Abiomed Inc. predicted revenue growth of up to 25 percent for fiscal 2010, as the Danvers-based company looks to increase the footprint of its catheter-based cardiac assist devices and cash in on some regulatory victories.
The Impella 2.5 catheter-based cardiac assist device, which removes congestion from the left ventricle, accounted for nearly half of Abiomed’s fourth-quarter sales worldwide.
Abiomed said recently that 521 patients in the U.S. were treated with the Impella last year and that the product is in use in almost 230 hospitals, giving the firm a 14 percent total market share of the 1,700 U.S. hospitals with catheterization labs.
Overall, the company posted $19.6 million during the fourth quarter of 2009, up 12 percent compared with $17.5 million for the same period last year. For the full year, Abiomed posted $72.5 million in sales, a 24 percent jump compared to $58.3 million during fiscal 2008, which narrowed net losses to $31.6 million, compared to net losses of $41 million for the prior year.
Looking ahead to 2010, company officials said they expects to post $86 million to $91 million in revenues, as Abiomed seeks to increase adoption of the Impella device. The company recently celebrated two regulatory victories during the fourth quarter, getting nods from the FDA for sale of the Impella 5.0 and Impella LD devices in April and the AB portable driver in late March.
The company reported that a green light from the FDA on the Impella 5.0 triggered a milestone payment of $1.75 million in cash and $3.8 million in securities to the former shareholders of Impella CardioSystems AG, which Abiomed bought in May 2005.