Abiomed Announces Fiscal Second Quarter 2007 Results.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 revenue of $10.9 million for its second fiscal quarter ended September 30, 2006. Revenue for the first six months of fiscal 2007 was $23.9 million, up approximately 23% compared to revenue of $19.4 million in the first six months of fiscal 2006. Comparing the second fiscal quarter of 2007 revenue of $10.9 million to the second fiscal quarter of 2006 revenue of $10.9 million, AB5000 grew 31%, and 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) decreased approximately 37%. While not a significant contribution to total revenue for the second fiscal quarter of 2007, revenues from Impella increased 75% compared to the same period of fiscal 2006. Recent operating highlights and financial results for the second fiscal quarter of 2007 as compared to the second fiscal quarter of 2006 included: * The Company's AbioCor([R]) Implantable Replacement Heart received approval from the U.S. Food and Drug Administration under a Humanitarian Device Exemption (HDE HDE Hauptverband des Deutschen Einzelhandels (Central Association of German Retail Trade) HDE Humanitarian Device Exemption HDE Heavy-Duty Engine HDE Holdrege, Nebraska (airport code) ). * Revenue from console sales (AB5000 and Impella) grew 85%. * The highest 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. * Commencement of the Impella 2.5 pilot study 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. . * Gross margin for the second fiscal quarter of 2007 was 73%. * The second fiscal quarter of 2007 reported net loss was $8.7 million, or $.33 per share. The net loss for the second fiscal quarter of 2007 included stock option expense of approximately $1.6 million, or $.06 per share. "We are focused on executing our strategic goals and made progress this quarter on expanding our product portfolio with regulatory approvals and growing our global distribution," 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. Financial information for the second quarter of fiscal 2007 is attached to this press release. CONFERENCE CALL AND WEBCAST The Company will host a conference call at 4:30 p.m. ET on November 8, 2006. 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 www.abiomed.com/investors or dial 800-659-2056; the international number is 617-614-2714. The conference call passcode is 99611049. A replay of this conference call will be available beginning at 6:30 p.m ET on November 8, 2006, through 6:30 p.m. ET on November 15, 2006. The replay phone number is 888-286-8010; the international number is 617-801-6888. The replay access code is 60928364. 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([R]) 5000 Biventricular Support System for the temporary support of all patients with failing but potentially recoverable hearts. In Europe, Abiomed offers the 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. Impella([R]) Circulatory 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([R]) Implantable Replacement Heart is now available under a Humanitarian Device Exemption granted by 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. . 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. [TABLE OMITTED] [TABLE OMITTED] |
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