ABIOMED, Inc. (NASDAQ: ABMD), a leader in breakthrough heart, lung and kidney support technologies, today announces financial results for the quarter ended September 30, 2022.
Second Quarter 2023 Financial Highlights: Revenue of $266 million, an increase of 11% in constant currency, or 7% on a reported basis. This represents Abiomed's 7th consecutive quarter of double-digit constant currency growth.
Worldwide product revenue of $253 million, an increase of 11% in constant currency, or 7% on a reported basis. Within the quarter, procedural volumes were impacted in July due to extended physician vacations, coupled with ongoing hospital labor shortages. The company saw an improvement in patient utilization in August and September as the impact from these headwinds moderated.
U.S. product revenue of $208 million, an increase of 10% on a reported basis.
OUS product revenue of $45 million, an increase of 16% in constant currency, or a decrease of 2% on a reported basis.
Europe product revenue for the quarter totaled $29 million, an increase of 9% in constant currency, or a decrease of 7% on a reported basis.
Japan product revenue for the quarter totaled $12 million, an increase of 28% in constant currency, or 2% on a reported basis. In the quarter, Japan had a record patient utilization and a local currency revenue record.
Gross margin of 81.6% compared to 82.3% in the same period of the prior fiscal year.
GAAP income from operations of $58 million, or 21.8% operating margin, compared to $60 million, or 24.4% operating margin, in the same period of the prior fiscal year. GAAP income from operations and GAAP operating margin were equal to non-GAAP income from operations 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.
GAAP net income per diluted share of $2.32, an increase of 87% compared to the same period of the prior fiscal year. Non-GAAP net income per diluted share of $1.30, an increase of 26%.
As of September 30, 2022, the company had $937 million of cash, cash equivalents and marketable securities and no debt.
'In our fiscal Q2, Abiomed delivered another double-digit constant currency revenue growth quarter despite the challenging environment in July. This performance highlights the resiliency of our product portfolio, which enables the treatment of urgent and emergent patient populations,' said Michael R. Minogue, Abiomed's Chairman, President and Chief Executive Officer. 'We also made significant progress on high-risk PCI, STEMI and cardiogenic shock publications and innovation milestones for the Low-Profile Sheath, Breethe Oxy-1 ECMO System, Impella RP Flex and Impella ECP. Our innovation, clinical evidence and dedicated field team will enable long-term, sustainable growth as we become the global standard for the field of heart recovery.'
ABOUT ABIOMED
Based in Danvers, Massachusetts, USA, Abiomed, Inc., is a leading provider of medical technology that provides circulatory support and oxygenation. Our products are designed to enable the heart to rest by improving blood flow and/or performing the pumping of the heart.
FORWARD-LOOKING STATEMENTS
This release contains forward-looking statements, including, without limitation, statements regarding development of Abiomed's existing and new products and the impact of recently received regulatory approvals. All statements, other than statements of historical facts, may be forward-looking statements. These forward-looking statements may be accompanied by such words as 'anticipate,' 'believe,' 'estimate,' 'expect,' 'forecast,' 'intend,' 'may,' 'plan,' 'potential,' 'project,' 'target,' 'should,' 'likely,' 'will' and other words and terms of similar meaning.
The company's actual results may differ materially from those anticipated in these forward-looking statements based upon a number of factors, including, without limitation: the impact of the COVID-19 pandemic; the company's dependence on Impella products; fluctuating competition and market acceptance of the company's products; the company's ability to effectively manage its growth; the company's ability to successfully commercialize its products; evolving regulatory environments in certain jurisdictions, including regulatory compliance; enforcement actions and product liability suits relating to off-label uses of the company's products; unsuccessful clinical trials or procedures relating to products under development; shifting third-party reimbursement policies; compliance with manufacturing standards; manufacturing capacity and relationships with suppliers; changing international markets and the company's ability to manage and integrate acquired companies. These and other factors are detailed in the company's filings with the Securities and Exchange Commission (the 'SEC'), including the most recently filed Annual Report on Form 10-K and the filings subsequently filed with or furnished to the SEC.
Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this release. Unless otherwise required by law, the company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that occur after the date of this release.
Contact:
Todd Trapp
Tel: 978-646-1680
Email: ttrapp@abiomed.com
ABIOMED, INC. 
