ABIOMED ANNOUNCES RECORD RESULTS; Product Revenues Increase 78%.DANVERS, MA--(BUSINESS WIRE)--May 16, 1995--ABIOMED, Inc. (Nasdaq:ABMD ABMD areal bone mineral density ABMD AEGIS Ballistic Missile Defense (US Navy) ABMD Advanced Ballistic Missile Defense ) today reported results for its fourth quarter and fiscal year ended March 31, 1995 ("fiscal 1995"). For the fourth quarter ended March 31, 1995, operating revenues rose 59% to $2,676,000 from $1,679,000 for the same quarter of fiscal 1994. Net loss narrowed to $16,000, or $0.00 per share, versus a net loss of $459,000, or $0.07 per share, for the fourth quarter of fiscal 1994. Total operating revenues for fiscal 1995 rose 38% to a record $9,230,000 from revenues of $6,675,000 in the prior fiscal year. Net loss for fiscal 1995 decreased to $352,000, or $0.05 per share compared with a net loss of $1,983,000, or $0.31 per share, in fiscal 1994. Product sales increased by 78% over the fourth quarter of fiscal 1994, and 48% compared with fiscal year 1994. All of ABIOMED's operating units showed record revenues and improved financial performance for the year. During fiscal 1995, product sales growth was driven primarily by domestic sales of the BVS BVS Biblioteca Virtual em Saúde (Brazil) BVS Bureau of Vital Statistics BVS Brethren Volunteer Service (Church of the Brethren) BVS Boston Vegetarian Society (Cambridge, MA) 5000 temporary artificial heart system to both new and existing customers. Reorders of the single-use disposable blood pump component grew at an average monthly rate of better than 25% during the course of the fiscal year. As of the fiscal year ended March 31, 1995, ABIOMED had over $11 million in cash and marketable investments, approximately $6,304,000 in working capital, and no long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. on its balance sheet. Fiscal year-end Fiscal Year-End The completion of a one-year, or 12-month, accounting period. Notes: The reason that a company's fiscal year often differs from the calendar year and does not close on Dec 31, is due to the nature of company's needs. cash balances rose $988,000 and $739,000 for the fourth quarter and for the year, respectively. Moreover, this quarter represents the third consecutive quarter in which the Company reported positive cash flow. Dr. David M. Lederman, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , commented, "This is the second full fiscal year since receiving FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. approval of our initial cardiovascular product, the BVS 5000. With the system now installed in over 100 U.S. and 60 international open heart centers, we have made progress toward establishing the BVS as a new standard of care for patients suffering from postcardiotomy shock. To support this initial cardiovascular product, we have created a highly qualified sales and clinical support team specialized in cardiac assist technology. This team will be a strategic resource for our future introduction of advanced cardiac support systems currently in our development pipeline. "Our percutaneous percutaneous /per·cu·ta·ne·ous/ (per?ku-ta´ne-us) performed through the skin. per·cu·ta·ne·ous adj. Passed, done, or effected through the unbroken skin. heart assist catheter, the SupraCor (formerly ICS-8000 ) is currently in clinical trials under an Investigational Device Exemption An Investigational Device Exemption (IDE) allows the investigational device to be used in a clinical study in order to collect safety and effectiveness data required to support a Premarket Approval (PMA) application or a Premarket Notification [510(k)] submission to Food and in a selected group of U.S. and European centers. During the fourth fiscal quarter, a pilot study which is being conducted at one U.S. center started to enroll patients. In this study, the clinical learning rate has been fast, and the results, while preliminary, are encouraging. "Revenues from the Company's dental division more than doubled over the past year, though still remain less than 10% of total revenues. We believe that the long term value of the PerioTemp product can best be realized via an operating relationship with an existing market player. Our efforts during the coming year will emphasize this strategic objective. "The R&D group continues to be a powerful incubator of leading-edge technology under external funding. The bulk of the group's research activities are now in the cardiac assist field, with an emphasis on the next generation of implantable heart assist technologies, including alternatives to heart transplantation Heart Transplantation Definition Heart transplantation, also called cardiac transplantation, is the replacement of a patient's diseased or injured heart with a healthy donor heart. . Devices in various phases of development range from pediatric pediatric /pe·di·at·ric/ (pe?de-at´rik) pertaining to the health of children. pe·di·at·ric adj. Of or relating to pediatrics. and centrifugal pumps for temporary support, to implantable heart boosters and artificial hearts for permanent support," concluded Dr. Lederman. Based in Danvers, Massachusetts Danvers is a town in Essex County, Massachusetts, United States. Located on the Danvers River near the northeastern coast of Massachusetts, Danvers is most widely known for its association with the 1692 Salem witch trials. , ABIOMED, Inc. develops, manufactures and markets innovative cardiovascular, medical and dental products and is a leader in the research and development of heart support systems.
ABIOMED, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(in thousands, except per share data)
Three Months Ended Twelve Months Ended
3/31/95 3/31/94 3/31/95 3/31/94
Product Revenues $2,001 $1,126 $6,893 $4,648 Contract Revenues $ 675 $ 553 $2,337 $2,027 Operating Revenues $2,676 $1,679 $9,230 $6,675 Net Loss ($ 16) ($459)(a) ($352) ($1,983)(a) Net Loss Per Common Share ($0.00) ($0.07)(a) ($0.05) ($0.31)(a) Weighted Average Common and Common Equivalent Shares Outstanding 6,625 6,470 6,512 6,461 (a)After taking into account a one-time charge of $106,000 or $0.02 per share, in the fourth quarter of fiscal 1994. CONDENSED con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. BALANCE SHEET (In thousands) As of As of 3/31/95 3/31/94 Cash and Marketable Investments $11,025 $10,286 Total Assets $14,730 $15,426 Current Liabilities Current Liabilities Usually appearing on a company's balance sheet, it represents the amount owed for interest, accounts payable, short-term loans, expenses incurred but unpaid, and other debts due within one year. $ 1,425 $ 1,063 Long-term Debt -- $ 3,773 Stockholders' Equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. $13,305 $10,589 CONTACT: Abiomed Inc. John F. Thero, Kristin T. Hurley, 508/777-5410 Ext. 100 or Morgen-Walke Associates Betsy Brod/Alex Gleeson Media Contact: Lee Foley, 212/850-5600 |
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