Analysis of Geographic Areas
Abiomed Inc. operates in 3 regions: United States; Europe; and Japan.
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 | 5.68 | 4.88 | 5.43 | 6.55 | 6.45 | 6.28 |
| Europe | 2.22 | 1.79 | 2.02 | 1.32 | 0.00 | 0.00 |
| Japan | 9.87 | 16.80 | — | — | — | — |
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).
Analysis of regional asset turnover efficiency reveals distinct operational patterns across the United States, Europe, and Japan, characterized by a mature but fluctuating US market and expanding international footprints with varying levels of asset utilization.
- United States Asset Turnover
- The United States demonstrated a period of increasing efficiency between 2017 and 2019, with the ratio rising from 6.28 to a peak of 6.55. A subsequent decline was observed during 2020 and 2021, with the ratio reaching a low of 4.88. By 2022, a partial recovery occurred, with the ratio increasing to 5.68. This pattern suggests a period of asset expansion or revenue volatility during the 2020-2021 period followed by a return toward previous efficiency levels.
- European Asset Turnover
- Reporting for Europe commenced in 2019 with an initial ratio of 1.32. An overall upward trend is evident through 2022, where the ratio reached 2.22. Despite a moderate contraction to 1.79 in 2021, the general trajectory indicates a steady improvement in the effectiveness of asset deployment within the European market.
- Japanese Asset Turnover
- Japan entered the analysis in 2021 with an exceptionally high turnover ratio of 16.80, significantly exceeding the ratios of other geographic areas. However, a sharp decrease was recorded in 2022, with the ratio falling to 9.87. This significant reduction suggests a shift from an initial lean operational phase to a more asset-intensive infrastructure as the regional presence matured.
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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 | 837,613) | 691,579) | 705,409) | 665,082) | 526,685) | 405,781) |
| Long-lived assets, net excluding goodwill and other intangible assets | 147,403) | 141,821) | 129,991) | 101,605) | 81,667) | 64,577) |
| Area Activity Ratio | ||||||
| Area asset turnover1 | 5.68 | 4.88 | 5.43 | 6.55 | 6.45 | 6.28 |
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
= 837,613 ÷ 147,403 = 5.68
The financial performance for the United States area demonstrates a period of significant revenue expansion coupled with a steady increase in the underlying asset base. While overall growth is evident, the efficiency of asset utilization experienced a period of volatility between 2019 and 2021 before beginning a recovery in 2022.
- Revenue Trends
- Revenue exhibited a strong upward trajectory for the majority of the period, growing from 405,781 thousand US$ in 2017 to 837,613 thousand US$ by 2022. A minor contraction occurred in 2021, where revenue decreased slightly to 691,579 thousand US$ from 705,409 thousand US$ in the prior year, followed by a substantial increase in the final year of the analysis.
- Long-Lived Asset Accumulation
- Net long-lived assets, excluding goodwill and other intangible assets, showed consistent and uninterrupted growth. The asset base increased from 64,577 thousand US$ in 2017 to 147,403 thousand US$ in 2022. This represents a steady capital investment strategy throughout the six-year period.
- Area Asset Turnover Analysis
- The area asset turnover ratio reflects shifting efficiencies in how assets were utilized to generate revenue. The ratio initially improved, peaking at 6.55 in 2019, indicating that revenue growth was outpacing asset accumulation. However, a downward trend followed, with the ratio falling to 5.43 in 2020 and reaching a period low of 4.88 in 2021. This decline suggests that asset growth exceeded revenue gains during this timeframe. By 2022, the ratio recovered to 5.68, driven by a significant surge in revenue that outpaced the growth of long-lived assets.
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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 | 131,909) | 105,320) | 94,266) | 57,460) | —) | —) |
| Long-lived assets, net excluding goodwill and other intangible assets | 59,368) | 58,865) | 46,700) | 43,400) | 35,500) | 23,200) |
| Area Activity Ratio | ||||||
| Area asset turnover1 | 2.22 | 1.79 | 2.02 | 1.32 | 0.00 | 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).
1 2022 Calculation
Area asset turnover = Revenue ÷ Long-lived assets, net excluding goodwill and other intangible assets
= 131,909 ÷ 59,368 = 2.22
The operational performance in Europe is characterized by significant revenue growth and a steady expansion of the asset base between 2017 and 2022. Revenue increased from 57,460 thousand US dollars in 2019 to 131,909 thousand US dollars in 2022, representing a substantial upward trajectory in market penetration and sales volume.
- Asset Base Expansion
- Net long-lived assets, excluding goodwill and intangible assets, showed a consistent increase over the six-year period. Starting at 23,200 thousand US dollars in 2017, the asset base grew to 59,368 thousand US dollars by March 31, 2022. The most rapid phase of asset accumulation occurred between 2017 and 2019, with a more moderate increase observed between 2021 and 2022.
- Area Asset Turnover Trends
- The area asset turnover ratio indicates a general improvement in the efficiency of utilizing long-lived assets to generate revenue. The ratio rose sharply from 1.32 in 2019 to 2.02 in 2020, suggesting that revenue growth significantly outpaced asset investment during that period.
- Efficiency Fluctuations and Peak Performance
- A slight decline in asset turnover to 1.79 was observed in 2021, coinciding with a period where long-lived assets grew by approximately 26% while revenue grew by roughly 11%. However, this was followed by a recovery to a peak ratio of 2.22 in 2022. This final increase demonstrates an optimized relationship between the investment in physical infrastructure and the resulting revenue generation, marking the highest level of asset productivity within the analyzed timeframe.
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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 | 51,694) | 42,868) | 35,215) | 17,502) | —) | —) |
| Long-lived assets, net excluding goodwill and other intangible assets | 5,237) | 2,552) | —) | —) | —) | —) |
| Area Activity Ratio | ||||||
| Area asset turnover1 | 9.87 | 16.80 | — | — | — | — |
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
= 51,694 ÷ 5,237 = 9.87
Revenue in the Japanese market demonstrates a consistent and strong growth trajectory from 2019 through 2022. Starting at $17.5 million in 2019, figures increased to $51.7 million by March 31, 2022, reflecting a significant expansion of the regional market presence.
- Revenue Growth Trends
- A substantial upward trend in revenue is observed, characterized by a notable surge between 2019 and 2020 where figures nearly doubled. This growth momentum was maintained over the subsequent two fiscal years, with annual increases of approximately 21% to 22%.
- Asset Base Expansion
- Long-lived assets, net of goodwill and intangibles, saw a sharp increase in the most recent reporting period. Assets rose from $2.6 million in 2021 to $5.2 million in 2022, representing a growth of approximately 105%.
- Area Asset Turnover Analysis
- The area asset turnover ratio experienced a significant decline from 16.80 in 2021 to 9.87 in 2022. This contraction indicates that the rate of investment in long-lived assets significantly outpaced the growth in revenue during the final year. While the ratio remains high, the downward trend suggests a transition toward a more capital-intensive operational structure to support the expanding Japanese market.
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Revenue
Abiomed Inc., revenue by geographic area
US$ in thousands
| Mar 31, 2022 | Mar 31, 2021 | Mar 31, 2020 | Mar 31, 2019 | Mar 31, 2018 | Mar 31, 2017 | |
|---|---|---|---|---|---|---|
| United States | 837,613) | 691,579) | 705,409) | 665,082) | 526,685) | 405,781) |
| Europe | 131,909) | 105,320) | 94,266) | 57,460) | —) | —) |
| Japan | 51,694) | 42,868) | 35,215) | 17,502) | —) | —) |
| Rest of world | 10,537) | 7,755) | 5,993) | 29,388) | 67,064) | 39,523) |
| Outside the U.S. | 194,140) | 155,943) | 135,474) | 104,350) | 67,064) | 39,523) |
| Total | 1,031,753) | 847,522) | 840,883) | 769,432) | 593,749) | 445,304) |
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).
Total revenue exhibited a consistent upward trajectory from fiscal year 2017 to 2022, increasing from $445,304 thousand to $1,031,753 thousand. This overall growth reflects an expansion in both the primary domestic market and a strategic increase in international presence.
- United States Revenue Trends
- The domestic market remains the primary driver of revenue, growing from $405,781 thousand in 2017 to $837,613 thousand in 2022. While growth was generally steady, a marginal contraction was observed between 2020 and 2021, where revenue decreased from $705,409 thousand to $691,579 thousand, prior to a significant recovery in 2022.
- International Market Expansion
- Revenue generated outside the U.S. grew substantially, rising from $39,523 thousand in 2017 to $194,140 thousand in 2022. This expansion indicates a successful scaling of operations in non-domestic territories.
- European and Japanese Market Performance
- Following the onset of detailed reporting for these regions in 2019, both markets displayed consistent growth. European revenue increased from $57,460 thousand in 2019 to $131,909 thousand in 2022. Similarly, revenue in Japan grew from $17,502 thousand in 2019 to $51,694 thousand in 2022, representing a steady upward trend in these specific geographies.
- Volatility in Other International Regions
- The "Rest of world" segment demonstrated significant volatility. After reaching a peak of $67,064 thousand in 2018, revenue in this category experienced a sharp decline to $5,993 thousand by 2020. A modest recovery followed, with revenue reaching $10,537 thousand by 2022.
- Geographic Revenue Diversification
- A shift in the revenue mix toward greater geographic diversification is observable. In 2017, U.S. revenue accounted for approximately 91% of the total revenue stream. By 2022, this proportion decreased to approximately 81%, as international markets—specifically Europe and Japan—contributed a larger share of the total annual revenue.
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Long-lived assets, net excluding goodwill and other intangible assets
Abiomed Inc., long-lived assets, net excluding goodwill and other intangible assets by geographic area
US$ in thousands
| Mar 31, 2022 | Mar 31, 2021 | Mar 31, 2020 | Mar 31, 2019 | Mar 31, 2018 | Mar 31, 2017 | |
|---|---|---|---|---|---|---|
| United States | 147,403) | 141,821) | 129,991) | 101,605) | 81,667) | 64,577) |
| Europe | 59,368) | 58,865) | 46,700) | 43,400) | 35,500) | 23,200) |
| Japan | 5,237) | 2,552) | —) | —) | —) | —) |
| Outside the U.S. | 64,605) | 61,417) | 46,700) | 43,400) | 35,500) | 23,200) |
| Total | 212,008) | 203,238) | 176,691) | 145,005) | 117,167) | 87,777) |
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 total value of long-lived assets, net of goodwill and other intangible assets, exhibited a consistent upward trajectory from March 31, 2017, to March 31, 2022, increasing from US$ 87,777 thousand to US$ 212,008 thousand. This overall growth represents an increase of approximately 141.5% over the six-year period, reflecting a broad expansion of the capital infrastructure across all reported geographic regions.
- Domestic Asset Trends
- Assets located within the United States demonstrated steady annual growth, rising from US$ 64,577 thousand in 2017 to US$ 147,403 thousand in 2022. The most pronounced acceleration in domestic investment occurred between 2018 and 2020, where assets grew by approximately 60% over two years.
- International Asset Expansion
- Long-lived assets outside the United States increased from US$ 23,200 thousand in 2017 to US$ 64,605 thousand in 2022. This growth was predominantly driven by the European market, which saw assets rise from US$ 23,200 thousand to US$ 59,368 thousand. Furthermore, a new asset presence in Japan was established by March 31, 2021, with a value of US$ 2,552 thousand, which subsequently grew to US$ 5,237 thousand by March 31, 2022.
- Geographic Concentration and Distribution
- The United States remains the primary geographic concentration for long-lived assets. However, a slight shift in distribution is observable; the domestic share of total long-lived assets decreased from approximately 73.6% in 2017 to 69.5% in 2022, indicating a gradual diversification of the asset base into international markets.
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