Announcing its first-quarter results for fiscal 2010, the Danvers, Mass.-based heart-assist device maker said more that 850 patients have been implanted with the devices, which are inserted into the heart via catheter to help it function during cardiac surgery. The Impella 5.0 and Impella LD models won the nod from the FDA in April; the Impella 2.5 has been cleared since June 2008.
Abiomed used the increased sales to boost quarterly revenues by nearly 22 percent and carve its net loss by nearly 15 percent, largely due to a 19.7 percent reduction in costs and expenses as a percentage of total revenues and a nine-point boost to gross margin.
First-quarter sales reached $19.9 million, up 21.8 percent compared with $16.4 million during the same period last year. Abiomed’s net loss for the three months ended June 30 was $7.8 million, down 14.9 percent compared with a net loss of $9.4 million during Q1 2009.
Impella sales made up more than 60 percent of total quarterly sales worldwide. Abiomed sold $11 million worth of the devices in the U.S. during the period (up 144 percent compared with the first quarter of 2009 and 11 percent compared with the fourth quarter last year) and sold another $1 million worth elsewhere.
Abiomed said it owns a 16 percent share of the potential domestic market for the devices, hospitals with catheterization labs. Another 47 of the 1,700 U.S. hospitals with cath labs bought the 2.5 version, taking the total to 276.
The company attained another notable benchmark during the quarter: In June, a 76-year-old man was the first patient implanted with its AbioCor self-contained artificial heart.
Abiomed confirmed its full-year guidance, saying it expects sales of between $86 million to $91 million.