Abiomed, Inc. (NASDAQ: ABMD), a leading provider of breakthrough heart support technologies today reported record revenue in the third quarter fiscal 2021 of $231.7 million, a year over year increase of 5% compared to Q3 fiscal year 2020 despite the negative impact of COVID-19. Operating income was $71.4 million up 2%, compared to $70.3 million in the same period of fiscal 2020.
Recent financial and operating highlights include:
“Abiomed delivered a record revenue quarter as we continue to remain both focused and committed to our mission of recovering hearts and saving lives despite the challenging COVID environment” said Michael R. Minogue, Abiomed’s Chairman, President and Chief Executive Officer. “We are excited to close Q4 as Abiomed 2.0 and enter Fiscal Year 2022 with our best ever clinical outcomes from existing products, existing indications and existing countries.”
FOURTH QUARTER 2021 REVENUE OUTLOOK
The company anticipates fourth quarter fiscal year 2021 global revenue to be in the range of $225 million to $235 million, representing 9% to 14% growth compared to fourth quarter fiscal year 2020.
EARNINGS CONFERENCE CALL DETAILS
The company will host a conference call to discuss the quarterly results at 8:00 a.m. ET on Thursday, January 28. The conference call will be hosted by Michael R. Minogue, Chairman, President and Chief Executive Officer and Todd A. Trapp, Vice President and Chief Financial Officer. The slides for the Q3 2021 Earnings Call will be available on the investor section of the company’s website.
To listen to the call live, please tune into the webcast via https://edge.media-server.com/mmc/p/or57h3yj or dial (855) 212-2361; the international number is (678) 809-1538. A replay of this conference call will be available beginning at 11:00 a.m. ET January 28, 2021 through 10:00 a.m. ET on February 4, 2021. The replay phone number is (855) 859-2056; the international number is (404) 537-3406. The replay access code is 8012819.
ABOUT ABIOMED
Based in Danvers, Massachusetts, USA, Abiomed, Inc. is a leading provider of medical devices that provide circulatory support. Our products are designed to enable the heart to rest by improving blood flow and/or performing the pumping of the heart. For additional information, please visit: www.abiomed.com. Abiomed, Impella, Impella 2.5, Impella 5.0, Impella LD, Impella CP, Impella RP, Impella 5.5, Impella Connect, and SmartAssist are registered trademarks of Abiomed, Inc., and are registered in the U.S. and certain foreign countries. Impella ECP, Impella XR Sheath, Impella BTR, CVAD, STEMI DTU, Automated Impella Controller and Abiomed Breethe OXY-1 System are pending trademarks of Abiomed, Inc.
FORWARD-LOOKING STATEMENTS
This release contains forward-looking statements, including, without limitation, statements regarding development of Abiomed's existing and new products, the company's progress toward commercial growth, and future opportunities and expected regulatory approvals. All statements, other than statements of historical facts, may be forward-looking statements. These forward-looking statements may be accompanied by such words as “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “potential,” “project,” “target,” “should,” “likely,” “will” and other words and terms of similar meaning. The company's actual results may differ materially from those anticipated in these forward-looking statements based upon a number of factors, including, without limitation: the scope, scale and duration of the impact of the COVID-19 pandemic, the company’s dependence on Impella® products for all of its revenues; the company’s ability to successfully compete against its existing or potential competitors; the acceptance of the company’s products by cardiac surgeons and interventional cardiologists; long sales and training cycles associated with expansion into new hospital cardiac centers; reduced market acceptance of the company’s products due to lengthy clinician training process; the company’s ability to effectively manage its growth; the company’s ability to successfully commercialize its products; the company’s ability to obtain regulatory approvals and market and sell its products in certain jurisdictions; enforcement actions and product liability suits relating to off-label uses of the company’s products; unsuccessful clinical trials or procedures relating to products under development; the company’s ability to maintain compliance with regulatory requirements; the failure of third-party payers to provide reimbursement of the company’s products; the company’s ability to increase manufacturing capacity to support continued demand for its products; the company or its vendors’ failure to achieve and maintain high manufacturing standards; the failure of the company’s suppliers to provide the components the company requires; the company’s ability to expand its direct sales activities into international markets; the outcome of ongoing securities class action litigation relating to our public disclosures, the company’s ability to integrate acquired companies into its operations and other risks and challenges detailed in the company's filings with the Securities and Exchange Commission (the “SEC”), including the most recently filed Annual Report on Form 10-K and the filings subsequently filed with or furnished to the SEC. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this release. Unless otherwise required by law, the company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances that occur after the date of this release or to reflect the occurrence of unanticipated events.
Abiomed, Inc. and Subsidiaries |
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Consolidated Balance Sheets |
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(Unaudited) |
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(in thousands, except share data) |
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December 31,
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March 31,
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
181,018 |
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$ |
192,341 |
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Short-term marketable securities |
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305,434 |
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250,775 |
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Accounts receivable, net |
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92,990 |
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84,650 |
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Inventories |
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82,448 |
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90,088 |
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Prepaid expenses and other current assets |
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31,801 |
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18,009 |
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Total current assets |
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693,691 |
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635,863 |
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Long-term marketable securities |
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301,315 |
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207,795 |
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Property and equipment, net |
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179,364 |
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164,931 |
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Goodwill |
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79,691 |
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31,969 |
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Other intangibles, net |
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43,327 |
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14,913 |
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Deferred tax assets |
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21,233 |
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43,336 |
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Other assets |
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109,813 |
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117,655 |
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Total assets |
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$ |
1,428,434 |
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$ |
1,216,462 |
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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Current liabilities: |
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Accounts payable |
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$ |
23,594 |
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$ |
32,774 |
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Accrued expenses |
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71,661 |
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75,107 |
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Deferred revenues |
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21,291 |
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19,147 |
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Other current liabilities |
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3,854 |
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4,857 |
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Total current liabilities |
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120,400 |
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131,885 |
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Contingent consideration |
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25,316 |
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9,000 |
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Deferred tax liabilities |
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4,303 |
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|
806 |
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Other long-term liabilities |
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16,974 |
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9,305 |
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Total liabilities |
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166,993 |
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150,996 |
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Commitments and contingencies |
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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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Authorized - 1,000,000 shares; Issued and outstanding - none |
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Common stock, $.01 par value |
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452 |
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451 |
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Authorized - 100,000,000 shares; Issued 47,882,615 shares at December 31, 2020 and 47,542,061 shares at March 31, 2020 |
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Outstanding 45,224,596 shares at December 31, 2020 and 45,008,687 shares at March 31, 2020 |
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Additional paid in capital |
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781,903 |
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739,133 |
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Retained earnings |
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771,151 |
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602,482 |
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Treasury stock at cost 2,658,019 shares at December 31, 2020 and 2,533,374 shares at March 31, 2020 |
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(287,896 |
) |
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(265,411 |
) |
Accumulated other comprehensive loss |
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(4,169 |
) |
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(11,189 |
) |
Total stockholders' equity |
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1,261,441 |
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1,065,466 |
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Total liabilities and stockholders' equity |
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$ |
1,428,434 |
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$ |
1,216,462 |
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Abiomed, Inc. and Subsidiaries |
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Consolidated Statements of Operations |
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(Unaudited) |
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(in thousands, except per share data) |
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For the Three Months
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For the Nine Months
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2020 |
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2019 |
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2020 |
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2019 |
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Revenue |
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$ |
231,663 |
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$ |
221,584 |
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$ |
606,277 |
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$ |
634,225 |
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Costs and expenses: |
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Cost of revenue |
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41,110 |
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39,996 |
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115,829 |
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111,937 |
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Research and development |
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33,004 |
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25,655 |
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89,886 |
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73,413 |
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Selling, general and administrative |
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86,198 |
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85,674 |
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233,809 |
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257,708 |
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160,312 |
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151,325 |
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439,524 |
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443,058 |
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Income from operations |
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71,351 |
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70,259 |
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166,753 |
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191,167 |
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Other income: |
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Investment income, net |
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1,449 |
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3,086 |
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5,668 |
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9,066 |
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Other income, net |
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7,935 |
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23,671 |
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42,305 |
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17,279 |
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9,384 |
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26,757 |
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47,973 |
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26,345 |
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Income before income taxes |
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80,735 |
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97,016 |
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214,726 |
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217,512 |
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Income tax provision |
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18,867 |
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27,799 |
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46,057 |
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46,301 |
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Net income (A) |
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$ |
61,868 |
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$ |
69,217 |
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$ |
168,669 |
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$ |
171,211 |
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Basic net income per share |
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$ |
1.37 |
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$ |
1.53 |
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$ |
3.74 |
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$ |
3.79 |
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Basic weighted average shares outstanding |
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45,201 |
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45,140 |
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45,105 |
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45,225 |
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Diluted net income per share (B) |
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$ |
1.35 |
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$ |
1.51 |
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$ |
3.69 |
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$ |
3.73 |
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Diluted weighted average shares outstanding |
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|
45,706 |
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|
45,695 |
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45,653 |
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|
|
45,935 |
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(A) Net income includes the following items: |
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Excess tax benefits on stock-based compensation awards |
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$ |
(1,909 |
) |
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$ |
(485 |
) |
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$ |
(10,363 |
) |
|
$ |
(13,775 |
) |
Gain on investment in Shockwave Medical |
|
|
(6,237 |
) |
|
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(17,775 |
) |
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(32,338 |
) |
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(13,272 |
) |
|
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$ |
(8,146 |
) |
|
$ |
(18,260 |
) |
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$ |
(42,701 |
) |
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$ |
(27,047 |
) |
(B) Diluted net income per share includes the following items: |
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|
|
|
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Excess tax benefits on stock-based compensation awards |
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$ |
(0.04 |
) |
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$ |
(0.01 |
) |
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$ |
(0.23 |
) |
|
$ |
(0.30 |
) |
Gain on investment in Shockwave Medical |
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|
(0.14 |
) |
|
|
(0.39 |
) |
|
|
(0.71 |
) |
|
|
(0.29 |
) |
|
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$ |
(0.18 |
) |
|
$ |
(0.40 |
) |
|
$ |
(0.94 |
) |
|
$ |
(0.59 |
) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20210128005274/en/
Todd Trapp
Vice President and Chief Financial Officer
978-646-1680
[email protected]
Sarah Karr
Communications Manager
978-882-8211
[email protected]