Abiomed Announces Revenue of $38.3 Million, Up 19% and Record Impella Patient Usage, Up 26%

Abiomed Announces Revenue of $38.3 Million, Up 19% and Record Impella Patient
Usage, Up 26%

DANVERS, Mass., Feb. 6, 2013 (GLOBE NEWSWIRE) -- Abiomed, Inc. (Nasdaq:ABMD),
a leading provider of breakthrough heart support technologies, today reported
third quarter fiscal 2013 revenue of $38.3 million, up 19% compared to revenue
of $32.2 million in the same period of fiscal 2012, on record quarterly
patient usage, up 26% compared to the same period of fiscal 2012. Abiomed also
reported third quarter fiscal 2013 GAAP net income of $2.7 million, or $0.07
per diluted share, compared to GAAP net income of $2.9 million, or $0.07 per
diluted share in the same period of fiscal 2012.

Recent financial and operating highlights include the following:

  *Fiscal third quarter worldwide Impella revenue totaled $33.5 million, up
    21% compared to revenue of $27.7 million during the same period of the
    prior year. U.S. Impella revenue grew 22% to $31.1 million from $25.5
    million in the prior year.
    
  *As projected, an additional 23 hospitals purchased Impella 2.5 during the
    quarter, compared to 37 new Impella 2.5 sites in the same period of the
    prior year, bringing the total to 718 U.S. Impella customer sites.
    
  *Following a market evaluation of the Impella CP™ in Europe during the
    second quarter of fiscal 2013, Abiomed began a controlled Impella CP
    launch to select U.S. customer sites in September 2012. As part of this
    launch, 34 hospitals purchased Impella CP during the third quarter,
    bringing the total number to 46 U.S. Impella CP customer sites.
    
  *Gross margin rate for the third quarter of fiscal 2013 was 78.7% compared
    to 80.5% in the third quarter of fiscal 2012. The decline was largely due
    to costs related to capacity expansion initiatives and start up of the
    Impella CP production.
    
  *Cash, cash equivalents and short-term marketable securities totaled $85.7
    million as of December 31, 2012. During the quarter, the Company
    repurchased 800,000 shares of stock for $10.7 million.Net cash provided
    by operating activities less capital expenditures totaled $7.3 million for
    the quarter.
    
  *In November, the Center for Medicare and Medicaid Services announced the
    valuation of the three new dedicated Category I Current Procedure
    Terminology (CPT) codes for Impella, which became effective January 2013.
    The total for all three CPT codes, which apply to the insertion,
    repositioning and removal of Impella percutaneous devices, is $833.
    
  *Also in November, Abiomed received U.S. Food & Drug Administration (FDA)
    Investigational Device Exemption (IDE) approval enabling the use of the
    Impella RP in a pivotal clinical study called RECOVER RIGHT. This study
    will collect safety and effectiveness data on the percutaneous use of the
    Impella RP and will be applied towards the submission of a Humanitarian
    Device Exemption (HDE).
    
  *In December, Abiomed announced the 515i FDA panel recommendation of a
    Class III status for the temporary ventricular support devices in the
    non-roller type cardiopulmonary bypass blood pump category. Abiomed
    continues to market the Impella family of heart pumps under the existing
    510(k) clearances while working with FDA to submit the necessary clinical
    data under the Post Market Approval (PMA) application process.

"We are excited to announce that we achieved a record quarter for patient
utilization, which reflects the continued growth in physician demand for
Impella," said Michael R. Minogue, Chairman, President and Chief Executive
Officer of Abiomed. "We are also encouraged by the strong interest in the
Impella CP launch and awareness surrounding the new CPT physician payment
codes for Impella that went into effect in the beginning of 2013."

The Company is maintaining its fiscal year 2013 revenue guidance in a range of
$155 million to $157 million, representing annual growth of 23% to 24%, with
worldwide Impella revenues forecast to grow greater than 30%.

The Company will host a conference call to discuss the third quarter fiscal
year 2013 results on Wednesday, February 6, 2013, at 8:00 a.m. ET with Michael
R. Minogue, Chairman, President and Chief Executive Officer; Robert L. Bowen,
Vice President and Chief Financial Officer; and Susan V. Lisa, Senior Director
of Investor Relations and Corporate Development.

To listen to the call live, please tune into the webcast via
http://investor.abiomed.com or dial (877) 638-9567; the international number
is (253) 237-1032. A replay of this conference call will be available
beginning at 11 a.m. ET February 6, 2013 through 11:59 p.m. ET on February 13,
2013. The replay phone number is (855) 859-2056; the international number is
(404) 537-3406. The replay access code is 90622458.

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

The Abiomed logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=13564

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.

Abiomed, Inc. and Subsidiaries
Consolidated Balance Sheets
(Unaudited)
(in thousands, except share data)
                                                              
                                             December 31, 2012 March 31, 2012
                                             (unaudited)       
ASSETS                                                         
Current assets:                                                
Cash and cash equivalents                     $10,757          $5,990
Short-term marketable securities              74,985           71,233
Accounts receivable, net                     19,915           20,458
Inventories                                  14,988           11,142
Prepaid expenses and other current assets     1,357            1,716
Total current assets                          122,002          110,539
Property and equipment, net                   6,472            6,378
Intangible assets, net                        --              115
Goodwill                                      36,506           36,846
Other long-term assets                        29               33
Total assets                                  $165,009         $153,911
LIABILITIES AND STOCKHOLDERS' EQUITY                           
Current liabilities:                                           
Accounts payable                              $6,306           $6,910
Accrued expenses                              13,883           12,480
Deferred revenue                              3,100            3,025
Total current liabilities                     23,289           22,415
Long-term deferred tax liability              5,344            4,799
Other long-term liabilities                   331              400
Total liabilities                             28,964           27,614
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                  397              393
Authorized - 100,000,000 shares;                              
Issued - 39,742,737 shares at December 31,                     
2012 and 39,323,708 shares at March 31, 2012;
Outstanding - 38,880,393 shares at December
31, 2012 and 39,272,754 shares at March 31,                    
2012
Additional paid in capital                    411,715          401,771
Accumulated deficit                           (262,003)        (273,275)
Treasury stock at cost - 862,344 shares at
December 31, 2012 and 50,954 shares at March  (11,719)         (827)
31, 2012
Accumulated other comprehensive loss          (2,345)          (1,765)
Total stockholders' equity                    136,045          126,297
Total liabilities and stockholders' equity    $165,009         $153,911


Abiomed, Inc. and Subsidiaries
Consolidated Statements of Operations
(Unaudited)
(in thousands, except share data)
                                                                 
                                       Three Months Ended Nine Months Ended
                                        December 31,       December 31,
                                       2012      2011     2012      2011
Revenue:                                                          
Product revenue                         $38,112  $31,732 $114,078 $88,049
Funded research and development         138      466     372      982
                                       38,250   32,198  114,450  89,031
Costs and expenses:                                               
Cost of product revenue                8,130    6,279   22,770   17,721
Research and development               6,259    6,140   18,825   19,923
Selling, general and administrative    20,943   17,184  60,333   51,683
Amortization of intangible assets       --      362     111      1,126
                                       35,332   29,965  102,039  90,453
Income (loss) from operations           2,918    2,233   12,411   (1,422)
Other income:                                                     
Investment income (expense), net        1        (2)     --      (4)
Gain on settlement of investment        --      1,017   --       1,017
Other income, net                       324      39      311      24
                                       325      1,054   311      1,037
Income (loss) before income tax         3,243    3,287   12,722   (385)
provision
Income tax provision                    559      366     1,450    687
Net income (loss)                       $2,684    $2,921  $11,272  $(1,072)
                                                                 
Basic net income (loss) per share       $0.07    $0.08   $0.29    $(0.03)
Basic weighted average shares           39,417   38,498  39,331   38,221
outstanding
                                                                 
Diluted net income (loss) per share     $0.07    $0.07   $0.27     $(0.03)
Diluted weighted average shares         40,865   40,270  41,418   38,221
outstanding

CONTACT: Susie Lisa, CFA
         Senior Director, Investor Relations and Corporate Development
         978-646-1590
         slisa@abiomed.com
        
         Aimee Maillett
         Corporate Communications Manager
         978-646-1553
         ir@abiomed.com

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