Abiomed losses narrow with strong Impella sales in 2009 Q2

Twitter icon
Facebook icon
LinkedIn icon
e-mail icon
Google icon

Abiomed has reported its 2009 second quarter financial results, which ended Sept. 30.  

The company reported that its revenue of $20 million, up 75 percent compared to revenue of $11.4 million for the same period of fiscal 2008.  

Based on generally accepted accounting principles (GAAP), the second quarter net loss was approximately $6.3 million, down from a GAAP net loss of $9.4 million during the second quarter of fiscal 2008, according to the Danvers, Mass.-based Abiomed.

The total Impella revenues equaled $10.5 million, up 650 percent for the second fiscal quarter of 2009, compared to the same fiscal period of this year, according to the company. Impella revenue recorded during the second fiscal quarter of 2009 included $8.8 million in U.S. sales, of which $6.2 million was for sales of the Impella 2.5 device sold under 510(k) clearance and $2.6 million sold under the Protect II trial.
The company also reported that its total non-Impella business revenue (BVS 5000, AB5000, iPulse, intra-aortic balloon, AbioCor, service and other) was $9.5 million for the second fiscal quarter of 2009 and decreased approximately 7 percent, compared to the same period of fiscal 2008.

Abiomed noted it raised approximately $42 million in net proceeds from a public offering of 2.4 million common shares in late August, and invested in five funds that only invest in U.S. treasuries, which yield interest at 1.5 percent.