Abiomed announces preliminary third quarter fiscal 2010 revenue

Abiomed, Inc. (NASDAQ: ABMD), a leading provider of breakthrough heart support technologies designed for heart recovery, today announced preliminary third quarter fiscal 2010 revenue of approximately $22.8 million, up 32% compared to revenue of $17.3 million for the same period of fiscal 2009. The Company will release complete third quarter fiscal 2010 results on February 4, 2010.

“We believe our recent catalysts, such as product enhancements and U.S. registry will drive more urgent Impella utilization. As a result, we are focused on supporting our customers to achieve independent usage.”

Recent financial and operating highlights during the third quarter of fiscal 2010 include:

• U.S. commercial Impella revenue totaled approximately $14.5 million, up 116% compared to revenue of $6.7 million in the third quarter of fiscal 2009.
• Worldwide Impella revenue of approximately $15.9 million, up 81% compared to revenue of $8.8 million for the third quarter of fiscal 2009.
• Approximately 425 U.S. commercial patients were treated with Impella® 2.5, 5.0 or LD, a 166% increase compared to approximately 160 commercial patients in the third quarter of fiscal 2009. A total of approximately 1,625 U.S. commercial patients have been treated with Impella as of the end of the third quarter of fiscal 2010.
• An additional 66 U.S. hospitals purchased Impella 2.5 for commercial use during the quarter, bringing the total to 392 commercial customers.
• During the third quarter, approximately 80% of U.S. Impella customers were upgraded to the new Impella platform, which includes the Quick Set Up kit and software.
• There were 24 patients enrolled in the Protect II study, for a total of 314 patients completed, or 48% of the 654 patients required.
• Non-Impella revenue was approximately $6.9 million, up 1% sequentially from the second quarter of fiscal 2010 and 18% lower than the third quarter of fiscal 2009.
• Cash burn for the third quarter was $0.6 million, with cash, cash equivalents plus short and long-term marketable securities totaling $51.7 million compared to $52.3 million at the end of the second fiscal quarter of 2010. Cash burn for the third quarter of fiscal 2009 was $2.5 million.

“There continues to be strong demand for our Impella platform, which has grown 63% year-to-date, with more than half of that revenue from reorders,” said Michael R. Minogue, Chairman, President and Chief Executive Officer of Abiomed. “We believe our recent catalysts, such as product enhancements and U.S. registry will drive more urgent Impella utilization. As a result, we are focused on supporting our customers to achieve independent usage.”