Common-Size Income Statement
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Abiomed Inc. pages available for free this week:
- Statement of Comprehensive Income
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Return on Equity (ROE) since 2005
- Current Ratio since 2005
- Price to Earnings (P/E) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Debt
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Abiomed Inc., common-size consolidated income statement
Based on: 10-K (reporting date: 2022-03-31), 10-K (reporting date: 2021-03-31), 10-K (reporting date: 2020-03-31), 10-K (reporting date: 2019-03-31), 10-K (reporting date: 2018-03-31), 10-K (reporting date: 2017-03-31).
- Revenue and Cost of Revenue
- The revenue remained stable at 100% across all periods. The cost of revenue increased from -15.86% in 2017 to a peak of -19.1% in 2021, before slightly declining to -18.24% in 2022, indicating a gradual increase in cost relative to revenue over time.
- Gross Profit
- Gross profit as a percentage of revenue showed a declining trend from 84.14% in 2017 to 80.9% in 2021, with a slight recovery to 81.76% in 2022. This decline reflects the rising cost of revenue, slightly tempered by the marginal improvement in the latest year.
- Research and Development (R&D)
- R&D expenses decreased from -14.91% in 2017 to their lowest point at -11.74% in 2020, followed by an increase to -15.84% in 2022. This indicates a renewed investment in R&D after a period of reduction.
- Selling, General and Administrative Expenses (SG&A)
- SG&A expenses declined steadily from -48.99% in 2017 to -39.43% in 2021, then rose slightly to -41.05% in 2022, suggesting a relative reduction in operating costs over most of the period with a moderate increase in the final year.
- Acquired In-Process Research and Development
- This expense category appeared only in 2022 at -11.24%, implying a significant, one-off investment or acquisition impacting that year’s expense structure.
- Income from Operations
- Operating income improved notably from 20.24% in 2017, peaking at 29.64% in 2020. However, it declined sharply to 13.64% in 2022, likely influenced by increased R&D and acquired in-process expenses.
- Interest and Other Income and Expense
- Interest and other income increased markedly in 2019 and 2021, reaching 6.92% in 2021, then decreasing to 4.83% in 2022. Interest expense was minimal and only recorded in the earlier years, indicating low financing costs.
- Income Before Income Taxes
- Pre-tax income showed an increasing trend from 20.51% in 2017 to 34.01% in 2021, before declining to 18.47% in 2022, paralleling the operational income pattern and overall profitability.
- Income Tax Provision
- Effective tax rates fluctuated, initially decreasing sharply from -8.81% in 2017 to -0.56% in 2019, then stabilizing around -6% to -7.4% in subsequent years, and reducing to -5.24% in 2022, which may reflect changes in tax strategy or profitability mix.
- Net Income
- Net income as a percentage of revenue rose substantially from 11.7% in 2017 to a high of 33.66% in 2019. It then declined to 26.61% in 2021 and dropped significantly to 13.23% in 2022, mirroring the trends seen in operating income and pre-tax income, indicating volatility in net profitability in recent years.