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Abiomed Announces Q2 Fy 2016 Revenue Of $76.4 Million, Up 47% Over Prior Year

The following excerpt is from the company's SEC filing.

Protected PCI Utilization Growth of 70% in the U.S.

DANVERS, Mass. October 29, 2015

Abiomed, Inc

. (NASDAQ: ABMD), a leading provider of breakthrough heart support technologies, today reported second quarter fiscal 2016 revenue of $76.4 million, an increase of 47% compared to revenue of $51.9 million for the same period of fiscal 2015. Second quarter fiscal 2016 GAAP net income was $7.7 million or $0.17 per diluted share, an increase of 103% and 89% respectively, compared to GAAP net income of $3.8 million or $0.09 per diluted share for the prior year period.

Financial and operating highlights during the second quarter of fiscal 2016 include:

Fiscal second quarter worldwide Impella

heart pump revenue totaled $71.7 million, an increase of 53% compared to revenue of $46.9 million during the same period of the prior fiscal year. U.S. revenue grew 59% to $66.7 million from $42.0 million in the prior fiscal year with patient usage up 48%.

The installed base for Impella 2.5 grew by an additional 27 hospitals, bringing the installed customer base to 1,000 sites. As part of Abiomeds continued Impella CP

heart pump launch, 45 new hospitals purchased Impella CP, bringing the total number of Impella CP U.S. sites to 739.

The Impella RP

heart pump installed base has a goal of 60 sites for the entire fiscal year. As of the end of the second quarter, the Company is ahead of schedule, with an additional 31 hospitals that made initial purchases of the Impella RP during the quarter, bringing the total number to 54 Impella RP U.S. sites.

Gross margin for fiscal second quarter 2016 was 84.1% compared to 81.5% in the second quarter of fiscal 2015.

Income from operations for the second quarter of fiscal 2016 was $12.8 million, or 16.8% of revenue, compared to $4.2 million, or 8.0% of revenue in the prior year period.

The Company generated $19 million in cash, cash equivalents and marketable securities, totaling $175.5 million as of September 30, 2015, compared to $156.4 million at June 30, 2015. The Company continues to have no debt.

At its annual Investor Day on August 11, Abiomed outlined its long-term growth strategy and five-year vision for revenues and demonstrated future products in development, which can be accessed via webcast here:

http://edge.media-server.com/m/p/ckvn5o7f

. The future products, which were also recently displayed at the TCT 2015 conference, included:

The Impella ECP (Expandable Cardiac Power) heart pump on a complete 9 Fr Impella catheter and pump;

The Next Generation Impella CP with an increased flow of 4.5 liters/minute and smart sensor technology;

The Impella 5.5, which can be implanted via axillary (without a sternotomy), is designed with a 19 Fr pump on a 9 Fr catheter for months of flow of 5.5 liters per minute and patient ambulation;

The longer term Impella BTR (Bridge to Recovery) heart pump, which can also be implanted via axillary (without a sternotomy), is designed to provide up to a year of 5.5 plus flow driven by a wearable driver.

The Company also announced the submission of its U.S Food & Drug Administration (FDA) pre-market approval (PMA) supplements in August. The supplements are requesting approval for the Impella family of heart pumps (Impella 2.5, Impella CP and Impella 5.0/LD). The submissions are requesting approval for a set of indications related to the use of the Impella devices in patients suffering cardiogenic shock following acute myocardial infarction or cardiac surgery. A request for a longer duration of support was also included.

A key clinical paper titled, Percutaneous left ventricular...


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