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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended December 31, 2021

OR

TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                      

Commission file number: 001-09585

 

ABIOMED, INC.

(Exact name of registrant as specified in its charter)

 

Delaware

 

04-2743260

(State or other jurisdiction of incorporation or organization)

 

(IRS Employer Identification No.)

22 CHERRY HILL DRIVE

Danvers, Massachusetts 01923

(Address of principal executive offices, including zip code)

(978) 646-1400

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol

Name of each exchange on which registered

Common Stock, $0.01 par value

ABMD

The NASDAQ Stock Market LLC

 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 229.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

As of January 27, 2022, 45,516,200 shares of the registrant’s common stock, $.01 par value, were outstanding.

 

 

 

 

 


 

 

TABLE OF CONTENTS

 

PART I - FINANCIAL INFORMATION:

Page

 

 

 

Item 1.

Condensed Consolidated Financial Statements (unaudited)

3

 

 

 

 

Condensed Consolidated Balance Sheets as of December 31, 2021 and March 31, 2021

3

 

 

 

 

Condensed Consolidated Statements of Operations for the three and nine months ended December 31, 2021 and 2020

4

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended December 31, 2021 and 2020

5

 

 

 

 

Condensed Consolidated Statements of Stockholders’ Equity for the three and nine months ended December 31, 2021 and 2020

6

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the nine months ended December 31, 2021 and 2020

8

 

 

 

 

Notes to Condensed Consolidated Financial Statements (unaudited)

9

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

28

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

38

 

 

 

Item 4.

Controls and Procedures

38

 

 

 

PART II - OTHER INFORMATION:

 

 

 

 

Item 1.

Legal Proceedings

39

 

 

 

Item 1A.

Risk Factors

39

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

39

 

 

 

Item 3.

Defaults Upon Senior Securities

39

 

 

 

Item 4.

Mine Safety Disclosures

39

 

 

 

Item 5.

Other Information

39

 

 

 

Item 6.

Exhibits

40

 

 

 

Signatures

41

 

 

EXPLANATORY NOTES

Pending Trademarks and Registered Marks

Throughout this quarterly report on Form 10-Q (“this Report”), we refer to various trademarks, service marks and trade names that we use in our business. Abiomed, Impella, Impella 2.5, Impella 5.0, Impella LD, Impella CP, Impella RP, Impella 5.5, Impella Connect, and SmartAssist are registered trademarks of Abiomed, Inc., and are registered in the U.S. and certain foreign countries. Impella ECP, Impella XR Sheath, Impella BTR, CVAD STUDY, STEMI DTU, Automated Impella Controller,  Abiomed Breethe OXY-1 System and preCARDIA are pending trademarks of ABIOMED, Inc. Other trademarks and service marks appearing in this Report are the property of their respective holders.

Company References

Throughout this Report, unless the context otherwise requires, “ABIOMED, Inc.,” the “Company,” “we,” “us” and “our” refer to ABIOMED, Inc. and its consolidated subsidiaries.

Where You Can Find More Information

We make available, free of charge on our website located at www.abiomed.com, our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and any amendments to those reports, as soon as reasonably practicable after filing such reports with or furnishing such reports to the U.S. Securities and Exchange Commission (“SEC”). We also use our website for the distribution of Company information. The information we post on our website may be deemed to be material information. Accordingly, investors should monitor our website, in addition to following our press releases, SEC reports and other filings and public conference calls and webcasts. The contents of our website are not incorporated by reference into this Report.  

2


 

PART I. FINANCIAL INFORMATION

ITEM 1: Condensed Consolidated Financial Statements

ABIOMED, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets (Unaudited)

(in thousands)

 

 

 

December 31, 2021

 

 

March 31, 2021

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

144,255

 

 

$

232,710

 

Short-term marketable securities

 

 

524,966

 

 

 

350,985

 

Accounts receivable, net

 

 

88,952

 

 

 

97,179

 

Inventories, net

 

 

90,199

 

 

 

81,059

 

Prepaid expenses and other current assets

 

 

36,634

 

 

 

26,032

 

Total current assets

 

 

885,006

 

 

 

787,965

 

Long-term marketable securities

 

 

262,635

 

 

 

264,085

 

Property and equipment, net

 

 

196,880

 

 

 

197,129

 

Goodwill

 

 

77,449

 

 

 

78,568

 

Other intangibles, net

 

 

40,278

 

 

 

42,150

 

Deferred tax assets

 

 

3,680

 

 

 

11,380

 

Other assets

 

 

126,949

 

 

 

113,082

 

Total assets

 

$

1,592,877

 

 

$

1,494,359

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

32,066

 

 

$

34,842

 

Accrued expenses

 

 

66,668

 

 

 

66,046

 

Deferred revenue

 

 

24,867

 

 

 

24,322

 

Other current liabilities

 

 

3,195

 

 

 

3,759

 

Total current liabilities

 

 

126,796

 

 

 

128,969

 

Other long-term liabilities

 

 

10,805

 

 

 

10,162

 

Contingent consideration

 

 

21,539

 

 

 

24,706

 

Deferred tax liabilities

 

 

799

 

 

 

847

 

Total liabilities

 

 

159,939

 

 

 

164,684

 

Commitments and contingencies (Note 16)

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

 

Class B Preferred Stock, $.01 par value

 

 

 

 

 

 

1,000 shares authorized; issued and outstanding - none

 

 

 

 

 

 

 

 

Common stock, $.01 par value

 

 

455

 

 

 

453

 

100,000 shares authorized; 48,229 and 47,929 shares issued as of December 31, 2021 and March 31, 2021, respectively

 

 

 

 

 

 

 

 

45,516 and 45,271 shares outstanding as of December 31, 2021 and March 31, 2021, respectively

 

 

 

 

 

 

 

 

Additional paid in capital

 

 

853,210

 

 

 

800,690

 

Retained earnings

 

 

904,187

 

 

 

828,007

 

Treasury stock at cost - 2,713 and 2,658 shares as of December 31, 2021 and March 31, 2021, respectively

 

 

(304,425

)

 

 

(288,030

)

Accumulated other comprehensive loss

 

 

(20,489

)

 

 

(11,445

)

Total stockholders' equity

 

 

1,432,938

 

 

 

1,329,675

 

Total liabilities and stockholders' equity

 

$

1,592,877

 

 

$

1,494,359

 

 

The accompanying notes are an integral part of the condensed consolidated financial statements (unaudited)

3


 

ABIOMED, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations (Unaudited)

(in thousands, except per share data)

 

 

 

For the Three Months Ended December 31,

 

 

For the Nine Months Ended December 31,

 

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

Revenue

 

$

261,176

 

 

$

231,663

 

 

$

761,903

 

 

$

606,277

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

 

 

47,627

 

 

 

41,110

 

 

 

136,701

 

 

 

115,829

 

 

Research and development

 

 

40,869

 

 

 

33,004

 

 

 

119,618

 

 

 

89,886

 

 

Selling, general and administrative

 

 

107,618

 

 

 

86,198

 

 

 

313,881

 

 

 

233,809

 

 

Acquired in-process research and development

 

 

496

 

 

 

 

 

 

115,986

 

 

 

 

 

 

 

 

196,610

 

 

 

160,312

 

 

 

686,186

 

 

 

439,524

 

 

Operating income

 

 

64,566

 

 

 

71,351

 

 

 

75,717

 

 

 

166,753

 

 

Other (loss) income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment income, net

 

 

891

 

 

 

1,449

 

 

 

2,918

 

 

 

5,668

 

 

Other (loss) income, net

 

 

(7,580

)

 

 

7,935

 

 

 

37,163

 

 

 

42,305

 

 

 

 

 

(6,689

)

 

 

9,384

 

 

 

40,081

 

 

 

47,973

 

 

Income before income taxes

 

 

57,877

 

 

 

80,735

 

 

 

115,798

 

 

 

214,726

 

 

Income tax provision

 

 

12,125

 

 

 

18,867

 

 

 

39,618

 

 

 

46,057

 

 

Net income

 

$

45,752

 

 

$

61,868

 

 

$

76,180

 

 

$

168,669

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share - basic

 

$

1.01

 

 

$

1.37

 

 

$

1.68

 

 

$

3.74

 

 

Weighted average shares outstanding - basic

 

 

45,508

 

 

 

45,201

 

 

 

45,419

 

 

 

45,105

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share - diluted

 

$

1.00

 

 

$

1.35

 

 

$

1.66

 

 

$

3.69

 

 

Weighted average shares outstanding - diluted

 

 

45,921

 

 

 

45,706

 

 

 

45,851

 

 

 

45,653

 

 

 

The accompanying notes are an integral part of the condensed consolidated financial statements (unaudited)

 

4


 

 

ABIOMED, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive Income (Unaudited)

(in thousands)

 

 

 

For the Three Months Ended December 31,

 

 

For the Nine Months Ended December 31,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net income

 

$

45,752

 

 

$

61,868

 

 

$

76,180

 

 

$

168,669

 

Other comprehensive (loss) income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation (losses) gains

 

 

(3,083

)

 

 

4,823

 

 

 

(5,693

)

 

 

8,599

 

Unrealized losses on derivative instrument

 

 

(1,094

)

 

 

(1,268

)

 

 

(766

)

 

 

(1,994

)

Net unrealized (losses) gains on marketable securities

 

 

(1,756

)

 

 

(525

)

 

 

(2,585

)

 

 

415

 

Other comprehensive (loss) income

 

 

(5,933

)

 

 

3,030

 

 

 

(9,044

)

 

 

7,020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income

 

$

39,819

 

 

$

64,898

 

 

$

67,136

 

 

$

175,689

 

 

The accompanying notes are an integral part of the condensed consolidated financial statements (unaudited)

 

 

 

 

5


 

 

ABIOMED, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Stockholders’ Equity (Unaudited)

(in thousands, except share data)

 

 

 

Common Stock

 

 

Treasury Stock

 

 

Additional Paid

 

 

Retained

 

 

Accumulated Other

 

 

Total Stockholders'

 

 

 

Shares

 

 

Par value

 

 

Shares

 

 

Amount

 

 

in Capital

 

 

Earnings

 

 

Comprehensive Loss

 

 

Equity

 

Balance, March 31, 2021

 

 

45,270,948

 

 

$

453

 

 

 

2,658,454

 

 

$

(288,030

)

 

$

800,690

 

 

$

828,007

 

 

$

(11,445

)

 

$

1,329,675

 

Restricted stock units issued

 

 

85,284

 

 

 

1

 

 

 

 

 

 

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

Stock options exercised

 

 

55,757

 

 

 

1

 

 

 

 

 

 

 

 

 

2,119

 

 

 

 

 

 

 

 

 

2,120

 

Return of common stock to pay withholding taxes on restricted stock

 

 

(34,274

)

 

 

(1

)

 

 

34,274

 

 

 

(9,589

)

 

 

 

 

 

 

 

 

 

 

 

(9,590

)

Stock compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,608

 

 

 

 

 

 

 

 

 

12,608

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(766

)

 

 

(766

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(26,525

)

 

 

 

 

 

(26,525

)

Balance, June 30, 2021

 

 

45,377,715

 

 

$

454

 

 

 

2,692,728

 

 

$

(297,619

)

 

$

815,416

 

 

$

801,482

 

 

$

(12,211

)

 

$

1,307,522

 

Restricted stock units issued

 

 

19,638

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock options exercised

 

 

95,916

 

 

 

1

 

 

 

 

 

 

 

 

 

6,261

 

 

 

 

 

 

 

 

 

6,262

 

Return of common stock to pay withholding taxes on restricted stock

 

 

(7,753

)

 

 

 

 

 

7,753

 

 

 

(2,539

)

 

 

 

 

 

 

 

 

 

 

 

(2,539

)

Stock issued under employee stock purchase plan

 

 

11,047

 

 

 

 

 

 

 

 

 

 

 

 

2,961

 

 

 

 

 

 

 

 

 

2,961

 

Stock compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

15,749

 

 

 

 

 

 

 

 

 

15,749

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,345

)

 

 

(2,345

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

56,953

 

 

 

 

 

 

56,953

 

Balance, September 30, 2021

 

 

45,496,563

 

 

$

455

 

 

 

2,700,481

 

 

$

(300,158

)

 

$

840,387

 

 

$

858,435

 

 

$

(14,556

)

 

$

1,384,563

 

Restricted stock units issued

 

 

28,303

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock options exercised

 

 

3,134

 

 

 

 

 

 

 

 

 

 

 

 

440

 

 

 

 

 

 

 

 

 

440

 

Return of common stock to pay withholding taxes on restricted stock

 

 

(12,221

)

 

 

 

 

 

12,221

 

 

 

(4,267

)

 

 

 

 

 

 

 

 

 

 

 

(4,267

)

Stock compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,383

 

 

 

 

 

 

 

 

 

12,383

 

Stock repurchase program

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,933

)

 

 

(5,933

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

45,752

 

 

 

 

 

 

45,752

 

Balance, December 31, 2021

 

 

45,515,779

 

 

$

455

 

 

 

2,712,702

 

 

$

(304,425

)

 

$

853,210

 

 

$

904,187

 

 

$

(20,489

)

 

$

1,432,938

 

 

6


 

 

 

 

 

Common Stock

 

 

Treasury Stock

 

 

Additional Paid

 

 

Retained

 

 

Accumulated Other

 

 

Total Stockholders'

 

 

 

Shares

 

 

Par value

 

 

Shares

 

 

Amount

 

 

in Capital

 

 

Earnings

 

 

Comprehensive Loss

 

 

Equity

 

Balance, March 31, 2020

 

 

45,008,687

 

 

$

450

 

 

 

2,533,374

 

 

$

(265,411

)

 

$

739,133

 

 

$