Abiomed Grows 8 Percent for First Fiscal Quarter 2008
Aug. 9, 2007 - Abiomed Inc. today announced financial results for its first quarter of fiscal 2008 with record revenue of $14.1 million, representing growth of 8 percent over a strong first quarter of fiscal 2007, which was up 55 percent over the first quarter of fiscal 2006.
Recent financial and operating highlights include:
- Record revenue of $14.1 million, which represents the highest quarterly revenue in Company history.
- Record total Impella revenue, up 157 percent and record Impella Console revenue.
- Record number of AB5000 Ventricles shipped in a quarter and sixth consecutive record quarter for the number of patients supported on the AB5000.
- Record number of total ventricular assist device (VAD) units shipped of 629. Impella disposables revenue grew 117 percent, AB5000 disposables revenue increased 23 percent, and BVS(R) 5000 disposables revenue declined 26 percent.
- Impella Console revenue increased 400 percent and AB5000 Console revenue decreased 30 percent. The Company expects FDA supplement approval on its iPulse Combination Console in its fiscal third quarter of 2008, which ends December 31, 2007.
- Abiomed has provided a formal written response to questions from the FDA on the Company's 510(k) submission for the Impella 2.5 and has provided the FDA with a report on its recently completed 20-patient U.S. pilot study. Abiomed has also submitted the formal request to initiate a randomized pivotal study for the Impella 2.5.
- Gross margin for the first quarter of fiscal 2008 was 75 percent, up 200 basis points.
- The first quarter of fiscal 2008 GAAP net loss was $8.3 million, or $.26 per share, which included stock option and other stock-based compensation expense of $1.7 million, or $.05 per share and $1.2 million of expense, or $.04 per share, related to an arbitration decision. The net loss for the first quarter of fiscal 2007 was $6.1 million, or $.23 per share and included stock option and other stock-based compensation expense of $1.7 million, or $.06 per share.
"We are pleased with the record revenue achieved this quarter through continued progress broadening our product portfolio and expanding our global reach," said Michael R. Minogue, chairman, CEO and president of Abiomed. "Abiomed is poised for growth with multiple global regulatory milestones pending this fiscal year on the Impella 2.5, Impella 5.0, supplements on the iPulse and AbioCor, and new product submissions."
For more information: www.investor.abiomed.com