ABMD conference call

Investment Analysis Clubs Saul’s Investing Discussions
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The ABMD conference call transcript is now out.
http://seekingalpha.com/article/3416546-abiomeds-abmd-ceo-mi…
For those who complained about the previous reports being opaque they will be happy to know that there is a brand new CFO, who was the CFO of Cubist Pharmaceuticals up to their acquisition earlier this year, the old CFO having retired.

Here are some excerpts. However, a key theme seems to be that they have reached an inflection point in which they are progressing past early adopters and are starting into the large general population of cardiologists, etc

Our performance over the past three quarters validates ABIOMED as one of the fastest growing, GAAP profitable, medical technology companies. Overall, ABIOMED has now grown top-line revenue double-digits year-over-year for 23 straight quarters.

U.S. patient utilization set new highs with an impressive 62% increase, driven by record number of patients in both prophylactic and emergent support. Prophylactic Impella support, now refered to as protected PCI, grew 85% and includes elective and urgent high-risk patients. These results within one quarter of our PMA approval confirm the growing clinical need and new patient population in the cath lab. This FDA approval makes Impella the only safe and effective percutaneous circulatory device for high risk PCI indication.

Impella is now the standard of care in the United States and we will continue to invest in our field and our headquarters capabilities for training and manufacturing.

The elective and urgent high risk PCI indication is growing in the catheterization lab and we now estimate this patient population at over 100,000 patients in the U.S. These patients may benefit from PCI, but have poor heart function, complex coronary artery disease and comorbidities that likely require hemodynamic support for complete revascularization in the high-risk intervention. Most of this patient population has likely been turned down or not considered for surgery by a heart team, because of age or prior surgical risk factors. We estimate a 5% penetration into this population. The growth this quarter signals the importance of our FDA approval and clinical education to not only the intervention cardiologists, but to the referring physicians and patients.

ABIOMED has a library of Impella clinical data with over 225 publications, referencing six medical guidelines, four FDA studies our Impella registry and real world case studies after supporting approximately 30,000 patients in the United States. …and highlight the clinical benefits of protected PCI, which include a 29% reduction in MACE, a 58% reduction in heart failure classification, and a 52% reduction in repeat procedures.…

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Is Abiomed a one trick pony?
I can’t find any reference to other products. Or research.

The transition of a product from early adapters to main street has often been met with increased earnings but much smaller gains in the stock prices. E goes up P/E goes down.

Looking at the mechanics of the pump, it seems to be an Archamedian screw
http://physics.kenyon.edu/EarlyApparatus/Fluids/Archimedes_S…

Ancient technology, now small enough to fit inside a heart.I don’t see how it could get much better except by being larger, which would increase risks of heart damage

That being said, medical devices can hang around for a long time. I recently looked at a new hip implant that looked superficially identical to one I saw many years ago. Though no doubt improved, it is the same basic idea.

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Saul;

To get its q2 non-gaap eps, I used gaap net income and add back all the adjustments listed under Condensed Consolidated Statement of Cash Flow.
This gets me .46 non-gaap eps. I know this sounds too easy. How did you or have you got the non-gaap eps yet?

Thanks.
-M