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Abiomed Inc. (ABMD)

Q2 2011 Earnings Call

November 4, 2010 8:00 AM ET


Aimee Maillett – Investor Relations

Mike Minogue – Chairman, President and CEO

Bob Bowen – Vice President and CFO


Tim Lee – Piper Jaffray

Marie – Lazard Capital Markets

Duane Nash – Wedbush Securities

Bob Hopkins – Bank of America

David Lewis – Morgan Stanley



Good day, ladies and gentlemen and welcome to the Second Quarter 2011 Abiomed Incorporated Earnings Conference Call. My name is [Kietena] and I’ll be your co-ordinator for today. At this time, all participants are in a listen-only mode. We will facilitate a question-and-answer session towards the end of this presentation. (Operator Instructions)

As a reminder, this conference is being recorded for replay purposes. I would now like to turn the presentation over to your host for today’s call, Ms. Aimee Maillett with the Corporate Communications Department. Please proceed.

Aimee Maillett

Good morning. And welcome to Abiomed’s second 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 for the second 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 second 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 second quarter of fiscal 2011 as compared to the second quarter of fiscal 2010 or second quarter of fiscal 2011 as compared to the prior first quarter of fiscal 2011.

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

Mike Minogue

Thank you, Aimee. Good morning, everyone. The second quarter of fiscal 2011 was outstanding. It was highlighted by the release of the USpella results at TCT in September, record revenues and number of patients supported and positive operational performance. Despite the industry summer slowdown, Q2 confirmed that our momentum is growing both year-over-year and sequentially, on revenue, patients and clinical evidence.

In summary, the company executed and had our best quarter in our 29-year history, specifically, we had our best ever or first ever results on total revenue of $23.4 million, up 17%, worldwide Impella revenue of $17.6 million, up 33%, U.S. Impella commercial reorders of $13.7 million, up 108%, U.S. Impella commercial patients of 597, up 77%, the highest independent Impella implantations of almost one in three, the first ever heart recovery hospital partner with PinnacleHealth system in Pennsylvania and last, the first ever patient supported with our Impella RP for the right side.

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. In Q1, we supported 597 Impella patients plus 39 Protect II patients. All the patient usage trends increased year-over-year including high-risk PCI by 55%, AMI by 170% and all other applications by 76%.

Of the total reported cases, the mix is comprised of 55% high-risk PCI patients, 25% AMI patients and 20% all other patients. Based on the positive independent usage trend, it is likely there are patients that are receiving Impella and not included in our account.

Our second goal of advancing the education of the science and benefits of heart muscle recovery made progress. We had a landmark TCT because the USpella registry was well received. And we had three successful live cases. The USpella registry for high-risk PCI incorporates an extremely sick patient population, which includes new patients for the cath lab.

For example, more than half are New York Heart Association Class III or IV, turned down for surgery, had prior heart attack or have diabetes. We believe Impella support during high-risk PCI allows for better outcomes and cost effective treatment and the registry data reinforces our position. Over 500 customers have seen the USpella data presented in person or on webcast by the physician committee leading the registry and the formal paper has been submitted.

For prophylactic Impella supported PCI, on average patients displayed a baseline increase of 17% in their ejection fraction or EF and 61% of the New York Heart Association Class IV patients improved their heart classification post treatment by at least one category. There is a recent publication in CRM titled low ejection fraction documented during cardiac catheterization is significantly associated with long-term all-cause mortality Abiomed had. And it includes almost 2000 patients.

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