Abiomed's Impella revenue for full fiscal year 2010 up 59% to $57.8 million

Abiomed, Inc. (NASDAQ: ABMD), a leading provider of breakthrough heart support technologies, today reported fourth quarter fiscal 2010 revenue of $23.0 million, up 17% compared to revenue of $19.6 million for the same period of fiscal 2009.

“We believe our product enhancements and quick set-up kit, as well as the positive reception to our USpella registry and multiple publications, were key drivers in the continuing growth of patients supported by Impella. We are now even better positioned for fiscal 2011.”

Worldwide Impella revenue for the full fiscal year 2010 totaled $57.8 million, up 59% compared to revenue of $36.4 million in the prior year.

Total revenue for the full fiscal year 2010 was $85.7 million, up 17% compared to revenue of $73.2 million in the prior year.

Financial and operating highlights during the fourth quarter of fiscal 2010 include:

• Approximately 545 U.S. commercial patients were treated with Impella^® 2.5, 5.0 or LD, a 109% increase compared to approximately 261 commercial patients in the fourth quarter of fiscal 2009 and a 28% increase compared to approximately 425 patients in the prior quarter.
• U.S. commercial Impella reorders totaled $13.0 million, up 165% from $4.9 million in the fourth quarter of fiscal 2009. Total commercial U.S. Impella revenue, including initial site stocking orders and reorders, totaled $15.2 million, a 67% increase compared to $9.1 million in the fourth quarter of fiscal 2009.
• An additional 21 U.S. hospitals purchased Impella 2.5 for commercial use during the quarter, bringing the total to 413 commercial customers.
• 27 patients were enrolled in the Protect II study, for a total of 341 patients completed, or 52% of the 654 patients required, triggering the submission for an interim data review.
• Non-Impella revenue was $6.2 million for the fourth quarter of fiscal 2010, 26% lower than $8.4 million in the fourth quarter of fiscal 2009.
• Gross margin rate for the fourth quarter of fiscal 2010 was 73%, compared to 72% in the fourth quarter of fiscal 2009. In the fourth quarter of fiscal 2010, approximately $0.7 million of legacy product (non-Impella) excess or obsolete inventory reserves were recorded. Excess and obsolete inventory reserves for legacy product in the fourth quarter of fiscal 2009 totaled $0.4 million.
• GAAP basic and diluted net earnings for the fourth quarter of fiscal 2010 was $0.2 million, or $0.01 per share, compared to a basic and diluted GAAP net loss of $8.5 million, or $0.23 per share for the fourth quarter of fiscal 2009. The full year fiscal 2010 GAAP net loss was $19.8 million, or $0.54 per share, compared to a GAAP net loss of $31.6 million, or $0.91 per share in the prior year.
• Non-GAAP net loss, which is described later in this press release for the fourth quarter of fiscal 2010 was $4.8 million, or $0.13 per share versus non-GAAP net loss of $ 5.9 million or $0.16 per share, in the fourth quarter of fiscal 2009. The full 2010 fiscal year non-GAAP net loss, which is described later in this press release, was $16.9 million, or $0.46 per share compared to a non-GAAP net loss for the full fiscal year 2009 of $20.8 million, or a loss of $0.61 per share.
• Cash proceeds from the sale of World Heart stock totaled $6.4 million. All other changes in cash, cash equivalents and short term marketable securities resulted in a positive contribution to cash of $0.2 million during the fourth quarter of fiscal 2010. Cash, cash equivalents plus short-term marketable securities totaled $58.3 million at March 31, 2010 compared to $51.7 million at December 31, 2009.