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Print Edition StoriesMonday, November 10, 2008
Abiomed earns record Q2 revenue
By Mass High Tech Staff
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Medical device maker Abiomed Inc. saw a 75 percent jump in revenue in its most recent earnings report, but still remained in red ink.
The Danvers-based company said that its fiscal year 2009 second quarter revenue would be a record $20 million, up from $11.4 million from the same quarter last year. The net loss for the period was about $6.3 million, down from a net loss of $9.4 million in the second quarter of fiscal year 2008.
Abiomed (Nasdaq: ABMD) realized $10.5 million in revenue from the sale of the Impella 2.5 cardiac assist device to 100 hospitals. The Impella heart pump is inserted into the patient’s body via the femoral artery to access the left ventricle, and it pumps 2.5 liters of blood each minute into the ascending aorta. This sales increase represents a jump of 650 percent over the same quarter in the prior year. The U.S. Food and Drug Administration (FDA) issued 510(k) clearance for the Impella 2.5 on June 2. As of Sept. 30, 187 U.S.-based hospitals were participating in the Impella 2.5 Protect II study for high-risk percutaneous coronary intervention (PCI).
Sales of Abiomed’s non-Impella products and services, which include the iPulse intra-aortic balloon, was $9.5 million for the second fiscal quarter of 2009. This was a seven percent decrease from the same period of fiscal year 2008. Abiomed’s cash burn for the quarter was $4.1 million.
Abiomed employs 300 workers and reported a loss of $27.8 million on revenue of $50.6 million for 2007.
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