ABMD

ABIOMED, Inc. (ABMD)

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Abiomed, Inc. (ABMD)

F1Q11 (Qtr End 06/30/10) Earnings Call Transcript

August 4, 2010 8:00 am ET

Executives

Aimee Maillett – IR

Mike Minogue – CEO, President and Chairman

Bob Bowen – VP and CFO

Analysts

Tim Lee – Piper Jaffray

Akiva Felton [ph] – Wedbush Securities

Josh Jennings – Jefferies & Company

David Lewis – Morgan Stanley

Presentation

Operator

Good day, ladies and gentlemen, and welcome to the Q1 2011 Abiomed earnings conference call. My name is Steve and I will be your operator for today. At this time, all participants are in a listen-only mode. We will conduct a question-and-answer session towards the end of today’s conference. (Operator instructions) As a reminder, this conference is being recorded for replay purposes. I would now like to turn the conference over to your host for today, Ms. Aimee Maillett. Please proceed, ma’am.

Aimee Maillett

Good morning and welcome to Abiomed's first quarter of fiscal 2011 earnings conference call. This is Aimee Maillett of Abiomed’s Corporate Communications Department. I’m here with Mike Minogue, Abiomed’s Chairman, President and Chief Executive Officer; and Bob Bowen, Vice President and Chief Financial Officer.

The format for today’s call will be as follows. First, Mike will provide you with strategic highlights of the first quarter. Next, Bob will provide details on the financial results outlined in today's press release. And we will then open up the call for your questions.

Before we begin discussing the first quarter, it is necessary to remind you that during the course of this call, we will be making forward-looking statements, including statements regarding future financial performance, product development efforts, Abiomed's strategic operational initiatives, market response to our new products, our progress towards commercial growth, and future opportunities.

Abiomed'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, competition, technological changes, anticipated future losses, complex manufacturing, high-quality requirements, dependence on limited sources of supply, government regulation, future capital needs, and other risks detailed in our SEC filings.

Investors are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of today's conference call. 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 conference call or to reflect the occurrence of unanticipated events.

Lastly, comparative references made financially in this call to revenue, expenses, gross margin, or other increases or decreases will be indicated by references to first quarter of fiscal 2011 as compared to the first quarter of fiscal 2010 or first quarter of fiscal 2011 as compared to the prior fourth quarter of fiscal 2010.

I am now pleased to introduce Mike Minogue, Abiomed Chairman, President and Chief Executive Officer.

Mike Minogue

Thank you, Aimee. Good morning, everyone. Q1 was highlighted by continued growth of the Impella commercial platform, strong enrollment in the Protect II trial, and positive operational performance. Our strategy is moving forward as we go deeper into existing US Impella sites, training users to independence and expanding applications while amassing an extensive body of clinical evidence for hemodynamic support and heart muscle recovery.

Worldwide Impella revenue totaled $16.6 million, up 38% over the prior year, including total US commercial Impella revenues of $15.5 million, up 48%. And 88% of US commercial revenues were from Impella reorders totaling $13.7 million, up 114%. We maintained our strategy to open fewer Impella 2.5 new sites in Q1, resulting in 24 sites versus 47 from the prior year. Total company revenue, including the non-Impella business, was $22 million, up 11% compared to last year.

On today’s call, we will highlight year-over-year progress on three of our four corporate fiscal year 2011 goals. So first on goal number one of increasing Impella utilization through expanding users, applications and independent usage. In Q1, we supported 595 Impella patients, up 74% year-over-year plus 49 Protect II patients. All of the usage trends increased, including high risk PCI by 69%, AMI by 146%, and EP by 700%. Sequentially over Q4, total commercial utilization increased by 9%, not including the P-II patients.

Approximately half of the 437 US Impella hospitals have supported five or more Impella patients, and we believe this qualifies them for independent usage. Last year, only 61 sites met this criteria compared to 206 in Q1. And last, approximately one in four of Impella implantations were done independently in Q1 as compared to one in ten last year. Based on the growing independent usage, it is likely we are not able to count every patient.

Our second goal of advancing the education of the science and the benefits of heart muscle recovery made progress. We supported six major shows, sponsored 15 training events, and conducted face-to-face training for a week with our entire field team. At PCR in Europe, the second largest interventional cardiology show, leading physicians presented direct results of the US registry called USpella on 251 patients and taught the physiology and benefits of unloading the heart with Impella.

These presentations are currently on the PCR website. The USpella registry incorporates an extremely sick patient population with more than half of the PCI patients being turned down for surgery. These data revealed very low adverse event rates for high-risk PCI. For Impella-supported PCI treatment effects, on average patients displayed an increase of 16% in their rejection fraction, which translates to a 29% relative reduction in ICD requirements.

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