Abiomed Announces Fiscal First Quarter 2007 Results with Revenues up 55% to $13 Million; Revenue for Console Sales Grew 398%.DANVERS Danvers, town (1990 pop. 24,174), Essex co., NE Mass.; settled in the 1630s, set off from Salem 1752, inc. as a town 1757. Danvers has light manufacturing, including electronic equipment, chemicals, machinery, and apparel. , Mass. -- Abiomed ABIOMED is a Danvers, Massachusetts-based company that builds the AbioCor Artificial Heart, the first fully implanted device of its kind. The AbioCor was approved for Humanitarian Use on September 5, 2006. , 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 first fiscal 2007 quarter ended June June: see month. 30, 2006. Revenue for the quarter was $13 million, up 55% compared to revenue of $8.4 million in the first quarter of fiscal 2006. Recent operating highlights and financial results for the first fiscal quarter of 2007 as compared to the first fiscal quarter of 2006 included: --Revenue from console sales (AB5000 and Impella) grew 398% and rentals of AB5000 consoles continued to expand with double digit Noun 1. double digit - a two-digit integer; from 10 to 99 integer, whole number - any of the natural numbers (positive or negative) or zero; "an integer is a number that is not a fraction" new agreements. --A record number of patients placed on 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 worldwide. --16 of the top 20 U.S. News and World Report Heart Centers have now purchased Abiomed's AB5000. --Revenue from disposables increased 35%. --Gross margins for the first fiscal quarter of 2007 were 73%. --Sales and clinical headcount head count or head·count n. 1. The act of counting people in a particular group. 2. The number of people counted in this way. Noun 1. increased to 49, up approximately 58% over last year, with 4 global new hires added during the quarter. --The Company's Impella 2.5 and 5.0 minimally invasive invasive /in·va·sive/ (-siv) 1. having the quality of invasiveness. 2. involving puncture of the skin or insertion of an instrument or foreign material into the body; said of diagnostic techniques. cardiovascular cardiovascular /car·dio·vas·cu·lar/ (-vas´ku-ler) pertaining to the heart and blood vessels. car·di·o·vas·cu·lar adj. Abbr. support systems received conditional approval for pilot trials in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . --The first fiscal quarter of 2007 reported net loss was $6.1 million, or $.23 per share, including stock option expense of $1.6 million and an in-process research and development (IPR&D) charge of $0.8 million. The aggregate effect during the first quarter of fiscal 2007 of stock option expense and the IPR&D charge was expenses of $2.4 million, or $.09 per share. "We made excellent progress on our strategic goals as we increased global distribution and continued to generate momentum to establish recovery as the standard of care for acute heart failure," said Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. R. Minogue Minogue Is an Irish name derived from the Irish word for a monk. Famous people bearing the surname include:
The Company is updating its revenue guidance for fiscal 2007 to $52 million, or approximately 20% growth, up from its previous guidance of a range between $49 million to $52 million. Financial information for the first quarter of fiscal 2007 is attached to this press release. CONFERENCE CALL AND WEBCAST INFORMATION Abiomed will host a conference call to discuss the first quarter results on August 8, 2006, at 5:00 p.m. ET. Michael R. Minogue, Chairman, Chief Executive Officer and President, and Daniel Daniel, book of the Bible Daniel, book of the Bible. It combines "court" tales, perhaps originating from the 6th cent. B.C., and a series of apocalyptic visions arising from the time of the Maccabean emergency (167–164 B.C. J. Sutherby, Chief Financial Officer, will host the conference call. To listen to the call live, please tune into the webcast via www.abiomed.com or dial 800-289-0494; the international number is 913-981-5520. A replay of this conference call will be available beginning at 8:15 p.m ET on August 8, 2006, through 11:59 p.m. ET Sunday Sunday: see Sabbath; week. , August 13, 2006. The replay phone number is 888-203-1112; the international number is 719-457-0820. The replay access code is 7544547. 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 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(TM) Circulatory Support System and 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) (R) 5000 Biventricular biventricular /bi·ven·tric·u·lar/ (bi?ven-trik´u-ler) pertaining to or affecting both ventricles of the heart. biventricular pertaining to or affecting both ventricles of the heart. Support System for the temporary support of all patients with failing but potentially recoverable hearts. In Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). , Abiomed offers the IMPELLA(R) RECOVER(R)
minimally invasive cardiovascular support systems under CE Mark
approval. The IMPELLA(R) 5.0 and 2.5 are investigational devices limited
by Federal Law solely to investigational use in the United States. Other
IMPELLA devices are not yet available for sale in the United States. The
Company's AbioCor AbioCor is an artificial heart developed by the Massachusetts-based company ABIOMED (see AbioMed). It is fully implantable within a patient, due to a combination of advances in miniaturization, biosensors, plastics and energy transfer that has made this advance possible. (R) Implantable Replacement Heart was the subject
of an initial clinical trial 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 from the United States Food and Drug Administration United States Food and Drug Administration (FDA),n.pr a unit of the Public Health Service created to protect the health of the nation against impure and unsafe foods, drugs, and cosmetics. . 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. 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 the Annual Report filed on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 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 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.
ABIOMED, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except per share and share data)
Three Months Ended
----------------------------
June 30, June 30,
2006 2005
------------ ------------
Revenues:
Products $13,008 $8,400
Funded research and
development - 23
------------ ------------
13,008 8,423
------------ ------------
Costs and expenses:
Cost of product revenues 3,483 2,333
Research and development 5,419 3,964
Selling, general and
administrative 9,392 7,304
Expensed in-process research
and development 800 13,306
Amortization of intangibles 366 250
------------ ------------
19,460 27,157
------------ ------------
Loss from operations (6,452) (18,734)
Other income, net:
Investment income 315 264
Foreign exchange gain (loss) 114 (54)
Other 30 16
------------ ------------
459 226
------------ ------------
Tax Provision 138 -
------------ ------------
Net loss $(6,131) $(18,508)
============ ============
Net loss per share:
Basic and diluted $(0.23) $(0.77)
Weighted average shares
outstanding: 26,488,487 24,134,413
Note: Above prepared in accordance with Generally Accepted Accounting
Principles. The three months ended June 30, 2006 includes stock option
expense of $1.6 million or $.06 per share.
ABIOMED, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
(unaudited)
June 30, March 31,
2006 2006
--------- ---------
ASSETS
Current Assets:
Cash and cash equivalents $9,732 $7,832
Short-term marketable securities 15,065 23,003
Accounts receivable, net of allowance for
doubtful accounts of $214 at June 30, 2006
and $211 at March 31, 2006, respectively. 9,679 8,880
Inventories 4,209 4,868
Prepaid expenses and other current assets 2,226 1,860
--------- ---------
Total current assets 40,911 46,443
Property and Equipment, net of accumulated
depreciation of $12,507 and $12,078 at
June 30, 2006 and March 31, 2006, respectively 5,458 4,824
Intangible assets, net 8,211 8,164
Goodwill 20,114 19,106
--------- ---------
Total assets $74,694 $78,537
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable $2,375 $3,070
Accrued expenses 4,062 5,185
Deferred revenue 705 484
--------- ---------
Total current liabilities 7,142 8,739
--------- ---------
Long-Term Liabilities 447 310
--------- ---------
Total liabilities 7,589 9,049
--------- ---------
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
Authorized - 100,000,000 shares;
Issued - 26,561,570 shares at June 30, 2006
and 26,474,270 at March 31, 2006
Outstanding - 26,555,391 shares at June 30,
2006 and 26,468,091 shares at March 31, 2006 266 265
Additional paid-in capital 216,723 214,666
Deferred stock-based compensation - (171)
Accumulated deficit (149,439) (143,308)
Treasury stock at cost; 6,179 shares at June 30,
2006 and March 31, 2006 (66) (66)
Accumulated other comprehensive loss (379) (1,898)
--------- ---------
Total stockholders' equity 67,105 69,488
--------- ---------
Total liabilities and stockholders'
equity $74,694 $78,537
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