Abiomed doubles Danvers footprint

Abiomed (NSDQ:ABMD) today opened its expanded headquarters in Danvers, Mass., which more than doubles its footprint in the Bay State.

Gov. Charlie Baker helped Abiomed CEO Mike Minogue and patient survivors to cut the ribbon on the $40 million, 160,000-square-foot HQ north of Boston.

Abiomed makes the Impella line of percutaneous heart pumps, which are designed to provide cardiac support to heart failure patients during PCI procedures. The expansion adds new R&D and manufacturing facilities and a clinical training facility called the Heart Recovery Institute.

“Today we recognize 35 years of dedication and hard work by all the people who made this possible — from employees, to customers, to patients, to investors,” Minogue said in prepared remarks. “We celebrate our Patients First culture and this investment in our future. We are proud to add new clinical, engineering and manufacturing jobs in Massachusetts because it will ensure faster innovation, quality, and compliance. Our mission is to help recover hearts; now we have the manufacturing infrastructure to support enough patients to fill Fenway Park each year.”

“With Massachusetts-based companies like Abiomed helping to lead the way, the Commonwealth continues to be a global leader in health care, innovation and technology,” Baker added. “I am pleased to continue to witness the growth of a company that has invested in Massachusetts for more than 35 years and we look forward to continuing to work together to create jobs and develop the state’s innovation economy.”

Abiomed said it’s added more than 150 engineering and manufacturing jobs to the site since it broke ground in June 2015, taking its headcount to more than 400 employees in Massachusetts. The company employs nearly 1,000 people globally, it said, noting expansions also under way in Berlin and Aachen, Germany, and Tokyo.

Leerink Partners analysts said Abiomed is on track to meet its $1 billion revenue goal by fiscal 2021, from its indications for high-risk PCI and cardiogenic shock (the company is pursuing other indications.

“We believe this is easily doable given: (1) A still highly under-penetrated market opportunity, just 7% penetrated of the total current addressable market of 221k; and, (2) Impella is the only FDA percutaneous heart pump deemed ‘safe and effective’ for treatment of cardiogenic shock and high-risk PCI,” analysts Danielle Antalffy and Rebecca Wong wrote today in a noto to investors. “Ultimately, we believe Impella is well-positioned to become [the] standard of care longer-term as physicians become increasingly aware of the benefits of Impella on a) mortality and b) cost-efficacy – not to mention patient quality of life – and as experience with the system grows.”

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