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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 September 30, 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 October 21, 2021, 45,497,490 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 September 30, 2021 and March 31, 2021

3

 

 

 

 

Condensed Consolidated Statements of Operations for the three and six months ended September 30, 2021 and 2020

4

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income for the three and six months ended September 30, 2021 and 2020

5

 

 

 

 

Condensed Consolidated Statements of Stockholders’ Equity for the three and six months ended September 30, 2021 and 2020

6

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the six months ended September 30, 2021 and 2020

7

 

 

 

 

Notes to Condensed Consolidated Financial Statements (unaudited)

8

 

 

 

Item 2.

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

27

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

36

 

 

 

Item 4.

Controls and Procedures

36

 

 

 

PART II - OTHER INFORMATION:

 

 

 

 

Item 1.

Legal Proceedings

37

 

 

 

Item 1A.

Risk Factors

37

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

37

 

 

 

Item 3.

Defaults Upon Senior Securities

37

 

 

 

Item 4.

Mine Safety Disclosures

37

 

 

 

Item 5.

Other Information

37

 

 

 

Item 6.

Exhibits

38

 

 

 

Signatures

39

 

 

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 and Abiomed Breethe OXY-1 System 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, “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 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, except share data)

 

 

 

September 30, 2021

 

 

March 31, 2021

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

241,882

 

 

$

232,710

 

Short-term marketable securities

 

 

408,677

 

 

 

350,985

 

Accounts receivable, net

 

 

89,568

 

 

 

97,179

 

Inventories, net

 

 

85,986

 

 

 

81,059

 

Prepaid expenses and other current assets

 

 

45,374

 

 

 

26,032

 

Total current assets

 

 

871,487

 

 

 

787,965

 

Long-term marketable securities

 

 

210,979

 

 

 

264,085

 

Property and equipment, net

 

 

197,184

 

 

 

197,129

 

Goodwill

 

 

78,166

 

 

 

78,568

 

Other intangibles, net

 

 

41,062

 

 

 

42,150

 

Deferred tax assets

 

 

2,975

 

 

 

11,380

 

Other assets

 

 

128,181

 

 

 

113,082

 

Total assets

 

$

1,530,034

 

 

$

1,494,359

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

27,621

 

 

$

34,842

 

Accrued expenses

 

 

56,744

 

 

 

66,046

 

Deferred revenue

 

 

24,078

 

 

 

24,322

 

Other current liabilities

 

 

5,579

 

 

 

3,759

 

Total current liabilities

 

 

114,022

 

 

 

128,969

 

Other long-term liabilities

 

 

8,303

 

 

 

10,162

 

Contingent consideration

 

 

22,314

 

 

 

24,706

 

Deferred tax liabilities

 

 

832

 

 

 

847

 

Total liabilities

 

 

145,471

 

 

 

164,684

 

Commitments and contingencies (Note 16)

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

 

Class B Preferred Stock, $.01 par value

 

 

 

 

 

 

Authorized - 1,000,000 shares; Issued and outstanding - none

 

 

 

 

 

 

 

 

Common stock, $.01 par value

 

 

455

 

 

 

453

 

Authorized - 100,000,000 shares; Issued 48,197,044 shares as of September 30, 2021 and 47,929,402 shares as of March 31, 2021

 

 

 

 

 

 

 

 

Outstanding 45,496,563 shares as of September 30, 2021 and 45,270,948 shares as of March 31, 2021

 

 

 

 

 

 

 

 

Additional paid in capital

 

 

840,387

 

 

 

800,690

 

Retained earnings

 

 

858,435

 

 

 

828,007

 

Treasury stock at cost 2,700,481 shares as of September 30, 2021 and 2,658,454 shares as of March 31, 2021

 

 

(300,158

)

 

 

(288,030

)

Accumulated other comprehensive loss

 

 

(14,556

)

 

 

(11,445

)

Total stockholders' equity

 

 

1,384,563

 

 

 

1,329,675

 

Total liabilities and stockholders' equity

 

$

1,530,034

 

 

$

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 September 30,

 

 

For the Six Months Ended September 30,

 

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

Revenue

 

$

248,142

 

 

$

209,764

 

 

$

500,727

 

 

$

374,614

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

 

 

43,886

 

 

 

38,736

 

 

 

89,074

 

 

 

74,719

 

 

Research and development

 

 

41,041

 

 

 

30,525

 

 

 

78,749

 

 

 

56,882

 

 

Selling, general and administrative

 

 

102,779

 

 

 

79,167

 

 

 

206,263

 

 

 

147,611

 

 

Acquired in-process research and development

 

 

 

 

 

 

 

 

115,490

 

 

 

 

 

 

 

 

187,706

 

 

 

148,428

 

 

 

489,576

 

 

 

279,212

 

 

Operating income

 

 

60,436

 

 

 

61,336

 

 

 

11,151

 

 

 

95,402

 

 

Other income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment income, net

 

 

977

 

 

 

1,822

 

 

 

2,027

 

 

 

4,219

 

 

Other income, net

 

 

5,858

 

 

 

9,757

 

 

 

44,743

 

 

 

34,370

 

 

 

 

 

6,835

 

 

 

11,579

 

 

 

46,770

 

 

 

38,589

 

 

Income before income taxes

 

 

67,271

 

 

 

72,915

 

 

 

57,921

 

 

 

133,991

 

 

Income tax provision

 

 

10,318

 

 

 

10,702

 

 

 

27,493

 

 

 

27,190

 

 

Net income

 

$

56,953

 

 

$

62,213

 

 

$

30,428

 

 

$

106,801

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share - basic

 

$

1.25

 

 

$

1.38

 

 

$

0.67

 

 

$

2.37

 

 

Weighted average shares outstanding - basic

 

 

45,437

 

 

 

45,104

 

 

 

45,374

 

 

 

45,057

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share - diluted

 

$

1.24

 

 

$

1.36

 

 

$

0.66

 

 

$

2.34

 

 

Weighted average shares outstanding - diluted

 

 

45,893

 

 

 

45,661

 

 

 

45,857

 

 

 

45,609

 

 

 

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 September 30,

 

 

For the Six Months Ended September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net income

 

$

56,953

 

 

$

62,213

 

 

$

30,428

 

 

$

106,801

 

Other comprehensive (loss) income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation (losses) gains

 

 

(2,693

)

 

 

2,416

 

 

 

(2,610

)

 

 

3,776

 

Unrealized gains (losses) on derivative instrument

 

 

545

 

 

 

(266

)

 

 

328

 

 

 

(726

)

Net unrealized (losses) gains on marketable securities

 

 

(197

)

 

 

(814

)

 

 

(829

)

 

 

940

 

Other comprehensive (loss) income

 

 

(2,345

)

 

 

1,336

 

 

 

(3,111

)

 

 

3,990

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income

 

$

54,608

 

 

$

63,549

 

 

$

27,317

 

 

$

110,791

 

 

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

 

 

 

 

 

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

 

 

$

602,482

 

 

$

(11,189

)

 

$

1,065,466

 

Restricted stock units issued

 

 

124,749

 

 

 

1

 

 

 

 

 

 

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

Stock options exercised

 

 

31,488

 

 

 

 

 

 

 

 

 

 

 

 

1,010

 

 

 

 

 

 

 

 

 

1,010

 

Return of common stock to pay withholding taxes on restricted stock

 

 

(52,515

)

 

 

 

 

 

52,515

 

 

 

(9,857

)

 

 

 

 

 

 

 

 

 

 

 

(9,857

)

Stock compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,298

 

 

 

 

 

 

 

 

 

9,298

 

Stock repurchase program

 

 

(67,649

)

 

 

(1

)

 

 

67,649

 

 

 

(11,309

)

 

 

 

 

 

 

 

 

 

 

 

(11,310

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,654

 

 

 

2,654

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

44,588

 

 

 

 

 

 

44,588

 

Balance, June 30, 2020

 

 

45,044,760

 

 

$

450

 

 

 

2,653,538

 

 

$

(286,577

)