Abiomed Announces Revenue of $38.3 Million, Up 19% and Record Impella Patient Usage, Up 26%

Wed Feb 6, 2013 7:00am EST

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DANVERS, Mass., Feb. 6, 2013 (GLOBE NEWSWIRE) -- Abiomed, Inc.
http://www.globenewswire.com/newsroom/ctr?d=10020782&l=1&a=Abiomed%2C%20Inc.&u=http%3A%2F%2Fwww.abiomed.com%2F
 (Nasdaq:ABMD), a leading provider of breakthrough heart support technologies, today reported
third quarter fiscal 2013 revenue of $38.3 million, up 19% compared to revenue of $32.2 million in
the same period of fiscal 2012, on record quarterly patient usage, up 26% compared to the same
period of fiscal 2012. Abiomed also reported third quarter fiscal 2013 GAAP net income of $2.7
million, or $0.07 per diluted share, compared to GAAP net income of $2.9 million, or $0.07 per
diluted share in the same period of fiscal 2012.

Recent financial and operating highlights include the following:

* Fiscal third quarter worldwide Impella revenue totaled $33.5 million, up 21% compared to revenue
of $27.7 million during the same period of the prior year. U.S. Impella revenue grew 22% to $31.1
million from $25.5 million in the prior year.
 
* As projected, an additional 23 hospitals purchased Impella 2.5 during the quarter, compared to
37 new Impella 2.5 sites in the same period of the prior year, bringing the total to 718 U.S.
Impella customer sites.
 
* Following a market evaluation of the Impella CP in Europe during the second quarter of fiscal
2013, Abiomed began a controlled Impella CP launch to select U.S. customer sites in September
2012. As part of this launch, 34 hospitals purchased Impella CP during the third quarter, bringing
the total number to 46 U.S. Impella CP customer sites. 
 
* Gross margin rate for the third quarter of fiscal 2013 was 78.7% compared to 80.5% in the third
quarter of fiscal 2012. The decline was largely due to costs related to capacity expansion
initiatives and start up of the Impella CP production. 
 
* Cash, cash equivalents and short-term marketable securities totaled $85.7 million as of December
31, 2012. During the quarter, the Company repurchased 800,000 shares of stock for $10.7 million.
Net cash provided by operating activities less capital expenditures totaled $7.3 million for the
quarter.
 
* In November, the Center for Medicare and Medicaid Services announced the valuation of the three
new dedicated Category I Current Procedure Terminology (CPT) codes for Impella, which became
effective January 2013. The total for all three CPT codes, which apply to the insertion,
repositioning and removal of Impella percutaneous devices, is $833.
 
* Also in November, Abiomed received U.S. Food & Drug Administration (FDA) Investigational Device
Exemption (IDE) approval enabling the use of the Impella RP in a pivotal clinical study called
RECOVER RIGHT. This study will collect safety and effectiveness data on the percutaneous use of
the Impella RP and will be applied towards the submission of a Humanitarian Device Exemption
(HDE). 
 
* In December, Abiomed announced the 515i FDA panel recommendation of a Class III status for the
temporary ventricular support devices in the non-roller type cardiopulmonary bypass blood pump
category. Abiomed continues to market the Impella family of heart pumps under the existing 510(k)
clearances while working with FDA to submit the necessary clinical data under the Post Market
Approval (PMA) application process.

"We are excited to announce that we achieved a record quarter for patient utilization, which
reflects the continued growth in physician demand for Impella," said Michael R. Minogue, Chairman,
President and Chief Executive Officer of Abiomed. "We are also encouraged by the strong interest
in the Impella CP launch and awareness surrounding the new CPT physician payment codes for Impella
that went into effect in the beginning of 2013."

The Company is maintaining its fiscal year 2013 revenue guidance in a range of $155 million to
$157 million, representing annual growth of 23% to 24%, with worldwide Impella revenues forecast
to grow greater than 30%.

The Company will host a conference call to discuss the third quarter fiscal year 2013 results on
Wednesday, February 6, 2013, at 8:00 a.m. ET with Michael R. Minogue, Chairman, President and
Chief Executive Officer; Robert L. Bowen, Vice President and Chief Financial Officer; and Susan V.
Lisa, Senior Director of Investor Relations and Corporate Development.

To listen to the call live, please tune into the webcast via http://investor.abiomed.com
http://www.globenewswire.com/newsroom/ctr?d=10018380&l=2&u=http%3A%2F%2Finvestor.abiomed.com  or
dial (877) 638-9567; the international number is (253) 237-1032. A replay of this conference call
will be available beginning at 11 a.m. ET February 6, 2013 through 11:59 p.m. ET on February 13,
2013. The replay phone number is (855) 859-2056; the international number is (404) 537-3406. The
replay access code is 90622458.

ABOUT ABIOMED

Based in Danvers, Massachusetts, Abiomed, Inc., is a leading provider of medical devices that
provide circulatory support. Our products are designed to enable the heart to rest by improving
blood flow and/or performing the pumping of the heart. For additional information please visit:
www.abiomed.com
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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, and future
opportunities and expected regulatory approvals. 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, including the potential for future losses, complex manufacturing, high quality
requirements, dependence on limited sources of supply, competition, technological change,
government regulation, litigation matters, 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 the most recently filed Annual Report on Form 10-K and
quarterly report on Form 10-Q. 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                                                                                                         
 Consolidated Balance Sheets                                                                                                            
 (Unaudited)                                                                                                                            
 (in thousands, except share data)                                                                                                      
                                                                                                                                      
                                                                                                   December 31, 2012  March 31, 2012  
                                                                                                   (unaudited)                        
 ASSETS                                                                                                                               
 Current assets:                                                                                                                      
 Cash and cash equivalents                                                                         $10,757            $5,990          
 Short-term marketable securities                                                                  74,985             71,233          
 Accounts receivable, net                                                                          19,915             20,458          
 Inventories                                                                                       14,988             11,142          
 Prepaid expenses and other current assets                                                         1,357              1,716           
 Total current assets                                                                              122,002            110,539         
 Property and equipment, net                                                                       6,472              6,378           
 Intangible assets, net                                                                            --                 115             
 Goodwill                                                                                          36,506             36,846          
 Other long-term assets                                                                            29                 33              
 Total assets                                                                                      $165,009           $153,911        
 LIABILITIES AND STOCKHOLDERS' EQUITY                                                                                                 
 Current liabilities:                                                                                                                 
 Accounts payable                                                                                  $6,306             $6,910          
 Accrued expenses                                                                                  13,883             12,480          
 Deferred revenue                                                                                  3,100              3,025           
 Total current liabilities                                                                         23,289             22,415          
 Long-term deferred tax liability                                                                  5,344              4,799           
 Other long-term liabilities                                                                       331                400             
 Total liabilities                                                                                 28,964             27,614          
 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                                                                      397                393             
 Authorized - 100,000,000 shares;                                                                                                     
 Issued - 39,742,737 shares at December 31, 2012 and 39,323,708 shares at March 31, 2012;                                             
 Outstanding - 38,880,393 shares at December 31, 2012 and 39,272,754 shares at March 31, 2012                                         
 Additional paid in capital                                                                        411,715            401,771         
 Accumulated deficit                                                                               (262,003)          (273,275)       
 Treasury stock at cost - 862,344 shares at December 31, 2012 and 50,954 shares at March 31, 2012  (11,719)           (827)           
 Accumulated other comprehensive loss                                                              (2,345)            (1,765)         
 Total stockholders' equity                                                                        136,045            126,297         
 Total liabilities and stockholders' equity                                                        $165,009           $153,911        


                                                                                                
 Abiomed, Inc. and Subsidiaries                                                                 
 Consolidated Statements of Operations                                                          
 (Unaudited)                                                                                    
 (in thousands, except share data)                                                              
                                                                                            
                                              Three Months Ended       Nine Months Ended      
                                              December 31,             December 31,           
                                              2012        2011        2012       2011       
 Revenue:                                                                                   
 Product revenue                              $38,112     $31,732     $114,078   $88,049    
 Funded research and development              138         466         372        982        
                                              38,250      32,198      114,450    89,031     
 Costs and expenses:                                                                        
 Cost of product revenue                      8,130       6,279       22,770     17,721     
 Research and development                     6,259       6,140       18,825     19,923     
 Selling, general and administrative          20,943      17,184      60,333     51,683     
 Amortization of intangible assets            --          362         111        1,126      
                                              35,332      29,965      102,039    90,453     
 Income (loss) from operations                2,918       2,233       12,411     (1,422)    
 Other income:                                                                              
 Investment income (expense), net             1           (2)         --         (4)        
 Gain on settlement of investment             --          1,017       --         1,017      
 Other income, net                            324         39          311        24         
                                              325         1,054       311        1,037      
 Income (loss) before income tax provision    3,243       3,287       12,722     (385)      
 Income tax provision                         559         366         1,450      687        
 Net income (loss)                            $2,684      $2,921      $11,272    $(1,072)   
                                                                                            
 Basic net income (loss) per share            $0.07       $0.08       $ 0.29     $(0.03)    
 Basic weighted average shares outstanding    39,417      38,498      39,331     38,221     
                                                                                            
 Diluted net income (loss) per share          $0.07       $0.07       $0.27      $(0.03)    
 Diluted weighted average shares outstanding  40,865      40,270      41,418     38,221     


CONTACT: Susie Lisa, CFA
         Senior Director, Investor Relations and Corporate Development
         978-646-1590
         slisa@abiomed.com
         
         Aimee Maillett
         Corporate Communications Manager
         978-646-1553
         ir@abiomed.com

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