Abiomed Announces Q1 FY 2019 Record Revenue of $180 Million, Up 36% Over Prior Year
DANVERS, Mass., July 26, 2018 (GLOBE NEWSWIRE) -- ABIOMED, Inc. ( NASDAQ:ABMD), a leading provider of breakthrough heart recovery and support technologies, today reported first quarter fiscal 2019 revenue of $180.0 million, an increase of 36% compared to revenue of $132.5 million for the same period of fiscal 2018. First quarter fiscal 2019 GAAP net income was $90.1 million or $1.95 per diluted share, up 141% compared to GAAP net income of $37.4 million or $0.82 per diluted share for the prior year period.
Recent financial and operating highlights include:
Worldwide Impella® heart pump revenue for the quarter totaled $173.7 million, an increase of 37% compared to revenue of $127.2 million during the same period of the prior fiscal year.
U.S. Impella heart pump revenue for the quarter totaled $151.7 million, an increase of 32% compared to revenue of $114.7 million during the same period in the prior fiscal year with U.S. patient usage of the Impella heart pumps up 30%.
Outside the U.S., Impella heart pump revenue for the quarter totaled $21.9 million, an increase of 75% compared to revenue of $12.5 million during the same period in the prior fiscal year.
Gross margin for first quarter 2019 was 82.9% compared to 83.5% during the same period in the prior fiscal year.
Operating income for the first quarter was $46.7 million, or 26.0% operating margin, compared to $33.1 million, or 25.0% operating margin in the prior fiscal year.
First quarter fiscal 2019 GAAP net income was $90.1 million, or $1.95 per diluted share, which benefited from $53.8 million, or $1.17 per diluted share, of excess tax benefits related to employee share-based compensation awards recorded as a reduction of income tax expense. This compared to GAAP net income of $37.4 million or $0.82 per diluted share for the prior fiscal year, which benefited from $16.8 million, or $0.37 per diluted share, of excess tax benefits.
The Company’s cash and marketable securities balance as of June 30, 2018 was $367.4 million. The Company currently has no debt.
In June 2018, the Company completed enrollment for its STEMI DTU safety and feasibility study and 30-day follow-up.
In June 2018, the Company received approval in India for Impella 2.5®, Impella CP® and Impella 5.0® and treated the first patient at Fortis Escorts Heart Institute in New Delhi.
On June 22, 2018, the Company held the inaugural Women’s Initiative for Heart Recovery Physician Advisory Board meeting. Physicians collaborated to raise awareness of the expanded FDA indications for Impella for patients with peripartum and postpartum cardiomyopathy (PPCM) and spontaneous coronary artery dissection (SCAD). “Abiomed reported a strong start to our fiscal year 2019,” said Michael R. Minogue, Chairman, President and Chief Executive Officer, ABIOMED, Inc. “Abiomed is committed to sustainable growth and improving patient outcomes each quarter. We do this through advanced training, product enhancements and sharing of best practices derived from real world experience.”
FISCAL YEAR 2019 OUTLOOK
The Company is increasing the lower end of its fiscal year 2019 revenue guidance by $15 million to a new range of $755 million to $770 million, an increase of 27% to 30% over the prior fiscal year. The Company is maintaining its fiscal year 2019 guidance for GAAP operating margin in the range of 28% to 30%.
EARNINGS CONFERENCE CALL DETAILS
The Company will host a conference call to discuss the results at 8 a.m. ET on Thursday, July 26, 2018. The conference call releasing full quarterly results will be hosted by Michael R. Minogue, Chairman, President and Chief Executive Officer and Todd A. Trapp, Vice President and Chief Financial Officer.
To listen to the call live, please tune into the webcast via investor.abiomed.com or dial (855) 212-2361; the international number is (678) 809-1538. A replay of this conference call will be available beginning at 11 a.m. ET July 26, 2018 through 11:00 a.m. ET on August 2, 2018. The replay phone number is (855) 859-2056; the international number is (404) 537-3406. The replay access code is 295-7159.
The ABIOMED logo, ABIOMED, IMPELLA, IMPELLA 2.5, IMPELLA 5.0, IMPELLA LD, IMPELLA CP, IMPELLA RP, IMPELLA BTR, IMPELLA 5.5, and IMPELLA ECP are registered marks or trademarks of ABIOMED, Inc., and are registered in the U.S. and certain foreign countries. AB5000 and cVAD REGISTRY, Recovering hearts. Saving lives. are trademarks of ABIOMED, Inc.
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
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