EX-99.1 2 dex991.htm UNAUDITED FINANCIAL INFORMATION Unaudited financial information

Exhibit 99.1

Abiomed, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(Unaudited)

(in thousands, except share data)

 

     March 31,  
     2010     2009  

ASSETS

    

Current assets:

    

Cash and cash equivalents

   $ 4,788      $ 1,785   

Short-term marketable securities

     53,477        55,394   

Accounts receivable, net

     13,516        15,724   

Inventories

     9,211        14,777   

Prepaid expenses and other current assets

     1,676        809   
                

Total current assets

     82,668        88,489   

Property and equipment, net

     6,753        7,792   

Intangible assets, net

     2,979        4,359   

Goodwill

     37,170        31,295   

Long-term marketable securities

     —          3,721   

Other assets

     —          302   
                

Total assets

   $ 129,570      $ 135,958   
                

LIABILITIES AND STOCKHOLDERS’ EQUITY

    

Current liabilities:

    

Accounts payable

   $ 3,764      $ 5,550   

Accrued expenses

     13,011        10,818   

Deferred revenue

     1,289        1,211   
                

Total current liabilities

     18,064        17,579   

Long-term deferred tax liability

     3,040        2,086   

Other long-term liabilities

     510        310   
                

Total liabilities

     21,614        19,975   
                

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

     375        367   

Authorized - 100,000,000 shares; Issued - 37,484,018 shares at March 31, 2010 and 36,736,843 shares at March 31, 2009; Outstanding - 37,433,064 shares at March 31, 2010 and 36,685,889 shares at March 31, 2009

    

Additional paid-in-capital

     372,425        362,097   

Accumulated deficit

     (263,015     (243,991

Treasury stock at cost - 50,954 at March 31, 2010 and March 31, 2009

     (827     (827

Accumulated other comprehensive loss

     (1,002     (1,663
                

Total stockholders’ equity

     107,956        115,983   
                

Total liabilities and stockholders’ equity

   $ 129,570      $ 135,958   
                


Abiomed, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

(Unaudited)

(in thousands, except share data)

 

     Three Months Ended
March  31,
    Twelve Months Ended
March  31,
 
     2010     2009     2010     2009  

Revenue:

        

Products

   $ 22,828      $ 19,384      $ 84,765      $ 72,512   

Funded research and development

     151        199        948        698   
                                

Total Revenue

     22,979        19,583        85,713        73,210   
                                

Costs and expenses:

        

Cost of product revenue

     6,239        5,498        22,529        20,437   

Research and development

     6,788        7,131        25,954        25,328   

Selling, general and administrative

     14,864        14,718        60,837        55,357   

Amortization of intangible assets

     362        407        1,469        1,606   
                                
     28,253        27,754        110,789        102,728   
                                

Loss from operations

     (5,274     (8,171     (25,076     (29,518
                                

Other income (expense):

        

Investment income (expense), net

     1        104        373        (1,404

Gain on sale of WorldHeart stock

     6,389        —          6,389        313   

Other expense, net

     102        (235     (39     (236
                                
     6,492        (131     6,723        (1,327
                                

Loss before provision for income taxes

     1,218        (8,302     (18,353     (30,845

Provision for income taxes

     243        152        671        752   
                                

Net loss

   $ 975      $ (8,454   $ (19,024   $ (31,597
                                

Basic and diluted net loss per share

   $ 0.03      $ (0.23   $ (0.52   $ (0.91