FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the quarterly period ended June 30, 2003 |
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OR |
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TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the transition period from to |
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Commission file number 0-20584 |
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ABIOMED, INC. |
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(Exact name of registrant as specified in its charter) |
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DELAWARE |
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04-2743260 |
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(State of incorporation) |
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(IRS Employer No.) |
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22 CHERRY HILL DRIVE |
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(Address of principal executive offices, including zip code) |
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(978) 777-5410 |
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(Registrant’s telephone number, including area code) |
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) or the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ý No o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).
Yes ý No o
As of August 6, 2003, there were 21,057,470 shares outstanding of the registrant’s Common Stock, $.01 par value.
ABIOMED, INC. AND SUBSIDIARIES
TABLE OF CONTENTS
2
ABIOMED, INC. AND SUBSIDIARIES
PART 1. FINANCIAL INFORMATION
ITEM 1: FINANCIAL STATEMENTS
(in thousands)
ASSETS
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June 30, |
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March 31, |
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Current Assets: |
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Cash and cash equivalents |
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$ |
41,852 |
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$ |
44,572 |
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Short-term marketable securities (Note 6) |
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8,642 |
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9,877 |
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Accounts receivable, net of allowance for doubtful accounts of $171 at June 30, 2003 and March 31, 2003 |
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4,273 |
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5,394 |
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Inventories (Note 4) |
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3,014 |
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2,856 |
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Prepaid expenses and other current assets |
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1,253 |
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884 |
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Total current assets |
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59,034 |
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63,583 |
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Property and Equipment, at cost: |
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Machinery and equipment |
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9,357 |
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9,231 |
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Furniture and fixtures |
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1,160 |
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1,160 |
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Leasehold improvements |
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2,176 |
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2,167 |
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12,693 |
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12,558 |
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Less: Accumulated depreciation and amortization |
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8,868 |
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8,550 |
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3,825 |
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4,008 |
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Intellectual Property and Other Assets, net (Note 7) |
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700 |
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746 |
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Total assets |
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$ |
63,559 |
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$ |
68,337 |
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The accompanying notes are an integral part
of these consolidated financial statements.
3
ABIOMED, INC. AND SUBSIDIARIES
(in thousands, except share data)
LIABILITIES AND STOCKHOLDERS’ EQUITY
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June 30, |
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March 31, |
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Current Liabilities: |
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Accounts payable |
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$ |
918 |
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$ |
1,050 |
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Accrued expenses |
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2,689 |
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4,152 |
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Deferred revenues |
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1,000 |
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1,045 |
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Total current liabilities |
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4,607 |
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6,247 |
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Commitments and Contingencies (Note 11) |
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— |
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— |
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Stockholders’ Equity: |
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Class B Preferred Stock, $.01 par value- |
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— |
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— |
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Common Stock, $.01 par value- |
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211 |
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210 |
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Additional paid-in capital |
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163,997 |
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163,951 |
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Accumulated deficit |
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(105,256 |
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(102,071 |
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Total stockholders’ equity |
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58,952 |
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62,090 |
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Total liabilities and stockholders’ equity |
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$ |
63,559 |
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$ |
68,337 |
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The accompanying notes are an integral part
of these consolidated financial statements.
4
ABIOMED, INC. AND SUBSIDIARIES
(in thousands, except per share and share data)
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Three Months Ended |
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June 30, 2003 |
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June 30, 2002 |
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Revenues: |
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Products |
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$ |
5,013 |
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$ |
5,134 |
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Funded research and development |
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87 |
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172 |
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5,100 |
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5,306 |
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Costs and expenses: |
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Cost of product revenues |
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1,222 |
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1,673 |
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Research and development (Note 8) |
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4,123 |
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6,014 |
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Selling, general and administrative |
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3,201 |
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3,542 |
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8,546 |
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11,229 |
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Loss from operations |
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(3,446 |
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(5,923 |
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Other income, net |
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Investment income |
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174 |
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387 |
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Foreign exchange gain |
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82 |
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33 |
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Other |
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5 |
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3 |
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261 |
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423 |
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Net loss |
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$ |
(3,185 |
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(5,500 |
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Basic and diluted net loss per share (Note 5): |
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$ |
(0.15 |
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(0.26 |
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Weighted average shares outstanding (Note 5): |
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21,052,694 |
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20,952,472 |
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The accompanying notes are an integral part
of these consolidated financial statements.