We’ve followed Abiomed for the best part of four years now, so it’s with interest that we see the company reporting Q3 revenue 21% up ($46.2 million vs $38.3 million in the same period a year ago). Profits are also up with Q3 GAAP net income of $4.4 million compared to $2.7 million last year.
Background
The lion’s share of Abiomed’s revenue comes from its Impella® line, which increased 25% compared with the equivalent quarter a year ago, to $42 million. Of this figure, $37.7 million comes from U.S. sales, a 21% increase.
The company is boasting an additional 31 hospitals purchasing Impella 2.5 during the quarter, bringing the total to 836 customer sites. As part of Abiomed’s continued Impella CP® launch, an additional 75 hospitals purchased Impella CP, bringing the total number of Impella CP U.S. sites to 312. There were 178 Impella AIC consoles placed during the quarter compared to 149 in the same period of the prior year.
Abiomed also nudged upwards in gross margin from 78.7% to 79.5%.
The Company is maintaining its fiscal year 2014 guidance for total revenues to be in the range of $180 million to $185 million with worldwide Impella revenues increasing approximately 20%. The Company is also maintaining its fiscal year 2014 guidance for GAAP operating margin to be in the range of approximately break-even to 5%.
As far as future revenue sources are concerned, the company has cheerily announced that it has received Chines (CFDA) approval to sell and market the Impella 2.5, Impella 5.0 and the original MPC console. Abiomed will conduct a limited launch at five to ten key hospitals in China during calendar year 2015.
Company comments
“We have now grown top line revenue double digits for 17 straight quarters, year over year, achieved profitability and accumulated $107 million in cash without incurring debt,” said Michael R. Minogue, Chairman, President and Chief Executive Officer, Abiomed. “Abiomed is capitalizing on the opportunity to increase revenue, complete the regulatory requirements and become the new standard of care.”
Source: Abiomed, Inc., Globe Newswire