Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2022 | May 12, 2022 | Sep. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Mar. 31, 2022 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | ABMD | ||
Entity Registrant Name | ABIOMED, Inc. | ||
Entity Central Index Key | 0000815094 | ||
Current Fiscal Year End Date | --03-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 45,563,937 | ||
Entity Public Float | $ 14,399,855,714 | ||
Entity Interactive Data Current | Yes | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity File Number | 001-09585 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 04-2743260 | ||
Entity Address, Address Line One | 22 Cherry Hill Drive | ||
Entity Address, City or Town | Danvers | ||
Entity Address, State or Province | MA | ||
Entity Address, Postal Zip Code | 01923 | ||
City Area Code | 978 | ||
Local Phone Number | 646-1400 | ||
Title of 12(b) Security | Common Stock, $0.01 par value | ||
Security Exchange Name | NASDAQ | ||
Auditor Name | Deloitte & Touche LLP | ||
Auditor Location | Boston, Massachusetts | ||
Auditor Firm ID | 34 | ||
Documents Incorporated by Reference | Portions of the registrant’s definitive Proxy Statement relating to the 2022 Annual Meeting of Stockholders are incorporated by reference into Part III (Items 10, 11, 12, 13 and 14) of this Annual Report on Form 10-K. Such Proxy Statement will be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 132,818 | $ 232,710 |
Short-term marketable securities | 625,789 | 350,985 |
Accounts receivable, net | 90,608 | 97,179 |
Inventories, net | 93,981 | 81,059 |
Prepaid expenses and other current assets | 33,277 | 26,032 |
Total current assets | 976,473 | 787,965 |
Long-term marketable securities | 220,089 | 264,085 |
Property and equipment, net | 202,490 | 197,129 |
Goodwill | 76,786 | 78,568 |
Other intangibles, net | 39,518 | 42,150 |
Deferred tax assets | (10,552) | (11,380) |
Other assets | 147,485 | 113,082 |
Total assets | 1,673,393 | 1,494,359 |
Current liabilities: | ||
Accounts payable | 35,346 | 34,842 |
Accrued expenses | 72,629 | 66,046 |
Deferred revenue | 26,362 | 24,322 |
Other current liabilities | 4,120 | 3,759 |
Total current liabilities | 138,457 | 128,969 |
Other long-term liabilities | 9,319 | 10,162 |
Contingent consideration | 21,510 | 24,706 |
Deferred tax liabilities | 781 | 847 |
Total liabilities | 170,067 | 164,684 |
Stockholders' equity: | ||
Class B Preferred stock, $.01 par value Authorized - 1,000,000 shares; Issued and outstanding - none | ||
Common stock, $.01 par value 100,000 shares authorized; 48258 and 47,929 shares issued as of March 31, 2022 and 2021, respectively 45,545 and 45,271 shares outstanding as of March 31, 2022 and 2021, respectively | 455 | 453 |
Additional paid in capital | 870,074 | 800,690 |
Retained earnings | 964,512 | 828,007 |
Treasury stock at cost 2,713 and 2,658 shares as of March 31, 2022 and 2021, respectively | (304,555) | (288,030) |
Accumulated other comprehensive loss | (27,160) | (11,445) |
Total stockholders' equity | 1,503,326 | 1,329,675 |
Total liabilities and stockholders' equity | $ 1,673,393 | $ 1,494,359 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2022 | Mar. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Class B Preferred Stock, par value | $ 0.01 | $ 0.01 |
Class B Preferred Stock, Authorized | 1,000,000 | 1,000,000 |
Class B Preferred Stock, Issued | 0 | 0 |
Class B Preferred Stock, outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, Authorized | 100,000,000 | 100,000,000 |
Common stock, Issued | 48,258,000 | 47,929,000 |
Common stock, Outstanding | 45,545,000 | 45,271,000 |
Treasury stock, shares | 2,713,000 | 2,658,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement [Abstract] | |||
Revenue | $ 1,031,753 | $ 847,522 | $ 840,883 |
Costs and expenses: | |||
Cost of revenue | 188,158 | 161,907 | 151,305 |
Research and development | 163,403 | 121,875 | 98,759 |
Selling, general and administrative | 423,486 | 334,183 | 341,600 |
Acquired in process research and development | 115,986 | 0 | 0 |
Costs and Expenses, Total | 891,033 | 617,965 | 591,664 |
Other income: | |||
Income from operations | 140,720 | 229,557 | 249,219 |
Interest and other income, net | (49,840) | (58,663) | (7,606) |
Income before income taxes | 190,560 | 288,220 | 256,825 |
Income tax provision | 54,055 | 62,695 | 53,816 |
Net income | $ 136,505 | $ 225,525 | $ 203,009 |
Net income per share - basic | $ 3 | $ 5 | $ 4.49 |
Weighted average shares outstanding - basic | 45,445 | 45,140 | 45,179 |
Net income per share - diluted | $ 2.98 | $ 4.94 | $ 4.43 |
Weighted average shares outstanding - diluted | 45,881,000 | 45,674,000 | 45,816,000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 136,505 | $ 225,525 | $ 203,009 |
Other comprehensive (loss) income: | |||
Foreign currency translation (losses) gains | (5,844) | 2,142 | (1,832) |
Unrealized (losses) gains on derivative instrument | (1,779) | (2,095) | 3,999 |
Net unrealized (losses) gains on marketable securities, net of tax | (8,092) | (303) | 1,333 |
Other comprehensive (loss) income | (15,715) | (256) | 3,500 |
Comprehensive income | $ 120,790 | $ 225,269 | $ 206,509 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Treasury Stock | Additional Paid in Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) |
Beginning Balance at Mar. 31, 2019 | $ 936,890 | $ 451 | $ (138,852) | $ 690,507 | $ 399,473 | $ (14,689) |
Beginning Balance (in shares) at Mar. 31, 2019 | 45,122,985 | 1,903,241 | ||||
Restricted stock units issued | $ 4 | (4) | ||||
Restricted stock units issued (in shares) | 392,872 | |||||
Stock options exercised | 3,748 | $ 2 | 3,747 | |||
Stock options exercised (in shares) | 85,136 | |||||
Stock issued under employee stock purchase plan | 5,103 | 5,103 | ||||
Stock issued under employee stock purchase plan (in shares) | 37,827 | |||||
Return of common stock to pay withholding taxes on restricted stock | (41,687) | $ (2) | $ (41,685) | |||
Return of common stock to pay withholding taxes on restricted stock (in shares) | (164,446) | 164,446 | ||||
Stock - based compensation expense | 39,781 | 39,781 | ||||
Stock repurchase program | $ (84,879) | $ (5) | $ (84,874) | |||
Stock repurchase program, (in shares) | (465,687) | (465,687) | 465,687 | |||
Other comprehensive income (loss) | $ 3,500 | 3,500 | ||||
Net income | 203,009 | 203,009 | ||||
Ending Balance at Mar. 31, 2020 | 1,065,466 | $ 451 | $ (265,411) | 739,133 | 602,482 | (11,189) |
Ending Balance (in shares) at Mar. 31, 2020 | 45,008,687 | 2,533,374 | ||||
Restricted stock units issued | 1 | $ 2 | (1) | |||
Restricted stock units issued (in shares) | 140,159 | |||||
Stock options exercised | 9,075 | $ 2 | 9,073 | |||
Stock options exercised (in shares) | 215,262 | |||||
Stock issued under employee stock purchase plan | 5,479 | 5,479 | ||||
Stock issued under employee stock purchase plan (in shares) | 31,920 | |||||
Return of common stock to pay withholding taxes on restricted stock | (11,311) | $ (1) | $ (11,310) | |||
Return of common stock to pay withholding taxes on restricted stock (in shares) | 57,431 | (57,431) | ||||
Stock - based compensation expense | 47,006 | 47,006 | ||||
Stock repurchase program | $ (11,310) | $ (1) | $ (11,309) | |||
Stock repurchase program, (in shares) | (67,649) | (67,649) | 67,649 | |||
Other comprehensive income (loss) | $ (256) | (256) | ||||
Net income | 225,525 | 225,525 | ||||
Ending Balance at Mar. 31, 2021 | $ 1,329,675 | $ 453 | $ (288,030) | 800,690 | 828,007 | (11,445) |
Ending Balance (in shares) at Mar. 31, 2021 | 45,271,000 | 45,270,948 | 2,658,454 | |||
Restricted stock units issued | $ 1 | (1) | ||||
Restricted stock units issued (in shares) | 134,288 | |||||
Stock options exercised | $ 9,424 | $ 2 | 9,422 | |||
Stock options exercised (in shares) | 168,000 | 168,279 | ||||
Stock issued under employee stock purchase plan | $ 7,234 | 7,234 | ||||
Stock issued under employee stock purchase plan (in shares) | 26,594 | |||||
Return of common stock to pay withholding taxes on restricted stock | (16,526) | $ 1 | $ 16,525 | |||
Return of common stock to pay withholding taxes on restricted stock (in shares) | (54,671) | 54,671 | ||||
Stock - based compensation expense | 52,729 | 52,729 | ||||
Other comprehensive income (loss) | (15,715) | (15,715) | ||||
Net income | 136,505 | 136,505 | ||||
Ending Balance at Mar. 31, 2022 | $ 1,503,326 | $ 455 | $ (304,555) | $ 870,074 | $ 964,512 | $ (27,160) |
Ending Balance (in shares) at Mar. 31, 2022 | 45,545,000 | 45,545,438 | 2,713,125 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Operating activities: | |||
Net income | $ 136,505 | $ 225,525 | $ 203,009 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 28,089 | 24,097 | 20,430 |
Acquired in-process research & development | 115,986 | ||
Bad debt expense (recoveries) | 46 | (126) | 487 |
Stock-based compensation expense | 52,729 | 47,006 | 39,781 |
Write-down of inventory and other | 17,993 | 8,518 | 4,249 |
Accretion on marketable securities | 3,655 | 1,977 | (2,731) |
Change in fair value of investments | (22,873) | (50,983) | 5,184 |
Deferred tax provision | 2,413 | 29,380 | 32,953 |
Change in fair value of contingent consideration | (862) | 2,406 | (575) |
Gain on previously held interest in preCARDIA | (20,980) | ||
Other non-cash operating activities | 2,885 | 4,164 | 4,108 |
Changes in assets and liabilities: | |||
Accounts receivable, net | 5,335 | (12,059) | 5,551 |
Inventories, net | (29,323) | 2,535 | (13,237) |
Prepaid expenses and other assets | (8,406) | (1,032) | (5,333) |
Accounts payable | 641 | 2,629 | 2,581 |
Accrued expenses and other liabilities | (760) | (14,632) | 15,676 |
Deferred revenue | 2,317 | 5,173 | 2,787 |
Net cash provided by operating activities | 285,390 | 274,578 | 314,920 |
Investing activities: | |||
Purchases of marketable securities | (787,150) | (556,199) | (611,280) |
Proceeds from the sale and maturity of marketable securities | 543,513 | 396,643 | 550,788 |
Purchases of other investments and intangible assets | (18,769) | (26,104) | (20,957) |
Proceeds from sale of Shockwave Medical securities | 67,882 | ||
Purchases of property and equipment | (35,763) | (53,383) | (44,006) |
Net cash used for investing activities | (380,990) | (223,344) | (125,455) |
Financing activities: | |||
Proceeds from the exercise of stock options | 9,424 | 9,075 | 3,748 |
Taxes paid related to net share settlement upon vesting of stock awards | (16,526) | (11,311) | (41,687) |
Payment of Breethe contingent consideration at acquisition date fair value | (2,334) | ||
Repurchase of common stock | (11,310) | (84,879) | |
Proceeds from the issuance of stock under employee stock purchase plan | 7,234 | 5,479 | 5,103 |
Net cash used for financing activities | (2,202) | (8,067) | (117,715) |
Effect of exchange rate changes on cash and cash equivalents | (2,090) | (2,798) | (430) |
Net (decrease) increase in cash and cash equivalents | (99,892) | 40,369 | 71,320 |
Cash and cash equivalents at beginning of period | 232,710 | 192,341 | 121,021 |
Cash and cash equivalents at end of period | 132,818 | 232,710 | 192,341 |
Supplemental disclosure of cash flow information: | |||
Cash paid for income taxes | 61,760 | 48,693 | 9,685 |
Supplemental disclosure of non-cash investing and financing activities: | |||
Contingent consideration related to the acquisition of Breethe | 13,300 | ||
Property and equipment in accounts payable and accrued expenses | 1,817 | 1,638 | 2,977 |
Right-of-use assets obtained in exchange for lease liabilities | 6,461 | 2,592 | $ 15,650 |
Precardia [Member] | |||
Investing activities: | |||
Payments for acquisition | $ (82,821) | ||
Breethe | |||
Investing activities: | |||
Payments for acquisition | $ (52,183) |
Nature of Operations
Nature of Operations | 12 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Nature of Operations | Note 1. Nature of Operations ABIOMED, Inc. (the “Company” or “ABIOMED”) is a leading provider of medical technology that provides circulatory support and oxygenation. The Company's products are designed to enable the heart to rest by improving blood flow and/or performing the pumping of the heart. The Company’s products are used in the cardiac catheterization lab, or cath lab, by interventional cardiologists and in the heart surgery suite by cardiac surgeons for patients who are in need of hemodynamic support prophylactically or emergently before, during or after angioplasty or heart surgery procedures. |
Basis of Preparation and Summar
Basis of Preparation and Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Preparation and Summary of Significant Accounting Policies | Note 2. Basis of Preparation and Summary of Significant Accounting Policies The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or GA AP, as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”) and Regulation S-X. The information presented reflects the application of significant accounting policies described below. Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. COVID-19 Pandemic The Company is subject to additional risks and uncertainties as a result of the ongoing novel coronavirus (“COVID-19”) pandemic. Since March 2020, the ongoing COVID-19 pandemic has adversely impacted and is likely to further adversely impact the Company’s business and markets, including the Company’s workforce and the operations of its customers, suppliers, and business partners. While the COVID-19 (including new variants of COVID-19) pandemic remains fluid and continues to evolve differently across various geographies, the Company believes it is likely to continue to experience variable impacts on its business. To ensure the health and safety of its global employees, the Company continues to offer onsite COVID-19 testing and vaccinations in order to maintain a safe working environment. The Company’s proactive testing and vaccination programs have reduced exposure with early detection and enabled its manufacturing facilities to operate at full capacity. The depth and extent to which the COVID-19 pandemic may directly or indirectly impact the Company’s business, results of operations, financial condition and individual markets is dependent upon various factors, including the spread of additional variants; the availability of vaccinations, personal protective equipment, intensive care unit (“ICU”) and operating room capacity, and medical staff; and government interventions to reduce the spread of the virus. When COVID-19 infection rates spike in a particular region, the Company’s patient utilization volumes have generally been negatively impacted as hospitals face capacity limitations, staffing shortages and some in-patient treatments have been deferred. During the first quarter of fiscal year 2022, the Company experienced varying levels of recovery across its product lines and geographic locations from the challenges caused by the pandemic. However, in the second quarter of fiscal year 2022, patient utilization of Impella heart pump devices was negatively impacted by an increase in COVID-19 hospitalizations and ongoing shortage of hospital workers that limited ICU capacity which contributed to some deferral of elective procedures. As the Company started the third quarter of fiscal year 2022, patient utilization of Impella heart pump devices continued to be negatively impacted by an increase in COVID-19 hospitalizations in certain geographies due to the Delta variant and ongoing shortage of hospital workers, that limited ICU capacity and contributed to some deferral of elective procedures. However, as Delta cases moderated, patient utilization of Impella heart pump devices increased during the last two months of the third quarter, despite on-going hospital labor shortages and the emergence of the Omicron variant. During the fourth quarter of fiscal year 2022, the Omicron variant had a pronounced impact on hospital capacity, resources, and procedure volumes in January 2022. While the Company experienced improvements in overall patient utilization in the fourth quarter, the Company continues to closely monitor the impact of COVID-19 on all aspects of its business and geographies, including any impact on the Company’s customers, including the ongoing hospital labor shortages, employees, suppliers, vendors, business partners and distribution channels, as well as on procedures and the demand for its products by keeping apprised of local, regional, and global COVID-19 surges (including new variants of the virus). While the Company cannot reliably estimate the extent to which the COVID-19 pandemic may impact patient utilization and revenues of its products, the Company's focus is to increase patient utilization of its Impella devices. As of the date of issuance of these financial statements, the extent to which the COVID-19 pandemic may materially adversely affect the Company’s financial condition, liquidity or results of operations is uncertain . Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The Company bases its estimates on historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. On an ongoing basis, the Company evaluates its estimates, including those related to revenue recognition, collectability of receivables, realizability of inventory, property and equipment, goodwill, intangible and other long-lived assets, other investments, accrued expenses, stock-based compensation, income taxes including deferred tax assets and liabilities, contingencies and litigation. Some of these estimates can be subjective and complex and, consequently, actual results may differ from these estimates under different assumptions or conditions. Cash Equivalents and Marketable Securities The Company classifies any marketable security with an original maturity date of 90 days or less at the time of purchase as a cash equivalent. Cash equivalents are carried on the balance sheet at fair market value. The Company classifies any marketable security with a maturity date of greater than 90 days at the time of purchase as a marketable security and classifies marketable securities with a maturity date of greater than one year from the balance sheet date as long-term marketable securities. The Company invests in U.S. Treasury securities, government-back securities, corporate debt securities, and commercial paper which are classified as available-for-sale and carried at fair value. The Company records unrealized gains and, to the extent deemed temporary, unrealized losses in stockholders’ equity. If any adjustment to fair value reflects a decline in the value of the investment, the Company considers available evidence to evaluate whether the decline is “other than temporary” and, if so, marks the marketable security to market through a charge reflected on the consolidated statements of operations. Major Customers and Concentrations of Credit Risk The Company primarily sells its products to hospitals and distributors. No individual customer accounted for more than 10% of total revenues in fiscal years ended March 31, 2022, 2021 or 2020 . No individual customer had an accounts receivable balance greater than 10% of total accounts receivable as of March 31, 2022 and 2021. Credit is extended based on an evaluation of a customer’s historical financial condition and generally collateral is not required. The Company’s history of credit losses has not been significant and the Company maintains an allowance for credit losses based on its assessment of the collectability of accounts receivable. Accounts receivables are geographically dispersed, primarily throughout the U.S., as well as in Europe and other foreign countries where formal distributor agreements exist in certain countries. The Company's exposure to credit losses may increase if its customers are adversely affected by changes in healthcare laws, coverage, and reimbursement, economic pressures or uncertainty associated with macroeconomic pressures or uncertainty, or other customer-specific factors. Financial instruments which potentially subject the Company to a concentration of credit risk consist of cash, cash equivalents, short and long-term marketable securities and accounts receivable. Management mitigates credit risk by limiting the investment type and maturity to securities that preserve capital, maintain liquidity and have a high credit quality. Financial Instruments The Company’s financial instruments are comprised of cash and cash equivalents, marketable securities, accounts receivable, investments, accounts payable, derivative instruments and contingent consideration. The carrying amounts of accounts receivable and accounts payable are considered reasonable estimates of their fair value due to the short-term nature of those instruments. Derivative Instruments The Company uses a foreign-exchange-related derivative instrument to manage its exposure related to changes in the exchange rate on its intercompany loan. The Company does not enter into derivative instruments for any purpose other than cash flow hedging. The Company does not speculate using derivative instruments. The Company recognizes all derivative instruments as either assets or liabilities in the balance sheet at their respective fair values. Changes in the fair value of the cross-currency swap designated as a hedging instrument that effectively offsets the variability of cash flows are reported in accumulated other comprehensive income (loss). These amounts subsequently are reclassified into the consolidated income statement in the same period in which the related hedged item affects earnings. For more information, see “Note 5. Financial Instruments—Derivative Instruments.” I nventories, net Inventories are stated at the lower of cost or market. Cost is based on the first in, first out method. The Company regularly reviews inventory quantities on hand and writes down to its net realizable value any inventory that it believes to be impaired. Management considers forecast demand in relation to the inventory on hand, competitiveness of product offerings, market conditions and product life cycles when determining excess and obsolescence and net realizable value adjustments. Once inventory is written down and a new cost basis is established, it is not written back up if demand increases. Property and Equipment, net Property and equipment are recorded at cost less accumulated depreciation. Land is carried at cost and is not depreciated. Depreciation is computed using the straight-line method based on estimated useful lives of three to seven years for machinery and equipment, computer software, and furniture and fixtures. Building and building improvements are depreciated using the straight-line method over estimated useful lives of seven to thirty-three years. Leasehold improvements are amortized using the straight-line method over the shorter of the lease term or the estimated useful lives of the related assets. Expenditures for maintenance and repairs are expensed as incurred. Upon retirement or other disposition of assets, the costs and related accumulated depreciation are eliminated from the accounts and the resulting gain or loss is reflected in operating expenses. Other Investments The Company periodically makes investments in medical device companies that focus on heart failure and heart pumps and other medical device technologies. For equity investments that do not have readily determinable market values, the Company measures these equity investments at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment. The Company monitors any events or changes in circumstances that may have a significant effect on the fair value of investments, either due to impairment or based on observable price changes, and makes any necessary adjustments. Leases At the inception of a contractual arrangement, the Company determines whether it contains a lease by assessing whether there is an identified asset and whether the contract conveys the right to control the use of the identified asset in exchange for consideration over a period of time. If both criteria are met, the Company calculates the associated lease liability and corresponding right-of-use asset upon lease commencement. Operating lease assets and liabilities are recognized based on the present value of minimum lease payments over the lease term using an appropriate discount rate. Right-of-use assets also include any lease payments made at or before lease commencement and any initial direct costs incurred and exclude any lease incentives received. The discount rate used is the rate that the Company would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments in a similar economic environment. At the lease commencement date, the discount rate implicit in the lease is used to discount the lease liability, if readily determinable. If not readily determinable or if the lease does not contain an implicit rate, the Company’s incremental borrowing rate is used as the discount rate. Discount rates are updated when there is a new lease or a modification to an existing lease, and the methodology is reassessed annually. Lease terms may include options to extend or terminate when the Company is reasonably certain the option will be exercised. The Company also has lease arrangements with lease and non-lease components. The Company elected the practical expedient not to separate non-lease components from lease components for the Company’s leases. The Company records operating lease liabilities within current liabilities or long-term liabilities based upon the length of time associated with the lease payments. The Company records its operating lease right-of-use assets as long-term assets. Leases with an initial term of 12 months or less are not recognized on the consolidated balance sheet. The Company elected the practical expedient where lease agreements with lease and non-lease components are accounted for as a single lease component for all assets. Lease expense is recognized on a straight-line basis over the lease term. The Company does not have any finance leases. Goodwill Goodwill is recorded when consideration for an acquisition exceeds the fair value of the net tangible and intangible assets acquired. Goodwill is not amortized. The Company evaluates goodwill for impairment at least annually on October 31, as well as whenever events or changes in circumstances suggest that the carrying amount may not be recoverable. In applying the goodwill impairment test, the Company assesses qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value. Qualitative factors may include, but are not limited to, macroeconomic conditions, industry conditions, the competitive environment, changes in the market for the Company’s products and services, regulatory and political developments, cost factors, and entity specific factors such as strategies and overall financial performance. If, after assessing these qualitative factors, the Company determines it is more likely than not that the fair value of a reporting unit is less than its carrying value, then the Company performs a quantitative impairment test. The Company performed its annual impairment review as of October 31, 2021 and concluded that it was more likely than not that the fair value of its reporting unit substantially exceeds its carrying amount. Indefinite-Lived Intangibles In-process research and development ("IPR&D") assets are considered to be indefinite-lived until the completion or abandonment of the associated research and development projects. IPR&D assets represent the fair value assigned to technologies that are acquired, which at the time of acquisition have not reached technological feasibility and have no alternative future use. During the period that the IPR&D assets are considered indefinite-lived, they are tested for impairment on an annual basis on October 31, or more frequently if the Company becomes aware of any events occurring or changes in circumstances that indicate that the fair value of the IPR&D assets are less than their carrying values. If and when development is complete, which generally occurs upon regulatory approval and the Company is able to commercialize products associated with the IPR&D assets, these assets are then deemed definite-lived and are amortized based on their estimated useful lives at that point in time. If development is terminated or abandoned, the Company may record a full or partial impairment charge related to the IPR&D assets, calculated as the excess of carrying value of the IPR&D assets over fair value. The Company performed its annual impairment review as of October 31, 2021 and concluded that it was more likely than not that the fair value of the IPR&D assets substantially exceeds their carrying amounts. Acquired In-Process Research and Development Costs of IPR&D assets acquired as part of an asset acquisition that have no alternative future use are expensed when incurred. Cash payments related to acquired IPR&D with no future alternative use are reflected as an investing cash flow in the Company's consolidated statement of cash flows. Finite-Lived Intangible Assets The Company records finite-lived intangible assets at historical cost and amortizes them over their estimated useful lives. The Company uses a straight-line method of amortization, unless a method that better reflects the pattern in which the economic benefits of the intangible asset are consumed or otherwise used up can be reliably determined. The approximate useful life used to amortize the Company’s finite-lived intangible asset, the developed technology associated with the Breethe OXY-1 System, is 15 years. Long-lived Assets The Company evaluate long-lived assets (including finite-lived intangible assets) for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. An asset or asset group is considered impaired if its carrying amount exceeds the future undiscounted net cash flows that the asset or asset group is expected to generate. Factors we consider important which could trigger an impairment review include significant negative industry or economic trends, significant loss of customers and changes in the competitive environment. If an asset or asset group is considered to be impaired, the impairment to be recognized is calculated as the amount by which the carrying amount of the asset or asset group exceeds its fair market value. Contingent Consideration Contingent consideration represents potential milestones that the Company could pay as additional consideration for a business acquisition and is recorded as a liability and is measured at fair value using a combination of (1) an income approach, based on various revenue and cost assumptions and applying a probability to each outcome and (2) a Monte-Carlo valuation model that simulates outcomes based on management estimates. With the income approach, p robabilities are applied to each potential scenario and the resulting values are discounted using a rate that considers the weighted average cost of capital, the related projections, and the overall business. The Monte-Carlo valuation model simulates estimated future revenues during the earn out-period using management's best estimates. Significant increases or decreases in any of the probabilities of success or changes in expected timelines for achievement of any of these milestones could result in a significantly higher or lower fair value of the contingent consideration liability. The fair value of the contingent consideration at each reporting date is updated by reflecting the changes in fair value reflected within research and development expenses in the Company’s consolidated statement of operations. Accrued Expenses As part of the process of preparing its financial statements, the Company is required to estimate accrued expenses. This process includes identifying services that third parties have performed and estimating the level of service performed and the associated cost incurred on these services as of each balance sheet date in its financial statements. Examples of estimated accrued expenses include estimates for certain payroll costs, such as bonuses and commissions; contract service fees, such as amounts due to clinical research organizations and investigators in conjunction with clinical trials; professional service fees, such as attorneys and accountants, and third-party expenses relating to marketing efforts associated with commercialization of the Company’s products. The dates in which certain services commence and end, the level of services performed on or before a given date and the cost of services is often subject to the Company’s judgment. The Company makes these judgments and estimates based upon known facts and circumstances. Revenue Recognition See “Note 4. Revenue Recognition” for a discussion of key accounting policies and elections related to revenue recognition. Product Warranty The Company generally provides a one-year warranty for certain products sold in which estimated contractual warranty obligations are recorded as an expense at the time of shipment. The Company’s products are subject to regulatory and quality standards. Future warranty costs are estimated based on historical product performance rates and related costs to repair given products. The accounting estimate related to product warranty expense involves judgment in determining future estimated warranty costs. Should actual performance rates or repair costs differ from estimates, revisions to the estimated warranty liability would be required. Accumulated Other Comprehensive Income (Loss) Comprehensive income (loss) is comprised of net income, plus all changes in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources, including any foreign currency translation adjustments. These changes in equity are recorded as adjustments to accumulated other comprehensive income (loss) in the Company’s consolidated balance sheet. The components of accumulated other comprehensive income (loss) consist of foreign currency translation adjustments, unrealized gains (losses) on marketable securities, and unrealized gains (losses) on derivative instruments. There were no reclassifications out of accumulated other comprehensive income (loss) during the fiscal years ended March 31, 2022, 2021 and 2020 . Translation of Foreign Currencies The functional currency of the Company’s foreign subsidiaries is their local currency. The assets and liabilities of the Company’s foreign subsidiaries are translated into U.S. dollars at exchange rates in effect at the balance sheet date. Income and expense items in the Company’s consolidated statements of operations are translated at the average exchange rates prevailing during the period. The cumulative translation effect for subsidiaries using a functional currency other than the U.S. dollar is included in accumulated other comprehensive income (loss) as a separate component of stockholders’ equity. The Company’s intercompany accounts are denominated in the functional currency of the foreign subsidiary. Gains and losses resulting from the remeasurement of intercompany transactions that the Company considers to be of a long-term investment nature are recorded in accumulated other comprehensive income or loss as a separate component of stockholders’ equity, while gains and losses resulting from the remeasurement of intercompany transactions from those foreign subsidiaries for which the Company anticipates settlement in the foreseeable future are recorded in the consolidated statement of operations. Net foreign currency gains and losses recorded in the consolidated statements of operations for the fiscal year ended March 31, 2022, were $ 3.0 million and were not material for the fiscal year ended March 31, 2021 and 2020 . Net Income Per Share Basic net income per share is computed by dividing net income by the weighted average number of common shares outstanding during the fiscal year. Diluted net income per share is computed using the treasury stock method by dividing net income by the weighted average number of dilutive common shares outstanding during the fiscal year. Diluted shares outstanding is calculated by adding to the weighted average shares outstanding any potential dilutive securities outstanding for the fiscal year. Potential dilutive securities include stock options, restricted stock units, performance-based stock awards and shares to be purchased under the Company’s employee stock purchase plan. For purposes of the diluted net income per share calculation, potential dilutive securities are excluded from the calculation if their effect would be anti-dilutive. The Company’s basic and diluted net income per share were as follows: Fiscal Years Ended March 31, 2022 2021 2020 Basic Net Income Per Share (in thousands, except per share data) Net income $ 136,505 $ 225,525 $ 203,009 Weighted average shares - basic 45,445 45,140 45,179 Net income per share - basic $ 3.00 $ 5.00 $ 4.49 Fiscal Years Ended March 31, 2022 2021 2020 Diluted Net Income Per Share (in thousands, except per share data) Net income $ 136,505 $ 225,525 $ 203,009 Weighted average shares - basic 45,445 45,140 45,179 Effect of dilutive securities 436 534 637 Weighted average shares - diluted 45,881 45,674 45,816 Net income per share - diluted $ 2.98 $ 4.94 $ 4.43 For the fiscal years ended March 31, 2022, 2021 and 2020, approximately 101,000 , 168,000 and 232,000 sh ares of common stock underlying outstanding securities related to out-of-the-money stock options and performance-based awards where milestones were not met were not included in the computation of diluted earnings per share because their inclusion would be anti-dilutive or such shares are contingently issuable upon meeting performance criteria in the periods presented. Stock-Based Compensation The Company’s stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as an expense over the requisite service period. The fair value of stock option grants is estimated using the Black-Scholes option pricing model. Use of the valuation model requires management to make certain assumptions with respect to selected model inputs. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for a term consistent with the expected life of the stock options. Volatility assumptions are calculated based on historical volatility of the Company’s stock. The Company estimates the expected term of options based on historical exercise experience and estimates of future exercises of unexercised options. In addition, an expected dividend yield of zero is used in the option valuation model because the Company does not pay cash dividends and does not expect to pay any cash dividends in the foreseeable future. Forfeitures are recorded as they occur. The fair value of market-based restricted stock units is determined using a Monte Carlo simulation model, which uses multiple input variables to determine the probability of satisfying the market condition requirements. For awards with service conditions only, the Company recognizes stock-based compensation expense on a straight-line basis over the requisite service period. For awards with service and performance-based conditions, the Company recognizes stock-based compensation expense using the graded vesting method over the requisite service period. For awards with market-based conditions, the Company recognizes stock-based compensation expense on a straight-line basis over the requisite service period. Estimates of stock-based compensation expense for an award with performance conditions are based on the probable outcome of the performance conditions and the cumulative effect of any changes in the probability outcomes are recorded in the period in which the changes occur. Income Taxes The Company’s provision for income taxes is comprised of a current and deferred provision. The current income tax provision is calculated as the estimated taxes payable or refundable on income tax returns for the current fiscal year. The deferred income tax provision is calculated for the estimated future income tax effects attributable to temporary differences and carryforwards using expected tax rates in effect in the years during which the temporary differences are expected to reverse. Deferred income taxes are recognized for the tax consequences in future years as the differences between the tax bases of assets and liabilities and their financial reporting amounts at each fiscal year end based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to impact taxable income. The Company regularly assesses its ability to realize its deferred tax assets. Assessing the realization of deferred tax assets requires significant management judgment. Valuation allowances are established when necessary to reduce net deferred tax assets to the amount that is more likely than not to be realized. The Company recognizes and measures uncertain tax positions using a two-step approach. The first step is to evaluate the tax position for recognition by determining if, based on the technical merits, it is more likely than not that the position will be sustained upon audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit at the largest amount that is more likely than not of being realized upon ultimate settlement. The Company reevaluates these uncertain tax positions on an ongoing basis, when applicable. This evaluation is based on factors including, but not limited to, changes in facts or circumstances, new information and technical insights, and changes in tax laws. Any changes in these factors could result in the recognition of a tax benefit or an additional charge to the tax provision. When applicable, the Company accrues for the effects of uncertain tax positions and the related potential penalties and interest through income tax expense. Recently Adopted Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (“FASB”) issued ASU 2019-12, “Simplifying the Accounting for Income Taxes (ASC 740).” The ASU enhances and simplifies various aspects of the income tax accounting guidance in ASC 740, including requirements related to hybrid tax regimes, the tax basis step-up in goodwill obtained in a transaction that is not a business combination, separate financial statements of entities not subject to tax, the intra-period tax allocation exception to the incremental approach, ownership changes in investments, changes from a subsidiary to an equity method investment, interim-period accounting for enacted changes in tax law, and the year-to-date loss limitation in interim-period tax accounting. This guidance was effective for the Company for annual and interim periods beginning after December 31, 2020 and early adoption was permitted. The Company adopted this standard as of April 1, 2021 on a prospective basis. The adoption did not have a material impact on the Company’s consolidated financial statements. In January 2020, the FASB issued ASU 2020-01, “Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic323), and Derivatives and Hedging (Topic 815),” an amendment clarifying the interaction between accounting standards related to equity securities, equity method investments, and certain derivative instruments. The guidance was effective for fiscal years beginning after December 15, 2020. The Company adopted this standard as of April 1, 2021 and the adoption did not have a material impact on the Company’s consolidated financial statements. Recently Issued Accounting Pronouncements Not Yet Effective In November 2021, the FASB issued ASU 2021-10, “Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance” an amendment focused on increasing transparency of government assistance including the disclosure of (1) the types of assistance, (2) an entity’s accounting for the assistance, and (3) the e |
Acquisitions
Acquisitions | 12 Months Ended |
Mar. 31, 2022 | |
Business Combinations [Abstract] | |
Acquisitions | Note 3. Acquisitions Acquisition of preCARDIA, Inc The Company acquired 100 % interest in preCARDIA, Inc. (“preCARDIA”) on May 28, 2021. preCARDIA is a developer of a proprietary catheter and controller that is expected to complement the Company’s product portfolio to expand options for patients with acute decompensated heart failure (“ADHF”). The preCARDIA system is uniquely designed to rapidly treat ADHF-related volume overload by effectively reducing cardiac filling pressures and promoting decongestion to improve overall cardiac and renal function. The Company determined that substantially all of the fair value was concentrated in the acquired in-process research and development asset in accordance with ASC 805 Business Combinations. As such, the acquisition was accounted for as an asset acquisition. The Company acquired preCARDIA for a purchase price of $ 115.2 million. The purchase price included cash consideration of $ 82.8 million for the remaining interest in preCARDIA, paid to the selling shareholders and for transaction costs associated with the acquisition and $ 32.4 million representing the Company’s previously owned minority interest in preCARDIA. The Company recognized a gain of $ 21.0 million related to its previously owned minority interest in preCARDIA within the consolidated statement of operations for the year ended March 31, 2022. In connection with the acquisition, the Company acquired net assets of $ 115.2 million, which included $ 115.5 million related to the fair value of the in-process research and development asset and $ 0.3 million for net liabilities assumed. Since the acquired technology platform is pre-commercial and has not reached technical feasibility, the cost of the in-process research and development asset was expensed, resulting in a charge of $ 116.0 million to the consolidated statement of operations for the year ended March 31, 2022 . In connection with the acquisition, the Company acquired a license agreement, under which there is a potential payout of $ 5 million based on the achievement of a commercial milestone. During the year ended March 31, 2022 , the Company made a holdback payment of $ 0.5 million to former shareholders of preCARDIA. Acquisition of Breethe, Inc. The Company acquired Breethe, Inc. ("Breethe") a Maryland corporation on April 24, 2020. Breethe is engaged in research and development of a novel extracorporeal membrane oxygenation (“ECMO”) system that will complement and expand its product portfolio to more comprehensively serve the needs of patients whose lungs can no longer provide sufficient oxygenation, including patients suffering from cardiogenic shock, or respiratory failure, such as ARDS, H1N1, or COVID-19. The Company acquired Breethe for $ 55.0 million in cash, with additional potential payouts up to a maximum of $ 55.0 million payable based on the achievement of certain technical, regulatory and commercial milestones. Purchase Price Allocation The acquisition was accounted for as a business combination. The purchase price for the acquisition has been allocated to the assets acquired and liabilities assumed based on their estimated fair values and was finalized in the year ended March 31, 2021. The acquisition-date fair value of the consideration transferred is as follows: Total Acquisition Date Fair Value (in thousands) Cash and other considerations $ 57,850 Contingent consideration 13,300 Total consideration transferred $ 71,150 The following table summarizes the estimated fair values of the assets acquired and liabilities assumed on the date of acquisition (in thousands): Acquired assets: Cash and cash equivalents $ 3,404 Property and equipment 744 Goodwill 44,485 In-process research and development 27,000 Other assets acquired 895 Total assets acquired 76,528 Liabilities assumed: Accounts payable and other liabilities 1,562 Deferred tax liabilities 3,816 Net assets acquired $ 71,150 Goodwill is calculated as the difference between the acquisition-date fair value of the consideration transferred and the fair values of the assets acquired and liabilities assumed. The goodwill is not deductible for income tax purposes. IPR&D from the acquisition of Breethe represents the estimated fair value of the Breethe ECMO technology which had not reached commercial technological feasibility nor had alternative future use at the time of the acquisition. During the third quarter of fiscal year 2021, upon receiving FDA 510(k) clearance of the Breethe OXY-1 System, in October 2020, the Company reclassified the IPR&D asset of $ 27 million from the acquisition of Breethe to a finite-lived developed technology intangible asset and began amortizing on a straight-line basis over an estimated useful life of 15 years (see Note 9). The Company believes the amount of purchased IPR&D assets represent fair value for these intangible assets as of the acquisition date. Transaction costs such as legal, insurance and other costs related to the acquisition, aggregating approximately $ 0.9 million, have been expensed as incurred and are included in selling, general and administrative expenses in the Company’s consolidated statements of operations. The Company’s consolidated financial statements include the operating results of Breethe from the acquisition date. Separate post-acquisition operating results and pro forma results of operations for this acquisition have not been presented as the effect was not material to the Company’s financial results. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Note 4. Revenue Recognition The Company generates product revenue through the sale of Impella 2.5, Impella CP, Impella 5.0, Impella LD, Impella 5.5, Impella RP and Impella AIC product sale s and related accessories. The Company also earns revenue from preventative maintenance service contracts and maintenance calls. The Company determines revenue recognition through the following steps: • Identification of the contract, or contracts, with a customer • Identification of the performance obligation in the contract • Determination of the transaction price • Allocation of the transaction price to the performance obligation in the contract • Recognition of revenue when, or as, a performance obligation is satisfied Identification of contracts and performance obligations The Company accounts for a contract with a customer when there is an approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of the consideration is probable. The Company's performance obligations consist mainly of transferring control of products and services identified in the contracts, purchase orders or invoices. For each contract, the Company considers the obligation to transfer products and services to the customer, each of which are distinct, to be performance obligations. Transaction price and allocation to performance obligations Transaction prices of products or services are typically based on contracted rates with customers and there is only variable consideration in limited instances. To the extent that the transaction price includes variable consideration, the Company estimates the amount of variable consideration that should be included in the transaction price utilizing the expected value method or the most likely amount, depending on the circumstances, to which the Company expects to be entitled. An expected value method may be an appropriate estimate of the amount of variable consideration if an entity has a large number of contracts with similar characteristics whereas the most likely amount method may be an appropriate estimate of the amount of variable consideration if the contract has only two possible outcomes. Variable consideration is included in the transaction price if, in the Company’s judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. Estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of the Company’s anticipated performance and all information (historical, current and forecasted) that is reasonably available. Sales and other taxes collected on behalf of third parties are excluded from revenue. Consistent with industry practice, the Company generally offers customers a limited right of return for its products. The Company estimates an allowance for future sales returns based on historical return experience, which requires judgment. Customers typically have a limited time frame to notify the Company of any defective or non-conforming products. The Company’s warranty provision is accounted for using the cost accrual method and is recognized as expense when products are sold and is not considered a separate performance obligation. If a contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. Contracts that contain multiple performance obligations require an allocation of the transaction price based on the estimated relative standalone selling prices of the promised products or services underlying each performance obligation. The Company determines standalone selling prices based on the price at which the performance obligation is sold separately. Revenue Recognition Revenue is recognized when, or as, obligations under the terms of a contract are satisfied, which occurs when control of the promised products or services is transferred to customers. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products or services to a customer. Product revenue is generally recognized when the customer obtains control of the Company’s product, which occurs at a point in time, and may be upon shipment or upon delivery based on the contractual shipping terms of a contract. Service revenue is generally recognized over time as the services are rendered to the customer based on the extent of progress towards completion of the performance obligation. The Company recognizes service revenue over the term of the service contract. Services are expected to be transferred to the customer throughout the term of the contract and the Company believes recognizing revenue ratably over the term of the contract best depicts the transfer of value to the customer. Revenue generated from preventative maintenance calls is recognized at a point in time when the services are provided to the customer. Revenue from the sale of products and services are evidenced by either a contract with the customer or a valid purchase order and an invoice which includes all relevant terms of sale and shipment of product or service provided has been incurred. The Company performs a review of each specific customer's credit worthiness and ability to pay prior to acceptance as a customer. Further, the Company performs periodic reviews of its customers' creditworthiness prospectively. Disaggregation of Revenue Revenue is disaggregated from contracts between product revenue and service and other revenue and by geography, which the Company believes best depicts how the nature, amount, timing, and uncertainty of revenues and cash flows are affected by economic factors. The Company generally sells its products and services through a direct sales force in the U.S. and Germany and through direct sales and distribution agreements in other international markets outside the U.S. (e.g., Japan, Europe, Canada, Latin America, Asia-Pacific, Middle East). The following table disaggregates the Company’s revenue by products and services: Fiscal Years Ended March 31, 2022 2021 2020 (in thousands) Product revenue $ 984,541 $ 806,322 $ 806,824 Service and other revenue 47,212 41,200 34,059 Total revenue $ 1,031,753 $ 847,522 $ 840,883 The following table disaggregates the Company’s revenue by geographic location: Fiscal Years Ended March 31, 2022 2021 2020 (in thousands) United States $ 837,613 $ 691,579 $ 705,409 Europe 131,909 105,320 94,266 Japan 51,694 42,868 35,215 Rest of world 10,537 7,755 5,993 Outside the U.S. 194,140 155,943 135,474 Total revenue $ 1,031,753 $ 847,522 $ 840,883 Variable Consideration Returns Reserve The Company estimates an allowance for future sales returns based on historical return experience, which requires judgment. The Company estimates the amount of its product sales that may be returned by its customers and records this estimate as a reduction of revenue in the period the related product revenue is recognized. The Company estimates product return liabilities using the expected value method based on its historical sales information and other factors that it believes could significantly impact its expected returns. The Company’s returns reserve was not material as of March 31, 2022 and 2021. Rebates and Discounts The Company provides certain customers with rebates and discounts that are defined in the Company’s contract arrangements with customers and are recorded as a reduction of revenue in the period the related revenue is recognized and the establishment of a liability, which are all included in accrued expenses in the accompanying consolidated balance sheet. Rebates normally result from performance-based offers that are primarily based on attaining contractually specified sales volumes as well as product usage. Discounts are normally from early payment incentives. The Company estimates the amount of rebates and discounts based on an estimate of the third-party’s sales and the respective rebate or discount defined in the customer contractual arrangement. Contract Balances Contract balances represent amounts presented in the consolidated balance sheets when either the Company has transferred goods or services to the customer, or the customer has paid consideration to the Company under the contract. These contract balances include trade accounts receivable and deferred revenue. Deferred Revenue The Company’s deferred revenue balance was $ 26.4 million and $ 24.3 million as of March 31, 2022 and March 31, 2021, respectively. The deferred revenue balance is comprised of product shipments in which the Company recognizes revenue when the customer obtains control of the product, and preventative maintenance service contracts in which revenue is recognized ratably over the term of the service contract. During the fiscal year ended March 31, 2022, the Company recognized $ 23.0 million of revenue that was included in the deferred revenue balance as of March 31, 2021. During the fiscal year ended March 31, 2021, the Company recognized $ 19.0 million of revenue that was included in the deferred revenue balance as of March 31, 2020. Costs to Obtain or Fulfill a Customer Contract The Company has certain costs to obtain and fulfill a customer contract, such as commissions and shipping costs. The Company recognizes the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets that the Company otherwise would have recognized is one year or less. The Company accounts for shipping and handling activities related to contracts with customers as costs to fulfill the promise to transfer the associated products. These costs are included in selling, general, and administrative expenses. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments | Note 5. Financial Instruments Cash Equivalents and Marketable Securities The Company’s cash equivalents and marketable securities at March 31, 2022 and 2021 are invested in the following: Amortized Gross Gross Fair Market Cost Gains Losses Value March 31, 2022: (in thousands) Money market funds $ 32,955 $ — $ — $ 32,955 Commercial paper 28,961 — ( 3 ) 28,958 Total cash equivalents 61,916 — ( 3 ) 61,913 Short-term U.S. Treasury mutual fund securities 287,010 — ( 1,384 ) 285,626 Short-term government-backed securities 131,954 1 ( 554 ) 131,401 Short-term corporate debt securities 61,108 36 ( 113 ) 61,031 Short-term commercial paper 148,128 — ( 397 ) 147,731 Total short-term marketable securities 628,200 37 ( 2,448 ) 625,789 Long-term U.S. Treasury mutual fund securities 89,168 — ( 1,796 ) 87,372 Long-term government-backed securities 126,150 — ( 3,378 ) 122,772 Long-term corporate debt securities 10,226 — ( 281 ) 9,945 Total long-term marketable securities 225,544 — ( 5,455 ) 220,089 Total cash equivalents and marketable securities $ 915,660 $ 37 $ ( 7,906 ) $ 907,791 Amortized Gross Gross Fair Market Cost Gains Losses Value March 31, 2021: (in thousands) Money market funds $ 124,297 $ — $ — $ 124,297 Repurchase agreements 33,000 — — 33,000 Total cash equivalents 157,297 — — 157,297 Short-term U.S. Treasury mutual fund securities 72,221 28 — 72,249 Short-term government-backed securities 128,668 13 ( 12 ) 128,669 Short-term corporate debt securities 104,253 581 ( 2 ) 104,832 Short-term commercial paper 45,237 1 ( 3 ) 45,235 Total short-term marketable securities 350,379 623 ( 17 ) 350,985 Long-term government-backed securities 225,231 190 ( 37 ) 225,384 Long-term corporate debt securities 38,091 630 ( 20 ) 38,701 Total long-term marketable securities 263,322 820 ( 57 ) 264,085 Total cash equivalents and marketable securities $ 770,998 $ 1,443 $ ( 74 ) $ 772,367 Gross realized gains and losses on sales of marketable securities were not material for the years ended March 31, 2022 and 2021. The securities that the Company invests in are generally deemed to be low risk based on their credit ratings from the major rating agencies. The longer the duration of these securities, the more susceptible they are to changes in market interest rates and bond yields. As interest rates increase, those securities purchased at a lower yield show a mark-to-market unrealized loss. Unrealized losses as of March 31, 2022 are primarily due to changes in interest rates and credit spreads. Accordingly, the Company has not recorded an allowance for credit losses. No marketable securities have been in a continuous material unrealized loss position for greater than twelve months as of March 31, 2022. Unrealized losses on marketable securities as of March 31, 2021 were not material. Derivative Instruments In October 2019, the Company entered into an intercompany agreement in which it loaned 85.0 million Euro to Abiomed Europe GMBH, its German subsidiary. In conjunction with this intercompany loan agreement, the Company entered into a cross-currency swap agreement to convert a notional amount of 85.0 million Euro equivalent to a $ 93.5 million denominated intercompany loan into U.S. dollars. The objective of this cross-currency swap is to hedge the variability of cash flows related to the forecasted interest and principal payments on the Euro denominated fixed rate loan against changes in the exchange rate between the U.S. dollar and the Euro. Under the terms of this cross-currency swap contract, which has been designated as a cash flow hedge, the Company will make interest payments in Euro and receive interest in U.S. dollars. Upon the maturity of this contract, the Company will pay the principal amount of the loan in Euro and receive U.S. dollars from the counterparty. The cross-currency swap is carried on the consolidated balance sheet at fair value, and changes in fair value are recorded as unrealized gains or losses in accumulated other comprehensive income (loss). The Company does not enter into derivative instruments for any purpose other than cash flow hedging. The following table summarizes the terms of the cross-currency swap agreement as of March 31, 2022 (amounts in thousands): Effective Date Maturity Fixed Rate Aggregate Notional Amount Pay EUR October 15 , October 15 , 2.75 % EUR 85,000 Receive U.S.$ 2019 2024 4.64 % USD 93,457 The following table presents the fair value of the Company’s derivative instrument as follows (amounts in thousands): Derivatives designated as hedging instruments under ASC 815 Balance sheet classification March 31, 2022 March 31, 2021 Cross-currency swap Other long-term liabilities $ 489 $ 4,298 The Company has structured its cross-currency swap agreement to be 100% effective and, as a result, there was no net impact to earnings resulting from hedge ineffectiveness. Changes in the fair value of the cross-currency swap, designated as a hedging instrument, effectively offsets the variability of cash flows and are reported in accumulated other comprehensive income (loss). These amounts are subsequently reclassified into the consolidated statement of operations in the same period in which the related hedged item affects earnings. The change in fair value of the cross-currency swap during fiscal year 2022 was mainly due to fluctuations in the Euro to the U.S. dollar exchange rates. For the fiscal years ended March 31, 2022, 2021 and 2020, the Company recorded income related to the interest rate differential of the cross-currency swap of $ 1.7 million , $ 1.6 million and $ 0.8 million , respectively, in interest and other income, net within the consolidated statements of operations. Fair Value Hierarchy Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three categories: Level 1 primarily consists of financial instruments whose values are based on quoted market prices such as exchange-traded instruments and listed equities. Level 2 includes financial instruments that are valued using models or other valuation methodologies. These models are primarily industry-standard models that consider various assumptions, including time value, yield curve, volatility factors, prepayment speeds, default rates, loss severity, current market and contractual prices for the underlying financial instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. Level 3 is comprised of unobservable inputs that are supported by little or no market activity. Financial assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flows or similar techniques and at least one significant model assumption or input is unobservable. The following tables present the Company’s assets and liabilities measured at fair value on a recurring basis: Level 1 Level 2 Level 3 Total March 31, 2022: (in thousands) Assets Money market funds $ 32,955 $ — $ — $ 32,955 Commercial paper — 28,958 — 28,958 Short-term U.S. Treasury mutual fund securities — 285,626 — 285,626 Short-term government-backed securities — 131,401 — 131,401 Short-term corporate debt securities — 61,031 — 61,031 Short-term commercial paper — 147,731 — 147,731 Long-term U.S. Treasury mutual fund securities — 87,372 — 87,372 Long-term government-backed securities — 122,772 — 122,772 Long-term corporate debt securities — 9,945 — 9,945 Investment in Shockwave Medical (Note 10) 61,535 — — 61,535 Liabilities Cross-currency swap agreement — 489 — 489 Contingent consideration — — 21,510 21,510 Level 1 Level 2 Level 3 Total March 31, 2021: (in thousands) Assets Money market funds $ 124,297 $ — $ — $ 124,297 Repurchase agreements — 33,000 — 33,000 Short-term U.S. Treasury securities — 72,249 — 72,249 Short-term government-backed securities — 128,669 — 128,669 Short-term corporate debt securities — 104,832 — 104,832 Short-term commercial paper — 45,235 — 45,235 Long-term government-backed securities — 225,384 — 225,384 Long-term corporate debt securities — 38,701 — 38,701 Investment in Shockwave Medical (Note 10) 38,655 — — 38,655 Liabilities Cross-currency swap agreement — 4,298 — 4,298 Contingent consideration — — 24,706 24,706 The Company has determined that the estimated fair value of its money market funds and its investment in Shockwave Medical, a publicly traded medical device company, are reported as Level 1 financial assets as they are valued at quoted market prices in active markets. The investment in Shockwave Medical is classified within other assets in the consolidated balance sheets. The Company has determined that the estimated fair value of its commercial paper, repurchase agreements, U.S. Treasury mutual fund securities, government-backed securities, corporate debt securities and cross-currency swap agreement are reported as Level 2 financial assets and liabilities as they are based on model-driven valuations in which all significant inputs are observable, or can be derived from or corroborated by observable market data for substantially the full term of the asset or liability. The Company evaluates transfers between fair value levels at the end of each reporting period. There were no transfers of assets or liabilities between fair value levels during the years ended March 31, 2022 and 2021. Level 3 Assets and Liabilities Other Investments The Company periodically makes investments in medical device companies that focus on heart failure and heart pumps and other medical device technologies. The Company measures these equity investments at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment. The Company monitors any events or changes in circumstances that may have a significant effect on the fair value of investments, either due to impairment or based on observable price changes and records adjustments as needed. The Company’s other investments are classified as Level 3 assets and are not included in the fair value table above. The carrying value of the Company’s portfolio of other investments and the change in the balance during fiscal years ended March 31, 2022 and 2021 are as follows: Fiscal Years Ended March 31, 2022 2021 (in thousands) Beginning balance $ 62,995 $ 38,741 Additions 18,769 26,104 Change in investment upon acquisition (Note 3) ( 11,443 ) ( 2,000 ) Impairment — ( 800 ) Change in fair value, net ( 7 ) 950 Ending balance $ 70,314 $ 62,995 Change in fair value, net represents upward and downward adjustments due to observable price changes and foreign currency fluctuations, which are reflected within interest and other income, net in the Company's consolidated statements of operations. Contingent Consideration Contingent consideration represents potential milestones that the Company may pay as additional consideration related to the acquisition of ECP Entwicklungsgesellschaft mbH (“ECP”) in July 2014 and the acquisition of Breethe in April 2020. Changes in fair value of contingent consideration are reflected within research and development expenses in the Company’s consolidated statements of operations. There is no assurance that any of the conditions for the milestone payments will be met. The components of contingent consideration are as follows: March 31, 2022 March 31, 2021 (in thousands) ECP $ 12,010 $ 10,306 Breethe 9,500 14,400 Total contingent consideration $ 21,510 $ 24,706 ECP In July 2014, the Company acquired ECP and AIS GmbH Aachen Innovative Solutions (“AIS”) for $ 13.0 million in cash, with additional potential payouts totaling $ 15.0 million based on the achievement of CE Mark approval in the European Union and a revenue-based milestone related to the development of the future Impella ECP TM expandable catheter pump technology. These potential milestone payments may be made, at the Company’s option, by a combination of cash or ABIOMED common stock. The Company used a combination of an income approach, based on various revenue and cost assumptions and the application of a probability to each outcome and a Monte-Carlo valuation model, both of which consider significant unobservable inputs. As it relates to the CE Mark approval milestone, probabilities were applied to each potential scenario and the resulting values were discounted using a rate that considers weighted average cost of capital as well as a specific risk premium associated with the riskiness of the earn out itself, the related projections, and the overall business. The revenue-based milestone is valued using a Monte-Carlo valuation model, which simulates estimated future revenues during the earn out-period using management’s best estimates. Key unobservable inputs include the discount rate used to present value the projected revenues and cash flows (ranging from 3.3 % to 3.9 % ), the probability of achieving the various technical, regulatory and commercial milestones (estimated to range from 10 % to 94 % ) and projected revenues, which are based on the Company’s most recent internal operational budgets and long-range strategic plans. Breethe In April 2020, the Company acquired Breethe for $ 55.0 million in cash, with additional potential payouts up to a maximum of $ 55.0 million payable based on the achievement of certain technical, regulatory and commercial milestones. The Company used a combination of an income approach, based on various revenue and cost assumptions and the application of a probability to each outcome and a Monte-Carlo valuation model, both of which consider significant unobservable inputs. As it relates to the regulatory milestones, probabilities were applied to each potential scenario and the resulting values were discounted using a rate that considers weighted average cost of capital as well as a specific risk premium associated with the earn out itself, the related projections, and the overall business. The commercial milestones are valued using a Monte-Carlo valuation model, which simulates estimated future revenues during the earn out-period using management’s best estimates. Key unobservable inputs include the discount rates used to present value the projected revenues and cash flows (ranging from 3.2 % to 3.9 % ), the probability of achieving the various technical, regulatory and commercial milestones (estimated to range from 10 % to 75 % ) and projected revenues, which are based on the Company’s operational forecasts and long-range strategic plans. Contingent consideration is classified as a Level 3 liability as the estimated fair value of the contingent consideration related to the acquisitions of ECP and Breethe require significant management judgment or estimation. The following table summarizes the change in fair value, as determined by Level 3 inputs, of contingent consideration for the fiscal years ended March 31, 2022 and 2021: Fiscal Years Ended March 31, 2022 2021 (in thousands) Beginning balance $ 24,706 $ 9,000 Additions (Note 3) — 13,300 Payment of Breethe contingent consideration at acquisition date fair value ( 2,334 ) — Change in fair value ( 862 ) 2,406 Ending balance $ 21,510 $ 24,706 The change in fair value of contingent consideration was primarily due to estimates related to development timelines and the passage of time on the fair value measurement of milestones. The significant unobservable inputs used in the fair value of the Company’s contingent consideration are the discount rate and forecasted financial information, including the probability of achievement. Significant increases (decreases) in the discount rate would have resulted in a significantly lower (higher) fair value measurement. Significant increases (decreases) in the forecasted financial information would have resulted in a significantly higher (lower) fair value measurement. As of March 31, 2022 and 2021, the present value of expected payments related to the Company’s contingent consideration was $ 21.5 million and $ 24.7 million , respectively. As of March 31, 2022 and 2021, the undiscounted value of the payments, assuming that all contingencies are met, would be $ 67.5 million and $ 70.0 million , respectively. |
Accounts Receivable, net
Accounts Receivable, net | 12 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Accounts Receivable | Note 6. Accounts Receivable, net The components of accounts receivable are as follows: March 31, 2022 March 31, 2021 (in thousands) Trade receivables $ 91,232 $ 97,953 Allowance for credit losses ( 624 ) ( 774 ) Accounts receivable, net $ 90,608 $ 97,179 The following table summarizes activity in the allowance for credit losses for the fiscal years ended March 31, 2022 and 2021: Fiscal Years Ended March 31, 2022 2021 (in thousands) Beginning balance $ 774 $ 1,202 Additions (recoveries) 46 ( 127 ) Write-offs ( 196 ) ( 301 ) Ending balance $ 624 $ 774 |
Inventories, net
Inventories, net | 12 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories, net | Note 7. Inventories, net The components of inventories are as follows: March 31, 2022 March 31, 2021 (in thousands) Raw materials and supplies $ 28,326 $ 27,782 Work-in-progress 34,788 35,187 Finished goods 30,867 18,090 Inventories, net $ 93,981 $ 81,059 The Company’s inventories relate to its Impella® and Abiomed Breethe OXY-1 System (“Breethe OXY-1”) product platforms. Finished goods and work-in-process inventories consist of direct material, labor and overhead. |
Property and Equipment, net
Property and Equipment, net | 12 Months Ended |
Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, net | Note 8. Property and Equipment, net The components of property and equipment, net are as follows: March 31, 2022 March 31, 2021 (in thousands) Land $ 10,643 $ 10,875 Building and building improvements 152,374 148,870 Leasehold improvements 1,810 439 Machinery, equipment and computer software 104,407 91,784 Furniture and fixtures 15,420 15,608 Construction in progress 19,898 10,906 Total cost 304,552 278,482 Less accumulated depreciation ( 102,062 ) ( 81,353 ) Property and equipment, net $ 202,490 $ 197,129 In March 2021, the Company acquired the building adjacent to its corporate headquarters that it had previously been leasing in Danvers, Massachusetts. The total acquisition cost for the land and building was approximately $ 17.5 million, with $ 3.4 million being recorded to land and $ 13.8 million being recorded to building and building improvements. In addition, the Company reclassified $ 11.0 million in leasehold improvements and $ 4.7 million in right-of-use assets and recorded a $ 0.5 million adjustment to remove the prior lease liability due to the termination of the lease agreement upon the property acquisition. Depreciation expense related to property and equipment was $ 25.9 million , $ 23.1 million , and $ 20.1 million for the fiscal years ending March 31, 2022, 2021 and 2020 , respectively. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets, net | 12 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill, In-Process Research and Development and Other Assets | Note 9. Goodwill and Other Intangible Assets, net Goodwill The carrying amount of goodwill as of March 31, 2022 and 2021 was $ 76.8 million and $ 78.6 million , respectively, and has been recorded in connection with the Company’s acquisition of Impella Cardiosystems AG, in May 2005, ECP in July 2014 and Breethe in April 2020. The carrying value of goodwill and the change in the balance for fiscal years ended March 31, 2022 and 2021 are as follows : Fiscal Years Ended March 31, 2022 2021 (in thousands) Beginning balance $ 78,568 $ 31,969 Breethe acquisition (Note 3) — 44,485 Foreign currency translation ( 1,782 ) 2,114 Ending balance $ 76,786 $ 78,568 The Company evaluates goodwill at least annually on October 31, as well as whenever events or changes in circumstances suggest that the carrying amount may not be recoverable. The Company has no accumulated impairment losses on goodwill. Other Intangible Assets, net Other intangible assets consist of the following: March 31, 2022 Weighted Average Amortization Period Cost Accumulated Amortization Net Carrying Value (in thousands) Finite-lived intangible assets Developed technology 13.6 $ 27,000 $ ( 2,550 ) $ 24,450 Indefinite-lived intangible assets In-process research and development 15,068 — 15,068 Total $ 42,068 $ ( 2,550 ) $ 39,518 March 31, 2021 Weighted Average Amortization Period Cost Accumulated Amortization Net Carrying Value (in thousands) Finite-lived intangible assets Developed technology 14.6 $ 27,000 $ ( 750 ) $ 26,250 Indefinite-lived intangible assets In-process research and development 15,900 — 15,900 Total $ 42,900 $ ( 750 ) $ 42,150 The Company’s finite-lived intangible asset represents developed technology associated with the estimated fair value of the Breethe OXY-1 System. The estimated fair value of developed technology was determined using a probability-weighted income approach, which discounts expected future cash flows to present value. The projected cash flow estimates for the Breethe OXY-1 System were based on certain key assumptions, including estimates of future revenue and expenses, the stage of development of the technology at the acquisition date and the time and resources needed to complete development. During the year ended March 31, 2021 , the Company reclassified the in-process research and development (“IPR&D”) asset to developed technology upon receiving U.S. Food and Drug Administration or FDA 510(k) clearance of the Breethe OXY-1 System and began amortizing the intangible asset on a straight-line basis over an estimated useful life of 15 years. The Company’s IPR&D assets represent the estimated fair value of the Impella ECP TM related to the acquisition of ECP and AIS, in July 2014. The estimated fair value of the IPR&D assets at the acquisition date was determined using a probability-weighted income approach, which discounts expected future cash flows to present value. The projected cash flow estimates for the future Impella ECP TM expandable catheter pump were based on certain key assumptions, including estimates of future revenue and expenses, taking into account the stage of development of the technology at the acquisition date and the time and resources needed to complete development. The Company evaluates the other intangible assets, net for impairment at least annually on October 31, as well as whenever events or changes in circumstances suggest that the carrying amount may not be recoverable. The Company has no accumulated impairment losses on other intangible assets. The change in the IPR&D balance for the fiscal years ended March 31, 2022 and 2021 was related to foreign currency translation. |
Other Assets
Other Assets | 12 Months Ended |
Mar. 31, 2022 | |
Other Assets [Abstract] | |
Other Assets | Note 10. Other Assets The components of other assets are as follows: March 31, 2022 March 31, 2021 (in thousands) Investment in Shockwave Medical $ 61,535 $ 38,655 Other investments (Note 5) 70,314 62,995 Operating lease right-of-use assets (Note 11) 9,518 6,109 Other intangible assets and other assets 6,118 5,323 Total other assets $ 147,485 $ 113,082 Investment in Shockwave Medical In fiscal year 2019, the Company invested $ 25.0 million in Shockwave Medical, a publicly traded medical device company. During the fiscal year ended March 31, 2021, the Company sold approximately 1.4 million of its shares for cash proceeds of $ 67.9 million in which it realized a gain of $ 47.3 million. The fair value of this investment as of March 31, 2022 and 2021 was $ 61.5 million and $ 38.7 million , respectively. The Company recognized gains of $ 22.9 million , $ 50.8 million and $ 0.5 million for the years ended March 31, 2022, 2021 and 2020, respectively to interest and other income, net. The Company held 0.3 million shares of Shockwave Medical as of both March 31, 2022 and 2021. Other Long-Term Assets The Company’s other long-term assets is comprised primarily of license manufacturing rights to certain technology from third parties and prepayments related to the Company’s clinical trial activities. |
Leases
Leases | 12 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Leases | Note 11. Leases Lessee The Company has lease agreements for real estate including corporate offices and warehouse space, vehicles and certain equipment. The following table presents supplemental balance sheet information related to the Company’s operating leases: March 31, 2022 March 31, 2021 (in thousands) Assets Operating lease right-of-use assets in other assets $ 9,518 $ 6,109 Liabilities Operating lease liabilities in other current liabilities 2,889 2,459 Operating lease liabilities in other long-term liabilities 6,618 3,657 Total operating lease liabilities $ 9,507 $ 6,116 The following table provides information related to the Company’s operating leases: Fiscal Years Ended March 31, 2022 2021 2020 (in thousands, except lease term and discount rate) Right-of-use assets obtained in exchange for lease liabilities $ 6,461 $ 2,592 $ 15,650 Operating lease costs (1) $ 3,238 $ 4,124 $ 3,658 Weighted average remaining lease term (in years) 4.41 4.02 5.14 Weighted average discount rate 1.61 % 1.96 % 3.12 % (1) Operating lease costs recorded to the consolidated statements of operations for operating leases under ASC 842. Short-term lease expense and variable lease costs recorded to the consolidated statements of operations were not material in the fiscal years ended March 31, 2022, 2021 and 2020. Cash paid for amounts included in the measurement of lease liabilities is consistent with operating lease costs for the fiscal years ended March 31, 2022, 2021 and 2020. Future minimum lease payments under non-cancelable operating leases as of March 31, 2022 are as follows: Fiscal Years Ended March 31, (in thousands) 2023 $ 3,014 2024 2,786 2025 1,974 2026 982 2027 497 Thereafter 606 Total minimum lease payments 9,859 Less: imputed interest ( 352 ) Present value of operating lease liabilities $ 9,507 Lessor In March 2021, as part of the $ 17.5 million purchase of the building adjacent to its corporate headquarters in Danvers, Massachusetts, the Company assumed existing leases with third parties for a portion of the building which are classified as operating leases. The leases have annual escalating payments and the latest expires in March 2025 in accordance with the terms and conditions of the existing agreement. For the years ended March 31, 2022 and 2021 , operating lease income was not material. |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Mar. 31, 2022 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Note 12. Accrued Expenses Accrued expenses consisted of the following: March 31, 2022 March 31, 2021 (in thousands) Employee compensation $ 50,649 $ 40,954 Research and development 7,337 6,983 Marketing 2,289 3,674 Warranty 1,935 2,053 Sales and income taxes 1,931 5,914 Professional, legal and accounting fees 1,479 1,957 Other 7,009 4,511 $ 72,629 $ 66,046 Employee compensation consists primarily of accrued bonuses, accrued commissions and accrued employee benefits. Other includes returns reserve, allowance for rebates and discounts and other miscellaneous accrued expenses. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Stockholders' Equity | Note 13. Stockholders’ Equity Class B Preferred Stock The Company has authorized 1,000,000 shares of Class B Preferred Stock, $ .01 par value, of which the board of directors can set the designation, rights and privileges. No shares of Class B Preferred Stock have been issued or are outstanding. Stock Repurchase Program In August 2019, the Company’s Board of Directors authorized a stock repurchase program for up to $ 200.0 million of shares of its common stock. Under this stock repurchase program, the Company is authorized to repurchase shares through open market purchases, privately negotiated transactions or otherwise in accordance with applicable federal securities laws, including through Rule 10b5-1 trading plans and under Rule 10b-18 of the Exchange Act. The stock repurchase program has no time limit and may be suspended for periods or discontinued at any time. The Company is funding the stock repurchase program with its available cash and marketable securities. The Company did not buy shares through the stock repurchase program during the fiscal year ended March 31, 2022. The following table provides stock repurchase activities during the fiscal years ended March 31, 2021 and 2020: Fiscal Years Ended March 31, 2021 2020 Shares repurchased 67,649 465,687 Average price per share $ 167.19 $ 182.27 Value of shares repurchased (in thousands) $ 11,310 $ 84,879 The remaining authorization under the stock repurchase program was $ 103.8 million as of March 31, 2022. Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss are as follows: Foreign Currency Translation (Losses)/Gains Unrealized Gains (Losses) on Derivative Instrument Net Unrealized Gains (Losses) on Marketable Securities, net of tax (1) Total (in thousands) Balance, April 1, 2019 $ ( 15,028 ) $ — $ 339 $ ( 14,689 ) Other comprehensive (loss) income ( 1,832 ) 3,999 1,333 3,500 Balance, March 31, 2020 ( 16,860 ) 3,999 1,672 ( 11,189 ) Other comprehensive income (loss) 2,142 ( 2,095 ) ( 303 ) ( 256 ) Balance, March 31, 2021 ( 14,718 ) 1,904 1,369 ( 11,445 ) Other comprehensive (loss) ( 5,844 ) ( 1,779 ) ( 8,092 ) ( 15,715 ) Balance, March 31, 2022 $ ( 20,562 ) $ 125 $ ( 6,723 ) $ ( 27,160 ) (1) The tax impact on unrealized gains and losses on marketable securities was no t material during the fiscal years ended March 31, 2022, 2021 and 2020 . |
Stock Award Plans and Stock-Bas
Stock Award Plans and Stock-Based Compensation | 12 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Stock Award Plans and Stock-Based Compensation | Note 14. Stock Award Plans and Stock-Based Compensation Stock Award Plans The Company grants stock options and restricted stock awards to employees and others. All outstanding stock options of the Company as of March 31, 2022 were granted with an exercise price equal to the fair market value on the date of grant. Outstanding stock options, if not exercised, expire 10 years from the date of grant. 2015 Stock Incentive Plan The Company’s 2015 Amended and Restated Omnibus Incentive Plan (the “2015 Plan”) authorizes the grant of a variety of equity awards to the Company’s officers, directors, employees, consultants and advisers, including awards of unrestricted and restricted stock, restricted stock units, incentive and nonqualified stock options to purchase shares of common stock, performance share awards and stock appreciation rights. The 2015 Plan provides that options may only be granted at the current market value on the date of grant. Each share of stock issued pursuant to a stock option or stock appreciation right counts as one share against the maximum number of shares issuable under the 2015 Plan, while each share of stock issued pursuant to any other type of award counts as 1.8 shares against the maximum number of shares issuable under the 2015 Plan. The Company’s policy for issuing shares upon exercise of stock options or the vesting of its restricted stock awards and restricted stock units is to issue shares of common stock at the time of exercise or conversion. As of March 31, 2022, a total of approximately 3,033,652 shares were available for future issuance under the 2015 Plan. Stock-Based Compensation The following table summarizes stock-based compensation expense by financial statement line item in the Company’s consolidated statements of operations: Fiscal Years Ended March 31, 2022 2021 2020 (in thousands) Cost of revenue $ 4,853 $ 3,760 $ 2,641 Research and development 9,007 6,941 5,534 Selling, general and administrative 38,869 36,305 31,606 $ 52,729 $ 47,006 $ 39,781 The components of stock-based compensation were as follows: Fiscal Years Ended March 31, 2022 2021 2020 (in thousands) Restricted stock units $ 43,088 $ 36,347 $ 28,895 Stock options 7,415 8,982 9,006 Employee stock purchase plan 2,226 1,677 1,880 $ 52,729 $ 47,006 $ 39,781 Stock Options The following table summarizes stock option activity for the fiscal year ended March 31, 2022: Weighted Weighted Average Aggregate Average Remaining Intrinsic Options Exercise Contractual Value (in thousands) Price Term (years) (in thousands) Outstanding at beginning of period 711 $ 141.87 5.46 $ 129,912 Granted 68 289.74 Exercised ( 168 ) 56.00 Cancelled and expired ( 16 ) 314.97 Outstanding at end of period 595 $ 178.54 5.55 $ 93,893 Exercisable at end of period 450 $ 151.14 4.63 $ 83,981 Options vested and expected to vest at end of period 595 $ 178.54 5.55 $ 93,893 Stock options generally vest and become exercisable annually over three years . The remaining unrecognized stock-based compensation expense for unvested stock option awards as of March 31, 2022 was approximately $ 7.9 million and the weighted-average period over which this cost is expected to be recognized is 1.8 years. The aggregate intrinsic value of options exercised for fiscal years 2022, 2021 and 2020 was $ 46.9 million , $ 54.9 million and $ 15.0 million , respectively. The total cash received as a result of employee stock option exercises during the fiscal years ended March 31, 2022, 2021 and 2020 was approximately $ 9.4 million , $ 9.1 million and $ 3.7 million , respectively. The Company estimates the fair value of each stock option granted at the grant date using the Black-Scholes option valuation model. The weighted average grant-date fair values and weighted average assumptions used in the calculation of fair value of options granted were as follows: Fiscal Years Ended March 31, 2022 2021 2020 Weighted average grant-date fair value $ 105.79 $ 77.82 $ 93.05 Valuation assumptions: Risk-free interest rate 0.86 % 0.32 % 1.97 % Expected option life (years) 4.33 4.22 4.14 Expected volatility 44.0 % 42.9 % 42.3 % The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for a term consistent with the expected life of the stock options. Volatility assumptions are calculated based on the historical volatility of the Company’s stock. The Company estimates the expected term of options based on historical exercise experience and estimates of future exercises of unexercised options. An expected dividend yield of zero is used in the option valuation model because the Company does not pay cash dividends and does not expect to pay any cash dividends in the foreseeable future. Forfeitures are recorded as they occur instead of estimating forfeitures that are expected to occur. Restricted Stock Units The following table summarizes restricted stock unit activity for the fiscal year ended March 31, 2022: Number of Shares Weighted Average Grant Date Fair Value (in thousands) (per share) Restricted stock units at beginning of period 301 $ 273.57 Granted (1) 172 288.77 Vested ( 133 ) 296.88 Forfeited ( 33 ) 274.55 Restricted stock units at end of period 307 $ 274.32 Includes approximately 11,000 performance-based awards granted due to greater than 100% target vesting. The weighted average grant-date fair value for restricted stock units granted during the fiscal years ended March 31, 2022, 2021 and 2020 was $ 288.8 , $ 254.8 and $ 258.6 per share, respectively. The total fair value of restricted stock units vested in fiscal years 2022, 2021 and 2020 was $ 39.4 million , $ 27.9 million and $ 99.3 million , respectively. Restricted stock units generally vest annually over three years . The remaining unrecognized compensation expense for outstanding restricted stock units, including performance-based and market-based restricted stock units, as of March 31, 2022 was $ 48.2 million and the weighted-average period over which this cost is expected to be recognized is 1.7 years. As of March 31, 2022, 2021 and 2020, the Company recognized compensation expense based on the probable outcomes related to the prescribed performance targets on the outstanding awards. The remaining unrecognized compensation expense for outstanding performance-based and market-based restricted stock units as of March 31, 2022 was $ 17.7 million and the weighted-average period over which this cost is expected to be recognized is 1.6 years. Performance-Based Awards The Company grants performance-based restricted stock units to certain executive officers and employees, which vest upon achievement of prescribed service-based milestones by the award recipients and the achievement of prescribed performance milestones by the Company, as defined in the respective agreements . In May 2021 performance-based awards of restricted stock units for the potential issuance of up to 42,060 shares of common stock were issued to employees, which vest over a three-year service period and upon the achievement of prescribed performance milestones by the Company. In November 2020, performance-based awards of restricted stock units for the potential issuance of up to 66,000 shares of common stock were issued to certain executive officers, which vest over a two-year service period and upon the achievement of prescribed performance milestones by the Company. In May 2020, performance-based awards of restricted stock units for the potential issuance of up to 62,000 shares of common stock were issued to certain executive officers and employees, which vest over a three-year service period and upon the achievement of prescribed performance milestones by the Company. In May 2019, performance-based awards of restricted stock units for the potential issuance of up to 196,580 shares of common stock were issued to certain executive officers and employees, which vest upon achievement of prescribed service milestones by the award recipients and the achievement of prescribed performance milestones by the Company. The Company did not meet the prescribed performance milestones in fiscal year 2020 and therefore no shares vested for these performance-based awards and the Company reversed all previously recorded stock stock-based compensation expense related to this award during the fiscal year ended March 31, 2020. Market-Based Awards The Company grants market-based restricted stock units to certain executive officers and employees. These restricted stock units vest upon achievement of prescribed service-based milestones, relative TSR goals by the Company and the achievement of prescribed performance milestones by the Company, as defined in the respective agreements. The relative total shareholder return (“TSR”) is based on the Company’s common stock in relation to the TSR of twenty peer companies over a defined period, based on a comparison of average closing stock prices during the 20 trading days prior to the first day of the performance period, reinstated dividends during each performance period and the average closing stock prices during the final 20 trading days of each performance period. The actual number of market-based restricted stock units that may be earned can range from 0% to 200% of the target number of shares. The payout percentage may be further adjusted based on the Company’s performance relative to the constituents of the S&P 500 Index on the first day of the performance period that are still actively trading on the last day of each performance period, as defined in the respective agreements. In May 2021 and 2020, market-based restricted stock units for the potential issuance of up to 62,930 and 61,762 shares of common stock were issued to certain executive officers. These restricted stock units will vest and result in the issuance of shares of common stock based on continuing employment and realization of the market-based and performance-based vesting terms included within the grants. The Company used a Monte-Carlo simulation model to estimate the grant-date fair value of the TSR restricted stock units. The fair value related to these awards is recorded as compensation expense over the period from date of grant to May 2022 and May 2023, respectively , regardless of the actual TSR outcome reached. The table below sets forth the assumptions used to value the awards and the estimated grant-date fair value: May 2021 May 2020 Risk-free interest rate 0.3 % 0.2 % Expected volatility 44.8 % 35.5 % Dividend yield — — Remaining performance period (years) 2.80 1.9 - 2.9 Estimated grant date fair value per share $ 292.4 $ 347.05 -$ 349.28 Target performance (number of shares) 25,172 30,881 Employee Stock Purchase Plan The Company has an employee stock purchase plan, or ESPP. Under the ESPP, eligible employees, including officers and directors, who have completed at least three months of employment with the Company or its subsidiaries who elect to participate in the purchase plan instruct the Company to withhold a specified amount of the employee’s income each payroll period during a six-month payment period (the periods April 1—September 30 and October 1—March 31). On the last business day of each six-month payment period, the amount withheld is used to purchase shares of the Company’s common stock at an exercise price equal to 85 % of the lower of its market price on the first business day or the last business day of the payment period. |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 15. Income Taxes For the fiscal years ended March 31, 2022, 2021 and 2020, t he Company’s income tax provision was $ 54.1 million , $ 62.7 million and $ 53.8 million , respectively . For the fiscal years ended March 31, 2022, 2021 and 2020 , t he Company’s effective tax rate was 28.4 % , 21.8 % and 21.0 % , respectively. The components of the Company’s income tax provision are as follows: Fiscal Years Ended March 31, 2022 2021 2020 (in thousands) Income (loss) before provision for income taxes: United States $ 260,626 $ 249,204 $ 214,825 Foreign ( 70,066 ) 39,016 42,000 Income before income taxes 190,560 288,220 256,825 Current tax expense: Federal 25,893 8,624 — State 9,184 12,379 6,563 Foreign 16,565 12,312 14,300 51,642 33,315 20,863 Deferred tax expense (benefit): Federal 5,376 30,413 33,239 State ( 1,720 ) ( 2,382 ) 1,584 Foreign ( 1,243 ) 1,349 ( 1,870 ) 2,413 29,380 32,953 Total income tax provision $ 54,055 $ 62,695 $ 53,816 The components of the Company’s net deferred taxes were as follows: March 31, 2022 March 31, 2021 (in thousands) Deferred tax assets Net operating loss and tax credit carryforwards $ 29,802 $ 27,893 Stock-based compensation 14,608 13,790 Nondeductible reserves and accruals 15,441 12,097 Foreign net operating loss carryforwards 9,107 6,856 Deferred revenue 5,830 5,522 Other, net 312 363 $ 75,100 $ 66,521 Deferred tax liabilities Goodwill ( 7,829 ) ( 7,897 ) In-process research and development ( 12,063 ) ( 12,496 ) Depreciation ( 14,197 ) ( 11,747 ) Basis differences on other investments ( 11,442 ) ( 7,766 ) Domestic deferred tax liability on foreign net operating loss carryforwards ( 393 ) ( 415 ) ( 45,924 ) ( 40,321 ) Net deferred tax assets 29,176 26,200 Valuation allowance ( 19,405 ) ( 15,667 ) Net deferred tax assets $ 9,771 $ 10,533 Reported as: Deferred tax assets $ 10,552 $ 11,380 Deferred tax liabilities ( 781 ) ( 847 ) Net deferred tax assets $ 9,771 $ 10,533 The significant differences between the statutory and effective income tax rate consist of the following items: Fiscal Years Ended March 31, 2022 2021 2020 Statutory income tax rate 21.0 % 21.0 % 21.0 % Increase (decrease) resulting from: Credits ( 11.3 ) ( 6.0 ) ( 10.8 ) Non-deductible acquired IPR&D 10.5 — — Rate differential on foreign operations 6.5 4.1 3.2 Excess tax benefits from stock-based awards ( 4.8 ) ( 3.3 ) ( 5.2 ) State taxes, net 4.3 3.2 3.1 Non-deductible officers’ compensation 2.0 1.4 1.2 Permanent differences 0.9 1.0 3.8 Change in valuation allowance 0.3 0.3 5.3 Other ( 1.0 ) 0.1 ( 0.6 ) Effective tax rate 28.4 % 21.8 % 21.0 % The Company regularly assesses its ability to realize its deferred tax assets. Assessing the realization of deferred tax assets requires significant management judgment. In determining whether its deferred tax assets are more likely than not realizable, the Company evaluates all available positive and negative evidence, and weights the evidence based on its objectivity. As of March 31, 2022 and 2021, respectively, the Company maintained a valuation allowance of $ 19.4 million and $ 15.7 million for deferred tax assets primarily related to foreign tax credits. Based on the review of all available evidence, the Company recorded a valuation allowance to reduce these deferred tax assets to the amount that is more likely than not to be realizable as of March 31, 2022 and 2021. Changes in the valuation allowance for deferred tax assets were as follows: Fiscal Years Ended March 31, 2022 2021 2020 (in thousands) Balance at beginning of year $ 15,667 $ 15,170 $ 1,302 Increase 3,738 497 13,868 Balance at end of year $ 19,405 $ 15,667 $ 15,170 The Company recognized excess tax benefits associated with stock-based awards of $ 10.7 million, $ 12.1 million and $ 14.8 million as an income tax benefit for fiscal years ended March 31, 2022, 2021 and 2020, respectively. The amount of future excess tax benefits or shortfalls will likely fluctuate from period to period based on the price of the Company’s stock, the number of restricted stock units that vest or stock options that are exercised, and the fair value assigned to such stock-based awards. As of March 31, 2022 , the Company had foreign net operating losses (“NOLs”) of approximately $ 32.7 million. As of March 31, 2022, the Company had foreign tax credits of $ 14.9 million which expire in varying years from fiscal year 2029 through fiscal year 2032 . In addition, as of March 31, 2022 , the Company had federal and state research and development credit carryforwards of approximately $ 0.4 million and $ 15.0 million, respectively, which expire in varying years from fiscal year 2023 through fiscal year 2041 . The Company’s operating income outside the U.S. is deemed to be permanently reinvested in foreign jurisdictions, most of which are disregarded entities for domestic tax purposes. Therefore, any repatriation of cash and cash equivalents held by foreign subsidiaries to the U.S. is not expected to be significant. As of March 31, 2022 and 2021 , the Company has no material uncertain tax positions, and no interest and penalties on uncertain tax positions were recognized during fiscal years ended March 31, 2022, 2021 and 2020, respectively. The Company is subject to the examination of its income tax returns by the IRS and other tax authorities. The outcome of these audits cannot be predicted with certainty. The Company’s management regularly assesses the likelihood of adverse outcomes resulting from these examinations to determine the adequacy of the Company’s provision for income taxes. If any issues addressed in the Company’s tax audits are resolved in a manner not consistent with management’s expectations, the Company could be required to adjust its provision for income taxes in the period such resolution occurs. The Company’s most recent completed income tax audits were in the U.S., relating to fiscal year 2016 and in Germany, which covered fiscal years 2016 through 2019. These tax audits did not materially impact the Company’s financial statements. All other tax years remain subject to examination by the IRS, state and foreign tax authorities . |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 16. Commitments and Contingencies From time to time, the Company is involved in legal and administrative proceedings and claims of various types. In some actions, the claimants seek damages, as well as other relief, which, if granted, would require significant expenditures. The Company records a liability in its consolidated financial statements for these matters when a loss is known or considered probable and the amount can be reasonably estimated. The Company reviews these estimates each accounting period as additional information is known and adjusts the loss provision when appropriate. If a matter is both probable to result in liability and the amount of loss can be reasonably estimated, the Company estimates and discloses the possible loss or range of loss. If the loss is not probable or cannot be reasonably estimated, a liability is not recorded in its consolidated financial statements. Thoratec Matters The Company has been involved in two ongoing patent infringement actions against Thoratec Corporation (“Thoratec”), a subsidiary of Abbott Laboratories (“Abbott”) for the sales and marketing of Thoratec’s Heartmate PHP pump in 2016. In August 2021, the Appellate Court (the Court of 2nd Instance) in Düsseldorf affirmed that Thoratec infringes both patents. The Company can now enforce the judgment in one case by seeking a court ordered injunction if Thoratec sells Heartmate PHP in Germany. Thoratec had appealed the second case to the Federal Court of Justice (the Court of 3rd and Last Instance) and in January 2022, Thoratec withdrew its appeal. These actions relate solely to Thoratec’s ability to manufacture and sell its PHP product in Europe and have no impact on the Company's ability to manufacture or sell its Impella® line of medical devices. The actions do not expose the Company to liability risk, except under local German law, which requires a losing party in a proceeding to pay a portion of the other party’s legal fees. Maquet Matters The Company has been litigating certain patents owned by Maquet Cardiovascular LLC (“Maquet”) in two separate cases pending in the U.S. District Court for the District of Massachusetts (“D. Mass” or “the Court”) since 2016. In May 2016, the Company filed a declaratory judgment action (the “2016 Action”) alleging that it does not infringe Maquet’s patent. Following the claim construction (“Markman”) order issued in November 2018, and prior to the close of discovery, both parties filed series of motions. On September 30, 2021, the Court granted the Company’s Motion for Summary Judgement (“MSJ”) for non-infringement of the two claims remaining in this case. Maquet moved for reconsideration of the MSJ order, which the Court denied on November 30, 2021. The Court has not entered a final judgement; therefore, the case is not yet appealable to the Federal Circuit. In November 2017, Maquet filed a new action in D. Mass alleging that the Company’s Impella 2.5®, Impella CP®, and Impella 5.0® heart pumps infringe certain claims of another patent in the same family (the seventh patent overall between both cases). The Parties submitted Markman briefs and argued their respective positions in November 2019. A Markman order has not yet issued, and discovery remains ongoing. The asserted patents in both cases expired on September 1, 2020. The Company is unable to estimate the potential liability with respect to the legal matters noted above. There are numerous factors that make it difficult to meaningfully estimate possible loss or range of loss at this stage of the legal proceedings, including the significant number of legal and factual issues still to be resolved in the Maquet patent disputes. |
Segment and Enterprise Wide Dis
Segment and Enterprise Wide Disclosures | 12 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment and Enterprise Wide Disclosures | Note 17. Segment and Enterprise-Wide Disclosures Segment Information Operating segments are components of an enterprise for which separate financial information is available and is evaluated regularly by the Company’s chief operating decision-maker (“CODM”) in deciding how to allocate resources and in assessing performance. The Company’s CODM (determined to be the Chief Executive Officer) reviews the business, makes investment and resource allocation decisions, and assesses operating performance based on the Company’s consolidated operating results. The Company operates as one reportable segment. Geographic Information Sales outside the U.S. accounted for 19 % , 18 % and 16 % of total revenue during the fiscal years ended March 31, 2022, 2021 and 2020, respectively. Geographic information about long-lived assets, net excluding goodwill and other intangible assets is as follows: March 31, 2022 March 31, 2021 (in thousands) United States $ 147,403 $ 141,821 Europe 59,368 58,865 Japan 5,237 2,552 Total $ 212,008 $ 203,238 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Mar. 31, 2022 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Employee Benefit Plans | Note 18. Employee Benefit Plans The Company sponsors voluntary 401(k) retirement savings plans for eligible employees in the U.S. and Japan. The Company matches the contributions of participating employees on the basis of percentages specified in each plan. Total expense related to the Company's matching contributions to the plans was $ 4.6 million , $ 3.8 million and $ 3.4 million for the fiscal years ended March 31, 2022, 2021 and 2020 , respectively. |
Basis of Preparation and Summ_2
Basis of Preparation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. |
COVID-19 Pandemic | COVID-19 Pandemic The Company is subject to additional risks and uncertainties as a result of the ongoing novel coronavirus (“COVID-19”) pandemic. Since March 2020, the ongoing COVID-19 pandemic has adversely impacted and is likely to further adversely impact the Company’s business and markets, including the Company’s workforce and the operations of its customers, suppliers, and business partners. While the COVID-19 (including new variants of COVID-19) pandemic remains fluid and continues to evolve differently across various geographies, the Company believes it is likely to continue to experience variable impacts on its business. To ensure the health and safety of its global employees, the Company continues to offer onsite COVID-19 testing and vaccinations in order to maintain a safe working environment. The Company’s proactive testing and vaccination programs have reduced exposure with early detection and enabled its manufacturing facilities to operate at full capacity. The depth and extent to which the COVID-19 pandemic may directly or indirectly impact the Company’s business, results of operations, financial condition and individual markets is dependent upon various factors, including the spread of additional variants; the availability of vaccinations, personal protective equipment, intensive care unit (“ICU”) and operating room capacity, and medical staff; and government interventions to reduce the spread of the virus. When COVID-19 infection rates spike in a particular region, the Company’s patient utilization volumes have generally been negatively impacted as hospitals face capacity limitations, staffing shortages and some in-patient treatments have been deferred. During the first quarter of fiscal year 2022, the Company experienced varying levels of recovery across its product lines and geographic locations from the challenges caused by the pandemic. However, in the second quarter of fiscal year 2022, patient utilization of Impella heart pump devices was negatively impacted by an increase in COVID-19 hospitalizations and ongoing shortage of hospital workers that limited ICU capacity which contributed to some deferral of elective procedures. As the Company started the third quarter of fiscal year 2022, patient utilization of Impella heart pump devices continued to be negatively impacted by an increase in COVID-19 hospitalizations in certain geographies due to the Delta variant and ongoing shortage of hospital workers, that limited ICU capacity and contributed to some deferral of elective procedures. However, as Delta cases moderated, patient utilization of Impella heart pump devices increased during the last two months of the third quarter, despite on-going hospital labor shortages and the emergence of the Omicron variant. During the fourth quarter of fiscal year 2022, the Omicron variant had a pronounced impact on hospital capacity, resources, and procedure volumes in January 2022. While the Company experienced improvements in overall patient utilization in the fourth quarter, the Company continues to closely monitor the impact of COVID-19 on all aspects of its business and geographies, including any impact on the Company’s customers, including the ongoing hospital labor shortages, employees, suppliers, vendors, business partners and distribution channels, as well as on procedures and the demand for its products by keeping apprised of local, regional, and global COVID-19 surges (including new variants of the virus). While the Company cannot reliably estimate the extent to which the COVID-19 pandemic may impact patient utilization and revenues of its products, the Company's focus is to increase patient utilization of its Impella devices. As of the date of issuance of these financial statements, the extent to which the COVID-19 pandemic may materially adversely affect the Company’s financial condition, liquidity or results of operations is uncertain . |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The Company bases its estimates on historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. On an ongoing basis, the Company evaluates its estimates, including those related to revenue recognition, collectability of receivables, realizability of inventory, property and equipment, goodwill, intangible and other long-lived assets, other investments, accrued expenses, stock-based compensation, income taxes including deferred tax assets and liabilities, contingencies and litigation. Some of these estimates can be subjective and complex and, consequently, actual results may differ from these estimates under different assumptions or conditions. |
Cash Equivalents and Marketable Securities | Cash Equivalents and Marketable Securities The Company classifies any marketable security with an original maturity date of 90 days or less at the time of purchase as a cash equivalent. Cash equivalents are carried on the balance sheet at fair market value. The Company classifies any marketable security with a maturity date of greater than 90 days at the time of purchase as a marketable security and classifies marketable securities with a maturity date of greater than one year from the balance sheet date as long-term marketable securities. The Company invests in U.S. Treasury securities, government-back securities, corporate debt securities, and commercial paper which are classified as available-for-sale and carried at fair value. The Company records unrealized gains and, to the extent deemed temporary, unrealized losses in stockholders’ equity. If any adjustment to fair value reflects a decline in the value of the investment, the Company considers available evidence to evaluate whether the decline is “other than temporary” and, if so, marks the marketable security to market through a charge reflected on the consolidated statements of operations. |
Major Customers and Concentrations of Credit Risk | Major Customers and Concentrations of Credit Risk The Company primarily sells its products to hospitals and distributors. No individual customer accounted for more than 10% of total revenues in fiscal years ended March 31, 2022, 2021 or 2020 . No individual customer had an accounts receivable balance greater than 10% of total accounts receivable as of March 31, 2022 and 2021. Credit is extended based on an evaluation of a customer’s historical financial condition and generally collateral is not required. The Company’s history of credit losses has not been significant and the Company maintains an allowance for credit losses based on its assessment of the collectability of accounts receivable. Accounts receivables are geographically dispersed, primarily throughout the U.S., as well as in Europe and other foreign countries where formal distributor agreements exist in certain countries. The Company's exposure to credit losses may increase if its customers are adversely affected by changes in healthcare laws, coverage, and reimbursement, economic pressures or uncertainty associated with macroeconomic pressures or uncertainty, or other customer-specific factors. Financial instruments which potentially subject the Company to a concentration of credit risk consist of cash, cash equivalents, short and long-term marketable securities and accounts receivable. Management mitigates credit risk by limiting the investment type and maturity to securities that preserve capital, maintain liquidity and have a high credit quality. |
Financial Instruments | Financial Instruments The Company’s financial instruments are comprised of cash and cash equivalents, marketable securities, accounts receivable, investments, accounts payable, derivative instruments and contingent consideration. The carrying amounts of accounts receivable and accounts payable are considered reasonable estimates of their fair value due to the short-term nature of those instruments. |
Derivative Instruments | Derivative Instruments The Company uses a foreign-exchange-related derivative instrument to manage its exposure related to changes in the exchange rate on its intercompany loan. The Company does not enter into derivative instruments for any purpose other than cash flow hedging. The Company does not speculate using derivative instruments. The Company recognizes all derivative instruments as either assets or liabilities in the balance sheet at their respective fair values. Changes in the fair value of the cross-currency swap designated as a hedging instrument that effectively offsets the variability of cash flows are reported in accumulated other comprehensive income (loss). These amounts subsequently are reclassified into the consolidated income statement in the same period in which the related hedged item affects earnings. For more information, see “Note 5. Financial Instruments—Derivative Instruments.” |
Inventories, net | nventories, net Inventories are stated at the lower of cost or market. Cost is based on the first in, first out method. The Company regularly reviews inventory quantities on hand and writes down to its net realizable value any inventory that it believes to be impaired. Management considers forecast demand in relation to the inventory on hand, competitiveness of product offerings, market conditions and product life cycles when determining excess and obsolescence and net realizable value adjustments. Once inventory is written down and a new cost basis is established, it is not written back up if demand increases. |
Property and Equipment, net | Property and Equipment, net Property and equipment are recorded at cost less accumulated depreciation. Land is carried at cost and is not depreciated. Depreciation is computed using the straight-line method based on estimated useful lives of three to seven years for machinery and equipment, computer software, and furniture and fixtures. Building and building improvements are depreciated using the straight-line method over estimated useful lives of seven to thirty-three years. Leasehold improvements are amortized using the straight-line method over the shorter of the lease term or the estimated useful lives of the related assets. Expenditures for maintenance and repairs are expensed as incurred. Upon retirement or other disposition of assets, the costs and related accumulated depreciation are eliminated from the accounts and the resulting gain or loss is reflected in operating expenses. |
Other Investments | Other Investments The Company periodically makes investments in medical device companies that focus on heart failure and heart pumps and other medical device technologies. For equity investments that do not have readily determinable market values, the Company measures these equity investments at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment. The Company monitors any events or changes in circumstances that may have a significant effect on the fair value of investments, either due to impairment or based on observable price changes, and makes any necessary adjustments. |
Leases | Leases At the inception of a contractual arrangement, the Company determines whether it contains a lease by assessing whether there is an identified asset and whether the contract conveys the right to control the use of the identified asset in exchange for consideration over a period of time. If both criteria are met, the Company calculates the associated lease liability and corresponding right-of-use asset upon lease commencement. Operating lease assets and liabilities are recognized based on the present value of minimum lease payments over the lease term using an appropriate discount rate. Right-of-use assets also include any lease payments made at or before lease commencement and any initial direct costs incurred and exclude any lease incentives received. The discount rate used is the rate that the Company would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments in a similar economic environment. At the lease commencement date, the discount rate implicit in the lease is used to discount the lease liability, if readily determinable. If not readily determinable or if the lease does not contain an implicit rate, the Company’s incremental borrowing rate is used as the discount rate. Discount rates are updated when there is a new lease or a modification to an existing lease, and the methodology is reassessed annually. Lease terms may include options to extend or terminate when the Company is reasonably certain the option will be exercised. The Company also has lease arrangements with lease and non-lease components. The Company elected the practical expedient not to separate non-lease components from lease components for the Company’s leases. The Company records operating lease liabilities within current liabilities or long-term liabilities based upon the length of time associated with the lease payments. The Company records its operating lease right-of-use assets as long-term assets. Leases with an initial term of 12 months or less are not recognized on the consolidated balance sheet. The Company elected the practical expedient where lease agreements with lease and non-lease components are accounted for as a single lease component for all assets. Lease expense is recognized on a straight-line basis over the lease term. The Company does not have any finance leases. |
Goodwill | Goodwill Goodwill is recorded when consideration for an acquisition exceeds the fair value of the net tangible and intangible assets acquired. Goodwill is not amortized. The Company evaluates goodwill for impairment at least annually on October 31, as well as whenever events or changes in circumstances suggest that the carrying amount may not be recoverable. In applying the goodwill impairment test, the Company assesses qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value. Qualitative factors may include, but are not limited to, macroeconomic conditions, industry conditions, the competitive environment, changes in the market for the Company’s products and services, regulatory and political developments, cost factors, and entity specific factors such as strategies and overall financial performance. If, after assessing these qualitative factors, the Company determines it is more likely than not that the fair value of a reporting unit is less than its carrying value, then the Company performs a quantitative impairment test. The Company performed its annual impairment review as of October 31, 2021 and concluded that it was more likely than not that the fair value of its reporting unit substantially exceeds its carrying amount. Indefinite-Lived Intangibles |
Acquired In-Process Research and Development | Indefinite-Lived Intangibles In-process research and development ("IPR&D") assets are considered to be indefinite-lived until the completion or abandonment of the associated research and development projects. IPR&D assets represent the fair value assigned to technologies that are acquired, which at the time of acquisition have not reached technological feasibility and have no alternative future use. During the period that the IPR&D assets are considered indefinite-lived, they are tested for impairment on an annual basis on October 31, or more frequently if the Company becomes aware of any events occurring or changes in circumstances that indicate that the fair value of the IPR&D assets are less than their carrying values. If and when development is complete, which generally occurs upon regulatory approval and the Company is able to commercialize products associated with the IPR&D assets, these assets are then deemed definite-lived and are amortized based on their estimated useful lives at that point in time. If development is terminated or abandoned, the Company may record a full or partial impairment charge related to the IPR&D assets, calculated as the excess of carrying value of the IPR&D assets over fair value. The Company performed its annual impairment review as of October 31, 2021 and concluded that it was more likely than not that the fair value of the IPR&D assets substantially exceeds their carrying amounts. Acquired In-Process Research and Development Costs of IPR&D assets acquired as part of an asset acquisition that have no alternative future use are expensed when incurred. Cash payments related to acquired IPR&D with no future alternative use are reflected as an investing cash flow in the Company's consolidated statement of cash flows. |
Finite-lived Intangible Assets | Finite-Lived Intangible Assets The Company records finite-lived intangible assets at historical cost and amortizes them over their estimated useful lives. The Company uses a straight-line method of amortization, unless a method that better reflects the pattern in which the economic benefits of the intangible asset are consumed or otherwise used up can be reliably determined. The approximate useful life used to amortize the Company’s finite-lived intangible asset, the developed technology associated with the Breethe OXY-1 System, is 15 years. Long-lived Assets The Company evaluate long-lived assets (including finite-lived intangible assets) for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. An asset or asset group is considered impaired if its carrying amount exceeds the future undiscounted net cash flows that the asset or asset group is expected to generate. Factors we consider important which could trigger an impairment review include significant negative industry or economic trends, significant loss of customers and changes in the competitive environment. If an asset or asset group is considered to be impaired, the impairment to be recognized is calculated as the amount by which the carrying amount of the asset or asset group exceeds its fair market value. |
Contingent Consideration | Contingent Consideration Contingent consideration represents potential milestones that the Company could pay as additional consideration for a business acquisition and is recorded as a liability and is measured at fair value using a combination of (1) an income approach, based on various revenue and cost assumptions and applying a probability to each outcome and (2) a Monte-Carlo valuation model that simulates outcomes based on management estimates. With the income approach, p robabilities are applied to each potential scenario and the resulting values are discounted using a rate that considers the weighted average cost of capital, the related projections, and the overall business. The Monte-Carlo valuation model simulates estimated future revenues during the earn out-period using management's best estimates. Significant increases or decreases in any of the probabilities of success or changes in expected timelines for achievement of any of these milestones could result in a significantly higher or lower fair value of the contingent consideration liability. The fair value of the contingent consideration at each reporting date is updated by reflecting the changes in fair value reflected within research and development expenses in the Company’s consolidated statement of operations. |
Accrued Expenses | Accrued Expenses As part of the process of preparing its financial statements, the Company is required to estimate accrued expenses. This process includes identifying services that third parties have performed and estimating the level of service performed and the associated cost incurred on these services as of each balance sheet date in its financial statements. Examples of estimated accrued expenses include estimates for certain payroll costs, such as bonuses and commissions; contract service fees, such as amounts due to clinical research organizations and investigators in conjunction with clinical trials; professional service fees, such as attorneys and accountants, and third-party expenses relating to marketing efforts associated with commercialization of the Company’s products. The dates in which certain services commence and end, the level of services performed on or before a given date and the cost of services is often subject to the Company’s judgment. The Company makes these judgments and estimates based upon known facts and circumstances. |
Revenue Recognition | Revenue Recognition See “Note 4. Revenue Recognition” for a discussion of key accounting policies and elections related to revenue recognition. |
Product Warranty | Product Warranty The Company generally provides a one-year warranty for certain products sold in which estimated contractual warranty obligations are recorded as an expense at the time of shipment. The Company’s products are subject to regulatory and quality standards. Future warranty costs are estimated based on historical product performance rates and related costs to repair given products. The accounting estimate related to product warranty expense involves judgment in determining future estimated warranty costs. Should actual performance rates or repair costs differ from estimates, revisions to the estimated warranty liability would be required. |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) Comprehensive income (loss) is comprised of net income, plus all changes in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources, including any foreign currency translation adjustments. These changes in equity are recorded as adjustments to accumulated other comprehensive income (loss) in the Company’s consolidated balance sheet. The components of accumulated other comprehensive income (loss) consist of foreign currency translation adjustments, unrealized gains (losses) on marketable securities, and unrealized gains (losses) on derivative instruments. There were no reclassifications out of accumulated other comprehensive income (loss) during the fiscal years ended March 31, 2022, 2021 and 2020 . |
Translation of Foreign Currencies | Translation of Foreign Currencies The functional currency of the Company’s foreign subsidiaries is their local currency. The assets and liabilities of the Company’s foreign subsidiaries are translated into U.S. dollars at exchange rates in effect at the balance sheet date. Income and expense items in the Company’s consolidated statements of operations are translated at the average exchange rates prevailing during the period. The cumulative translation effect for subsidiaries using a functional currency other than the U.S. dollar is included in accumulated other comprehensive income (loss) as a separate component of stockholders’ equity. The Company’s intercompany accounts are denominated in the functional currency of the foreign subsidiary. Gains and losses resulting from the remeasurement of intercompany transactions that the Company considers to be of a long-term investment nature are recorded in accumulated other comprehensive income or loss as a separate component of stockholders’ equity, while gains and losses resulting from the remeasurement of intercompany transactions from those foreign subsidiaries for which the Company anticipates settlement in the foreseeable future are recorded in the consolidated statement of operations. Net foreign currency gains and losses recorded in the consolidated statements of operations for the fiscal year ended March 31, 2022, were $ 3.0 million and were not material for the fiscal year ended March 31, 2021 and 2020 . |
Net Income Per Share | Net Income Per Share Basic net income per share is computed by dividing net income by the weighted average number of common shares outstanding during the fiscal year. Diluted net income per share is computed using the treasury stock method by dividing net income by the weighted average number of dilutive common shares outstanding during the fiscal year. Diluted shares outstanding is calculated by adding to the weighted average shares outstanding any potential dilutive securities outstanding for the fiscal year. Potential dilutive securities include stock options, restricted stock units, performance-based stock awards and shares to be purchased under the Company’s employee stock purchase plan. For purposes of the diluted net income per share calculation, potential dilutive securities are excluded from the calculation if their effect would be anti-dilutive. The Company’s basic and diluted net income per share were as follows: Fiscal Years Ended March 31, 2022 2021 2020 Basic Net Income Per Share (in thousands, except per share data) Net income $ 136,505 $ 225,525 $ 203,009 Weighted average shares - basic 45,445 45,140 45,179 Net income per share - basic $ 3.00 $ 5.00 $ 4.49 Fiscal Years Ended March 31, 2022 2021 2020 Diluted Net Income Per Share (in thousands, except per share data) Net income $ 136,505 $ 225,525 $ 203,009 Weighted average shares - basic 45,445 45,140 45,179 Effect of dilutive securities 436 534 637 Weighted average shares - diluted 45,881 45,674 45,816 Net income per share - diluted $ 2.98 $ 4.94 $ 4.43 For the fiscal years ended March 31, 2022, 2021 and 2020, approximately 101,000 , 168,000 and 232,000 sh ares of common stock underlying outstanding securities related to out-of-the-money stock options and performance-based awards where milestones were not met were not included in the computation of diluted earnings per share because their inclusion would be anti-dilutive or such shares are contingently issuable upon meeting performance criteria in the periods presented. |
Stock-Based Compensation | Stock-Based Compensation The Company’s stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as an expense over the requisite service period. The fair value of stock option grants is estimated using the Black-Scholes option pricing model. Use of the valuation model requires management to make certain assumptions with respect to selected model inputs. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for a term consistent with the expected life of the stock options. Volatility assumptions are calculated based on historical volatility of the Company’s stock. The Company estimates the expected term of options based on historical exercise experience and estimates of future exercises of unexercised options. In addition, an expected dividend yield of zero is used in the option valuation model because the Company does not pay cash dividends and does not expect to pay any cash dividends in the foreseeable future. Forfeitures are recorded as they occur. The fair value of market-based restricted stock units is determined using a Monte Carlo simulation model, which uses multiple input variables to determine the probability of satisfying the market condition requirements. For awards with service conditions only, the Company recognizes stock-based compensation expense on a straight-line basis over the requisite service period. For awards with service and performance-based conditions, the Company recognizes stock-based compensation expense using the graded vesting method over the requisite service period. For awards with market-based conditions, the Company recognizes stock-based compensation expense on a straight-line basis over the requisite service period. Estimates of stock-based compensation expense for an award with performance conditions are based on the probable outcome of the performance conditions and the cumulative effect of any changes in the probability outcomes are recorded in the period in which the changes occur. |
Income Taxes | Income Taxes The Company’s provision for income taxes is comprised of a current and deferred provision. The current income tax provision is calculated as the estimated taxes payable or refundable on income tax returns for the current fiscal year. The deferred income tax provision is calculated for the estimated future income tax effects attributable to temporary differences and carryforwards using expected tax rates in effect in the years during which the temporary differences are expected to reverse. Deferred income taxes are recognized for the tax consequences in future years as the differences between the tax bases of assets and liabilities and their financial reporting amounts at each fiscal year end based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to impact taxable income. The Company regularly assesses its ability to realize its deferred tax assets. Assessing the realization of deferred tax assets requires significant management judgment. Valuation allowances are established when necessary to reduce net deferred tax assets to the amount that is more likely than not to be realized. The Company recognizes and measures uncertain tax positions using a two-step approach. The first step is to evaluate the tax position for recognition by determining if, based on the technical merits, it is more likely than not that the position will be sustained upon audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit at the largest amount that is more likely than not of being realized upon ultimate settlement. The Company reevaluates these uncertain tax positions on an ongoing basis, when applicable. This evaluation is based on factors including, but not limited to, changes in facts or circumstances, new information and technical insights, and changes in tax laws. Any changes in these factors could result in the recognition of a tax benefit or an additional charge to the tax provision. When applicable, the Company accrues for the effects of uncertain tax positions and the related potential penalties and interest through income tax expense. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (“FASB”) issued ASU 2019-12, “Simplifying the Accounting for Income Taxes (ASC 740).” The ASU enhances and simplifies various aspects of the income tax accounting guidance in ASC 740, including requirements related to hybrid tax regimes, the tax basis step-up in goodwill obtained in a transaction that is not a business combination, separate financial statements of entities not subject to tax, the intra-period tax allocation exception to the incremental approach, ownership changes in investments, changes from a subsidiary to an equity method investment, interim-period accounting for enacted changes in tax law, and the year-to-date loss limitation in interim-period tax accounting. This guidance was effective for the Company for annual and interim periods beginning after December 31, 2020 and early adoption was permitted. The Company adopted this standard as of April 1, 2021 on a prospective basis. The adoption did not have a material impact on the Company’s consolidated financial statements. In January 2020, the FASB issued ASU 2020-01, “Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic323), and Derivatives and Hedging (Topic 815),” an amendment clarifying the interaction between accounting standards related to equity securities, equity method investments, and certain derivative instruments. The guidance was effective for fiscal years beginning after December 15, 2020. The Company adopted this standard as of April 1, 2021 and the adoption did not have a material impact on the Company’s consolidated financial statements. |
Recently Issued Accounting Pronouncements Not Yet Effective | Recently Issued Accounting Pronouncements Not Yet Effective In November 2021, the FASB issued ASU 2021-10, “Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance” an amendment focused on increasing transparency of government assistance including the disclosure of (1) the types of assistance, (2) an entity’s accounting for the assistance, and (3) the effect of the assistance on an entity’s financial statements. ASU 2021-10 will become effective for the Company in fiscal year 2023. The Company has the option to apply the amendments retrospectively, to all transactions within the scope of the amendment, or prospectively. The Company does not expect the adoption of this standard to have a material impact on its consolidated financial statements. No other new accounting pronouncements issued or effective during the year had, or are expected to have, a material impact on the consolidated financial statements. |
Basis of Preparation and Summ_3
Basis of Preparation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Computation of Basic and Diluted Net Income Per Share | For purposes of the diluted net income per share calculation, potential dilutive securities are excluded from the calculation if their effect would be anti-dilutive. The Company’s basic and diluted net income per share were as follows: Fiscal Years Ended March 31, 2022 2021 2020 Basic Net Income Per Share (in thousands, except per share data) Net income $ 136,505 $ 225,525 $ 203,009 Weighted average shares - basic 45,445 45,140 45,179 Net income per share - basic $ 3.00 $ 5.00 $ 4.49 Fiscal Years Ended March 31, 2022 2021 2020 Diluted Net Income Per Share (in thousands, except per share data) Net income $ 136,505 $ 225,525 $ 203,009 Weighted average shares - basic 45,445 45,140 45,179 Effect of dilutive securities 436 534 637 Weighted average shares - diluted 45,881 45,674 45,816 Net income per share - diluted $ 2.98 $ 4.94 $ 4.43 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions Date Fair Value of Consideration Transferred | The acquisition-date fair value of the consideration transferred is as follows: Total Acquisition Date Fair Value (in thousands) Cash and other considerations $ 57,850 Contingent consideration 13,300 Total consideration transferred $ 71,150 |
Schedule of Estimated Fair Value of Assets Acquired and Liabilities Assumed | The following table summarizes the estimated fair values of the assets acquired and liabilities assumed on the date of acquisition (in thousands): Acquired assets: Cash and cash equivalents $ 3,404 Property and equipment 744 Goodwill 44,485 In-process research and development 27,000 Other assets acquired 895 Total assets acquired 76,528 Liabilities assumed: Accounts payable and other liabilities 1,562 Deferred tax liabilities 3,816 Net assets acquired $ 71,150 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregated Revenue by Major Business Line and Geographical Location | The following table disaggregates the Company’s revenue by products and services: Fiscal Years Ended March 31, 2022 2021 2020 (in thousands) Product revenue $ 984,541 $ 806,322 $ 806,824 Service and other revenue 47,212 41,200 34,059 Total revenue $ 1,031,753 $ 847,522 $ 840,883 The following table disaggregates the Company’s revenue by geographic location: Fiscal Years Ended March 31, 2022 2021 2020 (in thousands) United States $ 837,613 $ 691,579 $ 705,409 Europe 131,909 105,320 94,266 Japan 51,694 42,868 35,215 Rest of world 10,537 7,755 5,993 Outside the U.S. 194,140 155,943 135,474 Total revenue $ 1,031,753 $ 847,522 $ 840,883 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Cash Equivalents and Marketable Securities | The Company’s cash equivalents and marketable securities at March 31, 2022 and 2021 are invested in the following: Amortized Gross Gross Fair Market Cost Gains Losses Value March 31, 2022: (in thousands) Money market funds $ 32,955 $ — $ — $ 32,955 Commercial paper 28,961 — ( 3 ) 28,958 Total cash equivalents 61,916 — ( 3 ) 61,913 Short-term U.S. Treasury mutual fund securities 287,010 — ( 1,384 ) 285,626 Short-term government-backed securities 131,954 1 ( 554 ) 131,401 Short-term corporate debt securities 61,108 36 ( 113 ) 61,031 Short-term commercial paper 148,128 — ( 397 ) 147,731 Total short-term marketable securities 628,200 37 ( 2,448 ) 625,789 Long-term U.S. Treasury mutual fund securities 89,168 — ( 1,796 ) 87,372 Long-term government-backed securities 126,150 — ( 3,378 ) 122,772 Long-term corporate debt securities 10,226 — ( 281 ) 9,945 Total long-term marketable securities 225,544 — ( 5,455 ) 220,089 Total cash equivalents and marketable securities $ 915,660 $ 37 $ ( 7,906 ) $ 907,791 Amortized Gross Gross Fair Market Cost Gains Losses Value March 31, 2021: (in thousands) Money market funds $ 124,297 $ — $ — $ 124,297 Repurchase agreements 33,000 — — 33,000 Total cash equivalents 157,297 — — 157,297 Short-term U.S. Treasury mutual fund securities 72,221 28 — 72,249 Short-term government-backed securities 128,668 13 ( 12 ) 128,669 Short-term corporate debt securities 104,253 581 ( 2 ) 104,832 Short-term commercial paper 45,237 1 ( 3 ) 45,235 Total short-term marketable securities 350,379 623 ( 17 ) 350,985 Long-term government-backed securities 225,231 190 ( 37 ) 225,384 Long-term corporate debt securities 38,091 630 ( 20 ) 38,701 Total long-term marketable securities 263,322 820 ( 57 ) 264,085 Total cash equivalents and marketable securities $ 770,998 $ 1,443 $ ( 74 ) $ 772,367 |
Schedule of Cross-Currency Rate Swap Derivatives Agreement | The following table summarizes the terms of the cross-currency swap agreement as of March 31, 2022 (amounts in thousands): Effective Date Maturity Fixed Rate Aggregate Notional Amount Pay EUR October 15 , October 15 , 2.75 % EUR 85,000 Receive U.S.$ 2019 2024 4.64 % USD 93,457 |
Schedule of Fair Value of Company's Derivative Instrument | The following table presents the fair value of the Company’s derivative instrument as follows (amounts in thousands): Derivatives designated as hedging instruments under ASC 815 Balance sheet classification March 31, 2022 March 31, 2021 Cross-currency swap Other long-term liabilities $ 489 $ 4,298 |
Components of Contingent Consideration Liabilities | The components of contingent consideration are as follows: March 31, 2022 March 31, 2021 (in thousands) ECP $ 12,010 $ 10,306 Breethe 9,500 14,400 Total contingent consideration $ 21,510 $ 24,706 |
Financial Instruments Measured at Fair Value | Level 1 Level 2 Level 3 Total March 31, 2022: (in thousands) Assets Money market funds $ 32,955 $ — $ — $ 32,955 Commercial paper — 28,958 — 28,958 Short-term U.S. Treasury mutual fund securities — 285,626 — 285,626 Short-term government-backed securities — 131,401 — 131,401 Short-term corporate debt securities — 61,031 — 61,031 Short-term commercial paper — 147,731 — 147,731 Long-term U.S. Treasury mutual fund securities — 87,372 — 87,372 Long-term government-backed securities — 122,772 — 122,772 Long-term corporate debt securities — 9,945 — 9,945 Investment in Shockwave Medical (Note 10) 61,535 — — 61,535 Liabilities Cross-currency swap agreement — 489 — 489 Contingent consideration — — 21,510 21,510 Level 1 Level 2 Level 3 Total March 31, 2021: (in thousands) Assets Money market funds $ 124,297 $ — $ — $ 124,297 Repurchase agreements — 33,000 — 33,000 Short-term U.S. Treasury securities — 72,249 — 72,249 Short-term government-backed securities — 128,669 — 128,669 Short-term corporate debt securities — 104,832 — 104,832 Short-term commercial paper — 45,235 — 45,235 Long-term government-backed securities — 225,384 — 225,384 Long-term corporate debt securities — 38,701 — 38,701 Investment in Shockwave Medical (Note 10) 38,655 — — 38,655 Liabilities Cross-currency swap agreement — 4,298 — 4,298 Contingent consideration — — 24,706 24,706 |
Schedule Of Portfolio Of Equity Method and Other Investments and Change in Balance | The carrying value of the Company’s portfolio of other investments and the change in the balance during fiscal years ended March 31, 2022 and 2021 are as follows: Fiscal Years Ended March 31, 2022 2021 (in thousands) Beginning balance $ 62,995 $ 38,741 Additions 18,769 26,104 Change in investment upon acquisition (Note 3) ( 11,443 ) ( 2,000 ) Impairment — ( 800 ) Change in fair value, net ( 7 ) 950 Ending balance $ 70,314 $ 62,995 |
Change in Fair Value of Contingent Consideration as Determined by Level 3 Inputs | The following table summarizes the change in fair value, as determined by Level 3 inputs, of contingent consideration for the fiscal years ended March 31, 2022 and 2021: Fiscal Years Ended March 31, 2022 2021 (in thousands) Beginning balance $ 24,706 $ 9,000 Additions (Note 3) — 13,300 Payment of Breethe contingent consideration at acquisition date fair value ( 2,334 ) — Change in fair value ( 862 ) 2,406 Ending balance $ 21,510 $ 24,706 |
Accounts Receivable, net (Table
Accounts Receivable, net (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Components of Accounts Receivable | The components of accounts receivable are as follows: March 31, 2022 March 31, 2021 (in thousands) Trade receivables $ 91,232 $ 97,953 Allowance for credit losses ( 624 ) ( 774 ) Accounts receivable, net $ 90,608 $ 97,179 |
Summary of Allowance for Doubtful Accounts Receivable | The following table summarizes activity in the allowance for credit losses for the fiscal years ended March 31, 2022 and 2021: Fiscal Years Ended March 31, 2022 2021 (in thousands) Beginning balance $ 774 $ 1,202 Additions (recoveries) 46 ( 127 ) Write-offs ( 196 ) ( 301 ) Ending balance $ 624 $ 774 |
Inventories, net (Tables)
Inventories, net (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | The components of inventories are as follows: March 31, 2022 March 31, 2021 (in thousands) Raw materials and supplies $ 28,326 $ 27,782 Work-in-progress 34,788 35,187 Finished goods 30,867 18,090 Inventories, net $ 93,981 $ 81,059 |
Property and Equipment, net (Ta
Property and Equipment, net (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Components of Property and Equipment, net | The components of property and equipment, net are as follows: March 31, 2022 March 31, 2021 (in thousands) Land $ 10,643 $ 10,875 Building and building improvements 152,374 148,870 Leasehold improvements 1,810 439 Machinery, equipment and computer software 104,407 91,784 Furniture and fixtures 15,420 15,608 Construction in progress 19,898 10,906 Total cost 304,552 278,482 Less accumulated depreciation ( 102,062 ) ( 81,353 ) Property and equipment, net $ 202,490 $ 197,129 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets, net (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill Activity | : Fiscal Years Ended March 31, 2022 2021 (in thousands) Beginning balance $ 78,568 $ 31,969 Breethe acquisition (Note 3) — 44,485 Foreign currency translation ( 1,782 ) 2,114 Ending balance $ 76,786 $ 78,568 |
Other Intangible Assets, net | Other intangible assets consist of the following: March 31, 2022 Weighted Average Amortization Period Cost Accumulated Amortization Net Carrying Value (in thousands) Finite-lived intangible assets Developed technology 13.6 $ 27,000 $ ( 2,550 ) $ 24,450 Indefinite-lived intangible assets In-process research and development 15,068 — 15,068 Total $ 42,068 $ ( 2,550 ) $ 39,518 March 31, 2021 Weighted Average Amortization Period Cost Accumulated Amortization Net Carrying Value (in thousands) Finite-lived intangible assets Developed technology 14.6 $ 27,000 $ ( 750 ) $ 26,250 Indefinite-lived intangible assets In-process research and development 15,900 — 15,900 Total $ 42,900 $ ( 750 ) $ 42,150 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Other Assets [Abstract] | |
Summary of Components of Other Assets | The components of other assets are as follows: March 31, 2022 March 31, 2021 (in thousands) Investment in Shockwave Medical $ 61,535 $ 38,655 Other investments (Note 5) 70,314 62,995 Operating lease right-of-use assets (Note 11) 9,518 6,109 Other intangible assets and other assets 6,118 5,323 Total other assets $ 147,485 $ 113,082 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Supplemental Balance Sheet Information Related to Operating Leases | The following table presents supplemental balance sheet information related to the Company’s operating leases: March 31, 2022 March 31, 2021 (in thousands) Assets Operating lease right-of-use assets in other assets $ 9,518 $ 6,109 Liabilities Operating lease liabilities in other current liabilities 2,889 2,459 Operating lease liabilities in other long-term liabilities 6,618 3,657 Total operating lease liabilities $ 9,507 $ 6,116 |
Schedule of information related to operating leases | The following table provides information related to the Company’s operating leases: Fiscal Years Ended March 31, 2022 2021 2020 (in thousands, except lease term and discount rate) Right-of-use assets obtained in exchange for lease liabilities $ 6,461 $ 2,592 $ 15,650 Operating lease costs (1) $ 3,238 $ 4,124 $ 3,658 Weighted average remaining lease term (in years) 4.41 4.02 5.14 Weighted average discount rate 1.61 % 1.96 % 3.12 % (1) Operating lease costs recorded to the consolidated statements of operations for operating leases under ASC 842. Short-term lease expense and variable lease costs recorded to the consolidated statements of operations were not material in the fiscal years ended March 31, 2022, 2021 and 2020. Cash paid for amounts included in the measurement of lease liabilities is consistent with operating lease costs for the fiscal years ended March 31, 2022, 2021 and 2020. |
Future Minimum Lease Payments Under Non-cancelable Operating Leases | Future minimum lease payments under non-cancelable operating leases as of March 31, 2022 are as follows: Fiscal Years Ended March 31, (in thousands) 2023 $ 3,014 2024 2,786 2025 1,974 2026 982 2027 497 Thereafter 606 Total minimum lease payments 9,859 Less: imputed interest ( 352 ) Present value of operating lease liabilities $ 9,507 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Accrued expenses consisted of the following: March 31, 2022 March 31, 2021 (in thousands) Employee compensation $ 50,649 $ 40,954 Research and development 7,337 6,983 Marketing 2,289 3,674 Warranty 1,935 2,053 Sales and income taxes 1,931 5,914 Professional, legal and accounting fees 1,479 1,957 Other 7,009 4,511 $ 72,629 $ 66,046 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Schedule of Stock Repurchase Activity | The Company did not buy shares through the stock repurchase program during the fiscal year ended March 31, 2022. The following table provides stock repurchase activities during the fiscal years ended March 31, 2021 and 2020: Fiscal Years Ended March 31, 2021 2020 Shares repurchased 67,649 465,687 Average price per share $ 167.19 $ 182.27 Value of shares repurchased (in thousands) $ 11,310 $ 84,879 |
Schedule of Accumulated Other Comprehensive Loss | The components of accumulated other comprehensive loss are as follows: Foreign Currency Translation (Losses)/Gains Unrealized Gains (Losses) on Derivative Instrument Net Unrealized Gains (Losses) on Marketable Securities, net of tax (1) Total (in thousands) Balance, April 1, 2019 $ ( 15,028 ) $ — $ 339 $ ( 14,689 ) Other comprehensive (loss) income ( 1,832 ) 3,999 1,333 3,500 Balance, March 31, 2020 ( 16,860 ) 3,999 1,672 ( 11,189 ) Other comprehensive income (loss) 2,142 ( 2,095 ) ( 303 ) ( 256 ) Balance, March 31, 2021 ( 14,718 ) 1,904 1,369 ( 11,445 ) Other comprehensive (loss) ( 5,844 ) ( 1,779 ) ( 8,092 ) ( 15,715 ) Balance, March 31, 2022 $ ( 20,562 ) $ 125 $ ( 6,723 ) $ ( 27,160 ) (1) The tax impact on unrealized gains and losses on marketable securities was no t material during the fiscal years ended March 31, 2022, 2021 and 2020 . |
Stock Award Plans and Stock-B_2
Stock Award Plans and Stock-Based Compensation (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Stock-Based Compensation Recognized | The following table summarizes stock-based compensation expense by financial statement line item in the Company’s consolidated statements of operations: Fiscal Years Ended March 31, 2022 2021 2020 (in thousands) Cost of revenue $ 4,853 $ 3,760 $ 2,641 Research and development 9,007 6,941 5,534 Selling, general and administrative 38,869 36,305 31,606 $ 52,729 $ 47,006 $ 39,781 |
Components of Stock-Based Compensation | The components of stock-based compensation were as follows: Fiscal Years Ended March 31, 2022 2021 2020 (in thousands) Restricted stock units $ 43,088 $ 36,347 $ 28,895 Stock options 7,415 8,982 9,006 Employee stock purchase plan 2,226 1,677 1,880 $ 52,729 $ 47,006 $ 39,781 |
Summary of Stock Option Activity | The following table summarizes stock option activity for the fiscal year ended March 31, 2022: Weighted Weighted Average Aggregate Average Remaining Intrinsic Options Exercise Contractual Value (in thousands) Price Term (years) (in thousands) Outstanding at beginning of period 711 $ 141.87 5.46 $ 129,912 Granted 68 289.74 Exercised ( 168 ) 56.00 Cancelled and expired ( 16 ) 314.97 Outstanding at end of period 595 $ 178.54 5.55 $ 93,893 Exercisable at end of period 450 $ 151.14 4.63 $ 83,981 Options vested and expected to vest at end of period 595 $ 178.54 5.55 $ 93,893 |
Summary of Weighted Average Grant-Date Fair Values And Weighted Average Assumptions Used to Calculate Fair Value of Options Granted | The weighted average grant-date fair values and weighted average assumptions used in the calculation of fair value of options granted were as follows: Fiscal Years Ended March 31, 2022 2021 2020 Weighted average grant-date fair value $ 105.79 $ 77.82 $ 93.05 Valuation assumptions: Risk-free interest rate 0.86 % 0.32 % 1.97 % Expected option life (years) 4.33 4.22 4.14 Expected volatility 44.0 % 42.9 % 42.3 % |
Restricted Stock Units | |
Summary of Restricted Stock Units Activity | The following table summarizes restricted stock unit activity for the fiscal year ended March 31, 2022: Number of Shares Weighted Average Grant Date Fair Value (in thousands) (per share) Restricted stock units at beginning of period 301 $ 273.57 Granted (1) 172 288.77 Vested ( 133 ) 296.88 Forfeited ( 33 ) 274.55 Restricted stock units at end of period 307 $ 274.32 Includes approximately 11,000 performance-based awards granted due to greater than 100% target vesting. The weighted average grant-date fair value for restricted stock units granted during the fiscal years ended March 31, 2022, 2021 and 2020 was $ 288.8 , $ 254.8 and $ 258.6 per share, respectively. The total fair value of restricted stock units vested in fiscal years 2022, 2021 and 2020 was $ 39.4 million , $ 27.9 million and $ 99.3 million , respectively. |
Summary of Assumptions Used To Value Awards And Estimated Grant-Date Fair Value | The table below sets forth the assumptions used to value the awards and the estimated grant-date fair value: May 2021 May 2020 Risk-free interest rate 0.3 % 0.2 % Expected volatility 44.8 % 35.5 % Dividend yield — — Remaining performance period (years) 2.80 1.9 - 2.9 Estimated grant date fair value per share $ 292.4 $ 347.05 -$ 349.28 Target performance (number of shares) 25,172 30,881 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Components of Income Tax Provision | The components of the Company’s income tax provision are as follows: Fiscal Years Ended March 31, 2022 2021 2020 (in thousands) Income (loss) before provision for income taxes: United States $ 260,626 $ 249,204 $ 214,825 Foreign ( 70,066 ) 39,016 42,000 Income before income taxes 190,560 288,220 256,825 Current tax expense: Federal 25,893 8,624 — State 9,184 12,379 6,563 Foreign 16,565 12,312 14,300 51,642 33,315 20,863 Deferred tax expense (benefit): Federal 5,376 30,413 33,239 State ( 1,720 ) ( 2,382 ) 1,584 Foreign ( 1,243 ) 1,349 ( 1,870 ) 2,413 29,380 32,953 Total income tax provision $ 54,055 $ 62,695 $ 53,816 |
Components of Net Deferred Taxes | The components of the Company’s net deferred taxes were as follows: March 31, 2022 March 31, 2021 (in thousands) Deferred tax assets Net operating loss and tax credit carryforwards $ 29,802 $ 27,893 Stock-based compensation 14,608 13,790 Nondeductible reserves and accruals 15,441 12,097 Foreign net operating loss carryforwards 9,107 6,856 Deferred revenue 5,830 5,522 Other, net 312 363 $ 75,100 $ 66,521 Deferred tax liabilities Goodwill ( 7,829 ) ( 7,897 ) In-process research and development ( 12,063 ) ( 12,496 ) Depreciation ( 14,197 ) ( 11,747 ) Basis differences on other investments ( 11,442 ) ( 7,766 ) Domestic deferred tax liability on foreign net operating loss carryforwards ( 393 ) ( 415 ) ( 45,924 ) ( 40,321 ) Net deferred tax assets 29,176 26,200 Valuation allowance ( 19,405 ) ( 15,667 ) Net deferred tax assets $ 9,771 $ 10,533 Reported as: Deferred tax assets $ 10,552 $ 11,380 Deferred tax liabilities ( 781 ) ( 847 ) Net deferred tax assets $ 9,771 $ 10,533 |
Differences Between Statutory and Effective Income Tax Rate | The significant differences between the statutory and effective income tax rate consist of the following items: Fiscal Years Ended March 31, 2022 2021 2020 Statutory income tax rate 21.0 % 21.0 % 21.0 % Increase (decrease) resulting from: Credits ( 11.3 ) ( 6.0 ) ( 10.8 ) Non-deductible acquired IPR&D 10.5 — — Rate differential on foreign operations 6.5 4.1 3.2 Excess tax benefits from stock-based awards ( 4.8 ) ( 3.3 ) ( 5.2 ) State taxes, net 4.3 3.2 3.1 Non-deductible officers’ compensation 2.0 1.4 1.2 Permanent differences 0.9 1.0 3.8 Change in valuation allowance 0.3 0.3 5.3 Other ( 1.0 ) 0.1 ( 0.6 ) Effective tax rate 28.4 % 21.8 % 21.0 % |
Changes in Valuation Allowance for Deferred Tax Assets | Changes in the valuation allowance for deferred tax assets were as follows: Fiscal Years Ended March 31, 2022 2021 2020 (in thousands) Balance at beginning of year $ 15,667 $ 15,170 $ 1,302 Increase 3,738 497 13,868 Balance at end of year $ 19,405 $ 15,667 $ 15,170 |
Segment and Enterprise Wide D_2
Segment and Enterprise Wide Disclosures (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Long-Lived Assets by Geographic Location | Geographic information about long-lived assets, net excluding goodwill and other intangible assets is as follows: March 31, 2022 March 31, 2021 (in thousands) United States $ 147,403 $ 141,821 Europe 59,368 58,865 Japan 5,237 2,552 Total $ 212,008 $ 203,238 |
Basis of Preparation and Summ_4
Basis of Preparation and Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | ||
Mar. 31, 2022Customershares | Mar. 31, 2021Customershares | Mar. 31, 2020Customershares | |
Summary Of Significant Accounting Policy [Line Items] | |||
Expected dividend yield | 0.00% | ||
Net Income Per Share - Anti-dilutive securities | |||
Summary Of Significant Accounting Policy [Line Items] | |||
Shares excluded from the calculation of diluted weighted average shares outstanding | shares | 101,000 | 168,000 | 232,000 |
Customer Concentration Risk | Total Revenues | |||
Summary Of Significant Accounting Policy [Line Items] | |||
Number of customers that accounted for more than 10% of total revenues / receivables | 0 | 0 | 0 |
Customer Concentration Risk | Total Accounts Receivable | |||
Summary Of Significant Accounting Policy [Line Items] | |||
Number of customers that accounted for more than 10% of total receivables | 0 | 0 |
Basis of Preparation and Summ_5
Basis of Preparation and Summary of Significant Accounting Policies - Property and Equipment - Useful Lives - Additional Information (Detail) - Minimum | 12 Months Ended |
Mar. 31, 2021 | |
Machinery and Equipment | |
Summary Of Significant Accounting Policy [Line Items] | |
Property and Equipment, useful life | 3 years |
Computer Software | |
Summary Of Significant Accounting Policy [Line Items] | |
Property and Equipment, useful life | 3 years |
Furniture and Fixtures | |
Summary Of Significant Accounting Policy [Line Items] | |
Property and Equipment, useful life | 3 years |
Building and Building Improvements | |
Summary Of Significant Accounting Policy [Line Items] | |
Property and Equipment, useful life | 7 years |
Basis of Preparation and Summ_6
Basis of Preparation and Summary of Significant Accounting Policies - Finite lived Intangible Assets - Useful Lives - Additional Information (Detail) | 1 Months Ended | 12 Months Ended |
Oct. 31, 2020 | Mar. 31, 2022 | |
Accounting Policies [Abstract] | ||
Finite-Lived Intangible Asset, Useful Life | 15 years | 15 years |
Basis of Preparation and Summ_7
Basis of Preparation and Summary of Significant Accounting Policies - Product Warranty - Additional Information (Detail) | 12 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Product warranty period | 1 year |
Basis of Preparation and Summ_8
Basis of Preparation and Summary of Significant Accounting Policies - Accumulated Other Comprehensive Income (Loss) - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Accounting Policies [Abstract] | |||
Reclassifications out of accumulated other comprehensive income (loss) | $ 0 | $ 0 | $ 0 |
Basis of Preparation and Summ_9
Basis of Preparation and Summary of Significant Accounting Policies-Transalation of Foreign Currencies - Additional Information (Detail) $ in Millions | 12 Months Ended |
Mar. 31, 2022USD ($) | |
Foreign Currency Translation [Abstract] | |
Foreign currency transalation gain or loss, net | $ 3 |
Basis of Preparation and Sum_10
Basis of Preparation and Summary of Significant Accounting Policies - Computation of Basic and Diluted Net Income Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Basic Net Income Per Share | |||
Net income | $ 136,505 | $ 225,525 | $ 203,009 |
Weighted average shares - basic | 45,445 | 45,140 | 45,179 |
Earnings Per Share, Basic | $ 3 | $ 5 | $ 4.49 |
Diluted Net Income Per Share | |||
Net income | $ 136,505 | $ 225,525 | $ 203,009 |
Weighted average shares - basic | 45,445 | 45,140 | 45,179 |
Effect of dilutive securities | 436 | 534 | 637 |
Weighted average shares - diluted | 45,881,000 | 45,674,000 | 45,816,000 |
Earnings Per Share, Diluted | $ 2.98 | $ 4.94 | $ 4.43 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands | May 28, 2021 | Apr. 24, 2020 | Oct. 31, 2020 | Apr. 30, 2020 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 |
Restructuring Cost And Reserve [Line Items] | |||||||
In-process research and development | $ 27,000 | $ 27,000 | |||||
Fair value of in-process research and development | $ 115,986 | ||||||
Intangible asset, amortized useful life | 15 years | 15 years | |||||
Business acquisition, transaction costs | $ 900 | ||||||
Research and development expense | $ 163,403 | $ 121,875 | $ 98,759 | ||||
Pre C A R D I A Inc | |||||||
Restructuring Cost And Reserve [Line Items] | |||||||
Percentage of interest acquired | 100.00% | ||||||
Payments to acquire businesses, cash paid | $ 115,200 | ||||||
Cash given to repurchase of shares from shareholders | 82,800 | ||||||
Potential payouts payments | 5,000 | ||||||
Gain on previously owned minority interest | 21,000 | ||||||
Net asset acquired | 115,200 | ||||||
Holdback payment to former shareholders | $ 500 | ||||||
Fair value of in-process research and development | 115,500 | ||||||
Net liabilities assumed | 300 | ||||||
Payments for remaining interest | 32,400 | ||||||
Research and development expense | $ 116,000 | ||||||
Breethe | |||||||
Restructuring Cost And Reserve [Line Items] | |||||||
Payments to acquire businesses, cash paid | 55,000 | $ 55,000 | |||||
Maximum | Breethe | |||||||
Restructuring Cost And Reserve [Line Items] | |||||||
Potential payouts payments | $ 55,000 | $ 55,000 |
Schedule of Business Acquisitio
Schedule of Business Acquisitions Date Fair Value of Consideration Transferred (Detail) - USD ($) $ in Thousands | Apr. 24, 2020 | Mar. 31, 2022 | Mar. 31, 2021 |
Restructuring Cost and Reserve [Line Items] | |||
Contingent consideration | $ 21,510 | $ 24,706 | |
Breethe | |||
Restructuring Cost and Reserve [Line Items] | |||
Cash and other considerations | $ 57,850 | ||
Contingent consideration | 13,300 | $ 9,500 | $ 14,400 |
Total consideration transferred | $ 71,150 |
Schedule of Estimated Fair Valu
Schedule of Estimated Fair Value of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Oct. 31, 2020 | Apr. 24, 2020 |
Acquired assets: | ||
Cash and cash equivalents | $ 3,404 | |
Property and equipment | 744 | |
Goodwill | 44,485 | |
In-process research and development | $ 27,000 | 27,000 |
Other assets acquired | 895 | |
Total assets acquired | 76,528 | |
Liabilities assumed: | ||
Accounts payable and other liabilities | 1,562 | |
Deferred tax liabilities | 3,816 | |
Net assets acquired | $ 71,150 |
Schedule of Disaggregated Reven
Schedule of Disaggregated Revenue by Major Business Line (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation Of Revenue [Line Items] | |||
Total revenue | $ 1,031,753 | $ 847,522 | $ 840,883 |
United States [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue | 837,613 | 691,579 | 705,409 |
Europe [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue | 131,909 | 105,320 | 94,266 |
Japan [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue | 51,694 | 42,868 | 35,215 |
Rest of world [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue | 10,537 | 7,755 | 5,993 |
Outside the U.S Member | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue | 194,140 | 155,943 | 135,474 |
Product Member | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue | 984,541 | 806,322 | 806,824 |
Service and Other | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue | $ 47,212 | $ 41,200 | $ 34,059 |
Revenue Recognition - Deferred
Revenue Recognition - Deferred Revenue - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | ||
Deferred revenue | $ 26,362 | $ 24,322 |
Deferred Revenue, Revenue Recognized | $ 23,000 | $ 19,000 |
Investable Cash Equivalents and
Investable Cash Equivalents and Marketable Securities (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized Cost | $ 915,660 | $ 770,998 |
Gross Unrealized Gains | 37 | 1,443 |
Gross Unrealized Losses | 7,906 | 74 |
Fair Market Value | 907,791 | 772,367 |
Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized Cost | 61,916 | 157,297 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 3 | 0 |
Fair Market Value | 61,913 | 157,297 |
Repurchase Agreement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Market Value | 33,000 | |
Repurchase Agreement | Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized Cost | 33,000 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Fair Market Value | 33,000 | |
Short-term Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized Cost | 628,200 | 350,379 |
Gross Unrealized Gains | 37 | 623 |
Gross Unrealized Losses | 2,448 | 17 |
Fair Market Value | 625,789 | 350,985 |
Long-term Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized Cost | 225,544 | 263,322 |
Gross Unrealized Gains | 0 | 820 |
Gross Unrealized Losses | 5,455 | 57 |
Fair Market Value | 220,089 | 264,085 |
Money Market Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Market Value | 32,955 | 124,297 |
Money Market Funds | Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized Cost | 32,955 | 124,297 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Market Value | 32,955 | 124,297 |
Commercial Paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Market Value | 28,958 | |
Commercial Paper | Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized Cost | 28,961 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 3 | |
Fair Market Value | 28,958 | |
Commercial Paper | Short-term Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized Cost | 148,128 | 45,237 |
Gross Unrealized Gains | 0 | 1 |
Gross Unrealized Losses | 397 | 3 |
Fair Market Value | 147,731 | 45,235 |
U.S. Treasury mutual fund securities | Short-term Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized Cost | 287,010 | 72,221 |
Gross Unrealized Gains | 0 | 28 |
Gross Unrealized Losses | 1,384 | 0 |
Fair Market Value | 285,626 | 72,249 |
U.S. Treasury mutual fund securities | Long-term Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized Cost | 89,168 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 1,796 | |
Fair Market Value | 87,372 | |
Government-backed securities | Short-term Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized Cost | 131,954 | 128,668 |
Gross Unrealized Gains | 1 | 13 |
Gross Unrealized Losses | 554 | 12 |
Fair Market Value | 131,401 | 128,669 |
Government-backed securities | Long-term Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized Cost | 126,150 | 225,231 |
Gross Unrealized Gains | 0 | 190 |
Gross Unrealized Losses | 3,378 | 37 |
Fair Market Value | 122,772 | 225,384 |
Corporate Debt Securities | Short-term Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized Cost | 61,108 | 104,253 |
Gross Unrealized Gains | 36 | 581 |
Gross Unrealized Losses | 113 | 2 |
Fair Market Value | 61,031 | 104,832 |
Corporate Debt Securities | Long-term Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized Cost | 10,226 | 38,091 |
Gross Unrealized Gains | 0 | 630 |
Gross Unrealized Losses | 281 | 20 |
Fair Market Value | $ 9,945 | $ 38,701 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) $ in Thousands, € in Millions | Apr. 24, 2020USD ($) | Apr. 30, 2020USD ($) | Jul. 31, 2014USD ($) | Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Mar. 31, 2022EUR (€) | Oct. 30, 2019EUR (€) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Present value of expected payments related to contingent consideration | $ 21,510 | $ 24,706 | $ 9,000 | |||||
Level 3 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Present value of expected payments related to contingent consideration | 21,500 | 24,700 | ||||||
Undiscounted value of payments | $ 67,500 | 70,000 | ||||||
ECP and AIS | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Payments to acquire businesses, cash paid | $ 13,000 | |||||||
Potential payouts payments | $ 15,000 | |||||||
ECP and AIS | Minimum | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Discount rate | 3.3 | 3.3 | ||||||
Commercial milestones probabilities rate | 10.00% | |||||||
ECP and AIS | Maximum | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Discount rate | 3.9 | 3.9 | ||||||
Commercial milestones probabilities rate | 94.00% | |||||||
Breethe | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Payments to acquire businesses, cash paid | $ 55,000 | $ 55,000 | ||||||
Breethe | Minimum | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Discount rate | 3.2 | 3.2 | ||||||
Commercial milestones probabilities rate | 10.00% | |||||||
Breethe | Maximum | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Potential payouts payments | $ 55,000 | $ 55,000 | ||||||
Discount rate | 3.9 | 3.9 | ||||||
Commercial milestones probabilities rate | 75.00% | |||||||
Intercompany Agreement [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Loan to subsidiary | € | € 85 | |||||||
Cross Currency Interest Rate Contract | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Derivative notional amount | $ 93,500 | € 85 | ||||||
Other income (expense), net | $ 1,700 | $ 1,600 | $ 800 |
Schedule of Cross-Currency Rate
Schedule of Cross-Currency Rate Swap Derivatives (Detail) $ in Thousands | 12 Months Ended |
Mar. 31, 2022USD ($) | |
Pay EUR | |
Effective Date | Oct. 15, 2019 |
Maturity | Oct. 15, 2024 |
Fixed Rate | 2.75% |
Derivative notional amount | $ 85,000 |
Receive U.S $ | |
Effective Date | Oct. 15, 2019 |
Maturity | Oct. 15, 2024 |
Fixed Rate | 4.64% |
Derivative notional amount | $ 93,457 |
Schedule of Fair Value of Compa
Schedule of Fair Value of Company's Derivative Instrument (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Cross Currency Interest Rate Contract | Other Assets | ||
Fair Value | $ 489 | $ 4,298 |
Financial Instruments Measured
Financial Instruments Measured at Fair Value (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value disclosure | $ 907,791 | $ 772,367 |
Contingent consideration | 21,510 | 24,706 |
Cross Currency Interest Rate Contract | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative fair value | 489 | 4,298 |
Repurchase Agreement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value disclosure | 33,000 | |
Short-term Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value disclosure | 625,789 | 350,985 |
Long-term Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value disclosure | 220,089 | 264,085 |
Shockwave Medical | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value disclosure | 61,535 | 38,655 |
Money Market Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value disclosure | 32,955 | 124,297 |
Commercial Paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value disclosure | 28,958 | |
Commercial Paper | Short-term Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value disclosure | 147,731 | 45,235 |
U.S. Treasury mutual fund securities | Short-term Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value disclosure | 285,626 | 72,249 |
U.S. Treasury mutual fund securities | Long-term Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value disclosure | 87,372 | |
Government-backed securities | Short-term Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value disclosure | 131,401 | 128,669 |
Government-backed securities | Long-term Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value disclosure | 122,772 | 225,384 |
Corporate Debt Securities | Short-term Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value disclosure | 61,031 | 104,832 |
Corporate Debt Securities | Long-term Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value disclosure | 9,945 | 38,701 |
Level 1 | Shockwave Medical | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value disclosure | 61,535 | 38,655 |
Level 1 | Money Market Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value disclosure | 32,955 | 124,297 |
Level 2 | Cross Currency Interest Rate Contract | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative fair value | 489 | 4,298 |
Level 2 | Repurchase Agreement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value disclosure | 33,000 | |
Level 2 | Commercial Paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value disclosure | 28,958 | |
Level 2 | Commercial Paper | Short-term Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value disclosure | 147,731 | 45,235 |
Level 2 | U.S. Treasury mutual fund securities | Short-term Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value disclosure | 285,626 | 72,249 |
Level 2 | U.S. Treasury mutual fund securities | Long-term Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value disclosure | 87,372 | |
Level 2 | Government-backed securities | Short-term Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value disclosure | 131,401 | 128,669 |
Level 2 | Government-backed securities | Long-term Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value disclosure | 122,772 | 225,384 |
Level 2 | Corporate Debt Securities | Short-term Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value disclosure | 61,031 | 104,832 |
Level 2 | Corporate Debt Securities | Long-term Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value disclosure | 9,945 | 38,701 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration | $ 21,510 | $ 24,706 |
Schedule of Portfolio of Equity
Schedule of Portfolio of Equity Method and Other Investments and Change in Balance (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Beginning balance | $ 62,995 | $ 38,741 |
Additions | 18,769 | 26,104 |
Change in investment upon acquisition (Note 3) | (11,443) | (2,000) |
Impairment | (800) | |
Change in fair value, net | (7) | 950 |
Ending balance | $ 70,314 | $ 62,995 |
Schedule of Components of Conti
Schedule of Components of Contingent Consideration Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 | Apr. 24, 2020 |
Total contingent consideration | $ 21,510 | $ 24,706 | |
ECP | |||
Total contingent consideration | 12,010 | 10,306 | |
Breethe | |||
Total contingent consideration | $ 9,500 | $ 14,400 | $ 13,300 |
Change in Fair Value of Conting
Change in Fair Value of Contingent Consideration as Determined by Level 3 Inputs (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Level 3 liabilities, beginning balance | $ 24,706 | $ 9,000 |
Additions | 13,300 | |
Payment of Breethe contingent consideration at acquisition date fair value | (2,334) | |
Change in fair value | (862) | 2,406 |
Level 3 liabilities, ending balance | 21,510 | 24,706 |
Level 3 | ||
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Level 3 liabilities, beginning balance | 24,700 | |
Level 3 liabilities, ending balance | $ 21,500 | $ 24,700 |
Components of Accounts Receivab
Components of Accounts Receivable (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 |
Receivables [Abstract] | |||
Trade receivables | $ 91,232 | $ 97,953 | |
Allowance for credit losses | (624) | (774) | $ (1,202) |
Accounts receivable, net | $ 90,608 | $ 97,179 |
Summary of Allowance for Doubtf
Summary of Allowance for Doubtful Accounts Receivable (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Receivables [Abstract] | ||
Beginning balance | $ 774 | $ 1,202 |
Additions (recoveries) | 46 | 127 |
Write-offs | (196) | (301) |
Ending balance | $ 624 | $ 774 |
Inventories, net - Components o
Inventories, net - Components of Inventories (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Raw materials and supplies | $ 28,326 | $ 27,782 |
Work-in-progress | 34,788 | 35,187 |
Finished goods | 30,867 | 18,090 |
Inventories, net | $ 93,981 | $ 81,059 |
Property and Equipment, net - C
Property and Equipment, net - Components of Property and Equipment (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Property, Plant and Equipment [Abstract] | ||
Land | $ 10,643 | $ 10,875 |
Building and building improvements | 152,374 | 148,870 |
Leasehold improvements | 1,810 | 439 |
Machinery and equipment | 104,407 | 91,784 |
Furniture and fixtures | 15,420 | 15,608 |
Construction in progress | 19,898 | 10,906 |
Total cost | 304,552 | 278,482 |
Less accumulated depreciation | (102,062) | (81,353) |
Property and equipment, net | $ 202,490 | $ 197,129 |
Property and Equipment, net - A
Property and Equipment, net - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Property Plant And Equipment [Line Items] | |||
Land | $ 10,643 | $ 10,875 | |
Leasehold improvements | 1,810 | 439 | |
Right of Use Asset | 9,518 | 6,109 | |
Adjustment to Remove The Prior Lease Liability | 500 | ||
Depreciation expense | $ 25,900 | 23,100 | $ 20,100 |
Lease Agreement Termination [Member] | |||
Property Plant And Equipment [Line Items] | |||
Right of Use Asset | 4,700 | ||
Land and Building [Member] | |||
Property Plant And Equipment [Line Items] | |||
Acquisition Costs | 17,500 | ||
Land | 3,400 | ||
Investment Building and Building Improvements | 13,800 | ||
Leasehold Improvements | |||
Property Plant And Equipment [Line Items] | |||
Leasehold improvements | $ 11,000 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets, net - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Oct. 31, 2020 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Goodwill [Line Items] | ||||
Goodwill | $ 76,786,000 | $ 78,568,000 | $ 31,969,000 | |
Accumulated impairment loss, goodwill | $ 0 | |||
Finite-Lived Intangible Asset, Useful Life | 15 years | 15 years | ||
Accumulated impairment losses on IPR&D assets | $ 0 | |||
Developed Technology [Member] | ||||
Goodwill [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 15 years | |||
Impella Cardiosystems AG [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill | $ 76,800,000 | $ 78,600,000 |
Goodwill Activity (Detail)
Goodwill Activity (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Goodwill [Line Items] | ||
Beginning balance | $ 78,568 | $ 31,969 |
Foreign currency translation | (1,782) | 2,114 |
Ending balance | 76,786 | 78,568 |
Breethe | ||
Goodwill [Line Items] | ||
Breethe acquisition | $ 44,485 |
Other Intangible Assets, net (D
Other Intangible Assets, net (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Goodwill [Line Items] | ||
Other intangible assets, Total cost | $ 42,068 | $ 42,900 |
Other Intangible Assets, Gross, accumulated amortization | 2,550 | 750 |
Other intangibles, net | 39,518 | 42,150 |
Developed Technology [Member] | ||
Goodwill [Line Items] | ||
Gross carrying amount. finite lived intangible assets, cost | $ 27,000 | $ 27,000 |
Gross carrying amount. finite lived intangible assets, weighted average useful life | 13 years 7 months 6 days | 14 years 7 months 6 days |
Gross carrying amount. finite lived intangible assets, Accumulated amortization | $ (2,550) | $ (750) |
Gross carrying amount, finite lived intangible assets net carrying value | 24,450 | 26,250 |
In Process Research and Development | ||
Goodwill [Line Items] | ||
Gross carrying amount. infinite lived intangible assets, cost | 15,068 | 15,900 |
Gross carrying amount, indefinite lived intangible assets net carrying value | $ 15,068 | $ 15,900 |
Other Assets - Summary of Compo
Other Assets - Summary of Components of Other Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Investment in Shockwave Medical | $ 61,535 | $ 38,655 | |
Other investments (Note 5) | 70,314 | 62,995 | $ 38,741 |
Operating lease right-of-use assets (Note 11) | 9,518 | 6,109 | |
Other intangible assets and other assets | 6,118 | 5,323 | |
Total other assets | $ 147,485 | $ 113,082 |
Other Assets - Additional Infor
Other Assets - Additional Information (Detail) - USD ($) $ in Thousands, shares in Millions | 12 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Goodwill [Line Items] | ||||
Investment in Shockwave Medical | $ 61,535 | $ 38,655 | ||
Shockwave Medical | ||||
Goodwill [Line Items] | ||||
Investment in affiliate | $ 25,000 | |||
Investment in Shockwave Medical | $ 61,500 | $ 38,700 | ||
Aggregate shares sold | 1.4 | |||
Cash proceeds from sale of stock | $ 67,900 | |||
Realized gain from sale of stock | $ 47,300 | |||
Investments In And Advances To Affiliates Balance Shares | 0.3 | 0.3 | ||
Shockwave Medical | Other Income (Expense) | ||||
Goodwill [Line Items] | ||||
Gain (loss) recorded in other income (expense) | $ 22,900 | $ 50,800 | $ 500 |
Leases - Additional Information
Leases - Additional Information (Details) $ in Millions | 12 Months Ended |
Mar. 31, 2021USD ($) | |
Land and Building [Member] | |
Property Plant And Equipment [Line Items] | |
Acquisition Costs | $ 17.5 |
Building [Member] | |
Property Plant And Equipment [Line Items] | |
Acquisition Costs | $ 17.5 |
Supplemental Balance Sheet Info
Supplemental Balance Sheet Information Related to Operating Leases (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Leases [Abstract] | ||
Right of Use Asset | $ 9,518 | $ 6,109 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other assets | Other assets |
Operating lease liabilities in other current liabilities | $ 2,889 | $ 2,459 |
OperatingLeaseLiabilityCurrentStatementOfFinancialPositionExtensibleList | Other current liabilities | Other current liabilities |
Operating lease liabilities in other long-term liabilities | $ 6,618 | $ 3,657 |
OperatingLeaseLiabilityNoncurrentStatementOfFinancialPositionExtensibleList | Other long-term liabilities | Other long-term liabilities |
Total operating lease liabilities | $ 9,507 | $ 6,116 |
Schedule of Information Related
Schedule of Information Related To Operating Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Leases [Abstract] | |||
Right-of-use assets obtained in exchange for lease liabilities | $ 6,461 | $ 2,592 | $ 15,650 |
Operating lease costs (1) | $ 3,238 | $ 4,124 | $ 3,658 |
Weighted average remaining lease term | 4 years 4 months 28 days | 4 years 7 days | 5 years 1 month 20 days |
Weighted average discount rate | 1.61% | 1.96% | 3.12% |
Schedule of Expenses Charged to
Schedule of Expenses Charged to Operations Under Operating Leases (Details) | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 |
Leases [Abstract] | |||
Weighted average remaining lease term | 4 years 4 months 28 days | 4 years 7 days | 5 years 1 month 20 days |
Weighted average discount rate | 1.61% | 1.96% | 3.12% |
Future Minimum Lease Payments U
Future Minimum Lease Payments Under Non-cancelable Operating Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Leases [Abstract] | ||
2023 | $ 3,014 | |
2024 | 2,786 | |
2025 | 1,974 | |
2026 | 982 | |
2027 | 497 | |
Thereafter | 606 | |
Total minimum lease payments | 9,859 | |
Less: imputed interest | (352) | |
Present value of operating lease liabilities | $ 9,507 | $ 6,116 |
Accrued Expenses (Detail)
Accrued Expenses (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Payables and Accruals [Abstract] | ||
Employee compensation | $ 50,649 | $ 40,954 |
Research and development | 7,337 | 6,983 |
Marketing | 2,289 | 3,674 |
Warranty | 1,935 | 2,053 |
Sales and income taxes | 1,931 | 5,914 |
Professional, legal and accounting fees | 1,479 | 1,957 |
Other | 7,009 | 4,511 |
Accrued expenses | $ 72,629 | $ 66,046 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Mar. 31, 2022 | Mar. 31, 2021 | Aug. 31, 2019 |
Stockholders' Equity Note [Abstract] | |||
Class B Preferred Stock, par value | $ 0.01 | $ 0.01 | |
Class B Preferred Stock, Authorized | 1,000,000 | 1,000,000 | |
Class B Preferred Stock, Issued | 0 | 0 | |
Class B Preferred Stock, outstanding | 0 | 0 | |
Stock repurchase program, authorized amount | $ 200 | ||
Stock repurchase program, remaining authorized repurchase amount | $ 103.8 |
Schedule of Stock Repurchase Ac
Schedule of Stock Repurchase Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Stockholders' Equity Note [Abstract] | ||
Shares repurchased | 67,649 | 465,687 |
Average price per share | $ 167.19 | $ 182.27 |
Value of shares repurchased (in thousands) | $ 11,310 | $ 84,879 |
Schedule of Accumulated Other C
Schedule of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | ||
Shareholders Equity [Line Items] | ||||
Beginning Balance | $ 1,329,675 | $ 1,065,466 | $ 936,890 | |
Ending Balance | 1,503,326 | 1,329,675 | 1,065,466 | |
Foreign Currency Translation (Losses)/ Gains | ||||
Shareholders Equity [Line Items] | ||||
Beginning Balance | (14,718) | (16,860) | (15,028) | |
Other comprehensive (loss) income | (5,844) | 2,142 | (1,832) | |
Ending Balance | (20,562) | (14,718) | (16,860) | |
Unrealized Gains (Losses) on Derivative Instruments | ||||
Shareholders Equity [Line Items] | ||||
Beginning Balance | 1,904 | 3,999 | 0 | |
Other comprehensive (loss) income | (1,779) | (2,095) | 3,999 | |
Ending Balance | 125 | 1,904 | 3,999 | |
Net Unrealized Gains (Losses) on Marketable Securities, net of Tax | ||||
Shareholders Equity [Line Items] | ||||
Beginning Balance | [1] | 1,369 | 1,672 | 339 |
Other comprehensive (loss) income | [1] | (8,092) | (303) | 1,333 |
Ending Balance | [1] | (6,723) | 1,369 | 1,672 |
Accumulated Other Comprehensive (Loss) | ||||
Shareholders Equity [Line Items] | ||||
Beginning Balance | (11,445) | (11,189) | (14,689) | |
Other comprehensive (loss) income | (15,715) | (256) | 3,500 | |
Ending Balance | $ (27,160) | $ (11,445) | $ (11,189) | |
[1] | The tax impact on unrealized gains and losses on marketable securities was no t material during the fiscal years ended March 31, 2022, 2021 and 2020 . |
Schedule of Accumulated Other_2
Schedule of Accumulated Other Comprehensive Loss (Parenthetical) (Detail) - USD ($) | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |||
Tax impact on unrealized gains and losses on marketable securities | $ 0 | $ 0 | $ 0 |
Stock Award Plans and Stock-B_3
Stock Award Plans and Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||
May 31, 2021 | Nov. 30, 2020 | May 31, 2020 | May 31, 2019 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Aggregate intrinsic value of options exercised in period | $ 46,900 | $ 54,900 | $ 15,000 | ||||||
Proceeds from the exercise of stock options | $ 9,424 | $ 9,075 | $ 3,748 | ||||||
Expected dividend yield | 0.00% | ||||||||
Target performance (number of shares) | 25,172 | 30,881 | |||||||
2015 Stock Incentive Plan | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Stock option conversion description | Each share of stock issued pursuant to a stock option or stock appreciation right counts as one share against the maximum number of shares issuable under the 2015 Plan, while each share of stock issued pursuant to any other type of award counts as 1.8 shares against the maximum number of shares issuable under the 2015 Plan. | ||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 3,033,652 | ||||||||
Employee Stock Option | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Stock award plans, outstanding stock options expiration period | 10 years | ||||||||
Vesting period | 3 years | ||||||||
Unrecognized stock-based compensation expense | $ 7,900 | ||||||||
Unrecognized stock-based compensation expense, weighted-average recognition period | 1 year 9 months 18 days | ||||||||
Expected dividend yield | 0.00% | ||||||||
Compensation expense period description | The fair value related to these awards is recorded as compensation expense over the period from date of grant to May 2022 and May 2023, respectively | ||||||||
Restricted Stock Units | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting period | 3 years | 3 years | |||||||
Unrecognized stock-based compensation expense | $ 48,200 | ||||||||
Unrecognized stock-based compensation expense, weighted-average recognition period | 1 year 8 months 12 days | ||||||||
Weighted average grant-date fair value | $ 288.77 | [1] | $ 254.8 | $ 258.6 | |||||
Fair value of units vested | $ 39,400 | $ 27,900 | $ 99,300 | ||||||
Target performance (number of shares) | [1] | 172,000 | |||||||
Performance and Market-Based Restricted Stock Units | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Unrecognized stock-based compensation expense | $ 17,700 | ||||||||
Unrecognized stock-based compensation expense, weighted-average recognition period | 1 year 7 months 6 days | ||||||||
Performance Based Restricted Stock Units | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting period | 3 years | 2 years | |||||||
Performance Based Restricted Stock Units | Maximum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Target performance (number of shares) | 66,000 | ||||||||
Performance Based Restricted Stock Units Issued in May 2017 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Target performance (number of shares) | 62,000 | 196,580 | |||||||
Performance Based Restricted Stock Units Issued In May 2021 | Maximum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Target performance (number of shares) | 42,060 | ||||||||
Market-Based Awards | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Target performance (number of shares) | 62,930 | 61,762 | |||||||
Employee Stock Purchase Plan | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
ESPP, exercise price as a percentage of its market price | 85.00% | ||||||||
[1] | Includes approximately 11,000 performance-based awards granted due to greater than 100% target vesting. |
Stock-Based Compensation Recogn
Stock-Based Compensation Recognized (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation | $ 52,729 | $ 47,006 | $ 39,781 |
Cost of revenue | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation | 4,853 | 3,760 | 2,641 |
Research and development | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation | 9,007 | 6,941 | 5,534 |
Selling, general and administrative | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation | $ 38,869 | $ 36,305 | $ 31,606 |
Components of Stock-Based Compe
Components of Stock-Based Compensation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation | $ 52,729 | $ 47,006 | $ 39,781 |
Restricted Stock Units | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation | 43,088 | 36,347 | 28,895 |
Employee Stock Option | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation | 7,415 | 8,982 | 9,006 |
Employee Stock Purchase Plan | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation | $ 2,226 | $ 1,677 | $ 1,880 |
Summary of Stock Option Activit
Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Options | ||
Outstanding at beginning of period | 711 | |
Granted | 68 | |
Exercised | (168) | |
Cancelled and expired | (16) | |
Outstanding at end of period | 595 | 711 |
Exercisable at end of period | 450 | |
Options vested and expected to vest at end of period | 595 | |
Outstanding at beginning of period | $ 141.87 | |
Granted | 289.74 | |
Exercised | 56 | |
Cancelled and expired | 314.97 | |
Outstanding at end of period | 178.54 | $ 141.87 |
Exercisable at end of period | 151.14 | |
Options vested and expected to vest at end of period | $ 178.54 | |
Outstanding | 5 years 6 months 18 days | 5 years 5 months 15 days |
Exercisable at end of period | 4 years 7 months 17 days | |
Options vested and expected to vest at end of period | 5 years 6 months 18 days | |
Outstanding at beginning of period | $ 129,912 | |
Outstanding at end of period | 93,893 | $ 129,912 |
Exercisable at end of period | 83,981 | |
Options vested and expected to vest at end of period | $ 93,893 |
Summary of Weighted Average Gra
Summary of Weighted Average Grant-Date Fair Values And Weighted Average Assumptions used to Calculate Fair Value of Options Granted (Detail) - $ / shares | 1 Months Ended | 12 Months Ended | |||
May 31, 2021 | May 31, 2020 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Valuation assumptions: | |||||
Risk-free interest rate | 0.30% | 0.20% | |||
Expected option life (years) | 2 years 9 months 18 days | ||||
Expected volatility | 44.80% | 35.50% | |||
Employee Stock Option | |||||
Valuation assumptions: | |||||
Weighted average grant-date fair value | $ 105.79 | $ 77.82 | $ 93.05 | ||
Risk-free interest rate | 0.86% | 0.32% | 1.97% | ||
Expected option life (years) | 4 years 3 months 29 days | 4 years 2 months 19 days | 4 years 1 month 20 days | ||
Expected volatility | 44.00% | 42.90% | 42.30% |
Summary of Restricted Stock Uni
Summary of Restricted Stock Units Activity (Detail) - $ / shares | 1 Months Ended | 12 Months Ended | |||||
May 31, 2021 | May 31, 2020 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |||
Number of Shares | |||||||
Granted | 25,172 | 30,881 | |||||
Restricted Stock Units | |||||||
Number of Shares | |||||||
Beginning Balance | 301,000 | ||||||
Granted | [1] | 172,000 | |||||
Vested | (133,000) | ||||||
Forfeited | (33,000) | ||||||
Ending Balance | 307,000 | 301,000 | |||||
Weighted Average Grant Date Fair Value | |||||||
Beginning Balance | $ 273.57 | ||||||
Granted | 288.77 | [1] | $ 254.8 | $ 258.6 | |||
Vested | 296.88 | ||||||
Forfeited | 274.55 | ||||||
Ending Balance | $ 274.32 | $ 273.57 | |||||
[1] | Includes approximately 11,000 performance-based awards granted due to greater than 100% target vesting. |
Summary of Assumptions Used To
Summary of Assumptions Used To Value Awards And Estimated Grant-Date Fair Value (Detail) - $ / shares | 1 Months Ended | 12 Months Ended | |
May 31, 2021 | May 31, 2020 | Mar. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 0.30% | 0.20% | |
Expected volatility | 44.80% | 35.50% | |
Remaining performance period (years) | 2 years 9 months 18 days | ||
Estimated grant date fair value per share | $ 292.4 | ||
Target performance (number of shares) | 25,172 | 30,881 | |
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Remaining performance period (years) | 1 year 10 months 24 days | ||
Estimated grant date fair value per share | $ 347.05 | ||
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Remaining performance period (years) | 2 years 10 months 24 days | 2 years 10 months 25 days | |
Estimated grant date fair value per share | $ 349.28 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Income Taxes [Line Items] | ||||
Income tax provision | $ 54,055,000 | $ 62,695,000 | $ 53,816,000 | |
Effective income tax rate | 28.40% | 21.80% | 21.00% | |
Valuation allowance | $ 19,405,000 | $ 15,667,000 | ||
Excess tax benefits from stock-based awards | $ 12,100,000 | 10,700,000 | $ 14,800,000 | |
Foreign tax credits | 14,900,000 | |||
Interest and penalties on uncertain tax positions | $ 0 | $ 0 | $ 0 | |
Earliest Tax Year | ||||
Income Taxes [Line Items] | ||||
Foreign tax credits carry forwards expiration period | 2029 | |||
Federal and state research and development credit carry forwards year of expiration | 2023 | |||
Latest Tax Year | ||||
Income Taxes [Line Items] | ||||
Foreign tax credits carry forwards expiration period | 2032 | |||
Federal and state research and development credit carry forwards year of expiration | 2041 | |||
Foreign | ||||
Income Taxes [Line Items] | ||||
Net operating loss carry forwards | $ 32,700,000 | |||
Federal | ||||
Income Taxes [Line Items] | ||||
Research and development credit carry forwards | 400,000 | |||
State | ||||
Income Taxes [Line Items] | ||||
Research and development credit carry forwards | $ 15,000,000 |
Components of Income Tax Provis
Components of Income Tax Provision (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Income (loss) before income taxes | $ 260,626 | $ 249,204 | $ 214,825 |
Income (loss) before income taxes, foreign | (70,066) | 39,016 | 42,000 |
Income before income taxes | 190,560 | 288,220 | 256,825 |
Current income tax provision, Federal | 25,893 | 8,624 | |
Current income tax provision, State | 9,184 | 12,379 | 6,563 |
Current income tax provision, Foreign | 16,565 | 12,312 | 14,300 |
Current income tax provision | 51,642 | 33,315 | 20,863 |
Deferred income tax provision, Federal | 5,376 | 30,413 | 33,239 |
Deferred income tax provision, State | (1,720) | (2,382) | 1,584 |
Deferred income tax provision, Foreign | (1,243) | 1,349 | (1,870) |
Deferred income tax provision | 2,413 | 29,380 | 32,953 |
Total income tax provision | $ 54,055 | $ 62,695 | $ 53,816 |
Components of Net Deferred Taxe
Components of Net Deferred Taxes (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Deferred tax assets | ||
Net operating loss and tax credit carryforwards | $ 29,802 | $ 27,893 |
Stock-based compensation | 14,608 | 13,790 |
Nondeductible reserves and accruals | 15,441 | 12,097 |
Foreign net operating loss carryforwards | 9,107 | 6,856 |
Deferred revenue | 5,830 | 5,522 |
Other, net | 312 | 363 |
Deferred Tax Assets, Gross, Total | 75,100 | 66,521 |
Deferred tax liabilities | ||
Goodwill | (7,829) | (7,897) |
In-process research and development | (12,063) | (12,496) |
Depreciation | (14,197) | (11,747) |
Basis differences on other investments | (11,442) | (7,766) |
Domestic deferred tax liability on foreign net operating loss carryforwards | (393) | (415) |
Deferred Tax Liabilities, Net | (45,924) | (40,321) |
Net deferred tax assets | 29,176 | 26,200 |
Valuation allowance | (19,405) | (15,667) |
Net deferred tax assets | 9,771 | 10,533 |
Deferred tax assets | 10,552 | 11,380 |
Deferred tax liabilities | (781) | (847) |
Net deferred tax assets | $ 9,771 | $ 10,533 |
Differences Between Statutory a
Differences Between Statutory and Effective Income Tax Rate (Detail) | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Statutory income tax rate | 21.00% | 21.00% | 21.00% |
Credits | (11.30%) | (6.00%) | (10.80%) |
Non-deductible acquired IPR&D | 10.50% | 0.00% | 0.00% |
Rate differential on foreign operations | 6.50% | 4.10% | 3.20% |
Excess tax benefits from stock-based awards | (4.80%) | (3.30%) | (5.20%) |
State taxes, net | 4.30% | 3.20% | 3.10% |
Non-deductible officers compensation | 2.00% | 1.40% | 1.20% |
Permanent differences | 0.90% | 1.00% | 3.80% |
Change in valuation allowance | 0.30% | 0.30% | 5.30% |
Other | (1.00%) | 0.10% | (0.60%) |
Effective tax rate | 28.40% | 21.80% | 21.00% |
Changes in Valuation Allowance
Changes in Valuation Allowance for Deferred Tax Assets (Detail) - Valuation Allowance of Deferred Tax Assets - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Valuation Allowance [Line Items] | |||
Balance at beginning of year | $ 15,667 | $ 15,170 | $ 1,302 |
Increase | 3,738 | 497 | 13,868 |
Balance at end of year | $ 19,405 | $ 15,667 | $ 15,170 |
Segment and Enterprise Wide D_3
Segment and Enterprise Wide Disclosures - Additional Information (Detail) - Segment | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Number of reportable segments | 1 | ||
Customer Concentration Risk | Revenue | Intercompany Agreement [Member] | |||
Segment Reporting Information [Line Items] | |||
Percentage of revenue accounted | 19.00% | 18.00% | 16.00% |
Schedule of Revenues Based on L
Schedule of Revenues Based on Location of Legal Entity and Information on Long-Lived Assets and Net Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Segment Reporting Information [Line Items] | ||
Total long-lived assets | $ 212,008 | $ 203,238 |
United States [Member] | ||
Segment Reporting Information [Line Items] | ||
Total long-lived assets | 147,403 | 141,821 |
Europe [Member] | ||
Segment Reporting Information [Line Items] | ||
Total long-lived assets | 59,368 | 58,865 |
Japan [Member] | ||
Segment Reporting Information [Line Items] | ||
Total long-lived assets | $ 5,237 | $ 2,552 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
401(k) Benefit Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 4.6 | $ 3.8 | $ 3.4 |