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Article Excerpt
Total revenue growth of 48% over prior year, with record setting Q4 revenue of $10.8M
DANVERS, Mass., May 31 /PRNewswire-FirstCall/ -- ABIOMED, Inc. today released financial results for its fiscal year ended March 31, 2005 ("fiscal 2005") and commented on significant highlights of the most recent 12 months.
Financial and operating highlights for fiscal 2005 and important recent developments include:
* Total revenues of $38.2 million, 48% growth over the prior year, driven by a record $10.8 million in the fourth quarter. * ABIOMED spent $13.5 million in research and development with a significant amount of the invested dollars going now to new products and platforms in circulatory care to be introduced into the market in the next 12 to 18 months. * A 75% reduction in net loss for the year, to $0.11 per share, and a substantial reduction in the rate of cash consumption. Q2 was profitable, Q3 was cash positive and Q4 ended with a $220K loss, demonstrating consistent progress toward our goal of profitability of our existing business operations. The loss in Q4 was mainly driven by expenses incurred during due diligence of the Impella acquisition, increased legal fees and additional costs associated with the Sarbanes-Oxley 404 compliance project. * Successful commercial roll out of the AB5000 console and ventricle. Revenues for the AB5000 platform doubled from the prior year and...
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