Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Jun. 30, 2021 | Jul. 30, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | ABMD | |
Entity Registrant Name | ABIOMED, INC. | |
Entity Central Index Key | 0000815094 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Current Fiscal Year End Date | --03-31 | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 45,380,233 | |
Entity File Number | 001-09585 | |
Entity Tax Identification Number | 04-2743260 | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Security Exchange Name | NASDAQ | |
Entity Incorporation, State or Country Code | DE | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Address, Address Line One | 22 CHERRY HILL DRIVE | |
Entity Address, City or Town | Danvers | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 01923 | |
City Area Code | 978 | |
Local Phone Number | 646-1400 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 175,454 | $ 232,710 |
Short-term marketable securities | 347,577 | 350,985 |
Accounts receivable, net | 88,645 | 97,179 |
Inventories | 83,661 | 81,059 |
Prepaid expenses and other current assets | 34,536 | 26,032 |
Total current assets | 729,873 | 787,965 |
Long-term marketable securities | 281,776 | 264,085 |
Property and equipment, net | 198,234 | 197,129 |
Goodwill | 79,006 | 78,568 |
Other intangibles, net | 41,904 | 42,150 |
Deferred tax assets | 4,958 | 11,380 |
Other assets | 122,643 | 113,082 |
Total assets | 1,458,394 | 1,494,359 |
Current liabilities: | ||
Accounts payable | 29,807 | 34,842 |
Accrued expenses | 56,462 | 66,046 |
Deferred revenue | 24,094 | 24,322 |
Other current liabilities | 2,760 | 3,759 |
Total current liabilities | 113,123 | 128,969 |
Other long-term liabilities | 11,314 | 10,162 |
Contingent consideration | 25,577 | 24,706 |
Deferred tax liabilities | 858 | 847 |
Total liabilities | 150,872 | 164,684 |
Commitments and contingencies (Note 16) | ||
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 - 47,435,945 shares at June 30, 2019 and 47,026,226 shares at March 31, 2019 Outstanding - 45,374,278 shares at June 30, 2019 and 45,122,985 shares at March 31, 2019 | 454 | 453 |
Additional paid in capital | 815,416 | 800,690 |
Retained earnings | 801,482 | 828,007 |
Treasury stock at cost 2,692,728 shares as of June 30, 2021 and 2,658,454 shares as of March 31, 2021 | (297,619) | (288,030) |
Accumulated other comprehensive loss | (12,211) | (11,445) |
Total stockholders' equity | 1,307,522 | 1,329,675 |
Total liabilities and stockholders' equity | $ 1,458,394 | $ 1,494,359 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2021 | Mar. 31, 2021 |
Statement Of Financial Position [Abstract] | ||
Class B Preferred Stock, par value | $ 0.01 | $ 0.01 |
Class B Preferred Stock, Authorized | 1,000,000 | 1,000,000 |
Class B Preferred Stock, Issued | 0 | 0 |
Class B Preferred Stock, outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, Authorized | 100,000,000 | 100,000,000 |
Common stock, Issued | 48,070,443 | 47,929,402 |
Common stock, Outstanding | 45,377,715 | 45,270,948 |
Treasury stock, shares | 2,692,728 | 2,658,454 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||
Revenue | $ 252,585 | $ 164,850 |
Costs and expenses: | ||
Cost of revenue | 45,188 | 35,983 |
Research and development | 37,708 | 26,357 |
Selling, general and administrative | 103,484 | 68,444 |
Acquired in-process research and development | 115,490 | |
Costs and Expenses, Total | 301,870 | 130,784 |
(Loss) income from operations | (49,285) | 34,066 |
Other income: | ||
Investment income, net | 1,050 | 2,397 |
Other income, net | 38,885 | 24,613 |
Nonoperating Income (Expense), Total | 39,935 | 27,010 |
(Loss) income before income taxes | (9,350) | 61,076 |
Income tax provision | 17,175 | 16,488 |
Net (loss) income | $ (26,525) | $ 44,588 |
Net (loss) income per share - basic | $ (0.59) | $ 0.99 |
Weighted average shares outstanding - basic | 45,311 | 45,010 |
Net (loss) income per share - diluted | $ (0.59) | $ 0.98 |
Weighted average shares outstanding - diluted | 45,311 | 45,549 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net (loss) income | $ (26,525) | $ 44,588 |
Other comprehensive (loss) income: | ||
Foreign currency translation gains | 83 | 1,360 |
Unrealized losses on derivative instrument | (217) | (461) |
Net unrealized (losses) gains on marketable securities | (632) | 1,755 |
Other comprehensive (loss) income | (766) | 2,654 |
Comprehensive (loss) income | $ (27,291) | $ 47,242 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Treasury Stock | Additional Paid in Capital | Retained Earnings | Accumulated Other Comprehensive Loss |
Beginning Balance at Mar. 31, 2020 | $ 1,065,466 | $ 450 | $ (265,411) | $ 739,133 | $ 602,482 | $ (11,189) |
Beginning Balance (in shares) at Mar. 31, 2020 | 45,008,687 | 2,533,374 | ||||
Restricted stock units issued | $ 1 | (1) | ||||
Restricted stock units issued (in shares) | 124,749 | |||||
Stock options exercised | 1,010 | 1,010 | ||||
Stock options exercised (in shares) | 31,488 | |||||
Return of common stock to pay withholding taxes on restricted stock | (9,857) | $ (9,857) | ||||
Return of common stock to pay withholding taxes on restricted stock (in shares) | 52,515 | (52,515) | ||||
Stock compensation expense | 9,298 | 9,298 | ||||
Stock repurchase program | $ (11,310) | $ (1) | $ (11,309) | |||
Stock Repurchased During Period, Shares | (67,649) | (67,649) | 67,649 | |||
Other comprehensive (loss) income | $ 2,654 | 2,654 | ||||
Net (loss) income | 44,588 | 44,588 | ||||
Ending Balance at Jun. 30, 2020 | 1,101,848 | $ 450 | $ (286,577) | 749,440 | 647,070 | (8,535) |
Ending Balance (in shares) at Jun. 30, 2020 | 45,044,760 | 2,653,538 | ||||
Beginning Balance at Mar. 31, 2021 | $ 1,329,675 | $ 453 | $ (288,030) | 800,690 | 828,007 | (11,445) |
Beginning Balance (in shares) at Mar. 31, 2021 | 45,270,948 | 45,270,948 | 2,658,454 | |||
Restricted stock units issued | $ 1 | (1) | ||||
Restricted stock units issued (in shares) | 85,284 | |||||
Stock options exercised | $ 2,120 | $ 1 | 2,119 | |||
Stock options exercised (in shares) | 56,000 | 55,757 | ||||
Return of common stock to pay withholding taxes on restricted stock | $ (9,590) | $ (1) | $ (9,589) | |||
Return of common stock to pay withholding taxes on restricted stock (in shares) | 34,274 | (34,274) | ||||
Stock compensation expense | 12,608 | 12,608 | ||||
Other comprehensive (loss) income | (766) | (766) | ||||
Net (loss) income | (26,525) | (26,525) | ||||
Ending Balance at Jun. 30, 2021 | $ 1,307,522 | $ 454 | $ (297,619) | $ 815,416 | $ 801,482 | $ (12,211) |
Ending Balance (in shares) at Jun. 30, 2021 | 45,377,715 | 45,377,715 | 2,692,728 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Operating activities: | ||
Net (loss) income | $ (26,525) | $ 44,588 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 6,907 | 5,480 |
Acquired in-process research & development | 115,490 | |
Bad debt recoveries | (59) | (277) |
Stock-based compensation | 12,608 | 9,298 |
Write-down of inventory and other | 3,508 | 1,717 |
Accretion on marketable securities | 918 | 94 |
Change in fair value of other investments | (17,648) | (23,823) |
Gain on previously held interest in preCARDIA | (20,980) | |
Deferred tax provision | 6,299 | 12,946 |
Change in fair value of contingent consideration | 871 | 801 |
Other non-cash operating activities | 751 | 970 |
Changes in assets and liabilities: | ||
Accounts receivable | 8,763 | 3,014 |
Inventories | (5,770) | (211) |
Prepaid expenses and other assets | (8,697) | 485 |
Accounts payable | (4,762) | (4,458) |
Accrued expenses and other liabilities | (16,037) | (19,584) |
Deferred revenue | (278) | 719 |
Net cash provided by operating activities | 55,359 | 31,759 |
Investing activities: | ||
Purchases of marketable securities | (139,021) | (62,066) |
Proceeds from the sale and maturity of marketable securities and other | 123,823 | 139,813 |
Purchases of other investments and intangible assets | (3,866) | (2,000) |
Purchases of property and equipment | (7,170) | (10,044) |
Net cash (used for) provided by investing activities | (109,055) | 13,756 |
Financing activities: | ||
Proceeds from the exercise of stock options | 2,120 | 1,010 |
Taxes paid related to net share settlement upon vesting of stock awards | (9,590) | (9,857) |
Repurchase of common stock | (11,310) | |
Net cash used for financing activities | (7,470) | (20,157) |
Effect of exchange rate changes on cash and cash equivalents | 3,910 | (2,872) |
Net (decrease) increase in cash and cash equivalents | (57,256) | 22,486 |
Cash and cash equivalents at beginning of period | 232,710 | 192,341 |
Cash and cash equivalents at end of period | 175,454 | 214,827 |
Supplemental disclosure of cash flow information: | ||
Cash paid for income taxes | 14,998 | 2,831 |
Supplemental disclosure of non-cash activities: | ||
Contingent consideration related to the acquisition of Breethe | 13,900 | |
Property and equipment in accounts payable and accrued expenses | 1,014 | 2,044 |
Right-of-use assets obtained in exchange for lease liabilities | 283 | 804 |
Precardia | ||
Investing activities: | ||
Payments for acquisition | $ (82,821) | |
Breethe | ||
Investing activities: | ||
Payments for acquisition | $ (51,947) |
Nature of Business
Nature of Business | 3 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Nature of Business | Note 1. Nature of Business ABIOMED, Inc. (the “Company” or “ABIOMED”) is a provider of medical devices that provide circulatory support and oxygenation. Our products are designed to enable the heart to rest by improving blood flow and/or provide sufficient oxygenation to those in respiratory failure. Our products are designed to enable the heart to rest by improving blood flow and/or provide sufficient oxygenation to those in respiratory failure. 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 cardiac surgeons for patients who are in need of hemodynamic support prophylactically or emergently before, during or after angioplasty or heart surgery procedures. |
Basis of Preparation and Summar
Basis of Preparation and Summary of Significant Accounting Policies | 3 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Preparation and Summary of Significant Accounting Policies | Note 2. Basis of Preparation and Summary of Significant Accounting Policies The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or GAAP, for interim financial reporting a s found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”) In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all normal and recurring adjustments that 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. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements. Actual results may differ from these estimates. There have been no changes in the Company’s significant accounting policies for the three months ended June 30, 2021 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, 2021 that has been filed with the SEC. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements. Actual results may differ from these estimates. Certain prior period amounts within the notes to the condensed consolidated financial statements have been reclassified to conform to the current period presentation. COVID-19 Pandemic The Company is subject to risks and uncertainties as a result of the ongoing COVID-19 pandemic. The ongoing COVID-19 pandemic has adversely impacted and is likely to further adversely impact the Company’s business and markets, including the Company’s workforce and the operations of its customers, suppliers, and business partners. The full extent to which the pandemic will directly or indirectly impact the Company's business, results of operations and financial condition, including sales, expenses, manufacturing, clinical trials, research and development costs, reserves and allowances, fair value measurements, asset impairment charges, contingent consideration obligations, and the effectiveness of the Company's hedging instruments, will depend on future developments that are highly uncertain and difficult to predict. These developments include, but are not limited to: the duration and spread of the ongoing COVID-19 pandemic (including new variants of COVID-19), its severity, the actions to contain the virus or address its impact, the timing, distribution, and efficacy of vaccines and other treatments, U.S. and foreign government actions to respond to the reduction in global economic activity, and how quickly and to what extent normal economic and operating conditions can resume. While the COVID-19 pandemic remains fluid and continues to evolve differently across various geographies, the Company believes it is likely to continue to experience variable impacts on its business. Hospitals are generally managing the pandemic better currently than they have in the earlier part of the pandemic due to more testing, improved protocols, more experience with the effects of COVID-19 and a greater number of vaccinated caregivers. During these challenging times, the Company’s priorities have been to support its clinician partners, protect the well-being of its employees and maintain continuous access to its life-saving technologies while offering front-line in-hospital support. The Company has established onsite COVID-19 testing and vaccination for its employees in both Danvers, Massachusetts and Aachen, Germany, set up temperature-taking stations, administered thousands of COVID-19 tests to date and provided personal protective equipment for its employees in order to maintain a safe working environment. The Company’s proactive testing program has reduced exposure with early detection, reduced employee anxiety and enabled its manufacturing facilities to operate at full capacity in line with local social distancing requirements. The Company also took proactive actions in order to mitigate the business impact of COVID-19 on its financial operations and it continues to monitor closely in order the business impact of COVID-19. Despite the ongoing challenges posed by COVID-19, including the recent global resurgence, the Company continues to invest strategically in engineering, regulatory, clinical trials and manufacturing in order to support its future growth initiatives and sales and marketing activities, with a particular focus on training and education initiatives to drive utilization of its products and recovery awareness for acute heart failure patients. The Company continues to closely monitor the impact of COVID-19 on all aspects of its business and geographies, including its impact on its customers, employees, suppliers, vendors, business partners and distribution channels. The extent to which the COVID-19 pandemic impacts the Company’s business, results of operations, and financial condition will depend on future developments, which are highly uncertain and are difficult to predict. Even after the ongoing COVID-19 pandemic has subsided, the Company may continue to experience materially adverse impacts on its financial condition and results of operations. Recently Adopted Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (“FASB”) issued ASU 2019-12, Simplifying the Accounting for Income Taxes (ASC 740). The ASU enhances and simplifies various aspects of the income tax accounting guidance in ASC 740, including requirements related to hybrid tax regimes, the tax basis step-up in goodwill obtained in a transaction that is not a business combination, separate financial statements of entities not subject to tax, the intra-period tax allocation exception to the incremental approach, ownership changes in investments, changes from a subsidiary to an equity method investment, interim-period accounting for enacted changes in tax law, and the year-to-date loss limitation in interim-period tax accounting. This guidance is effective for the Company for annual and interim periods beginning after December 31, 2020; however, early adoption is permitted. The Company adopted this standard as of April 1, 2021 on a prospective basis. The adoption did not have a material impact on the Company’s condensed consolidated financial statements. In January 2020, the FASB issued ASU 2020-01, “Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815),” an amendment clarifying the interaction between accounting standards related to equity securities, equity method investments, and certain derivative instruments. The guidance is effective for fiscal years beginning after December 15, 2020. The Company adopted this standard as of April 1, 2021 and the adoption did not have a material impact on the Company’s condensed consolidated financial statements. Recently Issued Accounting Pronouncements Not Yet Effective No other new accounting pronouncements, issued or effective, during the period had, or are expected to have, a material impact on our condensed consolidated financial statements. |
Acquisitions
Acquisitions | 3 Months Ended |
Jun. 30, 2021 | |
Business Combinations [Abstract] | |
Acquisitions | Note 3. Acquisitions Acquisition of preCARDIA, Inc. The Company acquired 100% interest in preCARDIA on May 28, 2021. preCARDIA is a developer of a proprietary catheter and controller that is expected to complement the Company’s product portfolio to expand options for patients with acute decompensated heart failure (“ADHF”). The preCARDIA system is uniquely designed to rapidly treat ADHF-related volume overload by effectively reducing cardiac filling pressures and promoting decongestion to improve overall cardiac and renal function. The Company determined that substantially all of the fair value was concentrated in the acquired in-process research and development asset in accordance with ASC 805 Business Combinations. As such, the acquisition was accounted for as an asset acquisition. The Company acquired preCARDIA for a purchase price of $115.2 million, with a potential payout of $5 million payable based on achievement of a commercial milestone. The purchase price included cash consideration of $82.8 million for the remaining interest in preCARDIA, paid to the selling shareholders and for transaction costs associated with the acquisition and $32.4 million representing the Company’s previously owned minority interest in preCARDIA. The Company recognized a gain of $21.0 million related to its previously owned minority interest in preCARDIA, within the condensed consolidated statement of operations for the three months ended June 30, 2021. In connection with the acquisition, the Company acquired net assets of $115.2 million, which included $115.5 million related to the fair value of the in-process research and development asset and $0.3 million for net liabilities assumed. Since the acquired technology platform is pre-commercial and has not reached technical feasibility, the cost of the in-process research and development asset was expensed, resulting in a charge of $115.5 million to the condensed consolidated statement of operations for the three months ended June 30, 2021. Acquisition of Breethe, Inc. The Company acquired Breethe, Inc. (“Breethe”), a Maryland corporation, on April 24, 2020. Breethe is engaged in research and development of a novel extracorporeal membrane oxygenation (“ECMO”) system that will complement and expand its product portfolio to more comprehensively serve the needs of patients whose lungs can no longer provide sufficient oxygenation, including patients suffering from cardiogenic shock, or respiratory failure, such as ARDS, H1N1, or COVID-19. The Company acquired Breethe for $55.0 million in cash, with additional potential payouts up to a maximum of $55.0 million payable based on the achievement of certain technical, regulatory and commercial milestones. Purchase Price Allocation The acquisition was accounted for as a business combination. The purchase price for the acquisition has been allocated to the assets acquired and liabilities assumed based on their estimated fair values and was finalized in the year ended March 31, 2021. The acquisition-date fair value of the consideration transferred is as follows: Total Acquisition Date Fair Value (in thousands) Cash and other considerations $ 57,850 Contingent consideration 13,300 Total consideration transferred $ 71,150 The following table summarizes the estimated fair values of the assets acquired and liabilities assumed on the date of acquisition (in thousands): Acquired assets: Cash and cash equivalents $ 3,404 Property and equipment 744 Goodwill 44,485 In-process research and development 27,000 Other assets acquired 895 Total assets acquired 76,528 Liabilities assumed: Accounts payable and other liabilities 1,562 Deferred tax liabilities 3,816 Net assets acquired $ 71,150 Goodwill is calculated as the difference between the acquisition-date fair value of the consideration transferred and the fair values of the assets acquired and liabilities assumed. The goodwill is not expected to be deductible for income tax purposes. |
Net Income Per Share
Net Income Per Share | 3 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | Note 4. Net (Loss) Income Per Share Basic net (loss) income per share is computed by dividing net (loss) income by the weighted average number of common shares outstanding during the period. Diluted net (loss) income per share is computed by dividing net (loss) 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. For purposes of the diluted net loss per share calculation, potential dilutive securities are excluded from the calculation if their effect would be anti-dilutive. As such, basic and diluted net loss per share are the same for periods with a net loss. The following tables illustrate the determination of basic and diluted net (loss) income per share for each period presented three months ended June 30, 2021 and 2020 (in thousands, except per share data): For the Three Months Ended June 30, 2021 2020 Net (loss) income $ (26,525 ) $ 44,588 Weighted average shares – basic 45,311 45,010 Net (loss) income per share – basic $ (0.59 ) $ 0.99 For the Three Months Ended June 30, 2021 2020 Net (loss) income $ (26,525 ) 44,588 Weighted average shares – basic 45,311 45,010 Effect of dilutive securities — 539 Weighted average shares – diluted 45,311 45,549 Net (loss) income per share – diluted $ (0.59 ) $ 0.98 Share-based compensation awards of approximately 1.1 million and 0.2 million shares were outstanding for the three months ended June 30, 2021 and 2020, respectively, but were not included in the computation of diluted net (loss) income per share because the effect of including such shares would have been anti-dilutive or such shares are contingently issuable upon meeting performance criteria in the periods presented. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Jun. 30, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | Note 5. Revenue Recognition Revenue is recognized when, or as, obligations under the terms of a contract are satisfied, which occurs when control of the promised products or services is transferred to customers. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products or services to a customer. Product revenue is generally recognized when the customer obtains control of the Company’s product, which occurs at a point in time, and may be upon shipment or upon delivery based on the contractual shipping terms of a contract. Service revenue is generally recognized over time as the services are rendered to the customer based on the extent of progress towards completion of the performance obligation. The Company recognizes service revenue over the term of the service contract. Services are expected to be transferred to the customer throughout the term of the contract and the Company believes recognizing revenue ratably over the term of the contract best depicts the transfer of value to the customer. Revenue generated from preventative maintenance calls is recognized at a point in time when the services are provided to the customer. Revenue from the sale of products and services are evidenced by either a contract with the customer or a valid purchase order and an invoice which includes all relevant terms of sale and shipment of product or service provided has been incurred. The Company performs a review of each specific customer’s credit worthiness and ability to pay prior to acceptance as a customer. Further, the Company performs periodic reviews of its customers’ creditworthiness prospectively. If a contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. Contracts that contain multiple performance obligations require an allocation of the transaction price based on the estimated relative standalone selling prices of the promised products or services underlying each performance obligation. The Company determines standalone selling prices based on the price at which the performance obligation is sold separately. Disaggregation of Revenue Revenue is disaggregated from contracts between product revenue and service and other revenue and by geography, which the Company believes best depicts how the nature, amount, timing, and uncertainty of revenues and cash flows are affected by economic factors. The Company generally sells its products and services through a direct sales force in the U.S. and Germany and through direct sales and distribution agreements in other international markets outside (e.g., Japan, Europe, Canada, Latin America, Asia-Pacific, Middle East). The following table disaggregates the Company’s revenue by products and services: For the Three Months Ended June 30, 2021 2020 (in $000's) Product revenue $ 241,474 $ 155,417 Service and other revenue 11,111 9,433 Total revenue $ 252,585 $ 164,850 The following table disaggregates the Company’s revenue by geographical location: For the Three Months Ended June 30, 2021 2020 (in $000's) U.S. $ 207,143 $ 134,725 Europe 32,237 19,658 Japan 11,284 8,985 Other international 1,921 1,482 Total revenue $ 252,585 $ 164,850 Variable Consideration Returns Reserve The Company estimates an allowance for future sales returns based on historical return experience, which requires judgment. The Company estimates the amount of its product sales that may be returned by its customers and records this estimate as a reduction of revenue in the period the related product revenue is recognized. The Company estimates product return liabilities using the expected value method based on its historical sales information and other factors that it believes could significantly impact its expected returns, including product discontinuations, product recalls and expirations, of which it becomes aware. The Company’s cost of replacing defective products has not been material and is accounted for at the time of replacement. The Company’s returns reserve during the three months ended June 30, 2021 and 2020, was not material. Rebates and Discounts The Company provides certain customers with rebates and discounts that are defined in the Company’s contract arrangements with customers and are recorded as a reduction of revenue in the period the related revenue is recognized, resulting in a reduction to revenue and the establishment of a liability, which are all included in accrued expenses in the accompanying consolidated balance sheet. Rebates normally result from performance-based offers that are primarily based on attaining contractually specified sales volumes as well as product usage. Discounts are normally from early payment incentives. The Company estimates the amount of rebates and discounts based on an estimate of the third-party’s sales and the respective rebate or discount defined in the customer contractual arrangement. Revenue adjustments that relate to performance obligations satisfied in prior periods during the three months ended June 30, 2021 and 2020, were not material. Contract Balances Deferred Revenue The Company’s deferred revenue balance was $24.1 million and $24.3 million as of June 30, 2021 and March 31, 2021 respectively. The deferred revenue balance is due to the timing of product shipment and completion of recognizing revenue when the customer obtains control of the product, and additional preventative maintenance service contracts and the subsequent recognition of the contract ratably over the term of the service contract. For each of the three months ended June 30, 2021 and 2020, the Company recognized $9.2 million of revenue that was included in the deferred revenue balance as of March 31, 2021 and 2020, respectively. |
Financial Instruments
Financial Instruments | 3 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments | Note 6. Financial Instruments Cash Equivalents, Marketable Securities The Company’s cash equivalents and marketable securities at June 30, 2021 and March 31, 2021 are invested in the following: Amortized Gross Unrealized Gross Unrealized Fair Market Cost Gains Losses Value June 30, 2021 (in $000's) Money market funds $ 45,996 $ — $ — $ 45,996 Repurchase agreements 47,000 — — 47,000 Total cash equivalents 92,996 — — 92,996 Short-term U.S. Treasury mutual fund securities 110,826 12 (9 ) 110,829 Short-term government-backed securities 89,954 15 (5 ) 89,964 Short-term corporate debt securities 101,488 320 (5 ) 101,803 Short-term commercial paper 44,986 1 (6 ) 44,981 Total short-term marketable securities 347,254 348 (25 ) 347,577 Long-term U.S. Treasury mutual fund securities 20,402 — (9 ) 20,393 Long-term government-backed securities 224,785 110 (141 ) 224,754 Long-term corporate debt securities 36,178 481 (30 ) 36,629 Total long-term marketable securities 281,365 591 (180 ) 281,776 $ 721,615 $ 939 $ (205 ) $ 722,349 Amortized Gross Unrealized Gross Unrealized Fair Market Cost Gains Losses Value March 31, 2021: (in $000's) Money market funds $ 124,297 $ — $ — $ 124,297 Repurchase agreements 33,000 — — 33,000 Total cash equivalents 157,297 — — 157,297 Short-term U.S. Treasury mutual fund securities 72,221 28 — 72,249 Short-term government-backed securities 128,668 13 (12 ) 128,669 Short-term corporate debt securities 104,253 581 (2 ) 104,832 Short-term commercial paper 45,237 1 (3 ) 45,235 Total short-term marketable securities 350,379 623 (17 ) 350,985 Long-term government-backed securities 225,231 190 (37 ) 225,384 Long-term corporate debt securities 38,091 630 (20 ) 38,701 Total long-term marketable securities 263,322 820 (57 ) 264,085 770,998 1,443 (74 ) 772,367 Gross realized gains and losses on sales of our marketable securities were not material for the three months ended June 30, 2021 and 2020. Derivative Instruments In October 2019, the Company entered into an intercompany agreement in which it loaned 85.0 million Euro to Abiomed Europe GMBH, its German subsidiary. In conjunction with this intercompany loan agreement, the Company entered into a cross-currency swap agreement to convert a notional amount of 85.0 million Euro equivalent to $93.5 million denominated intercompany loan into U.S. dollars. The objective of this cross-currency swap is to hedge the variability of cash flows related to the forecasted interest and principal payments on the Euro denominated fixed rate loan against changes in the exchange rate between the U.S. dollar and the Euro. Under the terms of this cross-currency swap contract, which has been designated as a cash flow hedge, the Company will make interest payments in Euro and receive interest in U.S. dollars. Upon the maturity of this contract, the Company will pay the principal amount of the loan in Euro and receive U.S. dollars from the counterparty. The cross-currency swap is carried on the consolidated balance sheet at fair value, and changes in the fair values are recorded as unrealized gains or losses in accumulated other comprehensive (loss) income. The Company does not enter into derivative instruments for any purpose other than cash flow hedging. The following table summarizes the terms of the cross-currency swap agreement as of June 30, 2021 (dollar amounts in thousands): Effective Date Maturity Fixed Rate Aggregate Notional Amount (in $000's) Pay EUR October 15, October 15, 2.75% EUR 85,000 Receive U.S.$ 2019 2024 4.64% USD 93,457 The following table presents the fair value of the Company’s derivative instrument as of June 30, 2021: Derivatives designated as hedging instruments under ASC 815 Balance Sheet classification June 30, 2021 March 31, 2021 Cross-currency swap Other long-term liabilities $ 5,559 $ 4,298 The Company has structured its cross-currency swap agreement to be 100% effective and, as a result, there was no net impact to earnings resulting from hedge ineffectiveness. Changes in the fair value of the cross-currency swap are designated as a hedging instrument that effectively offsets the variability of cash flows are reported in accumulated other comprehensive (loss) income. These amounts subsequently are reclassified into the consolidated statements of operations in the same period in which the related hedged item affects earnings. The change of fair value of the cross-currency swap during the first quarter of fiscal year 2022 was mainly due to the fluctuations of the Euro to the U.S. dollar exchange rates. For both the three months ended June 30, 2021 and 2020, the Company recorded income related to the interest rate differential of the cross-currency swap of $0.4 million, in other income, included in the condensed consolidated statements of operations. Contingent Consideration Contingent consideration represents potential milestones that the Company may pay as additional consideration related to acquired businesses. The Company has contingent consideration potentially payable related to the acquisition of ECP Entwicklungsgesellschaft mbH (“ECP”) in July 2014 and the acquisition of Breethe in April 2020. The fair value of the contingent consideration at each reporting date is updated by reflecting the changes in fair value reflected within research and development expenses in the Company’s consolidated statements of operations. Significant increases or decreases in any valuation assumptions, including probabilities of success or changes in expected timelines for achievement of any of these milestones, could result in a significantly higher or lower fair value of the contingent consideration liability. There is no assurance that any of the conditions for the milestone payments will be met. The components of contingent consideration liability are as follows: June 30, 2021 March 31, 2021 (in $000's) ECP $ 10,677 $ 10,306 Breethe 14,900 14,400 $ 25,577 $ 24,706 ECP In July 2014, the Company acquired ECP and AIS GmbH Aachen Innovative Solutions (“AIS”) for $13.0 million in cash, with additional potential payouts totaling $15.0 million based on the achievement of CE Mark approval in the European Union and a revenue-based milestone related to the development of the future Impella ECP TM The Company used a combination of an income approach, based on various revenue and cost assumptions and applying a probability to each outcome and a Monte-Carlo valuation model, both of which consider significant unobservable inputs. For the clinical and regulatory milestone, probabilities were applied to each potential scenario and the resulting values were discounted using a rate that considers weighted average cost of capital as well as a specific risk premium associated with the riskiness of the earn out itself, the related projections, and the overall business. The revenue-based milestone is valued using a Monte-Carlo valuation model, which simulates estimated future revenues during the earn out-period using management’s best estimates. Key unobservable inputs include the discount rate used to present value the projected revenues and cash flows (ranging from 1% to 16%), the probability of achieving the various technical, regulatory and commercial milestones (estimated to be 71%) and projected revenues, which are based on the Company’s most recent internal operational budgets and long-range strategic plans. Breethe, Inc. In April 2020, the Company acquired Breethe for $55.0 million in cash, with additional potential payouts up to a maximum of $55.0 million payable based on the achievement of certain technical, regulatory and commercial milestones. The Company used a combination of an income approach, based on various revenue and cost assumptions and applying a probability to each outcome and a Monte-Carlo valuation model, both of which consider significant unobservable inputs. For the regulatory milestones, probabilities were applied to each potential scenario and the resulting values were discounted using a rate that considers weighted average cost of capital as well as a specific risk premium associated with the riskiness of the earn out itself, the related projections, and the overall business. The commercial milestones are valued using a Monte-Carlo valuation model, which simulates estimated future revenues during the earn out-period using management’s best estimates. Key unobservable inputs include the discount rates used to present value the projected revenues and cash flows (ranging from 1% to 16%), the probability of achieving the various technical, regulatory and commercial milestones (estimated to range from 25% to 75%) and projected revenues, which are based on the Company’s most recent internal operational budgets and long-range strategic plans. 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 tables present the Company’s fair value hierarchy for its financial instruments measured at fair value: Level 1 Level 2 Level 3 Total June 30, 2021 (in $000's) Assets Money market funds $ 45,996 $ — $ — $ 45,996 Repurchase agreements — 47,000 — 47,000 Short-term U.S. Treasury mutual fund securities — 110,829 — 110,829 Short-term government-backed securities — 89,964 — 89,964 Short-term corporate debt securities — 101,803 — 101,803 Short-term commercial paper — 44,981 — 44,981 Long-term U.S. Treasury mutual fund securities — 20,393 — 20,393 Long-term government-backed securities — 224,754 — 224,754 Long-term corporate debt securities — 36,629 — 36,629 Investment in Shockwave Medical 56,303 — — 56,303 Liabilities Contingent consideration — — 25,577 25,577 Cross-currency swap agreement — 5,559 — 5,559 Level 1 Level 2 Level 3 Total March 31, 2021 (in $000's) Assets Money market funds $ 124,297 $ — $ — $ 124,297 Repurchase agreements — 33,000 — 33,000 Short-term U.S. Treasury mutual fund securities — 72,249 — 72,249 Short-term government-backed securities — 128,669 — 128,669 Short-term corporate debt securities — 104,832 — 104,832 Short-term commercial paper — 45,235 — 45,235 Long-term government-backed securities — 225,384 — 225,384 Long-term corporate debt securities — 38,701 — 38,701 Investment in Shockwave Medical 38,655 — — 38,655 Liabilities Cross currency swap agreement — 4,298 — 4,298 Contingent consideration — — 24,706 24,706 The Company has determined that the estimated fair value of its money market funds and its investment in Shockwave Medical, a publicly traded medical device company, are reported as Level 1 financial assets as they are valued at quoted market prices in active markets. The investment in Shockwave Medical is classified within other assets in the consolidated balance sheets. The Company has determined that the estimated fair value of its repurchase agreements, U.S. Treasury mutual fund securities, government-backed securities, corporate debt securities and commercial paper and cross-currency swap agreement are reported as Level 2 financial assets as they are based on model-driven valuations in which all significant inputs are observable, or can be derived from or corroborated by observable market data for substantially the full term of the asset. Level 3 Financial Liabilities This contingent consideration liability is reported as Level 3 as the estimated fair value of the contingent consideration related to the acquisitions of ECP and Breethe require significant management judgment or estimation and is calculated as described above. 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, 2021: (in $000's) Balance, March 31, 2021 $ 24,706 Additions — Change in fair value 871 Balance, June 30, 2021 $ 25,577 The change in fair value of the contingent consideration was primarily due to estimates related to development timelines and the passage of time on the fair value measurement of milestones. Information About Uncertainty of Level 3 Fair Value Measurements The significant unobservable inputs used in the fair value of the Company’s contingent consideration are the discount rate and forecasted financial information. Significant increases (decreases) in the discount rate would have resulted in a significantly lower (higher) fair value measurement. Significant increases (decreases) in the forecasted financial information would have resulted in a significantly higher (lower) fair value measurement. As of June 30, 2021 and March 31, 2021, the present value of expected payments related to the Company’s contingent consideration was $25.6 million and $24.7 million, respectively. The undiscounted value of the payments, assuming that all contingencies are met, would be $70.0 |
Inventories
Inventories | 3 Months Ended |
Jun. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 7. Inventories The components of inventories are as follows: June 30, 2021 March 31, 2021 (in $000's) Raw materials and supplies $ 29,022 $ 27,782 Work-in-progress 36,792 35,187 Finished goods 17,847 18,090 $ 83,661 $ 81,059 The Company’s inventories relate to its Impella® and OXY-1 System product platform. Finished goods and work-in-process inventories consist of direct material, labor and overhead. |
Property and Equipment
Property and Equipment | 3 Months Ended |
Jun. 30, 2021 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | Note 8. Property and Equipment The components of property and equipment are as follows: June 30, 2021 March 31, 2021 (in $000's) Land $ 10,932 $ 10,875 Building and building improvements 149,991 148,870 Leasehold improvements 625 439 Machinery, equipment and computer software 95,496 91,784 Furniture and fixtures 15,991 15,608 Construction in progress 13,226 10,906 Total cost 286,261 278,482 Accumulated depreciation (88,027 ) (81,353 ) Property and equipment, net $ 198,234 $ 197,129 |
Goodwill, In-Process Research a
Goodwill, In-Process Research and Development and Other Assets | 3 Months Ended |
Jun. 30, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill In-Process Research and Development and Other Assets | Note 9. Goodwill, In-Process Research and Development and Other Assets Goodwill The carrying amount of goodwill as of June 30, 2021 and March 31, 2021 was $79.0 million and $78.6 million, respectively, and has been recorded in connection with the Company’s acquisition of Impella Cardiosystems AG, in May 2005, ECP in July 2014 and Breethe in April 2020. The carrying value of goodwill and the change in the balance for the three months ended June 30, 2021 are as follows: (in $000's) Balance, March 31, 2021 $ 78,568 Foreign currency translation impact 438 Balance, June 30, 2021 $ 79,006 The Company evaluates goodwill at least annually on October 31, as well as whenever events or changes in circumstances suggest that the carrying amount may not be recoverable. The Company has no accumulated impairment losses on goodwill. Other Intangible Assets, net Other intangible assets, net consists of the following: June 30, 2021 March 31, 2021 Weighted Average Useful Life (in years) Cost Accumulated Amortization Net Carrying Value Accumulated Amortization Net Carrying Value (in $000's) Finite-lived intangible assets Developed technology 14.3 $ 27,000 $ (1,200 ) $ 25,800 (750 ) $ 26,250 Indefinite-lived intangible assets In-process research and development 16,104 — 16,104 — 15,900 Total $ 43,104 $ (1,200 ) $ 41,904 (750 ) $ 42,150 The Company’s finite-lived intangible asset represents developed technology associated with the estimated fair value of the OXY-1 System. The estimated fair value of developed technology was determined using a probability-weighted income approach, which discounts expected future cash flows to present value. The projected cash flow estimates for the OXY-1 System were based on certain key assumptions, including estimates of future revenue and expenses, the stage of development of the technology at the acquisition date and the time and resources needed to complete development. During the year ended March 31, 2021, the Company reclassified the in-process research and development (“IPR&D”) asset to developed technology upon receiving FDA 510(k) clearance of the OXY-1 System and began amortizing the intangible asset on a straight-line basis over an estimated useful life of 15 years. The Company’s IPR&D asset represents the estimated fair value of the Impella ECP TM TM The Company evaluates the other intangible assets at least annually on October 31, as well as whenever events or changes in circumstances suggest that the carrying amount may not be recoverable. The Company has no accumulated impairment losses on other intangible assets. The change in the indefinite-lived intangible assets balance for both the three months ended June 30, 2021 and March 31, 2021 was related to the impact of foreign currency translation. |
Other Assets
Other Assets | 3 Months Ended |
Jun. 30, 2021 | |
Other Assets [Abstract] | |
Other Assets | Note 10. Other Assets The components of other assets are as follows: June 30, 2021 March 31, 2021 (in $000's) Investment in Shockwave Medical $ 56,303 $ 38,655 Other investments 55,418 62,995 Operating lease right of use asset (Note 11) 5,698 6,109 Other intangible assets and other assets 5,224 5,323 Total other assets $ 122,643 $ 113,082 Investment in Shockwave Medical The fair value of the Company’s investment in Shockwave Medical, a publicly-traded medical device company, was $56.3 million and $38.7 million as of June 30, 2021 and March 31, 2021, respectively. During the three months ended June 30, 2021 and 2020, the Company recorded gains of $17.6 million and $23.8 million, respectively in other income. Other Investments The carrying value of the Company’s portfolio of other investments and the change in the balance for the three months ended June 30, 2021 are as follows: (in $000's) Balance, March 31, 2021 $ 62,995 Additions 3,866 Change in investment upon acquisition (Note 3) (11,443 ) Balance, June 30, 2021 $ 55,418 Other Intangible Assets and Other Assets The Company’s other intangible assets and other assets is comprised primarily of license manufacturing rights to certain technology from third parties and other long-term assets such as prepaid expenses. |
Leases
Leases | 3 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Leases | Note 11. Leases Lessee The following table presents supplemental balance sheet information related to our operating leases: June 30, 2021 March 31, 2021 (in $000's) Assets Operating lease right-of-use assets in other assets $ 5,698 $ 6,109 Liabilities Operating lease liabilities in other current liabilities 2,124 2,459 Operating lease liabilities in other long-term liabilities 3,534 3,657 Total operating lease liabilities $ 5,658 $ 6,116 Expense charged to operations under operating leases were $0.8 million and $1.7 million for the three months ended June 30, 2021 and 2020, respectively. Future minimum lease payments under non-cancelable operating leases as of June 30, 2021 are as follows: (in thousands, except lease term and discount rate) Fiscal Years Ending March 31, 2022 $ 1,808 2023 1,569 2024 1,322 2025 610 2026 76 Thereafter 589 Total future minimum lease payments 5,974 Less: present value adjustment (316 ) Total operating lease liabilities 5,658 Less: operating lease liabilities in other current liabilities (2,124 ) Operating lease liabilities in other long-term liabilities $ 3,534 Weighted average remaining lease term 4.48 Weighted average discount rate 2.25 % Lessor In March 2021, as part of the $17.5 million purchase of a building located in Danvers, Massachusetts, we assumed existing leases with third parties for a portion of the building which are classified as operating leases. The leases have annual escalating payments and the latest expires in March 2025 in accordance with the terms and conditions of the existing agreement. For the three months ended June 30, 2021, operating lease income was not material. |
Accrued Expenses
Accrued Expenses | 3 Months Ended |
Jun. 30, 2021 | |
Payables And Accruals [Abstract] | |
Accrued Expenses | Note 12. Accrued Expenses Accrued expenses consist of the following: June 30, 2021 March 31, 2021 (in $000's) Employee compensation $ 34,441 $ 40,954 Research and development 7,264 6,983 Sales and income taxes 3,626 5,914 Professional, legal, and accounting fees 2,594 1,957 Warranty 2,013 2,053 Marketing 1,841 3,674 Other 4,683 4,511 $ 56,462 $ 66,046 The accrual for employee compensation consists primarily of accrued bonuses, commissions, employee benefits and payroll taxes at June 30, 2021 and March 31, 2021. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | Note 13. Stockholders’ Equity Class B Preferred Stock The Company has authorized 1,000,000 shares of Class B Preferred Stock, $.01 par value, of which the board of directors can set the designation, rights and privileges. No shares of Class B Preferred Stock have been issued or are outstanding. Stock Repurchase Program In August 2019, the Company’s Board of Directors authorized a stock repurchase program for up to $200.0 million of shares of its common stock. Under this stock repurchase program, the Company is authorized to repurchase shares through open market purchases, privately negotiated transactions or otherwise in accordance with applicable federal securities laws, including through Rule 10b5-1 trading plans and under Rule 10b-18 of the Exchange Act. The stock repurchase program has no time limit and may be suspended for periods or discontinued at any time. The Company is funding the stock repurchase program with its available cash and marketable securities. The Company did not make any repurchases during the three months ended June 30, 2021. The remaining authorization under the stock repurchase program was $103.8 million as June 30, 2021. The following table provides shares bought through stock repurchase program during the three months ended June 30, 2021 and 2020: For the Three Months Ended June 30, 2021 2020 Shares repurchased — 67,649 Average price per share — $ 167.19 Value of shares repurchased (in millions) — $ 11.3 Accumulated Other Comprehensive (Loss) Income The components of accumulated other comprehensive (loss) income, are as follows (in thousands): Three Months Ended June 30, 2021 Foreign Currency Translation Adjustments Unrealized Gains (Losses) on Investments Gains (Losses) on Derivative Instruments Total Balance, March 31, 2021 $ (14,718 ) $ 1,369 $ 1,904 $ (11,445 ) Other comprehensive income (loss) 83 (217 ) (632 ) (766 ) Balance, June 30, 2021 $ (14,635 ) $ 1,152 $ 1,272 $ (12,211 ) Three Months Ended June 30, 2020 Foreign Currency Translation Adjustments Unrealized Gains (Losses) on Investments Gains (Losses) on Derivative Instruments Total Balance, March 31, 2020 $ (16,860 ) $ 1,672 $ 3,999 $ (11,189 ) Other comprehensive income (loss) 1,360 1,755 (461 ) 2,654 Balance, June 30, 2020 $ (15,500 ) $ 3,427 $ 3,538 $ (8,535 ) |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Jun. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | Note 14. Stock-Based Compensation The following table summarizes stock-based compensation expense by financial statement line item in the Company’s condensed consolidated statements of operation: For the Three Months Ended June 30, 2021 2020 (in $000's) Cost of revenue $ 1,030 $ 705 Research and development 2,109 1,442 Selling, general and administrative 9,469 7,151 $ 12,608 $ 9,298 Stock Options The following table summarizes the stock option activity for the three months ended June 30, 2021: Weighted Weighted Average Aggregate Average Remaining Intrinsic Options Exercise Contractual Value (in thousands) Price Term (years) (in thousands) Outstanding at beginning of period 711 $ 141.87 5.46 Granted 60 285.52 Exercised (56 ) 38.02 Cancelled and expired (3 ) 259.61 Outstanding at end of period 712 $ 161.56 5.77 $ 111,794 Exercisable at end of period 562 $ 135.54 4.89 $ 103,757 Options vested and expected to vest at end of period 712 $ 161.56 5.77 $ 111,794 Stock options generally vest and become exercisable annually over three years. The remaining unrecognized stock-based compensation expense for unvested stock option awards as of June 30, 2021, was approximately $12.8 million and the estimated weighted-average period over which this cost is expected to be recognized is 2.1 years. The aggregate intrinsic value of stock options exercised was $15.7 million for the three months ended June 30, 2021. The total cash received as a result of employee stock option exercises for the three months ended June 30, 2021, was approximately $2.1 million. 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 was as follows: For the Three Months Ended June 30, 2021 2020 Weighted average grant-date fair value $ 103.03 $ 75.75 Valuation assumptions: Risk-free interest rate 0.79 % 0.31 % Expected option life (years) 4.20 4.22 Expected volatility 44.28 % 42.80 % Restricted Stock Units The following table summarizes activity of restricted stock units for the three months ended June 30, 2021: Number of Shares Weighted Average Grant Date Fair Value (in thousands) (per share) Restricted stock units at beginning of period 301 $ 273.57 Granted 146 286.57 Vested (84 ) 303.33 Forfeited (7 ) 268.73 Restricted stock units at end of period 356 $ 272.06 Restricted stock units generally vest annually over three years. The remaining unrecognized compensation expense for outstanding restricted stock units, including performance and market-based awards, as of June 30, 2021 was $81.0 million and the estimated weighted-average period over which this cost is expected to be recognized is 2.3 years. The weighted average grant-date fair value for restricted stock units granted during the three months ended June 30, 2021 was $286.57. The total fair value of restricted stock units vested during the three months ended June 30, 2021 was $23.4 million. Performance-Based Awards In May 2021, performance-based awards of restricted stock units for the potential issuance of up to 44,778 shares of common stock were issued to certain executive officers and employees, which vest upon achievement of prescribed service milestones by the award recipients and the achievement of prescribed performance milestones by the Company. As of June 30, 2021, the Company is recognizing compensation expense based on the probable outcomes related to the prescribed performance targets on the outstanding awards. Market-Based Awards In May 2020, the Company awarded certain executive officers and employees a total of up to 61,762 market-based restricted stock units. These restricted stock units will vest and result in the issuance of shares of common stock based on continuing employment and the relative ranking of the total shareholder return (“TSR”) of the Company’s common stock in relation to the TSR of twenty peer companies over a two-year and three-year performance period based on a comparison of average closing stock prices during the 20 trading days prior to the first day of the performance period, reinstated dividends during each performance period and the average closing stock prices during the final 20 trading days of each performance period. The actual number of market-based restricted stock units that may be earned can range from 0% to 200% of the target number of shares. Additionally, the payout percentage is further adjusted based on the Company’s performance relative to the constituents of the S&P 500 Index on the first day of the performance period that are still actively trading on the last day of each performance period. The restricted stock units will vest following the end of the two-year and three-year performance period, respectively. In May 2021, the Company awarded certain executive officers and employees a total of up to 62,930 market-based restricted stock units. These restricted stock units will vest upon achievement of prescribed service milestones by the award recipients and the achievement of prescribed performance milestones and relative TSR goals by the Company. These restricted stock units will vest after a single three-year period based upon performance and market milestones. The relative ranking of the TSR of the Company’s common stock in relation to the TSR of twenty peer companies over a three-year performance period based on a comparison of average closing stock prices during the 20 trading days prior to the first day of the performance period, reinstated dividends during each performance period and the average closing stock prices during the final 20 trading days of the performance period. The restricted stock units will vest following the end of the three-year The Company used a Monte-Carlo simulation model to estimate the grant-date fair value of the TSR restricted stock units. The fair value related to these awards are recorded as compensation expense over the period from date of grant based on the probable outcomes related to the prescribed performance targets on the outstanding awards, regardless of the actual TSR outcome reached. The table below sets forth the assumptions used to value the awards and the estimated grant-date fair value: May 2021 May 2020 Risk-free interest rate 0.3 % 0.2 % Expected volatility 44.8 % 35.5 % Dividend yield — — Remaining performance period (years) 2.8 1.9 - 2.9 Estimated fair value per share $292.40 $347.05 - $349.28 Target performance (number of shares) 25,172 30,881 |
Income Taxes
Income Taxes | 3 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 15. Income Taxes The Company’s income tax provision was $17.2 million and $16.5 million for the three months ended June 30, 2021 and 2020, respectively. The Company’s effective tax rate was 183.7% and 27.0% for the three months ended June 30, 2021 and 2020, respectively. The effective tax rate differs from the statutory federal income tax rate of 21% for the three months ended June 30, 2021 primarily due to a non-deductible charge for in-process research and development related to the preCARDIA acquisition offset by excess tax benefits related to share-based compensation. The Company recognized excess tax benefits associated with stock-based awards of $3.6 million and $0.5 million as an income tax benefit for the three months ended June 30, 2021 and 2020, respectively. The Company is subject to the examination of its income tax returns by the Internal Revenue Service (“IRS”) and other tax authorities. The outcome of these audits cannot be predicted with certainty. The Company’s most recent completed income tax audits were in the U.S. relating to fiscal year 2016 and in Germany, which covered fiscal years 2012 through 2015. These tax audits did not materially impact our financial statements. The Company is currently undergoing an income tax audit by the German tax authorities on Abiomed Europe GMBH and ECP for fiscal years 2016 through 2019. All other tax years remain subject to examination by the federal, state and foreign tax authorities. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Jun. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 16. Commitments and Contingencies From time to time, the Company is involved in legal and administrative proceedings and claims of various types. In some actions, the claimants seek damages, as well as other relief, which, if granted, would require significant expenditures. The Company records a liability in its consolidated financial statements for these matters when a loss is known or considered probable and the amount can be reasonably estimated. The Company reviews these estimates each accounting period as additional information is known and adjusts the loss provision when appropriate. If a matter is both probable to result in liability and the amount of loss can be reasonably estimated, the Company estimates and discloses the possible loss or range of loss. If the loss is not probable or cannot be reasonably estimated, a liability is not recorded in its consolidated financial statements. Thoratec Matters Thoratec Corporation (“Thoratec”), a subsidiary of Abbott Laboratories (“Abbott”), has challenged a number of Company-owned patents in Europe in connection with the launch of Thoratec’s HeartMate PHP™ medical device (“PHP”) in Europe and the Company has counterclaimed for infringement in the District Court in Düsseldorf. The litigation was stayed pending the highest Court’s ruling on the validity and scope of the litigated patents. In September 2019, the Federal Court of Justice in Germany upheld the Company’s patents that are the subject of the patent infringement action for the sales and marketing of Thoratec’s PHP pump in Germany. Subsequently, the District Court in Düsseldorf lifted the stay, re-opened the litigation proceedings, and ruled in favor of Abiomed. The Court acknowledged that Thoratec’s PHP product infringes two of ABIOMED patents related to the key features of Impella ® intravascular pump and future expandable heart pump, known as Impella ECP®. Abbott appealed and the oral hearing is set for August 26, 2021. If upheld, the verdict is provisionally enforceable, which means that ABIOMED will be able to seek a court ordered injunction preventing the sale and marketing of PHP, should Thoratec attempt to launch HeartMate PHP in Germany. These actions relate solely to Thoratec’s ability to manufacture and sell its PHP product in Europe and have no impact on the Company's ability to manufacture or sell its Impella® line of medical devices. The actions do not expose the Company to liability risk, except under local German law that requires a losing party in a proceeding to pay a portion of the other party’s legal fees. Maquet Matters In December 2015, the Company received a letter from Maquet Cardiovascular LLC (“Maquet”), a subsidiary of Getinge AB, asserting that the Company’s Impella® devices infringe certain claims with guidewire, lumen, rotor, purge and sensor features, which were in two Maquet patents and one pending patent application (which has since issued as a third patent) in the U.S. and elsewhere, and attaching a draft litigation complaint. The letter encouraged the Company to take a license from Maquet. In May 2016, the Company filed suit in U.S. District Court for the District of Massachusetts (“D. Mass.” or “the Court”) against Maquet, seeking a declaratory judgment that the Company’s Impella devices do not infringe Maquet’s cited patent rights. In August 2016, Maquet sent a letter to the Company identifying four new Maquet U.S. continuation patent filings with claims that Maquet alleges are infringed by the Company’s Impella devices. The four U.S. continuation applications have been issued as patents of Maquet but expired on September 1, 2020. In September 2016, Maquet filed a response 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 original issued U.S. patents (“2016 Action”). In July 2017, the Court granted a motion to add three of the four additional continuation patents to the 2016 Action. In April 2018, the Court conducted a Markman hearing on claim interpretation. On September 7, 2018, the judge issued a Memorandum and Order on Claim Construction, where he interpreted the disputed claim terms in the case. Maquet then filed a motion for reconsideration of the Court’s construction of one of the disputed claim terms. The motion was denied on May 22, 2019. As a result of the Court’s denial, only one of the six originally asserted patents is in dispute. The Company filed a motion for summary judgement (the “MSJ”) for the remaining patent on September 18, 2019 (non-infringement) and April 13, 2020 (invalidity). The parties argued the MSJ for non-infringement on November 19, 2019, the MSJ for invalidity on August 20, 2020 and are waiting for Court’s resolution. The Court has not set a date for trial. The only remaining patent asserted in this case expired on September 1, 2020. In November 2017, Maquet filed a second action in D. Mass (the “2017 Action”) alleging that the Company’s Impella 2.5®, Impella CP®, and Impella 5.0® heart pumps infringe certain claims of the fourth additional U.S. continuation patent mentioned above (the seventh patent overall). Discovery in the 2017 Action is ongoing. In a series of letters during January and February 2019, Maquet informed the Company of seven new patent applications filed from the patents in the 2016 Action and 2017 Action with claims Maquet alleges would be infringed by the Impella® products if the new applications were to issue as patents. One of the newly issued patents has been added to the 2017 Action. A Markman hearing for the newly-added patent was held on November 18, 2019. A Markman order has not been issued yet. The asserted patent in this case expired on September 1, 2020. Discovery remains ongoing. In the 2016 Action and 2017 Action, Maquet seeks injunctive relief and monetary damages in the form of a reasonable royalty, with three times the amount for alleged willful infringement. In its responses to the Company’s counterclaims, Maquet admits that its current commercially available products do not embody the claims of the asserted patents. The Company is unable to estimate the potential liability with respect to the legal matters noted above. There are numerous factors that make it difficult to meaningfully estimate possible loss or range of loss at this stage of the legal proceedings, including the significant number of legal and factual issues still to be resolved in the Maquet and Thoratec patent disputes. Securities Class Action Litigation On or about August 6, 2019, the Company received a securities class action complaint filed on behalf of a single shareholder in the U.S. District Court for the Southern District of New York (“SDNY”), on behalf of himself and persons or entities that purchased or acquired the Company’s securities between January 31, 2019 through July 31, 2019. On October 7, 2019, a similar purported class action complaint was filed by a different shareholder on behalf of himself and persons or entities that purchased or acquired the Company’s securities between November 1, 2018 and July 31, 2019. Also, on October 7, 2019, four shareholders filed applications to be appointed lead plaintiff and for their counsel to be appointed lead counsel for the class. Two of those shareholders also filed motions to consolidate the two cases and two of the shareholders have withdrawn their applications to be lead plaintiff. The complaints allege that the Company violated Sections 10(b) and 20(a) of and Rule 10b-5 under the Exchange Act, in connection with allegedly misleading disclosures made by the Company regarding its financial condition and results of operations. The Company believes that the allegations are without merit and plans to defend itself vigorously. On June 29, 2020, the Court issued an order consolidating the two cases and appointed Local 705 International Brotherhood of Teamsters Pension Fund as the lead plaintiff and the Labaton Sucharow firm as lead counsel. On September 17, 2020, the lead plaintiff filed an amended complaint in which it proposed a new class period of May 3, 2018 to July 31, 2019. As prescribed by a scheduling order, the Company filed a motion to dismiss on November 16, 2020, lead plaintiff filed its opposition to that motion on January 15, 2021, and the Company filed its reply on February 24, 2021. Shareholder Derivative Litigation On November 6 and 7, 2019, two shareholders filed derivative actions in SDNY that were subsequently consolidated. On November 8, 2019, another shareholder filed a derivative action in Massachusetts Suffolk County Superior Court. On January 7, 2020, another shareholder derivative action was filed in the U.S. District Court for the District of Delaware. The complaints in these actions rely on many of the same allegations as in the securities class actions, and assert that, between November 1, 2018 and July 31, 2019, the directors of the Company made or allowed to be made misleading public statements regarding the Company’s growth, ultimately harming the Company. The Company has agreed with the plaintiffs in all three actions to stay the cases pending resolution of a motion to dismiss in the securities class actions. As a result of the stay, the Delaware action has been administratively closed. Litigation Demand On March 3, 2020, a shareholder sent a letter to the Board of Directors asserting that the directors of the Company made or allowed to be made misleading public statements regarding the Company’s growth. The letter relies on many of the same allegations as the securities class actions and derivative actions, and demands that the Board (i) undertake an independent investigation of the directors, (ii) bring suit against the directors on behalf of the Company, and (iii) take a number of additional affirmative actions to redress the purported wrongs. On March 30, 2020, the Company, after discussions with the Board of Directors, sent a written response to the shareholder’s counsel which they responded to on June 1, 2020. The Company then sent a further response to the shareholder’s counsel on June 15, 2020, affirming the decision to defer consideration of the litigation demand pending further developments in the securities class action suit. Following the filing of the amended complaint in the securities class action, described above, the same shareholder renewed their demand on September 29, 2020. The Company responded on October 9, 2020 and once again affirmed that it will defer consideration of the demand pending further substantive developments in the securities class action suit. On November 5, 2020, a second shareholder sent a letter to the Board of Directors that made essentially the same demands as the September 29, 2020 letter from the first shareholder. The Company responded on November 23, 2020, noting that it will defer consideration of the demand pending further substantive developments in the securities class action suit. The Company is unable to estimate the potential liability with respect to the various legal matters noted above. There are numerous factors that make it difficult to estimate reasonably possible loss or range of loss at this stage of the legal proceedings, including the significant number of legal and factual issues still to be resolved in the securities class action litigation, as well as in the shareholder derivative litigations |
Segment and Enterprise Wide Dis
Segment and Enterprise Wide Disclosures | 3 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment and Enterprise Wide Disclosures | Note 17. 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 (meaning sales outside the U.S., primarily in Europe and Japan) accounted for 18% of total revenue for each of the three months ended June 30, 2021 and 2020. T he Company’s long-lived assets are located in the U.S., except for $58.0 million and $56.4 million at June 30, 2021 and March 31, 2021, respectively, which are located primarily in Germany. |
Basis of Preparation and Summ_2
Basis of Preparation and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
COVID-19 Pandemic | COVID-19 Pandemic The Company is subject to risks and uncertainties as a result of the ongoing COVID-19 pandemic. The ongoing COVID-19 pandemic has adversely impacted and is likely to further adversely impact the Company’s business and markets, including the Company’s workforce and the operations of its customers, suppliers, and business partners. The full extent to which the pandemic will directly or indirectly impact the Company's business, results of operations and financial condition, including sales, expenses, manufacturing, clinical trials, research and development costs, reserves and allowances, fair value measurements, asset impairment charges, contingent consideration obligations, and the effectiveness of the Company's hedging instruments, will depend on future developments that are highly uncertain and difficult to predict. These developments include, but are not limited to: the duration and spread of the ongoing COVID-19 pandemic (including new variants of COVID-19), its severity, the actions to contain the virus or address its impact, the timing, distribution, and efficacy of vaccines and other treatments, U.S. and foreign government actions to respond to the reduction in global economic activity, and how quickly and to what extent normal economic and operating conditions can resume. While the COVID-19 pandemic remains fluid and continues to evolve differently across various geographies, the Company believes it is likely to continue to experience variable impacts on its business. Hospitals are generally managing the pandemic better currently than they have in the earlier part of the pandemic due to more testing, improved protocols, more experience with the effects of COVID-19 and a greater number of vaccinated caregivers. During these challenging times, the Company’s priorities have been to support its clinician partners, protect the well-being of its employees and maintain continuous access to its life-saving technologies while offering front-line in-hospital support. The Company has established onsite COVID-19 testing and vaccination for its employees in both Danvers, Massachusetts and Aachen, Germany, set up temperature-taking stations, administered thousands of COVID-19 tests to date and provided personal protective equipment for its employees in order to maintain a safe working environment. The Company’s proactive testing program has reduced exposure with early detection, reduced employee anxiety and enabled its manufacturing facilities to operate at full capacity in line with local social distancing requirements. The Company also took proactive actions in order to mitigate the business impact of COVID-19 on its financial operations and it continues to monitor closely in order the business impact of COVID-19. Despite the ongoing challenges posed by COVID-19, including the recent global resurgence, the Company continues to invest strategically in engineering, regulatory, clinical trials and manufacturing in order to support its future growth initiatives and sales and marketing activities, with a particular focus on training and education initiatives to drive utilization of its products and recovery awareness for acute heart failure patients. The Company continues to closely monitor the impact of COVID-19 on all aspects of its business and geographies, including its impact on its customers, employees, suppliers, vendors, business partners and distribution channels. The extent to which the COVID-19 pandemic impacts the Company’s business, results of operations, and financial condition will depend on future developments, which are highly uncertain and are difficult to predict. Even after the ongoing COVID-19 pandemic has subsided, the Company may continue to experience materially adverse impacts on its financial condition and results of operations. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (“FASB”) issued ASU 2019-12, Simplifying the Accounting for Income Taxes (ASC 740). The ASU enhances and simplifies various aspects of the income tax accounting guidance in ASC 740, including requirements related to hybrid tax regimes, the tax basis step-up in goodwill obtained in a transaction that is not a business combination, separate financial statements of entities not subject to tax, the intra-period tax allocation exception to the incremental approach, ownership changes in investments, changes from a subsidiary to an equity method investment, interim-period accounting for enacted changes in tax law, and the year-to-date loss limitation in interim-period tax accounting. This guidance is effective for the Company for annual and interim periods beginning after December 31, 2020; however, early adoption is permitted. The Company adopted this standard as of April 1, 2021 on a prospective basis. The adoption did not have a material impact on the Company’s condensed consolidated financial statements. In January 2020, the FASB issued ASU 2020-01, “Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815),” an amendment clarifying the interaction between accounting standards related to equity securities, equity method investments, and certain derivative instruments. The guidance is effective for fiscal years beginning after December 15, 2020. The Company adopted this standard as of April 1, 2021 and the adoption did not have a material impact on the Company’s condensed consolidated financial statements. |
Recently Issued Accounting Pronouncements Not Yet Effective | Recently Issued Accounting Pronouncements Not Yet Effective No other new accounting pronouncements, issued or effective, during the period had, or are expected to have, a material impact on our condensed consolidated financial statements. |
Leases | Lessee The following table presents supplemental balance sheet information related to our operating leases: June 30, 2021 March 31, 2021 (in $000's) Assets Operating lease right-of-use assets in other assets $ 5,698 $ 6,109 Liabilities Operating lease liabilities in other current liabilities 2,124 2,459 Operating lease liabilities in other long-term liabilities 3,534 3,657 Total operating lease liabilities $ 5,658 $ 6,116 Expense charged to operations under operating leases were $0.8 million and $1.7 million for the three months ended June 30, 2021 and 2020, respectively. Future minimum lease payments under non-cancelable operating leases as of June 30, 2021 are as follows: (in thousands, except lease term and discount rate) Fiscal Years Ending March 31, 2022 $ 1,808 2023 1,569 2024 1,322 2025 610 2026 76 Thereafter 589 Total future minimum lease payments 5,974 Less: present value adjustment (316 ) Total operating lease liabilities 5,658 Less: operating lease liabilities in other current liabilities (2,124 ) Operating lease liabilities in other long-term liabilities $ 3,534 Weighted average remaining lease term 4.48 Weighted average discount rate 2.25 % Lessor In March 2021, as part of the $17.5 million purchase of a building located in Danvers, Massachusetts, we assumed existing leases with third parties for a portion of the building which are classified as operating leases. The leases have annual escalating payments and the latest expires in March 2025 in accordance with the terms and conditions of the existing agreement. For the three months ended June 30, 2021, operating lease income was not material. |
Acquisitions (Tables)
Acquisitions (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions Date Fair Value of Consideration Transferred | The acquisition-date fair value of the consideration transferred is as follows: Total Acquisition Date Fair Value (in thousands) Cash and other considerations $ 57,850 Contingent consideration 13,300 Total consideration transferred $ 71,150 |
Schedule of Estimated Fair Value of Assets Acquired and Liabilities Assumed | The following table summarizes the estimated fair values of the assets acquired and liabilities assumed on the date of acquisition (in thousands): Acquired assets: Cash and cash equivalents $ 3,404 Property and equipment 744 Goodwill 44,485 In-process research and development 27,000 Other assets acquired 895 Total assets acquired 76,528 Liabilities assumed: Accounts payable and other liabilities 1,562 Deferred tax liabilities 3,816 Net assets acquired $ 71,150 |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net Income Per Share | The following tables illustrate the determination of basic and diluted net (loss) income per share for each period presented three months ended June 30, 2021 and 2020 (in thousands, except per share data): For the Three Months Ended June 30, 2021 2020 Net (loss) income $ (26,525 ) $ 44,588 Weighted average shares – basic 45,311 45,010 Net (loss) income per share – basic $ (0.59 ) $ 0.99 For the Three Months Ended June 30, 2021 2020 Net (loss) income $ (26,525 ) 44,588 Weighted average shares – basic 45,311 45,010 Effect of dilutive securities — 539 Weighted average shares – diluted 45,311 45,549 Net (loss) income per share – diluted $ (0.59 ) $ 0.98 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Schedule of Disaggregated Revenue by Major Business Line and Geographical Location | The following table disaggregates the Company’s revenue by products and services: For the Three Months Ended June 30, 2021 2020 (in $000's) Product revenue $ 241,474 $ 155,417 Service and other revenue 11,111 9,433 Total revenue $ 252,585 $ 164,850 The following table disaggregates the Company’s revenue by geographical location: For the Three Months Ended June 30, 2021 2020 (in $000's) U.S. $ 207,143 $ 134,725 Europe 32,237 19,658 Japan 11,284 8,985 Other international 1,921 1,482 Total revenue $ 252,585 $ 164,850 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Cash Equivalents and Marketable Securities | The Company’s cash equivalents and marketable securities at June 30, 2021 and March 31, 2021 are invested in the following: Amortized Gross Unrealized Gross Unrealized Fair Market Cost Gains Losses Value June 30, 2021 (in $000's) Money market funds $ 45,996 $ — $ — $ 45,996 Repurchase agreements 47,000 — — 47,000 Total cash equivalents 92,996 — — 92,996 Short-term U.S. Treasury mutual fund securities 110,826 12 (9 ) 110,829 Short-term government-backed securities 89,954 15 (5 ) 89,964 Short-term corporate debt securities 101,488 320 (5 ) 101,803 Short-term commercial paper 44,986 1 (6 ) 44,981 Total short-term marketable securities 347,254 348 (25 ) 347,577 Long-term U.S. Treasury mutual fund securities 20,402 — (9 ) 20,393 Long-term government-backed securities 224,785 110 (141 ) 224,754 Long-term corporate debt securities 36,178 481 (30 ) 36,629 Total long-term marketable securities 281,365 591 (180 ) 281,776 $ 721,615 $ 939 $ (205 ) $ 722,349 Amortized Gross Unrealized Gross Unrealized Fair Market Cost Gains Losses Value March 31, 2021: (in $000's) Money market funds $ 124,297 $ — $ — $ 124,297 Repurchase agreements 33,000 — — 33,000 Total cash equivalents 157,297 — — 157,297 Short-term U.S. Treasury mutual fund securities 72,221 28 — 72,249 Short-term government-backed securities 128,668 13 (12 ) 128,669 Short-term corporate debt securities 104,253 581 (2 ) 104,832 Short-term commercial paper 45,237 1 (3 ) 45,235 Total short-term marketable securities 350,379 623 (17 ) 350,985 Long-term government-backed securities 225,231 190 (37 ) 225,384 Long-term corporate debt securities 38,091 630 (20 ) 38,701 Total long-term marketable securities 263,322 820 (57 ) 264,085 770,998 1,443 (74 ) 772,367 |
Schedule of Cross-Currency Rate Swap Derivatives Agreement | The following table summarizes the terms of the cross-currency swap agreement as of June 30, 2021 (dollar amounts in thousands): Effective Date Maturity Fixed Rate Aggregate Notional Amount (in $000's) Pay EUR October 15, October 15, 2.75% EUR 85,000 Receive U.S.$ 2019 2024 4.64% USD 93,457 |
Schedule of Fair Value of Company's Derivative Instrument | The following table presents the fair value of the Company’s derivative instrument as of June 30, 2021: Derivatives designated as hedging instruments under ASC 815 Balance Sheet classification June 30, 2021 March 31, 2021 Cross-currency swap Other long-term liabilities $ 5,559 $ 4,298 |
Components of Contingent Consideration Liabilities | The components of contingent consideration liability are as follows: June 30, 2021 March 31, 2021 (in $000's) ECP $ 10,677 $ 10,306 Breethe 14,900 14,400 $ 25,577 $ 24,706 |
Financial Instruments Measured at Fair Value | The following tables present the Company’s fair value hierarchy for its financial instruments measured at fair value: Level 1 Level 2 Level 3 Total June 30, 2021 (in $000's) Assets Money market funds $ 45,996 $ — $ — $ 45,996 Repurchase agreements — 47,000 — 47,000 Short-term U.S. Treasury mutual fund securities — 110,829 — 110,829 Short-term government-backed securities — 89,964 — 89,964 Short-term corporate debt securities — 101,803 — 101,803 Short-term commercial paper — 44,981 — 44,981 Long-term U.S. Treasury mutual fund securities — 20,393 — 20,393 Long-term government-backed securities — 224,754 — 224,754 Long-term corporate debt securities — 36,629 — 36,629 Investment in Shockwave Medical 56,303 — — 56,303 Liabilities Contingent consideration — — 25,577 25,577 Cross-currency swap agreement — 5,559 — 5,559 Level 1 Level 2 Level 3 Total March 31, 2021 (in $000's) Assets Money market funds $ 124,297 $ — $ — $ 124,297 Repurchase agreements — 33,000 — 33,000 Short-term U.S. Treasury mutual fund securities — 72,249 — 72,249 Short-term government-backed securities — 128,669 — 128,669 Short-term corporate debt securities — 104,832 — 104,832 Short-term commercial paper — 45,235 — 45,235 Long-term government-backed securities — 225,384 — 225,384 Long-term corporate debt securities — 38,701 — 38,701 Investment in Shockwave Medical 38,655 — — 38,655 Liabilities Cross currency swap agreement — 4,298 — 4,298 Contingent consideration — — 24,706 24,706 |
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, 2021: (in $000's) Balance, March 31, 2021 $ 24,706 Additions — Change in fair value 871 Balance, June 30, 2021 $ 25,577 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | The components of inventories are as follows: June 30, 2021 March 31, 2021 (in $000's) Raw materials and supplies $ 29,022 $ 27,782 Work-in-progress 36,792 35,187 Finished goods 17,847 18,090 $ 83,661 $ 81,059 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Property Plant And Equipment [Abstract] | |
Components of Property and Equipment | The components of property and equipment are as follows: June 30, 2021 March 31, 2021 (in $000's) Land $ 10,932 $ 10,875 Building and building improvements 149,991 148,870 Leasehold improvements 625 439 Machinery, equipment and computer software 95,496 91,784 Furniture and fixtures 15,991 15,608 Construction in progress 13,226 10,906 Total cost 286,261 278,482 Accumulated depreciation (88,027 ) (81,353 ) Property and equipment, net $ 198,234 $ 197,129 |
Goodwill, In-Process Research &
Goodwill, In-Process Research & Development and Other Assets (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Carrying Value of Goodwill and Change in Balance | The carrying value of goodwill and the change in the balance for the three months ended June 30, 2021 are as follows: (in $000's) Balance, March 31, 2021 $ 78,568 Foreign currency translation impact 438 Balance, June 30, 2021 $ 79,006 |
Other Intangible Assets | Other intangible assets, net consists of the following: June 30, 2021 March 31, 2021 Weighted Average Useful Life (in years) Cost Accumulated Amortization Net Carrying Value Accumulated Amortization Net Carrying Value (in $000's) Finite-lived intangible assets Developed technology 14.3 $ 27,000 $ (1,200 ) $ 25,800 (750 ) $ 26,250 Indefinite-lived intangible assets In-process research and development 16,104 — 16,104 — 15,900 Total $ 43,104 $ (1,200 ) $ 41,904 (750 ) $ 42,150 |
Other Assets (Tables)
Other Assets (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Other Assets [Abstract] | |
Summary of Components of Other Assets | The components of other assets are as follows: June 30, 2021 March 31, 2021 (in $000's) Investment in Shockwave Medical $ 56,303 $ 38,655 Other investments 55,418 62,995 Operating lease right of use asset (Note 11) 5,698 6,109 Other intangible assets and other assets 5,224 5,323 Total other assets $ 122,643 $ 113,082 |
Schedule Of Portfolio Of Equity Method and Other Investments and Change in Balance | The carrying value of the Company’s portfolio of other investments and the change in the balance for the three months ended June 30, 2021 are as follows: (in $000's) Balance, March 31, 2021 $ 62,995 Additions 3,866 Change in investment upon acquisition (Note 3) (11,443 ) Balance, June 30, 2021 $ 55,418 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Supplemental Balance Sheet Information Related to Operating Leases | The following table presents supplemental balance sheet information related to our operating leases: June 30, 2021 March 31, 2021 (in $000's) Assets Operating lease right-of-use assets in other assets $ 5,698 $ 6,109 Liabilities Operating lease liabilities in other current liabilities 2,124 2,459 Operating lease liabilities in other long-term liabilities 3,534 3,657 Total operating lease liabilities $ 5,658 $ 6,116 |
Future Minimum Lease Payments Under Non-cancelable Operating Leases | Future minimum lease payments under non-cancelable operating leases as of June 30, 2021 are as follows: (in thousands, except lease term and discount rate) Fiscal Years Ending March 31, 2022 $ 1,808 2023 1,569 2024 1,322 2025 610 2026 76 Thereafter 589 Total future minimum lease payments 5,974 Less: present value adjustment (316 ) Total operating lease liabilities 5,658 Less: operating lease liabilities in other current liabilities (2,124 ) Operating lease liabilities in other long-term liabilities $ 3,534 Weighted average remaining lease term 4.48 Weighted average discount rate 2.25 % |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Payables And Accruals [Abstract] | |
Accrued Expenses | Accrued expenses consist of the following: June 30, 2021 March 31, 2021 (in $000's) Employee compensation $ 34,441 $ 40,954 Research and development 7,264 6,983 Sales and income taxes 3,626 5,914 Professional, legal, and accounting fees 2,594 1,957 Warranty 2,013 2,053 Marketing 1,841 3,674 Other 4,683 4,511 $ 56,462 $ 66,046 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Schedule of Stock Repurchase Activity | The following table provides shares bought through stock repurchase program during the three months ended June 30, 2021 and 2020: For the Three Months Ended June 30, 2021 2020 Shares repurchased — 67,649 Average price per share — $ 167.19 Value of shares repurchased (in millions) — $ 11.3 |
Schedule of Accumulated Other Comprehensive Income (Loss) | The components of accumulated other comprehensive (loss) income, are as follows (in thousands): Three Months Ended June 30, 2021 Foreign Currency Translation Adjustments Unrealized Gains (Losses) on Investments Gains (Losses) on Derivative Instruments Total Balance, March 31, 2021 $ (14,718 ) $ 1,369 $ 1,904 $ (11,445 ) Other comprehensive income (loss) 83 (217 ) (632 ) (766 ) Balance, June 30, 2021 $ (14,635 ) $ 1,152 $ 1,272 $ (12,211 ) Three Months Ended June 30, 2020 Foreign Currency Translation Adjustments Unrealized Gains (Losses) on Investments Gains (Losses) on Derivative Instruments Total Balance, March 31, 2020 $ (16,860 ) $ 1,672 $ 3,999 $ (11,189 ) Other comprehensive income (loss) 1,360 1,755 (461 ) 2,654 Balance, June 30, 2020 $ (15,500 ) $ 3,427 $ 3,538 $ (8,535 ) |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
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 operation: For the Three Months Ended June 30, 2021 2020 (in $000's) Cost of revenue $ 1,030 $ 705 Research and development 2,109 1,442 Selling, general and administrative 9,469 7,151 $ 12,608 $ 9,298 |
Summary of Stock Option Activity | The following table summarizes the stock option activity for the three months ended June 30, 2021: Weighted Weighted Average Aggregate Average Remaining Intrinsic Options Exercise Contractual Value (in thousands) Price Term (years) (in thousands) Outstanding at beginning of period 711 $ 141.87 5.46 Granted 60 285.52 Exercised (56 ) 38.02 Cancelled and expired (3 ) 259.61 Outstanding at end of period 712 $ 161.56 5.77 $ 111,794 Exercisable at end of period 562 $ 135.54 4.89 $ 103,757 Options vested and expected to vest at end of period 712 $ 161.56 5.77 $ 111,794 |
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 was as follows: For the Three Months Ended June 30, 2021 2020 Weighted average grant-date fair value $ 103.03 $ 75.75 Valuation assumptions: Risk-free interest rate 0.79 % 0.31 % Expected option life (years) 4.20 4.22 Expected volatility 44.28 % 42.80 % |
Restricted Stock Units | |
Summary of Restricted Stock Units Activity | The following table summarizes activity of restricted stock units for the three months ended June 30, 2021: Number of Shares Weighted Average Grant Date Fair Value (in thousands) (per share) Restricted stock units at beginning of period 301 $ 273.57 Granted 146 286.57 Vested (84 ) 303.33 Forfeited (7 ) 268.73 Restricted stock units at end of period 356 $ 272.06 |
Summary of Assumptions Used To Value Awards And Estimated Grant-Date Fair Value | The table below sets forth the assumptions used to value the awards and the estimated grant-date fair value: May 2021 May 2020 Risk-free interest rate 0.3 % 0.2 % Expected volatility 44.8 % 35.5 % Dividend yield — — Remaining performance period (years) 2.8 1.9 - 2.9 Estimated fair value per share $292.40 $347.05 - $349.28 Target performance (number of shares) 25,172 30,881 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) $ in Millions | Apr. 24, 2020 | Apr. 30, 2020 | Jun. 30, 2021 | May 28, 2021 |
Pre C A R D I A Inc | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Business acquisition, transaction costs | $ 32.4 | |||
Business acquisition interests acquired percentage | 100.00% | |||
Payments to acquire businesses | 115.2 | |||
Potential payouts payments | 5 | |||
Cash given to repurchase of shares from shareholders | 82.8 | |||
Gain on previously owned minority interest | 21 | |||
Net asset acquired | 115.2 | |||
Fair value of asset in process with research and development | 115.5 | |||
Net liabilities assumed | 0.3 | |||
Research and development expense | $ 115.5 | |||
Breethe | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Payments to acquire businesses | $ 55 | $ 55 | ||
Breethe | Maximum | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Potential payouts payments | $ 55 | $ 55 |
Schedule of Business Acquisitio
Schedule of Business Acquisitions Date Fair Value of Consideration Transferred (Detail) $ in Thousands | Apr. 24, 2020USD ($) |
Business Combinations [Abstract] | |
Cash and other considerations | $ 57,850 |
Contingent consideration | 13,300 |
Total consideration transferred | $ 71,150 |
Schedule of Estimated Fair Valu
Schedule of Estimated Fair Value of Assets Acquired and Liabilities Assumed (Detail) $ in Thousands | Apr. 24, 2020USD ($) |
Business Combinations [Abstract] | |
Cash and cash equivalents | $ 3,404 |
Property and equipment | 744 |
Goodwill | 44,485 |
In-process research and development | 27,000 |
Other assets acquired | 895 |
Total assets acquired | 76,528 |
Accounts payable and other liabilities | 1,562 |
Deferred tax liabilities | 3,816 |
Net assets acquired | $ 71,150 |
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, 2021 | Jun. 30, 2020 | |
Earnings Per Share [Abstract] | ||
Net (loss) income | $ (26,525) | $ 44,588 |
Weighted average shares – basic | 45,311 | 45,010 |
Net (loss) income per share – basic | $ (0.59) | $ 0.99 |
Effect of dilutive securities | 539 | |
Weighted average shares – diluted | 45,311 | 45,549 |
Net (loss) income per share - diluted | $ (0.59) | $ 0.98 |
Net Income Per Share - Addition
Net Income Per Share - Additional Information (Detail) - shares shares in Millions | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Shares excluded from the calculation of diluted weighted average shares outstanding | 1.1 | 0.2 |
Revenue Recognition - Schedule
Revenue Recognition - Schedule of Disaggregated Revenue by Major Business Line (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Disaggregation Of Revenue [Table] | ||
Total revenue | $ 252,585 | $ 164,850 |
U S [Member] | ||
Disaggregation Of Revenue [Table] | ||
Total revenue | 207,143 | 134,725 |
Europe [Member] | ||
Disaggregation Of Revenue [Table] | ||
Total revenue | 32,237 | 19,658 |
Japan [Member] | ||
Disaggregation Of Revenue [Table] | ||
Total revenue | 11,284 | 8,985 |
Other international [Member] | ||
Disaggregation Of Revenue [Table] | ||
Total revenue | 1,921 | 1,482 |
Product | ||
Disaggregation Of Revenue [Table] | ||
Total revenue | 241,474 | 155,417 |
Service and Other | ||
Disaggregation Of Revenue [Table] | ||
Total revenue | $ 11,111 | $ 9,433 |
Revenue Recognition - Returns R
Revenue Recognition - Returns Reserve - Additional Information (Detail) - USD ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 |
Revenue From Contract With Customer [Abstract] | ||
Sales return reserve | $ 0 | $ 0 |
Revenue Recognition - Deferred
Revenue Recognition - Deferred Revenue - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2021 | |
Revenue From Contract With Customer [Abstract] | |||
Deferred revenue | $ 24,094 | $ 24,322 | |
Deferred Revenue, Revenue Recognized | $ 9,200 | $ 9,200 |
Investable Cash Equivalents and
Investable Cash Equivalents and Marketable Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Amortized Cost | $ 721,615 | $ 770,998 |
Gross Unrealized Gains | 939 | 1,443 |
Gross Unrealized Losses | (205) | (74) |
Fair Market Value | 722,349 | 772,367 |
Cash Equivalents | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Amortized Cost | 92,996 | 157,297 |
Fair Market Value | 92,996 | 157,297 |
Repurchase Agreements | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Market Value | 47,000 | 33,000 |
Repurchase Agreements | Cash Equivalents | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Amortized Cost | 47,000 | 33,000 |
Fair Market Value | 47,000 | 33,000 |
Short-term Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Amortized Cost | 347,254 | 350,379 |
Gross Unrealized Gains | 348 | 623 |
Gross Unrealized Losses | (25) | (17) |
Fair Market Value | 347,577 | 350,985 |
Long Term Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Amortized Cost | 281,365 | 263,322 |
Gross Unrealized Gains | 591 | 820 |
Gross Unrealized Losses | (180) | (57) |
Fair Market Value | 281,776 | 264,085 |
Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Market Value | 45,996 | |
Money Market Funds | Cash Equivalents | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Amortized Cost | 45,996 | 124,297 |
Fair Market Value | 45,996 | 124,297 |
Commercial Paper | Short-term Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Amortized Cost | 44,986 | 45,237 |
Gross Unrealized Gains | 1 | 1 |
Gross Unrealized Losses | (6) | (3) |
Fair Market Value | 44,981 | 45,235 |
U.S. Treasury mutual fund securities | Short-term Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Amortized Cost | 110,826 | 72,221 |
Gross Unrealized Gains | 12 | 28 |
Gross Unrealized Losses | (9) | |
Fair Market Value | 110,829 | 72,249 |
U.S. Treasury mutual fund securities | Long Term Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Amortized Cost | 20,402 | |
Gross Unrealized Losses | (9) | |
Fair Market Value | 20,393 | |
Government-backed securities | Short-term Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Amortized Cost | 89,954 | 128,668 |
Gross Unrealized Gains | 15 | 13 |
Gross Unrealized Losses | (5) | (12) |
Fair Market Value | 89,964 | 128,669 |
Government-backed securities | Long Term Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Amortized Cost | 224,785 | 225,231 |
Gross Unrealized Gains | 110 | 190 |
Gross Unrealized Losses | (141) | (37) |
Fair Market Value | 224,754 | 225,384 |
Corporate Debt Securities | Short-term Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Amortized Cost | 101,488 | 104,253 |
Gross Unrealized Gains | 320 | 581 |
Gross Unrealized Losses | (5) | (2) |
Fair Market Value | 101,803 | 104,832 |
Corporate Debt Securities | Long Term Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Amortized Cost | 36,178 | 38,091 |
Gross Unrealized Gains | 481 | 630 |
Gross Unrealized Losses | (30) | (20) |
Fair Market Value | $ 36,629 | $ 38,701 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) $ in Thousands, € in Millions | Apr. 24, 2020USD ($) | Apr. 30, 2020USD ($) | Jul. 31, 2014USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021EUR (€) | Mar. 31, 2021USD ($) | Oct. 31, 2019EUR (€) |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||||
Other income (expense), net | $ 400 | $ 400 | ||||||
Present value of expected payments related to contingent consideration | 25,577 | $ 24,706 | ||||||
Level 3 | ||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||||
Present value of expected payments related to contingent consideration | 25,600 | 24,700 | ||||||
Undiscounted value of payments | $ 70,000 | $ 70,000 | ||||||
Ecp | ||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||||
Payments to acquire businesses | $ 13,000 | |||||||
Potential payouts payments | $ 15,000 | |||||||
Commercial Milestones | 71.00% | |||||||
Ecp | Minimum [Member] | ||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||||
Discount rate | 1.00% | 1.00% | ||||||
Ecp | Maximum | ||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||||
Discount rate | 16.00% | 16.00% | ||||||
Breethe | ||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||||
Payments to acquire businesses | $ 55,000 | $ 55,000 | ||||||
Breethe | Minimum [Member] | ||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||||
Discount rate | 1.00% | 1.00% | ||||||
Commercial Milestones | 25.00% | |||||||
Breethe | Maximum | ||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||||
Potential payouts payments | $ 55,000 | $ 55,000 | ||||||
Discount rate | 16.00% | 16.00% | ||||||
Commercial Milestones | 75.00% | |||||||
Intercompany Agreement [Member] | ||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||||
Loans to subsidiaries | € | € 85 | |||||||
Cross Currency Interest Rate Contract | ||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||||
Derivative notional amount | $ 93,500 | € 85 |
Schedule of Cross-Currency Rate
Schedule of Cross-Currency Rate Swap Derivatives (Detail) $ in Thousands | 3 Months Ended |
Jun. 30, 2021USD ($) | |
Pay EUR | |
Effective Date | Oct. 15, 2019 |
Maturity | Oct. 15, 2024 |
Fixed Rate | 2.75% |
Derivative notional amount | $ 85,000 |
Receive U.S $ | |
Effective Date | Oct. 15, 2019 |
Maturity | Oct. 15, 2024 |
Fixed Rate | 4.64% |
Derivative notional amount | $ 93,457 |
Schedule of Fair Value of Compa
Schedule of Fair Value of Company's Derivative Instrument (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 |
Cross Currency Interest Rate Contract | Other Assets | ||
Fair Value | $ 5,559 | $ 4,298 |
Schedule of Components of Conti
Schedule of Components of Contingent Consideration Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 |
Contingent consideration liabilities | $ 25,577 | $ 24,706 |
Ecp | ||
Contingent consideration liabilities | 10,677 | 10,306 |
Breethe | ||
Contingent consideration liabilities | $ 14,900 | $ 14,400 |
Financial Instruments Measured
Financial Instruments Measured at Fair Value (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value disclosure | $ 722,349 | $ 772,367 |
Contingent consideration | 25,577 | 24,706 |
Cross Currency Interest Rate Contract | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative fair value | 5,559 | 4,298 |
Repurchase Agreements | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value disclosure | 47,000 | 33,000 |
Short-term Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value disclosure | 347,577 | 350,985 |
Long Term Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value disclosure | 281,776 | 264,085 |
Shockwave Medical | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value disclosure | 56,303 | 38,655 |
Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value disclosure | 45,996 | |
Commercial Paper | Short-term Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value disclosure | 44,981 | 45,235 |
Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value disclosure | 124,297 | |
Level 1 | Shockwave Medical | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value disclosure | 56,303 | 38,655 |
Level 1 | Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value disclosure | 45,996 | |
Level 1 | Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value disclosure | 124,297 | |
Level 2 | Cross Currency Interest Rate Contract | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative fair value | 5,559 | 4,298 |
Level 2 | Repurchase Agreements | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value disclosure | 47,000 | 33,000 |
Level 2 | Commercial Paper | Short-term Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value disclosure | 44,981 | 45,235 |
Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Contingent consideration | 25,577 | 24,706 |
U.S. Treasury mutual fund securities | Short-term Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value disclosure | 110,829 | 72,249 |
U.S. Treasury mutual fund securities | Long Term Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value disclosure | 20,393 | |
U.S. 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 | 110,829 | 72,249 |
U.S. 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 | 20,393 | |
Government-backed securities | Short-term Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value disclosure | 89,964 | 128,669 |
Government-backed securities | Long Term Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value disclosure | 224,754 | 225,384 |
Government-backed 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 | 89,964 | 128,669 |
Government-backed 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 | 224,754 | 225,384 |
Corporate Debt Securities | Short-term Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value disclosure | 101,803 | 104,832 |
Corporate Debt Securities | Long Term Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value disclosure | 36,629 | 38,701 |
Corporate 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 | 101,803 | 104,832 |
Corporate 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 | $ 36,629 | $ 38,701 |
Change in Fair Value of Conting
Change in Fair Value of Contingent Consideration as Determined by Level 3 Inputs (Detail) $ in Thousands | 3 Months Ended |
Jun. 30, 2021USD ($) | |
Fair Value Disclosures [Abstract] | |
Beginning balance | $ 24,706 |
Change in fair value | 871 |
Ending balance | $ 25,577 |
Components of Inventories (Deta
Components of Inventories (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Raw materials and supplies | $ 29,022 | $ 27,782 |
Work-in-progress | 36,792 | 35,187 |
Finished goods | 17,847 | 18,090 |
Inventories | $ 83,661 | $ 81,059 |
Components of Property and Equi
Components of Property and Equipment (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 |
Property Plant And Equipment [Abstract] | ||
Land | $ 10,932 | $ 10,875 |
Building and building improvements | 149,991 | 148,870 |
Leasehold improvements | 625 | 439 |
Machinery, equipment and computer software | 95,496 | 91,784 |
Furniture and fixtures | 15,991 | 15,608 |
Construction in progress | 13,226 | 10,906 |
Total cost | 286,261 | 278,482 |
Accumulated depreciation | (88,027) | (81,353) |
Property and equipment, net | $ 198,234 | $ 197,129 |
Goodwill, In-Process Research_2
Goodwill, In-Process Research and Development and Other Assets - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Jun. 30, 2021 | Mar. 31, 2021 | |
Goodwill [Line Items] | ||
Goodwill | $ 79,006,000 | $ 78,568,000 |
Accumulated impairment loss, goodwill | 0 | |
Accumulated impairment losses on IPR&D assets | $ 0 | |
Developed Technology [Member] | ||
Goodwill [Line Items] | ||
Estimated useful life | 15 years |
Carrying Value of Goodwill and
Carrying Value of Goodwill and Change in Balance (Detail) $ in Thousands | 3 Months Ended |
Jun. 30, 2021USD ($) | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Beginning balance | $ 78,568 |
Foreign currency translation impact | 438 |
Ending balance | $ 79,006 |
Other Intangible Assets, net (D
Other Intangible Assets, net (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2021 | Mar. 31, 2021 | |
Indefinite-lived intangible assets | ||
Other intangible assets, Total cost | $ 43,104 | |
Acquired in-process research & development | 115,490 | |
Other Intangible Assets, Gross, accumulated amortization | (1,200) | $ (750) |
Other intangibles, net | 41,904 | 42,150 |
Developed Technology [Member] | ||
Finite-lived intangible assets | ||
Gross carrying amount. finite lived intangible assets, cost | $ 27,000 | |
Indefinite-lived intangible assets | ||
Gross carrying amount. finite lived intangible assets, weighted average useful life | 14 years 3 months 19 days | |
Gross carrying amount. finite lived intangible assets, Accumulated amortization | $ (1,200) | (750) |
Gross carrying amount, finite lived intangible assets net carrying value | 25,800 | 26,250 |
In Process Research and Development | ||
Indefinite-lived intangible assets | ||
Gross carrying amount. infinite lived intangible assets, cost | 16,104 | |
Gross carrying amount, indefinite lived intangible assets net carrying value | $ 16,104 | $ 15,900 |
Summary of Components of Other
Summary of Components of Other Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 | Mar. 31, 2020 |
Goodwill [Line Items] | |||
Other investments | $ 55,418 | $ 62,995 | |
Operating lease right of use asset (Note 11) | 5,698 | 6,109 | $ 6,109 |
Other intangible assets and other assets | 5,224 | 5,323 | |
Other assets | 122,643 | 113,082 | |
Shockwave Medical | |||
Goodwill [Line Items] | |||
Fair value of investment | $ 56,303 | $ 38,655 |
Other Assets - Additional Infor
Other Assets - Additional Information (Detail) - Shockwave Medical - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2021 | |
Goodwill [Line Items] | |||
Fair value of investment | $ 56,303 | $ 38,655 | |
Other Income (Expense) | |||
Goodwill [Line Items] | |||
Unrealized gain (loss) recorded in other income | $ 17,600 | $ 23,800 |
Carrying value of Other Investm
Carrying value of Other Investments (Detail) $ in Thousands | 3 Months Ended |
Jun. 30, 2021USD ($) | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Beginning balance | $ 62,995 |
Additions | 3,866 |
Change in investment upon acquisition (Note 3) | (11,443) |
Ending balance | $ 55,418 |
Supplemental Balance Sheet Info
Supplemental Balance Sheet Information Related to Operating Leases (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 | Mar. 31, 2020 |
Leases [Abstract] | |||
Operating lease right of use asset (Note 11) | $ 5,698 | $ 6,109 | $ 6,109 |
Operating lease liabilities in other current liabilities | 2,124 | 2,459 | |
Operating lease liabilities in other long-term liabilities | 3,534 | 3,657 | |
Total operating lease liabilities | $ 5,658 | $ 6,116 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2021 | |
Property Plant And Equipment [Line Items] | |||
Operating lease expense | $ 0.8 | $ 1.7 | |
Building [Member] | |||
Property Plant And Equipment [Line Items] | |||
Lessor operating lease | $ 17.5 |
Future Minimum Lease Payments U
Future Minimum Lease Payments Under Non-cancelable Operating Leases (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2020 |
Leases [Abstract] | ||
2022 | $ 1,808 | |
2023 | 1,569 | |
2024 | 1,322 | |
2025 | 610 | |
2026 | 76 | |
Thereafter | 589 | |
Total future minimum lease payments | 5,974 | |
Less: present value adjustment | (316) | |
Total operating lease liabilities | 5,658 | $ 6,116 |
Less: operating lease liabilities in other current liabilities | (2,124) | (2,459) |
Operating lease liabilities in other long-term liabilities | $ 3,534 | $ 3,657 |
Weighted average remaining lease term | 4 years 5 months 23 days | |
Weighted average discount rate | 2.25% |
Accrued Expenses (Detail)
Accrued Expenses (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 |
Payables and Accruals [Abstract] | ||
Employee compensation | $ 34,441 | $ 40,954 |
Research and development | 7,264 | 6,983 |
Sales and income taxes | 3,626 | 5,914 |
Professional, legal, and accounting fees | 2,594 | 1,957 |
Warranty | 2,013 | 2,053 |
Marketing | 1,841 | 3,674 |
Other | 4,683 | 4,511 |
Accrued expenses | $ 56,462 | $ 66,046 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Jun. 30, 2021 | Mar. 31, 2021 | Aug. 31, 2019 |
Stockholders Equity Note [Abstract] | |||
Class B Preferred Stock, Authorized | 1,000,000 | 1,000,000 | |
Class B Preferred Stock, par value | $ 0.01 | $ 0.01 | |
Class B Preferred Stock, Issued | 0 | 0 | |
Class B Preferred Stock, outstanding | 0 | 0 | |
Stock repurchase program, authorized amount | $ 200 | ||
Stock repurchase program, remaining authorized repurchase amount | $ 103.8 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Stock Repurchase Activity (Detail) $ / shares in Units, $ in Thousands | 3 Months Ended |
Jun. 30, 2020USD ($)$ / sharesshares | |
Stockholders Equity Note [Abstract] | |
Shares repurchased | shares | 67,649 |
Average price per share | $ / shares | $ 167.19 |
Value of shares repurchased (in millions) | $ | $ 11,310 |
Stockholders' Equity - Schedu_2
Stockholders' Equity - Schedule of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Shareholders Equity [Line Items] | ||
Beginning Balance | $ 1,329,675 | $ 1,065,466 |
Ending Balance | 1,307,522 | 1,101,848 |
Foreign Currency Translation Adjustments | ||
Shareholders Equity [Line Items] | ||
Beginning Balance | (14,718) | (16,860) |
Other comprehensive income (loss) | 83 | 1,360 |
Ending Balance | (14,635) | (15,500) |
Unrealized Gains (Losses) on Investments | ||
Shareholders Equity [Line Items] | ||
Beginning Balance | 1,369 | 1,672 |
Other comprehensive income (loss) | (217) | 1,755 |
Ending Balance | 1,152 | 3,427 |
Gains (Losses) on Derivative Instruments | ||
Shareholders Equity [Line Items] | ||
Beginning Balance | 1,904 | 3,999 |
Other comprehensive income (loss) | (632) | (461) |
Ending Balance | 1,272 | 3,538 |
Accumulated Other Comprehensive Loss | ||
Shareholders Equity [Line Items] | ||
Beginning Balance | (11,445) | (11,189) |
Other comprehensive income (loss) | (766) | 2,654 |
Ending Balance | $ (12,211) | $ (8,535) |
Stock-Based Compensation Recogn
Stock-Based Compensation Recognized (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation | $ 12,608 | $ 9,298 |
Cost of revenue | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation | 1,030 | 705 |
Research and development | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation | 2,109 | 1,442 |
Selling, general and administrative | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation | $ 9,469 | $ 7,151 |
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, 2021 | Mar. 31, 2021 | |
Options | ||
Outstanding at beginning of period | 711 | |
Granted | 60 | |
Exercised | (56) | |
Cancelled and expired | (3) | |
Outstanding at end of period | 712 | 711 |
Exercisable at end of period | 562 | |
Options vested and expected to vest at end of period | 712 | |
Weighted Average Exercise Price | ||
Outstanding at beginning of period | $ 141.87 | |
Granted | 285.52 | |
Exercised | 38.02 | |
Cancelled and expired | 259.61 | |
Outstanding at end of period | 161.56 | $ 141.87 |
Exercisable at end of period | 135.54 | |
Options vested and expected to vest at end of period | $ 161.56 | |
Weighted Average Remaining Contractual Term (years) | ||
Outstanding | 5 years 9 months 7 days | 5 years 5 months 16 days |
Exercisable at end of period | 4 years 10 months 21 days | |
Options vested and expected to vest at end of period | 5 years 9 months 7 days | |
Aggregate Intrinsic Value | ||
Outstanding at end of period | $ 111,794 | |
Exercisable at end of period | 103,757 | |
Options vested and expected to vest at end of period | $ 111,794 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | ||
May 31, 2021peercompanyshares | May 31, 2020peercompanyshares | Jun. 30, 2021USD ($)$ / sharesshares | Jun. 30, 2020USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Aggregate intrinsic value of options exercised in period | $ 15,700 | |||
Proceeds from the exercise of stock options | $ 2,120 | $ 1,010 | ||
Granted | shares | 25,172,000 | 30,881,000 | ||
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Unrecognized stock-based compensation expense | $ 12,800 | |||
Unrecognized stock-based compensation expense, weighted-average recognition period | 2 years 1 month 6 days | |||
Compensation expense period description | The fair value related to these awards are recorded as compensation expense over the period from date of grant based on the probable outcomes related to the prescribed performance targets on the outstanding awards, | |||
Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Unrecognized stock-based compensation expense | $ 81,000 | |||
Unrecognized stock-based compensation expense, weighted-average recognition period | 2 years 3 months 18 days | |||
Weighted average grant-date fair value | $ / shares | $ 286.57 | |||
Fair value of units vested | $ 23,400 | |||
Granted | shares | 146,000 | |||
Performance Based Restricted Stock Units | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted | shares | 44,778 | |||
Market-Based Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted | shares | 62,930 | 61,762 | ||
Number of peer companies for ranking in TSR Comparison | peer company | peercompany | 20 | 20 | ||
Stock units minimum range percent | 0.00% | |||
Stock units maximum range percent | 200.00% | |||
Market-Based Awards | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized stock-based compensation expense, weighted-average recognition period | 3 years | 3 years | ||
Market-Based Awards | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized stock-based compensation expense, weighted-average recognition period | 2 years |
Summary of Weighted Average Gra
Summary of Weighted Average Grant-Date Fair Values And Weighted Average Assumptions Used to Calculate Fair Value of Options Granted (Detail) - $ / shares | 1 Months Ended | 3 Months Ended | ||
May 31, 2021 | May 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Valuation assumptions: | ||||
Risk-free interest rate | 0.30% | 0.20% | ||
Expected volatility | 44.80% | 35.50% | ||
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted average grant-date fair value | $ 103.03 | $ 75.75 | ||
Valuation assumptions: | ||||
Risk-free interest rate | 0.79% | 0.31% | ||
Expected option life (years) | 4 years 2 months 12 days | 4 years 2 months 19 days | ||
Expected volatility | 44.28% | 42.80% |
Summary of Restricted Stock Uni
Summary of Restricted Stock Units Activity (Detail) - $ / shares shares in Thousands | 1 Months Ended | 3 Months Ended | |
May 31, 2021 | May 31, 2020 | Jun. 30, 2021 | |
Number of Shares | |||
Granted | 25,172 | 30,881 | |
Restricted Stock Units | |||
Number of Shares | |||
Beginning Balance | 301 | ||
Granted | 146 | ||
Vested | (84) | ||
Forfeited | (7) | ||
Ending Balance | 356 | ||
Weighted Average Grant Date Fair Value | |||
Beginning Balance | $ 273.57 | ||
Granted | 286.57 | ||
Vested | 303.33 | ||
Forfeited | 268.73 | ||
Ending Balance | $ 272.06 |
Summary of Assumptions Used To
Summary of Assumptions Used To Value Awards And Estimated Grant-Date Fair Value (Detail) - $ / shares shares in Thousands | 1 Months Ended | |
May 31, 2021 | May 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate | 0.30% | 0.20% |
Expected volatility | 44.80% | 35.50% |
Target performance (number of shares) | 25,172 | 30,881 |
Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Remaining performance period (years) | 2 years 9 months 18 days | 1 year 10 months 25 days |
Estimated fair value per share | $ 292.40 | $ 347.05 |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Remaining performance period (years) | 2 years 10 months 25 days | |
Estimated fair value per share | $ 349.28 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||
Income tax provision | $ 17,175 | $ 16,488 |
Effective income tax rate | 183.70% | 27.00% |
U.S. federal statutory corporate tax rate | 21.00% | |
Excess tax benefits from stock-based awards | $ 3,600 | $ 500 |
Segment and Enterprise Wide D_2
Segment and Enterprise Wide Disclosures - Additional Information (Detail) $ in Millions | 3 Months Ended | ||
Jun. 30, 2021USD ($)Segment | Jun. 30, 2020 | Mar. 31, 2021USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of business segments | Segment | 1 | ||
Intercompany Agreement [Member] | |||
Segment Reporting Information [Line Items] | |||
Long-lived assets | $ | $ 58 | $ 56.4 | |
Customer Concentration Risk | Revenue | Intercompany Agreement [Member] | |||
Segment Reporting Information [Line Items] | |||
Percentage of revenue accounted | 18.00% | 18.00% |