Abiomed Announces Fiscal 2007 Revenue up 16% to $51 Million.-Record Number of Disposable Units (625) Shipped in Fiscal Q4 2007 -Gross Margin of 80% in Fiscal Q4 2007 -Fiscal 2008 Revenue Growth Forecasted at Greater Than 20% DANVERS, Mass. -- Abiomed, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ABMD ABMD areal bone mineral density ABMD AEGIS Ballistic Missile Defense (US Navy) ABMD Advanced Ballistic Missile Defense ) today announced financial results for its fourth quarter of fiscal 2007 ended March 31, 2007. Revenue for the fourth quarter of fiscal 2007 was $13.9 million and revenue for the full fiscal year 2007 reached $50.6 million, up approximately 16% over fiscal year 2006. For the full fiscal year 2007, revenue from its AB5000 product platform was up 38%, 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) declined 22%, and Impella was up 87%. Recent financial and operating highlights include: * In the fourth quarter of fiscal 2007, Abiomed shipped a record 625 disposable units. Revenues in the fourth quarter of fiscal 2007 as compared to the fourth quarter of fiscal 2006 for AB5000 disposables increased 15%, BVS disposables revenue declined 19%, and Impella disposables revenue grew 140%. * The Company believes there will be U.S. market demand for Abiomed's iPulse console (combination driver for the Intra-Aortic Balloon balloon, lighter-than-air craft without a propulsion system, lifted by inflation of one or more containers with a gas lighter than air or with heated air. During flight, altitude may be gained by discarding ballast (e.g. , BVS and AB5000) following 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. supplement approval anticipated later this summer. In December 2006, Abiomed announced the new iPulse Console and 510(k) clearance of its Intra-Aortic Balloon. In the fourth quarter of fiscal 2007, Abiomed began selling Intra-Aortic Balloons. In the fourth quarter of fiscal 2007 compared to the fourth quarter of fiscal 2006, AB5000 console revenue declined 38%, however, total AB5000 console revenue increased 41% for the full fiscal year 2007 compared to fiscal 2006. * Fourth quarter of fiscal 2007 total revenue of $13.9 million increased approximately 1% compared to the same period of fiscal 2006, as disposables growth was partially offset by lower AB5000 console revenue. * Gross margin for the fourth quarter of fiscal 2007 was 80%, up 800 basis points compared to the same period of fiscal 2006. * The fourth quarter of fiscal 2007 was the fifth consecutive record quarter for the number of patients supported by AB5000 Circulatory circulatory /cir·cu·la·to·ry/ (ser´ku-lah-tor?e) 1. pertaining to circulation, particularly that of the blood. 2. containing blood. cir·cu·la·to·ry n. 1. Support Systems worldwide and a record number of AB5000 Ventricles Ventricles The two chambers of the heart that are involved in pumping blood. The right ventricle pumps blood into the lungs to receive oxygen. The left ventricle pumps blood into the circulation of the body to deliver oxygen to all of the body's organs and tissues. were shipped during the quarter. * The fourth quarter of fiscal 2007 GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). net loss was $6.3 million, or $.22 per share, which included stock option and other stock-based compensation expense of $1.2 million, or $.04 per share. The net loss for the fourth quarter of fiscal 2006 was $3.7 million, or $.14 per share. * Completed public offering of approximately 5.1 million common shares with net cash proceeds of approximately $65 million. * Completed patient enrollment of 20 patients in the pilot trial for Impella 2.5. The pilot trial will be completed after Abiomed has concluded all necessary post-enrollment patient monitoring. In addition, Abiomed continues to work with the FDA on its 510(k) submission for the Impella 2.5. "We are pleased with our momentum during fiscal year 2007 as we increased our global distribution, announced four new products, demonstrated progress with our regulatory approvals and grew revenue by double digits Double Digits was a pricing game on the American television game show, The Price Is Right. Played from April 20, 1973 through May 18, 1973's show, it was played for a car and used small prizes. ," said Michael R. Minogue, Chairman, 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. and President of Abiomed. "We are excited about our growth opportunities in fiscal 2008 as we bring Impella, iPulse and other new products to global markets to establish heart recovery as the standard of care for all acute events." Abiomed forecasts fiscal 2008 revenue growth to be greater than 20%, with incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. revenue growth based on the timing of U.S. clinical trials and global regulatory approvals of new products (Impella 2.5, Impella 5.0, Impella 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. , iPulse supplement, AbioCor supplement, and other products to be announced To be announced (TBA) A contract for the purchase or sale of an MBS to be delivered at an agreed-upon future date but does not include a specified pool number and number of pools or precise amount to be delivered. ). Abiomed's forecast for fiscal 2008 does not include the impact of potentially receiving 510(k) clearance of the Impella 2.5. Based on its current strategy to increase its global distribution and invest in research and development to broaden its product portfolio, the Company expects a GAAP net loss in fiscal 2008 of approximately $21 million to $26 million, including the effects of stock option expense of approximately $6 million. Financial information for the fourth quarter and full year of fiscal 2007 is attached to this press release. CONFERENCE CALL AND WEBCAST INFORMATION The Company will host a conference call to discuss the results on May 17, 2007, at 11:00 a.m. ET. Michael R. Minogue, chairman, chief executive officer and president, and Daniel J. Sutherby, chief financial officer, will host the conference call. To listen to the call live, please tune into the webcast via http://investor.abiomed.com or dial 800-510-0219; the international number is 617-614-3451. The access code is 91288639. A replay of this conference call will be available beginning at 1 p.m. ET on May 17, 2007 through 11:59 p.m. ET on May 31, 2007. The replay phone number is 888-286-8010; the international number is 617-801-6888. The replay access code is 88212273. ABOUT ABIOMED 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., is a leading provider of medical devices that provide circulatory support to acute heart failure patients across the continuum of care in heart recovery. Our products are designed to enable the heart to rest, heal and recover by improving blood flow and/or performing the pumping of the heart. For additional information please visit: www.abiomed.com. FORWARD-LOOKING STATEMENTS forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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 its most recently filed quarterly report on Form 10-Q Form 10-Q See 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 CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or that occur after the date of this Release or to reflect the occurrence of unanticipated events. [TABLE OMITTED] [TABLE OMITTED] |
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