- Q4 Revenue Up 28% to $13.8 Million
- Record VAD Shipments
DANVERS, Mass. (May 8, 2006)—ABIOMED,
Inc. (NASDAQ: ABMD) today released financial results for ifor its
fiscal fourth quarter ended March 31, 2006. Revenue for the fiscal
fourth quarter of 2006 was $13.8 million, up 28% compared to revenue
of $10.8 million in the same period of fiscal 2005. Revenue for
the fiscal year 2006 reached $43.7 million, up 14% over fiscal year
2005 and up 70% over the last two years.
- Recent financial and operating highlights include:
- Strong U.S. growth with a 28% increase in total revenue for
the quarter and 134% growth in AB5000™ Consoles revenue.
- Total worldwide revenue for consoles (IMPELLA and AB5000) for
the fourth quarter of fiscal 2006 increased 104%.
- Record number of patients supported on AB5000™ Ventricles
during the quarter.
- Record number of Ventricular Assist Devices (VADs) shipped
(IMPELLA, AB5000 and BVS 5000), representing a 17% increase in
revenue for disposables compared to the fourth quarter of fiscal
2005.
- Increase in global distribution with the addition of four sales
and clinical representatives. Sales and clinical headcount at
the end of fiscal 2006 was 45, up approximately 70% since the
end of fiscal 2005.
- The fourth quarter reported loss was $3.7 million, or $.14
per share and the full year fiscal 2006 reported loss, including
an in-process R&D charge of $13.3 million related to the IMPELLA
acquisition, was $29.5 million.
"We are pleased with our progress broadening our global reach
and the continued momentum and market acceptance of our new products
such as the AB5000 and IMPELLA" said Michael R. Minogue, Chairman,
CEO and President of ABIOMED. "Our strategy and investments in fiscal
2007 are focused around continuing to expand our global distribution
and the introduction of five new products into the United States
to establish heart recovery as the standard of care for all acute
events."
ABIOMED forecasts fiscal 2007 revenue to be in the range of $49
million to $52 million, representing an increase of 12% to 19% over
fiscal 2006, depending on the timing of new product trials and introductions.
Based on our current strategy to broaden our portfolio and distribution,
ABIOMED expects a loss in fiscal 2007 of $13 million to $16 million,
excluding the effects of stock option expense, due to: continued
investments in R&D of $16 million to $20 million and expansion
of global distribution with a goal of two to four new hires per
quarter. The expected fiscal 2007 effect of expensing stock options
is approximately $4 million; therefore the expected GAAP loss for
fiscal 2007 is estimated at $17 million to $20 million.
Financial information for the fourth quarter and full year of fiscal
2006 is attached to this press release.
CONFERENCE CALL AND WEBCAST INFORMATION
ABIOMED will host a conference call to discuss the fourth quarter
results on May 8, 2006, at 4:45 p.m. ET. Michael R. Minogue, Chairman,
Chief Executive Officer and President, and Daniel J. Sutherby, Chief
Financial Officer, will host the conference call. To participate
in this call within the U.S. and Canada, dial (800) 289-0726; international
callers should dial (913) 981-5545. A replay of the call will be
available three hours after the call and will be available for five
days. To access the replay within the U.S. and Canada, dial 888-203-1112;
international callers should dial (719) 457-0820. The passcode number
for the replay is: 3040162. A webcast of the call, which will be
live and then archived for two weeks, will also be available at
www.abiomed.com.
IMPELLA® RECOVER® DEVICES
IMPELLA® RECOVER® products are investigational devices in
the United States and are not yet available for sale in the United
States.
ABOUT ABIOMED
Based in Danvers, Massachusetts, ABIOMED, Inc. (pronounced "AB'-EE-O-MED")
is a leading developer, manufacturer and marketer of medical products
designed to assist or replace the pumping function of the failing
heart. ABIOMED currently manufactures and sells the AB5000™
Circulatory Support System and the BVS® 5000 Biventricular Support
System for the temporary support of all patients with failing but
potentially recoverable hearts. In Europe, ABIOMED offers the IMPELLA®
RECOVER® minimally invasive cardiovascular support systems under
CE Mark approval. The IMPELLA products are not yet available for
sale in the United States. The Company's AbioCor® Implantable
Replacement Heart was the subject of an initial clinical trial under
an Investigational Device Exemption from the United States Food
and Drug Administration. The AbioCor has not been approved for commercial
distribution, and is not available for use or sale outside of the
initial clinical trial. For additional information please visit:
www.abiomed.com.
Contacts:
Liza Heapes
ABIOMED, INC.
Media Relations
(978) 646-1668
mediarelations@abiomed.com
Daniel Sutherby
ABIOMED, INC.
Chief Financial Officer
(978) 646-1812
ir@abiomed.com
FORWARD-LOOKING STATEMENTS
This Release contains forward-looking statements, including statements
regarding development of ABIOMED's existing and new products, the
Company's progress toward commercial growth, and future opportunities.
The Company's actual results may differ materially from those anticipated
in these forward-looking statements based upon a number of factors,
including uncertainties associated with development, testing and
related regulatory approvals, anticipated future losses, complex
manufacturing, high quality requirements, dependence on limited
sources of supply, competition, technological change, government
regulation, future capital needs and uncertainty of additional financing
and other risks and challenges detailed in the Company's filings
with the Securities and Exchange Commission, including the Annual
Report filed on Form 10-K. Readers are cautioned not to place undue
reliance on any forward-looking statements, which speak only as
of the date of this Release. The Company undertakes no obligation
to publicly release the results of any revisions to these forward-looking
statements that may be made to reflect events or circumstances that
occur after the date of this Release or to reflect the occurrence
of unanticipated events.
###
ABIOMED, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except per share and share data)
|
Three Months Ended |
Nine Months Ended |
|
|
|
|
|
|
|
|
March 31, |
|
March 31, |
March 31, |
|
March 31, |
| 2006 |
2005 |
2006 |
2005 |
|
|
|
|
|
|
|
| Revenues: |
|
|
|
|
|
|
| Products |
$13,717 |
|
$10,652 |
$43,322 |
|
$37,945 |
| Funded research and development |
79 |
|
120 |
348 |
|
271 |
|
13,796 |
|
10,772 |
43,670 |
|
38,216 |
|
|
|
|
|
|
|
| Costs and expenses: |
|
|
|
|
|
|
| Cost of product revenues |
3,834 |
|
2,723 |
11,685 |
|
9,366 |
| Research and development |
4,221 |
|
3,368 |
16,739 |
|
13,350 |
| Selling, general and administrative |
9,367 |
|
5,104 |
30,923 |
|
18,566 |
| Expensed in-process research and |
|
|
|
|
|
|
| development |
– |
– |
13,306 |
– |
| Amortization of intangibles |
352 |
|
33 |
1,308 |
|
187 |
|
|
|
|
|
|
|
|
17,774 |
|
11,228 |
73,961 |
|
41,469 |
|
|
|
|
|
|
|
| Loss from operations |
(3,978) |
|
(456) |
(30,291) |
|
(3,253) |
|
|
|
|
|
|
|
| Other income, net: |
- |
|
- |
- |
|
- |
| Investment income |
318 |
|
257 |
1,194 |
|
801 |
| Foreign exchange gain (loss) |
52 |
|
(29) |
(116) |
|
91 |
| Other |
29 |
|
7 |
120 |
|
19 |
|
399 |
|
235 |
1,198 |
|
911 |
|
|
|
|
|
|
|
| Tax Provision |
103 |
|
- |
356 |
|
- |
|
|
|
|
|
|
|
| Net loss |
($3,682) |
|
($221) |
($29,449) |
|
($2,342) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net loss per share: |
|
|
|
|
|
|
| Basic |
($0.14) |
|
($0.01) |
($1.15) |
|
($0.11) |
| Diluted |
($0.14) |
|
($0.01) |
($1.15) |
|
($0.11) |
|
|
|
|
|
|
|
| Weighted average shares outstanding: |
|
|
|
|
|
|
| Basic |
26,382,046 |
|
22,055,147 |
25,649,038 |
|
21,844,759 |
| Diluted |
26,382,046 |
|
22,055,147 |
25,649,038 |
|
21,844,759 |
|
|
|
|
|
|
|
|