ABIOMED INC

CIK:0000815094|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Revenue	$ 265,921	$ 248,142	$ 543,070	$ 500,727
Costs and expenses:
Cost of revenue	48,880	43,886	101,506	89,074
Research and development	42,089	41,041	82,566	78,749
Selling, general and administrative	116,958	102,779	234,954	206,263
Acquired in-process research and development	0	0	0	115,490
Costs and Expenses, Total	207,927	187,706	419,026	489,576
Other (loss) income:
Income from operations	57,994	60,436	124,044	11,151
Interest and other income, net	80,709	6,835	84,481	46,770
Income before income taxes	138,703	67,271	208,525	57,921
Income tax provision	32,570	10,318	47,838	27,493
Net income	$ 106,133	$ 56,953	$ 160,687	$ 30,428
Net income per share - basic	$ 2.34	$ 1.25	$ 3.53	$ 0.67
Weighted average shares outstanding - basic	45,372	45,437	45,475	45,374
Net income per share - diluted	$ 2.32	$ 1.24	$ 3.51	$ 0.66
Weighted average shares outstanding - diluted	45,711	45,893	45,812	45,857

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Operating activities:
Net income	$ 160,687	$ 30,428
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	13,344	13,873
Acquired in-process research & development	0	115,490
Bad debt expense (recoveries)	85	(27)
Stock-based compensation	29,376	28,357
Write-down of inventory and other	7,110	6,195
Accretion on marketable securities	319	1,768
Change in fair value of other investments	(77,373)	(22,440)
Gain on previously held interest in preCARDIA	0	(20,980)
Deferred tax provision	(7,416)	8,193
Change in fair value of contingent consideration	(6,515)	108
Other non-cash operating activities	1,556	1,553
Changes in assets and liabilities:
Accounts receivable	(6,402)	7,444
Inventories	(18,346)	(11,673)
Prepaid expenses and other assets	(13,149)	(20,300)
Accounts payable	1,570	(6,266)
Accrued expenses and other liabilities	(3,408)	(15,590)
Deferred revenue	86	(202)
Net cash provided by operating activities	81,524	115,931
Investing activities:
Purchases of marketable securities	(272,618)	(333,832)
Proceeds from the sale and maturity of marketable securities and other	359,671	326,518
Purchases of other investments	(4,975)	(3,866)
Proceeds from sales of Shockwave Medical securities	39,995
Purchases of property and equipment	(12,392)	(14,394)
Net cash provided by (used for) investing activities	109,681	(108,395)
Financing activities:
Proceeds from the exercise of stock options	1,999	8,382
Taxes paid related to net share settlement upon vesting of stock awards	(12,802)	(12,129)
Repurchase of common stock	(126,623)	0
Proceeds from the issuance of stock under employee stock purchase plan	3,308	2,961
Net cash used for financing activities	(134,118)	(786)
Effect of exchange rate changes on cash and cash equivalents	(7,570)	2,422
Net increase in cash and cash equivalents	49,517	9,172
Cash and cash equivalents at beginning of period	132,818	232,710
Cash and cash equivalents at end of period	182,335	241,882
Supplemental disclosure of cash flow information:
Cash paid for income taxes, net of refunds	68,615	35,642
Supplemental disclosure of non-cash activities:
Property and equipment in accounts payable and accrued expenses	1,427	578
Right-of-use assets obtained in exchange for lease liabilities	356	569
Precardia
Investing activities:
Payments for acquisition	$ 0	$ (82,821)

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2022	Mar. 31, 2022
Current assets:
Cash and cash equivalents	$ 182,335	$ 132,818
Short-term marketable securities	638,037	625,789
Accounts receivable, net	94,475	90,608
Inventories, net	102,237	93,981
Prepaid expenses and other current assets	45,714	33,277
Total current assets	1,062,798	976,473
Long-term marketable securities	116,871	220,089
Property and equipment, net	195,157	202,490
Goodwill	72,960	76,786
Other intangibles, net	36,833	39,518
Deferred tax assets	18,881	10,552
Other assets	193,044	147,485
Total assets	1,696,544	1,673,393
Current liabilities:
Accounts payable	35,070	35,346
Accrued expenses	69,434	72,629
Deferred revenue	25,962	26,362
Other current liabilities	3,594	4,120
Total current liabilities	134,060	138,457
Other long-term liabilities	7,013	9,319
Contingent consideration	14,995	21,510
Deferred tax liabilities	689	781
Total liabilities	156,757	170,067
Commitments and contingencies (Note 16)
Stockholders' equity:
Class B Preferred Stock, $.01 par value Authorized - 1,000,000 shares; Issued and outstanding - none
Common stock, $.01 par value 100,000 shares authorized; 48,418 and 48,258 shares issued as of September 31, 2022 and March 31, 2022, respectively 45,172 and 45,545 shares outstanding as of September 30, 2022 and March 31, 2022, respectively	452	455
Additional paid in capital	904,755	870,074
Retained earnings	1,125,199	964,512
Treasury stock at cost - 3,246 and 2,713 shares as of September 31, 2022 and March 31, 2022, respectively	(443,974)	(304,555)
Accumulated other comprehensive loss	(46,645)	(27,160)
Total stockholders' equity	1,539,787	1,503,326
Total liabilities and stockholders' equity	$ 1,696,544	$ 1,673,393