Name: Abiomed Inc. (NASDAQ:ABMD) | Income Statement
Creator: Stock Analysis on Net

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

12 months ended:	Mar 31, 2022	Mar 31, 2021	Mar 31, 2020	Mar 31, 2019	Mar 31, 2018	Mar 31, 2017
Revenue	1,031,753)	847,522)	840,883)	769,432)	593,749)	445,304)
Cost of revenue	(188,158)	(161,907)	(151,305)	(129,567)	(98,581)	(70,627)
Gross profit	843,595)	685,615)	689,578)	639,865)	495,168)	374,677)
Research and development	(163,403)	(121,875)	(98,759)	(93,503)	(75,297)	(66,386)
Selling, general and administrative	(423,486)	(334,183)	(341,600)	(321,550)	(262,734)	(218,153)
Acquired in-process research and development	(115,986)	—)	—)	—)	—)	—)
Income from operations	140,720)	229,557)	249,219)	224,812)	157,137)	90,138)
Interest and other income, net	49,840)	58,663)	7,606)	38,548)	3,602)	1,559)
Interest expense	—)	—)	—)	—)	(302)	(354)
Income before income taxes	190,560)	288,220)	256,825)	263,360)	160,437)	91,343)
Income tax provision	(54,055)	(62,695)	(53,816)	(4,344)	(48,267)	(39,227)
Net income	136,505)	225,525)	203,009)	259,016)	112,170)	52,116)

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 exhibited consistent growth over the six-year period, increasing from US$ 445.3 million in 2017 to US$ 1.03 billion in 2022. This expansion was accompanied by a proportional increase in gross profit, which rose from US$ 374.7 million to US$ 843.6 million. The gross profit margin remained high and relatively stable throughout the period, reflecting a strong ability to maintain pricing power relative to the cost of revenue.

Operating Expense Trends: Research and development (R&D) expenditures showed a continuous upward trend, growing from US$ 66.4 million in 2017 to US$ 163.4 million in 2022. Similarly, selling, general, and administrative (SG&A) expenses increased from US$ 218.2 million in 2017 to US$ 423.5 million in 2022. The acceleration of these expenses, particularly in the final year, indicates a period of intensified investment in product development and market expansion.
Operating Income Performance: Income from operations grew steadily from 2017, reaching a peak of US$ 249.2 million in 2020. However, a notable decline occurred in 2022, with operating income falling to US$ 140.7 million. This contraction is primarily attributed to a one-time charge of US$ 115.9 million for acquired in-process research and development, alongside the aforementioned increases in R&D and SG&A costs.
Net Income and Bottom-Line Volatility: Net income experienced significant fluctuations, peaking at US$ 259.0 million in 2019 before declining to US$ 136.5 million by 2022. While revenue grew, the bottom line was impacted by variable income tax provisions and the spike in operating expenses in the latter years. Interest and other income, net, provided a positive contribution to the pre-tax income, particularly in 2019, 2021, and 2022, which partially offset the decline in operational profitability.

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