Abiomed

Abiomed is a manufacturer of medical implant devices, including the AbioCor artificial heart and Impella. It is headquartered in Danvers, Massachusetts and has three additional offices, two in Germany in the cities of Berlin and Aachen, and another in Japan. Michael R. Minogue joined Abiomed in 2004, and serves as CEO, Chairman and President.

Abiomed, Inc.
Public
Traded as
IndustryMedical Devices
Founded1981
HeadquartersDanvers, Massachusetts, U.S.
Key people
Michael R. Minogue, CEO
ProductsCardiovascular medical implant devices
Revenue US$769.43 million (2019)
US$224.81 million (2019)
US$259.02 million (2019)
Total assets US$1,054.3 million (2019)
Total equity US$936.89 million (2019)
Number of employees
1,371 (March 31, 2019)
Websiteabiomed.com
Footnotes / references
[1]

For fiscal year 2017, Abiomed reported $445.3 million in revenue and reported diluted earnings per share was $1.17 for the year.[2]

As of March 2019, Michael R. Minogue was Chairman, CEO & President of the company, while Dr. David M. Weber was the Chief Operating Officer. According to Bloomberg, the company "engages in the research, development, and sale of medical devices to assist or replace the pumping function of the failing heart. It also provides continuum of care to heart failure patients". Earlier in the year, the company had increased its 2019 revenue guidance to approximately $780 million.[3]

History

Abiomed was founded in Danvers by David M. Lederman[4] in 1981 as Applied Biomedical Corporation, and began working on the development of an artificial heart.[5] Funded by federal research grants,[6] Lederman partnered with The Texas Heart Institute to develop the AbioCor, implanting the first artificial heart into a Kentucky man in July 2001.[7] Fourteen of the AbioCor devices were implanted, during clinical trials from 2001 to 2004, with the longest-living recipient surviving 512 days.[8] The AbioCor won FDA approval in 2006 for patients who are near death and do not qualify for a heart transplant.[9]

In 2004, Michael R. Minogue became president and CEO of Abiomed.[10] In 2005, Abiomed purchased ventricular assist device company Impella CardioSystems AG of Aachen, Germany,[11] maker of the Impella heart pump, developed by Thorsten Siess,[12] who is now the Chief Technology Officer at Abiomed.[13]

Minogue helped found the Medical Technology Veterans Program (MVP), a career training and mentorship initiative designed to help veterans entering the civilian workforce transition into jobs in the medical device and life sciences industries.[14] He currently serves as chairman of the program. In 2019, Abiomed was announced the 4th best stock of the 2010s, with total return of 1,983%.[15]

In July 2014, Abiomed acquired German heart pump maker ECP in a deal worth up to $30 million. The deal included a nearly $2.8 million buyout of AIS GmbH Aachen Innovative Solutions, which owns some of the patents licensed to ECP.[16]

In April 2020, Abiomed acquired Breethe, developer of a novel extracorporeal membrane oxygenation (ECMO) system.[17]

Impella products

Since 2005 when Abiomed acquired the Impella technology,[18] the latter's heart devices have received a series of FDA approvals.[19]

In 2007, the Impella 2.5 heart pump was among 35 healthcare products to receive a 2007 Medical Design Excellence Award.[20]

As of March 2019, the Impella heart pump products included the Impella 2.5, Impella 5.0/LD, Impella CP and Impella RP.[21] On 28 February 2018, the FDA approved the concept for the new Impella Ventricular Support Systems - P140003/S018. The system consists of left-side heart pump models (listed above) "intended to help pump blood in patients who need short-term support (up to 6 days)... mounted at the end of a thin, flexible tube (catheter), a console that drives the pump, and an infusion system that flushes the pump". The FDA report added the following specifics about the system: "The Impella Ventricular Support System helps pump blood by drawing blood out of the heart and pumping it into the aorta, partially or fully bypassing the left ventricle. It is implanted into the left side of a patient's heart through a small incision in the femoral artery (major artery in the leg). It can also be implanted through a small incision in a subclavian artery (an artery in the chest)."[22] Impella pumps in 2018 sold for about $23,000.[23]

See also

References
  1. "US SEC: 2019 Form 10-K ABIOMED, Inc". U.S. Securities and Exchange Commission. May 23, 2019. Retrieved August 19, 2019.
  2. "Abiomed Inc (ABMD) Files 10-K for the Fiscal Year Ended on March 31, 2017". NASDAQ.com. 2017-05-25. Retrieved 2018-02-21.
  3. https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=247589
  4. Hevesi, Dennis (2012-08-28). "David Lederman, Pioneer of Artificial Heart, Dies at 68". The New York Times. ISSN 0362-4331. Retrieved 2016-07-19.
  5. Altman, Lawrence K. (2006-09-06). "Implantable Heart Device Receives F.D.A. Approval". The New York Times. ISSN 0362-4331. Retrieved 2016-07-19.
  6. Regalado, Antonio. "CPR for the Artificial Heart". Retrieved 2016-07-19.
  7. Altman, Lawrence K. (2001-12-01). "Man With Artificial Heart Dies 5 Months After Implant". The New York Times. ISSN 0362-4331. Retrieved 2016-07-19.
  8. Hevesi, Dennis (2012-08-28). "David Lederman, Pioneer of Artificial Heart, Dies at 68". The New York Times. ISSN 0362-4331. Retrieved 2016-07-19.
  9. Altman, Lawrence K. (2006-09-06). "Implantable Heart Device Receives F.D.A. Approval". The New York Times. ISSN 0362-4331. Retrieved 2016-07-19.
  10. "New Abiomed chief Minogue looks to pump up sales - Boston Business Journal". Boston Business Journal. Retrieved 2016-07-19.
  11. "Abiomed to pay $45M to buy Impella CardioSystems - Boston Business Journal". Boston Business Journal. Retrieved 2016-07-19.
  12. Burke, Alan. "How to mend a broken heart, and make millions". Retrieved 2016-07-19.
  13. "ABIOMED, Inc. - Management". investors.abiomed.com. Archived from the original on 2016-09-11. Retrieved 2016-07-19.
  14. "About - MVPvets". Retrieved 2016-07-19.
  15. Hough, Jack. "10 Stocks That Had Better Decades Than Amazon and Google". www.barrons.com. Retrieved 2019-12-19.
  16. "Abiomed acquires German heart pump maker ECP". MassDevice. Retrieved 2020-03-31.
  17. Rachal, Maria (2020-04-30). "Abiomed buys artificial lung device for use with Impella, potential COVID 19 patients". MedTechDive. Retrieved 2020-05-29.
  18. Faulkner, Sarah (October 10, 2017). "How Abiomed became a major medical device company". Medical Design & Outsourcing.
  19. "A mobile lab about heart pumps stops in Lincoln". Retrieved 2016-07-19.
  20. "Abiomed Impella 2.5 Recognized for Innovative Design". Retrieved 2016-07-19.
  21. "Impella". Abiomed.
  22. "Impella Ventricular Support Systems - P140003/S018". FDA. February 28, 2018.
  23. Kincaid, Ellie (December 18, 2018). "Abiomed Sells $600 Million Worth Of Its Pencil-Size Heart Pump. But Some Doctors Have Big Questions About It". Forbes.
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