Common-Size Balance Sheet: Assets
Quarterly Data
Abiomed Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-K (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-K (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-K (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-K (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-K (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-K (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30).
- Cash and cash equivalents
- The proportion of cash and cash equivalents as a percentage of total assets displays fluctuations over the observed periods. Initially, it ranged between approximately 6.4% and 12.2%, increased notably to a peak of around 17.2% in mid-2020, and then decreased towards the end of 2021 and 2022, stabilizing near 10%. This trend suggests periods of increased liquidity followed by a moderate reduction.
- Short-term marketable securities
- This asset category consistently represented a significant portion of total assets, generally ranging between 20% and 43%. Notably, there was a downward trend from above 40% in early periods toward roughly 17% in mid-2020, followed by a recovery to near 37% by late 2022. This indicates strategic shifts in short-term investments, with a temporary reduction during 2020 and a rebounding allocation in subsequent quarters.
- Accounts receivable, net
- The relative share of net accounts receivable in total assets exhibited a gradual decline. Beginning near 10%, it consistently decreased to approximately 5.5% by the end of the observed timeframe. This pattern may imply improved collection efficiency or changes in sales terms and credit policies over time.
- Inventories, net
- Inventories as a percentage of total assets slightly fluctuated but generally showed a decreasing trend. From around 6.8% initially, the proportion decreased to near 5.6% towards late 2022, with some minor variations in between. This moderate decline could reflect inventory optimization or changes in production and sales cycles.
- Prepaid expenses and other current assets
- This category maintained relatively low proportions, mostly under 3%. However, a gradual increase is visible over time, moving from about 1.5% up to nearly 3% by late 2021, followed by minor fluctuations around 2-2.7%. This increase suggests growing prepayments or other current asset holdings within the company's asset structure.
- Current assets
- The overall percentage of current assets declined from about 70% early on to a low near 49.6% in mid-2020, before recovering to approximately 62.6% by late 2022. This pattern corresponds with observed trends in cash, marketable securities, and other short-term assets, indicating changes in asset allocation between current and long-term holdings.
- Long-term marketable securities
- This asset type showed considerable variability and a general increase over time. Initially negligible, it rose notably to peaks above 20% in late 2020, then declined in subsequent quarters to under 10% by late 2022. The pattern suggests strategic repositioning of longer-term investments, with an emphasis on accumulation through 2019–2020 and a subsequent partial reduction.
- Property and equipment, net
- The share of net property and equipment in total assets increased from around 6% initially to a peak near 16% between late 2016 and early 2018, then gradually declined to approximately 11.5% by late 2022. This trajectory may indicate earlier capital expenditure growth followed by depreciation or divestitures reducing relative asset value.
- Goodwill
- The percentage of goodwill relative to total assets decreased steadily from above 7.5% to around 2.7% by early 2020. Thereafter, it rose sharply in mid-2020 to over 6%, suggesting acquisitions or revaluations, before gradually declining to about 4.3% by the end of the period. This reflects significant changes in intangible asset valuations or acquisitions impacting goodwill.
- Other intangibles, net
- Other intangible assets decreased from approximately 3.5% to near 1.2% in early 2020. Like goodwill, they then experienced an increase back above 3% mid-2020, followed by a steady decline to about 2.2% by late 2022. This pattern indicates fluctuations in intangible asset recognition or amortization schedules.
- Deferred tax assets
- Deferred tax assets as a proportion of total assets showed a marked decline across the period, starting near 12%, with intermittent spikes (notably near 17% in mid-2017), and falling steadily to below 1% by late 2021 and early 2022. A slight increase toward the end of 2022 indicates minor recoveries, but overall, this represents a diminishing asset in this category.
- Other assets
- Other assets exhibited an upward trend, moving from about 1% to levels above 10% by mid-2018 and again towards mid-2022. This suggests that components such as miscellaneous long-term assets or investments increased their presence in the asset structure significantly during these years, with some volatility observed.
- Long-term assets
- The total long-term assets as a percentage of total assets increased steadily from around 30% early on to over 50% in late 2020, before retreating to roughly 37% by the end of the dataset. Such fluctuations imply significant rebalancing between long-term and current assets, potentially driven by investment, depreciation, or asset disposals.
- Total assets
- By definition, total assets remained constant at 100%, providing the baseline for relative comparisons across categories.