Selected Financial Data
since 2005
Income Statement
Abiomed Inc., selected items from income statement, long-term trends
US$ in thousands
| 12 months ended: | Revenue | Income (loss) from operations | Net income (loss) |
|---|---|---|---|
| Mar 31, 2022 | 1,031,753) | 140,720) | 136,505) |
| Mar 31, 2021 | 847,522) | 229,557) | 225,525) |
| Mar 31, 2020 | 840,883) | 249,219) | 203,009) |
| Mar 31, 2019 | 769,432) | 224,812) | 259,016) |
| Mar 31, 2018 | 593,749) | 157,137) | 112,170) |
| Mar 31, 2017 | 445,304) | 90,138) | 52,116) |
| Mar 31, 2016 | 329,543) | 65,104) | 38,147) |
| Mar 31, 2015 | 230,311) | 28,666) | 113,688) |
| Mar 31, 2014 | 183,643) | 8,363) | 7,351) |
| Mar 31, 2013 | 158,124) | 16,543) | 15,014) |
| Mar 31, 2012 | 126,375) | 1,520) | 1,495) |
| Mar 31, 2011 | 101,151) | (11,185) | (11,755) |
| Mar 31, 2010 | 85,713) | (25,076) | (19,024) |
| Mar 31, 2009 | 73,210) | (29,518) | (31,597) |
| Mar 31, 2008 | 58,941) | (36,487) | (40,930) |
| Mar 31, 2007 | 50,649) | (28,511) | (27,881) |
| Mar 31, 2006 | 43,670) | (30,291) | (29,449) |
| Mar 31, 2005 | 38,216) | (3,253) | (2,342) |
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), 10-K (reporting date: 2016-03-31), 10-K (reporting date: 2015-03-31), 10-K (reporting date: 2014-03-31), 10-K (reporting date: 2013-03-31), 10-K (reporting date: 2012-03-31), 10-K (reporting date: 2011-03-31), 10-K (reporting date: 2010-03-31), 10-K (reporting date: 2009-03-31), 10-K (reporting date: 2008-03-31), 10-K (reporting date: 2007-03-31), 10-K (reporting date: 2006-03-31), 10-K (reporting date: 2005-03-31).
Revenue exhibited a consistent and accelerating upward trajectory over the analyzed period, growing from $38.2 million in 2005 to $1.03 billion by 2022. This represents a sustained expansion in market reach and scale, with the most significant growth acceleration occurring between 2014 and 2019.
- Revenue Growth Patterns
- Growth was steady during the initial phase from 2005 to 2011, with annual revenues increasing from $38.2 million to $101.2 million. A transition to rapid scaling began after 2012, with revenue surpassing $1 billion for the first time in 2022. The period between 2015 and 2019 was particularly aggressive, as revenue more than doubled from $230.3 million to $769.4 million.
- Operational Profitability and Margins
- The company operated at a loss from 2005 through 2011, with operating losses peaking at $36.5 million in 2008. A fundamental shift occurred in 2012, marking the first year of positive income from operations. Operational profitability grew substantially until reaching a peak of $249.2 million in 2020. However, a divergence is observed in 2021 and 2022; while revenue continued to climb to $1.03 billion, income from operations declined to $140.7 million, suggesting a contraction in operating margins during the final two years of the period.
- Net Income Volatility and Trends
- Net losses tracked closely with operating losses until 2011. Following the pivot to profitability in 2012, net income showed significant volatility. A notable spike occurred in 2015, where net income reached $113.7 million despite a lower operating income of $28.7 million, indicating the impact of non-operating gains or tax adjustments. Net income peaked in 2019 at $259.0 million before entering a downward trend, closing at $136.5 million in 2022.
Overall, the financial profile transitioned from a high-loss growth phase (2005–2011) to a high-profitability expansion phase (2012–2020). The most recent data indicates a period of revenue growth coupled with declining operational and net profitability, signaling a shift in the cost structure or pricing dynamics.
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Balance Sheet: Assets
Abiomed Inc., selected items from assets, long-term trends
US$ in thousands
| Current assets | Total assets | |
|---|---|---|
| Mar 31, 2022 | 976,473) | 1,673,393) |
| Mar 31, 2021 | 787,965) | 1,494,359) |
| Mar 31, 2020 | 635,863) | 1,216,462) |
| Mar 31, 2019 | 677,197) | 1,054,346) |
| Mar 31, 2018 | 494,271) | 786,375) |
| Mar 31, 2017 | 326,958) | 550,414) |
| Mar 31, 2016 | 288,392) | 423,931) |
| Mar 31, 2015 | 220,139) | 338,367) |
| Mar 31, 2014 | 117,966) | 205,407) |
| Mar 31, 2013 | 116,605) | 169,999) |
| Mar 31, 2012 | 110,539) | 153,911) |
| Mar 31, 2011 | 84,737) | 131,588) |
| Mar 31, 2010 | 82,668) | 129,570) |
| Mar 31, 2009 | 88,489) | 135,958) |
| Mar 31, 2008 | 71,503) | 118,031) |
| Mar 31, 2007 | 96,382) | 136,183) |
| Mar 31, 2006 | 46,443) | 78,537) |
| Mar 31, 2005 | 55,224) | 61,061) |
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), 10-K (reporting date: 2016-03-31), 10-K (reporting date: 2015-03-31), 10-K (reporting date: 2014-03-31), 10-K (reporting date: 2013-03-31), 10-K (reporting date: 2012-03-31), 10-K (reporting date: 2011-03-31), 10-K (reporting date: 2010-03-31), 10-K (reporting date: 2009-03-31), 10-K (reporting date: 2008-03-31), 10-K (reporting date: 2007-03-31), 10-K (reporting date: 2006-03-31), 10-K (reporting date: 2005-03-31).
The asset trajectory between 2005 and 2022 is characterized by an initial period of relative stability followed by a phase of aggressive exponential expansion.
- Total Asset Expansion
- Total assets exhibited a slow growth pattern from 2005 to 2011, fluctuating between $61 million and $136 million. A transition toward accelerated growth began in 2012, with assets exceeding $200 million by 2014. From 2015 onward, the company entered a phase of rapid scaling, with total assets increasing from $338 million in 2014 to $1.67 billion by 2022, representing a substantial increase in the overall balance sheet size.
- Current Asset Growth and Inflection Points
- Current assets followed a similar trajectory to total assets, remaining under $100 million for the first seven years of the period. A significant inflection point occurred in 2015, where current assets rose from $117.9 million in 2014 to $220.1 million. This upward trend continued with minimal interruption, culminating in a peak of $976.5 million in 2022, indicating a massive increase in short-term liquidity and working capital.
- Asset Composition and Liquidity Analysis
- The relationship between current assets and total assets suggests a consistent prioritization of liquidity. In the early years, current assets represented a large portion of the total asset base. This trend persisted during the high-growth phase; between 2018 and 2022, current assets consistently comprised over 50% of total assets. This pattern indicates that the company scaled its liquid resources in proportion to its total asset growth, maintaining a flexible financial position despite the rapid increase in total asset value.
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Balance Sheet: Liabilities and Stockholders’ Equity
Abiomed Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in thousands
| Current liabilities | Total liabilities | Capital lease obligation | Stockholders’ equity | |
|---|---|---|---|---|
| Mar 31, 2022 | 138,457) | 170,067) | —) | 1,503,326) |
| Mar 31, 2021 | 128,969) | 164,684) | —) | 1,329,675) |
| Mar 31, 2020 | 131,885) | 150,996) | —) | 1,065,466) |
| Mar 31, 2019 | 105,998) | 117,456) | —) | 936,890) |
| Mar 31, 2018 | 84,682) | 96,851) | —) | 689,524) |
| Mar 31, 2017 | 69,617) | 98,343) | 16,338) | 452,071) |
| Mar 31, 2016 | 46,541) | 55,156) | —) | 368,775) |
| Mar 31, 2015 | 39,319) | 46,807) | —) | 291,560) |
| Mar 31, 2014 | 30,411) | 37,054) | —) | 168,353) |
| Mar 31, 2013 | 27,056) | 32,919) | —) | 137,080) |
| Mar 31, 2012 | 22,415) | 27,614) | —) | 126,297) |
| Mar 31, 2011 | 22,343) | 26,845) | —) | 104,743) |
| Mar 31, 2010 | 18,064) | 21,614) | —) | 107,956) |
| Mar 31, 2009 | 17,579) | 19,975) | —) | 115,983) |
| Mar 31, 2008 | 19,476) | 24,437) | —) | 93,594) |
| Mar 31, 2007 | 12,897) | 14,088) | —) | 122,095) |
| Mar 31, 2006 | 8,739) | 9,049) | —) | 69,488) |
| Mar 31, 2005 | 4,882) | 4,882) | —) | 56,179) |
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), 10-K (reporting date: 2016-03-31), 10-K (reporting date: 2015-03-31), 10-K (reporting date: 2014-03-31), 10-K (reporting date: 2013-03-31), 10-K (reporting date: 2012-03-31), 10-K (reporting date: 2011-03-31), 10-K (reporting date: 2010-03-31), 10-K (reporting date: 2009-03-31), 10-K (reporting date: 2008-03-31), 10-K (reporting date: 2007-03-31), 10-K (reporting date: 2006-03-31), 10-K (reporting date: 2005-03-31).
The financial trajectory from 2005 to 2022 is characterized by a substantial expansion of the balance sheet, primarily driven by a massive increase in stockholders' equity. While liabilities have grown in absolute terms, the rate of equity accumulation has significantly outpaced the growth of debt, resulting in a highly conservative capital structure.
- Liability Trends
- Current liabilities exhibited a consistent upward trend, rising from 4,882 thousand US dollars in 2005 to 138,457 thousand US dollars by 2022. Total liabilities followed a similar trajectory, increasing from 4,882 thousand US dollars to 170,067 thousand US dollars over the same period. For the majority of the observed timeframe, total liabilities remained closely aligned with current liabilities, suggesting a minimal reliance on long-term debt. A notable exception occurred in 2017 with the recording of a capital lease obligation of 16,338 thousand US dollars, which contributed to a temporary widening of the gap between current and total liabilities.
- Stockholders' Equity Growth
- Stockholders' equity demonstrated exponential growth, increasing from 56,179 thousand US dollars in 2005 to 1,503,326 thousand US dollars in 2022. The growth accelerated markedly after 2014, with equity jumping from 168,353 thousand US dollars in 2014 to over 1.5 billion US dollars by 2022. This rapid accumulation indicates strong retained earnings or significant capital infusions, providing a robust financial cushion.
- Capital Structure and Solvency
- The relationship between liabilities and equity indicates a very low-leverage financial profile. Throughout the 17-year period, stockholders' equity consistently dwarfed total liabilities. By 2022, the total liabilities represented approximately 11.3% of the total stockholders' equity. This trend highlights a strategic preference for equity-based financing over debt, ensuring a high degree of solvency and a low risk of financial distress.
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Cash Flow Statement
Abiomed Inc., selected items from cash flow statement, long-term trends
US$ in thousands
| 12 months ended: | Net cash provided by (used for) operating activities | Net cash (used for) provided by investing activities | Net cash provided by (used for) financing activities |
|---|---|---|---|
| Mar 31, 2022 | 285,390) | (380,990) | (2,202) |
| Mar 31, 2021 | 274,578) | (223,344) | (8,067) |
| Mar 31, 2020 | 314,920) | (125,455) | (117,715) |
| Mar 31, 2019 | 252,197) | (116,455) | (55,775) |
| Mar 31, 2018 | 192,546) | (180,762) | (9,137) |
| Mar 31, 2017 | 115,116) | (126,333) | 3,867) |
| Mar 31, 2016 | 76,795) | (57,710) | 7,160) |
| Mar 31, 2015 | 43,290) | (49,863) | 9,523) |
| Mar 31, 2014 | 23,466) | (22,272) | 9,632) |
| Mar 31, 2013 | 26,399) | (10,265) | (11,811) |
| Mar 31, 2012 | 3,634) | (17,480) | 14,680) |
| Mar 31, 2011 | 1,574) | (2,352) | 1,374) |
| Mar 31, 2010 | (7,362) | 8,818) | 979) |
| Mar 31, 2009 | (18,305) | (26,805) | 46,230) |
| Mar 31, 2008 | (28,874) | (40,905) | 2,070) |
| Mar 31, 2007 | (19,820) | 15,095) | 66,557) |
| Mar 31, 2006 | (9,339) | 7,369) | 2,093) |
| Mar 31, 2005 | (5,164) | 1,916) | 4,087) |
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), 10-K (reporting date: 2016-03-31), 10-K (reporting date: 2015-03-31), 10-K (reporting date: 2014-03-31), 10-K (reporting date: 2013-03-31), 10-K (reporting date: 2012-03-31), 10-K (reporting date: 2011-03-31), 10-K (reporting date: 2010-03-31), 10-K (reporting date: 2009-03-31), 10-K (reporting date: 2008-03-31), 10-K (reporting date: 2007-03-31), 10-K (reporting date: 2006-03-31), 10-K (reporting date: 2005-03-31).
The cash flow profile demonstrates a comprehensive transition from a capital-consuming developmental phase to a highly cash-generative mature operation over the analyzed period.
- Operating Activities
- A distinct shift in operational viability occurred between 2005 and 2011. From 2005 through 2010, the company experienced consistent net cash outflows from operating activities, with the peak deficit reaching 28.8 million US dollars in 2008. A critical inflection point was reached in 2011, marking the first instance of positive operating cash flow. Following this pivot, operating cash flows entered a period of exponential growth, rising from 1.5 million US dollars in 2011 to a peak of 314.9 million US dollars in 2020. The most recent figures for 2021 and 2022 indicate a stabilization of operating cash flows in the 274 million to 285 million US dollar range.
- Investing Activities
- Investing activities transitioned from net inflows in the earliest years to aggressive and increasing outflows. Between 2005 and 2007, positive cash flows were recorded, suggesting the liquidation of assets or divestments. From 2008 onward, a permanent shift toward net cash usage occurred, reflecting sustained capital expenditure or strategic acquisitions. These outflows accelerated significantly in the later years, escalating from 22.2 million US dollars in 2014 to 380.9 million US dollars by 2022, indicating a substantial increase in the scale of reinvestment into the business.
- Financing Activities
- The financing strategy evolved from external capital reliance to capital return. From 2005 to 2016, financing activities were predominantly positive, used to fund operating deficits and early investments, with notable inflows in 2007 and 2009. As operating cash flows became sufficient to fund growth, the reliance on external financing diminished. Starting in 2018, the trend reversed to net cash outflows, peaking at 117.7 million US dollars in 2020, which is characteristic of debt repayment, share repurchases, or dividend distributions.
The overall financial trajectory indicates a company that has successfully scaled its operations to achieve self-sufficiency. The ability to fund massive increases in investing activities and transition to negative financing activities is directly supported by the rapid expansion of net cash provided by operating activities.
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Per Share Data
Abiomed Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Mar 31, 2022 | 3.00 | 2.98 | 0.00 |
| Mar 31, 2021 | 5.00 | 4.94 | 0.00 |
| Mar 31, 2020 | 4.49 | 4.43 | 0.00 |
| Mar 31, 2019 | 5.77 | 5.61 | 0.00 |
| Mar 31, 2018 | 2.54 | 2.45 | 0.00 |
| Mar 31, 2017 | 1.21 | 1.17 | 0.00 |
| Mar 31, 2016 | 0.90 | 0.85 | 0.00 |
| Mar 31, 2015 | 2.80 | 2.65 | 0.00 |
| Mar 31, 2014 | 0.19 | 0.18 | 0.00 |
| Mar 31, 2013 | 0.38 | 0.37 | 0.00 |
| Mar 31, 2012 | 0.04 | 0.04 | 0.00 |
| Mar 31, 2011 | -0.32 | -0.32 | 0.00 |
| Mar 31, 2010 | -0.52 | -0.52 | 0.00 |
| Mar 31, 2009 | -0.91 | -0.91 | 0.00 |
| Mar 31, 2008 | -1.26 | -1.26 | 0.00 |
| Mar 31, 2007 | -1.03 | -1.03 | 0.00 |
| Mar 31, 2006 | -1.15 | -1.15 | 0.00 |
| Mar 31, 2005 | -0.11 | -0.11 | 0.00 |
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), 10-K (reporting date: 2016-03-31), 10-K (reporting date: 2015-03-31), 10-K (reporting date: 2014-03-31), 10-K (reporting date: 2013-03-31), 10-K (reporting date: 2012-03-31), 10-K (reporting date: 2011-03-31), 10-K (reporting date: 2010-03-31), 10-K (reporting date: 2009-03-31), 10-K (reporting date: 2008-03-31), 10-K (reporting date: 2007-03-31), 10-K (reporting date: 2006-03-31), 10-K (reporting date: 2005-03-31).
1, 2, 3 Data adjusted for splits and stock dividends.
The financial performance per share from 2005 to 2022 is characterized by a distinct transition from sustained operational losses to significant profitability, followed by a period of volatility in recent years.
- Earnings Per Share (EPS) Trend
- A prolonged period of negative earnings is observed between 2005 and 2011, with the deepest losses occurring in 2008 at -1.26 USD per share. A critical inflection point occurred in 2012, marking the first instance of positive basic earnings (0.04 USD) and diluted earnings (0.04 USD). Following this transition, a trajectory of aggressive growth was established, culminating in a peak basic EPS of 5.77 USD in 2019.
- Recent Profitability Volatility
- Following the 2019 peak, earnings exhibited fluctuations. While a recovery to 5.00 USD was noted in 2021, a significant contraction occurred by March 31, 2022, where basic EPS decreased to 3.00 USD. This represents a decline from the five-year high, though earnings remain substantially above the historical baseline of the previous decade.
- Basic versus Diluted Earnings
- There is a consistent and narrow correlation between basic and diluted earnings per share throughout the entire period. The marginal difference between the two suggests a limited impact from dilutive securities, such as stock options or convertible bonds, on the overall earnings available to common shareholders.
- Dividend Distribution
- No dividend payments were recorded during the analyzed period. The absence of dividends indicates a corporate strategy focused on the retention of earnings to fund growth, research, or debt reduction rather than returning capital to shareholders through direct payouts.
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