Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2019 | May 28, 2019 | Sep. 30, 2018 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Mar. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | QTNT | ||
Entity Registrant Name | Quotient Ltd | ||
Entity Central Index Key | 0001596946 | ||
Current Fiscal Year End Date | --03-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Shell Company | false | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | true | ||
Entity Public Float | $ 180.5 | ||
Entity Common Stock, Shares Outstanding | 66,179,110 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 4,096 | $ 20,165 |
Short-term investments | 90,729 | 5,669 |
Trade accounts receivable, net | 3,348 | 2,862 |
Inventories | 15,551 | 16,278 |
Prepaid expenses and other current assets | 3,202 | 7,065 |
Total current assets | 116,926 | 52,039 |
Restricted cash | 7,507 | 5,040 |
Property and equipment, net | 47,293 | 60,156 |
Intangible assets, net | 751 | 914 |
Deferred income taxes | 605 | 649 |
Other non-current assets | 4,688 | 5,043 |
Total assets | 177,770 | 123,841 |
Current liabilities: | ||
Accounts payable | 5,936 | 5,441 |
Accrued compensation and benefits | 6,149 | 5,312 |
Accrued expenses and other current liabilities | 12,458 | 15,340 |
Current portion of deferred lease rental benefit | 435 | 443 |
Current portion of capital lease obligation | 471 | 515 |
Total current liabilities | 25,449 | 27,051 |
Long-term debt, less current portion | 121,855 | 85,063 |
Deferred lease rental benefit, less current portion | 1,144 | 443 |
Capital lease obligation, less current portion | 865 | 1,422 |
Defined benefit pension plan obligation | 7,368 | 6,168 |
Preferred stock value | 19,375 | 18,325 |
Total liabilities | 176,056 | 138,472 |
Commitments and contingencies | ||
Shareholders' equity (deficit): | ||
Common stock value | 368,958 | 253,934 |
Additional paid in capital | 28,665 | 23,708 |
Accumulated other comprehensive loss | (14,884) | (16,634) |
Accumulated deficit | (381,025) | (275,639) |
Total shareholders' equity (deficit) | 1,714 | (14,631) |
Total liabilities and shareholders' equity (deficit) | $ 177,770 | $ 123,841 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement Of Financial Position [Abstract] | ||
Preference share dividend percentage | 7.00% | 7.00% |
Common stock, par value | ||
Common stock, shares issued | 65,900,447 | 45,646,424 |
Common stock, shares outstanding | 65,900,447 | 45,646,424 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Revenue: | |||
Total revenue | $ 29,134 | $ 24,732 | $ 22,227 |
Cost of revenue | (17,230) | (10,471) | (10,844) |
Gross profit | 11,904 | 14,261 | 11,383 |
Operating expenses: | |||
Sales and marketing | (8,637) | (7,347) | (5,660) |
Research and development, net of government grants | (50,677) | (51,202) | (57,064) |
General and administrative expense: | |||
Compensation expense in respect of share options and management equity incentives | (4,957) | (4,156) | (4,221) |
Other general and administrative expenses | (26,588) | (21,544) | (18,497) |
Total general and administrative expense | (31,545) | (25,700) | (22,718) |
Total operating expense | (90,859) | (84,249) | (85,442) |
Operating loss | (78,955) | (69,988) | (74,059) |
Other income (expense): | |||
Interest expense, net | (20,018) | (15,365) | (9,903) |
Other, net | (6,369) | 2,366 | (1,107) |
Other income (expense), net | (26,387) | (12,999) | (11,010) |
Loss before income taxes | (105,342) | (82,987) | (85,069) |
Provision for income taxes | (44) | 649 | |
Net loss | (105,386) | (82,338) | (85,069) |
Other comprehensive income (loss): | |||
Change in fair value of effective portion of foreign currency cash flow hedges | (123) | 305 | (63) |
Unrealized gain on short-term investments | 796 | 6 | 19 |
Foreign currency gain (loss) | 1,964 | 2,240 | (6,215) |
Provision for pension benefit obligation | (887) | 107 | (410) |
Other comprehensive loss, net | 1,750 | 2,658 | (6,669) |
Comprehensive loss | (103,636) | (79,680) | (91,738) |
Net loss available to ordinary shareholders - basic and diluted | $ (105,386) | $ (82,338) | $ (85,069) |
Loss per share - basic and diluted | $ (1.92) | $ (2.02) | $ (3.02) |
Weighted-average shares outstanding - basic and diluted | 54,874,391 | 40,839,309 | 28,145,472 |
Product Sales [Member] | |||
Revenue: | |||
Total revenue | $ 28,665 | $ 23,913 | $ 20,127 |
Other Revenues [Member] | |||
Revenue: | |||
Total revenue | $ 469 | $ 819 | $ 2,100 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands | Total | Ordinary Shares [Member] | Additional paid in Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Deficit [Member] |
Beginning balance at Mar. 31, 2016 | $ 46,723 | $ 155,914 | $ 11,664 | $ (12,623) | $ (108,232) |
Beginning balance, Shares at Mar. 31, 2016 | 25,408,950 | ||||
Issue of shares, net of issue costs, Amount | 16,682 | $ 16,682 | |||
Issue of shares, net of issue costs, Shares | 3,270,000 | ||||
Exercise of pre-funded warrants, Amount | 9 | $ 9 | |||
Exercise of pre funded warrants, Shares | 850,000 | ||||
Issue of shares upon exercise of incentive share options and vesting of RSU's, Amount | 12 | $ 12 | |||
Issue of shares upon exercise of incentive share options and vesting of RSU's, Shares | 38,748 | ||||
Net loss | (85,069) | (85,069) | |||
Change in the fair value of the effective portion of cash flow hedges | (63) | (63) | |||
Change in unrealized gain on short-term investments | 19 | 19 | |||
Foreign currency gain (loss) on: | |||||
Long-term investment nature intra-entity balances | 6,747 | 6,747 | |||
Retranslation of foreign entities | (12,962) | (12,962) | |||
Provision for pension benefit obligation | (410) | (410) | |||
Other comprehensive loss | (6,669) | (6,669) | |||
Stock-based compensation | 4,221 | 4,221 | |||
Ending balance at Mar. 31, 2017 | (24,091) | $ 172,617 | 15,885 | (19,292) | (193,301) |
Ending balance, Shares at Mar. 31, 2017 | 29,567,698 | ||||
Issue of shares, net of issue costs, Amount | 81,206 | $ 81,206 | |||
Issue of shares, net of issue costs, Shares | 15,914,683 | ||||
Issue of shares upon exercise of incentive share options and vesting of RSU's, Amount | 111 | $ 111 | |||
Issue of shares upon exercise of incentive share options and vesting of RSU's, Shares | 164,043 | ||||
Issue of warrants | 3,667 | 3,667 | |||
Net loss | (82,338) | (82,338) | |||
Change in the fair value of the effective portion of cash flow hedges | 305 | 305 | |||
Change in unrealized gain on short-term investments | 6 | 6 | |||
Foreign currency gain (loss) on: | |||||
Long-term investment nature intra-entity balances | (9,105) | (9,105) | |||
Retranslation of foreign entities | 11,345 | 11,345 | |||
Provision for pension benefit obligation | 107 | 107 | |||
Other comprehensive loss | 2,658 | 2,658 | |||
Stock-based compensation | 4,156 | 4,156 | |||
Ending balance at Mar. 31, 2018 | $ (14,631) | $ 253,934 | 23,708 | (16,634) | (275,639) |
Ending balance, Shares at Mar. 31, 2018 | 45,646,424 | 45,646,424 | |||
Issue of shares, net of issue costs, Amount | $ 113,724 | $ 113,724 | |||
Issue of shares, net of issue costs, Shares | 19,635,068 | ||||
Issue of shares upon exercise of incentive share options and vesting of RSU's, Amount | 1,300 | $ 1,300 | |||
Issue of shares upon exercise of incentive share options and vesting of RSU's, Shares | 618,955 | ||||
Net loss | (105,386) | (105,386) | |||
Change in the fair value of the effective portion of cash flow hedges | (123) | (123) | |||
Change in unrealized gain on short-term investments | 796 | 796 | |||
Foreign currency gain (loss) on: | |||||
Long-term investment nature intra-entity balances | 5,074 | 5,074 | |||
Retranslation of foreign entities | (3,110) | (3,110) | |||
Provision for pension benefit obligation | (887) | (887) | |||
Other comprehensive loss | 1,750 | 1,750 | |||
Stock-based compensation | 4,957 | 4,957 | |||
Ending balance at Mar. 31, 2019 | $ 1,714 | $ 368,958 | $ 28,665 | $ (14,884) | $ (381,025) |
Ending balance, Shares at Mar. 31, 2019 | 65,900,447 | 65,900,447 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Statement Of Stockholders Equity [Abstract] | |||
Issue of shares, issue costs | $ 4,502 | $ 680 | $ 1,348 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
OPERATING ACTIVITIES: | |||
Net loss | $ (105,386) | $ (82,338) | $ (85,069) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Depreciation, amortization and loss on disposal of fixed assets | 12,767 | 10,405 | 9,461 |
Share-based compensation | 4,957 | 4,156 | 4,221 |
Amortization of lease incentive | 372 | (435) | (428) |
Swiss pension obligation | 575 | 659 | 616 |
Amortization of deferred debt issue costs and fee paid to noteholders | 5,908 | 4,359 | 6,774 |
Accrued preference share dividends | 1,050 | 1,050 | 1,050 |
Deferred income taxes | 44 | (649) | |
Net change in assets and liabilities: | |||
Trade accounts receivable, net | (637) | (87) | (584) |
Inventories | (93) | (1,741) | (1,766) |
Accounts payable and accrued liabilities | 370 | (3,310) | 9,960 |
Accrued compensation and benefits | 1,121 | 1,596 | 778 |
Other assets | 3,297 | (2,083) | (1,213) |
Net cash used in operating activities | (75,655) | (68,418) | (56,200) |
INVESTING ACTIVITIES: | |||
Increase in short-term investments | (119,000) | (78,000) | (30,009) |
Realization of short-term investments | 34,735 | 88,395 | 13,971 |
Purchase of property and equipment | (4,791) | (21,604) | (20,155) |
Sale of property and equipment | 19,741 | ||
Payment of rent deposit | (5,043) | ||
Purchase of intangible assets | (3) | (150) | (71) |
Net cash from (used in) investing activities | (89,059) | 3,339 | (36,264) |
FINANCING ACTIVITIES: | |||
Repayment of finance leases | (486) | (1,692) | (141) |
Proceeds from drawdown of new debt | 36,000 | 84,000 | |
Repayment of debt | (33,450) | ||
Debt issuance costs | (1,216) | (5,530) | |
Fees paid to noteholders | (3,900) | ||
Proceeds from issuance of ordinary shares and warrants | 115,024 | 84,984 | 16,703 |
Net cash generated from financing activities | 145,422 | 83,292 | 61,582 |
Effect of exchange rate fluctuations on cash, cash equivalents and restricted cash | 5,690 | (2,802) | (3,424) |
Change in cash, cash equivalents and restricted cash | (13,602) | 15,411 | (34,306) |
Beginning cash, cash equivalents and restricted cash | 25,205 | 9,794 | 44,100 |
Ending cash, cash equivalents and restricted cash | 11,603 | 25,205 | 9,794 |
Supplemental cash flow disclosures: | |||
Interest paid | 11,838 | 10,144 | 1,702 |
Reconciliation of cash, cash equivalents and restricted cash: | |||
Cash and cash equivalents | 4,096 | 20,165 | 4,754 |
Restricted cash | 7,507 | 5,040 | 5,040 |
Ending cash, cash equivalents and restricted cash | $ 11,603 | $ 25,205 | $ 9,794 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Organization and Summary of Significant Accounting Policies | Note 1. Organization and Summary of Significant Accounting Policies Organization and Business 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. The Company has incurred net losses and negative cash flows from operations in each year since it commenced operations in 2007 and had an accumulated deficit of $381.0 million as of March 31, 2019. At March 31, 2019, the Company had available cash holdings and short-term investments of $94.8 million and, on May 15, 2019, the date of issuance of an additional $25 million of the Company's 12% Senior Secured Notes due 2024 (the "Secured Notes"), it received a further $22.6 million in available cash, net of expenses. The Company’s existing available cash and short-term investment balances are adequate to meet its forecasted cash requirements for the next twelve months and accordingly the financial statements have been prepared on the going concern basis. In the longer term, the Company expects to fund its operations, including the ongoing development of MosaiQ through successful field trial completion, achievement of required regulatory authorizations and commercialization from the use of existing available cash and short-term investment balances and the issuance of new equity or debt Summary of Significant Accounting Policies 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 loss and changes in shareholders’ equity (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. The translation effects of inter-company loans designated as long term net investments in subsidiaries are included in accumulated other comprehensive loss. 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, 2019 and 2018, all cash and cash equivalents comprised cash balances held with the banks used by the Company and its subsidiaries. At March 31, 2019 and March 31, 2018, restricted cash comprised $7.2 million and $5.0 million, respectively, held in a cash reserve account pursuant to the indenture governing the Secured Notes and $307 at March 31, 2019 held in a restricted account as security for the property rental obligations of the Company’s Swiss subsidiary. Short-term Investments Short-term investments represent investments in a money-market fund which is valued daily and which has no minimum notice period for withdrawals. The fund is invested in a portfolio of holdings and the creditworthiness requirement for individual investment holdings is a minimum of an A rating from a leading credit-rating agency. The Company records the value of its investment in the fund based on the quoted value of the fund at the balance sheet date. Unrealized gains or losses are recorded in accumulated other comprehensive loss and are transferred to the statement of comprehensive loss when they are realized. 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, 2019 and 2018 was $52 and $93, 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 of foreign exchange contracts and short-term investments are stated at their estimated fair values, based on quoted market prices for the same or similar instruments. The counterparties to the foreign exchange contracts consist of large financial institutions of high credit standing. The short-term investments are invested in a fund which is invested in a portfolio of holdings and the creditworthiness requirement for individual investment holdings is a minimum of an A rating from a leading credit-rating agency. The Company’s main financial institutions for banking operation held all of the Company’s cash and cash equivalents as of March 31, 2019 and March 31, 2018. 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, 2019 and March 31, 2018. This customer represented 55% and 51% of the accounts receivable balances, as of March 31, 2019 and March 31, 2018, 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, 2019, 2018 and 2017. This customer represented 60%, 63% and 60% of total product sales for the fiscal years March 31, 2019, 2018 and 2017, 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, 2019 and 2018. 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: • Land—not depreciated. • 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 March 31, 2019, 2018 and 2017, 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—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, 2019, 2018 or 2017. 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 is recognized in accordance with ASU 2014-09, Revenue from Contracts with Customers. Product revenue is recognized at a point in time upon transfer of control of a product to a customer, which is generally at the time of delivery at an amount based on the transaction price. Customers have no right of return except in the case of damaged goods and 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. Revenue is also earned from the provision of development services to a small number of original equipment manufacturer (“OEM”) customers. These development service contracts are reviewed individually to determine the nature of the performance obligations and the associated transaction prices. In recent years, product development revenues have been commensurate with achieving milestones specified in the respective development agreements relating to those products. These milestones may include the approval of new products by the European or U.S. regulatory authorities, which are not within the Company’s control. While there can be no assurance that this will continue to be the case, the milestones have been such that they effectively represent completion of our performance obligations under a particular part of a development program. Should we fail to achieve these milestones we would not be entitled under the terms of the development agreements to any compensation for the work undertaken to date. As a result, the milestone-related revenues have been recognized as the contractual milestones are achieved. Pursuant to an Umbrella Supply Agreement with Ortho-Clinical Diagnostics, Inc. (“Ortho”), the Company executed a product attachment relating to the development of a range of rare antisera products. During the year ended March 31, 2018, the Company recognized a milestone of $600 related to the receipt of FDA approval of certain rare antisera products and during the year ended March 31, 2019, the Company recognized a milestone of $450 related to the submission to the FDA of an application to cover use of the products on an Ortho automation platform. The Company is entitled to receive further milestone payments totalling $1,050 related to FDA submissions and approvals of the use of the products on Ortho’s automation platforms. The Company expects these remaining milestones to be achieved in the next financial year. In January 2015, the Company entered into a supply and distribution agreement with Ortho related to the commercialization and distribution of certain MosaiQ The Company has concluded that as each of these milestones require significant levels of development work to be undertaken and there was no certainty at the start of the projects if or when the development work would be successful, these milestones are substantive and the revenue will be recognized when the milestones are achieved. In the years ended March 31, 2019, 2018 and 2017 revenue recognized from performance obligations related to prior periods was not material and, at March 31, 2019, revenue expected to be recognized in future periods related to remaining performance obligations was also not material. 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. Other than materials assessed as having alternative future uses and which are recognized as prepaid 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 for share options and a barrier option pricing model for multi-year performance based restricted share units or MRSUs, both of which require the input of subjective assumptions. These assumptions include: the fair value of the underlying share, estimating the length of time employees will retain their awards 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 awards that will ultimately not complete their vesting requirements (forfeitures). Where modifications are made to vesting conditions, as happened during the year ended March 31, 2018 upon the retirement of Paul Cowan, the Company's former Chief Executive Officer, the Company considers the nature of the change and accounts for the change in accordance with ASC 715 Compensation – Stock Compensation Share Warrants As of March 31, 2019, the Company had one class of warrants to purchase ordinary shares outstanding which comprised warrants that were issued in December 2013 and August 2015 in connection with the establishment and subsequent increase of the Company’s then existing secured term loan facility. None of these warrants contain any obligation to transfer value and, as such, the issuance of these warrants has been recorded in additional paid in capital as part of shareholders’ equity. Leases At the inception of each lease, the Company reviews the terms of the lease in accordance with ASC 840 Leases Rentals relating to operating leases are expensed over the life of the lease. Rental incentives and the gain on the sale and leaseback of the manufacturing facility near Edinburgh, Scotland completed in March 2018 are included within deferred lease rental benefit in the balance sheet and amortized over the life of the related lease. 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 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. Deferred tax assets and liabilities are classified as noncurrent on the balance sheet. On December 22, 2017, the Tax Cuts and Jobs Act of 2017, or the TCJA, was enacted. This tax reform legislation made significant changes in U.S. tax law including a reduction in the corporate tax rates, changes to net operating loss carryforwards and carrybacks, and a repeal of the corporate alternative minimum tax. The legislation reduced the U.S. corporate tax rate from the rate of 35% to 21% effective on January 1, 2018. As a result, the Company revalued its U.S. deferred tax assets and liabilities at the 21% rate with effect from January 1, 2018. This revaluation and also the other provisions of the TCJA did not have a material impact on the Company’s consolidated financial statements. Pension Obligation The Company maintains a pension plan covering employees in Switzerland pursuant to the requirements of Swiss pension law. Certain aspects of the plan require that it be accounted for as a defined benefit plan pursuant to ASC 715 Compensation – Retirement Benefits The Company uses an actuarial valuation to determine its pension benefit costs and credits. The amounts calculated depend on a variety of key assumptions, including discount rates and expected return on plan assets. Details of the assumptions used to determine the net funded status are set out in Note 11. The Company’s pension plan assets are assigned to their respective levels in the fair value hierarchy in accordance with the valuation principles described in the ‘‘Fair Value of Financial Instruments’’ section above. Debt Issuance Costs and Royalty Rights The Company follows the requirements of Accounting Standards Update 2015-03, Interest — Imputation of Interest (Subtopic 835-30) — Simplifying the Presentation of Debt Issuance Costs, which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the debt liability rather than as an asset. The royalty rights agreements entered into with subscribers to the October 14, 2016 and June 29, 2018 issuances of the Secured Notes are treated as sales of future revenues that meet the requirements of Accounting Standards Codification Topic 470 “ Debt” On December 18, 2018, the Company completed certain amendments to the indenture governing the Secured Notes. These amendments included a six-month extension of the final maturity of the Secured Notes to April 2024 and a revision of the Secured Notes’ principal amortization (previously scheduled to commence semi-annually beginning April 2019) to commence April 2021, in order to better align the maturity and amortization schedule with the Company’s financial goals. The revised amortization schedule deferred approximately $39.6 million of principal amortization previously scheduled to occur between April 2019 and April 2021. In addition, the amendments included a one-year extension of the optional redemption call schedule to October 2022. In consideration for the consents to the amendments, the Company paid to the noteholders a one-time consent payment of $3.9 million and it issued additional royalty rights to the noteholders, which increased in the aggregate the amount of the royalties payable under the royalty rights that were previously issued by the Company in connection with the prior issuances of the Secured Notes by 1%, from 2% to 3%, of the aggregate net sales of MosaiQ instruments and consumables in specified markets. The amendments to the maturity of the Secured Notes have been evaluated as a modification of the terms of the debt under ASC 470 and accordingly the consent payment of $3.9 million and the increase in the royalty rights have been added to the costs of the October 2016 and June 2018 debt issuances of the Secured Notes and will be expensed through interest expense in the consolidated statement of comprehensive loss using the effective interest rate method over the term of the Secured Notes and royalty rights agreements. Adoption of New Accounting Standards In May 2014, the FASB issued Accounting Standards Update, or ASU, 2014-09, Revenue from Contracts with Customers In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows: Restricted Cash In March 2017, the FASB issued ASU 2017-07 Compensation-Retirement Benefits In May 2017, the FASB issued ASU 2017-09, Scope of Modification Accounting Recent Accounting Pronouncements Not Yet Adopted In February 2016, the FASB issued ASU 2016-02, Leases In adopting this standard the Company expects to apply the package of practical expedients in ASU 2016-02 which allow an entity to not reassess whether any expired or existing contracts are or contain leases, lease classification of any expired or existing leases and the accounting for any initial direct costs on any expired or existing leases. The Company also expects to elect the additional transitional approach prescribed under ASU 2018-11 to allow the Company to apply the new standard from the date of adoption, rather than adjusting comparative periods, and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Company has completed its review of the existing portfolio of leases. The Company does not expect any material impact on its consolidated statements of comprehensive loss but does expect to recognize approximately $18.9 million of right-of-use assets and associated lease liabilities of a similar amount to its consolidated balance sheet in respect of its existing operating lease arrangements. In August 2018, the FASB issued ASU 2018-14, “ Compensation Retirement Benefits - Defined Benefit Plans -General (Subtopic 715-20) |
Intangible Assets
Intangible Assets | 12 Months Ended |
Mar. 31, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Note 2. Intangible Assets March 31, 2019 Gross Carrying Amount Accumulated Amortization Net Amount Weighted Average Remaining Useful Customer relationships $ 2,564 $ (2,564 ) $ — — Brands associated with acquired cell lines 529 (153 ) 376 28.4 years Product licenses 890 (515 ) 375 4.2 years Other intangibles 167 (167 ) — — Total $ 4,150 $ (3,399 ) $ 751 16.3 years March 31, 2018 Gross Carrying Amount Accumulated Amortization Net Amount Weighted Average Remaining Useful Customer relationships $ 2,758 $ (2,758 ) $ — — Brands associated with acquired cell lines 569 (150 ) 419 29.5 years Product licenses 954 (459 ) 495 5.2 years Other intangibles 179 (179 ) — — Total $ 4,460 $ (3,546 ) $ 914 16.3 years Amortization expense was $104, $94, and $73 in financial years 2019, 2018, and 2017, 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, 2019, is estimated as follows: 2019 $ 102 2020 102 2021 102 2022 102 2023 57 Thereafter 286 Total $ 751 |
Debt
Debt | 12 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt | Note 3. Debt Long-term debt comprises: March 31, 2019 March 31, 2018 Total debt $ 120,000 $ 84,000 Less current portion — — Long-term debt $ 120,000 $ 84,000 Deferred debt costs and royalty liability, net of amortization 1,855 1,063 $ 121,855 $ 85,063 The Company’s debt at March 31, 2019 and March 31, 2018 comprises the 12% Senior Secured Notes. On October 14, 2016, the Company completed the private placement of up to $120 million aggregate principal amount of the Secured Notes and entered into an indenture governing the Secured Notes with the guarantors party thereto and U.S. Bank National Association, a national banking association, as trustee and collateral agent. The Company issued $84 million aggregate principal amount of the Secured Notes on October 14, 2016 and an additional $36 million aggregate principal amount of the Secured Notes on June 29, 2018. On December 18, 2018, the Company also completed certain amendments to the indenture governing the Secured Notes. The amendments included an increase to the aggregate principal amount of Secured Notes that can be issued under the indenture from $120.0 million to up to $145.0 million following the European CE Marking of the Company’s initial MosaiQ IH Microarray. Furthermore, on January 15, 2019 the Company entered into purchase agreements pursuant to which the Company agreed to issue and certain purchasers agreed to purchase the additional $25 million of the Secured Notes (the "CE Marking Notes"). On May 15, 2019, the CE Marking Notes were issued. Furthermore, the obligations of the Company under the indenture and the Secured Notes are unconditionally guaranteed on a secured basis by the guarantors, which include all the Company’s subsidiaries, and the indenture governing the Secured Notes contains customary events of default. The Company and its subsidiaries must also comply with certain customary affirmative and negative covenants, including a requirement to maintain six-months of interest in a cash reserve account maintained with the collateral agent. Upon the occurrence of a Change of Control, subject to certain conditions, or certain Asset Sales (each, as defined in the indenture), holders of the Secured Notes may require the Company to repurchase for cash all or part of their Secured Notes at a repurchase price equal to 101% or 100%, respectively, of the principal amount of the Secured Notes to be repurchased, plus accrued and unpaid interest to the date of repurchase. The Company paid $7.2 million of the total proceeds of the October 2016 and June 2018 issuances into the cash reserve account maintained with the collateral agent under the terms of the indenture, $2.2 million of which related to the second issuance. It paid a further $1.5 million into the cash reserve account in May 2019 in connection with the issuance of the CE Marking Notes. Interest on the Secured Notes accrues at a rate of 12% per annum and is payable semi-annually on April 15 and October 15 of each year commencing on April 15, 2017. Commencing on April 15, 2021, the Company will also pay an instalment of principal of the Secured Notes on each April 15 and October 15 until April 15, 2024 pursuant to a fixed amortization schedule. In connection with the October 2016 and June 2018 issuances of the Secured Notes as well as the December 2018 amendment of the related indenture, the Company has entered into royalty rights agreements, pursuant to which the Company has agreed to pay 3.0% of the aggregate net sales of MosaiQ instruments and consumables made in the donor testing market in the United States and the European Union. Further, in connection with the issuance of the CE Marking Notes in May 2019, the Company has also entered into royalty rights agreements, pursuant to which the Company has agreed to pay an additional 0.4% of such net sales. The royalties will be payable beginning on the date that the Company or its affiliates makes its first sale of consumables in the donor testing market in the European Union or the United States and will end on the last day of the calendar quarter in which the eighth anniversary of the first sale date occurs Debt” The outstanding debt at March 31, 2019 falls due for repayment as follows: Within 1 year $ — Between 1 and 2 years — Between 2 and 3 years 20,000 Between 3 and 4 years 35,000 Between 4 and 5 years 40,000 After 5 years 25,000 Total debt $ 120,000 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Mar. 31, 2019 | |
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: March 31, 2019 Level 1 Level 2 Level 3 Total Assets: Pension plan assets (1) $ — $ 10,416 $ — $ 10,416 Short-term investments (2) 90,729 — — 90,729 Total assets measured at fair value $ 90,729 $ 10,416 $ — $ 101,145 March 31, 2019 Level 1 Level 2 Level 3 Total Liabilities: Foreign currency forward contracts (3) $ — $ 70 $ — $ 70 Total liabilities measured at fair value $ — $ 70 $ — $ 70 March 31, 2018 Level 1 Level 2 Level 3 Total Assets: Pension plan assets (1) $ — $ 9,616 $ — $ 9,616 Short-term investments (2) 5,669 — — 5,669 Foreign currency forward contracts (3) — 118 — 118 Total assets measured at fair value $ 5,669 $ 9,734 $ — $ 15,403 March 31, 2018 Level 1 Level 2 Level 3 Total Liabilities: Foreign currency forward contracts (3) $ — $ 64 $ — $ 64 Total liabilities measured at fair value $ — $ 64 $ — $ 64 (1) The fair value of pension plan assets has been determined as the surrender value of the portfolio of active insured employees held within the Swiss Life collective investment fund. (2) The fair value of short-term investments has been determined based on the quoted value of the units held in the money market fund at the balance sheet date. See Note 1, “Summary of Significant Accounting Policies – Short-term Investments”. (3) The fair value of foreign currency forward contracts has been determined by calculating the present value of future cash flows, estimated using market-based observable inputs including forward and spot exchange rates and interest rate curves obtained from third party market price quotations. |
Consolidated Balance Sheet Deta
Consolidated Balance Sheet Detail | 12 Months Ended |
Mar. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Consolidated Balance Sheet Detail | Note 5. Inventory The following table summarizes inventory by category for the periods presented: March 31, 2019 March 31, 2018 Raw materials $ 8,216 $ 10,024 Work in progress 4,959 4,226 Finished goods 2,376 2,028 Total inventories $ 15,551 $ 16,278 Inventory at March 31, 2019 included $6,187 of raw materials, $2,311 of work in progress and $235 of finished goods related to the MosaiQ project. Inventory at March 31, 2018 included $8,441 of raw materials, $1,528 of work in progress, and $389 of finished goods related to the MosaiQ project. Property and equipment The following table summarizes property and equipment by categories for the periods presented: March 31, 2019 March 31, 2018 Plant and equipment $ 51,327 $ 51,912 Leasehold improvements 32,047 34,611 Total property and equipment 83,374 86,523 Less: accumulated depreciation (36,081 ) (26,367 ) Total property and equipment, net $ 47,293 $ 60,156 Depreciation expenses were $12,663, $10,311,and $9,375 in financial years 2019, 2018 and 2017, respectively. Accrued compensation and benefits Accrued compensation and benefits consist of the following: March 31, 2019 March 31, 2018 Salary and related benefits $ 638 $ 455 Accrued vacation 495 504 Accrued payroll taxes 1,316 1,353 Accrued incentive payments 3,700 3,000 Total accrued compensation and benefits $ 6,149 $ 5,312 Accrued expenses and other current liabilities Accrued expenses and other current liabilities consist of the following: March 31, 2019 March 31, 2018 Accrued legal and professional fees $ 405 $ 280 Accrued interest 6,628 4,612 Goods received not invoiced 1,337 1,272 Accrued capital expenditure 801 3,309 Other accrued expenses 3,287 5,867 Total accrued expenses and other current liabilities $ 12,458 $ 15,340 At March 31, 2018, other accrued expenses included a value added tax liability of $2,905 related to the completion of the sale of the Company’s new conventional reagents manufacturing facility (the “ARC facility”) in March 2018. There was an offsetting value added tax recoverable balance within prepaid expenses and other current assets at March 31, 2018. There were no equivalent amounts at March 31, 2019. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 6. Lease commitments The Company leases its facilities and certain equipment under operating leases that expire at various dates through 2052. 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 $4,950, $3,063 and $2,928 in financial years ended March 31, 2019, 2018 and 2017, respectively. The following is a schedule by years of minimum future rentals on non-cancelable operating leases as of March 31, 2019: 2020 $ 3,387 2021 1,861 2022 1,858 2023 1,830 2024 1,841 Thereafter 71,507 Total minimum future lease payments $ 82,284 Sale-leaseback transaction During the year ended March 31, 2018, the Company completed a sale-leaseback transaction and sold the ARC facility, but retained a leasehold interest as tenant of the property. The transaction resulted in net cash proceeds of $19,741 and a gain of $373 which has been deferred and recorded within accrued liabilities on the Consolidated Balance Sheet and will be amortized on a straight-line basis over the lease term as a reduction of the rental expense in the consolidated statements of comprehensive loss. Additionally, the lease required the Company to provide a rental deposit of £3,600 which amounted to $4,688 at March 31, 2019 and $5,043 at March 31, 2018 which is included within other non-current assets in the Consolidated Balance Sheet. The Company evaluated the transaction in accordance with ASC 840, Leases Lease commitments The Company has entered into capital leases for the purchase of equipment that has a gross cost and net book value of $2,781 and $2,137, respectively as of March 31, 2019 and $3,130 and $2,810, respectively as of March 31, 2018. The following is a schedule of future annual repayments on capital leases as of March 31, 2019: 2020 $ 471 2021 369 2022 306 2023 190 2024 — Thereafter — Total minimum future lease payments $ 1,336 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, 2019: 2020 $ 14,635 2021 4,519 2022 10,538 2023 11,691 2024 19,431 Thereafter 18,360 Total minimum future purchase obligations $ 79,174 Hedging arrangements The Company’s subsidiary in the United Kingdom (“UK”) has entered into three foreign currency forward contracts to sell $500 and purchase pounds sterling at a rate of £1:$1.3520 in each calendar month through June 2019, three contracts to sell $500 in each calendar month from July 2019 through September 2019 at £1:$1.3000 and three contracts to sell $500 in each calendar month from October 2019 through December 2019 at £1:$1.3180 as hedges of its U.S. dollar denominated revenues. The fair values of these contracts, and similar contracts in place at March 31, 2018, amounted to an asset of $118 at March 31, 2018 and liabilities of $70 and $64 at March 31, 2019 and March 31, 2018, respectively. 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 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, 2019, March 31, 2018 or March 31, 2017 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, 2019 | |
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: 2019 2018 2017 Revenue: United States $ 14,754 $ 12,917 $ 11,432 France 6,501 5,608 4,733 Japan 3,846 3,335 3,141 Other foreign countries (1) 4,033 2,872 2,921 $ 29,134 $ 24,732 $ 22,227 (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, 2019 March 31, 2018 Long-lived assets: United Kingdom $ 19,924 $ 24,141 Switzerland 27,366 36,009 United States 3 6 $ 47,293 $ 60,156 Other income (expense), net includes foreign exchange gains and losses arising on the settlement of transactions in currencies other than the functional currencies of the entity concerned and from retranslation of assets and liabilities denominated in foreign currencies at period end rates. In the year ended March 31, 2019, there was a loss of $5,410 and in the years ended March 31, 2018 and March 31, 2017, the respective amounts were gains of $2,366 and $2,853 . |
Ordinary and Preference Shares
Ordinary and Preference Shares | 12 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Ordinary and Preference Shares | Note 8. Ordinary shares The Company’s issued and outstanding ordinary shares consist of the following: Shares Issued and Outstanding March 31, 2019 March 31, 2018 Par value Ordinary shares 65,900,447 45,646,424 $ — Total 65,900,447 45,646,424 $ — In the time period between March 31, 2018 and July 31, 2018, 8,414,683 warrants that were previously issued in connection with the Company’s October 2017 private placement of ordinary shares were exercised for 8,414,683 ordinary shares at $5.80 per share, which generated $48.8 million of proceeds. On August 3, 2018, the Company entered into two subscription agreements with Franz Walt, the Company’s Chief Executive Officer, and with Heino von Prondzynski, the Company’s Chairman, pursuant to which the Company issued a combined total of 55,000 ordinary shares at a price of $7.54 per share for aggregate proceeds of $0.4 million. On December 11, 2018, the Company completed a public offering of 10,615,385 newly issued ordinary shares at a price of $6.50 per share which raised $69.0 million of gross proceeds before underwriting discounts and other offering expenses. Preference shares The Company’s issued and outstanding preference shares consist of the following: Shares Issued and Outstanding Liquidation amount per share March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018 7% Cumulative Redeemable Preference shares 666,665 666,665 $ 29.06 $ 27.50 Total 666,665 666,665 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 currently the date of the sixth anniversary of the date of issue of the preference shares, but the Company may further 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. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Mar. 31, 2019 | |
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 and restricted share units (“RSUs”), including multi-year performance based restricted share units (“MRSUs”), issued under its share incentive plans and in respect of deferred shares issued to employees. Share-based compensation expense amounted to $4,957 in the year ended March 31, 2019, $4,156 in the year ended March 31, 2018 and $4,221 in the year ended March 31, 2017. 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 may be exercised for one ordinary share of the Company. The 2012 Option Plan was approved by the shareholders 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. No further awards will be granted under the 2012 Option Plan. 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. Under the 2014 Plan, 1,500,000 ordinary shares were initially reserved for issuance. 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. The number of shares reserved for issuance under the plan was also increased by 750,000 as a result of a resolution passed at the Annual Shareholder meeting held on October 28, 2016 and by a further 550,000 as a result of a resolution passed at the Annual Shareholder meeting held on October 31, 2018. The plan provides for the issuance of share options, restricted shares, RSUs (including MRSUs) or share appreciation rights (“SARs”). The Company has only issued options, RSUs and MRSUs under the plan prior to March 31, 2019. 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 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 of Share Options Outstanding Weighted Average Exercise Price Weighted Average Remaining Contractual (Months) Outstanding — March 31, 2016 1,589,938 $ 7.86 96 Granted 419,682 9.12 120 Exercised (8,483 ) 1.44 — Forfeited (52,220 ) 12.50 — Outstanding — March 31, 2017 1,948,917 $ 8.04 90 Granted 406,480 6.93 120 Exercised (36,240 ) 3.07 — Forfeited (222,874 ) 9.16 — Outstanding — March 31, 2018 2,096,283 $ 7.79 84 Granted 189,552 6.59 120 Exercised (253,066 ) 5.14 — Forfeited (96,372 ) 12.69 — Outstanding — March 31, 2019 1,936,397 $ 7.77 78 Exercisable — March 31, 2019 1,410,178 $ 8.02 69 The following table summarizes the options granted in the year ended March 31, 2019 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 Options Granted Exercise Price Ordinary Shares Fair Value Per Share at Grant Date Per Share Intrinsic Value of Options April 1, 2018 30,000 $ 4.71 $ 4.71 $ 2.99 October 31, 2018 43,680 $ 6.41 $ 6.41 $ 4.02 October 31, 2018 45,872 $ 6.54 $ 6.41 $ 4.00 October 31, 2018 70,000 $ 7.54 $ 6.41 $ 3.81 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, 2019, March 31, 2018 and March 31, 2017 amounted to $676, $1,718 and $1,379, respectively. 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. Since the Company’s initial public offering in April 2014, the fair value of ordinary shares has been based on the share price of the Company’s shares on the Nasdaq Global Market immediately prior to the grant of the options concerned. 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, 2019 2018 2017 Risk-free interest rate 3.08 % 2.34 % 1.98 % Expected lives (years) 6 6 3 Volatility 67.19 % 66.03 % 62.93 % Dividend yield — — — Grant date fair value (per share) $ 6.14 $ 6.93 $ 9.12 Number granted 189,552 406,480 419,682 RSU and MRSU Activity A summary of the RSUs and MRSUs in issue at March 31, 2019 is as follows: Number of RSUs or MRSUs Outstanding Weighted Average Remaining Vesting Period (Months) Period in which the target must be achieved RSUs subject to time based vesting 632,709 11 N/A RSUs subject to milestone based vesting 227,980 N/A N/A MRSUs with vesting based on $22 share price 106,000 N/A Apr - Dec 2019 At March 31, 2019, 632,709 RSUs were subject to time based vesting and the weighted average remaining vesting period was 11 months. In addition, 227,980 RSUs were subject to vesting based on the achievement of various milestones relating to the development, approval and marketing of MosaiQ and 106,000 MRSUs were outstanding, which will vest if the volume weighted average price of the Company’s ordinary shares exceeds $22 for a continuous 20 day period between April 1, 2019 and December 31, 2019. The fair value of the Company’s ordinary shares was $9.01 per share on March 31, 2019. As of March 31, 2019, total compensation cost related to share options and RSUs granted but not yet recognized was $4,333 net of estimated forfeitures. This cost will be amortized to expense over a weighted average remaining period of 10 months and will be adjusted for subsequent changes in estimated forfeitures. |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 10. Income Taxes No provision has been made for current income taxes in any period. The statutory standard corporate income tax rate of the Company in Jersey is 0%. The principal operating subsidiaries operate in the United States, the United Kingdom and Switzerland and are subject to corporate income taxes in those countries. All these entities have trading losses available to shelter any taxable profits and accordingly, no current income taxes liabilities have been provided for. In the year ended March 31, 2018, as a result of improvements in the profitability of a subsidiary, the valuation allowances held against the deferred tax assets in that subsidiary, which principally comprised of trading losses, have been reduced resulting in the recognition of deferred tax assets of $649. Utilization of the trading losses against the profits of the subsidiary in the year ended March 31, 2019, resulted in a reduction in the deferred tax assets of $44 with a corresponding provision for income taxes of the same amount. A reconciliation of the income tax expense at the statutory rate to the provision for income taxes is as follows: Year ended March 31, 2019 2018 2017 Income tax expense at statutory rate $ — $ — $ — Foreign tax rate differential 5,287 4,841 1,823 (Increase) decrease in valuation allowance against deferred tax assets (5,331 ) (4,192 ) (1,823 ) Provision for income tax $ (44 ) $ 649 $ — Significant components of deferred tax assets are as follows: March 31, 2019 March 31, 2018 Provisions and reserves $ 1,442 $ 1,327 Fixed assets basis difference $ 34 $ — Net operating loss carry forwards 17,330 12,476 Gross deferred tax assets $ 18,806 $ 13,803 Fixed assets basis difference $ — $ (284 ) Gross deferred tax liabilities $ — $ (284 ) Net deferred tax asset $ 18,806 $ 13,519 Valuation allowance (18,201 ) (12,870 ) Total $ 605 $ 649 The balance sheet classification of net deferred tax assets is as follows: March 31, 2019 March 31, 2018 Net noncurrent deferred tax assets $ 605 $ 649 Total $ 605 $ 649 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, 2019, the Company has net operating loss carry forwards of approximately $195,003 and $107 of U.S. state net operating losses, which will be available to offset future taxable income. If not used, losses with a tax effect of approximately $15,911 will expire between 2022 and 2027 and losses with a tax effect of $380 will expire in 2037. The remaining portion of the carry forward losses 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, 2019, March 31, 2018 and March 31, 2017, 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, 2018 and there are no ongoing tax examinations in any jurisdiction. No tax charge arose on any element of other comprehensive loss. |
Pension Plans
Pension Plans | 12 Months Ended |
Mar. 31, 2019 | |
Defined Contribution Pension And Other Postretirement Plans Disclosure [Abstract] | |
Pension Plans | Note 11. 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. Defined contribution pension costs during the years ended March 31, 2019, 2018 and 2017 amounted to $750, $1,197 and $742, respectively. In addition, the Company’s Swiss subsidiary has a fully insured pension plan managed by Swiss Life. Under this plan, annual contributions are paid for each employee as determined by Swiss Life and each employee accrues pension benefits with Swiss Life. The risks of disability, death and longevity are also fully insured by Swiss Life. Swiss Life invests the pension contributions and provides a 100% capital and interest guarantee for the pension benefits. These pension arrangements are based on a contract of affiliation between the Company’s Swiss subsidiary and the Swiss Life pension foundation, which can be terminated by either party. In the event of a termination, the Company’s Swiss subsidiary would have an obligation to find alternative pension arrangements for its employees. Because there is no guarantee that the Swiss employee pension arrangements would be continued under the same conditions, there is a risk, albeit remote, that a pension obligation may fall on the Company’s Swiss subsidiary. These circumstances require that the Swiss employee pension arrangements be treated as a defined benefit plan under ASC 715 Compensation – Retirement Benefits The following provides a reconciliation of the benefit obligations, the plan assets and the funded status. Year ended March 31, 2019 March 31, 2018 Pension benefit obligation, beginning of year $ 15,784 $ 13,318 Service cost 1,574 1,601 Contributions paid by plan participants 1,438 2,627 Interest cost 153 110 Benefits paid (1,462 ) (2,601 ) Plan amendment (100 ) — Actuarial loss 1,097 32 Foreign currency translation (700 ) 697 Pension benefit obligation, end of year $ 17,784 $ 15,784 Year ended March 31, 2019 March 31, 2018 Fair value of plan assets, beginning of year $ 9,616 $ 7,981 Actual return on plan assets 89 78 Contributions paid by employer 1,156 1,110 Contributions paid by plan participants 1,438 2,627 Benefits paid (1,462 ) (2,601 ) Foreign currency translation (421 ) 421 Fair value of plan assets, end of year $ 10,416 $ 9,616 Contributions paid by plan participants include $749 and $1,958 of payments into the scheme on new employees joining in the years ended March 31, 2019 and March 31, 2018, respectively. Year ended March 31, 2019 March 31, 2018 Pension benefit obligation, end of year $ 17,784 $ 15,784 Fair value of plan assets, end of year 10,416 9,616 Net funding obligation, end of year $ 7,368 $ 6,168 The assumptions used to determine the pension benefit obligation at the end of each financial year are: March 31, 2019 March 31, 2018 March 31, 2017 Price inflation 1.00 % 1.00 % 1.00 % Discount rate 0.70 % 1.00 % 0.80 % Expected return on plan assets 1.20 % 1.40 % 1.40 % Average rate of salary increase 1.00 % 1.00 % 1.00 % Each employee participating in the plan has an individual portfolio that is managed by Swiss Life under a collective arrangement. Plan assets comprise the surrender value of the portfolio of active insured scheme participants. The expected return on plan assets was determined after consideration of current and historical levels of return and discussions with Swiss Life. The discount rate is based on bond yields at March 31, 2019 and March 31, 2018 on the Swiss bond market over a fifteen to twenty-five year period. The net pension costs for the year are based on the assumptions adopted at the start of each financial year and comprise: Year ended March 31, 2019 March 31, 2018 March 31, 2017 Employer service cost $ 1,574 $ 1,601 $ 1,353 Interest cost 153 110 39 Expected return on plan assets (131 ) (115 ) (61 ) Amortization of prior service credit (14 ) (14 ) (14 ) Amortization of net loss 154 188 186 Net pension cost $ 1,736 $ 1,770 $ 1,503 The provision for pension benefit obligation recognized in other comprehensive income comprises: Year ended March 31, 2019 March 31, 2018 March 31, 2017 Net actuarial loss $ 1,027 $ 67 $ 582 Amortization of prior service credit 14 14 14 Amortization of net loss (154 ) (188 ) (186 ) $ 887 $ (107 ) $ 410 The cumulative amounts recognized in other comprehensive income were $5,692 and $4,805 at March 31, 2019 and March 31, 2018 respectively. This represented a net loss of $5,902 and $5,029 at March 31, 2019 and March 31, 2018 respectively and a prior service credit of $210 and $224 at March 31, 2019 and March 31, 2018 respectively. The following benefit payments are expected to be paid in the following periods: 2020 $ 979 2021 $ 916 2022 $ 861 2023 $ 814 2024 $ 773 2025 to 2030 $ 3,553 Expected annual employer contributions to the plan in the year ending March 31, 2020 amount to $1,208. |
Net Loss Per Share
Net Loss Per Share | 12 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | Note 12. In accordance with ASC 260 Earnings Per Share 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, 2019 2018 2017 Numerator: Net loss $ (105,386 ) $ (82,338 ) $ (85,069 ) Net loss available to ordinary shareholders - basic and diluted $ (105,386 ) $ (82,338 ) $ (85,069 ) Denominator: Weighted-average shares outstanding - basic and diluted 54,874,391 40,839,309 28,145,472 Loss per share - basic and diluted $ (1.92 ) $ (2.02 ) $ (3.02 ) The following sets out the numbers of the options, RSUs (including MRSUs) and warrants to purchase ordinary shares excluded from the above computation of earnings per share for the years ended March 31, 2019, March 31, 2018 and March 31, 2017, as their inclusion would have been anti-dilutive. March 31, 2019 March 31, 2018 March 31, 2017 Ordinary shares issuable on exercise of options to purchase ordinary shares 1,936,397 2,096,283 1,948,917 Restricted share units awarded, including the multi-year performance related restricted share units 966,689 773,379 843,608 Ordinary shares issuable on exercise of warrants at $16.14 per share 111,525 111,525 111,525 Ordinary shares issuable on exercise of warrants at $9.375 per share 64,000 64,000 64,000 Ordinary shares issuable on exercise of warrants at $5.80 per share — 8,414,683 — Ordinary shares issuable on exercise of warrants at $0.01 per share — 550,000 — 3,078,611 12,009,870 2,968,050 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Mar. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 13. On April 30, 2019, the Company was notified that the CE Mark of its initial MosaiQ IH Microarray had been granted. On May 15, 2019, the CE Marking Notes were issued. The Company received $24.1 million of net proceeds after paying debt issue expenses and deposited $1.5 million into the cash reserve account under the terms of the indenture. |
Organization and Summary of S_2
Organization and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2019 | |
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 loss and changes in shareholders’ equity (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. The translation effects of inter-company loans designated as long term net investments in subsidiaries are included in accumulated other comprehensive loss. |
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, 2019 and 2018, all cash and cash equivalents comprised cash balances held with the banks used by the Company and its subsidiaries. At March 31, 2019 and March 31, 2018, restricted cash comprised $7.2 million and $5.0 million, respectively, held in a cash reserve account pursuant to the indenture governing the Secured Notes and $307 at March 31, 2019 held in a restricted account as security for the property rental obligations of the Company’s Swiss subsidiary. |
Short-term Investments | Short-term Investments Short-term investments represent investments in a money-market fund which is valued daily and which has no minimum notice period for withdrawals. The fund is invested in a portfolio of holdings and the creditworthiness requirement for individual investment holdings is a minimum of an A rating from a leading credit-rating agency. The Company records the value of its investment in the fund based on the quoted value of the fund at the balance sheet date. Unrealized gains or losses are recorded in accumulated other comprehensive loss and are transferred to the statement of comprehensive loss when they are realized. |
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, 2019 and 2018 was $52 and $93, 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 of foreign exchange contracts and short-term investments are stated at their estimated fair values, based on quoted market prices for the same or similar instruments. The counterparties to the foreign exchange contracts consist of large financial institutions of high credit standing. The short-term investments are invested in a fund which is invested in a portfolio of holdings and the creditworthiness requirement for individual investment holdings is a minimum of an A rating from a leading credit-rating agency. The Company’s main financial institutions for banking operation held all of the Company’s cash and cash equivalents as of March 31, 2019 and March 31, 2018. 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, 2019 and March 31, 2018. This customer represented 55% and 51% of the accounts receivable balances, as of March 31, 2019 and March 31, 2018, 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, 2019, 2018 and 2017. This customer represented 60%, 63% and 60% of total product sales for the fiscal years March 31, 2019, 2018 and 2017, 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, 2019 and 2018. |
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: • Land—not depreciated. • 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 March 31, 2019, 2018 and 2017, 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—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, 2019, 2018 or 2017. 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 Revenue is recognized in accordance with ASU 2014-09, Revenue from Contracts with Customers. Product revenue is recognized at a point in time upon transfer of control of a product to a customer, which is generally at the time of delivery at an amount based on the transaction price. Customers have no right of return except in the case of damaged goods and 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. Revenue is also earned from the provision of development services to a small number of original equipment manufacturer (“OEM”) customers. These development service contracts are reviewed individually to determine the nature of the performance obligations and the associated transaction prices. In recent years, product development revenues have been commensurate with achieving milestones specified in the respective development agreements relating to those products. These milestones may include the approval of new products by the European or U.S. regulatory authorities, which are not within the Company’s control. While there can be no assurance that this will continue to be the case, the milestones have been such that they effectively represent completion of our performance obligations under a particular part of a development program. Should we fail to achieve these milestones we would not be entitled under the terms of the development agreements to any compensation for the work undertaken to date. As a result, the milestone-related revenues have been recognized as the contractual milestones are achieved. Pursuant to an Umbrella Supply Agreement with Ortho-Clinical Diagnostics, Inc. (“Ortho”), the Company executed a product attachment relating to the development of a range of rare antisera products. During the year ended March 31, 2018, the Company recognized a milestone of $600 related to the receipt of FDA approval of certain rare antisera products and during the year ended March 31, 2019, the Company recognized a milestone of $450 related to the submission to the FDA of an application to cover use of the products on an Ortho automation platform. The Company is entitled to receive further milestone payments totalling $1,050 related to FDA submissions and approvals of the use of the products on Ortho’s automation platforms. The Company expects these remaining milestones to be achieved in the next financial year. In January 2015, the Company entered into a supply and distribution agreement with Ortho related to the commercialization and distribution of certain MosaiQ The Company has concluded that as each of these milestones require significant levels of development work to be undertaken and there was no certainty at the start of the projects if or when the development work would be successful, these milestones are substantive and the revenue will be recognized when the milestones are achieved. In the years ended March 31, 2019, 2018 and 2017 revenue recognized from performance obligations related to prior periods was not material and, at March 31, 2019, revenue expected to be recognized in future periods related to remaining performance obligations was also not material. |
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. Other than materials assessed as having alternative future uses and which are recognized as prepaid 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 for share options and a barrier option pricing model for multi-year performance based restricted share units or MRSUs, both of which require the input of subjective assumptions. These assumptions include: the fair value of the underlying share, estimating the length of time employees will retain their awards 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 awards that will ultimately not complete their vesting requirements (forfeitures). Where modifications are made to vesting conditions, as happened during the year ended March 31, 2018 upon the retirement of Paul Cowan, the Company's former Chief Executive Officer, the Company considers the nature of the change and accounts for the change in accordance with ASC 715 Compensation – Stock Compensation |
Share Warrants | Share Warrants As of March 31, 2019, the Company had one class of warrants to purchase ordinary shares outstanding which comprised warrants that were issued in December 2013 and August 2015 in connection with the establishment and subsequent increase of the Company’s then existing secured term loan facility. None of these warrants contain any obligation to transfer value and, as such, the issuance of these warrants has been recorded in additional paid in capital as part of shareholders’ equity. |
Leases | Leases At the inception of each lease, the Company reviews the terms of the lease in accordance with ASC 840 Leases Rentals relating to operating leases are expensed over the life of the lease. Rental incentives and the gain on the sale and leaseback of the manufacturing facility near Edinburgh, Scotland completed in March 2018 are included within deferred lease rental benefit in the balance sheet and amortized over the life of the related lease. |
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 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. Deferred tax assets and liabilities are classified as noncurrent on the balance sheet. On December 22, 2017, the Tax Cuts and Jobs Act of 2017, or the TCJA, was enacted. This tax reform legislation made significant changes in U.S. tax law including a reduction in the corporate tax rates, changes to net operating loss carryforwards and carrybacks, and a repeal of the corporate alternative minimum tax. The legislation reduced the U.S. corporate tax rate from the rate of 35% to 21% effective on January 1, 2018. As a result, the Company revalued its U.S. deferred tax assets and liabilities at the 21% rate with effect from January 1, 2018. This revaluation and also the other provisions of the TCJA did not have a material impact on the Company’s consolidated financial statements. |
Pension Obligation | Pension Obligation The Company maintains a pension plan covering employees in Switzerland pursuant to the requirements of Swiss pension law. Certain aspects of the plan require that it be accounted for as a defined benefit plan pursuant to ASC 715 Compensation – Retirement Benefits The Company uses an actuarial valuation to determine its pension benefit costs and credits. The amounts calculated depend on a variety of key assumptions, including discount rates and expected return on plan assets. Details of the assumptions used to determine the net funded status are set out in Note 11. The Company’s pension plan assets are assigned to their respective levels in the fair value hierarchy in accordance with the valuation principles described in the ‘‘Fair Value of Financial Instruments’’ section above. |
Debt Issuance Costs and Royalty Rights | Debt Issuance Costs and Royalty Rights The Company follows the requirements of Accounting Standards Update 2015-03, Interest — Imputation of Interest (Subtopic 835-30) — Simplifying the Presentation of Debt Issuance Costs, which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the debt liability rather than as an asset. The royalty rights agreements entered into with subscribers to the October 14, 2016 and June 29, 2018 issuances of the Secured Notes are treated as sales of future revenues that meet the requirements of Accounting Standards Codification Topic 470 “ Debt” On December 18, 2018, the Company completed certain amendments to the indenture governing the Secured Notes. These amendments included a six-month extension of the final maturity of the Secured Notes to April 2024 and a revision of the Secured Notes’ principal amortization (previously scheduled to commence semi-annually beginning April 2019) to commence April 2021, in order to better align the maturity and amortization schedule with the Company’s financial goals. The revised amortization schedule deferred approximately $39.6 million of principal amortization previously scheduled to occur between April 2019 and April 2021. In addition, the amendments included a one-year extension of the optional redemption call schedule to October 2022. In consideration for the consents to the amendments, the Company paid to the noteholders a one-time consent payment of $3.9 million and it issued additional royalty rights to the noteholders, which increased in the aggregate the amount of the royalties payable under the royalty rights that were previously issued by the Company in connection with the prior issuances of the Secured Notes by 1%, from 2% to 3%, of the aggregate net sales of MosaiQ instruments and consumables in specified markets. The amendments to the maturity of the Secured Notes have been evaluated as a modification of the terms of the debt under ASC 470 and accordingly the consent payment of $3.9 million and the increase in the royalty rights have been added to the costs of the October 2016 and June 2018 debt issuances of the Secured Notes and will be expensed through interest expense in the consolidated statement of comprehensive loss using the effective interest rate method over the term of the Secured Notes and royalty rights agreements. |
Adoption of New Accounting Standards | Adoption of New Accounting Standards In May 2014, the FASB issued Accounting Standards Update, or ASU, 2014-09, Revenue from Contracts with Customers In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows: Restricted Cash In March 2017, the FASB issued ASU 2017-07 Compensation-Retirement Benefits In May 2017, the FASB issued ASU 2017-09, Scope of Modification Accounting Recent Accounting Pronouncements Not Yet Adopted In February 2016, the FASB issued ASU 2016-02, Leases In adopting this standard the Company expects to apply the package of practical expedients in ASU 2016-02 which allow an entity to not reassess whether any expired or existing contracts are or contain leases, lease classification of any expired or existing leases and the accounting for any initial direct costs on any expired or existing leases. The Company also expects to elect the additional transitional approach prescribed under ASU 2018-11 to allow the Company to apply the new standard from the date of adoption, rather than adjusting comparative periods, and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Company has completed its review of the existing portfolio of leases. The Company does not expect any material impact on its consolidated statements of comprehensive loss but does expect to recognize approximately $18.9 million of right-of-use assets and associated lease liabilities of a similar amount to its consolidated balance sheet in respect of its existing operating lease arrangements. In August 2018, the FASB issued ASU 2018-14, “ Compensation Retirement Benefits - Defined Benefit Plans -General (Subtopic 715-20) |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | March 31, 2019 Gross Carrying Amount Accumulated Amortization Net Amount Weighted Average Remaining Useful Customer relationships $ 2,564 $ (2,564 ) $ — — Brands associated with acquired cell lines 529 (153 ) 376 28.4 years Product licenses 890 (515 ) 375 4.2 years Other intangibles 167 (167 ) — — Total $ 4,150 $ (3,399 ) $ 751 16.3 years March 31, 2018 Gross Carrying Amount Accumulated Amortization Net Amount Weighted Average Remaining Useful Customer relationships $ 2,758 $ (2,758 ) $ — — Brands associated with acquired cell lines 569 (150 ) 419 29.5 years Product licenses 954 (459 ) 495 5.2 years Other intangibles 179 (179 ) — — Total $ 4,460 $ (3,546 ) $ 914 16.3 years |
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, 2019, is estimated as follows: 2019 $ 102 2020 102 2021 102 2022 102 2023 57 Thereafter 286 Total $ 751 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | Long-term debt comprises: March 31, 2019 March 31, 2018 Total debt $ 120,000 $ 84,000 Less current portion — — Long-term debt $ 120,000 $ 84,000 Deferred debt costs and royalty liability, net of amortization 1,855 1,063 $ 121,855 $ 85,063 |
Schedule of Outstanding Debt | The outstanding debt at March 31, 2019 falls due for repayment as follows: Within 1 year $ — Between 1 and 2 years — Between 2 and 3 years 20,000 Between 3 and 4 years 35,000 Between 4 and 5 years 40,000 After 5 years 25,000 Total debt $ 120,000 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets and Liabilities Measured 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: March 31, 2019 Level 1 Level 2 Level 3 Total Assets: Pension plan assets (1) $ — $ 10,416 $ — $ 10,416 Short-term investments (2) 90,729 — — 90,729 Total assets measured at fair value $ 90,729 $ 10,416 $ — $ 101,145 March 31, 2019 Level 1 Level 2 Level 3 Total Liabilities: Foreign currency forward contracts (3) $ — $ 70 $ — $ 70 Total liabilities measured at fair value $ — $ 70 $ — $ 70 March 31, 2018 Level 1 Level 2 Level 3 Total Assets: Pension plan assets (1) $ — $ 9,616 $ — $ 9,616 Short-term investments (2) 5,669 — — 5,669 Foreign currency forward contracts (3) — 118 — 118 Total assets measured at fair value $ 5,669 $ 9,734 $ — $ 15,403 March 31, 2018 Level 1 Level 2 Level 3 Total Liabilities: Foreign currency forward contracts (3) $ — $ 64 $ — $ 64 Total liabilities measured at fair value $ — $ 64 $ — $ 64 (1) The fair value of pension plan assets has been determined as the surrender value of the portfolio of active insured employees held within the Swiss Life collective investment fund. (2) The fair value of short-term investments has been determined based on the quoted value of the units held in the money market fund at the balance sheet date. See Note 1, “Summary of Significant Accounting Policies – Short-term Investments”. (3) The fair value of foreign currency forward contracts has been determined by calculating the present value of future cash flows, estimated using market-based observable inputs including forward and spot exchange rates and interest rate curves obtained from third party market price quotations. |
Consolidated Balance Sheet De_2
Consolidated Balance Sheet Detail (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Summary of Inventory | The following table summarizes inventory by category for the periods presented: March 31, 2019 March 31, 2018 Raw materials $ 8,216 $ 10,024 Work in progress 4,959 4,226 Finished goods 2,376 2,028 Total inventories $ 15,551 $ 16,278 |
Summary of Property and Equipment | The following table summarizes property and equipment by categories for the periods presented: March 31, 2019 March 31, 2018 Plant and equipment $ 51,327 $ 51,912 Leasehold improvements 32,047 34,611 Total property and equipment 83,374 86,523 Less: accumulated depreciation (36,081 ) (26,367 ) Total property and equipment, net $ 47,293 $ 60,156 |
Summary of Accrued Compensation and Benefits | Accrued compensation and benefits consist of the following: March 31, 2019 March 31, 2018 Salary and related benefits $ 638 $ 455 Accrued vacation 495 504 Accrued payroll taxes 1,316 1,353 Accrued incentive payments 3,700 3,000 Total accrued compensation and benefits $ 6,149 $ 5,312 |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consist of the following: March 31, 2019 March 31, 2018 Accrued legal and professional fees $ 405 $ 280 Accrued interest 6,628 4,612 Goods received not invoiced 1,337 1,272 Accrued capital expenditure 801 3,309 Other accrued expenses 3,287 5,867 Total accrued expenses and other current liabilities $ 12,458 $ 15,340 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
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, 2019: 2020 $ 3,387 2021 1,861 2022 1,858 2023 1,830 2024 1,841 Thereafter 71,507 Total minimum future lease payments $ 82,284 |
Schedule of Future Annual Repayments on Capital Leases | The following is a schedule of future annual repayments on capital leases as of March 31, 2019: 2020 $ 471 2021 369 2022 306 2023 190 2024 — Thereafter — Total minimum future lease payments $ 1,336 |
Schedule of Purchase Obligations | The following is a schedule by years of purchase obligations as of March 31, 2019: 2020 $ 14,635 2021 4,519 2022 10,538 2023 11,691 2024 19,431 Thereafter 18,360 Total minimum future purchase obligations $ 79,174 |
Geographic Information (Tables)
Geographic Information (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
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: 2019 2018 2017 Revenue: United States $ 14,754 $ 12,917 $ 11,432 France 6,501 5,608 4,733 Japan 3,846 3,335 3,141 Other foreign countries (1) 4,033 2,872 2,921 $ 29,134 $ 24,732 $ 22,227 (1) 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, 2019 March 31, 2018 Long-lived assets: United Kingdom $ 19,924 $ 24,141 Switzerland 27,366 36,009 United States 3 6 $ 47,293 $ 60,156 |
Ordinary and Preference Shares
Ordinary and Preference Shares (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
7% Cumulative Redeemable 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 and Outstanding Liquidation amount per share March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018 7% Cumulative Redeemable Preference shares 666,665 666,665 $ 29.06 $ 27.50 Total 666,665 666,665 |
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, 2019 March 31, 2018 Par value Ordinary shares 65,900,447 45,646,424 $ — Total 65,900,447 45,646,424 $ — |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Share Option Activity | The following table summarizes share option activity: Number of Share Options Outstanding Weighted Average Exercise Price Weighted Average Remaining Contractual (Months) Outstanding — March 31, 2016 1,589,938 $ 7.86 96 Granted 419,682 9.12 120 Exercised (8,483 ) 1.44 — Forfeited (52,220 ) 12.50 — Outstanding — March 31, 2017 1,948,917 $ 8.04 90 Granted 406,480 6.93 120 Exercised (36,240 ) 3.07 — Forfeited (222,874 ) 9.16 — Outstanding — March 31, 2018 2,096,283 $ 7.79 84 Granted 189,552 6.59 120 Exercised (253,066 ) 5.14 — Forfeited (96,372 ) 12.69 — Outstanding — March 31, 2019 1,936,397 $ 7.77 78 Exercisable — March 31, 2019 1,410,178 $ 8.02 69 |
Summary of Share Option Granted, Exercise Price, Fair Value, Intrinsic Value | The following table summarizes the options granted in the year ended March 31, 2019 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 Options Granted Exercise Price Ordinary Shares Fair Value Per Share at Grant Date Per Share Intrinsic Value of Options April 1, 2018 30,000 $ 4.71 $ 4.71 $ 2.99 October 31, 2018 43,680 $ 6.41 $ 6.41 $ 4.02 October 31, 2018 45,872 $ 6.54 $ 6.41 $ 4.00 October 31, 2018 70,000 $ 7.54 $ 6.41 $ 3.81 |
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, 2019 2018 2017 Risk-free interest rate 3.08 % 2.34 % 1.98 % Expected lives (years) 6 6 3 Volatility 67.19 % 66.03 % 62.93 % Dividend yield — — — Grant date fair value (per share) $ 6.14 $ 6.93 $ 9.12 Number granted 189,552 406,480 419,682 |
Summary of RSUs and MRSUs | A summary of the RSUs and MRSUs in issue at March 31, 2019 is as follows: Number of RSUs or MRSUs Outstanding Weighted Average Remaining Vesting Period (Months) Period in which the target must be achieved RSUs subject to time based vesting 632,709 11 N/A RSUs subject to milestone based vesting 227,980 N/A N/A MRSUs with vesting based on $22 share price 106,000 N/A Apr - Dec 2019 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
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, 2019 2018 2017 Income tax expense at statutory rate $ — $ — $ — Foreign tax rate differential 5,287 4,841 1,823 (Increase) decrease in valuation allowance against deferred tax assets (5,331 ) (4,192 ) (1,823 ) Provision for income tax $ (44 ) $ 649 $ — |
Components of Deferred Tax Assets | Significant components of deferred tax assets are as follows: March 31, 2019 March 31, 2018 Provisions and reserves $ 1,442 $ 1,327 Fixed assets basis difference $ 34 $ — Net operating loss carry forwards 17,330 12,476 Gross deferred tax assets $ 18,806 $ 13,803 Fixed assets basis difference $ — $ (284 ) Gross deferred tax liabilities $ — $ (284 ) Net deferred tax asset $ 18,806 $ 13,519 Valuation allowance (18,201 ) (12,870 ) Total $ 605 $ 649 |
Classification of Net Deferred Tax Assets | The balance sheet classification of net deferred tax assets is as follows: March 31, 2019 March 31, 2018 Net noncurrent deferred tax assets $ 605 $ 649 Total $ 605 $ 649 |
Pension Plans (Tables)
Pension Plans (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Defined Contribution Pension And Other Postretirement Plans Disclosure [Abstract] | |
Reconciliation of Benefit Obligations | The following provides a reconciliation of the benefit obligations, the plan assets and the funded status. Year ended March 31, 2019 March 31, 2018 Pension benefit obligation, beginning of year $ 15,784 $ 13,318 Service cost 1,574 1,601 Contributions paid by plan participants 1,438 2,627 Interest cost 153 110 Benefits paid (1,462 ) (2,601 ) Plan amendment (100 ) — Actuarial loss 1,097 32 Foreign currency translation (700 ) 697 Pension benefit obligation, end of year $ 17,784 $ 15,784 |
Reconciliation of Plan Assets | Year ended March 31, 2019 March 31, 2018 Fair value of plan assets, beginning of year $ 9,616 $ 7,981 Actual return on plan assets 89 78 Contributions paid by employer 1,156 1,110 Contributions paid by plan participants 1,438 2,627 Benefits paid (1,462 ) (2,601 ) Foreign currency translation (421 ) 421 Fair value of plan assets, end of year $ 10,416 $ 9,616 |
Reconciliation of Funded Status | Contributions paid by plan participants include $749 and $1,958 of payments into the scheme on new employees joining in the years ended March 31, 2019 and March 31, 2018, respectively. Year ended March 31, 2019 March 31, 2018 Pension benefit obligation, end of year $ 17,784 $ 15,784 Fair value of plan assets, end of year 10,416 9,616 Net funding obligation, end of year $ 7,368 $ 6,168 |
Assumptions Used to Determine Pension Benefit Obligation | The assumptions used to determine the pension benefit obligation at the end of each financial year are: March 31, 2019 March 31, 2018 March 31, 2017 Price inflation 1.00 % 1.00 % 1.00 % Discount rate 0.70 % 1.00 % 0.80 % Expected return on plan assets 1.20 % 1.40 % 1.40 % Average rate of salary increase 1.00 % 1.00 % 1.00 % |
Schedule of Net Pension Costs | The net pension costs for the year are based on the assumptions adopted at the start of each financial year and comprise: Year ended March 31, 2019 March 31, 2018 March 31, 2017 Employer service cost $ 1,574 $ 1,601 $ 1,353 Interest cost 153 110 39 Expected return on plan assets (131 ) (115 ) (61 ) Amortization of prior service credit (14 ) (14 ) (14 ) Amortization of net loss 154 188 186 Net pension cost $ 1,736 $ 1,770 $ 1,503 |
Schedule of Provision for Pension Benefit Obligation Recognized in Other Comprehensive Income | The provision for pension benefit obligation recognized in other comprehensive income comprises: Year ended March 31, 2019 March 31, 2018 March 31, 2017 Net actuarial loss $ 1,027 $ 67 $ 582 Amortization of prior service credit 14 14 14 Amortization of net loss (154 ) (188 ) (186 ) $ 887 $ (107 ) $ 410 |
Schedule of Benefit Payments Expected to be Paid | The following benefit payments are expected to be paid in the following periods: 2020 $ 979 2021 $ 916 2022 $ 861 2023 $ 814 2024 $ 773 2025 to 2030 $ 3,553 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
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, 2019 2018 2017 Numerator: Net loss $ (105,386 ) $ (82,338 ) $ (85,069 ) Net loss available to ordinary shareholders - basic and diluted $ (105,386 ) $ (82,338 ) $ (85,069 ) Denominator: Weighted-average shares outstanding - basic and diluted 54,874,391 40,839,309 28,145,472 Loss per share - basic and diluted $ (1.92 ) $ (2.02 ) $ (3.02 ) |
Summary of Number of Ordinary Shares Excluded from Computation of Earnings Per Share | The following sets out the numbers of the options, RSUs (including MRSUs) and warrants to purchase ordinary shares excluded from the above computation of earnings per share for the years ended March 31, 2019, March 31, 2018 and March 31, 2017, as their inclusion would have been anti-dilutive. March 31, 2019 March 31, 2018 March 31, 2017 Ordinary shares issuable on exercise of options to purchase ordinary shares 1,936,397 2,096,283 1,948,917 Restricted share units awarded, including the multi-year performance related restricted share units 966,689 773,379 843,608 Ordinary shares issuable on exercise of warrants at $16.14 per share 111,525 111,525 111,525 Ordinary shares issuable on exercise of warrants at $9.375 per share 64,000 64,000 64,000 Ordinary shares issuable on exercise of warrants at $5.80 per share — 8,414,683 — Ordinary shares issuable on exercise of warrants at $0.01 per share — 550,000 — 3,078,611 12,009,870 2,968,050 |
Organization and Summary of S_3
Organization and Summary of Significant Accounting Policies - Additional Information (Detail) | May 15, 2019USD ($) | Dec. 18, 2018USD ($) | Jun. 29, 2018USD ($) | Oct. 14, 2016USD ($) | Mar. 31, 2019USD ($)Customer | Mar. 31, 2018USD ($)Customer | Mar. 31, 2017USD ($)Customer |
Significant Accounting Policies [Line Items] | |||||||
Accumulated deficit | $ (381,025,000) | $ (275,639,000) | |||||
Cash holdings and short-term investments | 94,800,000 | ||||||
Aggregate proceeds on notes issued | 36,000,000 | $ 84,000,000 | |||||
Restricted cash | 7,507,000 | 5,040,000 | $ 5,040,000 | ||||
Allowance for doubtful accounts | $ 52,000 | $ 93,000 | |||||
Number of customer represent 10% or more of accounts receivable | Customer | 1 | 1 | |||||
Number of customer represent 10% or more of product sales | Customer | 1 | 1 | 1 | ||||
Stock-based compensation cost included in inventory | $ 0 | $ 0 | |||||
Property and equipment impairment losses | 0 | 0 | $ 0 | ||||
Impairment losses | $ 0 | $ 0 | 0 | ||||
Class of warrants description | As of March 31, 2019, the Company had one class of warrants to purchase ordinary shares outstanding which comprised warrants that were issued in December 2013 and August 2015 in connection with the establishment and subsequent increase of the Company’s then existing secured term loan facility. | ||||||
U.S. Corporate tax rate | 21.00% | 35.00% | |||||
Accounting Standards Update 2016-18 [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Restricted cash | $ 5,040,000 | $ 5,040,000 | |||||
Accounting Standards Update 2016-02 [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Operating lease right-of-use assets | $ 18,900,000 | ||||||
Operating lease liabilities | 18,900,000 | ||||||
Amendment Products [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Milestone amount receivable upon fulfillment of achievement | $ 1,050,000 | ||||||
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 [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Intangible assets amortization over estimated useful life | 7 years | ||||||
Plant, Machinery and Equipment [Member] | Minimum [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Plant, machinery and equipment useful life | 4 years | ||||||
Plant, Machinery and Equipment [Member] | Maximum [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Plant, machinery and equipment useful life | 25 years | ||||||
Credit Concentration Risk [Member] | Accounts Receivable [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Concentration risk percentage | 55.00% | 51.00% | |||||
Security For Property Rental Obligations of Subsidiary [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Restricted cash | $ 307,000 | ||||||
Senior Secured Notes Due 2023 [Member] | Cash Reserve Account Held by Collateral Agent [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Restricted cash | $ 7,200,000 | $ 5,000,000 | |||||
Secured Notes [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Aggregate proceeds on notes issued | $ 36,000,000 | $ 84,000,000 | |||||
Senior secured notes, Interest rate | 12.00% | 12.00% | |||||
Debt instrument, extension period | 6 months | ||||||
Debt instrument, final maturity date | Apr. 30, 2024 | ||||||
Debt instrument semi-annually amortization commencement date | Apr. 30, 2021 | ||||||
Debt instrument principal repayment deferred | $ 39,600,000 | ||||||
Debt instrument one-time consent payment | $ 3,900,000 | ||||||
MosaiQ [Member] | Secured Notes [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Debt instrument subscribers rights to receive payment as increased percentage of net MosaiQ sales | 1.00% | ||||||
Debt instrument subscribers rights to receive payment as percentage of net MosaiQ sales | 3.00% | 2.00% | 3.00% | ||||
MosaiQ [Member] | Secured Notes [Member] | Subsequent Event [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Aggregate proceeds on notes issued | $ 25,000,000 | ||||||
Senior secured notes, Interest rate | 12.00% | ||||||
Available cash, net of expenses | $ 22,600,000 | ||||||
Product [Member] | Customer Concentration Risk [Member] | Sales [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Concentration risk percentage | 60.00% | 63.00% | 60.00% | ||||
Antisera Products [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Milestone revenue recognized | $ 600,000 | ||||||
Ortho's [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Milestone revenue recognized | $ 450,000 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 4,150 | $ 4,460 |
Accumulated Amortization | (3,399) | (3,546) |
Net Carrying Amount | $ 751 | $ 914 |
Weighted Average Remaining Useful Life | 16 years 3 months 18 days | 16 years 3 months 18 days |
Customer Relationships [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 2,564 | $ 2,758 |
Accumulated Amortization | (2,564) | (2,758) |
Brands Associated with Acquired Cell Lines [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 529 | 569 |
Accumulated Amortization | (153) | (150) |
Net Carrying Amount | $ 376 | $ 419 |
Weighted Average Remaining Useful Life | 28 years 4 months 24 days | 29 years 6 months |
Product Licenses [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 890 | $ 954 |
Accumulated Amortization | (515) | (459) |
Net Carrying Amount | $ 375 | $ 495 |
Weighted Average Remaining Useful Life | 4 years 2 months 12 days | 5 years 2 months 12 days |
Other Intangibles [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 167 | $ 179 |
Accumulated Amortization | $ (167) | $ (179) |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Amortization expense | $ 104 | $ 94 | $ 73 |
Intangible Assets - Schedule _2
Intangible Assets - Schedule of Future Amortization Expense (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
2019 | $ 102 | |
2020 | 102 | |
2021 | 102 | |
2022 | 102 | |
2023 | 57 | |
Thereafter | 286 | |
Net Carrying Amount | $ 751 | $ 914 |
Debt - Schedule of Long-Term De
Debt - Schedule of Long-Term Debt (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Debt Disclosure [Abstract] | ||
Total debt | $ 120,000 | $ 84,000 |
Long-term debt | 120,000 | 84,000 |
Deferred debt costs and royalty liability, net of amortization | 1,855 | 1,063 |
Long-term debt, less current portion | $ 121,855 | $ 85,063 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | May 15, 2019 | Dec. 18, 2018 | Jun. 29, 2018 | Oct. 14, 2016 | Mar. 31, 2019 | Mar. 31, 2017 | Jan. 15, 2019 | Mar. 31, 2018 |
Debt Instrument [Line Items] | ||||||||
Aggregate principal amount of notes issued | $ 36,000,000 | $ 84,000,000 | ||||||
Secured Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, interest rate | 12.00% | 12.00% | ||||||
Debt instrument, issuance date | Oct. 14, 2016 | |||||||
Aggregate principal amount of notes issued | $ 36,000,000 | $ 84,000,000 | ||||||
Debt instrument, unused/additional borrowing capacity | The Company issued $84 million aggregate principal amount of the Secured Notes on October 14, 2016 and an additional $36 million aggregate principal amount of the Secured Notes on June 29, 2018. | |||||||
Debt instrument, restrictive covenants | The Company and its subsidiaries must also comply with certain customary affirmative and negative covenants, including a requirement to maintain six-months of interest in a cash reserve account maintained with the collateral agent. Upon the occurrence of a Change of Control, subject to certain conditions, or certain Asset Sales (each, as defined in the indenture), holders of the Secured Notes may require the Company to repurchase for cash all or part of their Secured Notes at a repurchase price equal to 101% or 100%, respectively, of the principal amount of the Secured Notes to be repurchased, plus accrued and unpaid interest to the date of repurchase. | |||||||
Debt instrument, percentage of repurchase price on change of control | 101.00% | |||||||
Debt instrument, percentage of repurchase price | 100.00% | |||||||
Payment to cash reserve account held by collateral agent | $ 2,200,000 | $ 7,200,000 | ||||||
Debt instrument date of first required payment, interest | Apr. 15, 2017 | |||||||
Debt instrument date of first required payment, principal | Apr. 15, 2021 | |||||||
Secured Notes [Member] | Subsequent Event [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Payment to cash reserve account held by collateral agent | $ 1,500,000 | |||||||
Secured Notes [Member] | MosaiQ [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Aggregate principal additional amount of notes agreed to be issued | $ 25,000,000 | |||||||
Debt instrument subscribers rights to receive payment as percentage of net MosaiQ sales | 3.00% | 2.00% | 3.00% | |||||
Estimated amount under royalty agreement | $ 74,400,000 | $ 41,800,000 | ||||||
Secured Notes [Member] | MosaiQ [Member] | Subsequent Event [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, interest rate | 12.00% | |||||||
Aggregate principal amount of notes issued | $ 25,000,000 | |||||||
Payment to cash reserve account held by collateral agent | $ 1,500,000 | |||||||
Debt instrument subscribers rights to receive as additional percentage of net MosaiQ sales | 0.40% | |||||||
Secured Notes [Member] | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Aggregate principal amount of notes available for issue | $ 145,000,000 | $ 120,000,000 |
Debt - Schedule of Outstanding
Debt - Schedule of Outstanding Debt (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Long-term Debt, Rolling Maturity [Abstract] | ||
Between 2 and 3 years | $ 20,000 | |
Between 3 and 4 years | 35,000 | |
Between 4 and 5 years | 40,000 | |
After 5 years | 25,000 | |
Total debt | $ 120,000 | $ 84,000 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 | |
Assets: | |||
Total assets measured at fair value | $ 118 | ||
Liabilities: | |||
Total liabilities measured at fair value | $ 70 | 64 | |
Recurring [Member] | |||
Assets: | |||
Total assets measured at fair value | 101,145 | 15,403 | |
Liabilities: | |||
Total liabilities measured at fair value | 70 | 64 | |
Recurring [Member] | Foreign currency forward contracts [Member] | |||
Assets: | |||
Total assets measured at fair value | [1] | 118 | |
Liabilities: | |||
Total liabilities measured at fair value | [1] | 70 | 64 |
Recurring [Member] | Pension plan assets [Member] | |||
Assets: | |||
Total assets measured at fair value | [2] | 10,416 | 9,616 |
Recurring [Member] | Short-term Investments [Member] | |||
Assets: | |||
Total assets measured at fair value | [3] | 90,729 | 5,669 |
Recurring [Member] | Level 1 [Member] | |||
Assets: | |||
Total assets measured at fair value | 90,729 | 5,669 | |
Recurring [Member] | Level 1 [Member] | Short-term Investments [Member] | |||
Assets: | |||
Total assets measured at fair value | [3] | 90,729 | 5,669 |
Recurring [Member] | Level 2 [Member] | |||
Assets: | |||
Total assets measured at fair value | 10,416 | 9,734 | |
Liabilities: | |||
Total liabilities measured at fair value | 70 | 64 | |
Recurring [Member] | Level 2 [Member] | Foreign currency forward contracts [Member] | |||
Assets: | |||
Total assets measured at fair value | [1] | 118 | |
Liabilities: | |||
Total liabilities measured at fair value | [1] | 70 | 64 |
Recurring [Member] | Level 2 [Member] | Pension plan assets [Member] | |||
Assets: | |||
Total assets measured at fair value | [2] | $ 10,416 | $ 9,616 |
[1] | The fair value of foreign currency forward contracts has been determined by calculating the present value of future cash flows, estimated using market-based observable inputs including forward and spot exchange rates and interest rate curves obtained from third party market price quotations. | ||
[2] | The fair value of pension plan assets has been determined as the surrender value of the portfolio of active insured employees held within the Swiss Life collective investment fund. | ||
[3] | The fair value of short-term investments has been determined based on the quoted value of the units held in the money market fund at the balance sheet date. See Note 1, “Summary of Significant Accounting Policies – Short-term Investments”. |
Consolidated Balance Sheet De_3
Consolidated Balance Sheet Detail - Summary of Inventory (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 8,216 | $ 10,024 |
Work in progress | 4,959 | 4,226 |
Finished goods | 2,376 | 2,028 |
Total inventories | $ 15,551 | $ 16,278 |
Consolidated Balance Sheet De_4
Consolidated Balance Sheet Detail - Additional Information (Detail) - USD ($) | Mar. 31, 2019 | Mar. 31, 2018 |
Raw materials | $ 8,216,000 | $ 10,024,000 |
Work in progress | 4,959,000 | 4,226,000 |
Finished goods | 2,376,000 | 2,028,000 |
ARC facility [Member] | ||
Value added tax liability | 0 | 2,905,000 |
MosaiQ Project [Member] | ||
Raw materials | 6,187,000 | 8,441,000 |
Work in progress | 2,311,000 | 1,528,000 |
Finished goods | $ 235,000 | $ 389,000 |
Consolidated Balance Sheet De_5
Consolidated Balance Sheet Detail - Summary of Property and Equipment (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 83,374 | $ 86,523 |
Less: accumulated depreciation | (36,081) | (26,367) |
Total property and equipment, net | 47,293 | 60,156 |
Plant and Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 51,327 | 51,912 |
Leasehold Improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 32,047 | $ 34,611 |
Consolidated Balance Sheet De_6
Consolidated Balance Sheet Detail - Summary of Property and Equipment (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Property Plant And Equipment [Abstract] | |||
Depreciation expenses | $ 12,663 | $ 10,311 | $ 9,375 |
Consolidated Balance Sheet De_7
Consolidated Balance Sheet Detail - Summary of Accrued Compensation and Benefits (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Compensation Related Costs [Abstract] | ||
Salary and related benefits | $ 638 | $ 455 |
Accrued vacation | 495 | 504 |
Accrued payroll taxes | 1,316 | 1,353 |
Accrued incentive payments | 3,700 | 3,000 |
Total accrued compensation and benefits | $ 6,149 | $ 5,312 |
Consolidated Balance Sheet De_8
Consolidated Balance Sheet Detail - Summary of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Payables And Accruals [Abstract] | ||
Accrued legal and professional fees | $ 405 | $ 280 |
Accrued interest | 6,628 | 4,612 |
Goods received not invoiced | 1,337 | 1,272 |
Accrued capital expenditure | 801 | 3,309 |
Other accrued expenses | 3,287 | 5,867 |
Total accrued expenses and other current liabilities | $ 12,458 | $ 15,340 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 12 Months Ended | |||
Mar. 31, 2019USD ($)Contracts$ / £ | Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) | Mar. 31, 2019GBP (£)Contracts$ / £ | |
Commitments And Contingencies [Line Items] | ||||
Expiry date of operating leases | 2052 | |||
Operating leases, rent expense | $ 4,950,000 | $ 3,063,000 | $ 2,928,000 | |
Capital leased assets, gross cost | 2,781,000 | 3,130,000 | ||
Capital leases, balance sheet, assets by major class, net | 2,137,000 | 2,810,000 | ||
Total assets measured at fair value | 118,000 | |||
Total liabilities measured at fair value | 70,000 | 64,000 | ||
Gain (loss) on ineffective foreign currency derivatives recorded in earnings, net | $ 0 | 0 | $ 0 | |
Through June 2019 [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Number of forward exchange contracts | Contracts | 3 | 3 | ||
Forward exchange contracts sold | $ 500,000 | |||
Forward exchange contracts exchange rate pounds sterling to US dollar | $ / £ | 1.3520 | 1.3520 | ||
July 2019 through September 2019 [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Number of forward exchange contracts | Contracts | 3 | 3 | ||
Forward exchange contracts sold | $ 500,000 | |||
Forward exchange contracts exchange rate pounds sterling to US dollar | $ / £ | 1.3000 | 1.3000 | ||
October 2019 through December 2019 [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Number of forward exchange contracts | Contracts | 3 | 3 | ||
Forward exchange contracts sold | $ 500,000 | |||
Forward exchange contracts exchange rate pounds sterling to US dollar | $ / £ | 1.3180 | 1.3180 | ||
ARC facility [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Sale leaseback transaction net cash proceeds | 19,741,000 | |||
Sale leaseback transaction deferred gain | 373,000 | |||
Rental deposit | $ 4,688,000 | $ 5,043,000 | £ 3,600,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Minimum Future Rentals on Non-cancelable Operating Leases (Detail) $ in Thousands | Mar. 31, 2019USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2020 | $ 3,387 |
2021 | 1,861 |
2022 | 1,858 |
2023 | 1,830 |
2024 | 1,841 |
Thereafter | 71,507 |
Total minimum future lease payments | $ 82,284 |
Commitments and Contingencies_3
Commitments and Contingencies - Schedule of Future Annual Repayments on Capital Leases (Detail) $ in Thousands | Mar. 31, 2019USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2020 | $ 471 |
2021 | 369 |
2022 | 306 |
2023 | 190 |
Total minimum future lease payments | $ 1,336 |
Commitments and Contingencies_4
Commitments and Contingencies - Schedule of Purchase Obligations (Detail) $ in Thousands | Mar. 31, 2019USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2020 | $ 14,635 |
2021 | 4,519 |
2022 | 10,538 |
2023 | 11,691 |
2024 | 19,431 |
Thereafter | 18,360 |
Total minimum future purchase obligations | $ 79,174 |
Geographic Information - Additi
Geographic Information - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019USD ($)Segment | Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) | |
Geographic Areas Long Lived Assets [Abstract] | |||
Number of business segments | Segment | 1 | ||
Foreign exchange gains (losses) | $ | $ (5,410) | $ 2,366 | $ 2,853 |
Geographic Information - Schedu
Geographic Information - Schedule of Revenue From Customer By Geographic Area (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Revenue | $ 29,134 | $ 24,732 | $ 22,227 | |
United States [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Revenue | 14,754 | 12,917 | 11,432 | |
France [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Revenue | 6,501 | 5,608 | 4,733 | |
Japan [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Revenue | 3,846 | 3,335 | 3,141 | |
Other foreign countries [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Revenue | [1] | $ 4,033 | $ 2,872 | $ 2,921 |
[1] | No individual country represented more than 10% of the respective totals. |
Geographic Information - Consol
Geographic Information - Consolidated Property and Equipment, Net by Country (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Property and equipment, net | $ 47,293 | $ 60,156 |
United Kingdom [Member] | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Property and equipment, net | 19,924 | 24,141 |
Switzerland [Member] | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Property and equipment, net | 27,366 | 36,009 |
United States [Member] | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Property and equipment, net | $ 3 | $ 6 |
Ordinary and Preference Share_2
Ordinary and Preference Shares - Summary of Shares Issued and Outstanding (Detail) - $ / shares | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 |
Class Of Stock [Line Items] | ||||
Ordinary shares, shares issued | 65,900,447 | 45,646,424 | ||
Ordinary shares, shares outstanding | 65,900,447 | 45,646,424 | ||
Ordinary shares, par value | ||||
Preference shares, shares issued | 666,665 | 666,665 | ||
Preference shares, shares outstanding | 666,665 | 666,665 | ||
7% Cumulative Redeemable Preference Shares [Member] | ||||
Class Of Stock [Line Items] | ||||
Preference shares, shares issued | 666,665 | 666,665 | ||
Preference shares, shares outstanding | 666,665 | 666,665 | ||
Liquidation amount per share | $ 29.06 | $ 27.50 | ||
Ordinary Shares [Member] | ||||
Class Of Stock [Line Items] | ||||
Ordinary shares, shares issued | 65,900,447 | 45,646,424 | ||
Ordinary shares, shares outstanding | 65,900,447 | 45,646,424 | 29,567,698 | 25,408,950 |
Ordinary shares, par value |
Ordinary and Preference Share_3
Ordinary and Preference Shares - Summary of Shares Issued and Outstanding (Parenthetical) (Detail) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Class Of Stock [Line Items] | ||
Preference share dividend percentage | 7.00% | 7.00% |
7% Cumulative Redeemable Preference Shares [Member] | ||
Class Of Stock [Line Items] | ||
Preference share dividend percentage | 7.00% |
Ordinary and Preference Share_4
Ordinary and Preference Shares - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Dec. 11, 2018 | Aug. 03, 2018 | Jul. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | Jan. 29, 2015 |
Class Of Stock [Line Items] | |||||||
Common stock, shares issued | 65,900,447 | 45,646,424 | |||||
7% Cumulative Redeemable Preference Shares [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Subscriptions price, per share | $ 22.50 | ||||||
Ordinary Shares [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Number of warrants exercised | 8,414,683 | ||||||
Issuance of shares | 8,414,683 | ||||||
Exercised price of warrants | $ 5.80 | ||||||
Proceeds from warrants exercise | $ 48.8 | ||||||
Common stock, shares issued | 65,900,447 | 45,646,424 | |||||
Proceeds from issuance of ordinary shares | $ 69 | ||||||
Newly issued ordinary shares Issues | 10,615,385 | 19,635,068 | 15,914,683 | 3,270,000 | |||
Newly issued ordinary price per share | $ 6.50 | ||||||
Chief Executive Officer and Chairman [Member] | Ordinary Shares [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Common stock, shares issued | 55,000 | ||||||
Share price | $ 7.54 | ||||||
Proceeds from issuance of ordinary shares | $ 0.4 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Mar. 31, 2019USD ($)d$ / sharesshares | Mar. 31, 2018USD ($)shares | Mar. 31, 2017USD ($)shares | Oct. 31, 2018shares | Oct. 28, 2016shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Share-based compensation expense | $ | $ 4,957 | $ 4,156 | $ 4,221 | ||
Number of Options Granted | 189,552 | 406,480 | 419,682 | ||
Total fair value of stock options granted | $ | $ 676 | $ 1,718 | $ 1,379 | ||
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 share options and RSUs | $ | $ 4,333 | ||||
Total compensation cost not yet recognized related to share options, RSUs, weighted average remaining amortization period | 10 months | ||||
Ordinary Shares [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Fair value of ordinary shares per share | $ / shares | $ 9.01 | ||||
Restricted Stock Units (RSUs) [Member] | Time Based Vesting [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Number of restricted stock units outstanding | 632,709 | ||||
Weighted average remaining vesting period | 11 months | ||||
Restricted Stock Units (RSUs) [Member] | Milestone Vesting [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Number of restricted stock units outstanding | 227,980 | ||||
Multi Year Performance Based Restricted Stock Units [Member] | Vesting Based on $22 Share Price [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Number of restricted stock units outstanding | 106,000 | ||||
Award vesting description | 106,000 MRSUs were outstanding, which will vest if the volume weighted average price of the Company’s ordinary shares exceeds $22 for a continuous 20 day period between April 1, 2019 and December 31, 2019. | ||||
Consecutive trading days in which price must exceed threshold | d | 20 | ||||
Period in which the target must be achieved, start date | Apr. 1, 2019 | ||||
Period in which the target must be achieved, end date | Dec. 31, 2019 | ||||
Minimum [Member] | Multi Year Performance Based Restricted Stock Units [Member] | Vesting Based on $22 Share Price [Member] | Ordinary Shares [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Weighted average price of shares | $ / shares | $ 22 | ||||
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] | |||||
Number of shares upon each option exercised | 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. No further awards will be granted under the 2012 Option Plan. | ||||
Number of Options Granted | 0 | ||||
2014 Plan [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Ordinary shares reserved for issuance | 1,500,000 | ||||
Increase in number of shares reserved for future issuance | 550,000 | 750,000 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Share Option Activity (Detail) - $ / shares | 12 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||
Number of Share Options Outstanding, Beginning Balance | 2,096,283 | 1,948,917 | 1,589,938 | |
Number of Share Options Outstanding, Granted | 189,552 | 406,480 | 419,682 | |
Number of Share Options Outstanding, Exercised | (253,066) | (36,240) | (8,483) | |
Number of Share Options Outstanding, Forfeited | (96,372) | (222,874) | (52,220) | |
Number of Share Options Outstanding, Ending Balance | 1,936,397 | 2,096,283 | 1,948,917 | 1,589,938 |
Number of Share Options Outstanding, Exercisable | 1,410,178 | |||
Weighted-Average Exercise Price, Beginning Balance | $ 7.79 | $ 8.04 | $ 7.86 | |
Weighted-Average Exercise Price, Granted | 6.59 | 6.93 | 9.12 | |
Weighted-Average Exercise Price, Exercised | 5.14 | 3.07 | 1.44 | |
Weighted-Average Exercise Price, Forfeited | 12.69 | 9.16 | 12.50 | |
Weighted-Average Exercise Price, Ending Balance | 7.77 | $ 7.79 | $ 8.04 | $ 7.86 |
Weighted-Average Exercise Price, Exercisable | $ 8.02 | |||
Weighted-Average Remaining Contractual Life, Outstanding | 78 months | 84 months | 90 months | 96 months |
Weighted-Average Remaining Contractual Life, Granted | 120 months | 120 months | 120 months | |
Weighted-Average Remaining Contractual Life, Exercisable | 69 months |
Share-Based Compensation - Su_2
Share-Based Compensation - Summary of Share Option Granted, Exercise Price, Fair Value, Intrinsic Value (Detail) - $ / shares | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of Options Granted | 189,552 | 406,480 | 419,682 |
Exercise Price | $ 6.59 | $ 6.93 | $ 9.12 |
Ordinary Shares Fair Value Per Share at Grant Date | $ 6.14 | $ 6.93 | $ 9.12 |
April 1, 2018 | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Grant Date | Apr. 1, 2018 | ||
Number of Options Granted | 30,000 | ||
Exercise Price | $ 4.71 | ||
Ordinary Shares Fair Value Per Share at Grant Date | 4.71 | ||
Per Share Intrinsic Value of Options | $ 2.99 | ||
October 31, 2018 | Exercise Price 6.41 | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Grant Date | Oct. 31, 2018 | ||
Number of Options Granted | 43,680 | ||
Exercise Price | $ 6.41 | ||
Ordinary Shares Fair Value Per Share at Grant Date | 6.41 | ||
Per Share Intrinsic Value of Options | $ 4.02 | ||
October 31, 2018 | Exercise Price 6.54 | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Grant Date | Oct. 31, 2018 | ||
Number of Options Granted | 45,872 | ||
Exercise Price | $ 6.54 | ||
Ordinary Shares Fair Value Per Share at Grant Date | 6.41 | ||
Per Share Intrinsic Value of Options | $ 4 | ||
October 31, 2018 | Exercise Price 7.54 | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Grant Date | Oct. 31, 2018 | ||
Number of Options Granted | 70,000 | ||
Exercise Price | $ 7.54 | ||
Ordinary Shares Fair Value Per Share at Grant Date | 6.41 | ||
Per Share Intrinsic Value of Options | $ 3.81 |
Share-Based Compensation - Su_3
Share-Based Compensation - Summary of Weighted-Average Assumptions to Share Options Issued (Detail) - $ / shares | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Risk-free interest rate | 3.08% | 2.34% | 1.98% |
Expected lives (years) | 6 years | 6 years | 3 years |
Volatility | 67.19% | 66.03% | 62.93% |
Grant date fair value (per share) | $ 6.14 | $ 6.93 | $ 9.12 |
Number of Share Options Outstanding, Granted | 189,552 | 406,480 | 419,682 |
Share-Based Compensation - Su_4
Share-Based Compensation - Summary of RSUs and MRSUs (Detail) | 12 Months Ended |
Mar. 31, 2019shares | |
Restricted Stock Units (RSUs) [Member] | Time Based Vesting [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of RSUs or MRSUs Outstanding | 632,709 |
Weighted Average Remaining Vesting Period (Months) | 11 months |
Restricted Stock Units (RSUs) [Member] | Milestone Vesting [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of RSUs or MRSUs Outstanding | 227,980 |
Multi Year Performance Based Restricted Stock Units [Member] | Vesting Based on $22 Share Price [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of RSUs or MRSUs Outstanding | 106,000 |
Period in which the target must be achieved, start date | Apr. 1, 2019 |
Period in which the target must be achieved, end date | Dec. 31, 2019 |
Share-Based Compensation - Su_5
Share-Based Compensation - Summary of RSUs and MRSUs (Detail) (Parenthetical) | Mar. 31, 2019$ / shares |
Multi Year Performance Based Restricted Stock Units [Member] | Vesting Based on $22 Share Price [Member] | Minimum [Member] | Ordinary Shares [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Company's closing share price | $ 22 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Income Taxes [Line items] | |||
Statutory standard corporate income tax rate | 21.00% | 35.00% | |
Deferred tax assets | $ 605,000 | $ 649,000 | |
Reduction in deferred tax assets | 44,000 | ||
Net operating loss carry forwards | 195,003,000 | ||
Net operating loss carry forwards, subject to expiration | $ 15,911,000 | ||
Net operating loss carry forwards expiration year, beginning | 2022 | ||
Net operating loss carry forwards expiration year, ending | 2027 | ||
Net operating loss carry forwards expiration year | 2037 | ||
Unrecognized tax benefits, Income tax penalties and interest accrued | $ 0 | $ 0 | $ 0 |
Tax charge on other comprehensive loss | 0 | ||
Tax Year 2037 [Member] | |||
Income Taxes [Line items] | |||
Net operating loss carry forwards, subject to expiration | 380,000 | ||
U.S. state [Member] | |||
Income Taxes [Line items] | |||
Net operating loss carry forwards | $ 107,000 | ||
Jersey Taxing Authority [Member] | |||
Income Taxes [Line items] | |||
Statutory standard corporate income tax rate | 0.00% |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of the Income Tax Expenses at the Statutory Rate (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Foreign tax rate differential | $ 5,287 | $ 4,841 | $ 1,823 |
(Increase) decrease in valuation allowance against deferred tax assets | (5,331) | (4,192) | $ (1,823) |
Provision for income tax | $ (44) | $ 649 |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Income Tax Disclosure [Abstract] | ||
Provisions and reserves | $ 1,442 | $ 1,327 |
Fixed assets basis difference | 34 | |
Net operating loss carry forwards | 17,330 | 12,476 |
Gross deferred tax assets | 18,806 | 13,803 |
Fixed assets basis difference | (284) | |
Gross deferred tax liabilities | (284) | |
Net deferred tax asset | 18,806 | 13,519 |
Valuation allowance | (18,201) | (12,870) |
Total | $ 605 | $ 649 |
Income Taxes - Classification o
Income Taxes - Classification of Net Deferred Tax Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Income Tax Disclosure [Abstract] | ||
Net noncurrent deferred tax assets | $ 605 | $ 649 |
Total | $ 605 | $ 649 |
Pension Plans - Additional Info
Pension Plans - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Defined Contribution Plan Disclosure [Line Items] | ||||
Defined contribution pension cost | $ 750 | $ 1,197 | $ 742 | |
Percentage of capital and interest guaranteed by Swiss Life | 100.00% | |||
Accumulated pension obligation | $ 17,784 | 15,784 | 13,318 | |
Plan assets | 10,416 | 9,616 | $ 7,981 | |
Net funded status | 7,368 | 6,168 | ||
Contributions paid by plan participants | 1,438 | 2,627 | ||
Cumulative amounts recognized in other comprehensive income | 5,692 | 4,805 | ||
Cumulative amounts recognized in other comprehensive income, net loss | 5,902 | 5,029 | ||
Cumulative amounts recognized in other comprehensive income, prior service credit | 210 | 224 | ||
Contributions paid or to be paid by employer | $ 1,156 | $ 1,110 | ||
Scenario, Forecast [Member] | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Contributions paid or to be paid by employer | $ 1,208 | |||
Minimum [Member] | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Bond yield maturity period | 15 years | 15 years | ||
Maximum [Member] | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Bond yield maturity period | 25 years | 25 years | ||
New Employees [Member] | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Contributions paid by plan participants | $ 749 | $ 1,958 |
Pension Plans - Reconciliation
Pension Plans - Reconciliation of Benefit Obligations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Defined Contribution Pension And Other Postretirement Plans Disclosure [Abstract] | |||
Pension benefit obligation, beginning of year | $ 15,784 | $ 13,318 | |
Service cost | 1,574 | 1,601 | $ 1,353 |
Contributions paid by plan participants | 1,438 | 2,627 | |
Interest cost | 153 | 110 | 39 |
Benefits paid | (1,462) | (2,601) | |
Plan amendment | (100) | ||
Actuarial loss | 1,097 | 32 | |
Foreign currency translation | (700) | 697 | |
Pension benefit obligation, end of year | $ 17,784 | $ 15,784 | $ 13,318 |
Pension Plans - Reconciliatio_2
Pension Plans - Reconciliation of Plan Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Defined Contribution Pension And Other Postretirement Plans Disclosure [Abstract] | ||
Fair value of plan assets, beginning of year | $ 9,616 | $ 7,981 |
Actual return on plan assets | 89 | 78 |
Contributions paid by employer | 1,156 | 1,110 |
Contributions paid by plan participants | 1,438 | 2,627 |
Benefits paid | (1,462) | (2,601) |
Foreign currency translation | (421) | 421 |
Fair value of plan assets, end of year | $ 10,416 | $ 9,616 |
Pension Plans - Reconciliatio_3
Pension Plans - Reconciliation of Funded Status (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 |
Defined Contribution Pension And Other Postretirement Plans Disclosure [Abstract] | |||
Pension benefit obligation, end of year | $ 17,784 | $ 15,784 | $ 13,318 |
Fair value of plan assets, end of year | 10,416 | 9,616 | $ 7,981 |
Net funding obligation, end of year | $ 7,368 | $ 6,168 |
Pension Plans - Assumptions Use
Pension Plans - Assumptions Used to Determine Pension Benefit Obligation (Detail) | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Defined Contribution Pension And Other Postretirement Plans Disclosure [Abstract] | |||
Price inflation | 1.00% | 1.00% | 1.00% |
Discount rate | 0.70% | 1.00% | 0.80% |
Expected return on plan assets | 1.20% | 1.40% | 1.40% |
Average rate of salary increase | 1.00% | 1.00% | 1.00% |
Pension Plans - Schedule of Net
Pension Plans - Schedule of Net Pension Costs (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Defined Contribution Pension And Other Postretirement Plans Disclosure [Abstract] | |||
Employer service cost | $ 1,574 | $ 1,601 | $ 1,353 |
Interest cost | 153 | 110 | 39 |
Expected return on plan assets | (131) | (115) | (61) |
Amortization of prior service credit | (14) | (14) | (14) |
Amortization of net loss | 154 | 188 | 186 |
Net pension cost | $ 1,736 | $ 1,770 | $ 1,503 |
Pension Plans - Schedule of Pro
Pension Plans - Schedule of Provision for Pension Benefit Obligation Recognized in Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Defined Contribution Pension And Other Postretirement Plans Disclosure [Abstract] | |||
Net actuarial loss | $ 1,027 | $ 67 | $ 582 |
Amortization of prior service credit | 14 | 14 | 14 |
Amortization of net loss | (154) | (188) | (186) |
Provision for pension benefit obligation | $ 887 | $ (107) | $ 410 |
Pension Plans - Schedule of Ben
Pension Plans - Schedule of Benefit Payments Expected to be Paid (Detail) $ in Thousands | Mar. 31, 2019USD ($) |
Defined Contribution Pension And Other Postretirement Plans Disclosure [Abstract] | |
2020 | $ 979 |
2021 | 916 |
2022 | 861 |
2023 | 814 |
2024 | 773 |
2025 to 2030 | $ 3,553 |
Net Loss Per Share - Computatio
Net Loss Per Share - Computation of Earnings Per Share Basic and Diluted (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Numerator: | |||
Net loss | $ (105,386) | $ (82,338) | $ (85,069) |
Net loss available to ordinary shareholders - basic and diluted | $ (105,386) | $ (82,338) | $ (85,069) |
Denominator: | |||
Weighted-average shares outstanding - basic and diluted | 54,874,391 | 40,839,309 | 28,145,472 |
Loss per share - basic and diluted | $ (1.92) | $ (2.02) | $ (3.02) |
Net Loss Per Share - Summary of
Net Loss Per Share - Summary of Number of Ordinary Shares Excluded from Computation of Earnings Per Share (Detail) - shares | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Ordinary shares issuable excluded from computation of earnings per share | 3,078,611 | 12,009,870 | 2,968,050 |
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 | 1,936,397 | 2,096,283 | 1,948,917 |
Restricted Share Units Awarded, Including Multi-Year Performance | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Ordinary shares issuable excluded from computation of earnings per share | 966,689 | 773,379 | 843,608 |
Exercise Of Warrants At $16.14 Per Share | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Ordinary shares issuable excluded from computation of earnings per share | 111,525 | 111,525 | 111,525 |
Exercise Of Warrants At $9.375 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 | 64,000 | 64,000 |
Exercise Of Warrants At $5.80 Per Share | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Ordinary shares issuable excluded from computation of earnings per share | 8,414,683 | ||
Exercise Of 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 | 550,000 |
Net Loss Per Share - Summary _2
Net Loss Per Share - Summary of Number of Ordinary Shares Excluded from Computation of Earnings Per Share (Detail) (Parenthetical) - $ / shares | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 |
Exercise Of Warrants At $16.14 Per Share | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Exercise price of warrants per share | $ 16.14 | $ 16.14 | $ 16.14 |
Exercise Of Warrants At $9.375 Per Share | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Exercise price of warrants per share | $ 9.375 | 9.375 | $ 9.375 |
Exercise Of Warrants At $5.80 Per Share | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Exercise price of warrants per share | 5.80 | ||
Exercise Of Warrants At $0.01 Per Share | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Exercise price of warrants per share | $ 0.01 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Secured Notes [Member] - USD ($) $ in Millions | May 15, 2019 | Mar. 31, 2019 | Jun. 29, 2018 |
Subsequent Event [Line Items] | |||
Payment to cash reserve account | $ 7.2 | $ 2.2 | |
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Payment to cash reserve account | $ 1.5 | ||
Subsequent Event [Member] | MosaiQ [Member] | |||
Subsequent Event [Line Items] | |||
Net proceeds, net of debt issue expenses and payment to cash reserve account | 24.1 | ||
Payment to cash reserve account | $ 1.5 |