Abiomed fiscal fourth quarter revenue increases 24% to $28.5 million

Abiomed, Inc. (NASDAQ: ABMD), a leading provider of breakthrough heart support technologies, today reported fourth quarter fiscal 2011 revenue of $28.5 million, up 24% compared to revenue of $23.0 million in the same period of fiscal 2010. Total revenue for the full fiscal year was $101.2 million, up 18% compared to revenue of $85.7 million in the prior fiscal year.

Fiscal fourth quarter worldwide Impella® revenue totaled $22.4 million, up 34% compared to revenue of $16.7 million during the same period of the prior year. Full fiscal year worldwide Impella revenue totaled $77.8 million, up 35% compared to revenue of $57.8 million in the prior fiscal year.

Financial and operating highlights during the fourth quarter of fiscal 2011 include:

• A reported 769 U.S. commercial patients were treated with Impella 2.5, 5.0 or LD, a 41% increase compared to a reported 545 patients in the fourth quarter of fiscal 2010. As of March 31, 2011, almost 5,000 U.S. patients had been treated with Impella since the 510(k) clearance of Impella 2.5 in June 2008.
• U.S. Impella reorders of $18.1 million were up 39% from $13.0 million in the fourth quarter of fiscal 2010 and represented 88% of U.S. Impella revenue. For fiscal year 2011, U.S. Impella reorder revenue grew 82% to $62.5 million from $34.4 million.
• In alignment with the Company's strategy to open fewer sites and drive deeper utilization at existing customer sites, an additional 28 U.S. hospitals purchased Impella 2.5 during the quarter, bringing the total to 521 customer sites.
• Gross margin rate for the fourth quarter of fiscal 2011 was 80%, compared to 73% in the fourth quarter of fiscal 2010.
• Non-Impella revenue was $6.1 million for the fourth quarter of fiscal 2011, 2% lower than $6.2 million in the fourth quarter of fiscal 2010.
• Non-GAAP net income, which is described later in this press release for the fourth quarter of fiscal 2011, was $0.6 million, or $0.01 per diluted share versus a non-GAAP net loss of $4.1 million or $0.11 per basic and diluted share, in the fourth quarter of fiscal 2010. The full 2011 fiscal year non-GAAP net loss was $2.1 million or $0.06 per share compared to a non-GAAP net loss of $13.5 million or $0.37 per share for fiscal 2010.
• GAAP net loss for the fourth quarter of fiscal 2011 was $1.8 million, or $0.05 per basic and diluted share, compared to GAAP net income of $1.0 million, or $0.03 per basic and diluted share for the fourth quarter of fiscal 2010. In the fourth quarter of fiscal 2010, the Company recorded a gain of $6.4 million from the sale of WorldHeart stock. The full 2011 fiscal year GAAP net loss was $11.8 million or $0.32 per share compared to full 2010 fiscal GAAP net loss of $19.0 million or $0.52 per share.
• Cash, cash equivalents and short-term marketable securities increased by $2.0 million to $60.3 million at March 31, 2011 compared to $58.3 million at March 31, 2010.
• The PROTECT II analysis was completed in the fourth quarter of fiscal 2011 for the entire patient population at 90 days. This analysis was presented at the American College of Cardiology 2011 Scientific Session in New Orleans on April 3, 2011 and Society for Cardiovascular Angiography Interventions (SCAI) 2011 Scientific Sessions in Baltimore on May 6, 2011, and will be presented at EuroPCR in Paris this week, on May 20, 2011. These data from PROTECT II demonstrate that Impella had 21% lower major adverse events (MAE) than the intra-aortic balloon pump (IABP) at 90 days.

Based on current expectations, the Company anticipates fiscal year 2012 revenues to increase by 20% to 24%, in the range of $120 million to $125 million. Impella revenues are forecasted to grow by approximately 30% to 35% and non-Impella revenues to decline by approximately 25%.

"Our momentum continues to grow with multiple best ever quarterly results and customer comprehension of the positive PROTECT II outcomes at 90 days," said Michael R. Minogue, Chairman, President and Chief Executive Officer of Abiomed. "The Company executed this year by growing U.S. Impella reorder revenue by 82% and generating $1.6 million in cash from operating activities. We are proud of our results in fiscal year 2011 and grateful to our customers and investors for their ongoing support."

Source: ABIOMED