Abiomed (ABMD) 10-Q 3 Aug 16 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jun. 30, 2016	Jul. 31, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Trading Symbol	ABMD
Entity Registrant Name	ABIOMED INC
Entity Central Index Key	815,094
Current Fiscal Year End Date	--03-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		43,034,341

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2016	Mar. 31, 2016
Current assets:
Cash and cash equivalents	$ 38,274	$ 48,231
Short-term marketable securities	184,900	163,822
Accounts receivable, net	41,280	42,821
Inventories	29,093	26,740
Prepaid expenses and other current assets	6,741	6,778
Total current assets	300,288	288,392
Long-term marketable securities		1,000
Property and equipment, net	25,950	23,184
Goodwill	32,272	33,003
In-process research and development	15,055	15,396
Long-term deferred tax assets, net	51,296	58,534
Other assets	4,451	4,422
Total assets	429,312	423,931
Current liabilities:
Accounts payable	8,372	9,381
Accrued expenses	26,257	28,382
Deferred revenue	8,590	8,778
Total current liabilities	43,219	46,541
Other long-term liabilities	213	220
Contingent consideration	7,739	7,563
Long-term deferred tax liabilities	814	832
Total liabilities	51,985	55,156
Commitments and contingencies (Note 8)
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 - 44,543,177 shares at June 30, 2016 and 43,973,119 shares at March 31, 2016; Outstanding - 43,008,100 shares at June 30, 2016 and 42,596,228 shares at March 31, 2016	430	426
Additional paid in capital	520,842	508,624
Accumulated deficit	(86,165)	(99,075)
Treasury stock at cost - 1,535,077 shares at June 30, 2016 and 1,376,891 shares at March 31, 2016	(41,691)	(26,660)
Accumulated other comprehensive loss	(16,089)	(14,540)
Total stockholders' equity	377,327	368,775
Total liabilities and stockholders' equity	$ 429,312	$ 423,931

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2016	Mar. 31, 2016
Statement Of Financial Position [Abstract]
Class B Preferred Stock, par value	$ 0.01	$ 0.01
Class B Preferred Stock, Authorized	1,000,000	1,000,000
Class B Preferred Stock, Issued	0	0
Class B Preferred Stock, outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, Authorized	100,000,000	100,000,000
Common stock, Issued	44,543,177	43,973,119
Common stock, Outstanding	43,008,100	42,596,228
Treasury stock, shares	1,535,077	1,376,891

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Revenue:
Product revenue	$ 102,989	$ 73,426
Funded research and development	6	6
Total Revenue	102,995	73,432
Costs and expenses:
Cost of product revenue	15,070	10,868
Research and development	15,660	10,210
Selling, general and administrative	51,032	37,323
Costs and Expenses, Total	81,762	58,401
Income from operations	21,233	15,031
Other income:
Investment income, net	269	63
Other (expense) income, net	(77)	53
Nonoperating Income (Expense), Total	192	116
Income before income taxes	21,425	15,147
Income tax provision	8,515	6,288
Net income	$ 12,910	$ 8,859
Basic net income per share	$ 0.30	$ 0.21
Basic weighted average shares outstanding	42,811	41,696
Diluted net income per share	$ 0.29	$ 0.20
Diluted weighted average shares outstanding	45,178	44,410

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 12,910	$ 8,859
Other comprehensive (loss) income:
Foreign currency translation (losses) gains	(1,699)	1,598
Net unrealized gains on marketable securities	150	10
Other comprehensive (loss) income	(1,549)	1,608
Comprehensive income	$ 11,361	$ 10,467

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Operating activities:
Net income	$ 12,910	$ 8,859
Adjustments required to reconcile net income to net cash provided by operating activities:
Depreciation expense	1,406	663
Bad debt expense	(31)	(37)
Stock-based compensation	8,397	4,799
Write-down of inventory	708	299
Excess tax benefit from stock-based awards	(1,041)	(81)
Deferred tax provision	7,000	5,805
Change in fair value of contingent consideration	176	151
Changes in assets and liabilities:
Accounts receivable	1,517	(2,456)
Inventories	(3,393)	(4,549)
Prepaid expenses and other assets	7	463
Accounts payable	(145)	(1,767)
Accrued expenses and other liabilities	(952)	(2,063)
Deferred revenue	(179)	828
Net cash provided by operating activities	26,380	10,914
Investing activities:
Purchases of marketable securities	(67,318)	(42,661)
Proceeds from the sale and maturity of marketable securities	47,090	50,263
Purchases of property and equipment	(5,099)	(1,863)
Net cash (used for) provided by investing activities	(25,327)	5,739
Financing activities:
Proceeds from the exercise of stock options	2,770	4,589
Excess tax benefit from stock-based awards	1,041	81
Taxes paid related to net share settlement of vesting of stock awards	(15,033)	(3,465)
Proceeds from the issuance of stock under employee stock purchase plan		5
Net cash (used for) provided by financing activities	(11,222)	1,210
Effect of exchange rate changes on cash	212	167
Net (decrease) increase in cash and cash equivalents	(9,957)	18,030
Cash and cash equivalents at beginning of period	48,231	22,401
Cash and cash equivalents at end of period	38,274	40,431
Supplemental disclosure of cash flow information:
Cash paid for income taxes	420	274
Supplemental disclosure of non-cash investing and financing activities:
Property and equipment in accounts payable and accrued expenses	$ 996	$ 123

Nature of Business and Basis of

Nature of Business and Basis of Preparation	3 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Nature of Business and Basis of Preparation	Note 1. Nature of Business and Basis of Preparation Abiomed, Inc. (the “Company” or “Abiomed”) is a provider of mechanical circulatory support devices and offers a continuum of care 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. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or GAAP, for interim financial reporting and in accordance with Article 10 of Regulation S-X. Accordingly, they do not include all of the information and note disclosures required by GAAP for complete financial statements. These statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2016 that has been filed with the Securities and Exchange Commission (the “SEC”). In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments, which are of a normal recurring nature and are necessary for a fair presentation of results for the interim periods presented. The results of operations for any interim period may not be indicative of results for the full fiscal year or any other subsequent period. There have been no changes in the Company’s significant accounting policies for the three months ended June 30, 2016 as compared to the significant accounting policies described in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2016 that has been filed with the SEC. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory, In February 2016, the FASB issued ASU 2016-02, Leases In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting

Net Income Per Share

Net Income Per Share	3 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Net Income Per Share	Note 2. 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 period. Diluted net income per share is computed by dividing net income by the weighted average number of dilutive common shares outstanding during the period. Diluted shares outstanding are calculated by adding to the weighted average shares outstanding any potential dilutive securities outstanding for the period. Potential dilutive securities include stock options, restricted stock units, performance-based stock awards and shares to be purchased under the Company’s employee stock purchase plan. In periods 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. The Company’s basic and diluted net income per share for the three months ended June 30, 2016 and 2015 were as follows (in thousands, except per share data): For the Three Months Ended June 30, 2016 2015 Basic Net Income Per Share Net income $ 12,910 $ 8,859 Weighted average shares used in computing basic net income per share 42,811 41,696 Net income per share - basic $ 0.30 $ 0.21 For the Three Months Ended June 30, 2016 2015 Diluted Net Income Per Share Net income $ 12,910 $ 8,859 Weighted average shares used in computing basic net income per share 42,811 41,696 Effect of dilutive securities 2,367 2,714 Weighted average shares used in computing diluted net income per share 45,178 44,410 Net income per share - diluted $ 0.29 $ 0.20 For the three months ended June 30, 2016, approximately 48,000 shares underlying out-of-the-money stock options were not included in the computation of diluted earnings per share because their effect would have been anti-dilutive. Also, approximately 241,000 restricted shares in each of the three months ended June 30, 2016, related to performance-based awards for which milestones have not been met, were not included in the computation of diluted earnings per share. For the three months ended June 30, 2015, approximately 2,000 shares underlying out-of-the-money stock options were not included in the computation of diluted earnings per share because their effect would have been anti-dilutive. Also, approximately 234,000 restricted shares in each of the three months ended June 30, 2015 related to performance-based awards for which milestones had not been met were not included in the computation of diluted earnings per share.

Marketable Securities and Fair

Marketable Securities and Fair Value Measurements	3 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
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 included in stockholders’ equity. The Company’s marketable securities at June 30, 2016 and March 31, 2016 are invested in the following: Amortized Gross Unrealized Gross Unrealized Fair Market Cost Gains Losses Value (in $000's) June 30, 2016: US Treasury mutual fund securities $ 45,595 $ 23 $ — $ 45,618 Short-term government-backed securities 112,642 73 (1 ) 112,714 Short-term corporate debt securities 26,449 119 - 26,568 $ 184,686 $ 215 $ (1 ) $ 184,900 Amortized Gross Unrealized Gross Unrealized Fair Market Cost Gains Losses Value (in $000's) March 31, 2016: US Treasury mutual fund securities $ 45,635 $ 21 $ — $ 45,656 Short-term government-backed securities 118,125 45 (4 ) 118,166 Long-term government-backed securities 999 1 - 1,000 $ 164,759 $ 67 $ (4 ) $ 164,822 Fair Value Hierarchy Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three categories: Level 1: 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 values are based on quoted market prices such as exchange-traded instruments and listed equities. Level 2 includes financial instruments that are valued using models or other valuation methodologies. These models are primarily industry-standard models that consider various assumptions, including time value, yield curve, volatility factors, prepayment speeds, default rates, loss severity, current market and contractual prices for the underlying financial instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. Level 3 is comprised of unobservable inputs that are supported by little or no market activity. Financial assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flows, or similar techniques, and at least one significant model assumption or input is unobservable. The following table presents the Company’s financial instruments recorded at fair value in the condensed consolidated balance sheets, classified according to the three categories described above: Level 1 Level 2 Level 3 Total June 30, 2016: (in $000's) Assets U.S. Treasury mutual fund securities $ — $ 45,618 $ — $ 45,618 Short-term government-backed securities — 112,714 — 112,714 Short-term corporate debt securities — 26,568 — 26,568 Liabilities Contingent consideration — — 7,739 7,739 Level 1 Level 2 Level 3 Total March 31, 2016: (in $000's) Assets U.S. Treasury mutual fund securities $ — $ 45,656 $ — $ 45,656 Short-term government-backed securities — 118,166 — 118,166 Long-term government-backed securities — 1,000 — 1,000 Liabilities Contingent consideration — — 7,563 7,563 The Company’s investments in U.S. Treasury mutual fund securities, short-term government-backed securities, short-term corporate debt securities and long-term government-backed securities are reported as Level 2 financial assets as they are not exchange-traded instruments. The Company’s financial liabilities consisted of contingent consideration potentially payable related to the acquisition of ECP Entwicklungsgesellschaft mbH (“ECP”) and AIS GmbH Aachen Innovative Solutions (“AIS”), in July 2014. This liability is reported as Level 3 as the estimated fair value of the contingent consideration related to the acquisition of the ECP requires significant management judgment or estimation and is calculated using the income approach, using various revenue and cost assumptions and applying a probability to each outcome. The following table summarizes the change in fair value, as determined by Level 3 inputs, of the contingent consideration for the three months ended June 30, 2016: For the Three Months Ended June 30, 2016 2015 (in $000's) Level 3 liabilities, beginning balance $ 7,563 $ 6,510 Additions — — Payments — — Change in fair value 176 151 Level 3 liabilities, ending balance $ 7,739 $ 6,661 The change in fair value of the contingent consideration was due to an increase in fair value resulting from the passage of time on the fair value measurement of milestones related to the ECP acquisition and continued progress on the development of the underlying technology. Adjustments associated with the change in fair value of contingent consideration are included in research and development expenses in the Company’s condensed consolidated statements of operations. The following table presents quantitative information about the inputs and valuation methodologies used for the Company’s fair value measurements as of June 30, 2016 classified as Level 3: Fair Value at Weighted Average June 30, 2016 Significant (range, if (in $000's) Valuation Methodology Unobservable Input applicable) Contingent consideration $ 7,739 Probability weighted income approach Milestone dates 2018 to 2021 Discount rate 8% to 12% Probability of occurrence Probability adjusted level of 40% for the base case scenario and 5% to 30% for various upside and downside scenarios Other Investments The Company periodically makes investments in private medical device companies that focus on heart failure and heart pump technologies. The aggregate carrying amount of the Company’s other investments was $4.4 million at each of June 30, 2016 and March 31, 2016, respectively, and is classified within other assets in the unaudited condensed consolidated balance sheets. These investments are accounted for using the cost method and are measured at fair value only if there are identified events or changes in circumstances that may have a significant adverse effect on the fair value of these investments.

Goodwill and In-Process Researc

Goodwill and In-Process Research and Development	3 Months Ended
	Jun. 30, 2016
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill and In-Process Research and Development	Note 4. Goodwill and In-Process Research and Development The carrying amount of goodwill at June 30, 2016 and March 31, 2016 was $32.3 million and $33.0 million, respectively, and has been recorded in connection with the Company’s acquisition of Impella Cardiosystems AG (“Impella Cardiosystems”), in May 2005 and ECP and AIS in July 2014. The goodwill activity is as follows: (in $000's) Balance at March 31, 2016 $ 33,003 Foreign currency translation impact (731 ) Balance at June 30, 2016 $ 32,272 The Company evaluates goodwill and in-process research and development assets (“IPR&D”) assets at least annually at October 31, as well as whenever events or changes in circumstances suggest that the carrying amount may not be recoverable. The Company has no accumulated impairment losses on goodwill or IPR&D assets. The carrying amount of IPR&D assets at June 30, 2016 and March 31, 2016 was $15.1 million and $15.4 million, respectively, and has been recorded in conjunction with the Company’s acquisition of ECP and AIS, in July 2014. The estimated fair value of IPR&D assets at the acquisition date was determined using a probability-weighted income approach, which discounts expected future cash flows to present value. The projected cash flows from the expandable catheter pump technology were based on certain key assumptions, including estimates of future revenue and expenses, taking into account the stage of development of the technology at the acquisition date and the time and resources needed to complete development. The Company used a discount rate of 22.5% and cash flows that have been probability adjusted to reflect the risks of product commercialization, which the Company believes are appropriate and representative of market participant assumptions. The carrying value of the Company’s IPR&D assets and the change in the balance for the three months ended June 30, 2016 are as follows: (in $000's) Balance at March 31, 2016 $ 15,396 Foreign currency translation impact (341 ) Balance at June 30, 2016 $ 15,055

Accrued Expenses

Accrued Expenses	3 Months Ended
	Jun. 30, 2016
Payables And Accruals [Abstract]
Accrued Expenses	Note 5. Accrued Expenses Accrued expenses consist of the following: June 30, 2016 March 31, 2016 (in $000's) Employee compensation $ 15,835 $ 18,359 Research and development 2,456 1,587 Sales and income taxes 2,436 2,527 Professional, legal and accounting fees 1,983 1,764 Marketing 628 1,146 Warranty 966 998 Other 1,953 2,001 $ 26,257 $ 28,382 Employee compensation consists primarily of accrued bonuses, accrued commissions and accrued employee benefits at June 30, 2016 and March 31, 2016.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Jun. 30, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	Note 6. Stock-Based Compensation The following table summarizes stock-based compensation expense by financial statement line item in the Company’s condensed consolidated statements of operations for the three months ended June 30, 2016 and 2015: For the Three Months Ended June 30, 2016 2015 (in $000's) Cost of product revenue $ 299 $ 237 Research and development 1,255 931 Selling, general and administrative 6,843 3,631 $ 8,397 $ 4,799 Stock Options The following table summarizes the stock option activity for the three months ended June 30, 2016: Weighted Weighted Average Aggregate Average Remaining Intrinsic Options Exercise Contractual Value (in thousands) Price Term (years) (in thousands) Outstanding at beginning of period 2,244 $ 20.55 5.19 Granted 110 99.65 Exercised (197 ) 14.10 Cancelled and expired (3 ) 46.63 Outstanding at end of period 2,154 $ 25.12 5.42 $ 181,299 Exercisable at end of period 1,657 $ 16.00 4.48 $ 154,565 Options vested and expected to vest at end of period 2,100 $ 24.53 5.34 $ 178,007 The aggregate intrinsic value of options exercised was $16.5 million for the three months ended June 30, 2016. The total fair value of options that vested during the three months ended June 30, 2016 was $3.0 million. The remaining unrecognized stock-based compensation expense for unvested stock option awards at June 30, 2016 was approximately $9.2 million, net of forfeitures, and the weighted-average period over which this cost will be recognized is 2.6 years. The Company estimates the fair value of each stock option granted at the grant date using the Black-Scholes option valuation model. The weighted average grant-date fair values and weighted average assumptions used in the calculation of fair value of options granted during the three months ended June 30, 2016 and 2015 was as follows: For the Three Months Ended June 30, 2016 2015 Weighted average grant-date fair value $ 40.33 $ 27.33 Valuation assumptions: Risk-free interest rate 1.38 % 1.57 % Expected option life (years) 4.13 4.15 Expected volatility 49.8 % 50.4 % Restricted Stock Units The following table summarized activity of restricted stock units for the three months ended June 30, 2016: Number of Shares Weighted Average Grant Date Fair Value (in thousands) (per share) Restricted stock and restricted stock units at beginning of period 1,263 $ 57.95 Granted 254 $ 98.45 Vested (373 ) $ 32.40 Forfeited (5 ) $ 28.87 Restricted stock and restricted stock units at end of period 1,139 $ 75.70 The remaining unrecognized compensation expense for outstanding restricted stock units, including performance and market-based awards, as of June 30, 2016 was $46.2 million and the weighted-average period over which this cost will be recognized is 2.6 years. Performance-Based Awards In May 2016, performance-based awards of restricted stock units for the potential issuance of up to 190,890 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 June 30, 2016, the Company is recognizing compensation expense based on the probable outcome related to the prescribed performance targets on the outstanding awards. In June 2011, performance-based awards of restricted stock units for the potential issuance of 100,000 shares of common stock was issued to a certain senior executive officer of the Company that would vest upon achievement of prescribed service milestones by the award recipient and performance milestones by the Company. As of June 30, 2016, the Company has met the prescribed milestones for 50,000 shares of this award. The Company modified the performance condition on the 50,000 remaining restricted stock units that were related to this performance award in March 2014 and December 2015, all of which will vest upon achievement of a prescribed service milestone by the award recipients and a performance milestone by the Company. The Company believes that it is probable that the prescribed performance milestones will be met and the compensation expense is being recognized accordingly.

Income Taxes

Income Taxes	3 Months Ended
	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Note 7. Income Taxes The income tax provision represents the Company’s federal and state income tax obligations as well as foreign tax provisions. The Company’s income tax provision was $8.5 million and $6.3 million for the three months ended June 30, 2016 and 2015, respectively. The estimated annual effective income tax rate is based upon estimated income before income taxes for the year, the geographical composition of the estimated income before taxes and estimated permanent differences. The estimated annual effective income tax rate can fluctuate and may differ from the actual tax rate recognized in fiscal 2017 for various reasons, including estimates of income before taxes, tax legislation, permanent differences, discrete items, and any adjustments between tax provision calculations and filed tax returns. The significant differences between the statutory tax rate and effective tax rate for the three months ended June 30, 2016 and 2015 were as follows: For the Three Months Ended June 30, 2016 2015 Statutory income tax rate 35.0 % 35.0 % Increase (decrease) resulting from: Credits (1.3 ) (1.6 ) State taxes, net 3.4 3.4 Permanent differences 2.7 3.9 Other (0.1 ) 0.8 Effective tax rate 39.7 % 41.5 % The Company and its subsidiaries are subject to U.S. federal income tax, as well as income tax in multiple states and other countries, including Germany. All tax years remain subject to examination by the Internal Revenue Service and state and foreign tax authorities. The Company has net operating loss and tax credit carryforwards which may be utilized in future years to offset taxable income, and those years may also be subject to review by relevant taxing authorities if the carryforwards are utilized. Fiscal years 2012 through 2016 remain open to examination in Germany.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Jun. 30, 2016
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 8. Commitments and Contingencies Commitments The Company’s headquarters is located at 22 Cherry Hill Drive in Danvers, Massachusetts and consists of approximately 125,560 square feet of space under an operating lease. The monthly lease payments over the remaining term of the lease are as follows: · $84,914 base rent per month from March 2016 through February 2018; and · $87,530 base rent per month from March 2018 through February 2021. This facility encompasses most of the Company’s U.S. operations, including research and development, manufacturing, sales and marketing and general and administrative departments. On December 9, 2015, the Company entered into a purchase and sale agreement (the “P&S Agreement”) to acquire its existing corporate headquarters space. Pursuant to the P&S Agreement, the Company will, among other things and subject to closing conditions, acquire the real estate commonly known as 18-22 Cherry Hill Drive, located in Danvers, Massachusetts. Subject to the terms and conditions of the P&S Agreement, the purchase price of the property will be $16.5 million, if the real estate is purchased. The Company amended the P&S Agreement with the most recent amendment dated July 19, 2016 to extend the due diligence period related to the purchase of the property until August 9, 2016. 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 its existing space in Aachen, Germany through July 31, 2023. In October 2015, the Company entered into an amendment to this lease agreement to lease 9,000 square feet of additional space effective July 1, 2015. The Company also entered into another lease agreement in October 2015 to lease approximately 30,000 square feet of additional space adjacent to its Aachen facility from July 1, 2015 through June 30, 2016. This agreement also provided the Company with options to extend the lease through July 31, 2033. The Company exercised the first option under this agreement to extend the lease through June 30, 2017. The lease payments under these agreements are approximately 64,500€ (euro) (approximately U.S. $72,000 at June 30, 2016 exchange rates) per month. In addition to our Danvers facility, the Company manufactures its Impella® products at this location. The Aachen facility also encompasses certain research and development functions and the European sales, marketing and general and administrative functions. License Agreements In April 2014, the Company entered into an exclusive license agreement for the rights to certain optical sensor technologies in the field of cardio-circulatory assist devices. The Company made a $1.5 million upfront payment upon execution of the agreement and could make additional payments of up to $4.5 million upon the achievement of certain development milestones. In November 2015, the Company entered into an exclusive license agreement for the rights to certain vascular closure device technologies. The Company made a $0.5 million upfront payment upon execution of the agreement and a milestone payment of $0.6 million in December 2015. On July 28, 2016, the Company provided notice that it was cancelling this agreement and would provide a $0.2 million termination fee in the quarter ending September 30, 2016. Litigation 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 condensed 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 condensed consolidated financial statements. On April 25, 2014, the Company received a subpoena from the Boston regional office of the United States Department of Health and Human Services, or HHS, Office of Inspector General requesting materials relevant to the Company’s reimbursement of expenses and remuneration to healthcare providers for a six month period from July 2012 through December 2012 in connection with a civil investigation under the False Claims Act (the “FCA Investigation”). The Company submitted the requested documents to HHS and believes that it substantially complied with the subpoena. On November 6, 2014, the Company received notice from the Department of Justice, United States Attorney’s Office for the District of Massachusetts in the form of a Civil Investigative Demand (“CID”) requesting additional materials relating to this matter for the time period of January 1, 2012 through December 31, 2013. The Company has responded to the additional requests for information contained in the CID, and is in the process of responding to other informal requests. The Company intends to continue to cooperate with the U.S. Attorney’s Office in connection with the FCA Investigation. In July and August 2015, Thoratec Corporation (“Thoratec”), acquired by St. Jude Medical, Inc. in October 2015, brought actions in connection with two Company patents relevant to Thoratec’s HeartMate PHP medical device (“PHP”). In those proceedings, which are in the High Court of Justice in the United Kingdom and German Federal Patent Court in Germany, Thoratec asserts that the two patents are invalid and is seeking a declaration that their PHP pump does not infringe the patents in the United Kingdom action. In September 2015, the Company filed counterclaims in the action in Germany asserting that the PHP product infringes the two patents and a third patent owned by the Company. Both the Germany and United Kingdom proceedings are ongoing. In December 2015, the Company received a letter from Maquet Cardiovascular LLC, a subsidiary of the Getinge Group (“Maquet”), and maker of the intra-aortic balloon pump, asserting that Abiomed’s Impella products infringe certain guidewire, lumen and sensor claims of two Maquet patents and one pending patent application in the U.S. and elsewhere, and encouraged the Company to discuss taking a license from Maquet. In January 2016, the Company responded to Maquet stating that it believed that the cited claims were invalid and that its Impella products did not infringe the cited patents. In May 2016, Maquet sent a second letter to the Company notifying that the pending patent application had been issued as a U.S. patent and repeated their earlier assertion and encouraged the Company to discuss taking a license from Maquet. On May 19, 2016, the Company filed suit in Massachusetts District Court against Maquet seeking a declaratory judgment that the Company’s Impella products do not infringe Maquet’s cited patent rights. The Company is unable to estimate a potential liability with respect to the legal matters noted above. There are numerous factors that make it difficult to meaningfully estimate possible loss or range of loss at this stage of the legal proceedings, including that the FCA Investigation and patent disputes with Thoratec and Maquet remain in relatively early stages, there are significant factual and legal issues to be resolved and information obtained or rulings made during any potential lawsuits or investigations could affect the methodology for calculation. Therefore, the Company is unable at this time to estimate a possible loss or range of possible loss, and no adjustment has been made to the financial statements to reflect the outcome of these uncertainties.

Segment and Enterprise Wide Dis

Segment and Enterprise Wide Disclosures	3 Months Ended
	Jun. 30, 2016
Segment Reporting [Abstract]
Segment and Enterprise Wide Disclosures	Note 9. 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. International sales (sales outside the U.S. and primarily in Europe) accounted for 9% and 8% of total product revenue during the three months ended June 30, 2016 and 2015, respectively. The Company’s long-lived assets, which are its property, plant and equipment, are located primarily in the U.S. except for $6.4 million and $5.9 million at June 30, 2016 and March 31, 2016, respectively, which are located primarily in Germany.

Nature of Business and Basis 16

Nature of Business and Basis of Preparation (Policies)	3 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory, In February 2016, the FASB issued ASU 2016-02, Leases In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting

Net Income Per Share (Tables)

Net Income Per Share (Tables)	3 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Computation of Basic and Diluted Net Income Per Share	The Company’s basic and diluted net income per share for the three months ended June 30, 2016 and 2015 were as follows (in thousands, except per share data): For the Three Months Ended June 30, 2016 2015 Basic Net Income Per Share Net income $ 12,910 $ 8,859 Weighted average shares used in computing basic net income per share 42,811 41,696 Net income per share - basic $ 0.30 $ 0.21 For the Three Months Ended June 30, 2016 2015 Diluted Net Income Per Share Net income $ 12,910 $ 8,859 Weighted average shares used in computing basic net income per share 42,811 41,696 Effect of dilutive securities 2,367 2,714 Weighted average shares used in computing diluted net income per share 45,178 44,410 Net income per share - diluted $ 0.29 $ 0.20

Marketable Securities and Fai18

Marketable Securities and Fair Value Measurements (Tables)	3 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Marketable Securities	The Company’s marketable securities at June 30, 2016 and March 31, 2016 are invested in the following: Amortized Gross Unrealized Gross Unrealized Fair Market Cost Gains Losses Value (in $000's) June 30, 2016: US Treasury mutual fund securities $ 45,595 $ 23 $ — $ 45,618 Short-term government-backed securities 112,642 73 (1 ) 112,714 Short-term corporate debt securities 26,449 119 - 26,568 $ 184,686 $ 215 $ (1 ) $ 184,900 Amortized Gross Unrealized Gross Unrealized Fair Market Cost Gains Losses Value (in $000's) March 31, 2016: US Treasury mutual fund securities $ 45,635 $ 21 $ — $ 45,656 Short-term government-backed securities 118,125 45 (4 ) 118,166 Long-term government-backed securities 999 1 - 1,000 $ 164,759 $ 67 $ (4 ) $ 164,822
Financial Instruments Recorded at Fair Value	The following table presents the Company’s financial instruments recorded at fair value in the condensed consolidated balance sheets, classified according to the three categories described above: Level 1 Level 2 Level 3 Total June 30, 2016: (in $000's) Assets U.S. Treasury mutual fund securities $ — $ 45,618 $ — $ 45,618 Short-term government-backed securities — 112,714 — 112,714 Short-term corporate debt securities — 26,568 — 26,568 Liabilities Contingent consideration — — 7,739 7,739 Level 1 Level 2 Level 3 Total March 31, 2016: (in $000's) Assets U.S. Treasury mutual fund securities $ — $ 45,656 $ — $ 45,656 Short-term government-backed securities — 118,166 — 118,166 Long-term government-backed securities — 1,000 — 1,000 Liabilities Contingent consideration — — 7,563 7,563
Change in Fair Value of Contingent Consideration as Determined by Level 3 Inputs	The following table summarizes the change in fair value, as determined by Level 3 inputs, of the contingent consideration for the three months ended June 30, 2016: For the Three Months Ended June 30, 2016 2015 (in $000's) Level 3 liabilities, beginning balance $ 7,563 $ 6,510 Additions — — Payments — — Change in fair value 176 151 Level 3 liabilities, ending balance $ 7,739 $ 6,661
Quantitative Information about Inputs and Valuation Methodologies Used for Fair Value Measurements Classified in Level 3	The following table presents quantitative information about the inputs and valuation methodologies used for the Company’s fair value measurements as of June 30, 2016 classified as Level 3: Fair Value at Weighted Average June 30, 2016 Significant (range, if (in $000's) Valuation Methodology Unobservable Input applicable) Contingent consideration $ 7,739 Probability weighted income approach Milestone dates 2018 to 2021 Discount rate 8% to 12% Probability of occurrence Probability adjusted level of 40% for the base case scenario and 5% to 30% for various upside and downside scenarios

Goodwill and In-Process Resea19

Goodwill and In-Process Research and Development (Tables)	3 Months Ended
	Jun. 30, 2016
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill Activity	The goodwill activity is as follows: (in $000's) Balance at March 31, 2016 $ 33,003 Foreign currency translation impact (731 ) Balance at June 30, 2016 $ 32,272
Carrying value of In-Process Research and Development	The carrying value of the Company’s IPR&D assets and the change in the balance for the three months ended June 30, 2016 are as follows: (in $000's) Balance at March 31, 2016 $ 15,396 Foreign currency translation impact (341 ) Balance at June 30, 2016 $ 15,055

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
	Jun. 30, 2016
Payables And Accruals [Abstract]
Accrued Expenses	Accrued expenses consist of the following: June 30, 2016 March 31, 2016 (in $000's) Employee compensation $ 15,835 $ 18,359 Research and development 2,456 1,587 Sales and income taxes 2,436 2,527 Professional, legal and accounting fees 1,983 1,764 Marketing 628 1,146 Warranty 966 998 Other 1,953 2,001 $ 26,257 $ 28,382

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Jun. 30, 2016
Stock-Based Compensation Recognized	The following table summarizes stock-based compensation expense by financial statement line item in the Company’s condensed consolidated statements of operations for the three months ended June 30, 2016 and 2015: For the Three Months Ended June 30, 2016 2015 (in $000's) Cost of product revenue $ 299 $ 237 Research and development 1,255 931 Selling, general and administrative 6,843 3,631 $ 8,397 $ 4,799
Summary of Stock Option Activity	The following table summarizes the stock option activity for the three months ended June 30, 2016: Weighted Weighted Average Aggregate Average Remaining Intrinsic Options Exercise Contractual Value (in thousands) Price Term (years) (in thousands) Outstanding at beginning of period 2,244 $ 20.55 5.19 Granted 110 99.65 Exercised (197 ) 14.10 Cancelled and expired (3 ) 46.63 Outstanding at end of period 2,154 $ 25.12 5.42 $ 181,299 Exercisable at end of period 1,657 $ 16.00 4.48 $ 154,565 Options vested and expected to vest at end of period 2,100 $ 24.53 5.34 $ 178,007
Summary of Weighted Average Grant-Date Fair Values And Weighted Average Assumptions Used to Calculate Fair Value of Options Granted	The weighted average grant-date fair values and weighted average assumptions used in the calculation of fair value of options granted during the three months ended June 30, 2016 and 2015 was as follows: For the Three Months Ended June 30, 2016 2015 Weighted average grant-date fair value $ 40.33 $ 27.33 Valuation assumptions: Risk-free interest rate 1.38 % 1.57 % Expected option life (years) 4.13 4.15 Expected volatility 49.8 % 50.4 %
Restricted Stock Units
Summary of Restricted Stock Units Activity	The following table summarized activity of restricted stock units for the three months ended June 30, 2016: Number of Shares Weighted Average Grant Date Fair Value (in thousands) (per share) Restricted stock and restricted stock units at beginning of period 1,263 $ 57.95 Granted 254 $ 98.45 Vested (373 ) $ 32.40 Forfeited (5 ) $ 28.87 Restricted stock and restricted stock units at end of period 1,139 $ 75.70

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Differences Between Statutory Income Tax Rate and Effective Tax Rates	The significant differences between the statutory tax rate and effective tax rate for the three months ended June 30, 2016 and 2015 were as follows: For the Three Months Ended June 30, 2016 2015 Statutory income tax rate 35.0 % 35.0 % Increase (decrease) resulting from: Credits (1.3 ) (1.6 ) State taxes, net 3.4 3.4 Permanent differences 2.7 3.9 Other (0.1 ) 0.8 Effective tax rate 39.7 % 41.5 %

Computation of Basic and Dilute

Computation of Basic and Diluted Net Income Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Basic Net Income Per Share
Net income	$ 12,910	$ 8,859
Weighted average shares used in computing basic net income per share	42,811	41,696
Net income per share - basic	$ 0.30	$ 0.21
Diluted Net Income Per Share
Net income	$ 12,910	$ 8,859
Weighted average shares used in computing basic net income per share	42,811	41,696
Effect of dilutive securities	2,367	2,714
Weighted average shares used in computing diluted net income per share	45,178	44,410
Net income per share - diluted	$ 0.29	$ 0.20

Net Income Per Share - Addition

Net Income Per Share - Additional Information (Detail) - shares	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from the calculation of diluted weighted average shares outstanding	48,000	2,000
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from the calculation of diluted weighted average shares outstanding	241,000	234,000

Investable Marketable Securitie

Investable Marketable Securities (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Mar. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	$ 184,686	$ 164,759
Gross Unrealized Gains	215	67
Gross Unrealized Losses	(1)	(4)
Fair Market Value	184,900	164,822
US Treasury mutual fund Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	45,595	45,635
Gross Unrealized Gains	23	21
Fair Market Value	45,618	45,656
US Government-sponsored Enterprises Debt Securities | Short-term Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	112,642	118,125
Gross Unrealized Gains	73	45
Gross Unrealized Losses	(1)	(4)
Fair Market Value	112,714	118,166
US Government-sponsored Enterprises Debt Securities | Long-term Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost		999
Gross Unrealized Gains		1
Fair Market Value		$ 1,000
Corporate Debt Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	26,449
Gross Unrealized Gains	119
Fair Market Value	$ 26,568

Financial Instruments Recorded

Financial Instruments Recorded at Fair Value (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Mar. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, fair value disclosure	$ 184,900	$ 164,822
Contingent consideration	7,739	7,563
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	7,739	7,563
US Treasury mutual fund Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, fair value disclosure	45,618	45,656
US Treasury mutual fund Securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, fair value disclosure	45,618	45,656
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	112,714	118,166
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		1,000
US Government-sponsored Enterprises Debt Securities | Level 2 | Short-term Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, fair value disclosure	112,714	118,166
US Government-sponsored Enterprises Debt Securities | Level 2 | Long-term Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, fair value disclosure		$ 1,000
Corporate Debt Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, fair value disclosure	26,568
Corporate Debt Securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, fair value disclosure	$ 26,568

Change in Fair Value of Conting

Change in Fair Value of Contingent Consideration as Determined by Level 3 Inputs (Detail) - Contingent Consideration - ECP Entwicklungsgesellschaft mbH - Level 3 - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Level 3 liabilities, beginning balance	$ 7,563	$ 6,510
Additions	0	0
Payments	0	0
Change in fair value	176	151
Level 3 liabilities, ending balance	$ 7,739	$ 6,661

Quantitative Information about

Quantitative Information about Inputs and Valuation Methodologies Used for Fair Value Measurements Classified in Level 3 (Detail) - USD ($) $ in Thousands	Jul. 01, 2014	Jun. 30, 2016	Mar. 31, 2016
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Contingent consideration		$ 7,739	$ 7,563
ECP Entwicklungsgesellschaft mbH
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Discount rate	22.50%
Level 3
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Contingent consideration		7,739	$ 7,563
Level 3 | ECP Entwicklungsgesellschaft mbH | Probability weighted income approach
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Contingent consideration		$ 7,739
Level 3 | ECP Entwicklungsgesellschaft mbH | Probability weighted income approach | Contingent Consideration | Base Case Scenario
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Probability of occurrence		40.00%
Level 3 | ECP Entwicklungsgesellschaft mbH | Probability weighted income approach | Minimum | Contingent Consideration
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Milestone date		2,018
Discount rate		8.00%
Level 3 | ECP Entwicklungsgesellschaft mbH | Probability weighted income approach | Minimum | Contingent Consideration | Various Upside and Downside Scenarios
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Probability of occurrence		5.00%
Level 3 | ECP Entwicklungsgesellschaft mbH | Probability weighted income approach | Maximum | Contingent Consideration
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Milestone date		2,021
Discount rate		12.00%
Level 3 | ECP Entwicklungsgesellschaft mbH | Probability weighted income approach | Maximum | Contingent Consideration | Various Upside and Downside Scenarios
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Probability of occurrence		30.00%

Marketable Securities and Fai29

Marketable Securities and Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Aggregate carrying amount of other investment	$ 4,451	$ 4,422

Goodwill and In-Process Resea30

Goodwill and In-Process Research and Development - Additional Information (Detail) - USD ($)	Jul. 01, 2014	Jun. 30, 2016	Mar. 31, 2016
Goodwill [Line Items]
Goodwill		$ 32,272,000	$ 33,003,000
Accumulated impairment loss, goodwill		0
In-process research and development		15,055,000	15,396,000
ECP Entwicklungsgesellschaft mbH
Goodwill [Line Items]
In-process research and development		$ 15,100,000	$ 15,400,000
Fair value inputs, discount rate	22.50%

Goodwill Activity (Detail)

Goodwill Activity (Detail) $ in Thousands	3 Months Ended
	Jun. 30, 2016USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
Beginning balance	$ 33,003
Foreign currency translation impact	(731)
Ending balance	$ 32,272

Carrying value of In-Process Re

Carrying value of In-Process Research and Development (Detail) $ in Thousands	3 Months Ended
	Jun. 30, 2016USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
Beginning balance	$ 15,396
Foreign currency translation impact	(341)
Ending balance	$ 15,055

Accrued Expenses (Detail)

Accrued Expenses (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Mar. 31, 2016
Payables and Accruals [Abstract]
Employee compensation	$ 15,835	$ 18,359
Research and development	2,456	1,587
Sales and income taxes	2,436	2,527
Professional, legal and accounting fees	1,983	1,764
Marketing	628	1,146
Warranty	966	998
Other	1,953	2,001
Accrued expenses	$ 26,257	$ 28,382

Stock-Based Compensation Recogn

Stock-Based Compensation Recognized (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation	$ 8,397	$ 4,799
Cost of product revenue
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation	299	237
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation	1,255	931
Selling, general and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation	$ 6,843	$ 3,631

Summary of Stock Option Activit

Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2016	Mar. 31, 2016
Options
Outstanding at beginning of period	2,244
Granted	110
Exercised	(197)
Cancelled and expired	(3)
Outstanding at end of period	2,154	2,244
Exercisable at end of period	1,657
Options vested and expected to vest at end of period	2,100
Weighted-Average Exercise Price
Outstanding at beginning of period	$ 20.55
Granted	99.65
Exercised	14.10
Cancelled and expired	46.63
Outstanding at end of period	25.12	$ 20.55
Exercisable at end of period	16
Options vested and expected to vest at end of period	$ 24.53
Weighted-Average Remaining Contractual Term (years)
Outstanding	5 years 5 months 1 day	5 years 2 months 9 days
Exercisable at end of period	4 years 5 months 23 days
Options vested and expected to vest at end of period	5 years 4 months 2 days
Aggregate Intrinsic Value
Outstanding at end of period	$ 181,299
Exercisable at end of period	154,565
Options vested and expected to vest at end of period	$ 178,007

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions	1 Months Ended				3 Months Ended
	May 31, 2016	Dec. 31, 2015	Mar. 31, 2014	Jun. 30, 2011	Jun. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate intrinsic value of options exercised in period					$ 16.5
Fair value of options vested in period					3
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense					$ 9.2
Unrecognized stock-based compensation expense, weighted-average recognition period					2 years 7 months 6 days
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense					$ 46.2
Unrecognized stock-based compensation expense, weighted-average recognition period					2 years 7 months 6 days
Restricted share unit issued					254,000
Performance Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted share unit issued				100,000
Shares of award granted, upon achievement of service milestone					50,000
Shares of award granted, it is probable that the prescribed performance targets will be met		50,000	50,000
Performance Based Restricted Stock Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted share unit issued	190,890

Summary of Weighted Average Gra

Summary of Weighted Average Grant-Date Fair Values And Weighted Average Assumptions Used to Calculate Fair Value of Options Granted (Detail) - Stock Options - $ / shares	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant-date fair value	$ 40.33	$ 27.33
Valuation assumptions:
Risk-free interest rate	1.38%	1.57%
Expected option life (years)	4 years 1 month 17 days	4 years 1 month 24 days
Expected volatility	49.80%	50.40%

Summary of Restricted Stock Uni

Summary of Restricted Stock Units Activity (Detail) - Restricted Stock Units shares in Thousands	3 Months Ended
	Jun. 30, 2016$ / sharesshares
Number of Shares
Beginning Balance | shares	1,263
Granted | shares	254
Vested | shares	(373)
Forfeited | shares	(5)
Ending Balance | shares	1,139
Weighted Average Grant Date Fair Value
Beginning Balance | $ / shares	$ 57.95
Granted | $ / shares	98.45
Vested | $ / shares	32.40
Forfeited | $ / shares	28.87
Ending Balance | $ / shares	$ 75.70

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income tax provision	$ 8,515	$ 6,288

Differences Between Statutory I

Differences Between Statutory Income Tax Rate and Effective Tax Rates (Detail)	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Statutory income tax rate	35.00%	35.00%
Credits	(1.30%)	(1.60%)
State taxes, net	3.40%	3.40%
Permanent differences	2.70%	3.90%
Other	(0.10%)	0.80%
Effective tax rate	39.70%	41.50%

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)		Dec. 09, 2015USD ($)	Oct. 31, 2015ft²	Sep. 30, 2015Patent	Jul. 31, 2013ft²	Sep. 30, 2016USD ($)	Jun. 30, 2016USD ($)ft²	Jun. 30, 2016EUR (€)ft²	Dec. 31, 2015USD ($)	Apr. 30, 2014USD ($)
Commitments and Contingencies [Line Items]
Office space under operating lease | ft²							125,560	125,560
Purchase price of property amount		$ 16,500,000
License agreement, upfront payment									$ 500,000	$ 1,500,000
License agreement, maximum agreed additional payments upon achievement of development milestones										$ 4,500,000
License agreement, milestone payment									$ 600,000
Patents allegedly infringed upon, number | Patent				2
Subsequent Event
Commitments and Contingencies [Line Items]
Termination fee						$ 200,000
Europe
Commitments and Contingencies [Line Items]
Facilities leases, base rent per month							$ 72,000	€ 64,500
Lease Agreements | Europe
Commitments and Contingencies [Line Items]
Office space under operating lease | ft²					33,000
Lease, expiration date					Jul. 31, 2023
Additional office space under operating lease | ft²	[1]		9,000
Lease Agreement Adjacent To Aachen Facility | Europe
Commitments and Contingencies [Line Items]
Office space under operating lease | ft²			30,000
Lease, expiration date			Jun. 30, 2017
For March 2016 through February 2018
Commitments and Contingencies [Line Items]
Facilities leases, base rent per month							84,914
For March 2018 through February 2021
Commitments and Contingencies [Line Items]
Facilities leases, base rent per month							$ 87,530
[1]	9,000

Segment and Enterprise Wide D42

Segment and Enterprise Wide Disclosures - Additional Information (Detail) $ in Millions	3 Months Ended
	Jun. 30, 2016USD ($)Segment	Jun. 30, 2015	Mar. 31, 2016USD ($)
Segment Reporting Information [Line Items]
Number of business segments | Segment	1
International
Segment Reporting Information [Line Items]
Percentage of total product revenue	9.00%	8.00%
Long-lived assets | $	$ 6.4		$ 5.9