Analysis of Geographic Areas
Abiomed Inc. operates in 3 regions: United States; Europe; and Japan.
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- Cash Flow Statement
- Common-Size Balance Sheet: Assets
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Price to Book Value (P/BV) since 2005
- Analysis of Revenues
- Analysis of Debt
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Area Asset Turnover
Abiomed Inc., asset turnover by geographic area
| Mar 31, 2022 | Mar 31, 2021 | Mar 31, 2020 | Mar 31, 2019 | Mar 31, 2018 | Mar 31, 2017 | |
|---|---|---|---|---|---|---|
| United States | ||||||
| Europe | ||||||
| Japan |
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).
- United States Asset Turnover
- The asset turnover ratio in the United States demonstrates a general downward trend from 2017 to 2021, decreasing from 6.28 in 2017 to a low of 4.88 in 2021. Notably, this ratio peaked initially at 6.55 in 2019 before starting to decline. In 2022, there is a rebound to 5.68, indicating an improvement in asset utilization after the previous declining period.
- Europe Asset Turnover
- Data for Europe begins in 2019 with a ratio of 1.32. Since then, the ratio increased in 2020 to 2.02, followed by a slight decrease to 1.79 in 2021. In 2022, the ratio rose again to 2.22, representing an overall upward trend from the initial entry point and suggesting enhanced efficiency in asset use within this region over the observed period.
- Japan Asset Turnover
- The asset turnover in Japan is recorded only for the last two years, with a high figure of 16.8 in 2021, which then dropped to 9.87 in 2022. Despite the decrease, the ratio remains significantly higher compared to other regions, indicating very efficient asset utilization in Japan, albeit with some volatility.
- Overall Trends and Insights
- The United States, representing the longest trend data, shows a moderate decline followed by recovery, suggesting fluctuations in operational efficiency or changes in asset base usage. Europe exhibits growth in asset turnover since data became available, pointing to improving performance or market conditions. Japan shows very high turnover ratios but with considerable variation, indicating possible recent expansions or optimization efforts that might require further investigation for sustainability.
Area Asset Turnover: United States
Abiomed Inc.; United States; area asset turnover calculation
| Mar 31, 2022 | Mar 31, 2021 | Mar 31, 2020 | Mar 31, 2019 | Mar 31, 2018 | Mar 31, 2017 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Revenue | ||||||
| Long-lived assets, net excluding goodwill and other intangible assets | ||||||
| Area Activity Ratio | ||||||
| Area asset turnover1 | ||||||
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).
1 2022 Calculation
Area asset turnover = Revenue ÷ Long-lived assets, net excluding goodwill and other intangible assets
= ÷ =
- Revenue
- The revenue demonstrated a consistent upward trend from 2017 through 2022, increasing from 405,781 thousand US dollars in 2017 to 837,613 thousand US dollars in 2022. Notably, revenue growth accelerated significantly from 2018 to 2019 and again from 2021 to 2022, despite a small decline observed between 2020 and 2021.
- Long-lived assets, net excluding goodwill and other intangible assets
- There was a steady increase in the net long-lived assets excluding goodwill and other intangible assets over the six-year period. Beginning at 64,577 thousand US dollars in 2017, these assets grew consistently each year, reaching 147,403 thousand US dollars in 2022. The rise suggests ongoing investments or acquisitions of physical capital.
- Area asset turnover
- The area asset turnover ratio exhibited a fluctuating pattern. It showed moderate growth from 6.28 in 2017 to 6.55 in 2019, indicating improving efficiency in generating revenue from asset base during that period. However, the ratio declined substantially in 2020 and 2021 to levels of 5.43 and 4.88 respectively, pointing to reduced efficiency. In 2022, the ratio rebounded somewhat to 5.68 but remained below the peak level of 2019. This pattern may reflect changes in asset utilization or revenue generation relative to asset base over time.
Area Asset Turnover: Europe
Abiomed Inc.; Europe; area asset turnover calculation
| Mar 31, 2022 | Mar 31, 2021 | Mar 31, 2020 | Mar 31, 2019 | Mar 31, 2018 | Mar 31, 2017 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Revenue | ||||||
| Long-lived assets, net excluding goodwill and other intangible assets | ||||||
| Area Activity Ratio | ||||||
| Area asset turnover1 | ||||||
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).
1 2022 Calculation
Area asset turnover = Revenue ÷ Long-lived assets, net excluding goodwill and other intangible assets
= ÷ =
- Revenue Trends
- Revenue in the Europe geographic area exhibits a strong upward trajectory from fiscal year 2020 through fiscal year 2022. Starting at $57,460 thousand in 2020, revenue increased substantially to $94,266 thousand in 2021, representing a nearly 64% growth. This positive trend continued into 2022 with revenue reaching $105,320 thousand, and further rising to $131,909 thousand, reflecting consistent robust expansion within the region.
- Long-lived Assets, Net (Excluding Goodwill and Other Intangibles)
- The net value of long-lived assets, excluding goodwill and intangible assets, showed a continuous increase over the period from 2017 to 2022. Beginning at $23,200 thousand in 2017, these assets grew steadily each year and peaked at $59,368 thousand in 2022. The growth was particularly pronounced between 2019 and 2021, when the asset base expanded from $43,400 thousand to $58,865 thousand, suggesting ongoing investment or capital expenditure likely aligned with business growth.
- Area Asset Turnover Ratio
- The area asset turnover ratio, which measures revenue generated per dollar of assets, displayed variability but overall improvement from 2019 to 2022. The ratio rose from 1.32 in 2019 to a high of 2.22 in 2022. There was a notable increase from 2019 to 2021, indicating improved efficiency or higher utilization of assets in generating revenue. Although there was a slight dip to 1.79 in 2021, the rebound to 2.22 in 2022 demonstrates enhanced operational productivity in the region.
- Overall Insights
- The data indicates substantial revenue growth in the Europe segment accompanied by consistent increases in the asset base. The rising asset turnover ratio, particularly from 2019 onwards, suggests that the company has effectively leveraged its assets to generate higher revenue during this period. These trends collectively point to successful expansion and improved asset management within the geographic area.
Area Asset Turnover: Japan
Abiomed Inc.; Japan; area asset turnover calculation
| Mar 31, 2022 | Mar 31, 2021 | Mar 31, 2020 | Mar 31, 2019 | Mar 31, 2018 | Mar 31, 2017 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Revenue | ||||||
| Long-lived assets, net excluding goodwill and other intangible assets | ||||||
| Area Activity Ratio | ||||||
| Area asset turnover1 | ||||||
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).
1 2022 Calculation
Area asset turnover = Revenue ÷ Long-lived assets, net excluding goodwill and other intangible assets
= ÷ =
- Revenue Trends
-
The revenue for the Japan geographic area begins with data available only from the fiscal year ending March 31, 2020, at $17,502 thousand. There is a significant year-over-year growth observed:
- From 2020 to 2021, revenue doubled, increasing to $35,215 thousand.
- In 2021 to 2022, revenue continued to grow but at a reduced pace, rising approximately 22% to $42,868 thousand.
- For the fiscal year ending March 31, 2023, revenue further increased to $51,694 thousand, maintaining a solid upward trajectory.
- Long-lived Assets, Net (Excluding Goodwill and Other Intangible Assets)
- Data on long-lived assets, net of goodwill and other intangible assets, is available only for the fiscal years ending 2021 and 2022. These assets grew notably from $2,552 thousand in 2021 to $5,237 thousand in 2022, representing approximately a doubling in this one-year span. This sharp increase suggests significant capital investment or asset acquisition during this period, which may support the revenue growth and operational scaling observed.
- Area Asset Turnover Ratio
-
The area asset turnover ratio, which measures revenue generated per unit of long-lived assets, is reported for the fiscal years 2021 and 2022 only.
- In 2021, the ratio was exceptionally high at 16.8, indicating highly efficient use of assets in generating revenue.
- In 2022, this ratio decreased to 9.87, suggesting that while asset base expanded substantially, revenue growth did not increase at the same proportional rate.
- Consolidated Insights
- From the available data, the Japan geographic area has exhibited a phase of strong revenue expansion starting in 2020, coinciding with increases in the asset base as of 2021 and 2022. The initial high asset turnover ratio followed by its decline may reflect the company's investment in fixed assets to support ongoing growth. This pattern is typical of an expanding operation investing in capacity or infrastructure to sustain future revenue increases. The data limitations prior to 2020 and for some financial measures restrict deeper trend analysis, but the most recent years indicate a positive growth trajectory supported by asset accumulation.
Revenue
Abiomed Inc., revenue by geographic area
US$ in thousands
| Mar 31, 2022 | Mar 31, 2021 | Mar 31, 2020 | Mar 31, 2019 | Mar 31, 2018 | Mar 31, 2017 | |
|---|---|---|---|---|---|---|
| United States | ||||||
| Europe | ||||||
| Japan | ||||||
| Rest of world | ||||||
| Outside the U.S. | ||||||
| Total |
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 Trends in the United States
- The revenue generated in the United States showed steady growth from 2017 to 2022, increasing from approximately $406 million in 2017 to about $838 million in 2022. The most significant annual increase occurred between 2021 and 2022, where revenue grew by roughly $146 million. Despite a slight dip in 2021 compared to 2020, the overall trajectory remained upward over the period analyzed.
- Revenue Trends in Europe
- Revenue data for Europe begins in 2019, revealing a consistent upward trend from $57.5 million in 2019 to approximately $132 million in 2022. The growth was steady year-over-year, with the European market more than doubling its revenue in the four-year span, indicating expanding market presence or increased sales in this region.
- Revenue Trends in Japan
- Starting from 2019, Japan's revenue demonstrated continuous growth from about $17.5 million to $51.7 million in 2022. This represents nearly a threefold increase, highlighting a positive trend and growing importance of this geographic segment in overall revenues.
- Revenue Trends in the Rest of the World
- The "Rest of the World" category showed fluctuating revenue with an initial increase from roughly $39.5 million in 2017 to $67.1 million in 2018, followed by a sharp decline to $29.4 million in 2019 and further drops in subsequent years, reaching just over $10.5 million in 2022. This suggests challenges or reduced sales in markets outside the US, Europe, and Japan during the period analyzed.
- Outside the United States Revenue
- Aggregating regions outside the United States shows a rise from $39.5 million in 2017 to $194.1 million in 2022. This total reflects the combined effects of the growth in Europe and Japan, which outweighed the decline in the "Rest of the World" category, resulting in a strong overall increase in non-U.S. revenues.
- Total Revenue Overview
- Total revenue consistently increased each year from $445.3 million in 2017 to $1.03 billion in 2022. The growth trend underscores robust overall expansion, fueled by substantial contributions from both the U.S. and international markets. The relative share of international revenue also grew during this period, supported mainly by gains in Europe and Japan.
Long-lived assets, net excluding goodwill and other intangible assets
Abiomed Inc., long-lived assets, net excluding goodwill and other intangible assets by geographic area
US$ in thousands
| Mar 31, 2022 | Mar 31, 2021 | Mar 31, 2020 | Mar 31, 2019 | Mar 31, 2018 | Mar 31, 2017 | |
|---|---|---|---|---|---|---|
| United States | ||||||
| Europe | ||||||
| Japan | ||||||
| Outside the U.S. | ||||||
| Total |
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).
The analysis of long-lived assets, net of goodwill and other intangible assets, over the period from 2017 to 2022 reveals a consistent upward trend across most geographic areas. Total assets exhibit steady growth each year, indicating ongoing investments or asset acquisition over time.
- United States
- The United States has shown continuous and substantial growth in long-lived assets, increasing from $64.6 million in 2017 to $147.4 million in 2022. This represents more than a twofold increase over the six-year period. The growth appears steady year-over-year, reflecting possible expansions or capital investments primarily concentrated in the domestic market.
- Europe
- Europe's assets also show a positive growth trajectory, rising from $23.2 million in 2017 to $59.4 million in 2022. The increase is notable in 2018 and 2021, with assets rising from $23.2 million to $35.5 million and then from $46.7 million to $58.9 million respectively. The growth rate is less rapid compared to the U.S. but still significant, indicating increasing asset presence in this region.
- Japan
- Long-lived assets in Japan were reported only in 2021 and 2022, starting at $2.6 million and doubling to $5.2 million within one year. The appearance of assets in Japan from 2021 onward indicates recent expansion or investment in the Japanese market.
- Outside the U.S.
- Assets outside the U.S., representing Europe and Japan, have increased from $23.2 million in 2017 to $64.6 million in 2022. Growth here has been steady, with a small acceleration in the addition of Japan's assets contributing to the overall increase in the last two years.
- Total Long-Lived Assets
- Total assets grew from $87.8 million in 2017 to $212.0 million in 2022, reflecting consistent expansion. The compound annual growth rate over this period is robust, showing the company’s commitment to capital investment across regions, with a dominant share held by the United States.
Overall, the data highlights a clear and steady increase in long-lived assets across all regions, with the United States constituting the largest portion. The inclusion of Japan starting in 2021 represents geographic diversification. These trends suggest ongoing capital investment and asset base expansion, supporting potential growth and operational scaling in various geographic segments.