Abiomed, Inc. (ABMD) reported preliminary results for the third quarter of fiscal 2010. Total revenues were roughly $22.8 million, an increase of 32% year over year and were at a record high. The company will report full results for the third quarter on Feb 4, 2010.
Worldwide Impella revenues increased 81% year over year to $15.9 million. U.S. Impella revenues constituted approximately 91% of total worldwide Impella revenues and increased 116% year over year. Non-Impella revenues declined 18% year over year to $6.9 million.
Cash burn for the reported quarter was lower at $0.6 million, compared to $2.5 million in the year-ago quarter. Cash, cash equivalents, short and long-term marketable securities totaled $51.7 million, compared to $52.3 million at the end of the previous quarter.
Abiomed reported that roughly 425 U.S. commercial patients were treated with its Impella 2.5, Impella 5.0 or LD products in the third quarter, compared to 160 commercial patients in the year-ago quarter. This indicates an increasing demand for Abiomed’s products. The company has already upgraded roughly 80% of its U.S. Impella customers to its new Impella platform that included the Quick Set Up kit and software in the third quarter.
Abiomed is engaged in developing, manufacturing and marketing medical products designed to assist or replace the pumping function of a failing heart. The company’s strategy focuses on heart recovery as the goal for all acute cardiac attacks. Abiomed’s products are designed to enable the heart to rest, heal and recover.
Presently, we have a ‘Neutral’ recommendation on Abiomed stock.
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