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)

Microsoft Excel
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 financial performance from June 2016 through September 2022 is characterized by high gross margins and a general improvement in operating efficiency, although net profitability exhibits significant volatility due to non-operating items and tax adjustments.

Gross Profitability
Gross profit margins remained consistently high throughout the analyzed period, generally fluctuating between 80% and 85% of revenue. A marginal decline was observed in mid-2020, reaching a period low of 78.17% in June 2020, before recovering to levels above 81% by late 2022. This suggests a stable cost structure relative to revenue growth.
Operating Expense Trends
Selling, General and Administrative (SG&A) expenses showed a notable downward trend as a percentage of revenue, decreasing from approximately 49-51% in 2016 to a range of 40-43% between 2020 and 2022. This contraction indicates the realization of operating leverage. Research and Development (R&D) spending remained more volatile, typically oscillating between 11% and 17% of revenue, with a slight increase in intensity observed during 2021 and 2022.
Operating Income Performance
Income from operations generally improved from the 20-23% range in 2016 to peak around 31% in late 2018 and 2019. A significant outlier occurred in June 2021, where operating income dropped to -19.51% of revenue, directly attributable to a one-time charge for acquired in-process research and development amounting to 45.72% of revenue. Excluding this event, operating margins remained resilient, stabilizing between 21% and 26% in the final six quarters of the data set.
Net Income and Non-Operating Factors
Net income exhibited substantial quarterly variance. While operating income provided a steady base, "Interest and other income (expense), net" introduced significant volatility, most notably in September 2022, where it spiked to 30.35% of revenue, heavily inflating the pre-tax income for that quarter. Furthermore, income tax provisions varied widely, including a substantial tax benefit in June 2018 that contributed to a peak net income margin of 50.03%.

Overall, the trend indicates a transition toward higher operating efficiency and stable gross margins, though the bottom line remains sensitive to non-recurring R&D charges, fluctuating interest income, and variable tax effects.

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