Excellent news for Sensera with MEMS anchor client Abiomed up 11% overnight on strong growth earnings. Abiomed has now grown to become a US$15bn company and Sensera will play an integral supply chain role moving forward.
Abiomed Announces Q4 FY 2018 Revenue of $174 Million, Up 40%, and Total Year Revenue of $594 Million, Up 33%, Over Prior Year
Total Year Operating Income was $157.1 Million, up 74% Over Prior Year
DANVERS, Mass., May 03, 2018 (GLOBE NEWSWIRE) -- ABIOMED, Inc. (NASDAQ:ABMD), a leading provider of breakthrough heart recovery and support technologies, today reported fourth quarter fiscal 2018 revenue of $174.4 million, an increase of 40% compared to revenue of $124.7 million for the same period of fiscal 2017. For fiscal year 2018, total revenue was $593.7 million, up 33% compared to revenue of $445.3 million and operating income was $157.1 million, up 74% compared to operating income of $90.1 million in fiscal year 2017.
Recent financial and operating highlights include:
Worldwide Impella® heart pump revenue for the quarter totaled $168.3 million, an increase of 42% compared to revenue of $118.9 million during the same period of the prior fiscal year. Full year worldwide Impella heart pump revenue totaled $570.9 million for fiscal 2018, an increase of 35% compared to revenue of $423.7 million for the prior year.
U.S. Impella heart pump revenue for the quarter totaled $146.2 million, an increase of 35% compared to revenue of $108.2 million during the same period in the prior fiscal year with U.S. patient usage of the Impella heart pumps up 35%. Full year U.S. Impella revenue totaled $505.1 million, up 30% compared to $387.5 million in the prior fiscal year with U.S. patient usage of the Impella heart pumps up 32%.
Outside the U.S., fourth quarter revenue from Impella heart pumps totaled $22.1 million and was up 107% over prior year, predominantly from Germany, which recorded $15.0 million, up 95% over prior year. Full year revenue from Impella heart pumps outside of the U.S. totaled $65.7 million and was up 81% year over year, predominantly from Germany, which recorded $45.2 million, up 70%. Additionally, the Company began its commercial launch in Japan in September and recorded $2.9 million in revenue for the fiscal year 2018.
Gross margin for fourth quarter 2018 was 82.7% compared to 84.6% in the fourth quarter of prior fiscal year. For the full fiscal year 2018, gross margin was 83.4% compared to 84.1% in the prior year.
Operating income for the fourth quarter was $47.6 million, or 27.3% operating margin, compared to $29.0 million, or 23.3% operating margin in the prior year. For the full fiscal year 2018, operating income was $157.1 million, or 26.5% of revenue, compared to $90.1 million, or 20.2% of revenue in the prior fiscal year.
Fourth quarter fiscal 2018 GAAP net income was $36.8 million or $0.80 per diluted share compared to $14.9 million or $0.33 per diluted share for the prior fiscal year. Full fiscal year 2018 GAAP net income was $112.2 million or $2.45 per diluted share compared to $52.1 million or $1.17 per diluted share for the prior fiscal year.
The Company generated $49.1 million in cash, cash equivalents and marketable securities in the fourth quarter of fiscal 2018, bringing the total to $399.8 million as of March 31, 2018. The Company currently has no debt.
On February 13, 2018, the Company received approval for an expanded FDA indication for cardiomyopathy, including peripartum cardiomyopathy and myocarditis, with cardiogenic shock and announced Abiomed’s Women's Initiative for Heart Recovery.
On February 14, 2018, the Company received approval for an expanded FDA indication for high risk percutaneous coronary intervention (PCI) procedures for severely complex patients with mild, moderate and severely depressed ejection fraction.
On March 30, 2018, the Company appointed new Vice President and Chief Financial Officer Todd A. Trapp.
On April 2, 2018, the Company received FDA approval for Impella CP® with SmartAssist™ and Optical Sensor.
On April 4, 2018, the Company announced European Approval (CE Marking) for Impella 5.5™ and first patient treated at University Heart Center Hamburg in Germany.
“Abiomed delivered another record quarter and fiscal year. I am proud of our Patients First execution and operational discipline from research to manufacturing to customer support. We earned multiple global regulatory approvals in the US, Germany and Japan on new products, new indications and reimbursement,” said Michael R. Minogue, Chairman, President and Chief Executive Officer, ABIOMED, Inc. “Fiscal 2019 is positioned to be another outstanding year and we appreciate the investment from our shareholders. I am also grateful to the dedicated employees and customers that have enabled us to serve our patients and achieve our corporate goals around heart recovery.”
FISCAL YEAR 2019 OUTLOOK
The Company is giving its fiscal year 2019 guidance for total revenues to be in the range of $740 million to $770 million, an increase of 25% to 30% over the prior year. The Company is also giving its fiscal year 2019 guidance for GAAP operating margin to be in the range of 28% to 30%.
SE1 Price at posting:
23.5¢ Sentiment: Buy Disclosure: Held
