-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, HNH7F5ILLUQ1aWuUbrCby3P0/e7SgM8z0NvUvbVdtTJtQEfJMAKxDCnmvsqP++1m u/HEpy+wAW7gR5tWProGgQ== 0001157523-07-008121.txt : 20070809 0001157523-07-008121.hdr.sgml : 20070809 20070809071518 ACCESSION NUMBER: 0001157523-07-008121 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070809 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070809 DATE AS OF CHANGE: 20070809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ABIOMED INC CENTRAL INDEX KEY: 0000815094 STANDARD INDUSTRIAL CLASSIFICATION: SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841] IRS NUMBER: 042743260 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09585 FILM NUMBER: 071037755 BUSINESS ADDRESS: STREET 1: 22 CHERRY HILL DR CITY: DANVERS STATE: MA ZIP: 01923 BUSINESS PHONE: 9787775410 MAIL ADDRESS: STREET 1: 22 CHERRY HILL DRIVE CITY: DANVERS STATE: MA ZIP: 01923 8-K 1 a5468222.txt ABIOMED, INC. 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report: August 9, 2007 - -------------------------------------------------------------------------------- (Date of earliest event reported) ABIOMED, Inc. - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Delaware 04-2743260 (State or other Jurisdiction (IRS Employer Identification Number) of Incorporation) 0-20584 (Commission File Number) 22 Cherry Hill Drive Danvers, MA 01923 (Address of Principal Executive Offices, including Zip Code) (978) 646-1400 (Registrant's Telephone Number, including Area Code) Not Applicable (Former Name or Former Address, if Changed Since Last Report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: |_| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |_| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |_| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c) ================================================================================ ================================================================================ Item 2.02 Results of Operations and Financial Condition. On August 9, 2007 we issued a press release reporting our financial results for our fiscal quarter ended June 30, 2007. A copy of the press release is set forth as exhibit 99.1 and is incorporated herein by reference. The information contained in this report shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Securities Act of 1934, whether made before or after the date hereof and regardless of any general incorporation language in such filing, except as expressly set forth by specific reference in such filing. Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit Description - ------------- ---------------------------------------------------------------- 99.1 August 9, 2007. ================================================================================ SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Abiomed, Inc. By: /s/ Daniel J. Sutherby ------------------------------------ Daniel J. Sutherby Chief Financial Officer Date: August 9, 2007 ================================================================================ Exhibit Index Exhibit Description - ------------- ---------------------------------------------------------------- 99.1 August 9, 2007. EX-99.1 2 a5468222ex991.txt EXHIBIT 99.1 Exhibit 99.1 Abiomed Announces Record Revenue of $14.1 Million for Fiscal First Quarter 2008 DANVERS, Mass.--(BUSINESS WIRE)--Aug. 9, 2007--Abiomed, Inc. (NASDAQ: ABMD) today announced financial results for its first quarter of fiscal 2008 with record revenue of $14.1 million. This represents growth of 8% over a strong first quarter of fiscal 2007, which was up 55% 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%, and record Impella(R) Console revenue. -- Record number of AB5000(TM) 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%, AB5000 disposables revenue increased 23%, and BVS(R) 5000 disposables revenue declined 26%. -- Impella Console revenue increased 400% and AB5000(TM) Console revenue decreased 30%. The Company expects FDA supplement approval on its iPulse(TM) 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(R) 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%, 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(R) 5.0, supplements on the iPulse and AbioCor(R), and new product submissions." Financial information for the first quarter of fiscal 2008 is attached to this press release. CONFERENCE CALL AND WEBCAST INFORMATION Abiomed will host a conference call to discuss the results on Thursday, August 9, 2007, at 8:00 a.m. ET. Michael R. Minogue, Chairman, Chief Executive Officer and President, and Daniel J. Sutherby, Chief Financial Officer, will host the conference call. To listen to the call live, please tune into the webcast via http://investor.abiomed.com or dial 866-578-5788; the international number is 617-213-8057. The access code is 32438160. A replay of this conference call will be available beginning at 10 a.m. ET on August 9, 2007 through 11:59 p.m. ET on August 23, 2007. The replay phone number is 888-286-8010; the international number is 617-801-6888. The replay access code is 37400047. OTHER Comparative references made in this press release to revenue, gross margin or other increases/decreases refer to the first quarter of fiscal 2008 as compared to the first quarter of fiscal 2007. ABOUT ABIOMED Based in Danvers, Massachusetts, Abiomed, Inc., is a leading provider of medical devices that provide circulatory support to acute heart failure patients across the continuum of care in heart recovery. Our products are designed to enable the heart to rest, heal and recover by improving blood flow and/or performing the pumping of the heart. For additional information please visit: www.abiomed.com. FORWARD-LOOKING STATEMENTS This Release contains forward-looking statements, including statements regarding development of Abiomed's existing and new products, the Company's progress toward commercial growth, the expected timing of regulatory approvals on various products including iPulse, the Impella product line and other products currently under regulatory review, and future opportunities. The Company's actual results may differ materially from those anticipated in these forward-looking statements based upon a number of factors, including uncertainties associated with development, testing and related regulatory approvals on our products including iPulse, the Impella product line and other products currently under regulatory review, anticipated future losses, complex manufacturing, high quality requirements, dependence on limited sources of supply, competition, technological change, government regulation, future capital needs and uncertainty of additional financing, and other risks and challenges detailed in the Company's filings with the Securities and Exchange Commission, including its most recently filed annual report on Form 10-K. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this Release. The Company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances that occur after the date of this Release or to reflect the occurrence of unanticipated events. Abiomed, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (in thousands, except share data) June 30, March 31, 2007 2007 ----------- ---------- ASSETS (Unaudited) - ---------------------------------------------- Current assets: Cash and cash equivalents $ 62,227 $ 69,646 Short-term marketable securities 499 5,479 Accounts receivable, net 13,829 10,932 Inventories 10,800 8,567 Prepaid expenses and other current assets 1,972 1,758 ----------- ---------- Total current assets 89,327 96,382 Property and equipment, net 6,185 5,764 Intangible assets, net 7,024 7,329 Goodwill 27,000 26,708 ----------- ---------- Total assets $ 129,536 $ 136,183 =========== ========== LIABILITIES AND STOCKHOLDERS' EQUITY - ---------------------------------------------- Current liabilities: Accounts payable $ 3,555 $ 5,185 Accrued expenses 5,870 7,017 Deferred revenue 719 695 ----------- ---------- Total current liabilities 10,144 12,897 Long-term deferred tax liability 1,494 1,191 Other long-term liabilities 275 -- ----------- ---------- Total liabilities 11,913 14,088 ----------- ---------- Commitments and contingencies Stockholders' Equity: Class B Preferred Stock, $.01 par value Authorized-1,000,000 shares; Issued and outstanding-none -- -- Common stock, $.01 par value 325 323 Authorized-100,000,000 shares; Issued-32,452,138 shares at June 30, 2007 and 32,254,577 shares at March 31, 2007; Outstanding-32,441,119 shares at June 30, 2007 and 32,243,558 shares at March 31, 2007 Additional paid-in-capital 296,306 292,467 Accumulated deficit (179,739) (171,189) Treasury stock, at cost - 11,019 shares at June 30, 2007 and at March 31, 2007 (116) (116) Accumulated other comprehensive income 847 610 ----------- ---------- Total stockholders' equity 117,623 122,095 ----------- ---------- Total liabilities and stockholders' equity $ 129,536 $ 136,183 =========== ========== Abiomed, Inc. and Subsidiaries Condensed Consolidated Statements of Operations (Unaudited) (in thousands, except per share data) Three Months Ended June 30, June 30, 2007 2006 -------- -------- Revenues: Products $13,901 $13,008 Funded research and development 162 -- -------- -------- 14,063 13,008 Costs and expenses: Cost of product revenues excluding amortization of intangibles 3,532 3,483 Research and development 5,516 5,419 Selling, general and administrative 12,441 9,392 Expensed in-process research and development -- 800 Arbitration decision: Reimbursement of legal fees 504 -- Non-cash value of warrants 728 -- Amortization of intangibles 380 366 -------- -------- 23,101 19,460 Loss from operations (9,038) (6,452) Other income, net: Investment income 907 315 Foreign exchange gain (loss) (22) 114 Other income, net 23 30 -------- -------- 908 459 Loss before provision for income taxes (8,130) (5,993) Provision for income taxes 145 138 -------- -------- Net loss $(8,275) $(6,131) ======== ======== Basic and diluted net loss per share $ (0.26) $ (0.23) Weighted average shares outstanding 32,338 26,488 CONTACT: Abiomed, Inc. Daniel J. Sutherby, 978-646-1812 Chief Financial Officer ir@abiomed.com or Liza Heapes, 978-646-1668 Media Relations mediarelations@abiomed.com -----END PRIVACY-ENHANCED MESSAGE-----