Abiomed Inc. (ABMD.OB), a leading provider of medical devices that provide circulatory support to acute heart failure patients across the continuum of care in heart recovery, recently reported a fourth quarter loss of $15 million, or $0.46 per share. This earnings statement is down from a loss of $6.35 million, or $0.22 per share one year earlier. The company fell short of analyst expectations, which were a loss of $0.19 per share and revenue of $19 million. Revenue for the 12 months ended March 31, 2008 reached $58.9 million, up 16 percent year over year.
The company is predicting revenue to reach between $75 million to $80 million for fiscal year 2009, representing growth of approximately 27 percent to 36 percent over fiscal year 2008. This revenue estimate depends on the receipt and timing of specific regulatory approvals, including the anticipated 510(k) clearance of the Impella 2.5 device, which has been approved by the FDA for use in up to 150 hospitals for acute myocardial infarction. Abiomed, Inc. plans to increase its manufacturing capacity for the Impella 2.5 device in 2009, which will boost profitability and increase revenue by an estimated 25 percent.
Abiomed’s AB5000 Circulatory Support System is also in high demand by a record number of patients in Germany, France, Italy, Spain, Canada, Brazil and the United States. The AB5000 console is currently installed in 62 percent of U.S. transplant centers and 25 percent of U.S. open-heart hospitals. For 2009, the company plans to expand its product portfolio and continue to apply for numerous regulatory approvals, while investing in worldwide distribution of the company’s products.
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