ABIOMED, Inc. (NASDAQ:ABMD) Q3 2016 Earnings Conference Call - Final Transcript

Feb 04, 2016 • 08:00 am ET


ABIOMED, Inc. (NASDAQ:ABMD) Q3 2016 Earnings Conference Call - Final Transcript


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Good day, ladies and gentlemen. Welcome to the Abiomed Inc. Third Quarter 2016 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, there will be a question-and-answer session, and instructions will follow at that time. [Operator Instructions] As a reminder, today's call is being recorded.

I would now like to turn the conference over to Ingrid Goldberg, Director of Investor Relations. Ma'am, you may begin.

Ingrid Goldberg

Good morning, and welcome to Abiomed's third quarter of fiscal 2016 earnings conference call. This is Ingrid Goldberg, Director of Investor Relations for Abiomed, and I'm here with Mike Minogue, Abiomed's Chairman, President, and Chief Executive Officer; and Mike Tomsicek, Vice President and Chief Financial Officer.

The format for today's call will be as follows. First, Mike Minogue will discuss strategic highlights from the third fiscal quarter and then turn to our key operational and strategic objectives. Next, Mike Tomsicek will provide details on the financial results outlined in today's press release. We will then open the call for your questions.

Before we begin, I would like to remind everyone that this presentation includes forward-looking statements about the company's progress relating to clinical, regulatory, and commercial matter as well as capital and other expenditures and financial performance. Each forward-looking statement contained in this presentation is subject to the risk and uncertainties that could actually cause -- that could cause actual results to differ materially from those projected in such statements.

Additional information regarding these risks and uncertainties appears in the heading Forward-Looking Statements in the press release we issued this morning, our Annual Report on Form 10-K for the year ended March 31, 2015, and in subsequent Form 10-Q. The forward-looking statements in this presentation speak only to the date of this presentation and we undertake no obligation to update or revise any of these statements.

Thank you for joining us. I'm now pleased to introduce Abiomed's Chairman, President, and Chief Executive Officer, Mike Minogue.

Michael R. Minogue

Thank you, Ingrid. Good morning, everyone. In Q3, Abiomed executed on our corporate goals and achieved another breakout quarter, as the Impella product adoption curve ramps up. Abiomed delivered our best ever quarterly results with $85.8 million in revenue which represents 38% in overall revenue growth. US patient utilization set new highs with a robust 45% growth rate, driven by record numbers of patients in Protected PCI and emergent support. Our consistent performance validates Abiomed as one of the fastest-growing GAAP-profitable medical technology companies. Abiomed has no debt, nearly $200 million in cash, and has grown top line revenue double digits year-over-year for 25 straight quarters.

This success has enabled Abiomed to significantly invest in our US distribution, educational programs, and manufacturing capacity. As of today, Abiomed has the largest US commercial team in circulatory support, with over 200 field representatives and growing. Additionally, our manufacturing infrastructure has redundancy and is positioned to produce over two times our current market demand. For today's call, I will highlight three topics: Protected PCI, regulatory progress, and manufacturing initiatives.