Abiomed (ABMD) 10-Q 5 Aug 21 2022 Q1 Quarterly report Financial data

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%