Abiomed reports second quarter fiscal 2010 results

Abiomed, Inc. (NASDAQ: ABMD), a leading provider of breakthrough heart support technologies, today announced second quarter fiscal 2010 revenue of $20 million.

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

• U.S. commercial Impella revenue totaled $12.1 million, up 95% compared to revenue of $6.2 million in the second quarter of fiscal 2009. U.S. commercial reorders totaled $6.6 million, up 230% from $2.0 million in the second quarter of fiscal 2009.
• Worldwide Impella revenue was $13.2 million, up 26% compared to revenue of $10.5 million for the second quarter of fiscal 2009.
• Approximately 338 U.S. commercial patients were treated with Impella® 2.5, 5.0 or LD, a 238% increase compared to approximately 100 commercial patients in the second quarter of fiscal 2009. A total of over 1,200 U.S. commercial patients have been treated with Impella as of the end of the second quarter of fiscal 2010.
• An additional 50 U.S. hospitals purchased Impella 2.5 for commercial use during the quarter, bringing the total to 326 commercial customers.
• During the second quarter of fiscal 2010, there were 28 patients enrolled in the Protect II study, for a total of 290 patients completed, or 44% of the 654 patients required.
• Legacy revenue, which consists of non-Impella revenue, was $6.8 million or 28% lower than the second quarter of fiscal 2009.
• Gross margin for the quarter was 73% compared to 76% in the second quarter of fiscal 2009.
• The GAAP net loss was $7.7 million, or a loss of $0.21 per share, compared to a GAAP net loss of $6.3 million, or a loss of $0.18 per share for the second quarter of fiscal 2009.
• The non-GAAP net loss, after excluding stock-based compensation expense of $2.0 million and intangibles amortization expense of $0.4 million, was $5.3 million, or a loss of $0.14 per share, compared to the non-GAAP net loss of $2.5 million, or a loss of $0.08 per share, for the second quarter of fiscal 2009, after excluding stock-based compensation expense of $3.4 million and intangibles amortization expense of $0.4 million.
• Cash, cash equivalents plus short and long-term marketable securities totaled $52.3 million compared to $54.5 million at the end of the first quarter fiscal 2010, reflecting a cash burn for the second quarter of fiscal 2010 of $2.2 million, a decrease of 46% compared to $4.1 million during the second quarter of fiscal 2009, excluding proceeds of $42.0 million from a stock offering.
• At TCT in September 2009, Abiomed announced the clinical data from USpella, the first U.S. multicenter registry of 181 Impella 2.5 patients, demonstrating that Impella 2.5 is able to treat patients in the cath lab who were turned down by surgery and decrease their SYNTAX score. High-risk PCI and AMI patients treated with Impella 2.5 showed an improvement in ejection fraction.
• Also at TCT 2009, data released from the Academic Medical Center’s MACH II three-year follow-up results revealed that patients in the Impella 2.5 arm of the trial showed improved left ventricular function, cardiac output and quality of life.

“In summary, in the U.S. since last fiscal second quarter, as compared to this quarter, Abiomed has doubled the commercial U.S. Impella revenue, tripled the number of patients in the quarter and tripled the reorder revenue number,” said Michael R. Minogue, Chairman, President and Chief Executive Officer of Abiomed. “We have also cut our cash burn in half while ramping up our expanded U.S. field team, releasing new product enhancements and unveiling our most robust clinical data to date at the premier customer TCT meeting. We like our position and strategy and are confident in our people, technology and execution.”

Abiomed today reaffirmed its previously issued full-year fiscal 2010 revenue guidance of growth in the range of 17% to 24% or revenues of $86 million to $91 million.