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These excerpts taken from the ABMD 10-K filed Jun 8, 2009. Selling, General and Administrative Expenses Selling, general and administrative expenses for fiscal 2009 increased by $2.7 million, or 5%, to $55.4 million from $52.7 million in fiscal 2008. The increase is due to an increase of $2.9 million in stock based compensation primarily associated with grants of restricted stock made in May 2008 and August 2008. We have also made recent investments in marketing initiatives and in sales and clinical representatives with commercial headcount in the U.S. up from 75 at March 31, 2008 to 97 at March 31, 2009. We are investing in our commercial organization to support the launch of the Impella platform following 510(k) approval in the U.S. We expect to continue to increase our expenditures on sales and marketing activities in fiscal 2010, with particular investments in clinical personnel with cath lab expertise and we also plan to increase our marketing, service and training investments to support the efforts of the sales and field clinical teams to drive recovery awareness for acute heart failure patients. Selling, General and Administrative Expenses Selling, general and administrative expenses for fiscal 2008 increased by $10.3 million, or 24%, to $52.7 million from $42.4 million in fiscal 2007. The increase was due to increased investments in our global distribution of sales and clinical representatives with headcount up approximately 17% as compared to fiscal 2007, and is also due to our increased investments in our marketing initiatives. Selling, General and Administrative Expenses
with cath lab expertise and we also plan to increase our marketing, service and training investments to support the efforts of the sales and field clinical teams to drive recovery awareness for acute heart failure patients. Amortization of 38 Table of ContentsSelling, General and Administrative Expenses Selling, general and administrative expenses for fiscal 2008 increased by $10.3 million, or 24%, to $52.7 million from $42.4 million This excerpt taken from the ABMD 10-Q filed Feb 9, 2009. Selling, General and Administrative Expenses Selling, general and administrative expenses for the three months ended December 31, 2008 decreased by $0.3 million, or 2%, to $13.2 million from $13.5 million for the three months ended December 31, 2007. The decrease was due to a reduction in expenditures on selling activities in Europe, primarily in France. Selling, general and administrative expenses for the nine months ended December 31, 2008 increased $2.4 million or 6%, to $40.6 million from $38.2 million for the nine months ended December 31, 2007. The increase was primarily due to an increase of $2.4 million in stock-based compensation primarily associated with grants of restricted stock made in May 2008 and August 2008. We have also increased investments in our international global distribution network, and increased investments in marketing initiatives to commercialize our Impella and other products. We expect to continue to increase our expenditures on sales and marketing activities throughout fiscal 2009, with particular investments in clinical personnel with cath lab expertise and also plan to increase our marketing, service and training investments to support the efforts of the sales and clinical teams to drive recovery awareness for acute heart failure patients globally.
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Table of ContentsThis excerpt taken from the ABMD 10-Q filed Nov 10, 2008. Selling, General and Administrative Expenses Selling, general and administrative expenses for the three months ended September 30, 2008 increased by $1.6 million, or 13%, to $13.9 million from $12.3 million for the three months ended September 30, 2007. The increase was primarily due to $1.5 million in stock-based compensation associated with the achievement of a performance milestone during the quarter on grants of restricted stock made in May 2008. Selling, general and administrative expenses for the six months ended September 30, 2008 increased $2.7 million or 11%, to $27.4 million from $24.7 million for the six months ended September 30, 2007. The increase was during the quarter primarily due to an increase of $2.6 million in stock-based compensation associated with the achievement of a performance milestone during the quarter on grants of restricted stock made in May 2008. The additional increase is related to increased investments in our international global distribution network, and was also due to increased investments in marketing initiatives to commercialize the Impella and iPulse products. We expect to continue to increase our expenditures on sales and marketing activities throughout fiscal 2009, with particular investments in clinical personnel with cath lab expertise and also plan to increase our marketing, service and training investments to support the efforts of the sales and clinical teams to drive recovery awareness for acute heart failure patients globally. This excerpt taken from the ABMD 10-Q filed Aug 11, 2008. Selling, General and Administrative Expenses Selling, general and administrative expenses for the three months ended June 30, 2008 increased by $1.1 million, or 9%, to $13.5 million from $12.4 million for the three months ended June 30, 2007. The increase is primarily due to increased investments in our international global distribution network, and is also due to increased investments in marketing initiatives to commercialize the Impella and IPulse products. We expect to continue to increase our expenditures on sales and marketing activities throughout fiscal 2009, with particular investments in clinical personnel with cath lab expertise and also plan to increase our marketing, service and training investments to support the efforts of the sales and clinical teams to drive recovery awareness for acute heart failure patients globally. These excerpts taken from the ABMD 10-K filed Jun 16, 2008. Selling, General and Administrative Expenses Selling, general and administrative expenses increased by $11.5 million, or 37%, to $42.4 million in fiscal 2007, from $30.9 million in fiscal 2006. The increase is due primarily to increased costs of $4.6 million associated with our strategy to increase our global distribution,
38
Table of Contentsspecifically our global sales, marketing and clinical specialist organizations. Total global sales and clinical headcount at the end of fiscal 2007 was 60 compared to 45 at the end of fiscal 2006, representing an increase of 33%. Selling, general and administrative expenses for fiscal 2007 also included $3.8 million of stock-based compensation expense, costs associated with our ERP implementation and increased professional fees. Selling, General and Administrative Expenses
38 Table of Contents
This excerpt taken from the ABMD 10-Q filed Feb 11, 2008. Selling, General and Administrative Expenses Selling, general and administrative expenses for the three months ended December 31, 2007 increased $2.6 million or 24%, to $13.5 million from $10.9 million for the three months ended December 31, 2006. The increase is due to increased investments in our global distribution of sales and clinical representatives, with headcount up approximately 42% as compared to the third quarter of fiscal 2007, and is also due to our increased investments in our Healthcare Solutions and marketing initiatives. We continue to invest in our European operations to generate revenue growth in that region, and recently opened offices in France and the United Kingdom. Selling, general and administrative expenses for the nine months ended December 31, 2007 increased $6.8 million or 22%, to $38.2 million from $31.4 million for the nine months ended December 31, 2006. The increase is primarily due to increased investments in our global distribution and other field personnel as discussed above. We have several products awaiting potential FDA approval or clearance, most notably our Impella 2.5 and 5.0 products, and recently received FDA approval for our new iPulse combination console. We are investing in our global distribution to generate revenue growth of products that are approved by the FDA and other global regulatory authorities today and also in advance of potential FDA approvals of our Impella products to maximize our market penetration and revenue growth following regulatory approval or clearance. We expect to continue to increase our sales and clinical headcount throughout fiscal 2008, with particular investments in clinical personnel with cath lab expertise, and also plan to increase our marketing, service and training personnel and investments to support the efforts of the sales and clinical teams to drive recovery awareness for acute heart failure patients globally. This excerpt taken from the ABMD 10-Q filed Nov 8, 2007. Selling, General and Administrative Expenses Selling, general and administrative expenses for the three months ended September 30, 2007 increased $1.3 million or 12%, to $12.3 million from $11.0 million for the three months ended September 30, 2006. The increase is due to increased investments in our global distribution of sales and clinical representatives, with headcount up approximately 34% as compared to the second quarter of fiscal 2007, and is also due to our increased investments in our Healthcare Solutions and marketing initiatives. In addition, as previously discussed in Note 12, Arbitration Decision, we accrued $0.3 million on September 30, 2007 as a current liability in accordance with SFAS No. 5, Accounting for Contingencies and is reflected in the accompanying statements of operations under the line item selling, general and administrative, which represents the excess of the $2.2 million of proposed cash consideration over the fair value of the warrants at October 3, 2007. This is management’s best estimate of the settlement of the threatened claims as of September 30, 2007. Selling, general and administrative expenses for the six months ended September 30, 2007 increased $4.3 million or 21%, to $24.7 million from $20.4 million for the six months ended September 30, 2006. The increase is primarily due to increased investments in our global distribution and other field personnel as discussed above. We currently have several products awaiting potential FDA approval or clearance, most notably our Impella 2.5 and 5.0 products. We are investing in our global distribution in advance of these potential FDA approvals to maximize our market penetration and revenue growth following regulatory approval or clearance. We expect to continue to increase our sales and clinical headcount throughout fiscal 2008, with particular investments in personnel with cath lab expertise, and also plan to increase our marketing, service and training personnel and investments to support the efforts of the sales and clinical teams to drive recovery awareness for acute heart failure patients globally. This excerpt taken from the ABMD 10-Q filed Aug 9, 2007. Selling, General and Administrative Expenses Selling, general and administrative expenses for the three months ended June 30, 2007 increased $3.1 million or 33%, to $12.4 million from $9.4 million for the three months ended June 30, 2006. The increase is due to increased investments in our global distribution of sales and clinical representatives, up approximately 33% as compared to the first quarter of fiscal 2007, and is also due to our increased investments in our Healthcare Solutions and marketing initiatives. Selling, general and administrative expenses for the first quarter of fiscal year 2008 and 2007 included stock-based compensation expense of $1.2 million and $1.1 million, respectively. We expect to continue to increase sales and clinical headcount throughout fiscal 2008 and also plan to increase our marketing, service and training personnel and investments to support the efforts of the sales and clinical teams to drive recovery awareness globally. This excerpt taken from the ABMD 10-K filed Jun 13, 2007. Selling, General and Administrative Expenses Selling, general and administrative expenses increased by $12.3 million, or 67%, to $30.9 million in fiscal 2006, from $18.6 million in fiscal 2005. The increase is primarily due to the inclusion of Impella expenses during fiscal 2006 and also due to our strategy to increase our global distribution, specifically our global sales, service, marketing and clinical specialists organizations. Total global sales and clinical headcount at the end of fiscal 2006 was 45 compared to 27 at the end of fiscal 2005, representing an increase of 67%. This excerpt taken from the ABMD 10-Q filed Feb 8, 2007. SELLING, GENERAL AND ADMINISTRATIVE EXPENSES Selling, general and administrative expenses were $10.9 million for the three months ended December 31, 2006, an increase of $3.5 million or 47%, compared to $7.4 million for the same period of fiscal 2006. The increase during the third quarter of fiscal 2007 includes a $1.0 million increase in expenses associated with our increased global distribution, including our sales and clinical headcount that increased 26% as compared to the third quarter of fiscal 2006, and is also due to our increased investments in our Healthcare Solutions and marketing initiatives. The increase is also due to stock-based compensation expense of $0.9 million included in selling, general and administrative expenses for the third quarter of fiscal 2007, investments associated with our ERP implementation during fiscal 2007 and higher professional fees. Selling, general and administrative expenses were $31.4 million for the nine months ended December 31, 2006, an increase of $9.8 million or 45%, compared to $21.6 million for the same period of fiscal 2006. The increase during the nine months ended December 31, 2006 is due primarily to increased investments of $3.8 million associated with our increased sales and clinical headcount, and increased investments in our Healthcare Solutions in marketing programs. Selling, general and administrative expenses for the nine months ended December 31, 2006 also included $3.1 million of stock-based compensation expense, and investments associated with our ERP implementation, and increased professional fees. We expect to continue to increase sales and clinical headcount throughout fiscal 2007 by two to four individuals per quarter and also plan to increase our marketing, service and training personnel and investments to support the efforts of the sales and clinical teams to drive recovery awareness globally. This excerpt taken from the ABMD 10-Q filed Nov 8, 2006. SELLING, GENERAL AND ADMINISTRATIVE EXPENSES Selling, general and administrative expenses increased to $11.0 million for the three months ended September 30, 2006, from $6.8 million in the same period of fiscal 2006. For the six months ended September 30, 2006, selling, general and administrative expenses increased to $20.4 million from $14.1 million in the six months ended September 30, 2005. The selling, general and administrative expenses for the three and six months ended September 30, 2006 included stock option expense of $1.1 million and $2.2 million, respectively. Increases in selling, general and administrative expenses for both the three and six months ended September 30, 2006 from the comparable periods of fiscal 2006 are primarily due to the inclusion of Impella expenses, stock option expense identified above, our strategy to increase global distribution, rebranding initiatives, investments in our healthcare solutions programs, costs associated with our ERP implementation during fiscal 2007, legal costs associated with non-compete litigation, and increased accounting and other professional fees associated with our adoption of SFAS 123R during fiscal 2007. The Company expects to continue to increase sales and clinical headcount throughout fiscal 2007 by two to four individuals per quarter and also plans to increase its marketing, service and training personnel and investments to support the efforts of the sales and clinical teams to drive recovery awareness globally. This excerpt taken from the ABMD 10-Q filed Aug 9, 2006. SELLING, GENERAL AND ADMINISTRATIVE EXPENSES Selling, general and administrative expenses increased by $2.1 million, or 29%, to $9.4 million for the three months ended June 30, 2006, from $7.3 million in the same period of 2005. The selling, general and administrative expenses for the three months ended June 30, 2006 included stock option expense of $1.1 million. The increase is primarily due to the inclusion of Impella expenses and also due to the Company’s strategy to increase its global distribution, specifically its global sales, service, marketing and clinical specialists organizations. Total global sales and clinical headcount at June 30, 2006 was 49, representing an increase of 58% compared to June 30, 2005. This excerpt taken from the ABMD 10-K filed Jun 14, 2006. SELLING, GENERAL AND ADMINISTRATIVE EXPENSES Selling, general and administrative expenses increased by $4.6 million, or 32%, from $14.0 million in the prior year to $18.6 million in fiscal year ended March 31, 2005. The increases are primarily the result of labor, recruiting and relocation expenses incurred in connection with our adding new senior management earlier this fiscal year and expenses in connection with the Sarbanes-Oxley 404 compliance. In addition, sales and marketing expenses increased significantly as a result of our efforts to expand our commercial operations both domestically and internationally. This excerpt taken from the ABMD 10-Q filed Feb 9, 2006. SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
Selling, general and administrative expenses increased by $3.1 million, or 74%, to $7.4 million in the three months ended December 31, 2005, from $4.3 million in the three months ended December 31, 2004. The increase is primarily due to the inclusion of expenses related to our Impella operations during the three months ended December 31, 2005 and due to the Company’s expansion of its global sales, marketing and clinical specialists organizations.
Selling, general and administrative expenses increased by $8.1 million, or 60%, to $21.6 million in the nine months ended December 31, 2005, from $13.5 million in the nine months ended December 31, 2004. The addition of expenses related to our Impella operations since its acquisition in May 2005 and the planned expansion of our global sales, marketing and clinical specialists organizations represent the majority of the increase over the prior year.
This excerpt taken from the ABMD 10-Q filed Nov 9, 2005. SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
Selling, general and administrative expenses increased by $2.5 million, or 58.7%, to $6.8 million in the three months ended September 30, 2005, from $4.3 million in the three months ended September 30, 2004. The increase is primarily due to the expansion of the sales and marketing organization including additional sales representatives and clinical specialists in the U.S. and Europe, and to the inclusion of Impella’s expenses during the current fiscal year. We also incurred additional audit related expenses directly related to the Impella acquisition during the three months ended September 30, 2005.
Selling, general and administrative expenses increased by $4.9 million, or 53.4%, to $14.1 million in the six months ended September 30, 2005, from $9.2 million in the six months
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ended September 30, 2004. The increase is primarily due to the reasons explained above for the three months ended September 30, 2005. Year to date expenses also include costs related to Sarbanes-Oxley compliance performed during the first quarter as well as legal and audit expenses related to the acquisition of Impella.
This excerpt taken from the ABMD 10-Q filed Aug 9, 2005. SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
Selling, general and administrative expenses increased by $2.4 million, or 49%, to $7.3 million in the three months ended June 30, 2005, from $4.9 million in the three months ended June 30, 2004. The increase is primarily related to the higher volume of revenue with the expansion of sales, marketing and clinical activities and to the inclusion of Impella’s expenses during this quarter. First quarter expenses also included costs related to the Impella acquisition and additional costs related to Sarbanes-Oxley compliance.
This excerpt taken from the ABMD 8-K filed Aug 4, 2005. Selling, General and Administrative Expenses.
Selling, general and administrative expenses increased by $2.4 million, or 49%,
from $4.9 million in the first fiscal quarter last year to $7.3 million in the
first fiscal quarter ended June 30, 2005. The increase is correlated to
the higher volume in total revenue with the expansion of sales and marketing
activities. There were additional expenses related to the Impella operations
and acquisition.
This excerpt taken from the ABMD 10-K filed Jun 17, 2005. Selling, General and
Administrative Expenses.
Selling, general and administrative expenses decreased by $0.6 million, or 4%,
from $14.7 million in the prior year to $14.1 million in fiscal year ended
March 31, 2004. This reduction is
attributable to lower accounting and legal costs as well as reductions in
selling and clinical support costs. As
we plan to increase both sales and clinical support staffing in order to
support the ongoing rollout of the AB5000 product, selling and clinical support
costs are likely to increase going forward.
Throughout fiscal 2004 we incurred certain expenses associated with business development activities, primarily related to the review of business opportunities related to rotary blood pump technologies. These activities may continue in the coming year and beyond, and may be expanded to encompass a wider array of different business opportunities clustered around our existing mechanical circulatory support business. If these activities were to result in a major new business initiative, it is possible that we would decide to seek new financing in order to support that initiative.
28
In April 2004 David M. Lederman, Ph.D., ABIOMED’s founder, stepped down as President and Chief Executive Officer and was succeeded in those positions by Michael R. Minogue. Subsequent to our fiscal year ending March 31, 2004, ABIOMED’s management team has been strengthened by a number of new appointments to fill existing vacancies and/or newly defined senior management functions. We have incurred one-time costs associated with recruitment and/or relocation of Mr. Minogue and these new senior personnel, much of which were recorded in the Company’s fiscal year ending March 31, 2005.
This excerpt taken from the ABMD 10-K filed Jun 14, 2005. Selling, General and
Administrative Expenses.
Selling, general and administrative expenses decreased by $0.6 million, or 4%,
from $14.7 million in the prior year to $14.1 million in fiscal year ended
March 31, 2004. This reduction is
attributable to lower accounting and legal costs as well as reductions in
selling and clinical support costs. As
we plan to increase both sales and clinical support staffing in order to
support the ongoing rollout of the AB5000 product, selling and clinical support
costs are likely to increase going forward.
Throughout fiscal 2004 we incurred certain expenses associated with business development activities, primarily related to the review of business opportunities related to rotary blood pump technologies. These activities may continue in the coming year and beyond, and may be expanded to encompass a wider array of different business opportunities clustered around our existing mechanical circulatory support business. If these activities were to result in a major new business initiative, it is possible that we would decide to seek new financing in order to support that initiative.
28
In April 2004 David M. Lederman, Ph.D., ABIOMED’s founder, stepped down as President and Chief Executive Officer and was succeeded in those positions by Michael R. Minogue. Dr. Lederman remains Chairman of the Board and an employee of the Company. Subsequent to our fiscal year ending March 31, 2004, ABIOMED’s management team has been strengthened by a number of new appointments to fill existing vacancies and/or newly defined senior management functions. We have incurred one-time costs associated with recruitment and/or relocation of Mr. Minogue and these new senior personnel, much of which will be recorded in the Company’s fiscal year ending March 31, 2005.
This excerpt taken from the ABMD 8-K filed May 31, 2005. Selling,
General and Administrative Expenses. Selling, general and administrative expenses
increased by $4.5 million, or 32%, from $14.1 million in the prior year to
$18.6 million in the fiscal year ended March 31, 2005. The increase is directly
correlated to the higher volume in total revenue and expenses incurred during
the Sarbanes-Oxley 404 compliance project. In addition, there were additional
expenses incurred in recruiting and relocation of key talent who joined the
company over the last 12 months.
This excerpt taken from the ABMD 10-Q filed Feb 8, 2005. SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
Selling, general and administrative expenses increased by $0.6 million, or 16%, to $4.3 million in the three months ended December 31, 2004, from $3.7 million in the three months ended December 31, 2003. The increase is the result of higher marketing expenses, including marketing materials and tradeshow costs, as we expand our sales and marketing operations for our existing commercial products and professional service fees as a result of the Sarbanes-Oxley 404 Project related to establishing, documenting and testing our internal control processes. We also incurred additional general and administrative labor costs as a result of hiring several new executive and senior level employees earlier in the current fiscal year.
Selling, general and administrative expenses increased by $3.4 million, or 34%, to $13.5 million in the nine months ended December 31, 2004, from $10.1 million in the nine months ended December 31, 2003. The increases are primarily the result of labor, recruiting and relocation expenses incurred in connection with our adding new senior management as described above. In addition, sales and marketing expense increased significantly as a result of our efforts to expand commercial development of new and existing products. Our expenses in connection with the Sarbanes-Oxley 404 Project have also increased our selling, general and administrative expenses during the current fiscal year.
This excerpt taken from the ABMD 8-K filed Jan 31, 2005. Selling,
General and Administrative Expenses. Selling, general and
administrative expenses increased by $0.6 million, or 16 percent, to $4.3
million in the three months ended December 31, 2004, from $3.7 million in the
three months ended December 31, 2003. The increase is the result of higher
marketing expenses, including marketing materials and tradeshow costs, as we
expand our sales and marketing operations for our existing commercial
products. We have also incurred
substantial increases in professional service fees during the current quarter
as a result of the Sarbanes-Oxley 404 Project related to establishing,
documenting and testing our internal control processes.
Selling, general and administrative expenses increased by $3.4 million, or 34 percent, to $13.5 million in the nine months ended December 31, 2004, from $10.1 million in the nine months ended December 31, 2003. The increases are primarily the result of labor, recruiting and relocation expenses incurred in connection with our adding new senior management earlier in the current fiscal year. In addition, sales and marketing expense increased significantly as a result of our efforts to expand commercial development of new and existing products. Our expenses in connection with the Sarbanes-Oxley 404 Project have also increased our selling, general and administrative expenses during the current fiscal year.
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