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Abiomed Inc. (NASDAQ:ABMD)

This company has been moved to the archive! The financial data has not been updated since November 3, 2022.

Common-Size Balance Sheet: Assets

Abiomed Inc., common-size consolidated balance sheet: assets

Microsoft Excel
Mar 31, 2022 Mar 31, 2021 Mar 31, 2020 Mar 31, 2019 Mar 31, 2018 Mar 31, 2017
Cash and cash equivalents 7.94 15.57 15.81 11.48 5.46 7.09
Short-term marketable securities 37.40 23.49 20.62 35.16 40.60 34.68
Accounts receivable, net 5.41 6.50 6.96 8.61 8.90 9.82
Inventories, net 5.62 5.42 7.41 7.68 6.38 6.35
Prepaid expenses and other current assets 1.99 1.74 1.48 1.30 1.50 1.46
Current assets 58.35% 52.73% 52.27% 64.23% 62.85% 59.40%
Long-term marketable securities 13.15 17.67 17.08 2.06 4.77 8.57
Property and equipment, net 12.10 13.19 13.56 13.75 14.90 15.95
Goodwill 4.59 5.26 2.63 3.09 4.55 5.64
Other intangibles, net 2.36 2.82 1.23 1.44 2.12 2.63
Deferred tax assets 0.63 0.76 3.56 7.35 9.00 6.31
Investment in Shockwave Medical 3.68 2.59 4.58 5.33 0.00 0.00
Other investments 4.20 4.22 3.18 2.33 0.00 0.00
Operating lease right-of-use assets 0.57 0.41 0.97 0.00 0.00 0.00
Cross-currency swap 0.00 0.00 0.31 0.00 0.00 0.00
Other intangible assets and other assets 0.37 0.36 0.63 0.41 1.80 1.51
Other assets 8.81% 7.57% 9.67% 8.07% 1.80% 1.51%
Long-term assets 41.65% 47.27% 47.73% 35.77% 37.15% 40.60%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2022-03-31), 10-K (reporting date: 2021-03-31), 10-K (reporting date: 2020-03-31), 10-K (reporting date: 2019-03-31), 10-K (reporting date: 2018-03-31), 10-K (reporting date: 2017-03-31).

The asset composition of the organization exhibits a strong emphasis on liquidity, with current assets consistently representing a majority of the total asset base. While current assets peaked at 64.23% in 2019, a subsequent contraction occurred in 2020 and 2021 before rebounding to 58.35% by March 31, 2022.

Liquidity and Cash Management
A significant portion of total assets is held in highly liquid instruments. Short-term marketable securities show substantial volatility, fluctuating from a high of 40.60% in 2018 to a low of 20.62% in 2020, before rising again to 37.40% in 2022. Cash and cash equivalents followed a different trajectory, peaking at 15.81% in 2020 before declining to 7.94% in 2022. Combined, these two components indicate a conservative financial posture with a high capacity for immediate funding.
Working Capital Efficiency
A consistent downward trend is observed in net accounts receivable, which decreased from 9.82% of total assets in 2017 to 5.41% in 2022. This suggests an improvement in the efficiency of collections or a shift in the relative scale of receivables compared to overall asset growth. Inventories remained relatively stable throughout the period, generally fluctuating between 5.4% and 7.7%.
Long-term Asset Allocation
Long-term assets represent the remaining balance of the balance sheet, fluctuating between 35.77% and 47.73%. Net property and equipment show a gradual and steady decline from 15.95% in 2017 to 12.10% in 2022, indicating that fixed asset growth has not kept pace with the growth of the total asset base. Long-term marketable securities experienced a notable surge between 2019 and 2021, moving from 2.06% to 17.67%, before settling at 13.15% in 2022.
Intangibles and Other Assets
Goodwill and other intangibles maintain a relatively small footprint, with combined values generally remaining below 10% of total assets. A marked reduction is evident in deferred tax assets, which dropped sharply from 9.00% in 2018 to 0.63% by 2022. Additionally, strategic investments, specifically the investment in Shockwave Medical, emerged in 2019 and have since stabilized as a small portion of the total asset mix, ending at 3.68% in 2022.

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