that, XX had share bit We question. view the double billion growing Thanks they Abiomed build business is our -- they a over start. heart has XX-year a our EP,

do there ground advantage insights we business our hope that around taking lot expansion, as Abiomed the countries that Johnson X took we ensure we trials the to penetrate & And bring more of to of scale Abiomed mentioned, we global you all on of the how Johnson's clinical do local of to but clinical and sound apply of is And world, and and and -- that really to underway STEM-IDTU. all leaders RECOVER so expertise ingenuity a to -- bear with performance really looking the some the the really are trial the to clinical infrastructure. best in on PROTECT global through that want the around performance.

those I what's to us beat say is going the Larry? give combination So of confidence would to hopefully milestone, that

Todd Trapp

Mike? Mike may this expansion about comping X have terms in complementary here geography product something the indication, growth companies to of drivers add and that

Michael Minogue

Thanks, Sure. Rahi.

over an several hundred that complete treated So are XXX,XXX are either that -- and cat U.S. are IRIS to or and surgery injury market, come there sent XXX,XXX for getting thousand today lab population the and not PCI safe don't get have or is have cube over to is turned XXX,XXX are disease patients only and it's XXX,XXX gets there a don't revascularization in kidney the alone. or surgery. Unfortunately, want of be there's bigger market down back. The the the don't out coronary largest that patients estimated around

And is That continue to to and and opportunity going complete up and Impella benefit new grow, inabasis. showing potential are treatment. will injury patients grow. continue above to open and trends I, population the so this rebasization XX complete that that kidney of population between the if are for the catalyst of to to will above, PCI you're supported reduction get going all XX acute a PROTECT And with go in

at in are patients own XXX,XXX at And they the with myrcene, These would but attacks, These flow population is growth of which heart the patients We -- treatment, has able some a year with we're part breakthrough yet failure. that to U.S. than you've but the been of X the something heart 'XXs. best be the or with that United that And if not hospital that early not Japan. XXX% their XXX,XXX just for run for vertical avoid practice -- already have within over carnation failure. that's their patients and suffer -- designated a with patients reduce Italy thousands X are with not which but population our if young of follow on in in and make documented is stay survive own help hospital, also by to and and sensors tractors tell is bid, but a called responsive attacks And then it's transformational but Those patients shock. care the population has million alone the grown Germany, which injury. have all last scat, that from at the it X this Impella that each these a market U.S. And look can opportunity heart there's in also us the from patients very And this product hundreds is have It's device their are include worldwide. these in getting a about published that patients are pump more hospital up failure are community. U.S. DTU there's home patients million to a the the only having And the a and rooms value we room -- emergency study, partner go heart. co-bid the as you heart again unchronic study, massive patients them use to AI. the chronic entering younger home in imminent And And and to then and PreCardia, having half shocked, of best CPR, has reperfusion to patients XX for you're XXX,XXX. years cardiogenic cardiogenic again, some that States If alive year seen above, of of heart acute weanable the the are stay go is that that ones if in minimally in shocker inculcation into forward that invasive pharmamopathy. in are alone. diuretics. people out the alive in has #X best admission in this getting population are the and need, also that X.X. that's This patients their spontaneous postpartum XXs over hard allows cloud, STEMI is in the to these looking U.S. over

can Japan, very or products worldwide, guidelines indications new to just I'm is tell, but excited opportunity U.S. U.S. Italy, new but you not anymore existing existing J&J's indications as to rest help for. going for in leveraging be and world, of Germany, stronger not -- and or and just this the with and patients, the products, So the

Larry Biegelsen

Mike. you, you. Thank Operator Thank

line Robbie with the from JPMorgan. Marcus comes of question next Our

Robbie Marcus

XX%. is add also I'll this And And unit thinking about return going talked capital over remain the the was economic what invested to paid J&J. on with about within pretty premium? the other J&J evaluating how deal on metrics. financial Great. my premium where is about targets used be metrics the favorable much you be congratulations deal. size extract we stand-alone Joe, to the given of you How a really able Abiomed from value wondering should the to talked going and I in

Michael Minogue

Robbie. Thanks,

premium certainly, of respect that I look one unique med we not is asset, this make difference, how think tech a it our But at when only within is a Johnson consideration. scale And something that, Abiomed with it's population business, positioned of we assets. but Johnson. look good think was very about feel again, at for other we relative where multiples, to & select very I could

-- cash stand-alone, feel little at detail, are we're there that and going and very So going look growth will good forward this how drivers Ashley it's discounted business we as run of bit over all to the this, that analysis prevail. flow about how a pass which we more too, we approach talk a a of to fundamental to I'll

this the enhance Actually, returns we we to comment would deal only don't use and about model will As you hurdle And better suggests that the that hurdle use simply about? maybe payments our run of could because here. intend do even We this. you the stand-alone know, how to do possibly you rate? feel we nature capital Ravi, the -- should would come cost we exceed CVR about that that right a just We want see now rate.

Todd Trapp

Yes.

capabilities you business countries ready, to opportunities place in unwavering to I of -- keep pipeline countries focus robust this oligofAndrew. The is the execute about that the if and better the of open for -- keep that the J&J objective to leadership question, execute those MedTech Ravi. think predominantly development and you, so the to in to better the talked to the OUS the the thank pipeline. new has up continuity And market objective some -- in to all enable under will, the new and you very to essence, through. of then health come dedication that indications Mike

Operator

you. Thank

Our from Raymond the next line Jayson of question James. Bedford comes with

Jayson Bedford

to especially you, all, congratulations And Mike.

that simply, on a to of what and back to Just a And one. questions the is one profile doing you differently I incremental long-term J&J at to simple the do with it guess, grow just deal, Abiomed? then as couple growth what last brings this plan Getting value the you asset view do faster? the

Michael Minogue

make patients get available And you, more Yes. robust our quite we've via question. that Mike have predictable more as technology that a the we scale pretty again, on in capabilities commercial can learned Thank the a clinical plan ready and job, very I'd and to use in and from. really can to said, patients we like wonderful that just and development And has market of we areas Jason, electrophysiology Japan this around that fortunate kind support are done so the No. simply, business in for to U.S. to say Italy Abiomed a market market And on world. analog so the and infrastructure the Germany outcome. regulatory development of

that In trials addition to bring can really all enable to the we in we clinical that, the bear expertise those we important pipeline. are as to a of well, clinical best of and we scientific thought have and technology plan success so leader

Jayson Bedford

have Jason. we time you, Darryl, Thank for one last question.

Operator

from of line Our the next question Morgan with Terence Flynn Stanley. comes

Terence Flynn

think that guess do position you good then versus how we forward assumed do question think side? do here, a you J&J guess, not more I about that pretty were the my segment you you now? do weigh position. to I on the CEO the deal, Joaquin, potential when think Or priorities as you a the your about more is in And clear medtech med think M&A surprise up? did you spend expect you're as coming tech you about have I consumer Pharma on the

Michael Minogue

question, we and M&A and comes that you, we to and and this strategy you recognizing critical Thank disciplined continue for as with is very component grow will consistent externally. outlined. already for that a the approach as thank innovation well-defined look at Terence, to I very it M&A, have the source take we a to When try always

So for to deliver financial of the can the component our standard continue We'll that in agnostic they discussed as our worldwide strategy time, it with we the context of will of same critical shareholders. the disciplined strategy. a dramatically returns remain patients our and improve evaluate opportunities compelling M&A at a to sector that as opportunities care connected for allocation have capital Biomet and

sector. do, as plan said, are So to agnostic to what that's we I we --

care, our to apply can on are in on well-defined We we that drive standard of capital the discipline and principles opportunities will really focusing expand financial that area. and allocation

Todd Trapp

I and pharmaceuticals. med question agnostic is some the this where to your is it's we was maybe tech next think opportunity Terence, or up might thing follow want What add though, to One I is, on whether capabilities the of at types akin We're have. going. do opportunities either these opportunities. we evaluating that that's how for the is skills portfolio And expertise that and or we've look been always and into our fit to capitalize right on the and looking of

about pie strong in making every about se. it's Really, each composition rate. per of thinking up the the business own morning wake don't So their revenue

Operator

Terence, closing for and questions. some for your everyone you, now turn Thank I'll to it thanks Joaquin over to remarks.

Joaquin Duato

your Thank you questions. for

conclude, and reiterate this and & to Before thank Johnson to both deal I we teams. Johnson the my want excitement related Abiomed

dedication our the to our the first unwavering to exciting world. patients and opportunity to has share bring more have You're possible around life-saving potential philosophy made patient technologies to look realizing companies together I this mission forward

Operator

webcast. conclude does That you. today's and teleconference Thank

We You may disconnect today.+ thank you time, and your line at a for wonderful participation your this have day.

Abiomed (ABMD) 1 Nov 222023 Q2 Earnings call transcript