| Company
Plans to Release Quarterly Results and Hold Conference Call on January
31st, 2005
DANVERS, MA, January 12, 2005 – ABIOMED,
Inc. (NASDAQ: ABMD), a manufacturer of products for circulatory
care and support, today released financial highlights for the third
quarter of its fiscal year 2005 ended December 31, 2004. ABIOMED
plans to issue a complete financial report and host a conference
call to discuss fiscal 2005 third quarter results on January 31st
at 11:00 a.m. Eastern Time. This call may be heard live via our
web site at www.abiomed.com.
Recent corporate developments include:
- Expected product revenues of $9.6 million, which represents
46 percent growth as compared to the third quarter of last year
and represents the second highest quarterly revenue in company
history;
- Expected net loss of $.01 per share, compared to a net loss
of $.09 per share in the same quarter last year;
- Record sales growth of 69 percent in Europe versus prior year
and the highest quarterly revenue for the company's ABIOMED B.V.
subsidiary in its history;
- Record sales of AB5000 consoles, a unit increase of more than
300% versus last year and 53 percent compared to the prior quarter;
- A 28 percent increase of BVS 5000 revenues versus the same
quarter of the previous year;
- Triple-digit growth of U.S. field service revenue compared
to last year;
- Continued clinical success with the AB5000 Circulatory Support
System. Since the product's introduction, more than seventy percent
of survivors have been able to go home with their own hearts.
- More than 20 AB5000 patients have been supported beyond thirty
days with some exceeding ninety days.
"This quarter was marked by many significant achievements
throughout the organization, however our third quarter of fiscal
2005 will not be a profitable one," stated Michael R. Minogue,
CEO and President of ABIOMED. "We primarily attribute this
to a slower than expected sales force expansion in the United States
while we continued our commitment to the development of new products.
In order to more rapidly drive U.S. sales growth, we have made changes
in U.S. leadership and sales recruitment activities with the goal
of filling open territories. The fundamentals of our business are
strong and ABIOMED remains on target with product development and
international expansion, as well as revenue growth from our service
and clinical education programs."
About ABIOMED
Based in Danvers, Massachusetts, ABIOMED, Inc. (pronounced
"AB'-EE-O-MED") is a leading developer, manufacturer
and marketer of medical products designed to assist or replace the
pumping function of the failing heart. ABIOMED, which currently
sells the BVS® 5000 Biventricular Support System and the AB5000™
Circulatory Support System, is the market leader in devices for
the temporary support of patients with failing but potentially recoverable
hearts. In September 2004, ABIOMED applied for initial FDA market
approval for the AbioCor Implantable Replacement Heart to treat
a defined subset of irreversible end-stage heart failure patients
under a Humanitarian Device Exemption.
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. 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,
anticipated future losses, complex manufacturing, high quality requirements,
dependence on limited sources of supply, competition, technological
change, government regulation, 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 Annual Report filed on Form 10-K. 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.
###
Media Contact:
Andrea tenBroek
Communications Specialist
(978) 646-1815
mediarelations@abiomed.com
Investor Relations Contact:
Brian Ritchie
Noonan/Russo
(212) 845-4269
brian.ritchie@eurorscg.com
|