Abiomed, a developer of heart support technologies, has narrowed its net losses in the 2011 fiscal year, partly due to double-digit revenue increases with the Impella heart pump in the 2011 fiscal fourth quarter and year, both of which ended March 31.
The full 2011 fiscal year GAAP [generally accepted accounting principles] net loss was $11.8 million, compared with full 2010 fiscal GAAP net loss of $19 million, Abiomed reported.
The GAAP net loss for the fourth quarter of fiscal 2011 was $1.8 million, compared with a GAAP net income of $1 million for the fourth quarter of fiscal 2010. In the fourth quarter of fiscal 2010, the Danvers, Mass.-based company recorded a gain of $6.4 million from the sale of WorldHeart stock.
In addition to the disparity related to the WorldHeart stock stale, the 2011 fiscal fourth quarter income was impacted by increased expenses, which drove the income into losses, despite increased revenues, especially related to selling and general and administrative costs.
Total revenue for the full fiscal year was $101.2 million, up 18 percent compared with revenue of $85.7 million in the prior fiscal year. The fiscal fourth quarter revenue was reported to be $28.5 million, up 24 percent compared with revenue of $23 million in the same period of fiscal 2010.
Fiscal fourth quarter worldwide Impella revenue totaled $22.4 million, up 34 percent compared with revenue of $16.7 million during the same period of the prior year, Abiomed said. Full fiscal year worldwide Impella revenue totaled $77.8 million, up 35 percent compared to revenue of $57.8 million in the prior fiscal year.
Also, U.S. Impella reorders showed increases in the fourth quarter and the year. U.S. Impella reorders of $18.1 million were up 39 percent from $13 million in the fourth quarter of fiscal 2010 and represented 88 percent of U.S. Impella revenue. For fiscal year 2011, U.S. Impella reorder revenue grew 82 percent to $62.5 million from $34.4 million.