Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Sep. 30, 2016 | Oct. 26, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
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 | 43,380,993 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2016 | Mar. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 54,709 | $ 48,231 |
Short-term marketable securities | 178,236 | 163,822 |
Accounts receivable, net | 46,607 | 42,821 |
Inventories | 31,491 | 26,740 |
Prepaid expenses and other current assets | 8,827 | 6,778 |
Total current assets | 319,870 | 288,392 |
Long-term marketable securities | 4,004 | 1,000 |
Property and equipment, net | 50,207 | 23,184 |
Goodwill | 32,582 | 33,003 |
In-process research and development | 15,199 | 15,396 |
Long-term deferred tax assets, net | 48,614 | 58,534 |
Other assets | 4,422 | 4,422 |
Total assets | 474,898 | 423,931 |
Current liabilities: | ||
Accounts payable | 14,066 | 9,381 |
Accrued expenses | 28,013 | 28,382 |
Deferred revenue | 9,103 | 8,778 |
Current portion of capital lease obligation | 740 | |
Total current liabilities | 51,922 | 46,541 |
Other long-term liabilities | 4 | 220 |
Contingent consideration | 7,749 | 7,563 |
Long-term deferred tax liabilities | 821 | 832 |
Capital lease obligation, net of current portion | 15,961 | |
Total liabilities | 76,457 | 55,156 |
Commitments and contingencies (Note 9) | ||
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 - 44,905,284 shares at September 30, 2016 and 43,973,119 shares at March 31, 2016 Outstanding - 43,333,607 shares at September 30, 2016 and 42,596,228 shares at March 31, 2016 | 433 | 426 |
Additional paid in capital | 536,859 | 508,624 |
Accumulated deficit | (77,290) | (99,075) |
Treasury stock at cost - 1,571,677 shares at September 30, 2016 and 1,376,891 shares at March 31, 2016 | (46,266) | (26,660) |
Accumulated other comprehensive loss | (15,295) | (14,540) |
Total stockholders' equity | 398,441 | 368,775 |
Total liabilities and stockholders' equity | $ 474,898 | $ 423,931 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 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 | 44,905,284 | 43,973,119 |
Common stock, Outstanding | 43,333,607 | 42,596,228 |
Treasury stock, shares | 1,571,677 | 1,376,891 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Revenue: | ||||
Product revenue | $ 102,928 | $ 76,354 | $ 205,917 | $ 149,780 |
Funded research and development | 27 | 5 | 33 | 11 |
Total Revenue | 102,955 | 76,359 | 205,950 | 149,791 |
Costs and expenses: | ||||
Cost of product revenue | 17,309 | 12,144 | 32,379 | 23,012 |
Research and development | 18,052 | 11,569 | 33,712 | 21,779 |
Selling, general and administrative | 53,086 | 39,829 | 104,118 | 77,152 |
Costs and Expenses, Total | 88,447 | 63,542 | 170,209 | 121,943 |
Income from operations | 14,508 | 12,817 | 35,741 | 27,848 |
Other income (expense): | ||||
Investment income, net | 342 | 62 | 611 | 125 |
Other (expense) income, net | (114) | 87 | (191) | 140 |
Nonoperating Income (Expense), Total | 228 | 149 | 420 | 265 |
Income before income taxes | 14,736 | 12,966 | 36,161 | 28,113 |
Income tax provision | 5,861 | 5,231 | 14,376 | 11,519 |
Net income | $ 8,875 | $ 7,735 | $ 21,785 | $ 16,594 |
Basic net income per share | $ 0.21 | $ 0.18 | $ 0.51 | $ 0.40 |
Basic weighted average shares outstanding | 43,129 | 42,228 | 42,971 | 41,963 |
Diluted net income per share | $ 0.20 | $ 0.17 | $ 0.49 | $ 0.37 |
Diluted weighted average shares outstanding | 44,580 | 44,922 | 44,493 | 44,778 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 8,875 | $ 7,735 | $ 21,785 | $ 16,594 |
Other comprehensive income (loss): | ||||
Foreign currency translation gains (losses) | 812 | 710 | (887) | 2,308 |
Net unrealized gains (losses) on marketable securities | (18) | 6 | 132 | 16 |
Other comprehensive income (loss) | 794 | 716 | (755) | 2,324 |
Comprehensive income | $ 9,669 | $ 8,451 | $ 21,030 | $ 18,918 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Operating activities: | ||
Net income | $ 21,785 | $ 16,594 |
Adjustments required to reconcile net income to net cash provided by operating activities: | ||
Depreciation expense | 2,958 | 1,352 |
Bad debt expense | (13) | (18) |
Stock-based compensation | 18,047 | 15,592 |
Write-down of inventory | 1,354 | 952 |
Excess tax benefit from stock-based awards | (3,631) | (383) |
Deferred tax provision | 9,777 | 10,803 |
Change in fair value of contingent consideration | 186 | 307 |
Changes in assets and liabilities: | ||
Accounts receivable | (3,807) | (5,214) |
Inventories | (6,284) | (6,855) |
Prepaid expenses and other assets | (2,029) | 456 |
Accounts payable | 1,906 | (1,817) |
Accrued expenses and other liabilities | 3,157 | (2,674) |
Deferred revenue | 330 | (239) |
Net cash provided by operating activities | 43,736 | 28,856 |
Investing activities: | ||
Purchases of marketable securities | (134,235) | (99,002) |
Proceeds from the sale and maturity of marketable securities | 116,685 | 101,453 |
Purchase of other investment | (750) | |
Purchases of property and equipment | (10,453) | (3,419) |
Net cash used for investing activities | (28,003) | (1,718) |
Financing activities: | ||
Proceeds from the exercise of stock options | 5,764 | 7,971 |
Excess tax benefit from stock-based awards | 3,631 | 383 |
Taxes paid related to net share settlement of vesting of stock awards | (19,608) | (3,810) |
Proceeds from the issuance of stock under employee stock purchase plan | 769 | 451 |
Principal payments on capital lease obligation | (83) | |
Net cash (used for) provided by financing activities | (9,527) | 4,995 |
Effect of exchange rate changes on cash | 272 | (113) |
Net increase in cash and cash equivalents | 6,478 | 32,020 |
Cash and cash equivalents at beginning of period | 48,231 | 22,401 |
Cash and cash equivalents at end of period | 54,709 | 54,421 |
Supplemental disclosure of cash flow information: | ||
Cash paid for income taxes | 560 | 576 |
Cash paid for interest on capital lease obligation | 89 | |
Supplemental disclosure of non-cash investing and financing activities: | ||
Property and equipment under capital lease obligation | 16,784 | |
Property and equipment in accounts payable and accrued expenses | $ 3,810 | $ 396 |
Nature of Business and Basis of
Nature of Business and Basis of Preparation | 6 Months Ended |
Sep. 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 and six months ended September 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, except as follows: Leases Lease agreements are evaluated to determine whether they are capital or operating leases in accordance with ASC 840, Leases Rent expense for operating leases, which may include free rent or fixed escalation amounts in addition to minimum lease payments, is recognized on a straight-line basis over the duration of each lease term. 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 | 6 Months Ended |
Sep. 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 and six months ended September 30, 2016 and 2015 were as follows (in thousands, except per share data): For the Three Months Ended September 30, For the Six Months Ended September 30, 2016 2015 2016 2015 Basic Net Income Per Share Net income $ 8,875 $ 7,735 $ 21,785 $ 16,594 Weighted average shares used in computing basic net income per share 43,129 42,228 42,971 41,963 Net income per share - basic $ 0.21 $ 0.18 $ 0.51 $ 0.40 For the Three Months Ended September 30, For the Six Months Ended September 30, 2016 2015 2016 2015 Diluted Net Income Per Share Net income $ 8,875 $ 7,735 $ 21,785 $ 16,594 Weighted average shares used in computing basic net income per share 43,129 42,228 42,971 41,963 Effect of dilutive securities 1,451 2,694 1,522 2,815 Weighted average shares used in computing diluted net income per share 44,580 44,922 44,493 44,778 Net income per share - diluted $ 0.20 $ 0.17 $ 0.49 $ 0.37 For the three and six months ended September 30, 2016, approximately 1,500 and 8,800 For the three and six months ended September 30, 2015, approximately 1,000 shares underlying out-of-the-money stock options, respectively, were excluded in the computation of diluted earnings per share because their effect would have been anti-dilutive. Also, approximately 227,000 and 226,000 |
Marketable Securities and Fair
Marketable Securities and Fair Value Measurements | 6 Months Ended |
Sep. 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 September 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) September 30, 2016: Short-term US Treasury mutual fund securities $ 37,141 $ 9 $ (1 ) $ 37,149 Short-term government-backed securities 90,823 39 (3 ) 90,859 Short-term corporate debt securities 50,079 165 (16 ) 50,228 Long-term US Treasury mutual fund securities 2,003 1 - 2,004 Long-term government-backed securities 1,999 1 - 2,000 $ 182,045 $ 215 $ (20 ) $ 182,240 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 September 30, 2016: (in $000's) Assets Short-term U.S. Treasury mutual fund securities $ — $ 37,149 $ — $ 37,149 Short-term government-backed securities — 90,859 — 90,859 Short-term corporate debt securities — 50,228 — 50,228 Long-term U.S. Treasury mutual fund securities — 2,004 — 2,004 Long-term government-backed securities — 2,000 — 2,000 Liabilities Contingent consideration — — 7,749 7,749 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 and six months ended September 30, 2016 and 2015: For the Three Months Ended September 30, For the Six Months Ended September 30, 2016 2015 2016 2015 (in $000's) (in $000's) Level 3 liabilities, beginning balance $ 7,739 $ 6,661 $ 7,563 $ 6,510 Additions — — — — Payments — — — — Change in fair value 10 156 186 307 Level 3 liabilities, ending balance $ 7,749 $ 6,817 $ 7,749 $ 6,817 The change in fair value of the contingent consideration was primarily due to the passage of time on the fair value measurement of milestones related to the ECP acquisition. 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 September 30, 2016 classified as Level 3: Fair Value at Weighted Average September 30, 2016 Significant (range, if (in $000's) Valuation Methodology Unobservable Input applicable) Contingent consideration $ 7,749 Probability weighted income approach Milestone dates 2018 to 2021 Discount rate 8% to 12% Probability of occurrence Probability adjusted level of 50% for the base case scenario and 5% to 20% 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 September 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. |
Property and Equipment
Property and Equipment | 6 Months Ended |
Sep. 30, 2016 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | Note 4. Property and Equipment The components of property and equipment are as follows: September 30, 2016 March 31, 2016 Machinery and equipment 27,045 25,211 Capital lease assets $ 16,784 $ - Leasehold improvements 10,863 11,833 Furniture and fixtures 2,117 1,510 Construction in progress 14,145 3,712 Total cost 70,954 42,266 Less accumulated depreciation (20,747 ) (19,082 ) $ 50,207 $ 23,184 In August 2016, the Company entered into a new lease agreement for its existing corporate headquarters in Danvers, Massachusetts (see Note 9). The Company recorded $16.8 million as a capital lease asset with depreciation expense being recorded on a straight line basis over 15 years. |
Goodwill and In-Process Researc
Goodwill and In-Process Research and Development | 6 Months Ended |
Sep. 30, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and In-Process Research and Development | Note 5. Goodwill and In-Process Research and Development The carrying amount of goodwill at September 30, 2016 and March 31, 2016 was $32.6 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 (421 ) Balance at September 30, 2016 $ 32,582 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 September 30, 2016 and March 31, 2016 was $15.2 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 six months ended September 30, 2016 are as follows: (in $000's) Balance at March 31, 2016 $ 15,396 Foreign currency translation impact (197 ) Balance at September 30, 2016 $ 15,199 |
Accrued Expenses
Accrued Expenses | 6 Months Ended |
Sep. 30, 2016 | |
Payables And Accruals [Abstract] | |
Accrued Expenses | Note 6. Accrued Expenses Accrued expenses consist of the following: September 30, 2016 March 31, 2016 (in $000's) Employee compensation $ 17,319 $ 18,359 Research and development 2,946 1,587 Sales and income taxes 2,675 2,527 Professional, legal and accounting fees 1,810 1,764 Marketing 1,092 1,146 Warranty 802 998 Other 1,369 2,001 $ 28,013 $ 28,382 Employee compensation consists primarily of accrued bonuses, accrued commissions and accrued employee benefits at September 30, 2016 and March 31, 2016. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Sep. 30, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | Note 7. 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 and six months ended September 30, 2016 and 2015: For the Three Months Ended September 30, For the Six Months Ended September 30, 2016 2015 2016 2015 (in $000's) (in $000's) Cost of product revenue $ 221 $ 218 $ 520 $ 455 Research and development 2,638 989 3,893 1,920 Selling, general and administrative 6,791 9,586 13,634 13,217 $ 9,650 $ 10,793 $ 18,047 $ 15,592 Stock Options The following table summarizes the stock option activity for the six months ended September 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 138 103.32 Exercised (434 ) 13.29 Cancelled and expired (12 ) 53.34 Outstanding at end of period 1,936 $ 27.87 5.52 $ 195,015 Exercisable at end of period 1,448 $ 17.16 4.56 $ 161,380 Options vested and expected to vest at end of period 1,893 $ 27.12 5.45 $ 192,059 The aggregate intrinsic value of options exercised was $42.6 million for the six months ended September 30, 2016. The total fair value of options that vested during the six months ended September 30, 2016 was $3.6 million. The remaining unrecognized stock-based compensation expense for unvested stock option awards at September 30, 2016 was approximately $8.9 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 and six months ended September 30, 2016 and 2015 was as follows: For the Three Months Ended September 30, For the Six Months Ended September 30, 2016 2015 2016 2015 Weighted average grant-date fair value $ 46.50 $ 30.12 $ 41.60 $ 28.26 Valuation assumptions: Risk-free interest rate 1.11 % 1.63 % 1.32 % 1.59 % Expected option life (years) 4.14 4.13 4.13 4.14 Expected volatility 49.0 % 48.3 % 49.6 % 49.7 % Restricted Stock Units The following table summarizes activity of restricted stock units for the six months ended September 30, 2016: Number of Shares Weighted Average Grant Date Fair Value (in thousands) (per share) Restricted stock units at beginning of period 1,263 $ 57.95 Granted 277 $ 101.13 Vested (489 ) $ 34.36 Forfeited (18 ) $ 63.57 Restricted stock units at end of period 1,033 $ 81.52 The remaining unrecognized compensation expense for outstanding restricted stock units, including performance and market-based awards, as of September 30, 2016 was $40.7 million and the weighted-average period over which this cost will be recognized is 2.3 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 September 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 September 30, 2016, the Company has met the prescribed milestones for 100,000 shares of this award and the awards are fully vested. |
Income Taxes
Income Taxes | 6 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 8. 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 $5.9 million and $14.4 million for the three and six months ended September 30, 2016, respectively. The Company’s income tax provision was $5.2 million and $11.5 million for the three and six months ended September 30, 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 and six months ended September 30, 2016 and 2015 were as follows: For the Three Months Ended September 30, For the Six Months Ended September 30, 2016 2015 2016 2015 Statutory income tax rate 35.0 % 35.0 % 35.0 % 35.0 % Increase resulting from: Credits (1.3 ) (1.2 ) (1.3 ) (1.4 ) State taxes, net 3.4 3.3 3.3 3.3 Permanent differences 2.7 3.0 2.8 3.5 Other - 0.2 - 0.6 Effective tax rate 39.8 % 40.3 % 39.8 % 41.0 % 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 | 6 Months Ended |
Sep. 30, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 9. Commitments and Contingencies Leases The Company’s corporate headquarters is located in Danvers, Massachusetts. 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 August 12, 2016, the Company entered into a new lease agreement to expand its existing corporate headquarters which covers 163,560 square feet of space. The initial term of the lease agreement commenced on August 12, 2016 and terminates on August 31, 2026. The Company has options to extend the initial term for three separate periods of five years each. In connection with the entry into this new lease agreement, the Company terminated the previously existing lease for the facility dated February 24, 2014, as amended by the First Amendment to Lease dated April 30, 2015 and the Second Amendment to Lease effective January 1, 2016. The Company also terminated the purchase and sale agreement it had entered into to acquire the facility for $16.5 million in December 2015 when it entered into this new lease agreement in August 2016. The Danvers, Massachusetts building lease is treated as a capital lease. The payments under the lease are accounted for as interest and principal payments over 15 years. A summary of future lease commitments related to the capital lease obligation is as follows: (in $000s) 2017, remaining portion $ 628 2018 1,311 2019 1,349 2020 1,349 2021 1,373 Thereafter 15,137 Total minimum lease payments 21,147 Less amounts representing interest (4,446 ) Total lease obligations $ 16,701 Less current capital lease obligation (740 ) Capital lease obligation, net of current portion 15,961 The lease agreement provides the Company with an exclusive option to purchase the building on or before August 31, 2022, subject to certain conditions set forth therein. In addition, the lease agreement grants the Company a one-time right of first offer to purchase the building from September 1, 2022 until August 31, 2026, if the lessor decides to sell the building or receives an offer to purchase the building from a third-party buyer. 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 Aachen, Germany building lease is recorded as an operating lease with the related rent expense being recorded on a straight line basis over the lease term. 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. In July 2016, the Company cancelled this agreement and provided 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 employee 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 U.S. Department of Justice, U.S. Attorney’s Office for the District of Massachusetts, or DOJ, in the form of a Civil Investigative Demand, or CID, requesting additional materials relating to this matter for the time period of January 1, 2012 through December 31, 2013. The Company responded to the CID, and believes that it substantially complied with the requests contained therein. On September 19, 2016, the Company received notice from the DOJ in the form of an additional CID requesting additional document production and information relating to this matter for the time period January 1, 2011 through September 14, 2016. The Company is responding to the CID, and continues to cooperate fully with the U.S. Attorney’s Office in its FCA investigation. Thoratec Corporation, or Thoratec, (acquired by St. Jude Medical, Inc. in October 2015) has challenged a number of Company owned patents in the European Patent Office or EPO, in Germany, and in the United Kingdom in connection with the launch of their HeartMate PHP medical device, or PHP, in Europe. These actions all relate to Thoratec’s ability to manufacture and sell their PHP product in Europe. None of these matters impact the Company’s ability to manufacture or sell its Impella products. In October 2012, Thoratec filed a notice of opposition in the EPO to a Company owned European patent covering a ‘pigtail’ feature. In October 2014, the EPO dismissed Thoratec’s opposition, and in December 2014, Thoratec filed a notice of appeal. The appeal is scheduled to be heard at the EPO in January 2017. In December 2014, Thoratec filed a nullity suit in German Federal Court against a German pigtail patent owned by the Company. The validity hearing for the German pigtail patent is scheduled for November 2016. In August 2015, Thoratec filed a nullity action in German Federal Court against two Company owned patents covering a “magnetic clutch” feature. These magnetic clutch patents were acquired by the Company in July 2014, in connection with its acquisition of ECP and AIS. The validity hearing for the magnetic clutch patents is scheduled for June 2017. In September 2015, the Company filed counterclaims in the magnetic clutch action in Germany asserting that the PHP product infringes the two magnetic clutch patents and the two pigtail patents. The infringement trial is scheduled for January 2017. In July 2015, Thoratec filed a nullity action in the High Court of Justice of England and Wales against the Company’s U.K. “magnetic clutch” patents acquired from ECP and AIS. In October 2015, Thoratec added a non-infringement claim seeking a declaration that their PHP product does not infringe the patents in the United Kingdom. Thoratec’s claims in the U.K. were heard at trial in early October 2016. While the English Court found on October 28, 2016, that the PHP would infringe a number of claims contained within the Company’s patents, the Court found those claims to be invalid because of obviousness or lack of novelty. In December 2015, the Company received a letter from Maquet Cardiovascular LLC, or Maquet, a subsidiary of the Getinge Group, and maker of the intra-aortic balloon pump, asserting that the Company’s Impella products infringe certain claims having guidewire, lumen and sensor features and which are in 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 an additional letter notifying the Company 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. The three patents expire September 2020, December 2020 and October 2021. On May 19, 2016, the Company filed suit in U.S. District Court for the District of Massachusetts, or D. Mass., against Maquet seeking a declaratory judgment that the Company’s Impella products do not infringe Maquet’s cited patent rights. On August 24, 2016, Maquet sent another letter to the Company identifying four new continuation patent filings with claims that Maquet alleges are infringed by the Company’s Impella products. Those U.S. continuation filings have not issued as patents; three of them have not yet published, the fourth is published but has not begun substantive prosecution. If the patent filings were to issue, they will expire in September 2020. On September 23, 2016, Maquet filed an answer to the Company’s suit in D. Mass., including various counterclaims alleging that the Company’s Impella 2.5, Impella CP, Impella 5.0, and Impella RP heart pumps infringe certain claims of the three issued U.S. patents. The D. Mass. court has not yet set a schedule for the case. 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 | 6 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment and Enterprise Wide Disclosures | Note 10. 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% of total product revenue during each of the three and six months ended September 30, 2016, respectively, and 7% of total product revenue for each of the three and six months ended September 30, 2015, respectively. The Company’s long-lived assets, which are its property, plant and equipment, are located primarily in the U.S. except for $7.1 million and $5.9 million at September 30, 2016 and March 31, 2016, respectively, which are located primarily in Germany. |
Nature of Business and Basis 17
Nature of Business and Basis of Preparation (Policies) | 6 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Leases | Leases Lease agreements are evaluated to determine whether they are capital or operating leases in accordance with ASC 840, Leases Rent expense for operating leases, which may include free rent or fixed escalation amounts in addition to minimum lease payments, is recognized on a straight-line basis over the duration of each lease term. |
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) | 6 Months Ended |
Sep. 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 and six months ended September 30, 2016 and 2015 were as follows (in thousands, except per share data): For the Three Months Ended September 30, For the Six Months Ended September 30, 2016 2015 2016 2015 Basic Net Income Per Share Net income $ 8,875 $ 7,735 $ 21,785 $ 16,594 Weighted average shares used in computing basic net income per share 43,129 42,228 42,971 41,963 Net income per share - basic $ 0.21 $ 0.18 $ 0.51 $ 0.40 For the Three Months Ended September 30, For the Six Months Ended September 30, 2016 2015 2016 2015 Diluted Net Income Per Share Net income $ 8,875 $ 7,735 $ 21,785 $ 16,594 Weighted average shares used in computing basic net income per share 43,129 42,228 42,971 41,963 Effect of dilutive securities 1,451 2,694 1,522 2,815 Weighted average shares used in computing diluted net income per share 44,580 44,922 44,493 44,778 Net income per share - diluted $ 0.20 $ 0.17 $ 0.49 $ 0.37 |
Marketable Securities and Fai19
Marketable Securities and Fair Value Measurements (Tables) | 6 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Marketable Securities | The Company’s marketable securities at September 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) September 30, 2016: Short-term US Treasury mutual fund securities $ 37,141 $ 9 $ (1 ) $ 37,149 Short-term government-backed securities 90,823 39 (3 ) 90,859 Short-term corporate debt securities 50,079 165 (16 ) 50,228 Long-term US Treasury mutual fund securities 2,003 1 - 2,004 Long-term government-backed securities 1,999 1 - 2,000 $ 182,045 $ 215 $ (20 ) $ 182,240 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 September 30, 2016: (in $000's) Assets Short-term U.S. Treasury mutual fund securities $ — $ 37,149 $ — $ 37,149 Short-term government-backed securities — 90,859 — 90,859 Short-term corporate debt securities — 50,228 — 50,228 Long-term U.S. Treasury mutual fund securities — 2,004 — 2,004 Long-term government-backed securities — 2,000 — 2,000 Liabilities Contingent consideration — — 7,749 7,749 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 and six months ended September 30, 2016 and 2015: For the Three Months Ended September 30, For the Six Months Ended September 30, 2016 2015 2016 2015 (in $000's) (in $000's) Level 3 liabilities, beginning balance $ 7,739 $ 6,661 $ 7,563 $ 6,510 Additions — — — — Payments — — — — Change in fair value 10 156 186 307 Level 3 liabilities, ending balance $ 7,749 $ 6,817 $ 7,749 $ 6,817 |
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 September 30, 2016 classified as Level 3: Fair Value at Weighted Average September 30, 2016 Significant (range, if (in $000's) Valuation Methodology Unobservable Input applicable) Contingent consideration $ 7,749 Probability weighted income approach Milestone dates 2018 to 2021 Discount rate 8% to 12% Probability of occurrence Probability adjusted level of 50% for the base case scenario and 5% to 20% for various upside and downside scenarios |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Sep. 30, 2016 | |
Property Plant And Equipment [Abstract] | |
Components of Property and Equipment | The components of property and equipment are as follows: September 30, 2016 March 31, 2016 Machinery and equipment 27,045 25,211 Capital lease assets $ 16,784 $ - Leasehold improvements 10,863 11,833 Furniture and fixtures 2,117 1,510 Construction in progress 14,145 3,712 Total cost 70,954 42,266 Less accumulated depreciation (20,747 ) (19,082 ) $ 50,207 $ 23,184 |
Goodwill and In-Process Resea21
Goodwill and In-Process Research and Development (Tables) | 6 Months Ended |
Sep. 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 (421 ) Balance at September 30, 2016 $ 32,582 |
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 six months ended September 30, 2016 are as follows: (in $000's) Balance at March 31, 2016 $ 15,396 Foreign currency translation impact (197 ) Balance at September 30, 2016 $ 15,199 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 6 Months Ended |
Sep. 30, 2016 | |
Payables And Accruals [Abstract] | |
Accrued Expenses | Accrued expenses consist of the following: September 30, 2016 March 31, 2016 (in $000's) Employee compensation $ 17,319 $ 18,359 Research and development 2,946 1,587 Sales and income taxes 2,675 2,527 Professional, legal and accounting fees 1,810 1,764 Marketing 1,092 1,146 Warranty 802 998 Other 1,369 2,001 $ 28,013 $ 28,382 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Sep. 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 and six months ended September 30, 2016 and 2015: For the Three Months Ended September 30, For the Six Months Ended September 30, 2016 2015 2016 2015 (in $000's) (in $000's) Cost of product revenue $ 221 $ 218 $ 520 $ 455 Research and development 2,638 989 3,893 1,920 Selling, general and administrative 6,791 9,586 13,634 13,217 $ 9,650 $ 10,793 $ 18,047 $ 15,592 |
Summary of Stock Option Activity | The following table summarizes the stock option activity for the six months ended September 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 138 103.32 Exercised (434 ) 13.29 Cancelled and expired (12 ) 53.34 Outstanding at end of period 1,936 $ 27.87 5.52 $ 195,015 Exercisable at end of period 1,448 $ 17.16 4.56 $ 161,380 Options vested and expected to vest at end of period 1,893 $ 27.12 5.45 $ 192,059 |
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 and six months ended September 30, 2016 and 2015 was as follows: For the Three Months Ended September 30, For the Six Months Ended September 30, 2016 2015 2016 2015 Weighted average grant-date fair value $ 46.50 $ 30.12 $ 41.60 $ 28.26 Valuation assumptions: Risk-free interest rate 1.11 % 1.63 % 1.32 % 1.59 % Expected option life (years) 4.14 4.13 4.13 4.14 Expected volatility 49.0 % 48.3 % 49.6 % 49.7 % |
Restricted Stock Units | |
Summary of Restricted Stock Units Activity | The following table summarizes activity of restricted stock units for the six months ended September 30, 2016: Number of Shares Weighted Average Grant Date Fair Value (in thousands) (per share) Restricted stock units at beginning of period 1,263 $ 57.95 Granted 277 $ 101.13 Vested (489 ) $ 34.36 Forfeited (18 ) $ 63.57 Restricted stock units at end of period 1,033 $ 81.52 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Sep. 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 and six months ended September 30, 2016 and 2015 were as follows: For the Three Months Ended September 30, For the Six Months Ended September 30, 2016 2015 2016 2015 Statutory income tax rate 35.0 % 35.0 % 35.0 % 35.0 % Increase resulting from: Credits (1.3 ) (1.2 ) (1.3 ) (1.4 ) State taxes, net 3.4 3.3 3.3 3.3 Permanent differences 2.7 3.0 2.8 3.5 Other - 0.2 - 0.6 Effective tax rate 39.8 % 40.3 % 39.8 % 41.0 % |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Sep. 30, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Future Lease Commitments Related to Capital Lease Obligation | A summary of future lease commitments related to the capital lease obligation is as follows: (in $000s) 2017, remaining portion $ 628 2018 1,311 2019 1,349 2020 1,349 2021 1,373 Thereafter 15,137 Total minimum lease payments 21,147 Less amounts representing interest (4,446 ) Total lease obligations $ 16,701 Less current capital lease obligation (740 ) Capital lease obligation, net of current portion 15,961 |
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 | 6 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Basic Net Income Per Share | ||||
Net income | $ 8,875 | $ 7,735 | $ 21,785 | $ 16,594 |
Weighted average shares used in computing basic net income per share | 43,129 | 42,228 | 42,971 | 41,963 |
Net income per share - basic | $ 0.21 | $ 0.18 | $ 0.51 | $ 0.40 |
Diluted Net Income Per Share | ||||
Net income | $ 8,875 | $ 7,735 | $ 21,785 | $ 16,594 |
Weighted average shares used in computing basic net income per share | 43,129 | 42,228 | 42,971 | 41,963 |
Effect of dilutive securities | 1,451 | 2,694 | 1,522 | 2,815 |
Weighted average shares used in computing diluted net income per share | 44,580 | 44,922 | 44,493 | 44,778 |
Net income per share - diluted | $ 0.20 | $ 0.17 | $ 0.49 | $ 0.37 |
Net Income Per Share - Addition
Net Income Per Share - Additional Information (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 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 | 1,500 | 1,000 | 8,800 | 1,000 |
Restricted Stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares excluded from the calculation of diluted weighted average shares outstanding | 186,000 | 227,000 | 186,000 | 226,000 |
Investable Marketable Securitie
Investable Marketable Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Mar. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized Cost | $ 182,045 | $ 164,759 |
Gross Unrealized Gains | 215 | 67 |
Gross Unrealized Losses | (20) | (4) |
Fair Market Value | 182,240 | 164,822 |
US Treasury mutual fund Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized Cost | 45,635 | |
Gross Unrealized Gains | 21 | |
Fair Market Value | 45,656 | |
US Treasury mutual fund Securities | Short-term Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized Cost | 37,141 | |
Gross Unrealized Gains | 9 | |
Gross Unrealized Losses | (1) | |
Fair Market Value | 37,149 | |
US Treasury mutual fund Securities | Long-term Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized Cost | 2,003 | |
Gross Unrealized Gains | 1 | |
Fair Market Value | 2,004 | |
US Government-sponsored Enterprises Debt Securities | Short-term Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized Cost | 90,823 | 118,125 |
Gross Unrealized Gains | 39 | 45 |
Gross Unrealized Losses | (3) | (4) |
Fair Market Value | 90,859 | 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 | 1,999 | 999 |
Gross Unrealized Gains | 1 | 1 |
Fair Market Value | 2,000 | $ 1,000 |
Corporate Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized Cost | 50,079 | |
Gross Unrealized Gains | 165 | |
Gross Unrealized Losses | (16) | |
Fair Market Value | $ 50,228 |
Financial Instruments Recorded
Financial Instruments Recorded at Fair Value (Detail) - USD ($) $ in Thousands | Sep. 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 | $ 182,240 | $ 164,822 |
Contingent consideration | 7,749 | 7,563 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration | 7,749 | 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 | 45,656 | |
US Treasury mutual fund Securities | Short-term Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value disclosure | 37,149 | |
US Treasury mutual fund Securities | Long-term Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value disclosure | 2,004 | |
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 | 45,656 | |
US Treasury mutual fund 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 | 37,149 | |
US Treasury mutual fund 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 | 2,004 | |
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 | 90,859 | 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 | 2,000 | 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 | 90,859 | 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 | 2,000 | $ 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 | 50,228 | |
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 | $ 50,228 |
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 | 6 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Level 3 liabilities, beginning balance | $ 7,739 | $ 6,661 | $ 7,563 | $ 6,510 |
Additions | 0 | 0 | 0 | 0 |
Payments | 0 | 0 | 0 | 0 |
Change in fair value | 10 | 156 | 186 | 307 |
Level 3 liabilities, ending balance | $ 7,749 | $ 6,817 | $ 7,749 | $ 6,817 |
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 | Sep. 30, 2016 | Mar. 31, 2016 |
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | |||
Contingent consideration | $ 7,749 | $ 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 | 7,749 | $ 7,563 | |
Level 3 | ECP Entwicklungsgesellschaft mbH | Probability weighted income approach | |||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | |||
Contingent consideration | $ 7,749 | ||
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 | 50.00% | ||
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 | 20.00% |
Marketable Securities and Fai32
Marketable Securities and Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Mar. 31, 2016 |
Fair Value Disclosures [Abstract] | ||
Aggregate carrying amount of other investment | $ 4,422 | $ 4,422 |
Components of Property and Equi
Components of Property and Equipment (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Mar. 31, 2016 |
Property Plant And Equipment [Abstract] | ||
Machinery and equipment | $ 27,045 | $ 25,211 |
Capital lease assets | 16,784 | |
Leasehold improvements | 10,863 | 11,833 |
Furniture and fixtures | 2,117 | 1,510 |
Construction in progress | 14,145 | 3,712 |
Total cost | 70,954 | 42,266 |
Less accumulated depreciation | (20,747) | (19,082) |
Property and equipment, net | $ 50,207 | $ 23,184 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | ||
Aug. 31, 2016 | Sep. 30, 2016 | Mar. 31, 2016 | |
Property Plant And Equipment [Line Items] | |||
Property and equipment | $ 70,954 | $ 42,266 | |
Capital lease assets | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment | $ 16,800 | ||
Capital lease asset, useful life | 15 years |
Goodwill and In-Process Resea35
Goodwill and In-Process Research and Development - Additional Information (Detail) - USD ($) | Jul. 01, 2014 | Sep. 30, 2016 | Mar. 31, 2016 |
Goodwill [Line Items] | |||
Goodwill | $ 32,582,000 | $ 33,003,000 | |
Accumulated impairment loss, goodwill | 0 | ||
In-process research and development | 15,199,000 | 15,396,000 | |
ECP Entwicklungsgesellschaft mbH | |||
Goodwill [Line Items] | |||
In-process research and development | $ 15,200,000 | $ 15,400,000 | |
Fair value inputs, discount rate | 22.50% |
Goodwill Activity (Detail)
Goodwill Activity (Detail) $ in Thousands | 6 Months Ended |
Sep. 30, 2016USD ($) | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Beginning balance | $ 33,003 |
Foreign currency translation impact | (421) |
Ending balance | $ 32,582 |
Carrying value of In-Process Re
Carrying value of In-Process Research and Development (Detail) $ in Thousands | 6 Months Ended |
Sep. 30, 2016USD ($) | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Beginning balance | $ 15,396 |
Foreign currency translation impact | (197) |
Ending balance | $ 15,199 |
Accrued Expenses (Detail)
Accrued Expenses (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Mar. 31, 2016 |
Payables and Accruals [Abstract] | ||
Employee compensation | $ 17,319 | $ 18,359 |
Research and development | 2,946 | 1,587 |
Sales and income taxes | 2,675 | 2,527 |
Professional, legal and accounting fees | 1,810 | 1,764 |
Marketing | 1,092 | 1,146 |
Warranty | 802 | 998 |
Other | 1,369 | 2,001 |
Accrued expenses | $ 28,013 | $ 28,382 |
Stock-Based Compensation Recogn
Stock-Based Compensation Recognized (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation | $ 9,650 | $ 10,793 | $ 18,047 | $ 15,592 |
Cost of product revenue | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation | 221 | 218 | 520 | 455 |
Research and development | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation | 2,638 | 989 | 3,893 | 1,920 |
Selling, general and administrative | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation | $ 6,791 | $ 9,586 | $ 13,634 | $ 13,217 |
Summary of Stock Option Activit
Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 6 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Mar. 31, 2016 | |
Options | ||
Outstanding at beginning of period | 2,244 | |
Granted | 138 | |
Exercised | (434) | |
Cancelled and expired | (12) | |
Outstanding at end of period | 1,936 | 2,244 |
Exercisable at end of period | 1,448 | |
Options vested and expected to vest at end of period | 1,893 | |
Weighted-Average Exercise Price | ||
Outstanding at beginning of period | $ 20.55 | |
Granted | 103.32 | |
Exercised | 13.29 | |
Cancelled and expired | 53.34 | |
Outstanding at end of period | 27.87 | $ 20.55 |
Exercisable at end of period | 17.16 | |
Options vested and expected to vest at end of period | $ 27.12 | |
Weighted-Average Remaining Contractual Term (years) | ||
Outstanding | 5 years 6 months 7 days | 5 years 2 months 9 days |
Exercisable at end of period | 4 years 6 months 22 days | |
Options vested and expected to vest at end of period | 5 years 5 months 12 days | |
Aggregate Intrinsic Value | ||
Outstanding at end of period | $ 195,015 | |
Exercisable at end of period | 161,380 | |
Options vested and expected to vest at end of period | $ 192,059 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 6 Months Ended | |
May 31, 2016 | Jun. 30, 2011 | Sep. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Aggregate intrinsic value of options exercised in period | $ 42.6 | ||
Fair value of options vested in period | 3.6 | ||
Employee Stock Option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized stock-based compensation expense | $ 8.9 | ||
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 | $ 40.7 | ||
Unrecognized stock-based compensation expense, weighted-average recognition period | 2 years 3 months 18 days | ||
Restricted share unit issued | 277,000 | ||
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 | 100,000 | ||
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 | 6 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted average grant-date fair value | $ 46.50 | $ 30.12 | $ 41.60 | $ 28.26 |
Valuation assumptions: | ||||
Risk-free interest rate | 1.11% | 1.63% | 1.32% | 1.59% |
Expected option life (years) | 4 years 1 month 21 days | 4 years 1 month 17 days | 4 years 1 month 17 days | 4 years 1 month 21 days |
Expected volatility | 49.00% | 48.30% | 49.60% | 49.70% |
Summary of Restricted Stock Uni
Summary of Restricted Stock Units Activity (Detail) - Restricted Stock Units shares in Thousands | 6 Months Ended |
Sep. 30, 2016$ / sharesshares | |
Number of Shares | |
Beginning Balance | shares | 1,263 |
Granted | shares | 277 |
Vested | shares | (489) |
Forfeited | shares | (18) |
Ending Balance | shares | 1,033 |
Weighted Average Grant Date Fair Value | |
Beginning Balance | $ / shares | $ 57.95 |
Granted | $ / shares | 101.13 |
Vested | $ / shares | 34.36 |
Forfeited | $ / shares | 63.57 |
Ending Balance | $ / shares | $ 81.52 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | ||||
Income tax provision | $ 5,861 | $ 5,231 | $ 14,376 | $ 11,519 |
Differences Between Statutory I
Differences Between Statutory Income Tax Rate and Effective Tax Rates (Detail) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | ||||
Statutory income tax rate | 35.00% | 35.00% | 35.00% | 35.00% |
Credits | (1.30%) | (1.20%) | (1.30%) | (1.40%) |
State taxes, net | 3.40% | 3.30% | 3.30% | 3.30% |
Permanent differences | 2.70% | 3.00% | 2.80% | 3.50% |
Other | 0.20% | 0.60% | ||
Effective tax rate | 39.80% | 40.30% | 39.80% | 41.00% |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | Aug. 12, 2016ft² | Dec. 31, 2015USD ($) | Oct. 31, 2015ft² | Sep. 30, 2015Patent | Jul. 31, 2013ft² | Sep. 30, 2016USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2016EUR (€) | Apr. 30, 2014USD ($) |
Commitments and Contingencies [Line Items] | |||||||||
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 | ||||||||
Termination fee | $ 200,000 | ||||||||
Magnetic Clutch Patents | |||||||||
Commitments and Contingencies [Line Items] | |||||||||
Patents allegedly infringed upon, number | Patent | 2 | ||||||||
Pigtail Patents | |||||||||
Commitments and Contingencies [Line Items] | |||||||||
Patents allegedly infringed upon, number | Patent | 2 | ||||||||
Patent One | |||||||||
Commitments and Contingencies [Line Items] | |||||||||
Patent expiration period | 2020-09 | ||||||||
Patent Two | |||||||||
Commitments and Contingencies [Line Items] | |||||||||
Patent expiration period | 2020-12 | ||||||||
Patent Three | |||||||||
Commitments and Contingencies [Line Items] | |||||||||
Patent expiration period | 2021-10 | ||||||||
Europe | |||||||||
Commitments and Contingencies [Line Items] | |||||||||
Facilities leases, base rent per month | $ 72,000 | $ 72,000 | € 64,500 | ||||||
Lease Agreements | |||||||||
Commitments and Contingencies [Line Items] | |||||||||
Office space under capital lease | ft² | 163,560 | ||||||||
Lease agreement termination date | Aug. 31, 2026 | ||||||||
Lease description | The Company has options to extend the initial term for three separate periods of five years each. | ||||||||
Capital lease term | 15 years | ||||||||
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 | 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 |
Summary of Future Lease Commitm
Summary of Future Lease Commitments Related to Capital Lease Obligation (Detail) $ in Thousands | Sep. 30, 2016USD ($) |
Leases [Abstract] | |
2017, remaining portion | $ 628 |
2,018 | 1,311 |
2,019 | 1,349 |
2,020 | 1,349 |
2,021 | 1,373 |
Thereafter | 15,137 |
Total minimum lease payments | 21,147 |
Less amounts representing interest | (4,446) |
Total lease obligations | 16,701 |
Less current capital lease obligation | (740) |
Capital lease obligation, net of current portion | $ 15,961 |
Segment and Enterprise Wide D48
Segment and Enterprise Wide Disclosures - Additional Information (Detail) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2016USD ($) | Sep. 30, 2015 | Sep. 30, 2016USD ($)Segment | Sep. 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% | 7.00% | 9.00% | 7.00% | |
Long-lived assets | $ | $ 7.1 | $ 7.1 | $ 5.9 |