Abiomed, a developer of heart support technologies, has reduced its net losses in the second fiscal quarter of 2011, which ended Sept. 30.
The reported net loss, which the company said was in accordance with generally accepted accounting principles (GAAP), for the second quarter of fiscal 2011 was $3.2 million, compared with a GAAP net loss of $7.7 million for the second quarter of fiscal 2010.
The Danvers, Mass.-based Abiomed said its second quarter fiscal 2011 revenue was $23.4 million, up 17 percent, compared with the same period of fiscal 2010.
Worldwide Impella revenue totaled $17.6 million, up 33 percent, compared with revenue of $13.2 million during the same period of the prior year, the company said.
Total commercial U.S. Impella revenue, including initial site stocking orders and reorders, totaled $16.1 million, a 33 percent increase, compared with $12.1 million in the second quarter of fiscal 2010.
Commercial U.S. Impella reorders of $13.7 million were up 108 percent from $6.6 million in the second quarter of fiscal 2010 and represented 85 percent of commercial U.S. Impella revenue.
“Despite the industry summer slowdown, the second quarter of fiscal 2011 demonstrated that our momentum is growing both year over year and sequentially on revenue, patients and clinical evidence,” said Michael R. Minogue, chairman, president and CEO of Abiomed. “In summary, the company executed and had the best quarter in our 29 year history.”
Based on second quarter fiscal 2011 results, the company said it is raising full-year worldwide revenue guidance to the range of $93 million to $97 million.