Page 1

POABIOMED Abiomed Announces Q2 FY 2022 Revenue of $ 248 Million , Up 18 % Year Over Year October 28 , 2021 DANVERS , Mass .-- ( BUSINESS WIRE ) -- Oct . 28 , 2021-- Abiomed , Inc. ( NASDAQ : ABMD ) , a leading provider of breakthrough heart support technologies , today announced financial results for the quarter ended September 30 , 2021 . Q2 financial summary and operational highlights : • Revenue for the quarter totaled $ 248.1 million , an increase of 18 % compared to $ 209.8 million during the same period of the prior fiscal year . • Worldwide Impella® heart pump product revenue for the quarter totaled $ 235.8 million , an increase of 18 % compared to $ 199.7 million during the same period of the prior fiscal year . • U.S. Impella product revenue for the quarter totaled $ 189.8 million , an increase of 16 % compared to $ 163.2 million during the same period of the prior fiscal year , with U.S. patient usage of Impella heart pumps up 8 % . • Outside the U.S. Impella product revenue for the quarter totaled $ 46.0 million , an increase of 26 % compared to $ 36.5 million during the same period of the prior fiscal year . Specifically , Europe product revenue for the quarter totaled $ 31.3 million , an increase of 28 % compared to $ 24.5 million during the same period of the prior fiscal year . In addition , Japan product revenue for the quarter totaled $ 11.8 million , an increase of 18 % compared to $ 10 million during the same period of the prior fiscal year . • Gross margin for the quarter was 82.3 % compared to 81.5 % during the same period of the prior fiscal year . • Non - GAAP operating income * was $ 60.4 million , or 24.4 % non - GAAP operating margin * for the quarter , compared to $ 61.3 million non - GAAP operating income , * or 29.2 % non - GAAP operating margin * during the same period of the prior fiscal year . GAAP operating income and GAAP operating margin were equal to non - GAAP operating income * and non - GAAP operating margin * for the quarter and the same period of the prior fiscal year , as there were no non - GAAP adjustments in the respective periods . • Non - GAAP net income * increased 2 % to $ 47.2 million , or $ 1.03 per diluted share , compared to non - GAAP net income * of $ 46.1 million , or $ 1.01 per diluted share during the same period of the prior fiscal year . GAAP net income for the quarter was $ 57.0 million , or $ 1.24 per diluted share compared to GAAP net income of $ 62.2 million , or $ 1.36 per diluted share during the same period of the prior fiscal year . • The company generated operating cash flows of $ 60.5 million during the quarter . As of September 30 , 2021 , the company had $ 861.5 million of cash and cash equivalents and marketable securities and no debt . • On August 18 , the company announced that the United States Food and Drug Administration ( FDA ) granted breakthrough device designation to Abiomed's Impella ECP expandable percutaneous heart pump . The designation means the FDA will prioritize Impella ECP's regulatory review processes including design iterations , clinical study protocols and pre - market approval ( PMA ) application . " In Q2 , we made progress on product innovation and regulatory milestones while leveraging our commercial field team and Abiomed 2.0 Playbook in a challenging environment , " said Michael R. Minogue , Abiomed's Chairman , President and Chief Executive Officer . " Abiomed remains focused on disciplined execution and sustainable growth as we continue to pursue our goal of becoming the global standard of care for heart pumps that recover hearts and save lives . " FISCAL YEAR 2022 OUTLOOK Abiomed started the fiscal year with a range of $ 990 million to $ 1,030 million with growth of 17 % -22 % versus prior year . After a strong Q1 and a solid July , the company upgraded guidance to $ 1,030 million to $ 1,050 million with growth of 22 % - 24 % . Given the delta resurgence and the U.S. hospital labor shortages , the company is updating its fiscal year 2022 revenue guidance and expects revenue to be in the range of $ 1,010 million to $ 1,030 million , an increase of 19 % to 22 % , respectively compared to fiscal year 2021 , slightly above the original fiscal year 22 guidance . The company expects its fiscal year 2022 non - GAAP operating margin * to be in the range of 24 % - 25 % . * ABOUT NON - GAAP FINANCIAL MEASURES To supplement its condensed consolidated financial statements , which are prepared and presented in accordance with accounting principles generally accepted in the United States ( " GAAP " ) , the company uses non - GAAP financial measures as described below . The company uses these non - GAAP financial measures for financial and operational decision - making and to evaluate period to - period comparisons . The company believes that these non - GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity . The company believes that both management and investors benefit from