Abiomed Announces Fourth Quarter GAAP EPS of $0.09 on Record Revenue and Patients Supported

Abiomed Announces Fourth Quarter GAAP EPS of $0.09 on Record Revenue and
Patients Supported

Full Year Revenue Exceeds Management Guidance

DANVERS, Mass., May 2, 2013 (GLOBE NEWSWIRE) -- Abiomed, Inc. (Nasdaq:ABMD), a
leading provider of breakthrough heart support technologies, today reported
fourth quarter fiscal 2013 revenue of $43.7 million, up 17% compared to
revenue of $37.3 million in the same period of fiscal 2012, and fourth quarter
fiscal 2013 GAAP net income of $3.7 million or $0.09 per diluted share,
compared to GAAP net income of $2.6 million or $0.06 per diluted share in the
prior year. For the full fiscal year 2013, total revenue was $158.1 million,
up 25% compared to $126.4 million for fiscal year 2012, and GAAP net income
was $15.0 million or $0.37 per share, compared to GAAP net income of $1.5
million or $0.04 per diluted share in the prior year.

Financial and operating highlights during the fourth quarter of fiscal 2013
include the following:

  *As previously announced on April 17, 2013, fiscal fourth quarter worldwide
    Impella® revenue totaled $39.3 million, up 22% compared to revenue of
    $32.3 million during the same period of the prior year. Full year
    worldwide Impella revenue totaled $140.3 million, up 31% compared to
    $106.9 million for fiscal year 2012.
  *Fiscal fourth quarter U.S. Impella revenue grew 22% to $36.5 million from
    $29.9 million in the prior year. Full year U.S. Impella revenue grew 32%
    to $131.3 million from $99.1 million in the prior year.
  *An additional 30 hospitals purchased Impella 2.5 during the quarter,
    bringing the total to 748 U.S. Impella customer sites. As part of
    Abiomed's continued controlled Impella CP launch, an additional 55
    hospitals purchased Impella CP™, bringing the total number of Impella CP
    U.S. sites to 106.
  *Gross margin rate for the fourth quarter fiscal 2013 was 79.8% compared to
    81.8% in the prior year. For the full fiscal year, gross margin rate was
    80.0% compared to 80.6% in the prior year.
  *Operating margin rate for the fourth quarter fiscal 2013 was 9.5%,
    compared to 7.9% in the prior year period. For the full fiscal year,
    operating margin rate was 10.4% compared to 1.2% in the prior year.
  *Cash, cash equivalents, short and long-term marketable securities totaled
    $88.1 million as of March 31, 2013, an increase of $2.4 million from
    December 31, 2012. The Company continues to have no debt and a U.S.federal
    net operating loss carry-forward of approximately $190 million as of March
    31, 2012.
  *Abiomed announced in February that it received a close-out letter from the
    Food and Drug Administration (FDA) Office of Compliance with respect to
    its previous FDA warning letter dated June 10, 2011.The close-out letter
    stated that the FDA Office of Compliance has completed its evaluation of
    the corrective actions taken by Abiomed in response to the previously
    disclosed FDA warning letter and that the concerns cited in that letter
    appear to have been addressed.
  *In February, an economic study on the use of percutaneous ventricular
    assist devices (pVAD) was published in the February edition of The Journal
    of Managed Care Medicine (JMCM), "A Budget Impact Model to Estimate the
    Cost Dynamics of Treating High-Risk Heart Failure Patients with Advanced
    Percutaneous Cardiac Assist Devices: The Payer Perspective." Additionally,
    in May, the PROTECT II cost-effective study was published in the American
    Health and Drug Benefits Journal.
  *Abiomed also announced several reimbursement milestones in March,
    including recent Impella coverage decisions from national payers including
    Humana, UnitedHealthcare, Independence Blue Cross and Capital BlueCross.
    The recently updated coverage decisions include new Impella policies in
    the payers' commercial and/or Medicare Advantage plans.
  *In April, Abiomed also announced the enrollment of the first patient in
    RECOVER RIGHT, an Investigational Device Exemption (IDE) study of
    Impella^® RP (Right Peripheral).The Impella RP is a percutaneous heart
    pump that is implanted through a single access site in the patient's leg
    and deployed through the venous system, across the right side of the heart
    without requiring a surgical procedure.The RECOVER RIGHT clinical study,
    which received FDA IDE approval to begin in November 2012, will enroll 30
    patients that present with signs of right side heart failure and are being
    treated in the catheterization lab or cardiac surgery suite.

"We are proud to report another record quarter and record fiscal year in both
number of patients supported and total revenue," said Michael R. Minogue,
Chairman, President and Chief Executive Officer of Abiomed. "Our company has
transformed into a resilient commercial organization, that is profitable, debt
free and expanding the number of exclusive regulatory approvals, breakthrough
innovative products and geographical reach."

Based on current expectations, Abiomed expects fiscal year 2014 revenue to be
in the range of $180 million to $185 million.Worldwide Impella revenue is
forecasted to increase by approximately 20%. GAAP operating margin rate for
the full fiscal year is expected to be in the range of 7% to 8% of revenue,
including estimated legal costs of approximately $6.0 million to $8.0 million
associated with the Department of Justice and shareholder matters.

The Company will host a conference call to discuss the fourth quarter and full
fiscal year 2013 results today 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 May 2, 2013 through 11:59 p.m. ET on May 10, 2013. The
replay phone number is (855) 859-2056; the international number is (404)
537-3406. The replay access code is 36674557.


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


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
(in thousands, except share data)
                                             March 31,
                                             2013              2012
Current assets:                                                 
Cash and cash equivalents                     $9,451            $5,990
Short-term marketable securities              67,256            71,233
Accounts receivable, net                     22,946            20,458
Inventories                                  14,930            11,142
Prepaid expenses and other current assets     2,022             1,716
Total current assets                          116,605           110,539
Long-term marketable securities               11,406            --
Property and equipment, net                   6,549             6,378
Intangible assets, net                        --               115
Goodwill                                      35,410            36,846
Other long-term assets                        29                33
Total assets                                  $169,999          $153,911
LIABILITIES AND STOCKHOLDERS' EQUITY                             
Current liabilities:                                            
Accounts payable                              $ 7,696           $6,910
Accrued expenses                              15,162            12,480
Deferred revenue                              4,198             3,025
Total current liabilities                     27,056            22,415
Long-term deferred tax liability              5,555             4,799
Other long-term liabilities                   308               400
Total liabilities                             32,919            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 - 39,788,383 shares at March 31, 2013
and 39,323,708 shares at March 31, 2012; Outstanding - 38,601,384 shares at
March 31, 2013 and 39,272,754 shares
Additional paid in capital                    414,810           401,771
Accumulated deficit                           (258,261)         (273,275)
Treasury stock at cost - 1,186,999 shares at
March 31, 2013 and 50,954 shares at March 31, (16,129)          (827)
Accumulated other comprehensive loss          (3,737)           (1,765)
Total stockholders' equity                    137,080           126,297
Total liabilities and stockholders' equity    $169,999          $ 153,911

Abiomed, Inc. and Subsidiaries
Consolidated Statements of Operations
(in thousands, except share data)
                                     Three Months Ended Year Ended
                                     March 31,          March 31,
                                     2013     2012     2013      2012
Product revenue                       $ 43,536  $ 37,237  $ 157,614 $125,286
Funded research and development       138       107       510       1,089
                                     43,674    37,344    158,124   126,375
Costs and expenses:                                                
Cost of product revenue               8,826     6,786     31,596    24,507
Research and development             6,822     7,236     25,647    27,159
Selling, general and administrative  23,894    20,028    84,227    71,711
Amortization of intangible assets     --       352       111       1,478
                                     39,542    34,402    141,581   124,855
Income from operations                4,132     2,942     16,543    1,520
Other income (expense):                                            
Investment (expense) income, net      (7)       1         (7)       (3)
Gain on settlement of investment      --       --       --       1,017
Other income (expense), net           15        (15)      326       9
                                     8         (14)      319       1,023
Income before provision for income    4,140     2,928     16,862    2,543
Income tax provision                  398       361       1,848     1,048
Net income                            $ 3,742   $ 2,567   $ 15,014  $1,495
Basic net income per share            $ 0.10    $ 0.07    $ 0.38     $ 0.04
Basic weighted average shares         38,445    38,840    39,113     37,159
Diluted net income per share          $ 0.09    $ 0.06    $ 0.37     $ 0.04
Diluted weighted average shares       39,824    41,251    41,052     40,172

CONTACT: Susie Lisa, CFA
         Senior Director, Investor Relations and Corporate Development
         Aimee Genzler
         Corporate Communications Manager

Abiomed Logo
Press spacebar to pause and continue. Press esc to stop.