Income Statement
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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Abiomed Inc., consolidated income statement
US$ in thousands
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 Gross Profit
- Revenue has shown a consistent upward trend over the analyzed periods, increasing from approximately $445 million in 2017 to over $1 billion in 2022. Correspondingly, gross profit has also grown from about $375 million to approximately $844 million, reflecting effective cost management in relation to revenue growth despite rising costs of revenue.
- Cost of Revenue
- The cost of revenue increased steadily from approximately $71 million in 2017 to $188 million in 2022. Although this represents higher expenses, the increase was proportionate to revenue growth, allowing gross profit to still rise significantly.
- Research and Development Expenses
- Research and development expenses have increased steadily, growing from $66 million in 2017 to $163 million in 2022, nearly doubling over the period. This indicates an escalating investment in innovation and product development. The sharp rise in 2022 may partly reflect an intensified focus on advancing technologies or expanding the product pipeline.
- Selling, General and Administrative Expenses
- These expenses rose from $218 million in 2017 to $423 million in 2022. While the growth correlates with the company's expansion, the 2022 increment is particularly notable, aligning with increased operational scale and possibly higher marketing or administrative costs.
- Acquired In-Process Research and Development
- A new expense category appearing in 2022 shows an outflow of $116 million related to acquired in-process research and development, suggesting significant acquisition activity or investment in externally sourced innovation during that year.
- Income from Operations
- Operating income demonstrated growth from $90 million in 2017 to a high of approximately $249 million in 2020, followed by a decline to $141 million in 2022. The decrease in the most recent years despite rising revenue signals increased costs and investments impacting operational profitability.
- Interest and Other Income and Expense
- Interest and other income grew substantially, especially notable between 2019 and 2021, peaking at around $59 million in 2021 before slightly declining in 2022. Interest expense was minimal and only recorded in 2017 and 2018. The overall positive net interest contribution has supported income before taxes.
- Income Before Income Taxes
- Income before taxes rose sharply from $91 million in 2017 to a peak of $288 million in 2021, then declined to $191 million in 2022. The trend mirrors operating income patterns, influenced by operational earnings and interest income fluctuations.
- Income Tax Provision
- The income tax provision displayed variability, with a significant decrease in 2019 to about $4 million, followed by increases in subsequent years fluctuating between $54 million and $63 million. This variability impacts net income but remains relatively consistent as a proportion of pre-tax income in recent years.
- Net Income
- Net income showed strong growth, rising from $52 million in 2017 to a peak of $259 million in 2019, then fluctuating in subsequent years to about $137 million in 2022. While overall profitability improved over the period, the last two years exhibit downward pressure likely due to increased expenses and acquisitions.