Abiomed Announces Third Quarter of Fiscal 2007 Results with Revenue Growth of 23%.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 $12.9 million for its third quarter of fiscal 2007 ended December 31, 2006. Revenue for the quarter was up 23% as compared to third quarter of fiscal 2006. During the third quarter of fiscal 2007 compared to the same period of fiscal 2006, revenue from AB5000 disposables grew 61%, 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) disposables revenue decreased 31%, and Impella disposables revenue increased 225%, while not a significant contribution to total revenue dollars. Revenue for the nine months ended December 31, 2006 was $36.8 million and increased 23% compared to the same period of the prior year. Recent operating highlights and financial results included: * Abiomed has submitted its application to the 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. for 510(k) clearance of the Impella 2.5. * Gross margin for the third quarter of fiscal 2007 was 78%, up 700 basis points compared to the same period of fiscal 2006. * Total disposables of approximately 590 units shipped during the quarter, including the most ever units shipped of Impella. * This was the third 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, second highest quarter for disposables unit sales unit sales Sales measured in terms of physical units rather than dollars. Unit sales data are often used by financial analysts when evaluating the health of a company. of AB5000, and AB5000 Console revenues in the U.S. grew 70%. * The Company's intra-aortic balloon (IAB (1) See Internet Architecture Board. (2) (Interactive Advertising Bureau, New York, www.iab.net) An industry association founded in 1996 to set standards and guidelines for interactive advertising and marketing. ) received 510(k) clearance in the U.S. The Company also received CE Mark approval in Europe for both the Intra-Aortic Balloon and the new iPulse combination console system that can run Abiomed's IAB, BVS 5000 Blood Pump and AB5000 Ventricle ventricle /ven·tri·cle/ (ven´tri-k'l) a small cavity or chamber, as in the brain or heart.ventric´ular ventricle of Arantius the rhomboid fossa, especially its lower end. . Abiomed treated its first Intra-Aortic Balloon Pump intra-aortic balloon pump n. A pump connected to a balloon device that is inserted into the descending aorta to provide temporary assistance to the heart in the management of left ventricular failure. patient in Europe for high-risk angioplasty angioplasty (ăn`jēōplăs'tē), any surgical repair of a blood vessel, especially balloon angioplasty or percutaneous transluminal coronary angioplasty, a treatment of coronary artery disease. with its new iPulse system. * Continued expansion of Abiomed's global distribution with the addition of 12 global sales and clinical representatives. * The third quarter of fiscal 2007 net loss was $6.7 million, or $.25 per share. The net loss for the third quarter of fiscal 2007 included stock option expense of $1.4 million, or $.05 per share. The third quarter of fiscal 2006 net loss was $4.5 million, or $.17 per share. "We continue to make strides towards expanding our global distribution and our product portfolio with the completion of our Impella 2.5 510(k) submission to the FDA. Abiomed has nine products on three platforms, Impella, iPulse and AbioCor. We look forward to making regulatory progress with the six products not yet approved by the FDA," 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 third quarter of fiscal 2007 is attached to this press release. CONFERENCE CALL AND WEBCAST The Company will host a conference call at 11:00 a.m. ET on February 5, 2007. 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 866-314-4865; the international number is 617-213-8050. The access code is 97813965. A replay of this conference call will be available beginning at 1 p.m. ET on February 5, 2007 through 11:59 p.m. ET on February 19, 2007. The replay phone number is 888-286-8010; the international number is 617-801-6888. The replay access code is 55114880. 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. The Company also developed the AbioCor([R]) Implantable Replacement Heart. In Europe, Abiomed offers the Impella([R]) LP2.5, Impella([R]) LP5.0, Impella([R]) LD, the Impella([R]) RD and an Intra-Aortic Balloon 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 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. . Other Impella devices and the iPulse[TM] combination console system are not yet available for sale in the United States. 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. 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 that occur after the date of this Release or to reflect the occurrence of unanticipated events. [TABLE OMITTED] [TABLE OMITTED] |
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