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Abiomed Announces Q1 FY 2017 Revenue of $103.0 Million, Up 40% Over Prior Year

DANVERS, Mass., July 28, 2016 (GLOBE NEWSWIRE) -- Abiomed, Inc. (ABMD), a leading provider of breakthrough heart support technologies, today reported first quarter fiscal 2017 revenue of $103.0 million, an increase of 40% compared to revenue of $73.4 million for the same period of fiscal 2016. First quarter fiscal 2017 GAAP net income was $12.9 million or $0.29 per diluted share, compared to GAAP net income of $8.9 million or $0.20 per diluted share for the prior year period.

Financial and operating highlights during the first quarter of fiscal 2017 include:

  • Fiscal first quarter worldwide Impella® revenue totaled $97.8 million, an increase of 42% compared to revenue of $68.8 million during the same period of the prior fiscal year. U.S. Impella revenue grew 41% to $89.6 million and U.S. Impella patient usage grew 40%.

  • Outside the U.S. Impella revenue grew 61% to $8.2 million led by German revenue, which accounted for 74% of revenue and grew by 117%.
  • The installed base for Impella 2.5™ heart pumps grew by an additional 27 hospitals, which made initial purchases of Impella heart pumps, bringing the installed customer base to 1,066 sites. As part of Abiomed's continued Impella CP® heart pump launch, 35 new U.S. hospitals purchased Impella CP, bringing the total number to 861 sites.

  • An additional 9 sites made initial purchases of the Impella RP during the quarter, bringing the total number to 89 sites.

  • Gross margin for fiscal first quarter 2017 was 85.4% compared to 85.1% in the first quarter of fiscal 2016.

  • Operating profit for the first quarter of fiscal 2017 was $21.2 million, or 20.6% operating margin, compared to $15.0 million, or 20.4% of revenue in the prior year period.

  • The Company generated $10.1 million in cash, cash equivalents and marketable securities, totaling $223.2 million as of June 30, 2016, compared to $213.1 million at March 31, 2016. The Company currently has no debt.

  • On April 7, Abiomed announced that it received U.S. Food and Drug Administration (FDA) Pre-Market Approval (PMA) for the Impella 2.5™, Impella CP®, Impella 5.0™ and Impella LD™ heart pumps to provide treatment of ongoing cardiogenic shock. The intent of the Impella system therapy is to reduce ventricular work and to provide the circulatory support necessary to allow heart recovery and early assessment of residual myocardial function.

“Abiomed is creating a new era of medicine focused on the Field of Heart Recovery and offering new treatment paradigms for high risk heart failure patients,” said Michael R. Minogue, Chairman, President and Chief Executive Officer, Abiomed. “With an estimated 6% U.S...


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