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Globe Newswire 1-Nov-2018 7:00 AM
DANVERS, Mass., Nov. 01, 2018 (GLOBE NEWSWIRE) -- Abiomed, Inc. (NASDAQ:ABMD), a leading provider of breakthrough heart recovery and support technologies, today reported second quarter fiscal 2019 revenue of $181.8 million, an increase of 37% compared to revenue of $132.8 million for the same period of fiscal 2018. Second quarter fiscal 2019 GAAP net income was $50.1 million or $1.09 per diluted share, up 104% compared to GAAP net income of $24.5 million or $0.54 per diluted share for the prior year period.
Recent financial and operating highlights include:
"We have established a strong foundation with our innovation and technology, balance sheet and intellectual property portfolio," said Michael R. Minogue, Chairman, President and Chief Executive Officer, Abiomed, Inc. "We are executing our plan for sustainable growth while helping to improve patient outcomes focused on native heart recovery."
FISCAL YEAR 2019 OUTLOOK
The Company is again increasing the low end of its fiscal year 2019 revenue guidance to $765 million to $770 million (up 29% to 30% over the prior fiscal year). This compares to the post fiscal first quarter guidance of $755 million to $770 million (up 27% to 30% over the prior fiscal year) and the Company's initial forecast of $740 million to $770 million (up 25% to 30% from the prior year). The Company is maintaining its fiscal year 2019 guidance for GAAP operating margin in the range of 28% to 30%.
EARNINGS CONFERENCE CALL DETAILS
The Company will host a conference call to discuss the results at 8:00 a.m. EST on Thursday, November 1, 2018. The conference call releasing full quarterly results will be hosted by Michael R. Minogue, Chairman, President and Chief Executive Officer and Todd A. Trapp, Vice President and Chief Financial Officer.
To listen to the call live, please tune into the webcast via http://investor.abiomed.com or dial (855) 212-2361; the international number is (678) 809-1538. A replay of this conference call will be available beginning at 11:00 a.m. EST November 1, 2018 through 10:00 a.m. EST on November 8, 2018. The replay phone number is (855) 859-2056; the international number is (404) 537-3406. The replay access code is 349 3749.
The ABIOMED logo, ABIOMED, IMPELLA, IMPELLA 2.5, IMPELLA 5.0, IMPELLA LD, IMPELLA CP, IMPELLA RP, IMPELLA BTR, IMPELLA 5.5, and IMPELLA ECP are registered marks or trademarks of ABIOMED, Inc., and are registered in the U.S. and certain foreign countries. AB5000 and cVAD REGISTRY, Recovering hearts. Saving lives. are trademarks of ABIOMED, Inc.
ABOUT ABIOMED
Based in Danvers, Massachusetts, Abiomed, Inc. is a leading provider of medical devices that provide circulatory support. Our products are designed to enable the heart to rest by improving blood flow and/or performing the pumping of the heart. For additional information, please visit: www.abiomed.com
FORWARD-LOOKING STATEMENTS
This release contains forward-looking statements, including statements regarding development of Abiomed's existing and new products, the Company's progress toward commercial growth, and future opportunities and expected regulatory approvals. 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, including the potential for future losses, complex manufacturing, high quality requirements, dependence on limited sources of supply, competition, technological change, government regulation, litigation matters, 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 most recently filed Annual Report on Form 10-K and Quarterly Report on Form 10-Q. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this release. The Company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances that occur after the date of this release or to reflect the occurrence of unanticipated events.
For further information please contact:
Ingrid Goldberg
Director, Investor Relations
978-646-1590
ir@abiomed.com
Tom Langford
Director, Communications & Public Relations
978-882-8408
tlangford@abiomed.com
Abiomed, Inc. and Subsidiaries | ||||||||
Consolidated Balance Sheets | ||||||||
(Unaudited) | ||||||||
(in thousands, except share data) | ||||||||
September 30, 2018 | March 31, 2018 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 76,382 | $ | 42,975 | ||||
Short-term marketable securities | 334,064 | 319,274 | ||||||
Accounts receivable, net | 74,201 | 70,010 | ||||||
Inventories | 63,656 | 50,204 | ||||||
Prepaid expenses and other current assets | 13,296 | 11,808 | ||||||
Total current assets | 561,599 | 494,271 | ||||||
Long-term marketable securities | - | 37,502 | ||||||
Property and equipment, net | 134,065 | 117,167 | ||||||
Goodwill | 33,719 | 35,808 | ||||||
In-process research and development | 15,730 | 16,705 | ||||||
Long-term deferred tax assets, net | 116,248 | 70,746 | ||||||
Other assets | 25,804 | 14,176 | ||||||
Total assets | $ | 887,165 | $ | 786,375 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 21,884 | $ | 23,565 | ||||
Accrued expenses | 46,099 | 46,147 | ||||||
Deferred revenue | 13,996 | 14,970 | ||||||
Total current liabilities | 81,979 | 84,682 | ||||||
Other long-term liabilities | 889 | 776 | ||||||
Contingent consideration | 10,493 | 10,490 | ||||||
Long-term deferred tax liabilities | 850 | 903 | ||||||
Total liabilities | 94,211 | 96,851 | ||||||
Commitments and contingencies | ||||||||
Stockholders' equity: | ||||||||
Class B Preferred Stock, $.01 par value | — | — | ||||||
Authorized - 1,000,000 shares; Issued and outstanding - none | ||||||||
Common stock, $.01 par value | 450 | 444 | ||||||
Authorized - 100,000,000 shares; Issued - 46,935,424 shares at September 30, 2018 and 46,100,649 shares at March 31, 2018 | ||||||||
Outstanding - 45,038,453 shares at September 30, 2018 and 44,375,337 shares at March 31, 2018 | ||||||||
Additional paid in capital | 660,132 | 619,905 | ||||||
Retained earnings | 280,650 | 140,457 | ||||||
Treasury stock at cost - 1,896,971 shares at September 30, 2018 and 1,725,312 shares at March 31, 2018 | (136,743 | ) | (67,078 | ) | ||||
Accumulated other comprehensive loss | (11,535 | ) | (4,204 | ) | ||||
Total stockholders' equity | 792,954 | 689,524 | ||||||
Total liabilities and stockholders' equity | $ | 887,165 | $ | 786,375 | ||||
Abiomed, Inc. and Subsidiaries | ||||||||||||||
Consolidated Statements of Operations | ||||||||||||||
(Unaudited) | ||||||||||||||
(in thousands, except per share data) | ||||||||||||||
Three Months Ended September 30, |
Six Months Ended September 30, |
|||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||
Revenue | $ | 181,778 | $ | 132,823 | $ | 361,788 | $ | 265,291 | ||||||
Costs and expenses: | ||||||||||||||
Cost of product revenue | 29,846 | 21,627 | 60,696 | 43,489 | ||||||||||
Research and development | 22,717 | 19,390 | 43,990 | 36,321 | ||||||||||
Selling, general and administrative | 78,895 | 60,080 | 160,034 | 120,677 | ||||||||||
131,458 | 101,097 | 264,720 | 200,487 | |||||||||||
Income from operations | 50,320 | 31,726 | 97,068 | 64,804 | ||||||||||
Other income: | ||||||||||||||
Investment income, net | 1,671 | 781 | 3,222 | 1,416 | ||||||||||
Other (expense) income, net | (158 | ) | (23 | ) | 30 | 56 | ||||||||
1,513 | 758 | 3,252 | 1,472 | |||||||||||
Income before income taxes | 51,833 | 32,484 | 100,320 | 66,276 | ||||||||||
Income tax provision (benefit) (1) | 1,706 | 7,981 | (39,873 | ) | 4,399 | |||||||||
Net income | $ | 50,127 | $ | 24,503 | $ | 140,193 | $ | 61,877 | ||||||
Basic net income per share | $ | 1.11 | $ | 0.56 | $ | 3.13 | $ | 1.41 | ||||||
Basic weighted average shares outstanding | 44,961 | 44,141 | 44,754 | 44,018 | ||||||||||
Diluted net income per share (2) | $ | 1.09 | $ | 0.54 | $ | 3.04 | $ | 1.36 | ||||||
Diluted weighted average shares outstanding | 46,153 | 45,698 | 46,164 | 45,655 | ||||||||||
(1) Income tax benefit includes the effect of the following item: | ||||||||||||||
Excess tax benefits related to stock-based compensation awards | $ | 12,928 | $ | 4,434 | $ | 66,765 | $ | 21,276 | ||||||
(2) Diluted net income per share includes the effect of the following item: | ||||||||||||||
Excess tax benefits related to stock-based compensation awards | $ | 0.28 | $ | 0.10 | $ | 1.45 | $ | 0.47 | ||||||