Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 | 29-May-15 | Sep. 30, 2014 |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Mar-15 | ||
Document Fiscal Year Focus | 2015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | QTNT | ||
Entity Registrant Name | Quotient Ltd | ||
Entity Central Index Key | 1596946 | ||
Current Fiscal Year End Date | -28 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Public Float | $45.10 | ||
Entity Common Stock, Shares Outstanding | 17,026,690 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $37,525 | $7,192 |
Trade accounts receivable, net | 1,808 | 2,439 |
Inventories | 4,608 | 4,557 |
Prepaid expenses and other current assets | 6,129 | 5,200 |
Total current assets | 50,070 | 19,388 |
Property and equipment, net | 29,733 | 8,556 |
Intangible assets, net | 950 | 967 |
Other non-current assets | 366 | 897 |
Total assets | 81,119 | 29,808 |
Current liabilities: | ||
Accounts payable | 7,238 | 5,343 |
Accrued compensation and benefits | 2,565 | 2,014 |
Accrued expenses and other current liabilities | 8,787 | 4,453 |
Financial liability in respect of share warrants | 31,011 | 421 |
Current portion of long-term debt | 4,500 | |
Current portion of lease incentive | 435 | 485 |
Current portion of capital lease obligation | 239 | 183 |
Total current liabilities | 54,775 | 12,899 |
Long-term debt, less current portion | 10,768 | 15,105 |
Lease incentive, less current portion | 1,740 | 2,423 |
Capital lease obligation, less current portion | 276 | 154 |
Total liabilities | 82,734 | 30,581 |
Commitments and contingencies | ||
Shareholders' equity (deficit) | ||
Distribution in excess of capital | -6,684 | -16,793 |
Accumulated other comprehensive income (loss) | -5,102 | 305 |
Accumulated deficit | -74,354 | -15,295 |
Total shareholders' equity (deficit) | -1,615 | -31,536 |
Total liabilities, redeemable convertible preference shares and shareholders' equity | 81,119 | 29,808 |
7% Cumulative Redeemable Preference Shares [Member] | ||
Current liabilities: | ||
Preferred stock value | 15,175 | |
A Preference Shares [Member] | ||
Current liabilities: | ||
Preferred stock value | 13,180 | |
B Preference Shares [Member] | ||
Current liabilities: | ||
Preferred stock value | 14,991 | |
C Preference Shares [Member] | ||
Current liabilities: | ||
Preferred stock value | 2,592 | |
Ordinary Shares [Member] | ||
Shareholders' equity (deficit) | ||
Common stock value | $84,525 | $247 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Common stock, par value | ||
Common stock, shares issued | 17,020,574 | 342,142 |
Common stock, shares outstanding | 17,020,574 | 342,142 |
7% Cumulative Redeemable Preference Shares [Member] | ||
Dividend percentage | 7.00% | |
A Preference Shares [Member] | ||
Redeemable preference shares, par value | ||
Redeemable preference shares, issued | 0 | 12,719,954 |
Redeemable preference shares, outstanding | 0 | 12,719,954 |
B Preference Shares [Member] | ||
Redeemable preference shares, par value | ||
Redeemable preference shares, issued | 0 | 14,583,407 |
Redeemable preference shares, outstanding | 0 | 14,583,407 |
C Preference Shares [Member] | ||
Redeemable preference shares, par value | ||
Redeemable preference shares, issued | 0 | 929,167 |
Redeemable preference shares, outstanding | 0 | 929,167 |
Ordinary Shares [Member] | ||
Common stock, par value | ||
Common stock, shares issued | 17,020,574 | 60,044 |
Common stock, shares outstanding | 17,020,574 | 60,044 |
A Ordinary Shares [Member] | ||
Common stock, par value | ||
Common stock, shares issued | 0 | 244,141 |
Common stock, shares outstanding | 0 | 244,141 |
B Ordinary Shares [Member] | ||
Common stock, par value | ||
Common stock, shares issued | 0 | 37,957 |
Common stock, shares outstanding | 0 | 37,957 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Revenue: | |||
Product sales | $17,658 | $16,987 | $13,753 |
Other revenues | 750 | 2,768 | 618 |
Total revenue | 18,408 | 19,755 | 14,371 |
Cost of revenue | -9,763 | -8,406 | -7,169 |
Gross profit | 8,645 | 11,349 | 7,202 |
Operating expenses: | |||
Sales and marketing | -2,750 | -2,705 | -2,252 |
Research and development, net of government grants | -19,216 | -8,066 | -2,617 |
General and administrative expense: | |||
Compensation expense in respect of share options and management equity incentives | -1,138 | -933 | -471 |
Other general and administrative expenses | -15,255 | -8,537 | -6,353 |
Total general and administrative expense | -16,393 | -9,470 | -6,824 |
Total operating expense | -38,359 | -20,241 | -11,693 |
Operating loss | -29,714 | -8,892 | -4,491 |
Other expense | |||
Interest expense, net | -2,315 | -1,076 | -234 |
Change in financial liability for share warrants | -22,966 | ||
Other, net | -4,064 | -197 | 11 |
Other expense, net | -29,345 | -1,273 | -223 |
Loss before income taxes | -59,059 | -10,165 | -4,714 |
Net loss | -59,059 | -10,165 | -4,714 |
Other comprehensive income (loss): | |||
Change in fair value of effective portion of foreign currency cash flow hedges | -293 | 94 | |
Foreign currency gain (loss) | -5,114 | 397 | -239 |
Other comprehensive income (loss) | -5,407 | 491 | -239 |
Comprehensive loss | -64,466 | -9,674 | -4,953 |
Net loss available to ordinary shareholders - basic and diluted | ($59,059) | ($10,165) | ($4,714) |
Loss per share - basic and diluted | ($4) | ($54.41) | ($62.97) |
Weighted-average shares outstanding - basic and diluted | 14,773,386 | 186,817 | 74,866 |
CONSOLIDATED_STATEMENTS_OF_RED
CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERENCE SHARES AND CHANGES IN SHAREHOLDERS' EQUITY (USD $) | Total | Redeemable Convertible Preference Shares [Member] | Redeemable Convertible Preference Shares [Member] | Redeemable Convertible Preference Shares [Member] | Ordinary Shares [Member] | Deferred Shares [Member] | Distribution in Excess of Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Deficit [Member] |
In Thousands, except Share data | USD ($) | USD ($) | Class A Preference Shares [Member] | Class B Preference Shares [Member] | USD ($) | USD ($) | USD ($) | USD ($) | |
USD ($) | USD ($) | ||||||||
Beginning balance at Mar. 31, 2012 | ($18,687) | ($18,324) | $53 | ($416) | |||||
Beginning balance at Mar. 31, 2012 | 23,758 | ||||||||
Beginning balance, Shares at Mar. 31, 2012 | 69,588 | 212,510 | |||||||
Beginning balance, Preference Shares at Mar. 31, 2012 | 23,110,618 | ||||||||
Issue of shares upon exercise of warrants, Amount | 108 | 263 | 4,000 | 108 | |||||
Issue of shares upon exercise of warrants, Shares | 250,000 | 3,800,237 | |||||||
Conversion of shares, Shares | 6,326 | -6,326 | |||||||
Net loss | -4,714 | -4,714 | |||||||
Foreign currency gain (loss) | -239 | -239 | |||||||
Other comprehensive income (loss) | -239 | -239 | |||||||
Stock-based compensation | 471 | 471 | |||||||
Ending balance at Mar. 31, 2013 | -23,061 | -17,745 | -186 | -5,130 | |||||
Ending balance, Shares at Mar. 31, 2013 | 75,914 | 206,184 | |||||||
Beginning balance at Mar. 31, 2013 | 28,021 | ||||||||
Beginning balance, Preference Shares at Mar. 31, 2013 | 27,160,855 | ||||||||
Issue of shares upon exercise of warrants, Amount | 19 | 150 | 19 | ||||||
Issue of shares upon exercise of warrants, Shares | 142,506 | ||||||||
Conversion of shares, Shares | 206,184 | -206,184 | |||||||
Issue of shares, net of issue costs, Amount | 247 | 2,592 | 247 | ||||||
Issue of shares, net of issue costs, Shares | 929,167 | 60,044 | |||||||
Issue of shares upon exercise of incentive share options, Shares | 60,044 | ||||||||
Net loss | -10,165 | -10,165 | |||||||
Change in fair value of effective portion of foreign currency cash flow hedges | 94 | 94 | |||||||
Foreign currency gain (loss) | 397 | 397 | |||||||
Other comprehensive income (loss) | 491 | 491 | |||||||
Stock-based compensation | 933 | 933 | |||||||
Ending balance at Mar. 31, 2014 | -31,536 | 247 | -16,793 | 305 | -15,295 | ||||
Ending balance at Mar. 31, 2014 | 30,763 | ||||||||
Ending balance, Shares at Mar. 31, 2014 | 342,142 | ||||||||
Ending balance, Preference Shares at Mar. 31, 2014 | 28,232,528 | ||||||||
Issue of shares upon exercise of warrants, Amount | 1,030 | 547 | 483 | ||||||
Issue of shares upon exercise of warrants, Shares | 62,104 | ||||||||
Conversion of shares, Amount | 31,287 | -30,763 | 30,866 | 421 | |||||
Conversion of shares, Shares | -28,232,528 | 9,034,405 | |||||||
Issue of shares, net of issue costs, Amount | 52,561 | 52,561 | |||||||
Issue of shares, net of issue costs, Shares | 7,444,445 | ||||||||
Issue of pre-funded warrants | 8,067 | 8,067 | |||||||
Issue of shares upon exercise of incentive share options, Amount | 304 | 304 | |||||||
Issue of shares upon exercise of incentive share options, Shares | 137,478 | 137,478 | |||||||
Net loss | -59,059 | -59,059 | |||||||
Change in fair value of effective portion of foreign currency cash flow hedges | -293 | -293 | |||||||
Foreign currency gain (loss) | -5,114 | -5,114 | |||||||
Other comprehensive income (loss) | -5,407 | -5,407 | |||||||
Stock-based compensation | 1,138 | 1,138 | |||||||
Ending balance at Mar. 31, 2015 | ($1,615) | $84,525 | ($6,684) | ($5,102) | ($74,354) | ||||
Ending balance, Shares at Mar. 31, 2015 | 17,020,574 |
CONSOLIDATED_STATEMENTS_OF_RED1
CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERENCE SHARES AND CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement Of Stockholders Equity [Abstract] | ||
Issue of shares, issue costs | $10,847 | $195 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
OPERATING ACTIVITIES: | |||
Net loss | ($59,059) | ($10,165) | ($4,714) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Depreciation, amortization and loss on disposal of fixed assets | 1,676 | 622 | 691 |
Share-based compensation | 1,138 | 933 | 471 |
Amortization of lease incentive | -443 | ||
Amortization of deferred debt issue costs | 776 | 464 | |
Accrued preference share dividends | 175 | ||
Change in financial liability for share warrants | 22,966 | ||
Net change in assets and liabilities: | |||
Trade accounts receivable, net | 362 | -748 | -64 |
Inventories | -552 | -897 | -776 |
Accounts payable and accrued liabilities | 7,358 | 5,100 | -200 |
Accrued compensation and benefits | 772 | 874 | 720 |
Lease incentive | 2,907 | ||
Other assets | -1,760 | -3,470 | 254 |
Net cash used in operating activities | -26,591 | -4,380 | -3,618 |
INVESTING ACTIVITIES: | |||
Purchase of property and equipment | -23,854 | -7,226 | -891 |
Refund (purchase) of intangible assets | -188 | 94 | -234 |
Net cash used in investing activities | -24,042 | -7,132 | -1,125 |
FINANCING ACTIVITIES: | |||
Proceeds from (repayment of) finance leases | 195 | -166 | 410 |
Proceeds from drawdown of new debt | 15,000 | ||
Repayment of debt | -3,000 | ||
Debt issue costs | -372 | ||
Proceeds from issuance of preference shares | 15,000 | 2,885 | 4,263 |
Proceeds from issuance of ordinary shares | 69,879 | 247 | |
Net cash generated from financing activities | 85,074 | 14,594 | 4,673 |
Effect of exchange rate fluctuations on cash and cash equivalents | -4,108 | -109 | -65 |
Change in cash and cash equivalents | 30,333 | 2,973 | -135 |
Beginning cash and cash equivalents | 7,192 | 4,219 | 4,354 |
Ending cash and cash equivalents | 37,525 | 7,192 | 4,219 |
Supplemental cash flow disclosures: | |||
Interest paid | $1,364 | $637 | $123 |
Organization_and_Summary_of_Si
Organization and Summary of Significant Accounting Policies | 12 Months Ended | |
Mar. 31, 2015 | ||
Accounting Policies [Abstract] | ||
Organization and Summary of Significant Accounting Policies | Note 1. Organization and Summary of Significant Accounting Policies | |
Organization and Business | ||
On January 18, 2012, Quotient Limited (“the Company”) was incorporated in accordance with the Companies (Jersey) Law. On February 16, 2012, in consideration for the issue of 14,023,552 A Preference shares to Quotient Biodiagnostics Group Limited (“QBDG” or “the Predecessor”) Quotient Limited acquired the entire issued share capital of Alba Bioscience Limited (“Alba”), Quotient Biodiagnostics, Inc. (“QBDI”) and QBD (QSIP) Limited (“QSIP”) from QBDG. | ||
On February 16, 2012 Quotient Limited also: (i) issued 10,640,664 B Preference shares to third-party investors; (ii) issued 56,936 A Ordinary shares, 18,978 A Deferred shares, 37,957 B Deferred shares and 168,227 C Deferred shares to the holders of equivalent shares in QBDG; (iii) repurchased 1,553,598 A Preference shares; and (iv) purchased certain intellectual property rights relating to MosaiQTM from QBDG. | ||
The acquisition of Alba, QBDI and QSIP by Quotient Limited is a combination of entities under common control as these entities were all controlled by QBDG prior to their acquisition by Quotient Limited. It recognized the assets and liabilities of Alba, QBDI and QSIP at their carrying amounts in the financial statements of those companies. The excess of the subscription value of A Preference shares issued to QBDG over the carrying amounts of transferred net assets was treated as an equity transaction and was recorded as distribution in excess of capital in the Consolidated Statements of Redeemable Convertible Preference Shares and Changes in Shareholders’ Deficit. Quotient Limited is a continuation of QBDG and its subsidiaries, accordingly, the consolidated financial statements include the assets, liabilities and results of operations of the subsidiaries transferred since their inception. The transfer of intellectual property rights from QBDG to QSIP is accounted for as a transaction between entities under common control. All of the amounts paid by QSIP in exchange for the asset is shown as a payment to predecessor shareholder in the statements of cash flows. | ||
The principal activity of Quotient Limited and its subsidiaries (the “Group” and or the “Company”) is the development, manufacture and sale of products for the global transfusion diagnostics market. Products manufactured by the Group are sold to hospitals, blood banking operations and other diagnostics companies worldwide. | ||
Quotient Limited completed an initial public offering for its ordinary shares on April 30, 2014 pursuant to which it issued 5,000,000 units each consisting of one ordinary share, no par value and one warrant to purchase 0.8 of one ordinary share at an exercise price of $8.80 per whole ordinary share, raising $40 million of new equity share capital before issuing expenses. The Company believes it has sufficient resources to fund its operations for at least the next twelve months. | ||
Immediately prior to its initial public offering, the Company’s outstanding preference shares, A ordinary shares and B ordinary shares were converted to ordinary shares and the ordinary shares then outstanding were consolidated into 32 new ordinary shares for each 100 existing ordinary shares. The number of ordinary and deferred shares and number of options and warrants to acquire ordinary shares are presented in these financial statements on the basis of the number after this consolidation. The number of preference shares are shown on the basis of the number before this consolidation. | ||
On November 25, 2014 the Company entered into subscription agreements with certain institutional and individual accredited investors for the private placement of 2,000,000 newly issued ordinary shares at a price of $9.50 per share and 850,000 newly issued pre-funded warrants at a price of $9.49 per warrant, amounting to an aggregate subscription price of approximately $27.1 million. Each pre-funded warrant permits the holder to subscribe for one new ordinary share at an exercise price of $0.01 per pre-funded warrant. The proceeds of this placement were $27.1 million before costs and $24.7 million net of costs. | ||
On January 29, 2015, the Company entered into a distribution and supply agreement with Ortho-Clinical Diagnostics, Inc. (“Ortho”) for an initial term of 20 years. Pursuant to this agreement, Ortho will exclusively commercialize MosaiQTM for the global patient testing market, as well as the donor testing market in territories other than those in which the Company will commercialize MosaiQTM. Ortho has agreed to pay the Company one time payments upon the achievement of certain milestones totaling in the aggregate $59 million and reimburse the Company for the cost of goods sold incurred for MosaiQTM instruments and associated replacement parts sold to Ortho, as well as the cost of ancillary products sold to Ortho (other than quality control products), plus 10% of such ancillary product costs. A transfer price mechanism for MosaiQTM consumables sold to Ortho has also been established, which will increase based on agreed-upon revenue milestones We also entered into a subscription agreement with Ortho-Clinical Diagnostics Finco S.Á.R.L., an affiliate of Ortho, for the private placement of 444,445 newly issued ordinary shares at a price of $22.50 per share and 666,665 newly issued 7% cumulative redeemable preference shares, of no par value, of the Company at a price of $22.50 per share, for an aggregate subscription price of approximately $25 million. | ||
The Company has incurred net losses and negative cash flows from operations in each year since it commenced operations in 2007. As of March 31, 2015, it had an accumulated deficit of $74.4 million. It has expenditure plans in the year ending March 31, 2016 for the continuation of the development and commercialization of MosaiQ™ that are in excess of its current cash holdings. As a result, there is substantial doubt about the Company’s ability to continue as a going concern. The Company’s operating plans for the financial year ending March 31, 2016 reflect an expectation that substantially all of the outstanding warrants from the initial public offering, which expire on October 25, 2015, will be exercised before that date. In the longer term, the Company expects to fund its remaining development costs for MosaiQ™ from a combination of funding sources, including through the use of existing cash balances, the extension or expansion of its credit facilities and the issuance of new equity. The Company’s Directors are confident that the warrants will be exercised and accordingly have prepared the financial statements on the going concern basis. However, there can be no assurance that the warrants will be exercised. | ||
Principles of Consolidation | ||
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries after elimination of intercompany transactions and balances. All gains and losses realized from foreign currency transactions denominated in currencies other than the foreign subsidiary’s functional currency are included in foreign currency exchange gain (loss) as part of other income or expenses in the Consolidated Statements of Comprehensive Loss. Adjustments resulting from translating the financial statements of all foreign subsidiaries into U.S. dollars are reported as a separate component of accumulated other comprehensive income (loss) and changes in shareholders’ deficit. The assets and liabilities of the Company’s foreign subsidiaries are translated from their respective functional currencies into U.S. dollars at the rates in effect at the balance sheet date, and revenue and expense amounts are translated at rates approximating the weighted average rates during the period. | ||
Use of Estimates | ||
The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from these estimates. | ||
Fair Value of Financial Instruments | ||
The Company defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company’s valuation techniques used to measure fair value maximized the use of observable inputs and minimized the use of unobservable inputs. The fair value hierarchy is based on the following three levels of inputs: | ||
– | Level 1—Quoted prices in active markets for identical assets or liabilities. | |
– | Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | |
– | Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | |
See Note 4, “Fair Value Measurements,” for information and related disclosures regarding our fair value measurements. | ||
Cash and cash equivalents | ||
The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. As of March 31, 2015 and 2014, all cash and cash equivalents comprised cash balances held with the banks used by the company and its subsidiaries. At March 31, 2015 and March 31, 2014, the Company held $314 and $345 respectively in a restricted account as security for the property rental obligations of the group’s Swiss subsidiary. | ||
Trade accounts receivable | ||
Trade accounts receivable are recorded at the invoiced amount and are not interest bearing. The Company maintains an allowance for doubtful accounts to reserve for potentially uncollectible trade receivables. Additions to the allowance for doubtful accounts are recorded as general and administrative expenses. The Company reviews its trade receivables to identify specific customers with known disputes or collectability issues. In addition, the Company maintains an allowance for all other receivables not included in the specific reserve by applying specific rates of projected uncollectible receivables to the various aging categories. In determining these percentages, the Company analyzes its historical collection experience, customer credit-worthiness, current economic trends and changes in customer payment terms. The allowance for doubtful accounts at March 31, 2015 and 2014 was $150 and $85, respectively. | ||
Concentration of Credit Risks and Other Uncertainties | ||
The carrying amounts for financial instruments consisting of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate fair value due to their short maturities. Derivative instruments, consisting entirely of foreign exchange contracts, are stated at their estimated fair values, based on quoted market prices for the same or similar instruments. The counterparties to the agreements relating to the Company’s derivative instruments consist of large financial institutions of high credit standing. | ||
The Company’s main financial institutions for banking operation held all of the Company’s cash and cash equivalents as of March 31, 2015 and March 31, 2014. | ||
The Company’s accounts receivable are derived from net revenue to customers and distributors located in the United States and other countries. The Company performs credit evaluations of its customers’ financial condition. The Company provides reserves for potential credit losses but has not experienced significant losses to date. There was one customer whose accounts receivable balance represented 10% or more of total accounts receivable, net, as of March 31, 2015 or March 31, 2014. This customer represented 47% and 30% of the accounts receivable balances, as of March 31, 2015 and March 31, 2014, respectively. | ||
The Company currently sells products through its direct sales force and through third-party distributors. There was one direct customer that accounted for 10% or more of total product sales for the fiscal years ended March 31, 2015, 2014 and 2013. This customer represented 55%, 54% and 55% of total product sales for the fiscal years March 31, 2015, 2014 and 2013, respectively. | ||
Inventory | ||
Inventory is stated at the lower of standard cost (which approximates actual cost) or market, with cost determined on the first-in-first-out method. Accordingly, allocation of fixed production overheads to conversion costs is based on normal capacity of production. Abnormal amounts of idle facility expense, freight, handling costs and spoilage are expensed as incurred and not included in overhead. No stock-based compensation cost was included in inventory as of March 31, 2015 and 2014, respectively. | ||
Property and equipment | ||
Property, equipment and leasehold improvements are stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization are computed on a straight-line basis over the estimated useful lives of the related assets as follows: | ||
– | Plant, machinery and equipment—4 to 25 years; | |
– | Leasehold improvements—the shorter of the lease term or the estimated useful life of the asset. | |
Repairs and maintenance expenditures, which are not considered improvements and do not extend the useful life of property and equipment, are expensed as incurred. | ||
Property and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by comparing the carrying amount of the assets to the future undiscounted cash flows expected to be generated by the assets. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. During the fiscal years ended 2015, 2014 and 2013, no impairment losses have been recorded. | ||
Intangible Assets and Goodwill | ||
Intangible assets related to product licenses are recorded at cost, less accumulated amortization. Intangible assets related to technology and other intangible assets acquired in acquisitions are recorded at fair value at the date of acquisition, less accumulated amortization. Intangible assets are amortized over their estimated useful lives, on a straight-line basis as follows: | ||
Customer relationships—5 years | ||
Brands associated with acquired cell lines—40 years | ||
Product licenses—10 years | ||
Other intangibles assets—7 years | ||
The Company reviews its intangible assets for impairment and conducts the impairment review when events or circumstances indicate the carrying value of a long-lived asset may be impaired by estimating the future undiscounted cash flows to be derived from an asset to assess whether or not a potential impairment exists. If the carrying value exceeds the Company’s estimate of future undiscounted cash flows, an impairment value is calculated as the excess of the carrying value of the asset over the Company’s estimate of its fair market value. Events or circumstances which could trigger an impairment review include a significant adverse change in the business climate, an adverse action or assessment by a regulator, unanticipated competition, significant changes in the Company’s use of acquired assets, the Company’s overall business strategy, or significant negative industry or economic trends. No impairment losses have been recorded in any of the years ended March 31, 2015, 2014 or 2013. | ||
Goodwill represents the excess of the purchase price in a business combination over the fair value of tangible and identifiable intangible assets acquired less liabilities assumed. Goodwill resulting from a business combination in 2007 has been fully impaired. | ||
Revenue Recognition | ||
The Company recognizes revenue from product sales when there is persuasive evidence that an arrangement exists, delivery has occurred, the price is fixed or determinable and collectability is reasonably assured. Customers have no right of return except in the case of damaged goods. The Company has not experienced any significant returns of its products. Shipping and handling costs are expensed as incurred and included in cost of product sales. In those cases where the Company bills shipping and handling costs to customers, the amounts billed are classified as revenue. | ||
The Company enters into revenue arrangements that may consist of multiple deliverables of its products and services. The terms of these arrangements may include non-refundable upfront payments, milestone payments, other contingent payments and royalties on any product sales derived on collaboration. Up-front fees received in connection with collaborative agreements are deferred upon receipts, are not considered a separate unit of accounting and are recognized as revenues over the relevant performance periods. Revenues related to research and development services included in a collaboration agreement are recognized as research and services are performed over the related performance periods for each contract. A payment that is contingent upon the achievement of a substantive milestone is recognized in its entirety in the period in which the milestone is achieved. | ||
In June 2013, the Company entered into an agreement with Ortho-Clinical Diagnostics Inc. (“Ortho”) to develop a range of rare antisera products. The Company had been working on this project for more than a year before the formal agreement was signed with Ortho. Under the terms of the agreement, the Company is entitled to receive milestone payments of $2,750 upon the receipt of CE-marks for the rare antisera products, $1,400 upon the receipt of FDA approval of the rare antisera products and two further milestones of $500 each upon the updating of the CE-mark and FDA approvals to cover use of the products on Ortho’s automation platform. The Company concluded that as each of these milestones required significant levels of development work to be undertaken and there was no certainty at the start of the project that the development work would be successful, these milestones are substantive and will be accounted for under the milestone method of revenue recognition. During the fiscal year ended March 31, 2014, the Company recognized $2,750 of milestone revenue relating to the achievement of the CE marketing milestone. The agreement also contains one further milestone of $650 payable when Ortho orders $250 of the rare antisera products covered by the agreement. This sales target was achieved and the $650 of revenue was recognized during the year ended March 31, 2015. | ||
Research and Development | ||
Research and development expenses consist of costs incurred for company-sponsored and collaborative research and development activities. These costs include direct and research-related overhead expenses. The Company expenses research and development costs, including the expenses for research under collaborative agreements, as such costs are incurred. Where government grants are available for the sponsorship of such research, the grant receipt is included as a credit against the related expense. | ||
Stock-Based Compensation | ||
Stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as an expense on a straight-line basis over the requisite service period, which is generally the vesting period. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in the Company’s Consolidated Statements of Comprehensive Loss. | ||
In determining fair value of the stock-based compensation payments, the Company uses the Black–Scholes model and a single option award approach, which requires the input of subjective assumptions. These assumptions include: the fair value of the underlying share, estimating the length of time employees will retain their vested stock options before exercising them (expected term), the estimated volatility of the Company’s ordinary shares price over the expected term (expected volatility), risk-free interest rate (interest rate), expected dividends and the number of shares subject to options that will ultimately not complete their vesting requirements (forfeitures). | ||
Share Warrant Liability | ||
The Company has three classes of freestanding warrants to purchase ordinary shares outstanding: (i) warrants that were issued at the time of its initial public offering in April 2014; (ii) warrants issued in December 2013 and (iii) pre-funded warrants issued in November 2014. | ||
The Company accounts for the warrants that were issued at the time of its initial public offering as a liability. These warrants to purchase ordinary shares are recorded as a liability because the underlying terms of the warrants contain provisions that may obligate the Company to transfer value in certain circumstances. The warrants are recorded at fair value upon issuance and are subject to re-measurement to fair value at each balance sheet date, with any change in fair value recognized as component of other income (expense), net on the Consolidated Statements of Comprehensive Loss. The Company will continue to adjust the liability for changes in fair value until the earlier of the exercise or expiration of the warrants or the completion of a deemed liquidation event. At that time, the share warrant liability will be classified into permanent equity. | ||
The warrants issued in December 2013 were originally warrants to purchase redeemable convertible preference shares and were originally recorded as a liability in the balance sheet, but were transferred to permanent equity when the underlying redeemable convertible preference shares were converted to ordinary shares immediately prior to the Company’s initial public offering. | ||
The pre-funded warrants issued in November 2014 do not contain any obligation to transfer value and as such, the issue of the November 2014 pre-funded warrants has been recorded in permanent equity | ||
Derivative Financial Instruments | ||
In the normal course of business, the Company’s financial position is routinely subjected to market risk associated with foreign currency exchange rate fluctuations. The Company’s policy is to mitigate the effect of these exchange rate fluctuations on certain foreign currency denominated business exposures. The Company has a policy that allows the use of derivative financial instruments to hedge foreign currency exchange rate fluctuations on forecasted revenue denominated in foreign currencies. The Company carries derivative financial instruments (derivatives) on the balance sheet at their fair values. The Company does not use derivatives for trading or speculative purposes. The Company does not believe that it is exposed to more than a nominal amount of credit risk in its foreign currency hedges, as counterparties are large, global and well-capitalized financial institutions. To hedge foreign currency risks, the Company uses foreign currency exchange forward contracts, where possible and prudent. These forward contracts are valued using standard valuation formulas with assumptions about future foreign currency exchange rates derived from existing exchange rates, interest rates, and other market factors. | ||
The Company considers its most current forecast in determining the level of foreign currency denominated revenue to hedge as cash flow hedges. The Company combines these forecasts with historical trends to establish the portion of its expected volume to be hedged. The revenue and expenses are hedged and designated as cash flow hedges to protect the Company from exposures to fluctuations in foreign currency exchange rates. If the underlying forecasted transaction does not occur, or it becomes probable that it will not occur, the related hedge gains and losses on the cash flow hedge are reclassified from accumulated other comprehensive income (loss) to the consolidated statement of comprehensive loss at that time. | ||
Income Taxes | ||
The Company accounts for income taxes using an asset and liability approach, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the consolidated financial statements, but have not been reflected in taxable income. A valuation allowance is established to reduce deferred tax assets to their estimated realizable value. Therefore, the Company provides a valuation allowance to the extent that is more likely than not that it will generate sufficient taxable income in future periods to realize the benefit of its deferred tax assets. | ||
Intangible_Assets
Intangible Assets | 12 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | |||||||||||||||||
Intangible Assets | Note 2. Intangible Assets | ||||||||||||||||
31-Mar-15 | |||||||||||||||||
Gross | Accumulated | Net Carrying | Weighted | ||||||||||||||
Carrying | Amortization | Amount | Ave. | ||||||||||||||
Amount | Remaining | ||||||||||||||||
Useful Life | |||||||||||||||||
Customer relationships | $ | 2,923 | $ | (2,923 | ) | $ | — | — | |||||||||
Brands associated with acquired cell lines | 603 | (115 | ) | 488 | 32.4 years | ||||||||||||
Product licenses | 703 | (241 | ) | 462 | 6.6 years | ||||||||||||
Other Intangibles | 190 | (190 | ) | — | — | ||||||||||||
Total | $ | 4,419 | $ | (3,469 | ) | $ | 950 | ||||||||||
31-Mar-14 | |||||||||||||||||
Gross | Accumulated Amortization | Net Carrying Amount | Weighted | ||||||||||||||
Carrying | Ave. | ||||||||||||||||
Amount | Remaining | ||||||||||||||||
Useful Life | |||||||||||||||||
Customer relationships | $ | 3,283 | $ | (3,283 | ) | $ | — | — | |||||||||
Brands associated with acquired cell lines | 677 | (112 | ) | 565 | 33.4 years | ||||||||||||
Product licenses | 589 | (200 | ) | 389 | 6.6 years | ||||||||||||
Other Intangibles | 213 | (200 | ) | 13 | 0.4 years | ||||||||||||
Total | $ | 4,762 | $ | (3,795 | ) | $ | 967 | ||||||||||
Amortization expense was $99, $103 and $354 in financial years 2015, 2014, and 2013, respectively. Total future amortization expense for intangible assets that have definite lives, based upon the Company’s existing intangible assets and their current estimated useful lives as of March 31, 2015, is estimated as follows: | |||||||||||||||||
2016 | $ | 85 | |||||||||||||||
2017 | 85 | ||||||||||||||||
2018 | 85 | ||||||||||||||||
2019 | 85 | ||||||||||||||||
2020 | 85 | ||||||||||||||||
Thereafter | 525 | ||||||||||||||||
Total | $ | 950 | |||||||||||||||
Debt
Debt | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Debt | Note 3. Debt | ||||||||
Long-term debt comprises: | |||||||||
March 31, | March 31, | ||||||||
2015 | 2014 | ||||||||
Total debt | $ | 15,000 | $ | 15,000 | |||||
Less current portion | (4,500 | ) | — | ||||||
Long-term debt | $ | 10,500 | $ | 15,000 | |||||
Fees due on final repayment of debt | 487 | 487 | |||||||
Fair value of associated share warrant, net of amortization | (219 | ) | (382 | ) | |||||
$ | 10,768 | $ | 15,105 | ||||||
The outstanding debt and the fee due on final repayment fall due as follows: | |||||||||
Within 1 year | $ | 4,500 | |||||||
Between 1 and 2 years | 6,000 | ||||||||
Between 2 and 3 years | 4,987 | ||||||||
Total debt | $ | 15,487 | |||||||
In 2010, Alba issued $3,000 of loan notes to Haemonetics S.A. (Haemonetics). The loan notes were issued in conjunction with an Evaluation; Supply and License Agreement entered into by Alba and Haemonetics. Under that agreement, Haemonetics was granted a license to evaluate the use of blood-typing reagents developed and manufactured by the Company within the Haemonetics products. The loan notes were redeemable in March 2017 and incur interest at a rate of 7.5% per annum. | |||||||||
On December 9, 2013, the Company drew down $15,000 under a new secured bank facility agreement with MidCap Financial LLC and repaid the $3,000 of loan notes with Haemonetics. The new facility is repayable over a four year period with no repayments being due until eighteen months from the drawdown date and then equal amounts being repayable monthly over the remaining thirty months. The facility bears interest at LIBOR plus 6.7%. The LIBOR rate applicable to the facility is the higher of the actual market rate from time to time or 2.0%. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value Measurements | Note 4. Fair Value Measurements | ||||||||||||||||
Assets and liabilities measured and recorded at fair value on a recurring basis | |||||||||||||||||
The following table summarizes the Company’s assets and liabilities that are measured at fair value on a recurring basis, by level, within the fair value hierarchy: | |||||||||||||||||
31-Mar-15 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Foreign currency forward contracts | $ | — | $ | — | $ | — | $ | — | |||||||||
Total assets measured at fair value | $ | — | $ | — | $ | — | $ | — | |||||||||
31-Mar-15 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Liabilities: | |||||||||||||||||
Foreign currency forward contracts (1) | $ | 199 | $ | — | $ | — | $ | 199 | |||||||||
Fair value of share warrants | 31,011 | — | — | 31,011 | |||||||||||||
Total liabilities measured at fair value | $ | 31,210 | $ | — | $ | — | $ | 31,210 | |||||||||
31-Mar-14 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Foreign currency forward contracts (1) | $ | 94 | $ | — | $ | — | $ | 94 | |||||||||
Total assets measured at fair value | $ | 94 | $ | — | $ | — | $ | 94 | |||||||||
31-Mar-14 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Liabilities: | |||||||||||||||||
Fair value of share warrants | $ | — | $ | — | $ | 421 | $ | 421 | |||||||||
Total liabilities measured at fair value | $ | — | $ | — | $ | 421 | $ | 421 | |||||||||
-1 | Contract fair values are determined based on quoted prices for similar assets in active markets using inputs such as currency rates and forward points. | ||||||||||||||||
The change in the estimated fair value of ordinary and preference share warrant liabilities is summarized below: | |||||||||||||||||
March 31,2013 | $ | 19 | |||||||||||||||
Exercise of warrants | (19 | ) | |||||||||||||||
Issues of warrants | 421 | ||||||||||||||||
March 31,2014 | $ | 421 | |||||||||||||||
Transfer of liability to shareholders' equity upon the conversion of the preference | (421 | ) | |||||||||||||||
share warrant to a warrant in respect of ordinary shares | |||||||||||||||||
Issue of ordinary share warrants as part of the company's initial public offering | 8,529 | ||||||||||||||||
Change in fair value of ordinary share warrants | 22,966 | ||||||||||||||||
Exercise of warrants | (484 | ) | |||||||||||||||
31-Mar-15 | $ | 31,011 | |||||||||||||||
The carrying amounts of cash and cash equivalents, trade accounts receivable and accounts payable reported in the Consolidated Balance Sheets approximate their respective fair values because of the short term nature of these accounts. The fair value of long-term debt approximates the recorded value. | |||||||||||||||||
Consolidated_Balance_Sheet_Det
Consolidated Balance Sheet Detail | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |||||||||
Consolidated Balance Sheet Detail | Note 5. Consolidated Balance Sheet Detail | ||||||||
Inventory | |||||||||
The following table summarizes inventory by category for the periods presented: | |||||||||
March 31, | March 31, | ||||||||
2015 | 2014 | ||||||||
Raw materials | $ | 1,180 | $ | 1,420 | |||||
Work in progress | 2,071 | 2,031 | |||||||
Finished goods | 1,357 | 1,106 | |||||||
Total inventories | $ | 4,608 | $ | 4,557 | |||||
Prepaid expenses and other current assets | |||||||||
Prepaid expenses and other current assets at March 31, 2014 included $2,413 of costs associated with the company’s initial public offering which was completed on April 30, 2014. At March 31, 2015 prepaid expenses included $2,655 related to the purchases of glass for use by the MosaiQTM project. | |||||||||
Property and equipment | |||||||||
The following table summarizes property and equipment by categories for the periods presented: | |||||||||
March 31, | March 31, | ||||||||
2015 | 2014 | ||||||||
Plant and Machinery | $ | 21,688 | $ | 7,063 | |||||
Leasehold improvements | 11,412 | 3,594 | |||||||
Total property and equipment | 33,100 | 10,657 | |||||||
Less: accumulated depreciation | (3,367 | ) | (2,101 | ) | |||||
Total property and equipment, net | $ | 29,733 | $ | 8,556 | |||||
Plant and machinery at March 31, 2015 includes $15,721 of payments on account related to the equipment being developed for use at the MosaiQTM consumable manufacturing facility in Switzerland. Depreciation of this balance will commence when the equipment concerned is brought into use. Depreciation expenses were $1,185, $519 and $337 in financial years 2015, 2014, and 2013, respectively. In addition in the financial year ended March 31, 2015 there was a loss on disposal of $382 related to the retirement of certain items of plant and equipment acquired as part of the lease arrangements for the consumable manufacturing plant in Switzerland. | |||||||||
Accrued compensation and benefits | |||||||||
Accrued compensation and benefits consist of the following: | |||||||||
March 31, | March 31, | ||||||||
2015 | 2014 | ||||||||
Salary and related benefits | $ | 300 | $ | 75 | |||||
Accrued vacation | 165 | 26 | |||||||
Accrued payroll taxes | 302 | 281 | |||||||
Accrued incentive payments | 1,798 | 1,632 | |||||||
Total accrued compensation and benefits | $ | 2,565 | $ | 2,014 | |||||
Accrued expenses and other current liabilities | |||||||||
Accrued expenses and other current liabilities consist of the following: | |||||||||
March 31, | March 31, | ||||||||
2015 | 2014 | ||||||||
Accrued legal and professional fees | $ | 3,758 | $ | 2,007 | |||||
Accrued interest | 112 | 112 | |||||||
Goods received not invoiced | 787 | 590 | |||||||
Accrued capital expenditure | 972 | — | |||||||
Accrued development expenditure | 2,110 | 799 | |||||||
Other accrued expenses | 1,048 | 945 | |||||||
Total accrued expenses and other current liabilities | $ | 8,787 | $ | 4,453 | |||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Mar. 31, 2015 | |||||
Commitments And Contingencies Disclosure [Abstract] | |||||
Commitments and Contingencies | Note 6. Commitments and Contingencies | ||||
Lease commitments | |||||
The Company leases its facilities and certain equipment under operating leases that expire at various dates through 2020. Some of the leases contain renewal options, escalation clauses, rent concessions, and leasehold improvement incentives. Rent expense is recognized on a straight-line basis over the lease term. Rent expense was $2,111 $1,293 and $746 in financial years ended March 31, 2015, 2014, and 2013, respectively. | |||||
The following is a schedule by years of minimum future rentals on non-cancelable operating leases as of March 31, 2015: | |||||
2016 | $ | 2,703 | |||
2017 | 2,415 | ||||
2018 | 1,866 | ||||
2019 | 1,442 | ||||
2020 | 1,268 | ||||
Thereafter | — | ||||
Total minimum future lease payments | $ | 9,694 | |||
The Company has entered into capital leases for the purchase of equipment that has a gross cost and net book value of $1,024 and $737 respectively as of March 31, 2015 and $882 and $546 respectively as of March 31, 2014. | |||||
The following is a schedule of future annual repayments on capital leases as of March 31, 2015: | |||||
2016 | $ | 239 | |||
2017 | 113 | ||||
2018 | 72 | ||||
2019 | 70 | ||||
2020 | 22 | ||||
Thereafter | — | ||||
Total minimum future lease payments | $ | 516 | |||
Purchase obligations | |||||
The Company has purchase obligations that are associated with agreements for purchases of goods or services. Management believes that cancellation of these contracts is unlikely and thus the Company expects to make future cash payments according to the contract terms. | |||||
The following is a schedule by years of purchase obligations as of March 31, 2015: | |||||
2016 | $ | 28,871 | |||
2017 | 9,470 | ||||
2018 | 14,179 | ||||
2019 | 17,175 | ||||
2020 | 15,218 | ||||
Thereafter | 12,508 | ||||
Total minimum future purchase obligations | $ | 97,421 | |||
Government Grant | |||||
In 2008, the Company was awarded research and development grant funding from Scottish Enterprise amounting to £1,791 for the development MosaiQTM. The total grant claimed to March 31, 2014 is £1,790. Regular meetings are held to update Scottish Enterprise with the status of the project and whilst the terms of the grant award provide for full repayment of the grant in certain circumstances, the Company does not consider that any repayment is likely. | |||||
Hedging arrangements | |||||
The Company’s subsidiary in the United Kingdom (“UK”) has entered into nine foreign currency forward contracts. Three of these are to sell $300 and purchase pounds sterling at a rate of £1:$1.7227 in each calendar month in the first quarter of the financial year ending March 31, 2016, three are to sell $300 and purchase pounds sterling at £1:$1.60 in each calendar month of the second quarter of the financial year ending March 31, 2016 and three are to sell $300 and purchase pounds sterling at £1:$1.50 in each calendar month of the third quarter of the financial year ending March 31, 2016. The fair value of these contracts at March 31, 2015 amounted to a liability of $199. At March 31, 2014 the fair value of the three contracts which were outstanding at that date amounted to an asset of $94. | |||||
The foreign currency forward contracts were entered into to mitigate the foreign exchange risk arising from the fluctuations in the value of U.S. dollar denominated transactions entered into by our UK subsidiary. These foreign currency forward contracts are designated as cash flow hedges and are carried on the Company’s balance sheet at fair value with the effective portion of the contracts’ gains or losses included in accumulated other comprehensive income (loss) and subsequently recognized in revenue/expense in the same period the hedged items are recognized. | |||||
At inception and at each quarter end, hedges are tested prospectively and retrospectively for effectiveness. Changes in the fair value of foreign currency forward contracts due to changes in time value are excluded from the assessment of effectiveness and are recognized in revenue in the current period. The change in time value related to these contracts was not material for all reported periods. To qualify for hedge accounting, the hedge relationship must meet criteria relating both to the derivative instrument and the hedged item. These criteria include identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the hedging instrument’s effectiveness in offsetting the exposure to changes in the hedged item’s cash flows will be measured. There were no gains or losses during the years ended March 31, 2015 or March 31, 2014 associated with ineffectiveness or forecasted transactions that failed to occur. | |||||
To receive hedge accounting treatment, hedging relationships are formally documented at the inception of the hedge and the hedges must be tested to demonstrate an expectation of providing highly effective offsetting changes to future cash flows on hedged transactions. |
Geographic_Information
Geographic Information | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Geographic Areas Revenues And Long Lived Assets [Abstract] | |||||||||||||
Geographic Information | Note 7. Geographic Information | ||||||||||||
The Company operates in one business segment. Revenues are attributed to countries based on the location of the Company’s channel partners as well as direct customers. | |||||||||||||
The following table represents revenue attributed to countries based on the location of the customer: | |||||||||||||
Year ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Revenue: | |||||||||||||
United States | $ | 8,299 | $ | 9,705 | $ | 6,027 | |||||||
United Kingdom | 938 | 907 | 1,253 | ||||||||||
France | 3,419 | 3,352 | 2,825 | ||||||||||
Japan | 2,685 | 2,162 | 2,030 | ||||||||||
Other foreign countries (1) | 3,067 | 3,629 | 2,236 | ||||||||||
$ | 18,408 | $ | 19,755 | $ | 14,371 | ||||||||
-1 | No individual country represented more than 10% of the respective totals. | ||||||||||||
The table below lists the Company’s property and equipment, net of accumulated depreciation, by country. With the exception of property and equipment, the Company does not identify or allocate its assets by geographic area: | |||||||||||||
March 31, | March 31, | ||||||||||||
2015 | 2014 | ||||||||||||
Long-lived assets: | |||||||||||||
United Kingdom | $ | 18,879 | $ | 5,814 | |||||||||
Switzerland | 10,854 | 2,742 | |||||||||||
United States | — | — | |||||||||||
Total accrued compensation and benefits | $ | 29,733 | $ | 8,556 | |||||||||
Ordinary_and_Preference_Shares
Ordinary and Preference Shares | 12 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Equity [Abstract] | |||||||||||||||||
Ordinary and Preference Shares | Note 8. Ordinary and Preference Shares | ||||||||||||||||
Ordinary shares | |||||||||||||||||
The Company’s issued and outstanding ordinary shares consist of the following: | |||||||||||||||||
Shares Issued | |||||||||||||||||
and Outstanding | |||||||||||||||||
March 31, | March 31, | Par value | |||||||||||||||
2015 | 2014 | ||||||||||||||||
Ordinary shares | 17,020,574 | 60,044 | $ | — | |||||||||||||
A Ordinary shares | — | 244,141 | — | ||||||||||||||
B Ordinary shares | — | 37,957 | — | ||||||||||||||
Total | 17,020,574 | 342,142 | $ | — | |||||||||||||
Immediately prior to its initial public offering, the Company’s then outstanding preference shares, A ordinary shares and B ordinary shares were converted to ordinary shares and the ordinary shares then outstanding were consolidated into 32 new ordinary shares for each 100 existing ordinary shares. The number of ordinary, A ordinary and B ordinary shares and the number of options and warrants to acquire ordinary shares are presented in these financial statements on the basis of the number after this consolidation. | |||||||||||||||||
Preference shares | |||||||||||||||||
The Company’s issued and outstanding preference shares consist of the following: | |||||||||||||||||
Shares Issued | Liquidation | ||||||||||||||||
and Outstanding | amount per share | ||||||||||||||||
March 31, | March 31, | March 31, | March 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
7% Cumulative Redeemable Preference | 666,665 | — | $ | 22.76 | $ | — | |||||||||||
shares | |||||||||||||||||
A Preference shares | — | 12,719,954 | $ | — | $ | 1.32 | |||||||||||
B Preference shares | — | 14,583,407 | $ | — | $ | 1.28 | |||||||||||
C Preference shares | — | 929,167 | $ | — | $ | 3.11 | |||||||||||
Total | 666,665 | 28,232,528 | |||||||||||||||
The A Preference shares, the B Preference shares and the C Preference shares were converted into ordinary shares in April 2014 prior to the Company’s initial public offering on the basis of 32 ordinary shares for every 100 preference shares. The 7% Cumulative Redeemable Preference shares were issued to Ortho-Clinical Diagnostics Finco S.Á.R.L., an affiliate of Ortho on January 29, 2015 at a subscription price of $22.50 per share. These preference shares are redeemable at the request of the shareholder on the “Redemption Trigger Date” which is the date of the fourth anniversary of the date of issue of the preference shares, but the Company may extend the redemption date in one year increments up to the tenth anniversary of the date of issue. Because the 7% Cumulative Redeemable Preference shares are redeemable at the option of the shareholders, they are shown as a liability in the Consolidated Balance Sheet. |
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||||||||||||||||
Share-Based Compensation | Note 9. Share-Based Compensation | ||||||||||||||||
The Company records share-based compensation expense in respect of options issued under its share incentive plans and in respect of the deferred shares issued to employees. Share-based compensation expense amounted to $1,138 in the year ended March 31, 2015, $933 in the year ended March 31, 2014 and $471 in the year ended March 31, 2013. | |||||||||||||||||
Option Plans | |||||||||||||||||
The 2012 Option Plan (the “Option Plan”) was designed in order to grant options on ordinary shares in the capital of the Company to certain of its directors and employees. The purpose of the Option Plan is to provide employees with an opportunity to participate directly in the growth of the value of the Company by receiving options for shares. | |||||||||||||||||
Each option converts into one ordinary share of the Company on exercise. | |||||||||||||||||
The 2012 Option Plan was approved by the shareholders as part of the arrangements relating to the issue of the A Preference Shares and B Preference shares on February 16, 2012. | |||||||||||||||||
The total number of shares in respect of which options may be granted under the 2012 Option Plan is limited at 839,509. Options that lapse or are forfeited are available to be granted again. | |||||||||||||||||
Options generally vest over a period of three years but certain employees have shorter vesting periods. The contractual life of all options is 10 years. Options were not exercisable before the Company became a public company and all outstanding options become exercisable in the event of an acquisition of 75% or more of the share capital of the Company by a third party. | |||||||||||||||||
The 2014 Stock Incentive Plan was approved by the directors and shareholders immediately prior to the Company’s initial public offering in April 2014. The 2014 Plan was designed to provide flexibility to attract and retain the services of qualified employees, officers, directors, consultants and other service providers upon whose judgment, initiative and efforts the successful conduct and development of the business depends, and to provide additional incentives to such persons to devote their effort and skill to the advancement and betterment of the Company, by providing them an opportunity to participate in the ownership of the Company and thereby have an interest in its success and increased value. . | |||||||||||||||||
1,500,000 ordinary shares were initially reserved for issuance under the 2014 Plan. This number is subject to adjustment in the event of a recapitalization, share split, share consolidation, reclassification, share dividend or other change in the Company’s capital structure and automatically increases annually on April 1 of each year. To the extent that an award terminates, or expires for any reason, then any shares subject to the award may be used again for new grants. However, shares which are (i) not issued or delivered as a result of the net settlement of outstanding share appreciation rights (“SARs”) or options, (ii) used to pay the exercise price related to outstanding options, (iii) used to pay withholding taxes related to outstanding options or SARs or (iv) repurchased on the open market with the proceeds from an option exercise, will not be available for grant under the 2014 Plan. | |||||||||||||||||
Share option activity | |||||||||||||||||
The following table summarizes share option activity: | |||||||||||||||||
Number | Weighted | Weighted | |||||||||||||||
of Share | Average | Average | |||||||||||||||
Options | Exercise Price | Remaining Contractual Life | |||||||||||||||
Outstanding | (Months) | ||||||||||||||||
Outstanding — March 31, 2012 | — | $ | — | — | |||||||||||||
Granted | 369,400 | 1.44 | 120 | ||||||||||||||
Exercised | — | — | — | ||||||||||||||
Forfeited | — | — | — | ||||||||||||||
Outstanding — March 31, 2013 | 369,400 | $ | 1.44 | 116 | |||||||||||||
Granted | 477,149 | $ | 4.21 | 120 | |||||||||||||
Exercised | (60,044 | ) | $ | 4.08 | — | ||||||||||||
Forfeited | (7,043 | ) | 4.87 | — | |||||||||||||
Outstanding — March 31, 2014 | 779,462 | $ | 2.92 | 109 | |||||||||||||
Granted | 605,250 | 8.34 | 120 | ||||||||||||||
Exercised | (137,478 | ) | 2.23 | — | |||||||||||||
Forfeited | (39,116 | ) | 7.93 | — | |||||||||||||
Outstanding — March 31, 2015 | 1,208,118 | $ | 5.58 | 103 | |||||||||||||
Exercisable — March 31, 2015 | 317,421 | $ | 2.31 | 95 | |||||||||||||
The following table summarizes the options granted in the year ended March 31, 2015 with their exercise prices, the fair value of ordinary shares as of the applicable grant date, and the intrinsic value, if any: | |||||||||||||||||
Grant Date | Number of | Exercise Price | Ordinary | Per Share Intrinsic | |||||||||||||
Options Granted | Shares | Value of Options | |||||||||||||||
Fair Value Per | |||||||||||||||||
Share at Grant | |||||||||||||||||
Date | |||||||||||||||||
29-Apr-14 | 524,900 | $ | 8 | $ | 8 | $ | 3.36 | ||||||||||
6-Aug-14 | 31,600 | $ | 9.26 | $ | 9.26 | $ | 3.85 | ||||||||||
31-Oct-14 | 30,150 | $ | 9.95 | $ | 9.95 | $ | 4 | ||||||||||
5-Nov-14 | 5,200 | $ | 9.89 | $ | 9.89 | $ | 3.98 | ||||||||||
4-Feb-15 | 13,400 | $ | 15.065 | $ | 15.065 | $ | 6.01 | ||||||||||
Determining the fair value of share options | |||||||||||||||||
The fair value of each grant of share options was determined by the Company using the Black-Scholes options pricing model. The total fair value of option awards in the years ended March 31, 2015 and March 31, 2014 amounted to $2,108 and $1,113. | |||||||||||||||||
Assumptions used in the option pricing models are discussed below. Each of these inputs is subjective and generally requires significant judgment to determine. | |||||||||||||||||
Expected volatility . The expected volatility was based on the historical share volatilities of a selection of the Company’s publicly listed peers over a period equal to the expected terms of the options as the Company did not have a sufficient trading history to use the volatility of its own ordinary shares. | |||||||||||||||||
Fair value of ordinary shares. Prior to the Company’s initial public offering, transactions involving the preference share capital of the company determined the fair values of the ordinary shares at the grant dates. The preference shares had preferred rights versus the ordinary shares as regards capital redemption and dividends but after all other shares have been paid out the balance of any residual assets is shared amongst the ordinary shareholders. The preference shareholders could convert their shares to ordinary shares at any time. | |||||||||||||||||
Based on these share rights, the fair value of the ordinary shares did not exceed the fair value of the preference shares but may equal it, if it appears likely that the value of the company as a whole exceeds the entitlements of the preference shares thus making it more likely than not that the preference shareholders will opt to convert their shares. | |||||||||||||||||
The directors have considered the progress of the company at each option award date and determined the fair market value of the ordinary shares by reference to the fair values of the preference shares plus an appropriate discount. | |||||||||||||||||
Risk-Free Interest Rate. The risk-free interest rate is based on the UK Government 10 year bond yield curve in effect at the time of grant prior to the initial public offering and 10 year U.S Treasury Stock for awards from April 2014 onwards. | |||||||||||||||||
Expected term. The expected term is determined after giving consideration to the contractual terms of the share-based awards, graded vesting schedules ranging from one to three years and expectations of future employee behavior as influenced by changes to the terms of its share-based awards. | |||||||||||||||||
Expected dividend. According to the terms of the awards, the exercise price of the options is adjusted to take into account any dividends paid. As a result dividends are not required as an input to the model, as these reductions in the share price are offset by a corresponding reduction in exercise price. | |||||||||||||||||
A summary of the weighted-average assumptions applicable to the share options is as follows: | |||||||||||||||||
Year ended March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Risk-free interest rate | 2.64 | % | 2.25 | % | |||||||||||||
Expected lives (years) | 3 | 3 | |||||||||||||||
Volatility | 59.62 | % | 59.91 | % | |||||||||||||
Dividend yield | — | — | |||||||||||||||
Weighted average fair value (per option granted) | $ | 3.48 | $ | 2.33 | |||||||||||||
Number granted | 605,250 | 477,149 | |||||||||||||||
The fair value of the Company’s ordinary shares was $17.00 per share on March 31, 2015. | |||||||||||||||||
As of March 31, 2015, total compensation cost related to unvested share options granted to employees not yet recognized was $2,096 net of estimated forfeitures. This cost will be amortized to expense over a weighted average remaining period of 1.7 years and will be adjusted for subsequent changes in estimated forfeitures. | |||||||||||||||||
Share based compensation expense arising on the deferred shares amounted to $156 and $365 in the years ended March 31, 2014 and March 31, 2013. As of March 31, 2014, there was no remaining unrecognized compensation cost related to deferred shares. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | Note 10. Income Taxes | ||||||||||||
No provision has been made for current or deferred income taxes in any period. The statutory tax rate of the Company in Jersey is 0%. The principal operating subsidiaries operate in the USA, the United Kingdom and Switzerland and are subject to corporate income taxes in those countries. All these entities have incurred trading losses and no corporate income taxes have been provided for. A reconciliation of the income tax expense at the statutory rate to the provision for income taxes is as follows: | |||||||||||||
Year ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Income tax expense at statutory rate | $ | — | $ | — | $ | — | |||||||
Foreign tax rate differential | (2,739 | ) | (439 | ) | (488 | ) | |||||||
Increase in valuation allowance against deferred tax assets | 2,739 | 439 | 488 | ||||||||||
Provision for income tax | $ | — | $ | — | $ | — | |||||||
Significant components of deferred tax assets are as follows: | |||||||||||||
March 31, | March 31, | ||||||||||||
2015 | 2014 | ||||||||||||
Deferred tax assets assets: | |||||||||||||
Provisions and reserves | $ | 270 | $ | 12 | |||||||||
Net operating loss carry forwards | 8,534 | 6,151 | |||||||||||
Gross deferred tax assets | $ | 8,804 | $ | 6,163 | |||||||||
Fixed assets basis difference | $ | (843 | ) | $ | (941 | ) | |||||||
Gross deferred tax liabilities | $ | (843 | ) | $ | (941 | ) | |||||||
Net deferred tax asset | $ | 7,961 | $ | 5,222 | |||||||||
Valuation allowance | (7,961 | ) | (5,222 | ) | |||||||||
Total accrued compensation and benefits | $ | — | $ | — | |||||||||
The Company maintains a valuation allowance on net operating losses and other deferred tax assets in jurisdictions for which it does not believe it is more-likely-than-not to realize those deferred tax assets based upon all available positive and negative evidence, including historical operating performance, carryback periods, reversal of taxable temporary differences, tax planning strategies, and earnings expectations. | |||||||||||||
As of March 31, 2015, the Company has net operating loss carry forwards of approximately $32,207 and $11,638 of U.S. state net operating losses, which will be available to offset future taxable income. If not used, approximately $5,605 of these tax effected carry forwards will expire between 2029 and 2035. The remaining portion of the carry forwards arose in jurisdictions where losses do not expire. | |||||||||||||
The Company recognizes interest and penalties accrued related to unrecognized tax benefits in tax expense. During the fiscal years ended March 31, 2015, March 31, 2014 and March 31, 2103 the Company had no amounts accrued for interest and penalties. The Company does not currently anticipate that the total amount of unrecognized tax benefits will result in material changes to its financial position within the next 12 months. | |||||||||||||
The Company has evaluated its tax positions in all jurisdictions at each year end and has concluded that there are no material uncertain tax positions. | |||||||||||||
The Company files separate company income tax returns in its domestic and foreign jurisdictions. All necessary income tax filings in all jurisdictions have been completed for all years up to and including March 31, 2014 and there are no ongoing tax examinations in any jurisdiction. |
Defined_Contribution_Plan
Defined Contribution Plan | 12 Months Ended |
Mar. 31, 2015 | |
Defined Contribution Pension And Other Postretirement Plans Disclosure [Abstract] | |
Defined Contribution Plan | Note 11. Defined Contribution Plan |
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents the contribution payable by the Company to the fund during the year. Pension costs during the years ended March 31, 2015, 2014 and 2013 amounted to $510, $349 and $263 respectively. |
Net_Loss_Per_Share
Net Loss Per Share | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Net Loss Per Share | Note 12. Net Loss Per Share | ||||||||||||
The Company applies the two-class method when computing its earnings per share, which requires that net income per share for each class of share (ordinary shares and preference shares) be calculated assuming 100% of the Company’s net income is distributed as dividends to each class of share based on their contractual rights. | |||||||||||||
In accordance with ASC 260 “Earnings Per Share”, basic earnings available to ordinary shareholders per share is computed based on the weighted average number of ordinary shares outstanding during each period. Diluted earnings available to ordinary shareholders per share is computed based on the weighted average number of ordinary shares outstanding during each period, plus potential ordinary shares considered outstanding during the period, as long as the inclusion of such shares is not anti-dilutive. Potential ordinary shares consist of the incremental ordinary shares issuable upon the exercise of share options (using the treasury shares method), the conversion of the Company’s deferred and preference shares and the warrants to acquire preference shares. | |||||||||||||
The following table sets forth the computation of basic loss per ordinary share. Diluted earnings per share figures are not applicable due to losses: | |||||||||||||
Year ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Numerator: | |||||||||||||
Net loss | $ | (59,059 | ) | $ | (10,165 | ) | $ | (4,714 | ) | ||||
Net loss available to ordinary shareholders - basic and diluted | $ | (59,059 | ) | $ | (10,165 | ) | $ | (4,714 | ) | ||||
Denominator: | |||||||||||||
Weighted-average shares outstanding - basic and diluted | 14,773,386 | 186,817 | 74,866 | ||||||||||
Loss per share - basic and diluted | $ | (4.00 | ) | $ | (54.41 | ) | $ | (62.97 | ) | ||||
B preference shares and C preference shares were participating securities with no contractual obligation to share in the losses of the Company. Accordingly, no losses were allocated to B preference shares and C preference shares in the calculation of loss per share in the periods presented. | |||||||||||||
No cumulative dividend is included in net loss for EPS calculation as A preference share dividends, based on their terms are not considered earned. | |||||||||||||
The options and warrants to purchase ordinary shares, the deferred shares, the A preference shares, the B preference shares, the C preference shares and the warrants to purchase A preference shares have been excluded from the above computation of earnings per share for the years ended March 31, 2015, March 31, 2014 and March 31, 2013 as their inclusion would have been anti-dilutive. The following sets out the numbers of the shares, deferred shares, preference shares, options and warrants excluded from the above computation of earnings per share for the years ended March 31, 2015, March 31, 2014 and March 31, 2013, as their inclusion would have been anti-dilutive. | |||||||||||||
March 31, | March 31, | March 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||||
Ordinary shares issuable on exercise of options to purchase | 1,208,118 | 779,462 | 369,400 | ||||||||||
ordinary shares | |||||||||||||
Ordinary shares issuable on exercise of warrants at $9.37 per | 64,000 | — | — | ||||||||||
share | |||||||||||||
Ordinary shares issuable on exercise of warrants at $8.80 per | 3,937,894 | — | — | ||||||||||
share | |||||||||||||
Ordinary shares issuable on exercise of pre-funded warrants | 850,000 | — | — | ||||||||||
at $0.01 per share | |||||||||||||
Deferred shares | — | — | 206,184 | ||||||||||
Ordinary shares issuable on conversion of A Preference shares | — | 4,070,385 | 4,070,385 | ||||||||||
Ordinary shares issuable on conversion of B Preference shares | — | 4,666,690 | 4,621,088 | ||||||||||
Ordinary shares issuable on conversion of C Preference shares | — | 297,333 | — | ||||||||||
Warrants to purchase A Preference shares | — | — | 224,019 | ||||||||||
6,060,012 | 9,813,870 | 9,491,076 | |||||||||||
The share numbers in the above table have been adjusted to reflect the 32 for 100 ordinary share consolidation immediately prior to the Company’s initial public offering. | |||||||||||||
Organization_and_Summary_of_Si1
Organization and Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |
Mar. 31, 2015 | ||
Accounting Policies [Abstract] | ||
Principles of Consolidation | Principles of Consolidation | |
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries after elimination of intercompany transactions and balances. All gains and losses realized from foreign currency transactions denominated in currencies other than the foreign subsidiary’s functional currency are included in foreign currency exchange gain (loss) as part of other income or expenses in the Consolidated Statements of Comprehensive Loss. Adjustments resulting from translating the financial statements of all foreign subsidiaries into U.S. dollars are reported as a separate component of accumulated other comprehensive income (loss) and changes in shareholders’ deficit. The assets and liabilities of the Company’s foreign subsidiaries are translated from their respective functional currencies into U.S. dollars at the rates in effect at the balance sheet date, and revenue and expense amounts are translated at rates approximating the weighted average rates during the period. | ||
Use of Estimates | Use of Estimates | |
The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from these estimates. | ||
Fair Value of Financial Instruments | Fair Value of Financial Instruments | |
The Company defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company’s valuation techniques used to measure fair value maximized the use of observable inputs and minimized the use of unobservable inputs. The fair value hierarchy is based on the following three levels of inputs: | ||
– | Level 1—Quoted prices in active markets for identical assets or liabilities. | |
– | Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | |
– | Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | |
See Note 4, “Fair Value Measurements,” for information and related disclosures regarding our fair value measurements. | ||
Cash and Cash Equivalents | Cash and cash equivalents | |
The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. As of March 31, 2015 and 2014, all cash and cash equivalents comprised cash balances held with the banks used by the company and its subsidiaries. At March 31, 2015 and March 31, 2014, the Company held $314 and $345 respectively in a restricted account as security for the property rental obligations of the group’s Swiss subsidiary. | ||
Trade Accounts Receivable | Trade accounts receivable | |
Trade accounts receivable are recorded at the invoiced amount and are not interest bearing. The Company maintains an allowance for doubtful accounts to reserve for potentially uncollectible trade receivables. Additions to the allowance for doubtful accounts are recorded as general and administrative expenses. The Company reviews its trade receivables to identify specific customers with known disputes or collectability issues. In addition, the Company maintains an allowance for all other receivables not included in the specific reserve by applying specific rates of projected uncollectible receivables to the various aging categories. In determining these percentages, the Company analyzes its historical collection experience, customer credit-worthiness, current economic trends and changes in customer payment terms. The allowance for doubtful accounts at March 31, 2015 and 2014 was $150 and $85, respectively. | ||
Concentration of Credit Risks and Other Uncertainties | Concentration of Credit Risks and Other Uncertainties | |
The carrying amounts for financial instruments consisting of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate fair value due to their short maturities. Derivative instruments, consisting entirely of foreign exchange contracts, are stated at their estimated fair values, based on quoted market prices for the same or similar instruments. The counterparties to the agreements relating to the Company’s derivative instruments consist of large financial institutions of high credit standing. | ||
The Company’s main financial institutions for banking operation held all of the Company’s cash and cash equivalents as of March 31, 2015 and March 31, 2014. | ||
The Company’s accounts receivable are derived from net revenue to customers and distributors located in the United States and other countries. The Company performs credit evaluations of its customers’ financial condition. The Company provides reserves for potential credit losses but has not experienced significant losses to date. There was one customer whose accounts receivable balance represented 10% or more of total accounts receivable, net, as of March 31, 2015 or March 31, 2014. This customer represented 47% and 30% of the accounts receivable balances, as of March 31, 2015 and March 31, 2014, respectively. | ||
The Company currently sells products through its direct sales force and through third-party distributors. There was one direct customer that accounted for 10% or more of total product sales for the fiscal years ended March 31, 2015, 2014 and 2013. This customer represented 55%, 54% and 55% of total product sales for the fiscal years March 31, 2015, 2014 and 2013, respectively. | ||
Inventory | Inventory | |
Inventory is stated at the lower of standard cost (which approximates actual cost) or market, with cost determined on the first-in-first-out method. Accordingly, allocation of fixed production overheads to conversion costs is based on normal capacity of production. Abnormal amounts of idle facility expense, freight, handling costs and spoilage are expensed as incurred and not included in overhead. No stock-based compensation cost was included in inventory as of March 31, 2015 and 2014, respectively. | ||
Property and Equipment | Property and equipment | |
Property, equipment and leasehold improvements are stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization are computed on a straight-line basis over the estimated useful lives of the related assets as follows: | ||
– | Plant, machinery and equipment—4 to 25 years; | |
– | Leasehold improvements—the shorter of the lease term or the estimated useful life of the asset. | |
Repairs and maintenance expenditures, which are not considered improvements and do not extend the useful life of property and equipment, are expensed as incurred. | ||
Property and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by comparing the carrying amount of the assets to the future undiscounted cash flows expected to be generated by the assets. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. During the fiscal years ended 2015, 2014 and 2013, no impairment losses have been recorded. | ||
Intangible Assets and Goodwill | Intangible Assets and Goodwill | |
Intangible assets related to product licenses are recorded at cost, less accumulated amortization. Intangible assets related to technology and other intangible assets acquired in acquisitions are recorded at fair value at the date of acquisition, less accumulated amortization. Intangible assets are amortized over their estimated useful lives, on a straight-line basis as follows: | ||
Customer relationships—5 years | ||
Brands associated with acquired cell lines—40 years | ||
Product licenses—10 years | ||
Other intangibles assets—7 years | ||
The Company reviews its intangible assets for impairment and conducts the impairment review when events or circumstances indicate the carrying value of a long-lived asset may be impaired by estimating the future undiscounted cash flows to be derived from an asset to assess whether or not a potential impairment exists. If the carrying value exceeds the Company’s estimate of future undiscounted cash flows, an impairment value is calculated as the excess of the carrying value of the asset over the Company’s estimate of its fair market value. Events or circumstances which could trigger an impairment review include a significant adverse change in the business climate, an adverse action or assessment by a regulator, unanticipated competition, significant changes in the Company’s use of acquired assets, the Company’s overall business strategy, or significant negative industry or economic trends. No impairment losses have been recorded in any of the years ended March 31, 2015, 2014 or 2013. | ||
Goodwill represents the excess of the purchase price in a business combination over the fair value of tangible and identifiable intangible assets acquired less liabilities assumed. Goodwill resulting from a business combination in 2007 has been fully impaired. | ||
Revenue Recognition | Revenue Recognition | |
The Company recognizes revenue from product sales when there is persuasive evidence that an arrangement exists, delivery has occurred, the price is fixed or determinable and collectability is reasonably assured. Customers have no right of return except in the case of damaged goods. The Company has not experienced any significant returns of its products. Shipping and handling costs are expensed as incurred and included in cost of product sales. In those cases where the Company bills shipping and handling costs to customers, the amounts billed are classified as revenue. | ||
The Company enters into revenue arrangements that may consist of multiple deliverables of its products and services. The terms of these arrangements may include non-refundable upfront payments, milestone payments, other contingent payments and royalties on any product sales derived on collaboration. Up-front fees received in connection with collaborative agreements are deferred upon receipts, are not considered a separate unit of accounting and are recognized as revenues over the relevant performance periods. Revenues related to research and development services included in a collaboration agreement are recognized as research and services are performed over the related performance periods for each contract. A payment that is contingent upon the achievement of a substantive milestone is recognized in its entirety in the period in which the milestone is achieved. | ||
In June 2013, the Company entered into an agreement with Ortho-Clinical Diagnostics Inc. (“Ortho”) to develop a range of rare antisera products. The Company had been working on this project for more than a year before the formal agreement was signed with Ortho. Under the terms of the agreement, the Company is entitled to receive milestone payments of $2,750 upon the receipt of CE-marks for the rare antisera products, $1,400 upon the receipt of FDA approval of the rare antisera products and two further milestones of $500 each upon the updating of the CE-mark and FDA approvals to cover use of the products on Ortho’s automation platform. The Company concluded that as each of these milestones required significant levels of development work to be undertaken and there was no certainty at the start of the project that the development work would be successful, these milestones are substantive and will be accounted for under the milestone method of revenue recognition. During the fiscal year ended March 31, 2014, the Company recognized $2,750 of milestone revenue relating to the achievement of the CE marketing milestone. The agreement also contains one further milestone of $650 payable when Ortho orders $250 of the rare antisera products covered by the agreement. This sales target was achieved and the $650 of revenue was recognized during the year ended March 31, 2015. | ||
Research and Development | Research and Development | |
Research and development expenses consist of costs incurred for company-sponsored and collaborative research and development activities. These costs include direct and research-related overhead expenses. The Company expenses research and development costs, including the expenses for research under collaborative agreements, as such costs are incurred. Where government grants are available for the sponsorship of such research, the grant receipt is included as a credit against the related expense. | ||
Stock-Based Compensation | Stock-Based Compensation | |
Stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as an expense on a straight-line basis over the requisite service period, which is generally the vesting period. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in the Company’s Consolidated Statements of Comprehensive Loss. | ||
In determining fair value of the stock-based compensation payments, the Company uses the Black–Scholes model and a single option award approach, which requires the input of subjective assumptions. These assumptions include: the fair value of the underlying share, estimating the length of time employees will retain their vested stock options before exercising them (expected term), the estimated volatility of the Company’s ordinary shares price over the expected term (expected volatility), risk-free interest rate (interest rate), expected dividends and the number of shares subject to options that will ultimately not complete their vesting requirements (forfeitures). | ||
Share Warrant Liability | Share Warrant Liability | |
The Company has three classes of freestanding warrants to purchase ordinary shares outstanding: (i) warrants that were issued at the time of its initial public offering in April 2014; (ii) warrants issued in December 2013 and (iii) pre-funded warrants issued in November 2014. | ||
The Company accounts for the warrants that were issued at the time of its initial public offering as a liability. These warrants to purchase ordinary shares are recorded as a liability because the underlying terms of the warrants contain provisions that may obligate the Company to transfer value in certain circumstances. The warrants are recorded at fair value upon issuance and are subject to re-measurement to fair value at each balance sheet date, with any change in fair value recognized as component of other income (expense), net on the Consolidated Statements of Comprehensive Loss. The Company will continue to adjust the liability for changes in fair value until the earlier of the exercise or expiration of the warrants or the completion of a deemed liquidation event. At that time, the share warrant liability will be classified into permanent equity. | ||
The warrants issued in December 2013 were originally warrants to purchase redeemable convertible preference shares and were originally recorded as a liability in the balance sheet, but were transferred to permanent equity when the underlying redeemable convertible preference shares were converted to ordinary shares immediately prior to the Company’s initial public offering. | ||
The pre-funded warrants issued in November 2014 do not contain any obligation to transfer value and as such, the issue of the November 2014 pre-funded warrants has been recorded in permanent equity | ||
Derivative Financial Instruments | Derivative Financial Instruments | |
In the normal course of business, the Company’s financial position is routinely subjected to market risk associated with foreign currency exchange rate fluctuations. The Company’s policy is to mitigate the effect of these exchange rate fluctuations on certain foreign currency denominated business exposures. The Company has a policy that allows the use of derivative financial instruments to hedge foreign currency exchange rate fluctuations on forecasted revenue denominated in foreign currencies. The Company carries derivative financial instruments (derivatives) on the balance sheet at their fair values. The Company does not use derivatives for trading or speculative purposes. The Company does not believe that it is exposed to more than a nominal amount of credit risk in its foreign currency hedges, as counterparties are large, global and well-capitalized financial institutions. To hedge foreign currency risks, the Company uses foreign currency exchange forward contracts, where possible and prudent. These forward contracts are valued using standard valuation formulas with assumptions about future foreign currency exchange rates derived from existing exchange rates, interest rates, and other market factors. | ||
The Company considers its most current forecast in determining the level of foreign currency denominated revenue to hedge as cash flow hedges. The Company combines these forecasts with historical trends to establish the portion of its expected volume to be hedged. The revenue and expenses are hedged and designated as cash flow hedges to protect the Company from exposures to fluctuations in foreign currency exchange rates. If the underlying forecasted transaction does not occur, or it becomes probable that it will not occur, the related hedge gains and losses on the cash flow hedge are reclassified from accumulated other comprehensive income (loss) to the consolidated statement of comprehensive loss at that time. | ||
Income Taxes | Income Taxes | |
The Company accounts for income taxes using an asset and liability approach, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the consolidated financial statements, but have not been reflected in taxable income. A valuation allowance is established to reduce deferred tax assets to their estimated realizable value. Therefore, the Company provides a valuation allowance to the extent that is more likely than not that it will generate sufficient taxable income in future periods to realize the benefit of its deferred tax assets. |
Intangible_Assets_Tables
Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | |||||||||||||||||
Schedule of Intangible Assets | |||||||||||||||||
31-Mar-15 | |||||||||||||||||
Gross | Accumulated | Net Carrying | Weighted | ||||||||||||||
Carrying | Amortization | Amount | Ave. | ||||||||||||||
Amount | Remaining | ||||||||||||||||
Useful Life | |||||||||||||||||
Customer relationships | $ | 2,923 | $ | (2,923 | ) | $ | — | — | |||||||||
Brands associated with acquired cell lines | 603 | (115 | ) | 488 | 32.4 years | ||||||||||||
Product licenses | 703 | (241 | ) | 462 | 6.6 years | ||||||||||||
Other Intangibles | 190 | (190 | ) | — | — | ||||||||||||
Total | $ | 4,419 | $ | (3,469 | ) | $ | 950 | ||||||||||
31-Mar-14 | |||||||||||||||||
Gross | Accumulated Amortization | Net Carrying Amount | Weighted | ||||||||||||||
Carrying | Ave. | ||||||||||||||||
Amount | Remaining | ||||||||||||||||
Useful Life | |||||||||||||||||
Customer relationships | $ | 3,283 | $ | (3,283 | ) | $ | — | — | |||||||||
Brands associated with acquired cell lines | 677 | (112 | ) | 565 | 33.4 years | ||||||||||||
Product licenses | 589 | (200 | ) | 389 | 6.6 years | ||||||||||||
Other Intangibles | 213 | (200 | ) | 13 | 0.4 years | ||||||||||||
Total | $ | 4,762 | $ | (3,795 | ) | $ | 967 | ||||||||||
Schedule of Future Amortization Expense | Total future amortization expense for intangible assets that have definite lives, based upon the Company’s existing intangible assets and their current estimated useful lives as of March 31, 2015, is estimated as follows: | ||||||||||||||||
2016 | $ | 85 | |||||||||||||||
2017 | 85 | ||||||||||||||||
2018 | 85 | ||||||||||||||||
2019 | 85 | ||||||||||||||||
2020 | 85 | ||||||||||||||||
Thereafter | 525 | ||||||||||||||||
Total | $ | 950 | |||||||||||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Schedule of Long-Term Debt | Long-term debt comprises: | ||||||||
March 31, | March 31, | ||||||||
2015 | 2014 | ||||||||
Total debt | $ | 15,000 | $ | 15,000 | |||||
Less current portion | (4,500 | ) | — | ||||||
Long-term debt | $ | 10,500 | $ | 15,000 | |||||
Fees due on final repayment of debt | 487 | 487 | |||||||
Fair value of associated share warrant, net of amortization | (219 | ) | (382 | ) | |||||
$ | 10,768 | $ | 15,105 | ||||||
Schedule of Outstanding Debt and Fee Due | The outstanding debt and the fee due on final repayment fall due as follows: | ||||||||
Within 1 year | $ | 4,500 | |||||||
Between 1 and 2 years | 6,000 | ||||||||
Between 2 and 3 years | 4,987 | ||||||||
Total debt | $ | 15,487 | |||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Summary of Assets and Liabilities Measured and Recorded at Fair Value on Recurring Basis | The following table summarizes the Company’s assets and liabilities that are measured at fair value on a recurring basis, by level, within the fair value hierarchy: | ||||||||||||||||
31-Mar-15 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Foreign currency forward contracts | $ | — | $ | — | $ | — | $ | — | |||||||||
Total assets measured at fair value | $ | — | $ | — | $ | — | $ | — | |||||||||
31-Mar-15 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Liabilities: | |||||||||||||||||
Foreign currency forward contracts (1) | $ | 199 | $ | — | $ | — | $ | 199 | |||||||||
Fair value of share warrants | 31,011 | — | — | 31,011 | |||||||||||||
Total liabilities measured at fair value | $ | 31,210 | $ | — | $ | — | $ | 31,210 | |||||||||
31-Mar-14 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Foreign currency forward contracts (1) | $ | 94 | $ | — | $ | — | $ | 94 | |||||||||
Total assets measured at fair value | $ | 94 | $ | — | $ | — | $ | 94 | |||||||||
31-Mar-14 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Liabilities: | |||||||||||||||||
Fair value of share warrants | $ | — | $ | — | $ | 421 | $ | 421 | |||||||||
Total liabilities measured at fair value | $ | — | $ | — | $ | 421 | $ | 421 | |||||||||
– | Contract fair values are determined based on quoted prices for similar assets in active markets using inputs such as currency rates and forward points. | ||||||||||||||||
Summary of Change in Estimated Fair Value of Ordinary and Preference Share Warrant Liabilities | The change in the estimated fair value of ordinary and preference share warrant liabilities is summarized below: | ||||||||||||||||
March 31,2013 | $ | 19 | |||||||||||||||
Exercise of warrants | (19 | ) | |||||||||||||||
Issues of warrants | 421 | ||||||||||||||||
March 31,2014 | $ | 421 | |||||||||||||||
Transfer of liability to shareholders' equity upon the conversion of the preference | (421 | ) | |||||||||||||||
share warrant to a warrant in respect of ordinary shares | |||||||||||||||||
Issue of ordinary share warrants as part of the company's initial public offering | 8,529 | ||||||||||||||||
Change in fair value of ordinary share warrants | 22,966 | ||||||||||||||||
Exercise of warrants | (484 | ) | |||||||||||||||
31-Mar-15 | $ | 31,011 | |||||||||||||||
Consolidated_Balance_Sheet_Det1
Consolidated Balance Sheet Detail (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |||||||||
Summary of Inventory | The following table summarizes inventory by category for the periods presented: | ||||||||
March 31, | March 31, | ||||||||
2015 | 2014 | ||||||||
Raw materials | $ | 1,180 | $ | 1,420 | |||||
Work in progress | 2,071 | 2,031 | |||||||
Finished goods | 1,357 | 1,106 | |||||||
Total inventories | $ | 4,608 | $ | 4,557 | |||||
Summary of Property and Equipment | The following table summarizes property and equipment by categories for the periods presented: | ||||||||
March 31, | March 31, | ||||||||
2015 | 2014 | ||||||||
Plant and Machinery | $ | 21,688 | $ | 7,063 | |||||
Leasehold improvements | 11,412 | 3,594 | |||||||
Total property and equipment | 33,100 | 10,657 | |||||||
Less: accumulated depreciation | (3,367 | ) | (2,101 | ) | |||||
Total property and equipment, net | $ | 29,733 | $ | 8,556 | |||||
Summary of Accrued Compensation and Benefits | Accrued compensation and benefits consist of the following: | ||||||||
March 31, | March 31, | ||||||||
2015 | 2014 | ||||||||
Salary and related benefits | $ | 300 | $ | 75 | |||||
Accrued vacation | 165 | 26 | |||||||
Accrued payroll taxes | 302 | 281 | |||||||
Accrued incentive payments | 1,798 | 1,632 | |||||||
Total accrued compensation and benefits | $ | 2,565 | $ | 2,014 | |||||
Summary of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consist of the following: | ||||||||
March 31, | March 31, | ||||||||
2015 | 2014 | ||||||||
Accrued legal and professional fees | $ | 3,758 | $ | 2,007 | |||||
Accrued interest | 112 | 112 | |||||||
Goods received not invoiced | 787 | 590 | |||||||
Accrued capital expenditure | 972 | — | |||||||
Accrued development expenditure | 2,110 | 799 | |||||||
Other accrued expenses | 1,048 | 945 | |||||||
Total accrued expenses and other current liabilities | $ | 8,787 | $ | 4,453 | |||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Mar. 31, 2015 | |||||
Commitments And Contingencies Disclosure [Abstract] | |||||
Schedule of Minimum Future Rentals on Non-Cancelable Operating Leases | The following is a schedule by years of minimum future rentals on non-cancelable operating leases as of March 31, 2015: | ||||
2016 | $ | 2,703 | |||
2017 | 2,415 | ||||
2018 | 1,866 | ||||
2019 | 1,442 | ||||
2020 | 1,268 | ||||
Thereafter | — | ||||
Total minimum future lease payments | $ | 9,694 | |||
Schedule of Future Annual Repayments on Capital Leases | The following is a schedule of future annual repayments on capital leases as of March 31, 2015: | ||||
2016 | $ | 239 | |||
2017 | 113 | ||||
2018 | 72 | ||||
2019 | 70 | ||||
2020 | 22 | ||||
Thereafter | — | ||||
Total minimum future lease payments | $ | 516 | |||
Schedule of Purchase Obligations | The following is a schedule by years of purchase obligations as of March 31, 2015: | ||||
2016 | $ | 28,871 | |||
2017 | 9,470 | ||||
2018 | 14,179 | ||||
2019 | 17,175 | ||||
2020 | 15,218 | ||||
Thereafter | 12,508 | ||||
Total minimum future purchase obligations | $ | 97,421 | |||
Geographic_Information_Tables
Geographic Information (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Geographic Areas Revenues And Long Lived Assets [Abstract] | |||||||||||||
Schedule of Revenue From Customer By Geographic Area | The following table represents revenue attributed to countries based on the location of the customer: | ||||||||||||
Year ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Revenue: | |||||||||||||
United States | $ | 8,299 | $ | 9,705 | $ | 6,027 | |||||||
United Kingdom | 938 | 907 | 1,253 | ||||||||||
France | 3,419 | 3,352 | 2,825 | ||||||||||
Japan | 2,685 | 2,162 | 2,030 | ||||||||||
Other foreign countries (1) | 3,067 | 3,629 | 2,236 | ||||||||||
$ | 18,408 | $ | 19,755 | $ | 14,371 | ||||||||
– | No individual country represented more than 10% of the respective totals. | ||||||||||||
Consolidated Property and Equipment, Net by Country | The table below lists the Company’s property and equipment, net of accumulated depreciation, by country. With the exception of property and equipment, the Company does not identify or allocate its assets by geographic area: | ||||||||||||
March 31, | March 31, | ||||||||||||
2015 | 2014 | ||||||||||||
Long-lived assets: | |||||||||||||
United Kingdom | $ | 18,879 | $ | 5,814 | |||||||||
Switzerland | 10,854 | 2,742 | |||||||||||
United States | — | — | |||||||||||
Total accrued compensation and benefits | $ | 29,733 | $ | 8,556 | |||||||||
Ordinary_and_Preference_Shares1
Ordinary and Preference Shares (Tables) | 12 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Ordinary Shares [Member] | |||||||||||||||||
Class Of Stock [Line Items] | |||||||||||||||||
Summary of Shares Issued and Outstanding | The Company’s issued and outstanding ordinary shares consist of the following: | ||||||||||||||||
Shares Issued | |||||||||||||||||
and Outstanding | |||||||||||||||||
March 31, | March 31, | Par value | |||||||||||||||
2015 | 2014 | ||||||||||||||||
Ordinary shares | 17,020,574 | 60,044 | $ | — | |||||||||||||
A Ordinary shares | — | 244,141 | — | ||||||||||||||
B Ordinary shares | — | 37,957 | — | ||||||||||||||
Total | 17,020,574 | 342,142 | $ | — | |||||||||||||
Preference Shares [Member] | |||||||||||||||||
Class Of Stock [Line Items] | |||||||||||||||||
Summary of Shares Issued and Outstanding | The Company’s issued and outstanding preference shares consist of the following: | ||||||||||||||||
Shares Issued | Liquidation | ||||||||||||||||
and Outstanding | amount per share | ||||||||||||||||
March 31, | March 31, | March 31, | March 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
7% Cumulative Redeemable Preference | 666,665 | — | $ | 22.76 | $ | — | |||||||||||
shares | |||||||||||||||||
A Preference shares | — | 12,719,954 | $ | — | $ | 1.32 | |||||||||||
B Preference shares | — | 14,583,407 | $ | — | $ | 1.28 | |||||||||||
C Preference shares | — | 929,167 | $ | — | $ | 3.11 | |||||||||||
Total | 666,665 | 28,232,528 | |||||||||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||||||||||||||||
Summary of Share Option Activity | The following table summarizes share option activity: | ||||||||||||||||
Number | Weighted | Weighted | |||||||||||||||
of Share | Average | Average | |||||||||||||||
Options | Exercise Price | Remaining Contractual Life | |||||||||||||||
Outstanding | (Months) | ||||||||||||||||
Outstanding — March 31, 2012 | — | $ | — | — | |||||||||||||
Granted | 369,400 | 1.44 | 120 | ||||||||||||||
Exercised | — | — | — | ||||||||||||||
Forfeited | — | — | — | ||||||||||||||
Outstanding — March 31, 2013 | 369,400 | $ | 1.44 | 116 | |||||||||||||
Granted | 477,149 | $ | 4.21 | 120 | |||||||||||||
Exercised | (60,044 | ) | $ | 4.08 | — | ||||||||||||
Forfeited | (7,043 | ) | 4.87 | — | |||||||||||||
Outstanding — March 31, 2014 | 779,462 | $ | 2.92 | 109 | |||||||||||||
Granted | 605,250 | 8.34 | 120 | ||||||||||||||
Exercised | (137,478 | ) | 2.23 | — | |||||||||||||
Forfeited | (39,116 | ) | 7.93 | — | |||||||||||||
Outstanding — March 31, 2015 | 1,208,118 | $ | 5.58 | 103 | |||||||||||||
Exercisable — March 31, 2015 | 317,421 | $ | 2.31 | 95 | |||||||||||||
Summary of Share Option Granted, Exercise Price, Fair Value, Intrinsic Value | The following table summarizes the options granted in the year ended March 31, 2015 with their exercise prices, the fair value of ordinary shares as of the applicable grant date, and the intrinsic value, if any: | ||||||||||||||||
Grant Date | Number of | Exercise Price | Ordinary | Per Share Intrinsic | |||||||||||||
Options Granted | Shares | Value of Options | |||||||||||||||
Fair Value Per | |||||||||||||||||
Share at Grant | |||||||||||||||||
Date | |||||||||||||||||
29-Apr-14 | 524,900 | $ | 8 | $ | 8 | $ | 3.36 | ||||||||||
6-Aug-14 | 31,600 | $ | 9.26 | $ | 9.26 | $ | 3.85 | ||||||||||
31-Oct-14 | 30,150 | $ | 9.95 | $ | 9.95 | $ | 4 | ||||||||||
5-Nov-14 | 5,200 | $ | 9.89 | $ | 9.89 | $ | 3.98 | ||||||||||
4-Feb-15 | 13,400 | $ | 15.065 | $ | 15.065 | $ | 6.01 | ||||||||||
Summary of Weighted-Average Assumptions to Share Options Issued | A summary of the weighted-average assumptions applicable to the share options is as follows: | ||||||||||||||||
Year ended March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Risk-free interest rate | 2.64 | % | 2.25 | % | |||||||||||||
Expected lives (years) | 3 | 3 | |||||||||||||||
Volatility | 59.62 | % | 59.91 | % | |||||||||||||
Dividend yield | — | — | |||||||||||||||
Weighted average fair value (per option granted) | $ | 3.48 | $ | 2.33 | |||||||||||||
Number granted | 605,250 | 477,149 | |||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Reconciliation of the Income Tax Expenses at the Statutory Rate | A reconciliation of the income tax expense at the statutory rate to the provision for income taxes is as follows: | ||||||||||||
Year ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Income tax expense at statutory rate | $ | — | $ | — | $ | — | |||||||
Foreign tax rate differential | (2,739 | ) | (439 | ) | (488 | ) | |||||||
Increase in valuation allowance against deferred tax assets | 2,739 | 439 | 488 | ||||||||||
Provision for income tax | $ | — | $ | — | $ | — | |||||||
Components of Deferred Tax Assets | Significant components of deferred tax assets are as follows: | ||||||||||||
March 31, | March 31, | ||||||||||||
2015 | 2014 | ||||||||||||
Deferred tax assets assets: | |||||||||||||
Provisions and reserves | $ | 270 | $ | 12 | |||||||||
Net operating loss carry forwards | 8,534 | 6,151 | |||||||||||
Gross deferred tax assets | $ | 8,804 | $ | 6,163 | |||||||||
Fixed assets basis difference | $ | (843 | ) | $ | (941 | ) | |||||||
Gross deferred tax liabilities | $ | (843 | ) | $ | (941 | ) | |||||||
Net deferred tax asset | $ | 7,961 | $ | 5,222 | |||||||||
Valuation allowance | (7,961 | ) | (5,222 | ) | |||||||||
Total accrued compensation and benefits | $ | — | $ | — | |||||||||
Net_Loss_Per_Share_Tables
Net Loss Per Share (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Computation of Earnings Per Share Basic and Diluted | The following table sets forth the computation of basic loss per ordinary share. Diluted earnings per share figures are not applicable due to losses: | ||||||||||||
Year ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Numerator: | |||||||||||||
Net loss | $ | (59,059 | ) | $ | (10,165 | ) | $ | (4,714 | ) | ||||
Net loss available to ordinary shareholders - basic and diluted | $ | (59,059 | ) | $ | (10,165 | ) | $ | (4,714 | ) | ||||
Denominator: | |||||||||||||
Weighted-average shares outstanding - basic and diluted | 14,773,386 | 186,817 | 74,866 | ||||||||||
Loss per share - basic and diluted | $ | (4.00 | ) | $ | (54.41 | ) | $ | (62.97 | ) | ||||
Summary of Number of Ordinary Shares Excluded from Computation of Earnings Per Share | The following sets out the numbers of the shares, deferred shares, preference shares, options and warrants excluded from the above computation of earnings per share for the years ended March 31, 2015, March 31, 2014 and March 31, 2013, as their inclusion would have been anti-dilutive. | ||||||||||||
March 31, | March 31, | March 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||||
Ordinary shares issuable on exercise of options to purchase | 1,208,118 | 779,462 | 369,400 | ||||||||||
ordinary shares | |||||||||||||
Ordinary shares issuable on exercise of warrants at $9.37 per | 64,000 | — | — | ||||||||||
share | |||||||||||||
Ordinary shares issuable on exercise of warrants at $8.80 per | 3,937,894 | — | — | ||||||||||
share | |||||||||||||
Ordinary shares issuable on exercise of pre-funded warrants | 850,000 | — | — | ||||||||||
at $0.01 per share | |||||||||||||
Deferred shares | — | — | 206,184 | ||||||||||
Ordinary shares issuable on conversion of A Preference shares | — | 4,070,385 | 4,070,385 | ||||||||||
Ordinary shares issuable on conversion of B Preference shares | — | 4,666,690 | 4,621,088 | ||||||||||
Ordinary shares issuable on conversion of C Preference shares | — | 297,333 | — | ||||||||||
Warrants to purchase A Preference shares | — | — | 224,019 | ||||||||||
6,060,012 | 9,813,870 | 9,491,076 | |||||||||||
Organization_and_Summary_of_Si2
Organization and Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 2 Months Ended | ||||
Nov. 25, 2014 | Jun. 30, 2013 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Jan. 29, 2015 | Apr. 30, 2014 | Feb. 16, 2012 | Mar. 31, 2015 | |
Customer | Customer | Customer | ||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Common stock, shares issued | 17,020,574 | 342,142 | 17,020,574 | |||||||
Deferred shares issued | 206,184 | |||||||||
Common stock, par value | ||||||||||
Stock issued during period value | $52,561,000 | $247,000 | ||||||||
Common share consolidation ratio | 0.32 | |||||||||
Existing ordinary shares issued 32 new ordinary shares | 100 | |||||||||
Proceeds from private placement | 27,100,000 | |||||||||
Accumulated deficit | -74,354,000 | -15,295,000 | -74,354,000 | |||||||
Expected continuation period of operating losses | 2 years | |||||||||
Restricted cash | 314,000 | 345,000 | 314,000 | |||||||
Allowance for doubtful accounts | 150,000 | 85,000 | 150,000 | |||||||
Number of customer represent 10% or more of accounts receivable | 1 | 1 | 1 | |||||||
Number of customer represent 10% or more of product sales | 1 | 1 | 1 | |||||||
Stock-based compensation cost | 1,138,000 | 933,000 | 471,000 | |||||||
Property and equipment impairment losses | 0 | 0 | 0 | |||||||
Impairment losses | 0 | 0 | ||||||||
Milestone revenue recognized | 650,000 | 2,750,000 | ||||||||
Milestone amount receivable upon fulfillment of achievement target order | 650,000 | |||||||||
Milestone cumulative orders target | 250,000 | |||||||||
Minimum [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Plant, machinery and equipment useful life | 4 years | |||||||||
Maximum [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Plant, machinery and equipment useful life | 25 years | |||||||||
Inventories [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Stock-based compensation cost | 0 | 0 | ||||||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Concentration risk percentage | 47.00% | 30.00% | ||||||||
Customer Concentration Risk [Member] | Sales [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Concentration risk percentage | 55.00% | 54.00% | 55.00% | |||||||
Distribution and Supply Agreement [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Agreement initial term | 20 years | |||||||||
Milestone amount receivable upon fulfillment of achievement | 59,000,000 | |||||||||
Agreement of milestone payment, description | Ortho has agreed to pay the Company one time payments upon the achievement of certain milestones totaling in the aggregate $59 million and reimburse the Company for the cost of goods sold incurred for MosaiQTM instruments and associated replacement parts sold to Ortho, as well as the cost of ancillary products sold to Ortho (other than quality control products), plus 10% of such ancillary product costs. | |||||||||
Customer Relationships [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Intangible assets amortization over estimated useful life | 5 years | |||||||||
Brands Associated with Acquired Cell Lines [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Intangible assets amortization over estimated useful life | 40 years | |||||||||
Product Licenses [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Intangible assets amortization over estimated useful life | 10 years | |||||||||
Other Intangibles Assets [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Intangible assets amortization over estimated useful life | 7 years | |||||||||
CE-Marks [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Milestone amount receivable upon fulfillment of achievement | 2,750,000 | |||||||||
FDA [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Milestone amount receivable upon fulfillment of achievement | 1,400,000 | |||||||||
CE-Marks & FDA [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Milestone amount receivable upon fulfillment of achievement | 500,000 | |||||||||
Number of milestone payments | 2 | |||||||||
Ordinary Shares [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Stock issued during period value | 52,561,000 | 247,000 | ||||||||
Issue of shares, net of issue costs, Shares | 7,444,445 | 60,044 | ||||||||
Initial Public Offering [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Issued warrants to acquire common shares | 5,000,000 | |||||||||
Common stock, par value | $0 | |||||||||
Ordinary share acquired for each unit of warrant | 0.8 | |||||||||
Exercise price of warrants | $8.80 | |||||||||
Stock issued during period value | 40,000,000 | |||||||||
Expiration date of warrants | 25-Oct-15 | |||||||||
Private Placement [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Ordinary share acquired for each unit of warrant | 1 | |||||||||
Exercise price of warrants | $0.01 | |||||||||
Issue of shares, net of issue costs, Shares | 2,000,000 | |||||||||
Shares issued, price per share | $9.50 | |||||||||
Pre-funded warrants, issued | 850,000 | |||||||||
Warrants price per warrant | $9.49 | |||||||||
Aggregate subscription price of shares and warrants | 27,100,000 | |||||||||
Proceeds from private placement, net of issuance cost | 24,700,000 | |||||||||
Subscription Agreement [Member] | Ordinary Shares [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Common stock, shares issued | 444,445 | |||||||||
Company's closing share price | $22.50 | |||||||||
A Preference Shares [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Preferred shares issued | 14,023,552 | |||||||||
Preference shares repurchased | 1,553,598 | |||||||||
Redeemable preference shares, par value | ||||||||||
B Preference Shares [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Preferred shares issued | 10,640,664 | |||||||||
Redeemable preference shares, par value | ||||||||||
A Ordinary Shares [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Common stock, shares issued | 0 | 244,141 | 56,936 | 0 | ||||||
Common stock, par value | ||||||||||
A Deferred shares [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Deferred shares issued | 18,978 | |||||||||
B Deferred shares [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Deferred shares issued | 37,957 | |||||||||
C Deferred shares [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Deferred shares issued | 168,227 | |||||||||
7% Cumulative Redeemable Preference Shares [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Cumulative redeemable preference shares, issued | 666,665 | 666,665 | ||||||||
Dividend percentage | 7.00% | |||||||||
Redeemable preference shares, share price | $22.50 | |||||||||
7% Cumulative Redeemable Preference Shares [Member] | Subscription Agreement [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Cumulative redeemable preference shares, issued | 666,665 | |||||||||
Dividend percentage | 7.00% | |||||||||
Redeemable preference shares, par value | $0 | |||||||||
Redeemable preference shares, share price | $22.50 | |||||||||
Aggregate subscription price | $25,000,000 |
Intangible_Assets_Schedule_of_
Intangible Assets - Schedule of Intangible Assets (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $4,419 | $4,762 |
Accumulated Amortization | -3,469 | -3,795 |
Net Carrying Amount | 950 | 967 |
Customer Relationships [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,923 | 3,283 |
Accumulated Amortization | -2,923 | -3,283 |
Brands Associated with Acquired Cell Lines [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 603 | 677 |
Accumulated Amortization | -115 | -112 |
Net Carrying Amount | 488 | 565 |
Weighted-Average Remaining Useful Life | 32 years 4 months 24 days | 33 years 4 months 24 days |
Product Licenses [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 703 | 589 |
Accumulated Amortization | -241 | -200 |
Net Carrying Amount | 462 | 389 |
Weighted-Average Remaining Useful Life | 6 years 7 months 6 days | 6 years 7 months 6 days |
Other Intangibles Assets [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 190 | 213 |
Accumulated Amortization | -190 | -200 |
Net Carrying Amount | $13 | |
Weighted-Average Remaining Useful Life | 4 months 24 days |
Intangible_Assets_Additional_I
Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Amortization expense | $99 | $103 | $354 |
Intangible_Assets_Schedule_of_1
Intangible Assets - Schedule of Future Amortization Expense (Detail) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Goodwill And Intangible Assets Disclosure [Abstract] | ||
2016 | $85 | |
2017 | 85 | |
2018 | 85 | |
2019 | 85 | |
2020 | 85 | |
Thereafter | 525 | |
Net Carrying Amount | $950 | $967 |
Debt_Schedule_of_LongTerm_Debt
Debt - Schedule of Long-Term Debt (Detail) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ||
Total debt | $15,000 | $15,000 |
Less current portion | -4,500 | |
Long-term debt | 10,500 | 15,000 |
Fees due on final repayment of debt | 487 | 487 |
Fair value of associated share warrant, net of amortization | -219 | -382 |
Long-term debt, less current portion | $10,768 | $15,105 |
Debt_Schedule_of_Outstanding_D
Debt - Schedule of Outstanding Debt and Fee Due (Detail) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Long-term Debt, by Current and Noncurrent [Abstract] | |
Within 1 year | $4,500 |
Between 1 and 2 years | 6,000 |
Between 2 and 3 years | 4,987 |
Total debt | $15,487 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 09, 2013 | Dec. 31, 2010 | Mar. 31, 2015 |
Debt Instrument [Line Items] | ||||
Repayments of debt | $3,000 | |||
Haemonetics S.A. [Member] | Loan Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Loan notes, issued amount | 3,000 | |||
Loan notes, redeemable date | 2017-03 | |||
Loan notes, interest rate | 7.50% | |||
Repayments of debt | 3,000 | |||
MidCap Financial LLC [Member] | Secured Bank Facility Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Drew down with new secured bank facility agreement | $15,000 | |||
Facility repayable period | 4 years | |||
Margin over LIBOR rate | 6.70% | |||
Long-term debt repayable terms | No repayments being due until eighteen months from the drawdown date and then equal amounts being repayable monthly over the remaining thirty months. | |||
Facility bears interest | LIBOR plus 6.7% | |||
LIBOR rate applicable terms | LIBOR rate applicable to the facility is the higher of the actual market rate from time to time or 2.0%. |
Fair_Value_Measurements_Summar
Fair Value Measurements - Summary of Assets and Liabilities Measured and Recorded at Fair Value on Recurring Basis (Detail) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
Assets: | ||||
Total assets measured at fair value | $94 | |||
Liabilities: | ||||
Total liabilities measured at fair value | 199 | |||
Recurring [Member] | ||||
Assets: | ||||
Total assets measured at fair value | 94 | |||
Liabilities: | ||||
Total liabilities measured at fair value | 31,210 | 421 | ||
Recurring [Member] | Share warrants [Member] | ||||
Liabilities: | ||||
Total liabilities measured at fair value | 31,011 | 421 | ||
Recurring [Member] | Level 1 [Member] | ||||
Assets: | ||||
Total assets measured at fair value | 94 | |||
Liabilities: | ||||
Total liabilities measured at fair value | 31,210 | |||
Recurring [Member] | Level 1 [Member] | Share warrants [Member] | ||||
Liabilities: | ||||
Total liabilities measured at fair value | 31,011 | |||
Recurring [Member] | Level 3 [Member] | ||||
Liabilities: | ||||
Total liabilities measured at fair value | 421 | |||
Recurring [Member] | Level 3 [Member] | Share warrants [Member] | ||||
Liabilities: | ||||
Total liabilities measured at fair value | 421 | |||
Recurring [Member] | Foreign currency forward contracts [Member] | ||||
Assets: | ||||
Total assets measured at fair value | 94 | [1] | ||
Liabilities: | ||||
Total liabilities measured at fair value | 199 | [1] | ||
Recurring [Member] | Foreign currency forward contracts [Member] | Level 1 [Member] | ||||
Assets: | ||||
Total assets measured at fair value | 94 | [1] | ||
Liabilities: | ||||
Total liabilities measured at fair value | $199 | [1] | ||
[1] | Contract fair values are determined based on quoted prices for similar assets in active markets using inputs such as currency rates and forward points |
Fair_Value_Measurements_Summar1
Fair Value Measurements - Summary of Change in Estimated Fair Value of Ordinary and Preference Share Warrant Liabilities (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Derivative [Line Items] | ||
Change in fair value of ordinary share warrants | ($22,966) | |
Share warrants [Member] | ||
Derivative [Line Items] | ||
Warrant at fair value, Beginning balance | 421 | 19 |
Transfer of liability to shareholders' equity upon the conversion of the preference share warrant to a warrant in respect of ordinary shares | -421 | |
Issue of ordinary share warrants as part of the company's initial public offering | 8,529 | |
Change in fair value of ordinary share warrants | 22,966 | |
Exercise of warrants | -484 | -19 |
Issues of warrants | 421 | |
Warrant at fair value, Ending balance | $31,011 | $421 |
Consolidated_Balance_Sheet_Det2
Consolidated Balance Sheet Detail - Summary of Inventory (Detail) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Raw materials | $1,180 | $1,420 |
Work in progress | 2,071 | 2,031 |
Finished goods | 1,357 | 1,106 |
Total inventories | $4,608 | $4,557 |
Consolidated_Balance_Sheet_Det3
Consolidated Balance Sheet Detail - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Plant and Machinery | $21,688 | $7,063 | |
Depreciation expenses | 1,185 | 519 | 337 |
Loss of disposal | 382 | ||
Switzerland [Member] | |||
Plant and Machinery | 15,721 | ||
Prepaid expenses and other current assets [Member] | |||
Cost associated with initial public offering | 2,413 | ||
MosaiQTM Project [Member] | |||
Prepaid expense | $2,655 |
Consolidated_Balance_Sheet_Det4
Consolidated Balance Sheet Detail - Summary of Property and Equipment (Detail) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Property Plant And Equipment [Abstract] | ||
Plant and Machinery | $21,688 | $7,063 |
Leasehold improvements | 11,412 | 3,594 |
Total property and equipment | 33,100 | 10,657 |
Less: accumulated depreciation | -3,367 | -2,101 |
Total property and equipment, net | $29,733 | $8,556 |
Consolidated_Balance_Sheet_Det5
Consolidated Balance Sheet Detail - Summary of Accrued Compensation and Benefits (Detail) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Compensation Related Costs [Abstract] | ||
Salary and related benefits | $300 | $75 |
Accrued vacation | 165 | 26 |
Accrued payroll taxes | 302 | 281 |
Accrued incentive payments | 1,798 | 1,632 |
Total accrued compensation and benefits | $2,565 | $2,014 |
Consolidated_Balance_Sheet_Det6
Consolidated Balance Sheet Detail - Summary of Accrued Expenses and Other Current Liabilities (Detail) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Payables And Accruals [Abstract] | ||
Accrued legal and professional fees | $3,758 | $2,007 |
Accrued interest | 112 | 112 |
Goods received not invoiced | 787 | 590 |
Accrued capital expenditure | 972 | |
Accrued development expenditure | 2,110 | 799 |
Other accrued expenses | 1,048 | 945 |
Total accrued expenses and other current liabilities | $8,787 | $4,453 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) | 12 Months Ended | ||||||||||
Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2008 | Dec. 31, 2015 | Dec. 31, 2015 | Sep. 30, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Jun. 30, 2015 | |
USD ($) | GBP (£) | USD ($) | USD ($) | GBP (£) | Forecast [Member] | Forecast [Member] | Forecast [Member] | Forecast [Member] | Forecast [Member] | Forecast [Member] | |
Contracts | Contracts | USD ($) | GBP (£) | USD ($) | GBP (£) | USD ($) | GBP (£) | ||||
Contracts | Contracts | Contracts | |||||||||
Commitments And Contingencies [Line Items] | |||||||||||
Expiry date of operating leases | 2020 | 2020 | |||||||||
Operating leases, Rent expense, Minimum rentals | $2,111,000 | $1,293,000 | $746,000 | ||||||||
Capital Leased Assets, Gross Cost | 1,024,000 | 882,000 | |||||||||
Capital Leases, Balance Sheet, Assets by Major Class, Net | 737,000 | 546,000 | |||||||||
Research and development grant funding from Scottish Enterprise | 1,791,000 | ||||||||||
Claims from grant | 1,790,000 | ||||||||||
Number of forward exchange contracts | 9 | 9 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | ||
Forward exchange contracts sold | 300,000 | 300,000 | 300,000 | ||||||||
Forward exchange contracts exchange rate pounds sterling to US dollar | 1.5 | 1.6 | 1.7227 | ||||||||
Total liabilities measured at fair value | 199,000 | ||||||||||
Total assets measured at fair value | 94,000 | ||||||||||
Gain (loss) on foreign currency derivatives recorded in earnings, net | $0 | $0 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Schedule of Minimum Future Rentals on Non-cancelable Operating Leases (Detail) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies Disclosure [Abstract] | |
2016 | $2,703 |
2017 | 2,415 |
2018 | 1,866 |
2019 | 1,442 |
2020 | 1,268 |
Total minimum future lease payments | $9,694 |
Commitments_and_Contingencies_3
Commitments and Contingencies - Schedule of Future Annual Repayments on Capital Leases (Detail) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies Disclosure [Abstract] | |
2016 | $239 |
2017 | 113 |
2018 | 72 |
2019 | 70 |
2020 | 22 |
Total minimum future lease payments | $516 |
Commitments_and_Contingencies_4
Commitments and Contingencies - Schedule of Purchase Obligations (Detail) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies Disclosure [Abstract] | |
2016 | $28,871 |
2017 | 9,470 |
2018 | 14,179 |
2019 | 17,175 |
2020 | 15,218 |
Thereafter | 12,508 |
Total minimum future purchase obligations | $97,421 |
Geographic_Information_Schedul
Geographic Information - Schedule of Revenue From Customer By Geographic Area (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||||
Revenue | $18,408 | $19,755 | $14,371 | |||
United States [Member] | ||||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||||
Revenue | 8,299 | 9,705 | 6,027 | |||
United Kingdom [Member] | ||||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||||
Revenue | 938 | 907 | 1,253 | |||
France [Member] | ||||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||||
Revenue | 3,419 | 3,352 | 2,825 | |||
Japan [Member] | ||||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||||
Revenue | 2,685 | 2,162 | 2,030 | |||
Other foreign countries [Member] | ||||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||||
Revenue | $3,067 | [1] | $3,629 | [1] | $2,236 | [1] |
[1] | (1) No individual country represented more than 10% of the respective totals. |
Geographic_Information_Consoli
Geographic Information - Consolidated Property and Equipment, Net by Country (Detail) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Property and equipment, net | $29,733 | $8,556 |
United Kingdom [Member] | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Property and equipment, net | 18,879 | 5,814 |
Switzerland [Member] | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Property and equipment, net | $10,854 | $2,742 |
Ordinary_and_Preference_Shares2
Ordinary and Preference Shares - Summary of Shares Issued and Outstanding (Detail) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 | Feb. 16, 2012 |
Class Of Stock [Line Items] | |||
Common stock, shares issued | 17,020,574 | 342,142 | |
Common stock, shares outstanding | 17,020,574 | 342,142 | |
Common stock, par value | |||
Preferred stock, shares issued | 666,665 | 28,232,528 | |
Preferred stock, shares outstanding | 666,665 | 28,232,528 | |
Ordinary Shares [Member] | |||
Class Of Stock [Line Items] | |||
Common stock, shares issued | 17,020,574 | 60,044 | |
Common stock, shares outstanding | 17,020,574 | 60,044 | |
Common stock, par value | |||
A Ordinary Shares [Member] | |||
Class Of Stock [Line Items] | |||
Common stock, shares issued | 0 | 244,141 | 56,936 |
Common stock, shares outstanding | 0 | 244,141 | |
Common stock, par value | |||
B Ordinary Shares [Member] | |||
Class Of Stock [Line Items] | |||
Common stock, shares issued | 0 | 37,957 | |
Common stock, shares outstanding | 0 | 37,957 | |
Common stock, par value | |||
7% Cumulative Redeemable Preference Shares [Member] | |||
Class Of Stock [Line Items] | |||
Preferred stock, shares issued | 666,665 | ||
Preferred stock, shares outstanding | 666,665 | ||
Liquidation amount per share | $22.76 | ||
A Preference Shares [Member] | |||
Class Of Stock [Line Items] | |||
Preferred stock, shares issued | 0 | 12,719,954 | |
Preferred stock, shares outstanding | 0 | 12,719,954 | |
Liquidation amount per share | $1.32 | ||
B Preference Shares [Member] | |||
Class Of Stock [Line Items] | |||
Preferred stock, shares issued | 0 | 14,583,407 | |
Preferred stock, shares outstanding | 0 | 14,583,407 | |
Liquidation amount per share | $1.28 | ||
C Preference Shares [Member] | |||
Class Of Stock [Line Items] | |||
Preferred stock, shares issued | 0 | 929,167 | |
Preferred stock, shares outstanding | 0 | 929,167 | |
Liquidation amount per share | $3.11 |
Ordinary_and_Preference_Shares3
Ordinary and Preference Shares - Additional Information (Detail) (USD $) | 12 Months Ended | |
Mar. 31, 2015 | Jan. 29, 2015 | |
Class Of Stock [Line Items] | ||
Shares conversion description | the Companybs then outstanding preference shares, A ordinary shares and B ordinary shares were converted to ordinary shares and the ordinary shares then outstanding were consolidated into 32 new ordinary shares for each 100 existing ordinary shares. | |
Existing ordinary shares issued 32 new ordinary shares | 100 | |
Common share consolidation ratio | 0.32 | |
7% Cumulative Redeemable Preference Shares [Member] | ||
Class Of Stock [Line Items] | ||
Redeemable preference shares, share price | $22.50 | |
Ordinary Shares [Member] | ||
Class Of Stock [Line Items] | ||
Shares conversion description | A Preference shares, the B Preference shares and the C Preference shares were converted into ordinary shares in April 2014 prior to the Companybs initial public offering on the basis of 32 ordinary shares for every 100 preference shares. |
Ordinary_and_Preference_Shares4
Ordinary and Preference Shares - Summary of Shares Issued and Outstanding (Parenthetical) (Detail) (7% Cumulative Redeemable Preference Shares [Member]) | 12 Months Ended |
Mar. 31, 2015 | |
7% Cumulative Redeemable Preference Shares [Member] | |
Class Of Stock [Line Items] | |
Dividend percentage | 7.00% |
ShareBased_Compensation_Additi
Share-Based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share-based compensation expense | $1,138 | $933 | $471 |
Total fair value of stock options granted | 2,108 | 1,113 | |
Risk-free interest rate, Description | Risk-Free Interest Rate. The risk-free interest rate is based on the UK Government 10 year bond yield curve in effect at the time of grant prior to the initial public offering and 10 year U.S Treasury Stock for awards from April 2014 onwards. | ||
Total compensation cost not yet recognized related to unvested share options | 2,096 | ||
Total compensation cost not yet recognized related to unvested share options, weighted average remaining amortization period | 1 year 8 months 12 days | ||
Deferred Shares [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share-based compensation expense | 156 | 365 | |
Remaining unrecognized compensation cost | $0 | ||
Ordinary Shares [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Fair value of ordinary shares per share | $17 | ||
Employee Stock Option [Member] | Minimum [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting period | 1 year | ||
Employee Stock Option [Member] | Maximum [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
2012 Option Plan [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Conversion of option into share | 1 | ||
Maximum number of shares authorized for grant | 839,509 | ||
Vesting period | 3 years | ||
Contractual life | 10 years | ||
Options exercisable percentage description | Options were not exercisable before the Company became a public company and all outstanding options become exercisable in the event of an acquisition of 75% or more of the share capital of the Company by a third party | ||
2014 Plan [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Ordinary shares reserved for issuance | 1,500,000 |
ShareBased_Compensation_Summar
Share-Based Compensation - Summary of Share Option Activity (Detail) (USD $) | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Number of Share Options Outstanding, Beginning Balance | 779,462 | 369,400 | |
Number of Share Options Outstanding, Granted | 605,250 | 477,149 | 369,400 |
Number of Share Options Outstanding, Exercised | -137,478 | -60,044 | |
Number of Share Options Outstanding, Forfeited | -39,116 | -7,043 | |
Number of Share Options Outstanding, Ending Balance | 1,208,118 | 779,462 | 369,400 |
Number of Share Options Outstanding, Exercisable | 317,421 | ||
Weighted-Average Exercise Price, Beginning Balance | $2.92 | $1.44 | |
Weighted-Average Exercise Price, Granted | $8.34 | $4.21 | $1.44 |
Weighted-Average Exercise Price, Exercised | $2.23 | $4.08 | |
Weighted-Average Exercise Price, Forfeited | $7.93 | $4.87 | |
Weighted-Average Exercise Price, Ending Balance | $5.58 | $2.92 | $1.44 |
Weighted-Average Exercise Price, Exercisable | $2.31 | ||
Weighted-Average Remaining Contractual Life, Outstanding | 103 months | 109 months | 116 months |
Weighted-Average Remaining Contractual Life, Granted | 120 months | 120 months | 120 months |
Weighted-Average Remaining Contractual Life, Exercisable | 95 months |
ShareBased_Compensation_Summar1
Share-Based Compensation - Summary of Share Option Granted, Exercise Price, Fair Value, Intrinsic Value (Detail) (USD $) | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of Options Granted | 605,250 | 477,149 | 369,400 |
Exercise Price | $8.34 | $4.21 | $1.44 |
Ordinary Shares Fair Value Per Share at Grant Date | $3.48 | $2.33 | |
29-Apr-14 | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Grant Date | 29-Apr-14 | ||
Number of Options Granted | 524,900 | ||
Exercise Price | $8 | ||
Ordinary Shares Fair Value Per Share at Grant Date | $8 | ||
Per Share Intrinsic Value of Options | $3.36 | ||
6-Aug-14 | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Grant Date | 6-Aug-14 | ||
Number of Options Granted | 31,600 | ||
Exercise Price | $9.26 | ||
Ordinary Shares Fair Value Per Share at Grant Date | $9.26 | ||
Per Share Intrinsic Value of Options | $3.85 | ||
31-Oct-14 | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Grant Date | 31-Oct-14 | ||
Number of Options Granted | 30,150 | ||
Exercise Price | $9.95 | ||
Ordinary Shares Fair Value Per Share at Grant Date | $9.95 | ||
Per Share Intrinsic Value of Options | $4 | ||
5-Nov-14 | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Grant Date | 5-Nov-14 | ||
Number of Options Granted | 5,200 | ||
Exercise Price | $9.89 | ||
Ordinary Shares Fair Value Per Share at Grant Date | $9.89 | ||
Per Share Intrinsic Value of Options | $3.98 | ||
4-Feb-15 | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Grant Date | 4-Feb-15 | ||
Number of Options Granted | 13,400 | ||
Exercise Price | $15.06 | ||
Ordinary Shares Fair Value Per Share at Grant Date | $15.06 | ||
Per Share Intrinsic Value of Options | $6.01 |
ShareBased_Compensation_Summar2
Share-Based Compensation - Summary of Weighted-Average Assumptions to Share Options Issued (Detail) (USD $) | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Risk-free interest rate | 2.64% | 2.25% | |
Expected lives (years) | 3 years | 3 years | |
Volatility | 59.62% | 59.91% | |
Weighted average fair value (per option granted) | $3.48 | $2.33 | |
Number of Share Options Outstanding, Granted | 605,250 | 477,149 | 369,400 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Income Taxes [Line items] | |||
Statutory tax rate | 0.00% | ||
Net operating loss carry forwards | $32,207 | ||
Net operating loss carry forwards, subject to expiration | 5,605 | ||
Unrecognized tax benefits, Income tax penalties and interest accrued | 0 | 0 | 0 |
U.S. state [Member] | |||
Income Taxes [Line items] | |||
Net operating loss carry forwards | $11,638 | ||
Minimum [Member] | |||
Income Taxes [Line items] | |||
Net operating loss carry forwards expiration year | 2029 | ||
Maximum [Member] | |||
Income Taxes [Line items] | |||
Net operating loss carry forwards expiration year | 2035 |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of the Income Tax Expenses at the Statutory Rate (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Income Tax Disclosure [Abstract] | |||
Foreign tax rate differential | ($2,739) | ($439) | ($488) |
Increase in valuation allowance against deferred tax assets | $2,739 | $439 | $488 |
Income_Taxes_Components_of_Def
Income Taxes - Components of Deferred Tax Assets (Detail) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Deferred tax assets assets: | ||
Provisions and reserves | $270 | $12 |
Net operating loss carry forwards | 8,534 | 6,151 |
Gross deferred tax assets | 8,804 | 6,163 |
Fixed assets basis difference | -843 | -941 |
Gross deferred tax liabilities | -843 | -941 |
Net deferred tax asset | 7,961 | 5,222 |
Valuation allowance | ($7,961) | ($5,222) |
Defined_Contribution_Plan_Addi
Defined Contribution Plan - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Defined Contribution Pension And Other Postretirement Plans Disclosure [Abstract] | |||
Pension cost | $510 | $349 | $263 |
Net_Loss_Per_Share_Computation
Net Loss Per Share - Computation of Earnings Per Share Basic and Diluted (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Numerator: | |||
Net loss | ($59,059) | ($10,165) | ($4,714) |
Net loss available to ordinary shareholders - basic and diluted | ($59,059) | ($10,165) | ($4,714) |
Denominator: | |||
Weighted-average shares outstanding - basic and diluted | 14,773,386 | 186,817 | 74,866 |
Loss per share - basic and diluted | ($4) | ($54.41) | ($62.97) |
Net_Loss_Per_Share_Additional_
Net Loss Per Share - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Earnings Per Share, Basic, Two Class Method [Abstract] | |||
Common share consolidation ratio | 0.32 | ||
B Preference Shares [Member] | |||
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | |||
Net loss allocated to preference stockholders | $0 | $0 | $0 |
C Preference Shares [Member] | |||
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | |||
Net loss allocated to preference stockholders | 0 | 0 | 0 |
A Preference Shares [Member] | |||
Earnings Per Share, Basic, Two Class Method [Abstract] | |||
Cumulative dividend included in net loss for EPS calculation | $0 |
Net_Loss_Per_Share_Summary_of_
Net Loss Per Share - Summary of Number of Ordinary Shares Excluded from Computation of Earnings Per Share (Detail) | 12 Months Ended | ||
Mar. 31, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Ordinary shares issuable excluded from computation of earnings per share | 9,491,076 | 6,060,012 | 9,813,870 |
Deferred shares issued | 206,184 | ||
Exercise Of Options To Purchase Ordinary Shares | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Ordinary shares issuable excluded from computation of earnings per share | 369,400 | 1,208,118 | 779,462 |
Exercise Of Warrants At $9.37 Per Share | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Ordinary shares issuable excluded from computation of earnings per share | 64,000 | ||
Exercise Of Warrants At $8.80 Per Share | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Ordinary shares issuable excluded from computation of earnings per share | 3,937,894 | ||
Exercise Of Pre-Funded Warrants At $0.01 Per Share | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Ordinary shares issuable excluded from computation of earnings per share | 850,000 | ||
A Preference Shares [Member] | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Ordinary shares issuable excluded from computation of earnings per share | 4,070,385 | 4,070,385 | |
Warrants to purchase A Preference shares | 224,019 | ||
B Preference Shares [Member] | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Ordinary shares issuable excluded from computation of earnings per share | 4,621,088 | 4,666,690 | |
C Preference Shares [Member] | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Ordinary shares issuable excluded from computation of earnings per share | 297,333 |
Net_Loss_Per_Share_Summary_of_1
Net Loss Per Share - Summary of Number of Ordinary Shares Excluded from Computation of Earnings Per Share (Detail) (Parenthetical) (USD $) | Mar. 31, 2015 |
Exercise Of Warrants At $9.37 Per Share | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |
Exercise of warrants per share | $9.37 |
Exercise Of Warrants At $8.80 Per Share | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |
Exercise of warrants per share | $8.80 |
Exercise Of Pre-Funded Warrants At $0.01 Per Share | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |
Exercise of warrants per share | $0.01 |