ABMD
$376.75
Abiomed
$.19
.05%
Earnings Details
1st Quarter June 2018
Thursday, July 26, 2018 7:00:00 AM
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Summary

Abiomed Misses

Abiomed (ABMD) reported 1st Quarter June 2018 earnings of $0.80 per share on revenue of $180.0 million. The consensus earnings estimate was $0.82 per share on revenue of $171.9 million. The Earnings Whisper number was $0.89 per share. Revenue grew 35.9% on a year-over-year basis.

The company said it expects fiscal 2019 revenue of $755.0 million to $770.0 million. The company's previous guidance was revenue of $740.0 million to $770.0 million and the current consensus estimate is revenue of $765.8 million for the year ending March 31, 2019.

Abiomed Inc is engaged in providing mechanical circulatory support devices and it offers a continuum of care in heart recovery to heart failure patients.

Results
Reported Earnings
$0.80
Earnings Whisper
$0.89
Consensus Estimate
$0.82
Reported Revenue
$180.0 Mil
Revenue Estimate
$171.9 Mil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

Abiomed Announces Q1 FY 2019 Record Revenue of $180 Million, Up 36% Over Prior Year

DANVERS, Mass., July 26, 2018 (GLOBE NEWSWIRE) -- ABIOMED, Inc. (NASDAQ:ABMD), a leading provider of breakthrough heart recovery and support technologies, today reported first quarter fiscal 2019 revenue of $180.0 million, an increase of 36% compared to revenue of $132.5 million for the same period of fiscal 2018. First quarter fiscal 2019 GAAP net income was $90.1 million or $1.95 per diluted share, up 141% compared to GAAP net income of $37.4 million or $0.82 per diluted share for the prior year period.

Recent financial and operating highlights include:

  • Worldwide Impella® heart pump revenue for the quarter totaled $173.7 million, an increase of 37% compared to revenue of $127.2 million during the same period of the prior fiscal year. 
     
  • U.S. Impella heart pump revenue for the quarter totaled $151.7 million, an increase of 32% compared to revenue of $114.7 million during the same period in the prior fiscal year with U.S. patient usage of the Impella heart pumps up 30%.
     
  • Outside the U.S., Impella heart pump revenue for the quarter totaled $21.9 million, an increase of 75% compared to revenue of $12.5 million during the same period in the prior fiscal year.
     
  • Gross margin for first quarter 2019 was 82.9% compared to 83.5% during the same period in the prior fiscal year.
     
  • Operating income for the first quarter was $46.7 million, or 26.0% operating margin, compared to $33.1 million, or 25.0% operating margin in the prior fiscal year.
     
  • First quarter fiscal 2019 GAAP net income was $90.1 million, or $1.95 per diluted share, which benefited from $53.8 million, or $1.17 per diluted share, of excess tax benefits related to employee share-based compensation awards recorded as a reduction of income tax expense. This compared to GAAP net income of $37.4 million or $0.82 per diluted share for the prior fiscal year, which benefited from $16.8 million, or $0.37 per diluted share, of excess tax benefits.
     
  • The Company’s cash and marketable securities balance as of June 30, 2018 was $367.4 million. The Company currently has no debt.
     
  • In June 2018, the Company completed enrollment for its STEMI DTU safety and feasibility study and 30-day follow-up.
     
  • In June 2018, the Company received approval in India for Impella 2.5®, Impella CP® and Impella 5.0® and treated the first patient at Fortis Escorts Heart Institute in New Delhi.
     
  • On June 22, 2018, the Company held the inaugural Women’s Initiative for Heart Recovery Physician Advisory Board meeting. Physicians collaborated to raise awareness of the expanded FDA indications for Impella for patients with peripartum and postpartum cardiomyopathy (PPCM) and spontaneous coronary artery dissection (SCAD).

“Abiomed reported a strong start to our fiscal year 2019,” said Michael R. Minogue, Chairman, President and Chief Executive Officer, ABIOMED, Inc. “Abiomed is committed to sustainable growth and improving patient outcomes each quarter. We do this through advanced training, product enhancements and sharing of best practices derived from real world experience.”

FISCAL YEAR 2019 OUTLOOK
The Company is increasing the lower end of its fiscal year 2019 revenue guidance by $15 million to a new range of $755 million to $770 million, an increase of 27% to 30% over the prior fiscal year. The Company is maintaining its fiscal year 2019 guidance for GAAP operating margin in the range of 28% to 30%.

EARNINGS CONFERENCE CALL DETAILS
The Company will host a conference call to discuss the results at 8 a.m. ET on Thursday, July 26, 2018. The conference call releasing full quarterly results will be hosted by Michael R. Minogue, Chairman, President and Chief Executive Officer and Todd A. Trapp, Vice President and Chief Financial Officer.

To listen to the call live, please tune into the webcast via http://investor.abiomed.com or dial (855) 212-2361; the international number is (678) 809-1538. A replay of this conference call will be available beginning at 11 a.m. ET July 26, 2018 through 11:00 a.m. ET on August 2, 2018. The replay phone number is (855) 859-2056; the international number is (404) 537-3406. The replay access code is 295-7159.

The ABIOMED logo, ABIOMED, IMPELLA, IMPELLA 2.5, IMPELLA 5.0, IMPELLA LD, IMPELLA CP, IMPELLA RP, IMPELLA BTR, IMPELLA 5.5, and IMPELLA ECP are registered marks or trademarks of ABIOMED, Inc., and are registered in the U.S. and certain foreign countries. AB5000 and cVAD REGISTRY, Recovering hearts. Saving lives. are trademarks of ABIOMED, Inc.  

ABOUT ABIOMED
Based in Danvers, Massachusetts, ABIOMED, Inc. is a leading provider of medical devices that provide circulatory support.  Our products are designed to enable the heart to rest by improving blood flow and/or performing the pumping of the heart. 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 and expected regulatory approvals. 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, including the potential for future losses, complex manufacturing, high quality requirements, dependence on limited sources of supply, competition, technological change, government regulation, litigation matters, 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 most recently filed Annual Report on Form 10-K and Quarterly Report on Form 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 that occur after the date of this release or to reflect the occurrence of unanticipated events.

For further information please contact: 

Ingrid Goldberg,
Director, Investor Relations
978-646-1590
ir@abiomed.com

Abiomed, Inc. and Subsidiaries 
Consolidated Balance Sheets 
(Unaudited) 
(in thousands, except share data) 
      
  June 30, 2018 March 31, 2018 
ASSETS     
Current assets:     
Cash and cash equivalents $  61,288  $  42,975  
Short-term marketable securities    299,228     319,274  
Accounts receivable, net     67,511     70,010  
Inventories     55,781     50,204  
Prepaid expenses and other current assets    13,489     11,808  
Total current assets    497,297     494,271  
Long-term marketable securities    6,887     37,502  
Property and equipment, net    127,324     117,167  
Goodwill    33,948     35,808  
In-process research and development    15,837     16,705  
Long-term deferred tax assets, net    115,049     70,746  
Other assets    15,697     14,176  
Total assets $  812,039  $  786,375  
LIABILITIES AND STOCKHOLDERS' EQUITY     
Current liabilities:     
Accounts payable $  25,673  $  23,565  
Accrued expenses    38,930     46,147  
Deferred revenue    12,075     14,970  
Total current liabilities    76,678     84,682  
Other long-term liabilities    815     776  
Contingent consideration    10,331     10,490  
Long-term deferred tax liabilities    856     903  
Total liabilities    88,680     96,851  
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    449     444  
Authorized - 100,000,000 shares; Issued - 46,767,984 shares at June 30, 2018 and 46,100,649 shares at March 31, 2018     
Outstanding - 44,876,271 shares at June 30, 2018 and 44,375,337 shares
at March 31, 2018
     
Additional paid in capital    637,974     619,905  
Retained earnings    230,523     140,457  
Treasury stock at cost - 1,891,713 shares at June 30, 2018 and 1,725,312 shares at March 31, 2018    (134,674)    (67,078) 
Accumulated other comprehensive loss    (10,913)    (4,204) 
Total stockholders' equity    723,359     689,524  
Total liabilities and stockholders' equity $  812,039  $  786,375  
      

 

Abiomed, Inc. and Subsidiaries
Consolidated Statements of Operations
(Unaudited)
(in thousands, except per share data)
      
      
 Three Months Ended
June 30,
 2018 2017
Revenue$  180,010   $   132,468 
Costs and expenses:     
Cost of product revenue    30,850     21,862 
Research and development    21,273     16,931 
Selling, general and administrative    81,139     60,597 
    133,262     99,390 
Income from operations   46,748     33,078 
Other income:     
Investment income, net   1,551     635 
Other income, net   188     79 
    1,739     714 
Income before income taxes   48,487     33,792 
Income tax benefit (1)   (41,579)    (3,582)
Net income$  90,066  $  37,374 
      
Basic net income per share$  2.02   $  0.85 
Basic weighted average shares outstanding   44,546     43,895 
      
Diluted net income per share (2)$  1.95   $  0.82 
Diluted weighted average shares outstanding   46,169     45,608 
(1) Income tax benefit includes the effect of the following item:     
Excess tax benefits related to stock-based compensation awards$  53,837  $  16,842 
(2) Diluted net income per share includes the effect of the following item:     
Excess tax benefits related to stock-based compensation awards$  1.17  $  0.37 

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Source: ABIOMED, Inc.