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 
Quarterly Data

Abiomed Inc., common-size consolidated income statement (quarterly data)

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3 months ended: Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016
Revenue 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Cost of revenue -18.38 -18.99 -19.07 -18.24 -17.69 -17.89 -19.10 -17.75 -18.47 -21.83 -19.05 -18.05 -17.01 -17.85 -16.83 -16.96 -16.42 -17.14 -17.25 -16.23 -16.28 -16.50 -15.45 -16.56 -16.81 -14.63
Gross profit 81.62% 81.01% 80.93% 81.76% 82.31% 82.11% 80.90% 82.25% 81.53% 78.17% 80.95% 81.95% 82.99% 82.15% 83.17% 83.04% 83.58% 82.86% 82.75% 83.77% 83.72% 83.50% 84.55% 83.44% 83.19% 85.37%
Research and development -15.83 -14.60 -16.23 -15.65 -16.54 -14.93 -13.26 -14.25 -14.55 -15.99 -12.26 -11.58 -11.69 -11.46 -12.34 -11.95 -12.50 -11.82 -12.19 -11.50 -14.60 -12.78 -13.09 -14.26 -17.53 -15.20
Selling, general and administrative -43.98 -42.57 -40.62 -41.21 -41.42 -40.97 -41.61 -37.21 -37.74 -41.52 -40.59 -38.66 -41.94 -41.45 -39.26 -40.00 -43.40 -45.07 -43.28 -43.21 -45.23 -45.74 -48.20 -47.03 -51.56 -49.55
Acquired in-process research and development 0.00 0.00 0.00 -0.19 0.00 -45.72 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Income (loss) from operations 21.81% 23.83% 24.09% 24.72% 24.36% -19.51% 26.03% 30.80% 29.24% 20.66% 28.09% 31.71% 29.36% 29.24% 31.58% 31.09% 27.68% 25.97% 27.27% 29.06% 23.89% 24.97% 23.25% 22.15% 14.09% 20.62%
Interest and other income (expense), net 30.35 1.36 3.62 -2.56 2.75 15.81 4.43 4.05 5.52 16.38 -9.07 12.08 -20.89 20.42 16.00 1.07 0.83 0.97 0.54 0.58 0.57 0.54 0.29 0.37 0.22 0.19
Income (loss) before income taxes 52.16% 25.19% 27.71% 22.16% 27.11% -3.70% 30.46% 34.85% 34.76% 37.05% 19.02% 43.78% 8.47% 49.67% 47.58% 32.16% 28.51% 26.94% 27.81% 29.64% 24.46% 25.51% 23.55% 22.52% 14.31% 20.80%
Income tax (provision) benefit -12.25 -5.51 -5.35 -4.64 -4.16 -6.80 -6.90 -8.14 -5.10 -10.00 -3.64 -12.55 -2.09 -6.85 -11.86 -9.80 -0.94 23.10 -6.68 -20.91 -6.01 2.70 -11.60 -9.06 -5.69 -8.27
Net income (loss) 39.91% 19.68% 22.36% 17.52% 22.95% -10.50% 23.57% 26.71% 29.66% 27.05% 15.39% 31.24% 6.38% 42.82% 35.72% 22.37% 27.58% 50.03% 21.12% 8.73% 18.45% 28.21% 11.95% 13.46% 8.62% 12.53%

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).

The analysis of the quarterly financial ratios over the observed periods reveals distinct trends across key performance metrics. Revenue figures are normalized to 100% consistently, enabling clear comparison of expense and profit components as percentages of revenue.

Cost of Revenue
Cost of revenue as a percentage of revenue showed a general upward trend, increasing from approximately 14.63% in mid-2016 to around 18-19% in most recent periods of 2022. The highest recorded cost was near 21.83% in mid-2020, indicating a gradual increase in direct costs relative to revenue over the years.
Gross Profit
Correspondingly, the gross profit margin declined over the time period from about 85.37% in June 2016 to roughly 81% by late 2022. While there were fluctuations, the overall trend suggests a modest decrease in gross profitability, reflecting the rise in cost of revenue.
Research and Development Expenses
R&D expense as a percent of revenue displayed variability, initially at 15.2% in mid-2016, dropping to the low 11-12% range between 2017 and early 2019, and then increasing again to levels between 14% and 16% through 2022. A notable spike occurred around mid-2020 with R&D reaching above 15%, suggesting periods of intensified investment in research activities.
Selling, General and Administrative Expenses (SG&A)
SG&A expenses hovered mostly between 40% and 50% of revenue, showing a slight downward trend overall. Starting near 49.55% in June 2016, the ratio declined to approximately 40-43% during most of 2018 through 2020. Some variation is observed with values around 42-44% in late 2022, indicating some expense control but consistent significant selling and administrative cost structure.
Acquired In-Process Research and Development
This category shows sparse data, with a notable value of -45.72% in one period during 2021 and minor amounts around late 2021 and 2022, suggesting occasional, significant one-time expenses related to acquisition of research assets.
Income (Loss) From Operations
Operating income as a percent of revenue showed positive margins consistently, fluctuating mostly between 20% and 32% in most periods up to early 2021. A negative outlier occurred around June 2021 with a loss margin near -19.51%, followed by recovery to mid-20%s in subsequent quarters. This indicates overall operational profitability with occasional disruptions.
Interest and Other Income (Expense), Net
This line exhibits highly irregular values: generally low single digits but showing extraordinary spikes above 16% in early 2019 and 2021, and another very high value near 30.35% in late 2022. These spikes might correspond to non-recurring gains or losses from interest, investments, or unusual financial activities.
Income (Loss) Before Income Taxes
Pre-tax income mostly follows operating income trends but shows more pronounced highs and lows due to interest and other income/expense volatility. It peaked at nearly 50% in mid-2019, dropped to a low single-digit positive or negative zone in mid-2021, and again reached above 50% by late 2022. The wide swings suggest significant variability in financial results beyond core operations.
Income Tax (Provision) Benefit
Income tax rates as a percent of revenue varied substantially, with both positive and negative values, indicating periods of tax benefits or provisions. Notable positive tax benefits occurred mid-2017 and mid-2018, reaching above 20%, while many quarters showed tax provision charges between 4% and 12%. This variability hints at changing tax circumstances or adjustments.
Net Income (Loss)
Net income margins generally stayed positive, ranging from about 6% to over 50%, with some sharp peaks particularly around mid-2018 and mid-2019 above 40-50%. However, a significant loss close to -10.5% was recorded in mid-2021. Overall, net profitability reflects strong earnings capacity offset with occasional challenges likely related to operating disruptions and financial expense fluctuations.

In summary, the financial structure shows an increase in cost pressures on gross margins, consistent investment in R&D and sales/administration expenses, and generally strong operating profitability with some episodic losses. The volatile interest and other income/expense component contributes materially to pre-tax income swings, impacting net income volatility. Tax impacts fluctuate significantly, reflecting variable effective tax rates over time. The company demonstrates resilience with substantial net income generation despite inherent quarterly variability.