Stock Analysis on Net
Stock Analysis on Net

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 Income Statement 

Abiomed Inc., common-size consolidated income statement

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12 months ended: Mar 31, 2022 Mar 31, 2021 Mar 31, 2020 Mar 31, 2019 Mar 31, 2018 Mar 31, 2017
Revenue 100.00 100.00 100.00 100.00 100.00 100.00
Cost of revenue -18.24 -19.10 -17.99 -16.84 -16.60 -15.86
Gross profit 81.76% 80.90% 82.01% 83.16% 83.40% 84.14%
Research and development -15.84 -14.38 -11.74 -12.15 -12.68 -14.91
Selling, general and administrative -41.05 -39.43 -40.62 -41.79 -44.25 -48.99
Acquired in-process research and development -11.24 0.00 0.00 0.00 0.00 0.00
Income from operations 13.64% 27.09% 29.64% 29.22% 26.47% 20.24%
Interest and other income, net 4.83 6.92 0.90 5.01 0.61 0.35
Interest expense 0.00 0.00 0.00 0.00 -0.05 -0.08
Income before income taxes 18.47% 34.01% 30.54% 34.23% 27.02% 20.51%
Income tax provision -5.24 -7.40 -6.40 -0.56 -8.13 -8.81
Net income 13.23% 26.61% 24.14% 33.66% 18.89% 11.70%

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).

Revenue and Cost of Revenue
The revenue remained stable at 100% across all periods. The cost of revenue increased from -15.86% in 2017 to a peak of -19.1% in 2021, before slightly declining to -18.24% in 2022, indicating a gradual increase in cost relative to revenue over time.
Gross Profit
Gross profit as a percentage of revenue showed a declining trend from 84.14% in 2017 to 80.9% in 2021, with a slight recovery to 81.76% in 2022. This decline reflects the rising cost of revenue, slightly tempered by the marginal improvement in the latest year.
Research and Development (R&D)
R&D expenses decreased from -14.91% in 2017 to their lowest point at -11.74% in 2020, followed by an increase to -15.84% in 2022. This indicates a renewed investment in R&D after a period of reduction.
Selling, General and Administrative Expenses (SG&A)
SG&A expenses declined steadily from -48.99% in 2017 to -39.43% in 2021, then rose slightly to -41.05% in 2022, suggesting a relative reduction in operating costs over most of the period with a moderate increase in the final year.
Acquired In-Process Research and Development
This expense category appeared only in 2022 at -11.24%, implying a significant, one-off investment or acquisition impacting that year’s expense structure.
Income from Operations
Operating income improved notably from 20.24% in 2017, peaking at 29.64% in 2020. However, it declined sharply to 13.64% in 2022, likely influenced by increased R&D and acquired in-process expenses.
Interest and Other Income and Expense
Interest and other income increased markedly in 2019 and 2021, reaching 6.92% in 2021, then decreasing to 4.83% in 2022. Interest expense was minimal and only recorded in the earlier years, indicating low financing costs.
Income Before Income Taxes
Pre-tax income showed an increasing trend from 20.51% in 2017 to 34.01% in 2021, before declining to 18.47% in 2022, paralleling the operational income pattern and overall profitability.
Income Tax Provision
Effective tax rates fluctuated, initially decreasing sharply from -8.81% in 2017 to -0.56% in 2019, then stabilizing around -6% to -7.4% in subsequent years, and reducing to -5.24% in 2022, which may reflect changes in tax strategy or profitability mix.
Net Income
Net income as a percentage of revenue rose substantially from 11.7% in 2017 to a high of 33.66% in 2019. It then declined to 26.61% in 2021 and dropped significantly to 13.23% in 2022, mirroring the trends seen in operating income and pre-tax income, indicating volatility in net profitability in recent years.