Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | 13-May-14 | Sep. 30, 2013 | |
Document Information [Line Items] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Mar-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
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 | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 39,926,903 | ' |
Entity Public Float | ' | ' | $751,970,311 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $20,916 | $9,451 |
Short-term marketable securities | 55,663 | 67,256 |
Accounts receivable, net | 24,357 | 22,946 |
Inventories | 13,948 | 14,930 |
Prepaid expenses and other current assets | 3,082 | 2,022 |
Total current assets | 117,966 | 116,605 |
Long-term marketable securities | 41,761 | 11,406 |
Property and equipment, net | 6,889 | 6,549 |
Goodwill | 37,990 | 35,410 |
Other | 801 | 29 |
Total assets | 205,407 | 169,999 |
Current liabilities: | ' | ' |
Accounts payable | 7,746 | 7,696 |
Accrued expenses | 17,899 | 15,162 |
Deferred revenue | 4,766 | 4,198 |
Total current liabilities | 30,411 | 27,056 |
Long-term deferred tax liability | 6,415 | 5,554 |
Other long-term liabilities | 228 | 309 |
Total liabilities | 37,054 | 32,919 |
Commitments and contingencies | ' | ' |
Stockholders' equity: | ' | ' |
Class B Preferred Stock, $.01 par value Authorized-1,000,000 shares; Issued and outstanding-none | ' | ' |
Common stock, $.01 par value Authorized-100,000,000 shares; Issued-41,122,695 shares at March 31, 2014 and 39,788,383 shares at March 31, 2013; Outstanding-39,916,328 shares at March 31, 2014 and 38,601,384 shares at March 31, 2013 | 411 | 397 |
Additional paid in capital | 436,136 | 414,810 |
Accumulated deficit | -250,910 | -258,261 |
Treasury stock at cost-1,206,367 shares at March 31, 2014 and 1,186,999 shares at March 31, 2013 | -16,554 | -16,129 |
Accumulated other comprehensive loss | -730 | -3,737 |
Total stockholders' equity | 168,353 | 137,080 |
Total liabilities and stockholders' equity | $205,407 | $169,999 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
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 | ' | ' |
Class B Preferred Stock, outstanding | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, Authorized | 100,000,000 | 100,000,000 |
Common stock, Issued | 41,122,695 | 39,788,383 |
Common stock, Outstanding | 39,916,328 | 38,601,384 |
Treasury stock, shares | 1,206,367 | 1,186,999 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Revenue: | ' | ' | ' |
Product revenue | $183,280 | $157,614 | $125,286 |
Funded research and development | 363 | 510 | 1,089 |
Total Revenue | 183,643 | 158,124 | 126,375 |
Costs and expenses: | ' | ' | ' |
Cost of product revenue | 37,322 | 31,596 | 24,507 |
Research and development | 30,707 | 25,647 | 27,159 |
Selling, general and administrative | 107,251 | 84,227 | 71,711 |
Amortization of intangible assets | ' | 111 | 1,478 |
Costs and Expenses, Total | 175,280 | 141,581 | 124,855 |
Income from operations | 8,363 | 16,543 | 1,520 |
Other income: | ' | ' | ' |
Investment income (expense), net | 118 | -7 | -3 |
Gain on settlement of investment | ' | ' | 1,017 |
Other income | 49 | 326 | 9 |
Other income (expense), net | 167 | 319 | 1,023 |
Income (loss) before income tax provision | 8,530 | 16,862 | 2,543 |
Income tax provision | 1,179 | 1,848 | 1,048 |
Net income | $7,351 | $15,014 | $1,495 |
Basic net income per share | $0.19 | $0.38 | $0.04 |
Basic weighted average shares outstanding | 39,334 | 39,113 | 38,374 |
Diluted net income per share | $0.18 | $0.37 | $0.04 |
Diluted weighted average shares outstanding | 41,606 | 41,052 | 40,172 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Net income | $7,351 | $15,014 | $1,495 |
Other comprehensive income (loss): | ' | ' | ' |
Foreign currency translation gains (losses) | 3,025 | -1,974 | -2,510 |
Net unrealized (losses) gains on marketable securities | -18 | 2 | ' |
Other comprehensive income (loss) | 3,007 | -1,972 | -2,510 |
Comprehensive income (loss) | $10,358 | $13,042 | ($1,015) |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock | Treasury Stock | Additional Paid in Capital | Accumulated Deficit | Accumulated Other Comprehensive (Loss) Income |
In Thousands, except Share data | ||||||
Beginning Balance at Mar. 31, 2011 | $104,743 | $377 | ($827) | $379,218 | ($274,770) | $745 |
Beginning Balance (in shares) at Mar. 31, 2011 | ' | 37,705,765 | 50,954 | ' | ' | ' |
Stock options exercised (in shares) | ' | 1,516,038 | ' | ' | ' | ' |
Stock options exercised | 14,257 | 15 | ' | 14,242 | ' | ' |
Stock issued under employee stock purchase plan (in shares) | ' | 45,445 | ' | ' | ' | ' |
Stock issued under employee stock purchase plan | 423 | 1 | ' | 422 | ' | ' |
Stock issued to directors (in shares) | ' | 5,506 | ' | ' | ' | ' |
Stock issued to directors | 116 | ' | ' | 116 | ' | ' |
Stock compensation expense | 7,773 | ' | ' | 7,773 | ' | ' |
Other comprehensive income (loss) | -2,510 | ' | ' | ' | ' | -2,510 |
Net income (loss) | 1,495 | ' | ' | ' | 1,495 | ' |
Ending Balance at Mar. 31, 2012 | 126,297 | 393 | -827 | 401,771 | -273,275 | -1,765 |
Ending Balance (in shares) at Mar. 31, 2012 | ' | 39,272,754 | 50,954 | ' | ' | ' |
Restricted stock issued (in shares) | ' | 91,503 | ' | ' | ' | ' |
Restricted stock issued | ' | 1 | ' | -1 | ' | ' |
Stock options exercised (in shares) | ' | 337,212 | ' | ' | ' | ' |
Stock options exercised | 2,936 | 3 | ' | 2,933 | ' | ' |
Stock issued under employee stock purchase plan (in shares) | ' | 33,132 | ' | ' | ' | ' |
Stock issued under employee stock purchase plan | 555 | ' | ' | 555 | ' | ' |
Stock issued to directors (in shares) | ' | 2,828 | ' | ' | ' | ' |
Stock issued to directors | 51 | ' | ' | 51 | ' | ' |
Repurchase of common stock (in shares) | ' | -1,123,587 | 1,123,587 | ' | ' | ' |
Repurchase of common stock | -15,045 | ' | -15,045 | ' | ' | ' |
Return of common stock to pay withholding taxes on restricted stock (in shares) | ' | -12,458 | 12,458 | ' | ' | ' |
Return of common stock to pay withholding taxes on restricted stock | -257 | ' | -257 | ' | ' | ' |
Stock compensation expense | 9,501 | ' | ' | 9,501 | ' | ' |
Other comprehensive income (loss) | -1,972 | ' | ' | ' | ' | -1,972 |
Net income (loss) | 15,014 | ' | ' | ' | 15,014 | ' |
Ending Balance at Mar. 31, 2013 | 137,080 | 397 | -16,129 | 414,810 | -258,261 | -3,737 |
Ending Balance (in shares) at Mar. 31, 2013 | ' | 38,601,384 | 1,186,999 | ' | ' | ' |
Restricted stock issued (in shares) | ' | 254,991 | ' | ' | ' | ' |
Restricted stock issued | ' | 3 | ' | -3 | ' | ' |
Stock options exercised (in shares) | 1,029,000 | 1,029,024 | ' | ' | ' | ' |
Stock options exercised | 9,360 | 11 | ' | 9,349 | ' | ' |
Stock issued under employee stock purchase plan (in shares) | ' | 43,779 | ' | ' | ' | ' |
Stock issued under employee stock purchase plan | 697 | ' | ' | 697 | ' | ' |
Stock issued to directors (in shares) | ' | 6,518 | ' | ' | ' | ' |
Stock issued to directors | 65 | ' | ' | 65 | ' | ' |
Return of common stock to pay withholding taxes on restricted stock (in shares) | ' | -19,368 | 19,368 | ' | ' | ' |
Return of common stock to pay withholding taxes on restricted stock | -425 | ' | -425 | ' | ' | ' |
Stock compensation expense | 11,218 | ' | ' | 11,218 | ' | ' |
Other comprehensive income (loss) | 3,007 | ' | ' | ' | ' | 3,007 |
Net income (loss) | 7,351 | ' | ' | ' | 7,351 | ' |
Ending Balance at Mar. 31, 2014 | $168,353 | $411 | ($16,554) | $436,136 | ($250,910) | ($730) |
Ending Balance (in shares) at Mar. 31, 2014 | ' | 39,916,328 | 1,206,367 | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Operating activities: | ' | ' | ' |
Net income | $7,351 | $15,014 | $1,495 |
Adjustments required to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 2,508 | 2,723 | 4,336 |
Bad debt expense | 47 | 33 | 117 |
Stock-based compensation | 11,218 | 9,501 | 7,773 |
Write-down of inventory | 2,012 | 1,172 | 1,833 |
Loss on disposal of fixed assets | ' | 10 | 53 |
Deferred tax provision | 860 | 755 | 789 |
Gain on settlement of investment | ' | ' | -1,017 |
Changes in assets and liabilities: | ' | ' | ' |
Accounts receivable | -1,312 | -2,586 | -5,284 |
Inventories | -622 | -5,315 | -6,229 |
Prepaid expenses and other assets | -1,039 | -326 | -239 |
Accounts payable | -54 | 1,183 | 287 |
Accrued expenses and other long-term liabilities | 1,938 | 3,057 | -1,330 |
Deferred revenue | 559 | 1,178 | 1,050 |
Net cash provided by operating activities | 23,466 | 26,399 | 3,634 |
Investing activities: | ' | ' | ' |
Purchases of marketable securities | -87,026 | -49,429 | -24,502 |
Proceeds from the sale and maturity of marketable securities | 68,265 | 42,000 | 7,750 |
Purchase of other investment | -750 | ' | ' |
Proceeds from settlement of investment | ' | ' | 1,017 |
Purchases of property and equipment | -2,761 | -2,836 | -1,745 |
Net cash used for investing activities | -22,272 | -10,265 | -17,480 |
Financing activities: | ' | ' | ' |
Proceeds from the exercise of stock options | 9,360 | 2,936 | 14,257 |
Repurchase of common stock | ' | -15,045 | ' |
Payments in lieu of issuance of common stock for minimum payroll taxes | -425 | -257 | ' |
Proceeds from the issuance of stock under employee stock purchase plan | 697 | 555 | 423 |
Net cash provided by (used for) financing activities | 9,632 | -11,811 | 14,680 |
Effect of exchange rate changes on cash | 639 | -862 | -675 |
Net increase in cash and cash equivalents | 11,465 | 3,461 | 159 |
Cash and cash equivalents at beginning of year | 9,451 | 5,990 | 5,831 |
Cash and cash equivalents at end of year | 20,916 | 9,451 | 5,990 |
Supplemental disclosures: | ' | ' | ' |
Cash paid for income taxes | 1,324 | 131 | 17 |
Fixed asset expenditures incurred, not yet paid | $60 | $250 | $535 |
Nature_of_Operations
Nature of Operations | 12 Months Ended |
Mar. 31, 2014 | |
Nature of Operations | ' |
Note 1. Nature of Operations | |
Abiomed, Inc. (the “Company” or “Abiomed”) is a leading provider of mechanical circulatory support devices and offers a continuum of care in heart recovery to heart failure patients. The Company develops, manufactures and markets proprietary products that are designed to enable the heart to rest, heal and recover by improving blood flow and/or performing the pumping function 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 heart surgeons for patients who are in need of hemodynamic support prophylactically or emergently before, during or after angioplasty or heart surgery procedures. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||||
Note 2. Summary of Significant Accounting Policies | |||||||||||||
The accompanying consolidated financial statements reflect the application of certain 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. | |||||||||||||
Use of Estimates | |||||||||||||
The preparation of financial statements in conformity with generally accepted accounting principles of the United States of America, or 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, goodwill, intangible and long-lived assets, accrued expenses, stock-based compensation, income taxes including the valuation allowance for deferred tax assets, contingencies and litigation. Provisions for depreciation are based on their estimated useful lives using the straight-line method. 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 a 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 security with a maturity date of greater than 90 days at the time of purchase as marketable securities and classifies marketable securities with a maturity date of greater than one year from the balance sheet date as long-term marketable securities. Securities that the Company has the positive intent and ability to hold to maturity are reported at amortized cost and classified as held-to-maturity securities. If the Company does not have the intent and ability to hold a security to maturity, it reports the investment as available-for-sale securities. The Company reports available-for-sale securities at fair value, and includes unrealized gains and, to the extent deemed temporary, unrealized losses in stockholder’s 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 security to market through a charge to unrealized loss on short-term marketable securities in the consolidated statements of operations. | |||||||||||||
Major Customers and Concentrations of Credit Risk | |||||||||||||
Abiomed primarily sells its products to hospitals and distributors. No customer accounted for more than 10% of total product revenues in fiscal year 2014, 2013 or 2012. No customer had an accounts receivable balance greater than 10% of total accounts receivable at March 31, 2014 and 2013. | |||||||||||||
Credit is extended based on an evaluation of a customer’s financial condition and generally collateral is not required. To date, credit losses have not been significant and the Company maintains an allowance for doubtful accounts based on its assessment of the collectability of accounts receivable. Receivables are geographically dispersed, primarily throughout the U.S., as well as in Europe and other foreign countries where formal distributor agreements exist. | |||||||||||||
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. | |||||||||||||
Inventories | |||||||||||||
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 | |||||||||||||
Property and equipment is recorded at cost less accumulated depreciation. Depreciation is computed using the straight line method based on estimated useful lives of two to ten years for machinery and equipment, three to seven years for computer software, and four to ten years for furniture and fixtures. 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. | |||||||||||||
Property and equipment is reviewed for impairment losses whenever events or changes in circumstances indicate the carrying amount may not be recoverable. An impairment loss would be recognized based on the amount by which the carrying value of the asset or asset group exceeds its fair value. Fair value is determined primarily using the estimated future cash flows associated with the asset or asset group under review discounted at a rate commensurate with the risk involved and other valuation techniques. | |||||||||||||
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, instead the Company evaluates goodwill for impairment at least annually at October 31, as well as whenever events or changes in circumstances suggest that the carrying amount may not be recoverable. | |||||||||||||
Goodwill impairment assessments are performed at the reporting unit level. The goodwill test involves a two-step process. The first step is a comparison of the reporting unit’s fair value to its carrying value. If the reporting unit’s fair value exceeds its carrying value, no further procedures are required. However, if the reporting unit’s fair value is less than the carrying value, an impairment of goodwill may exist, requiring a second step to measure the amount of impairment loss. If the implied fair value of goodwill is less than the recorded goodwill, an impairment charge is recorded for the difference. | |||||||||||||
In applying the goodwill impairment test, the Company may assess 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 (“Step 0”). Qualitative factors may include, but are not limited to, macroeconomic conditions, industry conditions, the competitive environment, changes in the market for our 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 not more likely than not that the fair value of a reporting unit is less than its carry amount, then performing the two-step impairment test is unnecessary. | |||||||||||||
When necessary, the goodwill impairment test is performed at the reporting unit level by comparing the reporting unit’s carrying amount, including goodwill, to the fair value of the reporting unit. The Company estimates the fair value of its single reporting unit using a combination of the income approach and the market approach. The income approach incorporates the use of a discounted cash flow method in which the estimated future cash flows and terminal values for the reporting unit is discounted to a present value using an appropriate discount rate. Cash flow projections are based on management’s estimates of economic and market conditions which drive key assumptions of revenue growth rates, operating margins, capital expenditures and working capital requirements. The discount rate is based on the specific risk characteristics of the reporting unit and its underlying forecast. The market approach estimates fair value by comparing publicly traded companies with similar operating and investment characteristics as the reporting unit. The fair values determined by the market approach and income approach, are weighted to determine the fair value for the reporting unit based primarily on the similarity of the operating and investment characteristics of the reporting unit to the comparable publicly traded companies used in the market approach. In order to assess the reasonableness of the calculated reporting unit’s fair value, the Company also compares the reporting unit’s fair value to its market capitalization (per share stock price times number of common shares outstanding) and calculate an implied control premium (the excess of the reporting unit’s fair value over the market capitalization). | |||||||||||||
If the carrying amount of the reporting unit exceeds its fair value, then a second step is performed to measure the amount of impairment loss, if any, by comparing the fair value of each identifiable asset and liability in the reporting unit to the total fair value of the reporting unit. Any impairment loss is expensed in the consolidated statement of operations and is not reversed if the fair value subsequently increases. | |||||||||||||
The Company performed a Step 0 qualitative assessment during the annual impairment review for fiscal 2014 as of October 31, 2013 and concluded that it is not more likely than not that the fair value of the Company’s single reporting unit is less than its carrying amount. Therefore, the two-step goodwill impairment test for the reporting unit was not necessary in fiscal 2014. The carrying amount of goodwill at March 31, 2014 was $38.0 million. | |||||||||||||
Financial Instruments | |||||||||||||
The Company’s financial instruments are comprised of cash and cash equivalents, marketable securities, accounts receivable and accounts payable, the carrying amounts of which approximate fair market value as they are highly liquid and primarily short term in nature. | |||||||||||||
Accrued Expenses | |||||||||||||
As part of the process of preparing its financial statements, the Company is required to estimate accrued expenses. This process involves 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 contract service fees, such as amounts due to clinical research organizations, 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 product and product candidates. Accrued expenses also include estimates for payroll costs, such as bonuses and commissions. In the event that the Company does not identify certain costs that have been incurred or it under or over-estimates the level of services or the costs of such services, reported expenses for a reporting period could be overstated or understated. The date in which certain services commence, 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 | |||||||||||||
The Company recognizes revenue when evidence of an arrangement exists, title has passed (generally upon shipment) or services have been rendered, the selling price is fixed or determinable and collectability is reasonably assured. | |||||||||||||
Revenue from product sales to customers is recognized when delivery has occurred. All costs related to product sales are recognized at time of delivery. The Company does not provide for rights of return to customers on product sales and therefore does not record a provision for returns. | |||||||||||||
Maintenance and service support contract revenues are included in product sales and are recognized ratably over the term of the service contracts. Revenue is recognized as earned in limited instances where the Company rents its console medical devices on a month-to-month basis or for a longer specified period of time to customers. | |||||||||||||
Government-sponsored research and development contracts and grants generally provide for payment on a cost-plus-fixed-fee basis. Revenues from these contracts and grants are recognized as work is performed, provided the government has appropriated sufficient funds for the work. Under contracts in which the Company elects to spend significantly more on the development project during the term of the contract than the total contract amount, the Company prospectively recognizes revenue on such contracts ratably over the term of the contract as related research and development costs are incurred. | |||||||||||||
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 and are included in accrued expenses in the accompanying consolidated balance sheets. 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 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. | |||||||||||||
Translation of Foreign Currencies | |||||||||||||
All assets and liabilities of the Company’s non-U.S. subsidiaries are translated at year-end exchange rates and revenues and expenses are translated at average exchange rates for the year. The functional currencies of our non-U.S. subsidiaries are the euro, British pound and Japanese yen. Resulting translation adjustments are reflected in the accumulated other comprehensive (loss) income component of stockholders’ equity. Currency transaction gains and losses are included as other income (expense), net in the statements of operations. | |||||||||||||
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 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 awards, restricted stock units, performance-based awards and shares to be purchased under the employee stock purchase plan. In fiscal years when a net loss is reported, all common stock equivalents are excluded from the calculation because they would have an anti-dilutive effect, meaning the loss per share would be reduced. Therefore, in periods when a loss is reported basic and dilutive loss per share are the same. | |||||||||||||
March 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Basic Net Income Per Share | |||||||||||||
Net income | $ | 7,351 | $ | 15,014 | $ | 1,495 | |||||||
Weighted average shares used in computing basic net income per share | 39,334 | 39,113 | 38,374 | ||||||||||
Net income per share—basic | $ | 0.19 | $ | 0.38 | $ | 0.04 | |||||||
March 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Diluted Net Income Per Share | |||||||||||||
Net income | $ | 7,351 | $ | 15,014 | $ | 1,495 | |||||||
Weighted average shares used in computing basic net income per share | 39,334 | 39,113 | 38,374 | ||||||||||
Effect of dilutive securities | 2,272 | 1,939 | 1,798 | ||||||||||
Weighted average shares used in computing diluted net income per share | 41,606 | 41,052 | 40,172 | ||||||||||
Net income per share—diluted | $ | 0.18 | $ | 0.37 | $ | 0.04 | |||||||
For the fiscal years ended March 31, 2014, 2013 and 2012, approximately 94,000, 438,000 and 410,000 shares of common stock underlying outstanding securities primarily 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. | |||||||||||||
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 expense over the requisite service period, and includes an estimate of awards that will be forfeited. | |||||||||||||
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 dividends and does not expect to pay any cash dividends in the foreseeable future. Forfeitures are estimated based on an analysis of actual option forfeitures, adjusted to the extent historical forfeitures may not be indicative of forfeitures in the future. | |||||||||||||
For awards with service conditions only, the Company recognizes compensation cost on a straight-line basis over the requisite service period. For awards with service and performance conditions, the Company recognizes compensation costs using the graded vesting method over the requisite service period. Accruals of compensation cost for an award with performance conditions are based on the probable outcome of the performance conditions. The cumulative effect of 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 a deferred provision. The current income tax provision is calculated as the estimated taxes payable or refundable on tax returns for the current 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 differences are expected to reverse. | |||||||||||||
Deferred income taxes are recognized for the tax consequences in future years of 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 affect taxable income. 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 than 50% likely of being realized upon ultimate settlement. The Company reevaluates these uncertain tax positions on a quarterly basis. This evaluation is based on factors including, but not limited to, changes in facts or circumstances, changes in tax laws, effectively settled issues under audit and new audit activity. Any changes in these factors could result in the recognition of a tax benefit or an additional charge to the tax provision. The Company accrues for the effects of uncertain tax positions and the related potential penalties and interest. | |||||||||||||
Recent Accounting Pronouncements | |||||||||||||
In June 2013, the FASB issued Accounting Standards Update (ASU) 2013-11, Income Taxes (ASC Topic 740), Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. The ASU requires entities to present unrecognized tax benefits as a decrease in a net operating loss, similar to tax loss or tax credit carryforward if certain criteria are met. The standard clarifies presentation requirements for unrecognized tax benefits but will not alter the way in which entities assess deferred tax assets for realizability. The guidance is effective for the fiscal year, and interim periods within that fiscal year, beginning after December 15, 2013. The Company will adopt this guidance beginning in the first quarter of fiscal 2015. The impact of adoption is not expected to be material. |
Marketable_Securities_and_Fair
Marketable Securities and Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Marketable Securities and Fair Value Measurements | ' | ||||||||||||||||
Note 3. Marketable Securities and Fair Value Measurements | |||||||||||||||||
Marketable Securities | |||||||||||||||||
The Company’s marketable securities are classified as available-for-sale securities and, accordingly, are recorded at fair value. The difference between amortized cost and fair value is reported as a component of other comprehensive income. | |||||||||||||||||
The Company’s marketable securities at March 31, 2014 and 2013 are classified on the balance sheet as follows (in thousands): | |||||||||||||||||
March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
(in $000’s) | |||||||||||||||||
Short-term marketable securities | $ | 55,663 | $ | 67,256 | |||||||||||||
Long-term marketable securities | 41,761 | 11,406 | |||||||||||||||
$ | 97,424 | $ | 78,662 | ||||||||||||||
The Company’s marketable securities at March 31, 2014 and 2013 are invested in the following (in thousands): | |||||||||||||||||
Amortized | Gross | Gross | Fair Market | ||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||
Gains | Losses | ||||||||||||||||
(in $000’s) | |||||||||||||||||
At March 31, 2014: | |||||||||||||||||
US Treasury securities | $ | 31,487 | $ | — | $ | — | $ | 31,487 | |||||||||
Short-term government-backed securities | 24,174 | 6 | (4 | ) | 24,176 | ||||||||||||
Long-term government-backed securities | 41,779 | 8 | (26 | ) | 41,761 | ||||||||||||
$ | 97,440 | $ | 14 | $ | (30 | ) | $ | 97,424 | |||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||
Cost | Unrealized | Unrealized | Market | ||||||||||||||
Gains | Losses | Value | |||||||||||||||
(in $000’s) | |||||||||||||||||
At March 31, 2013: | |||||||||||||||||
US Treasury securities | $ | 59,020 | $ | — | $ | — | $ | 59,020 | |||||||||
Short-term government-backed securities | 8,235 | 1 | — | 8,236 | |||||||||||||
Long-term government-backed securities | 11,405 | 3 | (2 | ) | 11,406 | ||||||||||||
$ | 78,660 | $ | 4 | $ | (2 | ) | $ | 78,662 | |||||||||
Fair Value Hierarchy | |||||||||||||||||
Fair value is defined as the price that would be received to sell 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: Quoted market prices in active markets for identical assets or liabilities. | |||||||||||||||||
Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data. | |||||||||||||||||
Level 3: Unobservable inputs that are not corroborated by market data. | |||||||||||||||||
Level 1 primarily consists of financial instruments whose value is 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 table presents the Company’s fair value hierarchy for its financial instruments measured at fair value as of March 31, 2014 and 2013: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
(in $000’s) | |||||||||||||||||
At March 31, 2014: | |||||||||||||||||
U.S. Treasury securities | $ | — | $ | 31,487 | $ | — | $ | 31,487 | |||||||||
Short-term government-backed securities | — | 24,176 | — | 24,176 | |||||||||||||
Long-term government-backed securities | — | 41,761 | — | 41,761 | |||||||||||||
$ | — | $ | 97,424 | $ | — | $ | 97,424 | ||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
(in$000’s) | |||||||||||||||||
At March 31, 2013: | |||||||||||||||||
U.S. Treasury securities | $ | — | $ | 59,020 | $ | — | $ | 59,020 | |||||||||
Short-term government-backed securities | — | 8,236 | — | 8,236 | |||||||||||||
Long-term government-backed securities | — | 11,406 | — | 11,406 | |||||||||||||
$ | — | $ | 78,662 | $ | — | $ | 78,662 | ||||||||||
In May 2013, the Company invested $0.8 million in preferred stock of a private technology company. In addition, the Company committed to invest an additional $0.7 million if this private technology company achieves certain milestones or otherwise at the Company’s option. This other investment is accounted for using the cost method and is measured at fair value on a nonrecurring basis only if there are identified events or changes in circumstance that may have a significant adverse effect on the fair value of these investments. The aggregate carrying amount of this other investment was $0.8 million as of March 31, 2014 and is classified within other assets in the consolidated balance sheets. |
Accounts_Receivable
Accounts Receivable | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Accounts Receivable | ' | ||||||||
Note 4. Accounts Receivable | |||||||||
The components of accounts receivable are as follows: | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
(in $000’s) | |||||||||
Trade receivables | $ | 24,542 | $ | 23,082 | |||||
Allowance for doubtful accounts | (185 | ) | (136 | ) | |||||
$ | 24,357 | $ | 22,946 | ||||||
Inventories
Inventories | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Inventories | ' | ||||||||
Note 5. Inventories | |||||||||
The components of inventories are as follows: | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
(in $000’s) | |||||||||
Raw materials and supplies | $ | 6,414 | $ | 6,267 | |||||
Work-in-progress | 6,261 | 5,296 | |||||||
Finished goods | 1,273 | 3,367 | |||||||
$ | 13,948 | $ | 14,930 | ||||||
The Company’s inventories relate to its circulatory care product lines, primarily the Impella and AB5000 product platforms. Finished goods and work-in-process inventories consist of direct material, labor and overhead. During the years ended March 31, 2014, 2013 and 2012, the Company recorded $2.0 million, $1.2 million and $1.8 million, respectively, in write-downs of inventory. |
Property_and_Equipment
Property and Equipment | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Property and Equipment | ' | ||||||||
Note 6. Property and Equipment | |||||||||
The components of property and equipment are as follows: | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
(in $000’s) | |||||||||
Machinery and equipment | $ | 16,805 | $ | 14,392 | |||||
Furniture and fixtures | 960 | 969 | |||||||
Leasehold improvements | 1,876 | 1,843 | |||||||
Construction in progress | 1,226 | 1,541 | |||||||
Total cost | 20,867 | 18,745 | |||||||
Less accumulated depreciation | (13,978 | ) | (12,196 | ) | |||||
$ | 6,889 | $ | 6,549 | ||||||
Depreciation expense related to property and equipment was $2.4 million, $2.5 million and $2.3 million for the years ending March 31, 2014, 2013 and 2012, respectively. |
Goodwill
Goodwill | 12 Months Ended | ||||
Mar. 31, 2014 | |||||
Goodwill | ' | ||||
Note 7. Goodwill | |||||
The carrying amount of goodwill at March 31, 2014 and 2013 was $38.0 million and $35.4 million, respectively, and has been recorded in connection with the Company’s acquisition of Impella Cardiosystems AG, or Impella, in 2005. The goodwill activity is as follows: | |||||
(in $000’s) | |||||
Balance at March 31, 2012 | $ | 36,846 | |||
Exchange rate impact | (1,436 | ) | |||
Balance at March 31, 2013 | 35,410 | ||||
Exchange rate impact | 2,580 | ||||
Balance at March 31, 2014 | $ | 37,990 | |||
The Company has no accumulated impairment losses on goodwill. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended |
Mar. 31, 2014 | |
Stockholders' Equity | ' |
Note 8. Stockholders’ Equity | |
Stock Repurchase Program | |
In November 2012, the Company’s Board of Directors authorized a stock repurchase program for up to $15.0 million of its common stock. The Company financed the stock repurchase program with its available cash. During the year ended March 31, 2013, the Company repurchased 1,123,587 shares for $15.0 million in open market purchases at an average cost of $13.39 per share, including commission expense. The Company completed the purchase of common stock under this stock repurchase program in January 2013. |
Stock_Award_Plans_and_StockBas
Stock Award Plans and Stock-Based Compensation | 12 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Stock Award Plans and Stock-Based Compensation | ' | ||||||||||||||||
Note 9. 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, 2014 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. | |||||||||||||||||
The Company’s 2008 Stock Incentive Plan (the “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 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 Plan, while each share of stock issued pursuant to any other type of award counts as 1.58 shares against the maximum number of shares issuable under the Plan for grants made on or after August 11, 2010 (and as 1.5 shares for grants made prior to that date). 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. At March 31, 2014, a total of approximately 1,317,000 shares were available for future issuance under the 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 for the fiscal years ended March 31, 2014, 2013 and 2012 (in thousands): | |||||||||||||||||
March 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
(in $000’s) | |||||||||||||||||
Cost of product revenue | $ | 614 | $ | 450 | $ | 282 | |||||||||||
Research and development | 2,347 | 1,843 | 1,719 | ||||||||||||||
Selling, general and administrative | 8,257 | 7,208 | 5,772 | ||||||||||||||
$ | 11,218 | $ | 9,501 | $ | 7,773 | ||||||||||||
The components of stock-based compensation for the fiscal years ended March 31, 2014, 2013 and 2012 were as follows (in thousands): | |||||||||||||||||
March 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
(in $000’s) | |||||||||||||||||
Restricted stock units | $ | 8,008 | $ | 5,970 | $ | 2,808 | |||||||||||
Stock options | 2,679 | 2,680 | 2,722 | ||||||||||||||
Restricted stock | 314 | 653 | 2,095 | ||||||||||||||
Employee stock purchase plan | 217 | 198 | 148 | ||||||||||||||
$ | 11,218 | $ | 9,501 | $ | 7,773 | ||||||||||||
Stock Options | |||||||||||||||||
The following table summarized stock option activity for the year ended March 31, 2014: | |||||||||||||||||
Options | Weighted | Weighted | Aggregate | ||||||||||||||
(in thousands) | Average | Average | Intrinsic | ||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | (in thousands) | |||||||||||||||
Term (years) | |||||||||||||||||
Outstanding at beginning of year | 4,228 | $ | 11.49 | 5.37 | |||||||||||||
Granted | 336 | 23.56 | |||||||||||||||
Exercised | (1,029 | ) | 9.1 | ||||||||||||||
Cancelled and expired | (43 | ) | 18.54 | ||||||||||||||
Outstanding at end of year | 3,492 | $ | 13.27 | 4.92 | $ | 44,634 | |||||||||||
Exercisable at end of year | 2,708 | $ | 11.4 | 3.98 | $ | 39,653 | |||||||||||
Options vested and expected to vest at end of year | 3,401 | $ | 13.17 | 4.85 | $ | 43,819 | |||||||||||
The remaining unrecognized stock-based compensation expense for unvested stock option awards at March 31, 2014 was approximately $4.4 million, net of forfeitures, and the weighted-average period over which this cost will be recognized is 2.7 years. | |||||||||||||||||
The aggregate intrinsic value of options exercised for fiscal years 2014, 2013 and 2012 was $16.3 million, $4.6 million and $13.4 million, respectively. The total cash received as a result of employee stock option exercises during the years ended March 31, 2014, 2013 and 2012 was approximately $9.4 million, $2.9 million and $14.3 million, respectively. The total fair value of options vested in fiscal years 2014, 2013 and 2012 was $2.5 million, $2.6 million and $3.8 million, respectively. | |||||||||||||||||
The weighted average grant-date fair value for options granted during the years ended March 31, 2014, 2013 and 2012 was $9.85, $9.66 and $8.35 per share, respectively. | |||||||||||||||||
The Company estimates the fair value of each stock option granted at the grant date using the Black-Scholes option valuation model. The fair value of options granted during the years ended March 31, 2014, 2013 and 2012 were calculated using the following weighted average assumptions: | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Risk-free interest rate | 0.94 | % | 0.78 | % | 1.47 | % | |||||||||||
Expected option life (years) | 4.25 | 4.31 | 5.19 | ||||||||||||||
Expected volatility | 51.7 | % | 56.2 | % | 53.1 | % | |||||||||||
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 and adjustments for factors not reflected in historical volatility that may be more indicative of future volatility. 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. The Company estimates forfeitures based on an analysis of actual historical forfeitures, adjusted to the extent historic forfeitures may not be indicative of forfeitures in the future. | |||||||||||||||||
Restricted Stock and Restricted Stock Units | |||||||||||||||||
The following table summarizes restricted stock and restricted stock unit activity for the fiscal year ended March 31, 2014: | |||||||||||||||||
Number of Shares | Weighted Average | ||||||||||||||||
(in thousands) | Grant Date | ||||||||||||||||
Fair Value (per | |||||||||||||||||
share) | |||||||||||||||||
Restricted stock and restricted stock units at beginning of year | 1,022 | $ | 18.44 | ||||||||||||||
Granted | 570 | 23.34 | |||||||||||||||
Vested | (364 | ) | 16.58 | ||||||||||||||
Forfeited | (54 | ) | 18.93 | ||||||||||||||
Restricted stock and restricted stock units at end of year | 1,174 | $ | 21.37 | ||||||||||||||
The remaining unrecognized compensation expense for outstanding restricted stock and restricted stock units, including performance-based awards, as of March 31, 2014 was $10.4 million and the weighted-average period over which this cost will be recognized is 1.8 years. | |||||||||||||||||
The weighted average grant-date fair value for restricted stock and restricted stock units granted during the years ended March 31, 2014, 2013 and 2012 was $23.34, $21.82 and $18.13 per share, respectively. The total fair value of restricted stock and restricted stock units vested in fiscal years 2014, 2013 and 2012 was $6.0 million, $3.0 million and $1.5 million, respectively. | |||||||||||||||||
Performance-Based Awards | |||||||||||||||||
Included in the restricted stock and restricted stock units activity discussed above are certain awards granted in fiscal years 2014, 2013 and 2012 that vest subject to certain performance-based criteria. | |||||||||||||||||
In May 2013, performance-based awards of restricted stock units for the potential issuance of 268,988 shares of common stock were issued to certain executive officers and employees, all of which vest upon achievement of prescribed service milestones by the award recipients and performance milestones by the Company. As of March 31, 2014, the Company has met the prescribed performance milestones for a portion of these awards. These awards are still subject to service requirements for vesting for these employees and the compensation expense is being recognized accordingly. | |||||||||||||||||
In May 2012, performance-based awards of restricted stock units for the potential issuance of 195,188 shares of common stock were issued to certain executive officers and employees of the Company, all of which will vest upon achievement of prescribed service milestones by the award recipients and performance milestones by the Company. As of March 31, 2014, the Company has met the prescribed performance milestones for these awards. These awards are still subject to service requirements for vesting for these employees and the compensation expense is being recognized accordingly. | |||||||||||||||||
In May 2011 and June 2011, performance-based awards of restricted stock units for the potential issuance of 284,000 shares of common stock were issued to certain executive officers and members of the senior management of the Company, all of which will vest upon achievement of prescribed service milestones by the award recipients and performance milestones by the Company. As of March 31, 2014, the Company has met the prescribed milestones for 234,000 shares underlying these awards. During the three months ended December 31, 2013, the Company determined that it was no longer probable that the underlying performance milestones on the remaining 50,000 restricted stock units and therefore reversed $0.8 million that had been previously recorded as stock-based compensation expense. In March 2014, the Company modified the performance condition on these 50,000 restricted stock units and as of March 31, 2014, the Company believes that it is probable that the prescribed performance milestones will be met and the compensation expense is being recognized accordingly. | |||||||||||||||||
During the year ended March 31, 2014, the Company has recorded $3.9 million in stock-based compensation expense for equity awards in which the prescribed performance milestones have been achieved or are probable of being achieved. The remaining unrecognized compensation expense related to these equity awards at March 31, 2014 is $4.5 million based on the Company’s current assessment of probability of achieving the performance milestones. The weighted-average period over which this cost will be recognized is 1.7 years. | |||||||||||||||||
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. The Company recognized compensation expense of $0.2 million, $0.2 million and $0.1 million for the fiscal years ended March 31, 2014, 2013 and 2012, respectively, related to the ESPP. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Income Taxes | ' | ||||||||||||
Note 10. Income Taxes | |||||||||||||
At March 31, 2014, the Company had federal and state net operating loss carryforwards, or NOLs, of approximately $193.0 million which expire in varying years from fiscal 2015 through fiscal 2034. During the year ended March 31, 2014, state NOLs of approximately $1.2 million expired. In addition, at March 31, 2014, the Company had federal and state research and development credit carryforwards of approximately $12.5 million and $5.8 million, respectively, which expire in varying years from fiscal 2015 through fiscal 2034. | |||||||||||||
The Company acquired Impella, a German company, in May 2005, as a result of which, Impella became the Company’s German subsidiary. The Company’s German subsidiary was audited by the local tax authorities for fiscal years 2008 through 2011. In April 2014, we were notified by German tax authorities that there were no adjustments made as a result of the audit to the German subsidiary’s NOLs to date. | |||||||||||||
The future utilization of the Company’s NOLs and research and development credit carryforwards to offset future taxable income may be subject to a substantial annual limitation under Section 382 of the Internal Revenue Code due to ownership changes that have occurred previously or that could occur in the future. Ownership changes, as defined in Section 382 of the Internal Revenue Code, can limit the amount of NOL and research and development credit carryforwards that a company can use each year to offset future taxable income and taxes payable. The Company completed a Section 382 analysis in fiscal 2014 to determine whether any changes in the composition of its stockholders resulted in an ownership change for purposes of Section 382. The Company believes that all of its federal and state NOLs will be available for carryforward to future tax periods, subject to statutory maximum carryforward limitations. Any future potential limitation to all or a portion of the NOL or research and development credit carryforwards, before they can be utilized, would reduce the Company’s gross deferred tax assets. The Company will continue to monitor subsequent ownership changes, which could impose limitations in the future on the use of its NOLs or research and development credit carryforwards. | |||||||||||||
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 evaluated all available positive and negative evidence, and weighted the evidence based on its objectivity. Evidence the Company considered included, our history of net operating losses incurred for most of the Company’s existence, expiration of various federal and state attributes, the uncertainty relative to the Department of Justice investigation and the Company’s PMA application for its Impella products, expansion into new markets, such as Japan, government reimbursement environment for the Company’s products, profitability for recent years and uncertainties around forecasted profit before tax for fiscal 2015. Based on the review of all available evidence, the Company determined that the objectively verifiable negative evidence outweighed the positive evidence and it recorded a valuation allowance to reduce its deferred tax assets to the amount that is more likely than not to be realizable as of March 31, 2014. The Company will continue to assess the level of the valuation allowance required. If sufficient positive evidence exists in future periods to support a release of some or all of the valuation allowance, such a release would likely have a material impact on its results of operations. | |||||||||||||
Income before provision for income taxes and the provision for income taxes is as follows for the years ended March 31: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in $000’s) | |||||||||||||
Income before provision for income taxes: | |||||||||||||
United States | $ | 4,267 | $ | 10,202 | $ | 236 | |||||||
Foreign | 4,263 | 6,660 | 2,307 | ||||||||||
Income before income taxes | $ | 8,530 | $ | 16,862 | $ | 2,543 | |||||||
Provision for income taxes: | |||||||||||||
Current: | |||||||||||||
Federal | $ | (100 | ) | $ | 97 | $ | — | ||||||
State | (106 | ) | — | — | |||||||||
Foreign | 525 | 996 | 259 | ||||||||||
Total current | 319 | 1,093 | 259 | ||||||||||
Deferred: | |||||||||||||
Federal | 825 | 825 | 825 | ||||||||||
State | 35 | (70 | ) | (36 | ) | ||||||||
Foreign | — | — | — | ||||||||||
Total deferred | 860 | 755 | 789 | ||||||||||
Total income tax provision | $ | 1,179 | $ | 1,848 | $ | 1,048 | |||||||
Differences between the federal statutory income tax rate and the effective tax rates are as follows for the years ended March 31: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Statutory income tax rate | 34.0 | % | 34.0 | % | 34.0 | % | |||||||
(Decrease) increase resulting from: | |||||||||||||
Change in valuation allowance | (53.7 | ) | (11.5 | ) | (109.7 | ) | |||||||
Rate differential on foreign operations | 31.1 | 9.7 | 54.9 | ||||||||||
Credits | (20.1 | ) | (17.0 | ) | (54.0 | ) | |||||||
State taxes, net | 12.9 | (6.9 | ) | 76 | |||||||||
Stock based compensation | 0.9 | 0.4 | 2 | ||||||||||
Permanent differences | 0.4 | 0 | (40.9 | ) | |||||||||
Expiry of state NOL carryforwards | — | 2.1 | 78.9 | ||||||||||
Other | 8.4 | 0.2 | — | ||||||||||
Effective tax rate | 13.9 | % | 11.0 | % | 41.2 | % | |||||||
The components of the Company’s net deferred taxes were as follows: | |||||||||||||
March 31, | |||||||||||||
2014 | 2013 | ||||||||||||
(in $000’s) | |||||||||||||
Deferred tax assets | |||||||||||||
NOL carryforwards and tax credit carryforwards | $ | 72,430 | $ | 73,833 | |||||||||
Stock-based compensation | 10,519 | 10,324 | |||||||||||
Nondeductible reserves and accruals | 6,775 | 5,137 | |||||||||||
Amortizable intangibles other than goodwill | 3,470 | 4,138 | |||||||||||
Capitalized research and development | 3,208 | 5,366 | |||||||||||
Foreign NOL carryforwards | 2,705 | 4,777 | |||||||||||
Deferred revenue | 1,767 | 1,567 | |||||||||||
Depreciation | 561 | 306 | |||||||||||
Other, net | 658 | 1,222 | |||||||||||
102,093 | 106,670 | ||||||||||||
Deferred tax liabilities | |||||||||||||
Indefinite lived intangibles | (6,415 | ) | (5,554 | ) | |||||||||
(6,415 | ) | (5,554 | ) | ||||||||||
Net deferred tax asset | 95,678 | 101,116 | |||||||||||
Valuation allowance | (102,093 | ) | (106,670 | ) | |||||||||
Net deferred tax liability | $ | (6,415 | ) | $ | (5,554 | ) | |||||||
As of March 31, 2014, the Company has available U.S. federal net operating loss carryforwards of $193.0 million. Of that amount, $46.7 million relates to stock-based compensation tax deductions in excess of stock-based compensation expense for book purposes. These amounts which the Company refers to as APIC NOLs will be credited to additional paid-in capital when such stock-based compensation deductions reduce taxes payable. The APIC NOLs will reduce federal taxes payable if realized in future periods, but APIC NOLs relating to such benefits are not included in deferred tax assets as they are not expected to be able to be used to offset future income tax expense, if applicable. | |||||||||||||
During fiscal 2014, the Company determined that in its prior year disclosure of the composition of deferred tax assets and liabilities, NOL carryforwards disclosed incorrectly included $14.5 million of APIC NOL amounts related to stock-based compensation tax deductions in excess of book compensation expense. In addition, the prior year disclosure of the ending deferred tax assets related to stock-based compensation expense was understated by approximately $3.5 million due to an error in the calculation of the amount. The Company had a full valuation allowance on all deferred tax assets in the prior year, and as a result, the net overstatement of these deferred tax asset disclosures was completely offset by a related $11.0 million overstatement of the valuation allowance. The Company has corrected each of foregoing prior year presentation items in its deferred tax assets table and income tax rate reconciliation table. This correction is not considered material as it had no impact on the consolidated balance sheets, statements of operations, or statements of cash flows. | |||||||||||||
As of March 31, 2014, the Company has accumulated a net deferred tax liability of $6.4 million which is the result of the difference in accounting for the Company’s goodwill, which is amortizable over 15 years for tax purposes but not amortized for book purposes. The net deferred tax liability cannot be offset against the Company’s deferred tax assets since it relates to an indefinite-lived asset and is not anticipated to reverse in the same period. | |||||||||||||
The Company accrues for the effects of uncertain tax positions and the related potential penalties and interest. At March 31, 2014, the Company had no unrecognized tax benefits. It is reasonably possible that the amount of the unrecognized tax benefit with respect to certain of the unrecognized tax positions will increase or decrease during the next 12 months; however, it is not expected that the change will have a significant effect on the Company’s results of operations or financial position. | |||||||||||||
The Company and its subsidiaries are subject to U.S. federal income tax, as well as income tax of multiple state and foreign jurisdictions. The Company has accumulated significant losses since its inception in 1981. Fiscal years 2012 through 2014 remain open to examination in Germany. All tax years remain subject to examination by the Internal Revenue Service and state tax authorities. However, because the Company has net operating loss and tax credit carryforwards which may be utilized in future years to offset taxable income, those years may also be subject to review by relevant taxing authorities if the carryforwards are utilized. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Mar. 31, 2014 | |||||
Commitments and Contingencies | ' | ||||
Note 11. Commitments and Contingencies | |||||
Commitments | |||||
The following is a description of the Company’s significant arrangements in which the Company is a guarantor. | |||||
Indemnifications—In many sales transactions, the Company indemnifies customers against possible claims of patent infringement caused by the Company’s products. The indemnifications contained within sales contracts usually do not include limits on the claims. The Company has never incurred any material costs to defend lawsuits or settle patent infringement claims related to sales transactions. | |||||
The Company enters into agreements with other companies in the ordinary course of business, typically with underwriters, contractors, clinical sites and customers that include indemnification provisions. Under these provisions the Company generally indemnifies and holds harmless the indemnified party for losses suffered or incurred by the indemnified party as a result of its activities. These indemnification provisions generally survive termination of the underlying agreement. The maximum potential amount of future payments the Company could be required to make under these indemnification provisions is unlimited. Abiomed has never incurred any material costs to defend lawsuits or settle claims related to these indemnification agreements. As a result, the estimated fair value of these agreements is immaterial. Accordingly, the Company has no liabilities recorded for these agreements as of March 31, 2014. | |||||
Clinical study agreements—In the Company’s clinical study agreements, Abiomed has agreed to indemnify the participating institutions against losses incurred by them for claims related to any personal injury of subjects taking part in the study to the extent they relate to uses of the Company’s devices in accordance with the clinical study agreement, the protocol for the device and Abiomed’s instructions. The indemnification provisions contained within the Company’s clinical study agreements do not generally include limits on the claims. The Company has never incurred any material costs related to the indemnification provisions contained in its clinical study agreements. | |||||
Facilities leases— The Company’s headquarters is located at 22 Cherry Hill Drive in Danvers, Massachusetts and consists of approximately 96,000 square feet of space under an operating lease. This facility encompasses most of its U.S. operations, including research and development, manufacturing, sales and marketing and general and administrative departments. In February 2014, the Company entered into a lease agreement to continue renting its existing space through February 28, 2021. Monthly rent is as follows: | |||||
• | The base rent for March 2014 through April 2014 was $66,000 per month; and | ||||
• | The base rent for May 2014 through February 2016 is $74,050 per month; and | ||||
• | The base rent for March 2016 through February 2018 will be $70,750 per month; and | ||||
• | The base rent for March 2018 through February 2021 will be $72,750 per month. | ||||
In addition, the Company has certain rights to terminate the lease early, subject to the payment of a specified termination fee based on the timing of the termination, as further outlined in the lease amendment. | |||||
The Company’s European headquarters is located in Aachen, Germany and consists of approximately 33,000 square feet of space under an operating lease. In July 2013, the Company entered into a lease agreement to continue renting our existing space in Aachen, Germany through July 31, 2023. The lease payments are approximately 34,500€ (euro) (approximately U.S. $47,000 at March 31, 2014 exchange rates) per month. The building houses most of the manufacturing operations for the Impella product line as well as certain research and development functions and the sales, marketing and general and administrative functions for most of its product lines sold in Europe and the Middle East. | |||||
Total rent expense for the Company’s operating leases included in the accompanying consolidated statements of operations approximated $1.5 million, $1.6 million and $1.6 million for the fiscal years ended March 31, 2014, 2013 and 2012, respectively. | |||||
Future minimum lease payments under non-cancelable operating leases as of March 31, 2014 are approximately as follows: | |||||
Fiscal Year Ending March 31, | |||||
(in $000s) | |||||
2015 | $ | 1,589 | |||
2016 | 1,510 | ||||
2017 | 1,451 | ||||
2018 | 1,452 | ||||
2019 | 1,475 | ||||
Thereafter | 4,300 | ||||
Total future minimum lease payments | $ | 11,777 | |||
License agreement—In April 2014, the Company entered into an exclusive license agreement with Opsens, Inc. for the rights to certain optical sensor technologies in the field of cardio-circulatory assist devices. Under the agreement, the Company made a $1.5 million upfront payment upon execution of the agreement and agreed to make additional payments of up to $4.5 million upon achievement of development milestones. | |||||
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 amounts 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. | |||||
On October 26, 2012, the Company was informed that the United States Attorney’s Office for the District of Columbia is conducting an investigation that is focused on the Company’s marketing and labeling of the Impella 2.5. On October 31, 2012, the Company accepted service of a subpoena related to this investigation seeking documents related to the Impella 2.5. The Company believes that is has substantially complied with the subpoena and has submitted the requested documents to the United States Attorney’s Office. On September 13, 2013, the Company entered into a tolling agreement with the United States Attorney’s Office, pursuant to which the Company and the United States Attorney’s Office mutually agreed to toll the applicable statutes of limitations for all criminal, civil and administrative offenses and violations that could be charged or claimed against the Company as of that date until June 2, 2014. On May 27, 2014, the Company executed an extension of the tolling agreement through February 2, 2015. Because the investigation is in the early stages, the Company is unable to predict the ultimate outcome or determine whether a liability has been incurred or make an estimate of the reasonably possible liability, if any, that could result from any unfavorable outcome associated with this inquiry. The Company has incurred significant expenses related to this investigation and expects to continue to incur additional expenses in the future. | |||||
On November 16 and 19, 2012, two purported class action complaints were filed against the Company and certain of its officers in the U.S. District Court for the District of Massachusetts by alleged purchasers of its common stock, on behalf of themselves and persons or entities that purchased or acquired securities of the Company between August 5, 2011 and October 31, 2012. The complaints alleged that the defendants violated the federal securities laws in connection with disclosures related to the FDA and the marketing and labeling of the Company’s Impella 2.5 product and seek damages in an unspecified amount. The Court has consolidated these complaints and a consolidated amended complaint was filed by the plaintiffs on May 20, 2013. On July 8, 2013, the Company filed a motion to dismiss the consolidated class action. Oral arguments on the Company’s motion to dismiss were conducted before the presiding district court judge on September 18, 2013. On April 10, 2014, the U.S. District Court entered an order granting our motion and dismissed the consolidated and amended complaint. On May 9, 2014, the plaintiffs filed a notice of appeal. | |||||
On February 4, 2013, an alleged stockholder of the Company filed a derivative action on the Company’s behalf against each of the Company’s directors in the U.S. District Court for the District of Massachusetts. The complaint alleged that the directors breached their fiduciary duties to the Company and its stockholders in connection with disclosures related to the FDA and the marketing and labeling of its Impella 2.5 product and sought damages in an unspecified amount. On March 22, 2013, the Company filed a motion to dismiss the derivative action. On June 21, 2013, the District Court granted the Company’s motion to dismiss. The plaintiff has appealed the dismissal to the United States Court of Appeals for the First Circuit. Oral argument was conducted before the appellate court on February 5, 2014. | |||||
On April 25, 2014, the Company received a subpoena from the Boston regional office of the United States Department of Health and Human Services, Office of Inspector General requesting materials relevant to the Company’s reimbursement of expenses and remuneration to healthcare providers for a six month the period from July 2012 through December 2012. The Office of Inspector General has informed the Company that the subpoena currently relates to a civil investigation. The Company intends to comply fully and promptly with this request. | |||||
The Company is unable to estimate its potential liability with respect to the Department of Justice investigation, the Inspector General’s investigation, the appeal of the dismissal of the purported class action claim and the appeal of the dismissal of the derivative claims. There are numerous factors that make it difficult to meaningfully estimate possible loss or range of loss at this stage of the investigation and lawsuits, including that: the proceedings are in relatively early stages, there are significant factual and legal issues to be resolved, information obtained or rulings made during any lawsuits or investigations could affect the methodology for calculation. In addition, with respect to claims where damages are the requested relief, no amount of loss or damages has been specified. Therefore, the Company is unable at this time to estimate its possible losses and accordingly, no adjustment has been made to the financial statements to reflect the outcome of these uncertainties. |
Accrued_Expenses
Accrued Expenses | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Accrued Expenses | ' | ||||||||
Note 12. Accrued Expenses | |||||||||
Accrued expenses consisted of the following: | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
(in $000’s) | |||||||||
Employee compensation | $ | 11,967 | $ | 9,664 | |||||
Research and development | 1,587 | 1,025 | |||||||
Sales and income taxes | 1,445 | 2,107 | |||||||
Professional, legal and accounting fees | 1,304 | 1,100 | |||||||
Warranty | 794 | 708 | |||||||
Other | 802 | 558 | |||||||
$ | 17,899 | $ | 15,162 | ||||||
Accrued employee compensation consists primarily of accrued bonuses, accrued commissions and accrued employee benefits at March 31, 2014 and 2013. |
Segment_and_Enterprise_Wide_Di
Segment and Enterprise Wide Disclosures | 12 Months Ended |
Mar. 31, 2014 | |
Segment and Enterprise Wide Disclosures | ' |
Note 13. Segment and Enterprise Wide Disclosures | |
The Company operates in one business segment—the research, development and sale of medical devices to assist or replace the pumping function of the failing heart. The Company’s chief operating decision maker (determined to be the Chief Executive Officer) does not manage any part of the Company separately, and the allocation of resources and assessment of performance are based on the Company’s consolidated operating results. Approximately 74% and 71% of the Company’s total consolidated assets are located within the U.S. as of March 31, 2014 and 2013, respectively. The remaining assets are mostly located in Europe and are primarily related to the Company’s Impella production facility in Germany, and include goodwill of $38.0 and $35.4 million at March 31, 2014 and 2013, respectively, associated with the Impella acquisition in May 2005. Total assets in Europe excluding goodwill amounted to 8% of total consolidated assets at each of March 31, 2014 and 2013. International sales (sales outside the U.S. and primarily in Europe) accounted for 9%, 7% and 8% of total product revenue during the fiscal years ended March 31, 2014, 2013 and 2012, respectively. |
Quarterly_Results_of_Operation
Quarterly Results of Operation | 12 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Quarterly Results of Operation | ' | ||||||||||||||||||||
Note 14. Quarterly Results of Operation (Unaudited) | |||||||||||||||||||||
The following is a summary of the Company’s unaudited quarterly results of operations for the fiscal years ending March 31, 2014 and 2013: | |||||||||||||||||||||
Fiscal Year Ended March 31, 2014 | |||||||||||||||||||||
1st | 2nd | 3rd | 4th | Total | |||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Year | |||||||||||||||||
(in $000’s) | |||||||||||||||||||||
Total revenues | $ | 42,670 | $ | 44,345 | $ | 46,195 | $ | 50,433 | $ | 183,643 | |||||||||||
Cost of product revenue | 8,723 | 9,027 | 9,458 | 10,114 | 37,322 | ||||||||||||||||
Other operating expenses | 35,254 | 33,920 | 32,143 | 36,641 | 137,958 | ||||||||||||||||
Other income (expense), net | (5 | ) | 31 | 57 | 84 | 167 | |||||||||||||||
Income (loss) before income tax provision | (1,312 | ) | 1,429 | 4,651 | 3,762 | 8,530 | |||||||||||||||
Income tax provision | 411 | 370 | 258 | 140 | 1,179 | ||||||||||||||||
Net income (loss) | $ | (1,723 | ) | $ | 1,059 | $ | 4,393 | $ | 3,622 | $ | 7,351 | ||||||||||
Basic net income (loss) per share | $ | (0.04 | ) | $ | 0.03 | $ | 0.11 | $ | 0.09 | $ | 0.19 | ||||||||||
Diluted net income (loss) per share | $ | (0.04 | ) | $ | 0.03 | $ | 0.11 | $ | 0.09 | $ | 0.18 | ||||||||||
Fiscal Year Ended March 31, 2013 | |||||||||||||||||||||
1st | 2nd | 3rd | 4th | Total | |||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Year | |||||||||||||||||
(in $000’s) | |||||||||||||||||||||
Total revenues | $ | 38,783 | $ | 37,417 | $ | 38,250 | $ | 43,674 | $ | 158,124 | |||||||||||
Cost of product revenue | 7,446 | 7,194 | 8,130 | 8,826 | 31,596 | ||||||||||||||||
Other operating expenses | 27,776 | 24,291 | 27,202 | 30,716 | 109,985 | ||||||||||||||||
Other income (expense), net | (6 | ) | (8 | ) | 325 | 8 | 319 | ||||||||||||||
Income before income tax provision | 3,555 | 5,924 | 3,243 | 4,140 | 16,862 | ||||||||||||||||
Income tax provision | 436 | 455 | 559 | 398 | 1,848 | ||||||||||||||||
Net income | $ | 3,119 | $ | 5,469 | $ | 2,684 | $ | 3,742 | $ | 15,014 | |||||||||||
Basic net income per share | $ | 0.08 | $ | 0.14 | $ | 0.07 | $ | 0.1 | $ | 0.38 | |||||||||||
Diluted net income per share | $ | 0.08 | $ | 0.13 | $ | 0.07 | $ | 0.09 | $ | 0.37 |
SCHEDULE_II_Valuation_and_Qual
SCHEDULE II Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
SCHEDULE II Valuation and Qualifying Accounts | ' | ||||||||||||||||
ABIOMED, INC. AND SUBSIDIARIES | |||||||||||||||||
SCHEDULE II | |||||||||||||||||
Valuation and Qualifying Accounts | |||||||||||||||||
(in thousands) | |||||||||||||||||
Description | Balance at | Additions | Deductions | Balance | |||||||||||||
Beginning | at End of | ||||||||||||||||
of Period | Period | ||||||||||||||||
Allowance for Doubtful Accounts | |||||||||||||||||
Fiscal Year Ended March 31, 2012 | $ | 274 | $ | 181 | $ | 225 | $ | 230 | |||||||||
Fiscal Year Ended March 31, 2013 | $ | 230 | $ | 200 | $ | 294 | $ | 136 | |||||||||
Fiscal Year Ended March 31, 2014 | $ | 136 | $ | 81 | $ | 32 | $ | 185 |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
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. | |||||||||||||
Use of Estimates | ' | ||||||||||||
Use of Estimates | |||||||||||||
The preparation of financial statements in conformity with generally accepted accounting principles of the United States of America, or 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, goodwill, intangible and long-lived assets, accrued expenses, stock-based compensation, income taxes including the valuation allowance for deferred tax assets, contingencies and litigation. Provisions for depreciation are based on their estimated useful lives using the straight-line method. 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 a 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 security with a maturity date of greater than 90 days at the time of purchase as marketable securities and classifies marketable securities with a maturity date of greater than one year from the balance sheet date as long-term marketable securities. Securities that the Company has the positive intent and ability to hold to maturity are reported at amortized cost and classified as held-to-maturity securities. If the Company does not have the intent and ability to hold a security to maturity, it reports the investment as available-for-sale securities. The Company reports available-for-sale securities at fair value, and includes unrealized gains and, to the extent deemed temporary, unrealized losses in stockholder’s 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 security to market through a charge to unrealized loss on short-term marketable securities in the consolidated statements of operations. | |||||||||||||
Major Customers and Concentrations of Credit Risk | ' | ||||||||||||
Major Customers and Concentrations of Credit Risk | |||||||||||||
Abiomed primarily sells its products to hospitals and distributors. No customer accounted for more than 10% of total product revenues in fiscal year 2014, 2013 or 2012. No customer had an accounts receivable balance greater than 10% of total accounts receivable at March 31, 2014 and 2013. | |||||||||||||
Credit is extended based on an evaluation of a customer’s financial condition and generally collateral is not required. To date, credit losses have not been significant and the Company maintains an allowance for doubtful accounts based on its assessment of the collectability of accounts receivable. Receivables are geographically dispersed, primarily throughout the U.S., as well as in Europe and other foreign countries where formal distributor agreements exist. | |||||||||||||
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. | |||||||||||||
Inventories | ' | ||||||||||||
Inventories | |||||||||||||
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 | ' | ||||||||||||
Property and Equipment | |||||||||||||
Property and equipment is recorded at cost less accumulated depreciation. Depreciation is computed using the straight line method based on estimated useful lives of two to ten years for machinery and equipment, three to seven years for computer software, and four to ten years for furniture and fixtures. 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. | |||||||||||||
Property and equipment is reviewed for impairment losses whenever events or changes in circumstances indicate the carrying amount may not be recoverable. An impairment loss would be recognized based on the amount by which the carrying value of the asset or asset group exceeds its fair value. Fair value is determined primarily using the estimated future cash flows associated with the asset or asset group under review discounted at a rate commensurate with the risk involved and other valuation techniques. | |||||||||||||
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, instead the Company evaluates goodwill for impairment at least annually at October 31, as well as whenever events or changes in circumstances suggest that the carrying amount may not be recoverable. | |||||||||||||
Goodwill impairment assessments are performed at the reporting unit level. The goodwill test involves a two-step process. The first step is a comparison of the reporting unit’s fair value to its carrying value. If the reporting unit’s fair value exceeds its carrying value, no further procedures are required. However, if the reporting unit’s fair value is less than the carrying value, an impairment of goodwill may exist, requiring a second step to measure the amount of impairment loss. If the implied fair value of goodwill is less than the recorded goodwill, an impairment charge is recorded for the difference. | |||||||||||||
In applying the goodwill impairment test, the Company may assess 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 (“Step 0”). Qualitative factors may include, but are not limited to, macroeconomic conditions, industry conditions, the competitive environment, changes in the market for our 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 not more likely than not that the fair value of a reporting unit is less than its carry amount, then performing the two-step impairment test is unnecessary. | |||||||||||||
When necessary, the goodwill impairment test is performed at the reporting unit level by comparing the reporting unit’s carrying amount, including goodwill, to the fair value of the reporting unit. The Company estimates the fair value of its single reporting unit using a combination of the income approach and the market approach. The income approach incorporates the use of a discounted cash flow method in which the estimated future cash flows and terminal values for the reporting unit is discounted to a present value using an appropriate discount rate. Cash flow projections are based on management’s estimates of economic and market conditions which drive key assumptions of revenue growth rates, operating margins, capital expenditures and working capital requirements. The discount rate is based on the specific risk characteristics of the reporting unit and its underlying forecast. The market approach estimates fair value by comparing publicly traded companies with similar operating and investment characteristics as the reporting unit. The fair values determined by the market approach and income approach, are weighted to determine the fair value for the reporting unit based primarily on the similarity of the operating and investment characteristics of the reporting unit to the comparable publicly traded companies used in the market approach. In order to assess the reasonableness of the calculated reporting unit’s fair value, the Company also compares the reporting unit’s fair value to its market capitalization (per share stock price times number of common shares outstanding) and calculate an implied control premium (the excess of the reporting unit’s fair value over the market capitalization). | |||||||||||||
If the carrying amount of the reporting unit exceeds its fair value, then a second step is performed to measure the amount of impairment loss, if any, by comparing the fair value of each identifiable asset and liability in the reporting unit to the total fair value of the reporting unit. Any impairment loss is expensed in the consolidated statement of operations and is not reversed if the fair value subsequently increases. | |||||||||||||
The Company performed a Step 0 qualitative assessment during the annual impairment review for fiscal 2014 as of October 31, 2013 and concluded that it is not more likely than not that the fair value of the Company’s single reporting unit is less than its carrying amount. Therefore, the two-step goodwill impairment test for the reporting unit was not necessary in fiscal 2014. The carrying amount of goodwill at March 31, 2014 was $38.0 million. | |||||||||||||
Financial Instruments | ' | ||||||||||||
Financial Instruments | |||||||||||||
The Company’s financial instruments are comprised of cash and cash equivalents, marketable securities, accounts receivable and accounts payable, the carrying amounts of which approximate fair market value as they are highly liquid and primarily short term in nature. | |||||||||||||
Accrued Expenses | ' | ||||||||||||
Accrued Expenses | |||||||||||||
As part of the process of preparing its financial statements, the Company is required to estimate accrued expenses. This process involves 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 contract service fees, such as amounts due to clinical research organizations, 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 product and product candidates. Accrued expenses also include estimates for payroll costs, such as bonuses and commissions. In the event that the Company does not identify certain costs that have been incurred or it under or over-estimates the level of services or the costs of such services, reported expenses for a reporting period could be overstated or understated. The date in which certain services commence, 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 | |||||||||||||
The Company recognizes revenue when evidence of an arrangement exists, title has passed (generally upon shipment) or services have been rendered, the selling price is fixed or determinable and collectability is reasonably assured. | |||||||||||||
Revenue from product sales to customers is recognized when delivery has occurred. All costs related to product sales are recognized at time of delivery. The Company does not provide for rights of return to customers on product sales and therefore does not record a provision for returns. | |||||||||||||
Maintenance and service support contract revenues are included in product sales and are recognized ratably over the term of the service contracts. Revenue is recognized as earned in limited instances where the Company rents its console medical devices on a month-to-month basis or for a longer specified period of time to customers. | |||||||||||||
Government-sponsored research and development contracts and grants generally provide for payment on a cost-plus-fixed-fee basis. Revenues from these contracts and grants are recognized as work is performed, provided the government has appropriated sufficient funds for the work. Under contracts in which the Company elects to spend significantly more on the development project during the term of the contract than the total contract amount, the Company prospectively recognizes revenue on such contracts ratably over the term of the contract as related research and development costs are incurred. | |||||||||||||
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 and are included in accrued expenses in the accompanying consolidated balance sheets. 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 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. | |||||||||||||
Translation of Foreign Currencies | ' | ||||||||||||
Translation of Foreign Currencies | |||||||||||||
All assets and liabilities of the Company’s non-U.S. subsidiaries are translated at year-end exchange rates and revenues and expenses are translated at average exchange rates for the year. The functional currencies of our non-U.S. subsidiaries are the euro, British pound and Japanese yen. Resulting translation adjustments are reflected in the accumulated other comprehensive (loss) income component of stockholders’ equity. Currency transaction gains and losses are included as other income (expense), net in the statements of operations. | |||||||||||||
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 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 awards, restricted stock units, performance-based awards and shares to be purchased under the employee stock purchase plan. In fiscal years when a net loss is reported, all common stock equivalents are excluded from the calculation because they would have an anti-dilutive effect, meaning the loss per share would be reduced. Therefore, in periods when a loss is reported basic and dilutive loss per share are the same. | |||||||||||||
March 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Basic Net Income Per Share | |||||||||||||
Net income | $ | 7,351 | $ | 15,014 | $ | 1,495 | |||||||
Weighted average shares used in computing basic net income per share | 39,334 | 39,113 | 38,374 | ||||||||||
Net income per share—basic | $ | 0.19 | $ | 0.38 | $ | 0.04 | |||||||
March 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Diluted Net Income Per Share | |||||||||||||
Net income | $ | 7,351 | $ | 15,014 | $ | 1,495 | |||||||
Weighted average shares used in computing basic net income per share | 39,334 | 39,113 | 38,374 | ||||||||||
Effect of dilutive securities | 2,272 | 1,939 | 1,798 | ||||||||||
Weighted average shares used in computing diluted net income per share | 41,606 | 41,052 | 40,172 | ||||||||||
Net income per share—diluted | $ | 0.18 | $ | 0.37 | $ | 0.04 | |||||||
For the fiscal years ended March 31, 2014, 2013 and 2012, approximately 94,000, 438,000 and 410,000 shares of common stock underlying outstanding securities primarily 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. | |||||||||||||
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 expense over the requisite service period, and includes an estimate of awards that will be forfeited. | |||||||||||||
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 dividends and does not expect to pay any cash dividends in the foreseeable future. Forfeitures are estimated based on an analysis of actual option forfeitures, adjusted to the extent historical forfeitures may not be indicative of forfeitures in the future. | |||||||||||||
For awards with service conditions only, the Company recognizes compensation cost on a straight-line basis over the requisite service period. For awards with service and performance conditions, the Company recognizes compensation costs using the graded vesting method over the requisite service period. Accruals of compensation cost for an award with performance conditions are based on the probable outcome of the performance conditions. The cumulative effect of 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 a deferred provision. The current income tax provision is calculated as the estimated taxes payable or refundable on tax returns for the current 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 differences are expected to reverse. | |||||||||||||
Deferred income taxes are recognized for the tax consequences in future years of 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 affect taxable income. 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 than 50% likely of being realized upon ultimate settlement. The Company reevaluates these uncertain tax positions on a quarterly basis. This evaluation is based on factors including, but not limited to, changes in facts or circumstances, changes in tax laws, effectively settled issues under audit and new audit activity. Any changes in these factors could result in the recognition of a tax benefit or an additional charge to the tax provision. The Company accrues for the effects of uncertain tax positions and the related potential penalties and interest. | |||||||||||||
Recent Accounting Pronouncements | ' | ||||||||||||
Recent Accounting Pronouncements | |||||||||||||
In June 2013, the FASB issued Accounting Standards Update (ASU) 2013-11, Income Taxes (ASC Topic 740), Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. The ASU requires entities to present unrecognized tax benefits as a decrease in a net operating loss, similar to tax loss or tax credit carryforward if certain criteria are met. The standard clarifies presentation requirements for unrecognized tax benefits but will not alter the way in which entities assess deferred tax assets for realizability. The guidance is effective for the fiscal year, and interim periods within that fiscal year, beginning after December 15, 2013. The Company will adopt this guidance beginning in the first quarter of fiscal 2015. The impact of adoption is not expected to be material. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Schedule of Earnings Per Share Basic And Diluted | ' | ||||||||||||
March 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Basic Net Income Per Share | |||||||||||||
Net income | $ | 7,351 | $ | 15,014 | $ | 1,495 | |||||||
Weighted average shares used in computing basic net income per share | 39,334 | 39,113 | 38,374 | ||||||||||
Net income per share—basic | $ | 0.19 | $ | 0.38 | $ | 0.04 | |||||||
March 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Diluted Net Income Per Share | |||||||||||||
Net income | $ | 7,351 | $ | 15,014 | $ | 1,495 | |||||||
Weighted average shares used in computing basic net income per share | 39,334 | 39,113 | 38,374 | ||||||||||
Effect of dilutive securities | 2,272 | 1,939 | 1,798 | ||||||||||
Weighted average shares used in computing diluted net income per share | 41,606 | 41,052 | 40,172 | ||||||||||
Net income per share—diluted | $ | 0.18 | $ | 0.37 | $ | 0.04 | |||||||
Marketable_Securities_and_Fair1
Marketable Securities and Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Marketable Securities by Balance Sheet Classification | ' | ||||||||||||||||
The Company’s marketable securities at March 31, 2014 and 2013 are classified on the balance sheet as follows (in thousands): | |||||||||||||||||
March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
(in $000’s) | |||||||||||||||||
Short-term marketable securities | $ | 55,663 | $ | 67,256 | |||||||||||||
Long-term marketable securities | 41,761 | 11,406 | |||||||||||||||
$ | 97,424 | $ | 78,662 | ||||||||||||||
Marketable Securities | ' | ||||||||||||||||
The Company’s marketable securities at March 31, 2014 and 2013 are invested in the following (in thousands): | |||||||||||||||||
Amortized | Gross | Gross | Fair Market | ||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||
Gains | Losses | ||||||||||||||||
(in $000’s) | |||||||||||||||||
At March 31, 2014: | |||||||||||||||||
US Treasury securities | $ | 31,487 | $ | — | $ | — | $ | 31,487 | |||||||||
Short-term government-backed securities | 24,174 | 6 | (4 | ) | 24,176 | ||||||||||||
Long-term government-backed securities | 41,779 | 8 | (26 | ) | 41,761 | ||||||||||||
$ | 97,440 | $ | 14 | $ | (30 | ) | $ | 97,424 | |||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||
Cost | Unrealized | Unrealized | Market | ||||||||||||||
Gains | Losses | Value | |||||||||||||||
(in $000’s) | |||||||||||||||||
At March 31, 2013: | |||||||||||||||||
US Treasury securities | $ | 59,020 | $ | — | $ | — | $ | 59,020 | |||||||||
Short-term government-backed securities | 8,235 | 1 | — | 8,236 | |||||||||||||
Long-term government-backed securities | 11,405 | 3 | (2 | ) | 11,406 | ||||||||||||
$ | 78,660 | $ | 4 | $ | (2 | ) | $ | 78,662 | |||||||||
Financial Instruments Recorded at Fair Value | ' | ||||||||||||||||
The following table presents the Company’s fair value hierarchy for its financial instruments measured at fair value as of March 31, 2014 and 2013: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
(in $000’s) | |||||||||||||||||
At March 31, 2014: | |||||||||||||||||
U.S. Treasury securities | $ | — | $ | 31,487 | $ | — | $ | 31,487 | |||||||||
Short-term government-backed securities | — | 24,176 | — | 24,176 | |||||||||||||
Long-term government-backed securities | — | 41,761 | — | 41,761 | |||||||||||||
$ | — | $ | 97,424 | $ | — | $ | 97,424 | ||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
(in$000’s) | |||||||||||||||||
At March 31, 2013: | |||||||||||||||||
U.S. Treasury securities | $ | — | $ | 59,020 | $ | — | $ | 59,020 | |||||||||
Short-term government-backed securities | — | 8,236 | — | 8,236 | |||||||||||||
Long-term government-backed securities | — | 11,406 | — | 11,406 | |||||||||||||
$ | — | $ | 78,662 | $ | — | $ | 78,662 | ||||||||||
Accounts_Receivable_Tables
Accounts Receivable (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Components of Accounts Receivable | ' | ||||||||
The components of accounts receivable are as follows: | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
(in $000’s) | |||||||||
Trade receivables | $ | 24,542 | $ | 23,082 | |||||
Allowance for doubtful accounts | (185 | ) | (136 | ) | |||||
$ | 24,357 | $ | 22,946 | ||||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Components of Inventories | ' | ||||||||
The components of inventories are as follows: | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
(in $000’s) | |||||||||
Raw materials and supplies | $ | 6,414 | $ | 6,267 | |||||
Work-in-progress | 6,261 | 5,296 | |||||||
Finished goods | 1,273 | 3,367 | |||||||
$ | 13,948 | $ | 14,930 | ||||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Components of Property and Equipment | ' | ||||||||
The components of property and equipment are as follows: | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
(in $000’s) | |||||||||
Machinery and equipment | $ | 16,805 | $ | 14,392 | |||||
Furniture and fixtures | 960 | 969 | |||||||
Leasehold improvements | 1,876 | 1,843 | |||||||
Construction in progress | 1,226 | 1,541 | |||||||
Total cost | 20,867 | 18,745 | |||||||
Less accumulated depreciation | (13,978 | ) | (12,196 | ) | |||||
$ | 6,889 | $ | 6,549 | ||||||
Goodwill_Tables
Goodwill (Tables) | 12 Months Ended | ||||
Mar. 31, 2014 | |||||
Goodwill Activity | ' | ||||
The goodwill activity is as follows: | |||||
(in $000’s) | |||||
Balance at March 31, 2012 | $ | 36,846 | |||
Exchange rate impact | (1,436 | ) | |||
Balance at March 31, 2013 | 35,410 | ||||
Exchange rate impact | 2,580 | ||||
Balance at March 31, 2014 | $ | 37,990 | |||
Stock_Award_Plans_and_StockBas1
Stock Award Plans and Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
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 for the fiscal years ended March 31, 2014, 2013 and 2012 (in thousands): | |||||||||||||||||
March 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
(in $000’s) | |||||||||||||||||
Cost of product revenue | $ | 614 | $ | 450 | $ | 282 | |||||||||||
Research and development | 2,347 | 1,843 | 1,719 | ||||||||||||||
Selling, general and administrative | 8,257 | 7,208 | 5,772 | ||||||||||||||
$ | 11,218 | $ | 9,501 | $ | 7,773 | ||||||||||||
Components of Stock-Based Compensation | ' | ||||||||||||||||
The components of stock-based compensation for the fiscal years ended March 31, 2014, 2013 and 2012 were as follows (in thousands): | |||||||||||||||||
March 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
(in $000’s) | |||||||||||||||||
Restricted stock units | $ | 8,008 | $ | 5,970 | $ | 2,808 | |||||||||||
Stock options | 2,679 | 2,680 | 2,722 | ||||||||||||||
Restricted stock | 314 | 653 | 2,095 | ||||||||||||||
Employee stock purchase plan | 217 | 198 | 148 | ||||||||||||||
$ | 11,218 | $ | 9,501 | $ | 7,773 | ||||||||||||
Summary of Stock Option Activity | ' | ||||||||||||||||
The following table summarized stock option activity for the year ended March 31, 2014: | |||||||||||||||||
Options | Weighted | Weighted | Aggregate | ||||||||||||||
(in thousands) | Average | Average | Intrinsic | ||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | (in thousands) | |||||||||||||||
Term (years) | |||||||||||||||||
Outstanding at beginning of year | 4,228 | $ | 11.49 | 5.37 | |||||||||||||
Granted | 336 | 23.56 | |||||||||||||||
Exercised | (1,029 | ) | 9.1 | ||||||||||||||
Cancelled and expired | (43 | ) | 18.54 | ||||||||||||||
Outstanding at end of year | 3,492 | $ | 13.27 | 4.92 | $ | 44,634 | |||||||||||
Exercisable at end of year | 2,708 | $ | 11.4 | 3.98 | $ | 39,653 | |||||||||||
Options vested and expected to vest at end of year | 3,401 | $ | 13.17 | 4.85 | $ | 43,819 | |||||||||||
Weighted-Average Assumptions Used to Calculate Fair Value of Options Granted | ' | ||||||||||||||||
The fair value of options granted during the years ended March 31, 2014, 2013 and 2012 were calculated using the following weighted average assumptions: | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Risk-free interest rate | 0.94 | % | 0.78 | % | 1.47 | % | |||||||||||
Expected option life (years) | 4.25 | 4.31 | 5.19 | ||||||||||||||
Expected volatility | 51.7 | % | 56.2 | % | 53.1 | % | |||||||||||
Summary of Restricted Stock and Restricted Stock Units Activity | ' | ||||||||||||||||
The following table summarizes restricted stock and restricted stock unit activity for the fiscal year ended March 31, 2014: | |||||||||||||||||
Number of Shares | Weighted Average | ||||||||||||||||
(in thousands) | Grant Date | ||||||||||||||||
Fair Value (per | |||||||||||||||||
share) | |||||||||||||||||
Restricted stock and restricted stock units at beginning of year | 1,022 | $ | 18.44 | ||||||||||||||
Granted | 570 | 23.34 | |||||||||||||||
Vested | (364 | ) | 16.58 | ||||||||||||||
Forfeited | (54 | ) | 18.93 | ||||||||||||||
Restricted stock and restricted stock units at end of year | 1,174 | $ | 21.37 | ||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Income Before Provision for Income Taxes and Provision for Income Taxes | ' | ||||||||||||
Income before provision for income taxes and the provision for income taxes is as follows for the years ended March 31: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in $000’s) | |||||||||||||
Income before provision for income taxes: | |||||||||||||
United States | $ | 4,267 | $ | 10,202 | $ | 236 | |||||||
Foreign | 4,263 | 6,660 | 2,307 | ||||||||||
Income before income taxes | $ | 8,530 | $ | 16,862 | $ | 2,543 | |||||||
Provision for income taxes: | |||||||||||||
Current: | |||||||||||||
Federal | $ | (100 | ) | $ | 97 | $ | — | ||||||
State | (106 | ) | — | — | |||||||||
Foreign | 525 | 996 | 259 | ||||||||||
Total current | 319 | 1,093 | 259 | ||||||||||
Deferred: | |||||||||||||
Federal | 825 | 825 | 825 | ||||||||||
State | 35 | (70 | ) | (36 | ) | ||||||||
Foreign | — | — | — | ||||||||||
Total deferred | 860 | 755 | 789 | ||||||||||
Total income tax provision | $ | 1,179 | $ | 1,848 | $ | 1,048 | |||||||
Differences Between Federal Statutory Income Tax Rate and Effective Tax Rates | ' | ||||||||||||
Differences between the federal statutory income tax rate and the effective tax rates are as follows for the years ended March 31: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Statutory income tax rate | 34.0 | % | 34.0 | % | 34.0 | % | |||||||
(Decrease) increase resulting from: | |||||||||||||
Change in valuation allowance | (53.7 | ) | (11.5 | ) | (109.7 | ) | |||||||
Rate differential on foreign operations | 31.1 | 9.7 | 54.9 | ||||||||||
Credits | (20.1 | ) | (17.0 | ) | (54.0 | ) | |||||||
State taxes, net | 12.9 | (6.9 | ) | 76 | |||||||||
Stock based compensation | 0.9 | 0.4 | 2 | ||||||||||
Permanent differences | 0.4 | 0 | (40.9 | ) | |||||||||
Expiry of state NOL carryforwards | — | 2.1 | 78.9 | ||||||||||
Other | 8.4 | 0.2 | — | ||||||||||
Effective tax rate | 13.9 | % | 11.0 | % | 41.2 | % | |||||||
Components of Net Deferred Taxes | ' | ||||||||||||
The components of the Company’s net deferred taxes were as follows: | |||||||||||||
March 31, | |||||||||||||
2014 | 2013 | ||||||||||||
(in $000’s) | |||||||||||||
Deferred tax assets | |||||||||||||
NOL carryforwards and tax credit carryforwards | $ | 72,430 | $ | 73,833 | |||||||||
Stock-based compensation | 10,519 | 10,324 | |||||||||||
Nondeductible reserves and accruals | 6,775 | 5,137 | |||||||||||
Amortizable intangibles other than goodwill | 3,470 | 4,138 | |||||||||||
Capitalized research and development | 3,208 | 5,366 | |||||||||||
Foreign NOL carryforwards | 2,705 | 4,777 | |||||||||||
Deferred revenue | 1,767 | 1,567 | |||||||||||
Depreciation | 561 | 306 | |||||||||||
Other, net | 658 | 1,222 | |||||||||||
102,093 | 106,670 | ||||||||||||
Deferred tax liabilities | |||||||||||||
Indefinite lived intangibles | (6,415 | ) | (5,554 | ) | |||||||||
(6,415 | ) | (5,554 | ) | ||||||||||
Net deferred tax asset | 95,678 | 101,116 | |||||||||||
Valuation allowance | (102,093 | ) | (106,670 | ) | |||||||||
Net deferred tax liability | $ | (6,415 | ) | $ | (5,554 | ) | |||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Mar. 31, 2014 | |||||
Future Minimum Lease Payments under All Significant Non Cancelable Operating Leases | ' | ||||
Future minimum lease payments under non-cancelable operating leases as of March 31, 2014 are approximately as follows: | |||||
Fiscal Year Ending March 31, | |||||
(in $000s) | |||||
2015 | $ | 1,589 | |||
2016 | 1,510 | ||||
2017 | 1,451 | ||||
2018 | 1,452 | ||||
2019 | 1,475 | ||||
Thereafter | 4,300 | ||||
Total future minimum lease payments | $ | 11,777 | |||
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Accrued Expenses | ' | ||||||||
Accrued expenses consisted of the following: | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
(in $000’s) | |||||||||
Employee compensation | $ | 11,967 | $ | 9,664 | |||||
Research and development | 1,587 | 1,025 | |||||||
Sales and income taxes | 1,445 | 2,107 | |||||||
Professional, legal and accounting fees | 1,304 | 1,100 | |||||||
Warranty | 794 | 708 | |||||||
Other | 802 | 558 | |||||||
$ | 17,899 | $ | 15,162 | ||||||
Quarterly_Results_of_Operation1
Quarterly Results of Operation (Tables) | 12 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Summary of Unaudited Quarterly Results of Operations | ' | ||||||||||||||||||||
The following is a summary of the Company’s unaudited quarterly results of operations for the fiscal years ending March 31, 2014 and 2013: | |||||||||||||||||||||
Fiscal Year Ended March 31, 2014 | |||||||||||||||||||||
1st | 2nd | 3rd | 4th | Total | |||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Year | |||||||||||||||||
(in $000’s) | |||||||||||||||||||||
Total revenues | $ | 42,670 | $ | 44,345 | $ | 46,195 | $ | 50,433 | $ | 183,643 | |||||||||||
Cost of product revenue | 8,723 | 9,027 | 9,458 | 10,114 | 37,322 | ||||||||||||||||
Other operating expenses | 35,254 | 33,920 | 32,143 | 36,641 | 137,958 | ||||||||||||||||
Other income (expense), net | (5 | ) | 31 | 57 | 84 | 167 | |||||||||||||||
Income (loss) before income tax provision | (1,312 | ) | 1,429 | 4,651 | 3,762 | 8,530 | |||||||||||||||
Income tax provision | 411 | 370 | 258 | 140 | 1,179 | ||||||||||||||||
Net income (loss) | $ | (1,723 | ) | $ | 1,059 | $ | 4,393 | $ | 3,622 | $ | 7,351 | ||||||||||
Basic net income (loss) per share | $ | (0.04 | ) | $ | 0.03 | $ | 0.11 | $ | 0.09 | $ | 0.19 | ||||||||||
Diluted net income (loss) per share | $ | (0.04 | ) | $ | 0.03 | $ | 0.11 | $ | 0.09 | $ | 0.18 | ||||||||||
Fiscal Year Ended March 31, 2013 | |||||||||||||||||||||
1st | 2nd | 3rd | 4th | Total | |||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Year | |||||||||||||||||
(in $000’s) | |||||||||||||||||||||
Total revenues | $ | 38,783 | $ | 37,417 | $ | 38,250 | $ | 43,674 | $ | 158,124 | |||||||||||
Cost of product revenue | 7,446 | 7,194 | 8,130 | 8,826 | 31,596 | ||||||||||||||||
Other operating expenses | 27,776 | 24,291 | 27,202 | 30,716 | 109,985 | ||||||||||||||||
Other income (expense), net | (6 | ) | (8 | ) | 325 | 8 | 319 | ||||||||||||||
Income before income tax provision | 3,555 | 5,924 | 3,243 | 4,140 | 16,862 | ||||||||||||||||
Income tax provision | 436 | 455 | 559 | 398 | 1,848 | ||||||||||||||||
Net income | $ | 3,119 | $ | 5,469 | $ | 2,684 | $ | 3,742 | $ | 15,014 | |||||||||||
Basic net income per share | $ | 0.08 | $ | 0.14 | $ | 0.07 | $ | 0.1 | $ | 0.38 | |||||||||||
Diluted net income per share | $ | 0.08 | $ | 0.13 | $ | 0.07 | $ | 0.09 | $ | 0.37 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Customer | Customer | Customer | |
Summary Of Significant Accounting Policy [Line Items] | ' | ' | ' |
Number of customers accounted for more than 10% of total product revenues | 0 | 0 | 0 |
Number of customers with an accounts receivable balance greater than 10% of total accounts receivable | 0 | 0 | ' |
Goodwill | $37,990 | $35,410 | $36,846 |
Product warranty period | '1 year | ' | ' |
Expected dividend yield | 0.00% | ' | ' |
Maximum | ' | ' | ' |
Summary Of Significant Accounting Policy [Line Items] | ' | ' | ' |
Maturity period of marketable security to be classified as cash equivalent | '90 days | ' | ' |
Minimum | ' | ' | ' |
Summary Of Significant Accounting Policy [Line Items] | ' | ' | ' |
Maturity period of security to be classified as marketable securities | '90 days | ' | ' |
Maturity period of security to be classified as long-term marketable securities | '1 year | ' | ' |
Stock Options and Performance Shares | ' | ' | ' |
Summary Of Significant Accounting Policy [Line Items] | ' | ' | ' |
Shares excluded from the calculation of diluted weighted average shares outstanding | 94,000 | 438,000 | 410,000 |
Machinery and Equipment | Maximum | ' | ' | ' |
Summary Of Significant Accounting Policy [Line Items] | ' | ' | ' |
Property and Equipment, useful life | '10 years | ' | ' |
Machinery and Equipment | Minimum | ' | ' | ' |
Summary Of Significant Accounting Policy [Line Items] | ' | ' | ' |
Property and Equipment, useful life | '2 years | ' | ' |
Computer Software | Maximum | ' | ' | ' |
Summary Of Significant Accounting Policy [Line Items] | ' | ' | ' |
Property and Equipment, useful life | '7 years | ' | ' |
Computer Software | Minimum | ' | ' | ' |
Summary Of Significant Accounting Policy [Line Items] | ' | ' | ' |
Property and Equipment, useful life | '3 years | ' | ' |
Furniture and Fixtures | Maximum | ' | ' | ' |
Summary Of Significant Accounting Policy [Line Items] | ' | ' | ' |
Property and Equipment, useful life | '10 years | ' | ' |
Furniture and Fixtures | Minimum | ' | ' | ' |
Summary Of Significant Accounting Policy [Line Items] | ' | ' | ' |
Property and Equipment, useful life | '4 years | ' | ' |
Leasehold Improvements | ' | ' | ' |
Summary Of Significant Accounting Policy [Line Items] | ' | ' | ' |
Leasehold improvements, useful life | 'Shorter of the lease term or the estimated useful lives | ' | ' |
Schedule_of_Earnings_Per_Share
Schedule of Earnings Per Share Basic And Diluted (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Basic Net Income Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | $3,622 | $4,393 | $1,059 | ($1,723) | $3,742 | $2,684 | $5,469 | $3,119 | $7,351 | $15,014 | $1,495 |
Weighted average shares used in computing basic net income per share | ' | ' | ' | ' | ' | ' | ' | ' | 39,334 | 39,113 | 38,374 |
Net income per share-basic | $0.09 | $0.11 | $0.03 | ($0.04) | $0.10 | $0.07 | $0.14 | $0.08 | $0.19 | $0.38 | $0.04 |
Diluted Net Income Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | $3,622 | $4,393 | $1,059 | ($1,723) | $3,742 | $2,684 | $5,469 | $3,119 | $7,351 | $15,014 | $1,495 |
Weighted average shares used in computing basic net income per share | ' | ' | ' | ' | ' | ' | ' | ' | 39,334 | 39,113 | 38,374 |
Effect of dilutive securities | ' | ' | ' | ' | ' | ' | ' | ' | 2,272 | 1,939 | 1,798 |
Weighted average shares used in computing diluted net income per share | ' | ' | ' | ' | ' | ' | ' | ' | 41,606 | 41,052 | 40,172 |
Net income per share-diluted | $0.09 | $0.11 | $0.03 | ($0.04) | $0.09 | $0.07 | $0.13 | $0.08 | $0.18 | $0.37 | $0.04 |
Marketable_Securities_Detail
Marketable Securities (Detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investment [Line Items] | ' | ' |
Short-term marketable securities | $55,663 | $67,256 |
Long-term marketable securities | 41,761 | 11,406 |
Fair Market Value | $97,424 | $78,662 |
Investable_Marketable_Securiti
Investable Marketable Securities (Detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair Market Value | $97,424 | $78,662 |
US Treasury Securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair Market Value | 31,487 | 59,020 |
US Government-sponsored Enterprises Debt Securities | Short-term Investments | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair Market Value | 24,176 | 8,236 |
US Government-sponsored Enterprises Debt Securities | Long-term Investments | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair Market Value | 41,761 | 11,406 |
Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Amortized Cost | 97,440 | 78,660 |
Gross Unrealized Gains | 14 | 4 |
Gross Unrealized Losses | -30 | -2 |
Fair Market Value | 97,424 | 78,662 |
Level 2 | US Treasury Securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Amortized Cost | 31,487 | 59,020 |
Fair Market Value | 31,487 | 59,020 |
Level 2 | US Government-sponsored Enterprises Debt Securities | Short-term Investments | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Amortized Cost | 24,174 | 8,235 |
Gross Unrealized Gains | 6 | 1 |
Gross Unrealized Losses | -4 | ' |
Fair Market Value | 24,176 | 8,236 |
Level 2 | US Government-sponsored Enterprises Debt Securities | Long-term Investments | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Amortized Cost | 41,779 | 11,405 |
Gross Unrealized Gains | 8 | 3 |
Gross Unrealized Losses | -26 | -2 |
Fair Market Value | $41,761 | $11,406 |
Financial_Instruments_Recorded
Financial Instruments Recorded at Fair Value (Detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value disclosure | $97,424 | $78,662 |
US Treasury Securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value disclosure | 31,487 | 59,020 |
US Government-sponsored Enterprises 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 | 24,176 | 8,236 |
US Government-sponsored Enterprises 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 | 41,761 | 11,406 |
Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value disclosure | 97,424 | 78,662 |
Level 2 | US Treasury Securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value disclosure | 31,487 | 59,020 |
Level 2 | US Government-sponsored Enterprises 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 | 24,176 | 8,236 |
Level 2 | US Government-sponsored Enterprises 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 | $41,761 | $11,406 |
Components_of_Accounts_Receiva
Components of Accounts Receivable (Detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Trade receivables | $24,542 | $23,082 |
Allowance for doubtful accounts | -185 | -136 |
Accounts receivable, net | $24,357 | $22,946 |
Components_of_Inventories_Deta
Components of Inventories (Detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory [Line Items] | ' | ' |
Raw materials and supplies | $6,414 | $6,267 |
Work-in-progress | 6,261 | 5,296 |
Finished goods | 1,273 | 3,367 |
Inventories | $13,948 | $14,930 |
Inventories_Additional_Informa
Inventories - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Inventory [Line Items] | ' | ' | ' |
Write-down of inventory | $2,012 | $1,172 | $1,833 |
Components_of_Property_and_Equ
Components of Property and Equipment (Detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Machinery and equipment | $16,805 | $14,392 |
Furniture and fixtures | 960 | 969 |
Leasehold improvements | 1,876 | 1,843 |
Construction in progress | 1,226 | 1,541 |
Total cost | 20,867 | 18,745 |
Less accumulated depreciation | -13,978 | -12,196 |
Property and equipment, net | $6,889 | $6,549 |
Property_and_Equipment_Additio
Property and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Depreciation expense | $2.40 | $2.50 | $2.30 |
Goodwill_Additional_Informatio
Goodwill - Additional Information (Detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
In Thousands, unless otherwise specified | |||
Goodwill [Line Items] | ' | ' | ' |
Goodwill | $37,990 | $35,410 | $36,846 |
Accumulated impairment loss, goodwill | $0 | ' | ' |
Goodwill_Activity_Detail
Goodwill Activity (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Goodwill [Line Items] | ' | ' |
Beginning Balance | $35,410 | $36,846 |
Exchange rate impact | 2,580 | -1,436 |
Ending Balance | $37,990 | $35,410 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2013 | Nov. 30, 2012 |
Maximum | ||
Shareholders Equity [Line Items] | ' | ' |
Stock repurchase program, authorized | ' | $15 |
Stock repurchased, shares | 1,123,587 | ' |
Stock repurchased, value | $15 | ' |
Average cost of stock repurchased, per share | $13.39 | ' |
Stock_Award_Plans_and_StockBas2
Stock Award Plans and Stock-Based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Jun. 30, 2011 | 31-May-11 | Dec. 31, 2013 | Mar. 31, 2014 | 31-May-13 | 31-May-12 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Stock Options | Stock Options | Stock Options | Restricted Stock and Restricted Stock Units | Restricted Stock and Restricted Stock Units | Restricted Stock and Restricted Stock Units | Performance Based Restricted Stock and Restricted Stock Units | Performance Based Restricted Stock and Restricted Stock Units | Performance Based Restricted Stock and Restricted Stock Units | Performance Based Restricted Stock and Restricted Stock Units | Performance Based Restricted Stock and Restricted Stock Units | Performance Based Restricted Stock and Restricted Stock Units | Employee Stock Purchase Plan | Employee Stock Purchase Plan | Employee Stock Purchase Plan | ||||
Share Based Awards | Share Based Awards | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock award plans, outstanding stock options expiration period | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Description of share counts for awards other than 2008 Stock Incentive Plan | 'Each share of stock issued pursuant to any other type of award counts as 1.58 shares against the maximum number of shares issuable under the Plan for grants made on or after August 11, 2010 (and as 1.5 shares for grants made prior to that date). | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares available for future issuance under the Plan | 1,317,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized stock-based compensation expense | ' | ' | ' | $4,400,000 | ' | ' | $10,400,000 | ' | ' | ' | ' | ' | $4,500,000 | ' | ' | ' | ' | ' |
Unrecognized stock-based compensation expense, weighted-average recognition period | ' | ' | ' | '2 years 8 months 12 days | ' | ' | '1 year 9 months 18 days | ' | ' | ' | ' | ' | '1 year 8 months 12 days | ' | ' | ' | ' | ' |
Aggregate intrinsic value of options exercised in period | 16,300,000 | 4,600,000 | 13,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from the exercise of stock options | 9,360,000 | 2,936,000 | 14,257,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of options vested in period | 2,500,000 | 2,600,000 | 3,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average grant-date fair value for options granted | $9.85 | $9.66 | $8.35 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected dividend yield | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average grant-date fair value for restricted stock and restricted stock units granted | ' | ' | ' | ' | ' | ' | $23.34 | $21.82 | $18.13 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of restricted stock and restricted stock units vested in period | ' | ' | ' | ' | ' | ' | 6,000,000 | 3,000,000 | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares of award granted | ' | ' | ' | ' | ' | ' | 570,000 | ' | ' | 284,000 | 284,000 | ' | ' | 268,988 | 195,188 | ' | ' | ' |
Shares of award granted, performance target met | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 234,000 | ' | ' | ' | ' | ' |
Shares of award granted, it is probable that the prescribed performance targets will be met | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000 | 50,000 | ' | ' | ' | ' | ' |
Stock-based compensation | $11,218,000 | $9,501,000 | $7,773,000 | $2,679,000 | $2,680,000 | $2,722,000 | ' | ' | ' | ' | ' | $800,000 | $3,900,000 | ' | ' | $217,000 | $198,000 | $148,000 |
ESPP, exercise price as a percentage of its market price | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
StockBased_Compensation_Recogn
Stock-Based Compensation Recognized (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Stock-based compensation | $11,218 | $9,501 | $7,773 |
Cost of product revenue | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Stock-based compensation | 614 | 450 | 282 |
Research and development | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Stock-based compensation | 2,347 | 1,843 | 1,719 |
Selling, general and administrative | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Stock-based compensation | $8,257 | $7,208 | $5,772 |
Components_of_StockBased_Compe
Components of Stock-Based Compensation (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Stock-based compensation | $11,218 | $9,501 | $7,773 |
Restricted stock units | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Stock-based compensation | 8,008 | 5,970 | 2,808 |
Stock Options | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Stock-based compensation | 2,679 | 2,680 | 2,722 |
Restricted Stock | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Stock-based compensation | 314 | 653 | 2,095 |
Employee Stock Purchase Plan | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Stock-based compensation | $217 | $198 | $148 |
Summary_of_Stock_Option_Activi
Summary of Stock Option Activity (Detail) (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Options | ' | ' |
Beginning Balance | 4,228 | ' |
Granted | 336 | ' |
Exercised | -1,029 | ' |
Cancelled and expired | -43 | ' |
Ending Balance | 3,492 | 4,228 |
Exercisable at end of year | 2,708 | ' |
Options vested and expected to vest at end of year | 3,401 | ' |
Weighted-Average Exercise Price | ' | ' |
Beginning Balance | $11.49 | ' |
Granted | $23.56 | ' |
Exercised | $9.10 | ' |
Cancelled and expired | $18.54 | ' |
Ending Balance | $13.27 | $11.49 |
Exercisable at end of year | $11.40 | ' |
Options vested and expected to vest at end of year | $13.17 | ' |
Weighted-Average Remaining Contractual Term (years) | ' | ' |
Outstanding | '4 years 11 months 1 day | '5 years 4 months 13 days |
Exercisable at end of year | '3 years 11 months 23 days | ' |
Options vested and expected to vest at end of year | '4 years 10 months 6 days | ' |
Aggregate Intrinsic Value | ' | ' |
Outstanding at end of year | $44,634 | ' |
Exercisable at end of year | 39,653 | ' |
Options vested and expected to vest at end of year | $43,819 | ' |
Weighted_Average_Assumptions_U
Weighted Average Assumptions Used to Calculate Fair Value of Options Granted (Detail) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ' | ' | ' |
Risk-free interest rate | 0.94% | 0.78% | 1.47% |
Expected option life (years) | '4 years 3 months | '4 years 3 months 22 days | '5 years 2 months 9 days |
Expected volatility | 51.70% | 56.20% | 53.10% |
Summary_of_Restricted_Stock_an
Summary of Restricted Stock and Restricted Stock Units Activity (Detail) (Restricted Stock and Restricted Stock Units, USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Restricted Stock and Restricted Stock Units | ' | ' | ' |
Number of Shares | ' | ' | ' |
Beginning Balance | 1,022,000 | ' | ' |
Granted | 570,000 | ' | ' |
Vested | -364,000 | ' | ' |
Forfeited | -54,000 | ' | ' |
Ending Balance | 1,174,000 | 1,022,000 | ' |
Weighted Average Grant Date Fair Value | ' | ' | ' |
Beginning Balance | $18.44 | ' | ' |
Granted | $23.34 | $21.82 | $18.13 |
Vested | $16.58 | ' | ' |
Forfeited | $18.93 | ' | ' |
Ending Balance | $21.37 | $18.44 | ' |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Income Taxes [Line Items] | ' | ' |
Net operating loss carry forwards expiration period | 'Fiscal 2015 through fiscal 2034 | ' |
Stock-based compensation tax deductions in excess of book compensation expense | $46,700,000 | ' |
Deferred tax asset stock-based compensation | 10,519,000 | 10,324,000 |
Net deferred tax liability | 6,415,000 | 5,554,000 |
Amortization period of deferred tax liability (years) | '15 years | ' |
Restatement Adjustment | ' | ' |
Income Taxes [Line Items] | ' | ' |
Overstatement of the valuation allowance which offset net overstatement of deferred tax asset | 11,000,000 | ' |
Prior year understated amount | ' | ' |
Income Taxes [Line Items] | ' | ' |
Deferred tax asset stock-based compensation | 3,500,000 | ' |
Prior year understated amount | Scenario, Adjustment | ' | ' |
Income Taxes [Line Items] | ' | ' |
Stock-based compensation tax deductions in excess of book compensation expense | 14,500,000 | ' |
Federal | ' | ' |
Income Taxes [Line Items] | ' | ' |
Net operating loss carry forwards | 193,000,000 | ' |
Research and development credit carry forwards | 12,500,000 | ' |
State | ' | ' |
Income Taxes [Line Items] | ' | ' |
Net operating loss carry forwards | 193,000,000 | ' |
Net operating loss carry forwards expired | 1,200,000 | ' |
Research and development credit carry forwards | $5,800,000 | ' |
Income_Before_Provision_for_In
Income Before Provision for Income Taxes and Provision for Income Taxes (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Income Taxes [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) before income tax provision | $3,762 | $4,651 | $1,429 | ($1,312) | $4,140 | $3,243 | $5,924 | $3,555 | $8,530 | $16,862 | $2,543 |
Current income tax provision, Federal | ' | ' | ' | ' | ' | ' | ' | ' | -100 | 97 | ' |
Current income tax provision, State | ' | ' | ' | ' | ' | ' | ' | ' | -106 | ' | ' |
Current income tax provision, Foreign | ' | ' | ' | ' | ' | ' | ' | ' | 525 | 996 | 259 |
Current income tax provision | ' | ' | ' | ' | ' | ' | ' | ' | 319 | 1,093 | 259 |
Deferred income tax provision, Federal | ' | ' | ' | ' | ' | ' | ' | ' | 825 | 825 | 825 |
Deferred income tax provision, State | ' | ' | ' | ' | ' | ' | ' | ' | 35 | -70 | -36 |
Deferred income tax provision, Foreign | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred income tax provision | ' | ' | ' | ' | ' | ' | ' | ' | 860 | 755 | 789 |
Total income tax provision | 140 | 258 | 370 | 411 | 398 | 559 | 455 | 436 | 1,179 | 1,848 | 1,048 |
United States | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) before income tax provision | ' | ' | ' | ' | ' | ' | ' | ' | 4,267 | 10,202 | 236 |
Foreign | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) before income tax provision | ' | ' | ' | ' | ' | ' | ' | ' | $4,263 | $6,660 | $2,307 |
Differences_Between_Federal_St
Differences Between Federal Statutory Income Tax Rate and Effective Tax Rates (Detail) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Reconciliation of Effective Income Tax Rate [Line Items] | ' | ' | ' |
Statutory income tax rate | 34.00% | 34.00% | 34.00% |
Change in valuation allowance | -53.70% | -11.50% | -109.70% |
Rate differential on foreign operations | 31.10% | 9.70% | 54.90% |
Credits | -20.10% | -17.00% | -54.00% |
State taxes, net | 12.90% | -6.90% | 76.00% |
Stock based compensation | 0.90% | 0.40% | 2.00% |
Permanent differences | 0.40% | 0.00% | -40.90% |
Expiry of state NOL carryforwards | ' | 2.10% | 78.90% |
Other | 8.40% | 0.20% | ' |
Effective tax rate | 13.90% | 11.00% | 41.20% |
Components_of_Net_Deferred_Tax
Components of Net Deferred Taxes (Detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets | ' | ' |
NOL carryforwards and tax credit carryforwards | $72,430 | $73,833 |
Stock-based compensation | 10,519 | 10,324 |
Nondeductible reserves and accruals | 6,775 | 5,137 |
Amortizable intangibles other than goodwill | 3,470 | 4,138 |
Capitalized research and development | 3,208 | 5,366 |
Foreign NOL carryforwards | 2,705 | 4,777 |
Deferred revenue | 1,767 | 1,567 |
Depreciation | 561 | 306 |
Other, net | 658 | 1,222 |
Deferred Tax Assets, Gross, Total | 102,093 | 106,670 |
Deferred tax liabilities | ' | ' |
Indefinite lived intangibles | -6,415 | -5,554 |
Deferred Tax Liabilities, Net | -6,415 | -5,554 |
Net deferred tax asset | 95,678 | 101,116 |
Valuation allowance | -102,093 | -106,670 |
Net deferred tax liability | ($6,415) | ($5,554) |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) | 12 Months Ended | 1 Months Ended | |||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Apr. 30, 2014 | Jul. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | |
USD ($) | USD ($) | USD ($) | Subsequent Event | Europe | Europe | Europe | For March 2014 through April 2014 | For March 2018 through February 2021 | For May 2014 through February 2016 | For March 2016 through February 2018 | |
sqft | USD ($) | Lease Agreements | Lease Agreements | Lease Agreements | USD ($) | USD ($) | USD ($) | USD ($) | |||
sqft | USD ($) | EUR (€) | |||||||||
Commitments and Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Office space under operating lease | 96,000 | ' | ' | ' | 33,000 | ' | ' | ' | ' | ' | ' |
Facilities leases, base rent per month | ' | ' | ' | ' | ' | $47,000,000 | € 34,500,000 | $66,000,000 | $72,750,000 | $74,050,000 | $70,750,000 |
Lease, expiration date | ' | ' | ' | ' | 31-Jul-23 | ' | ' | ' | ' | ' | ' |
Rent expense | 1,500,000 | 1,600,000 | 1,600,000 | ' | ' | ' | ' | ' | ' | ' | ' |
License agreement, upfront payment | ' | ' | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | ' |
License agreement, maximum agreed additional payments upon achievement of development milestones | ' | ' | ' | $4,500,000 | ' | ' | ' | ' | ' | ' | ' |
Future_Minimum_Lease_Payments_
Future Minimum Lease Payments under All Significant Non Cancelable Operating Leases (Detail) (USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' |
2015 | $1,589 |
2016 | 1,510 |
2017 | 1,451 |
2018 | 1,452 |
2019 | 1,475 |
Thereafter | 4,300 |
Total future minimum lease payments | $11,777 |
Accrued_Expenses_Detail
Accrued Expenses (Detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ' | ' |
Employee compensation | $11,967 | $9,664 |
Research and development | 1,587 | 1,025 |
Sales and income taxes | 1,445 | 2,107 |
Professional, legal and accounting fees | 1,304 | 1,100 |
Warranty | 794 | 708 |
Other | 802 | 558 |
Accrued expenses | $17,899 | $15,162 |
Segment_and_Enterprise_Wide_Di1
Segment and Enterprise Wide Disclosures - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Number of business segments | 1 | ' | ' |
Goodwill | 37,990 | 35,410 | 36,846 |
United States | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Percentage of total consolidated assets | 74.00% | 71.00% | ' |
Europe | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Goodwill | 38,000 | 35,400 | ' |
Percentage of total consolidated assets, excluding goodwill | 8.00% | 8.00% | ' |
International | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Percentage of total product revenue | 9.00% | 7.00% | 8.00% |
Summary_of_Unaudited_Quarterly
Summary of Unaudited Quarterly Results of Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | $50,433 | $46,195 | $44,345 | $42,670 | $43,674 | $38,250 | $37,417 | $38,783 | $183,643 | $158,124 | $126,375 |
Cost of product revenue | 10,114 | 9,458 | 9,027 | 8,723 | 8,826 | 8,130 | 7,194 | 7,446 | 37,322 | 31,596 | 24,507 |
Other operating expenses | 36,641 | 32,143 | 33,920 | 35,254 | 30,716 | 27,202 | 24,291 | 27,776 | 137,958 | 109,985 | ' |
Other income (expense), net | 84 | 57 | 31 | -5 | 8 | 325 | -8 | -6 | 167 | 319 | 1,023 |
Income (loss) before income tax provision | 3,762 | 4,651 | 1,429 | -1,312 | 4,140 | 3,243 | 5,924 | 3,555 | 8,530 | 16,862 | 2,543 |
Income tax provision | 140 | 258 | 370 | 411 | 398 | 559 | 455 | 436 | 1,179 | 1,848 | 1,048 |
Net income | $3,622 | $4,393 | $1,059 | ($1,723) | $3,742 | $2,684 | $5,469 | $3,119 | $7,351 | $15,014 | $1,495 |
Basic net income (loss) per share | $0.09 | $0.11 | $0.03 | ($0.04) | $0.10 | $0.07 | $0.14 | $0.08 | $0.19 | $0.38 | $0.04 |
Diluted net income (loss) per share | $0.09 | $0.11 | $0.03 | ($0.04) | $0.09 | $0.07 | $0.13 | $0.08 | $0.18 | $0.37 | $0.04 |
Recovered_Sheet1
Schedule II Valuation and Qualifying Accounts (Detail) (Allowance for Doubtful Accounts, Current, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Allowance for Doubtful Accounts, Current | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance at Beginning of Period | $136 | $230 | $274 |
Additions | 81 | 200 | 181 |
Deductions | 32 | 294 | 225 |
Balance at End of Period | $185 | $136 | $230 |