☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Common Stock, no par value | VIVO | NASDAQ Global Select Market |
Large accelerated filer | ☒ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||
Emerging growth company | ☐ |
Class | Outstanding January 31, 2022 | |
Common Stock, no par value |
Page(s) | ||||||||||
PART I. | ||||||||||
Item 1. | ||||||||||
1 | ||||||||||
2 | ||||||||||
3 | ||||||||||
4-5 | ||||||||||
6 | ||||||||||
7-16 | ||||||||||
Item 2. | 16-23 | |||||||||
Item 3. | 23 | |||||||||
Item 4. | ||||||||||
PART II. | ||||||||||
Item 1. | 24 | |||||||||
Item 1A. | 24 | |||||||||
Item 6. | 24 | |||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
NET REVENUES | $ | 85,264 | $ | 57,296 | $ | 178,181 | $ | 104,717 | ||||||||
COST OF SALES | 27,492 | 22,750 | 58,861 | 42,520 | ||||||||||||
GROSS PROFIT | 57,772 | 34,546 | 119,320 | 62,197 | ||||||||||||
OPERATING EXPENSES | ||||||||||||||||
Research and development | 6,065 | 5,315 | 11,716 | 10,078 | ||||||||||||
Selling and marketing | 6,540 | 6,529 | 13,561 | 13,257 | ||||||||||||
General and administrative | 12,925 | 10,628 | 24,863 | 19,612 | ||||||||||||
Acquisition-related costs | — | 1,787 | — | 1,787 | ||||||||||||
Change in fair value of acquisition consideration | (2,989 | ) | (2,491 | ) | (1,942 | ) | (1,304 | ) | ||||||||
Restructuring costs | — | 252 | — | 527 | ||||||||||||
Selected legal costs | 1,030 | 735 | 2,257 | 1,055 | ||||||||||||
Total operating expenses | 23,571 | 22,755 | 50,455 | 45,012 | ||||||||||||
OPERATING INCOME | 34,201 | 11,791 | 68,865 | 17,185 | ||||||||||||
OTHER INCOME (EXPENSE) | ||||||||||||||||
Interest income | 6 | 23 | 15 | 134 | ||||||||||||
Interest expense | (472 | ) | (532 | ) | (1,006 | ) | (1,299 | ) | ||||||||
RADx grant income | 200 | — | 1,000 | — | ||||||||||||
Other, net | (883 | ) | 1,365 | (1,574 | ) | 653 | ||||||||||
Total other income (expense) | (1,149 | ) | 856 | (1,565 | ) | (512 | ) | |||||||||
EARNINGS BEFORE INCOME TAXES | 33,052 | 12,647 | 67,300 | 16,673 | ||||||||||||
INCOME TAX PROVISION | 6,750 | 3,288 | 14,219 | 4,487 | ||||||||||||
NET EARNINGS | $ | 26,302 | $ | 9,359 | $ | 53,081 | $ | 12,186 | ||||||||
BASIC EARNINGS PER COMMON SHARE | $ | 0.61 | $ | 0.22 | $ | 1.23 | $ | 0.28 | ||||||||
DILUTED EARNINGS PER COMMON SHARE | $ | 0.60 | $ | 0.22 | $ | 1.21 | $ | 0.28 | ||||||||
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING — BASIC | 43,244 | 42,830 | 43,171 | 42,810 | ||||||||||||
EFFECT OF DILUTIVE STOCK OPTIONS AND RESTRICTED SHARE UNITS | 878 | 138 | 789 | 143 | ||||||||||||
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING — DILUTED | 44,122 | 42,968 | 43,960 | 42,953 | ||||||||||||
ANTI-DILUTIVE SECURITIES: | ||||||||||||||||
Common share options and restricted share units | 166 | 1,635 | 169 | 1,520 | ||||||||||||
Three Months Ended December 31, | ||||||||
2021 | 2020 | |||||||
NET REVENUES | $ | 88,341 | $ | 92,917 | ||||
COST OF SALES | 39,182 | 31,369 | ||||||
GROSS PROFIT | 49,159 | 61,548 | ||||||
OPERATING EXPENSES | ||||||||
Research and development | 6,194 | 5,651 | ||||||
Selling and marketing | 7,741 | 7,021 | ||||||
General and administrative | 14,660 | 11,938 | ||||||
Selected legal costs | 281 | 1,227 | ||||||
Change in fair value of acquisition consideration | 0 | 1,047 | ||||||
Total operating expenses | 28,876 | 26,884 | ||||||
OPERATING INCOME | 20,283 | 34,664 | ||||||
OTHER INCOME (EXPENSE) | ||||||||
Interest income | 1 | 9 | ||||||
Interest expense | (372 | ) | (534 | ) | ||||
RADx grant income | 0 | 800 | ||||||
Other, net | (161 | ) | (691 | ) | ||||
Total other expense, net | (532 | ) | (416 | ) | ||||
EARNINGS BEFORE INCOME TAXES | 19,751 | 34,248 | ||||||
INCOME TAX PROVISION | 4,411 | 7,469 | ||||||
NET EARNINGS | $ | 15,340 | $ | 26,779 | ||||
BASIC EARNINGS PER COMMON SHARE | $ | 0.35 | $ | 0.62 | ||||
DILUTED EARNINGS PER COMMON SHARE | $ | 0.35 | $ | 0.61 | ||||
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC | 43,439 | 43,098 | ||||||
EFFECT OF DILUTIVE STOCK OPTIONS AND RESTRICTED SHARE UNITS | 589 | 681 | ||||||
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - DILUTED | 44,028 | 43,779 | ||||||
ANTI-DILUTIVE SECURITIES: | ||||||||
Common share options and restricted share units | 425 | 258 | ||||||
Three Months | Six Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
NET EARNINGS | $ | 26,302 | $ | 9,359 | $ | 53,081 | $ | 12,186 | ||||||||
Other comprehensive income (loss): | ||||||||||||||||
Foreign currency translation adjustment | 79 | (2,786 | ) | 3,380 | (18 | ) | ||||||||||
Unrealized gain (loss) on cash flow hedge | 439 | (313 | ) | 460 | (313 | ) | ||||||||||
Reclassification of amortization of gain on cash flow hedge | (77 | ) | (77 | ) | (154 | ) | (154 | ) | ||||||||
Income taxes related to items of other comprehensive income (loss) | (80 | ) | 96 | (66 | ) | 115 | ||||||||||
Other comprehensive income (loss), net of tax | 361 | (3,080 | ) | 3,620 | (370 | ) | ||||||||||
COMPREHENSIVE INCOM E | $ | 26,663 | $ | 6,279 | $ | 56,701 | $ | 11,816 | ||||||||
Three Months Ended December 31, | ||||||||
2021 | 2020 | |||||||
NET EARNINGS | $ | 15,340 | $ | 26,779 | ||||
Other comprehensive (loss) income: | ||||||||
Foreign currency translation adjustment | (58 | ) | 3,301 | |||||
Unrealized gain on cash flow hedge | 550 | 21 | ||||||
Reclassification of amortization of gain on cash flow hedge | 0 | (77 | ) | |||||
Income taxes related to items of other comprehensive (loss) income | (135 | ) | 14 | |||||
Other comprehensive income, net of tax | 357 | 3,259 | ||||||
COMPREHENSIVE INCOME | $ | 15,697 | $ | 30,038 | ||||
Six Months Ended March 31, | 2021 | 2020 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net earnings | $ | 53,081 | $ | 12,186 | ||||
Non-cash items included in net earnings: | ||||||||
Depreciation of property, plant and equipment | 3,072 | 2,439 | ||||||
Amortization of intangible assets | 4,363 | 3,449 | ||||||
Stock compensation expense | 2,291 | 1,759 | ||||||
Deferred income taxes | (777 | ) | 656 | |||||
Change in fair value of acquisition consideration | (1,942 | ) | (1,304 | ) | ||||
Change in the following: | ||||||||
Accounts receivable | (5,267 | ) | (4,950 | ) | ||||
Inventories | (12,185 | ) | (2,511 | ) | ||||
Prepaid expenses and other current assets | 1,440 | 1,278 | ||||||
Accounts payable and accrued expenses | 77 | 1,621 | ||||||
Income taxes payable | (2,698 | ) | 400 | |||||
Other, net | 36 | 692 | ||||||
Net cash provided by operating activities | 41,491 | 15,715 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Purchase of property, plant and equipment | (11,955 | ) | (1,543 | ) | ||||
Payment of acquisition consideration holdback | (5,000 | ) | — | |||||
Net cash used in investing activities | (16,955 | ) | (1,543 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Payment on revolving credit facility | (18,824 | ) | (27,000 | ) | ||||
Payment of debt issuance costs | — | (116 | ) | |||||
Proceeds from exercise of stock options | 2,852 | — | ||||||
Net cash used in financing activities | (15,972 | ) | (27,116 | ) | ||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 1,296 | 97 | ||||||
Net Increase (Decrease) in Cash and Cash Equivalents | 9,860 | (12,847 | ) | |||||
Cash and Cash Equivalents at Beginning of Period | 53,514 | 62,397 | ||||||
Cash and Cash Equivalents at End of Period | $ | 63,374 | $ | 49,550 | ||||
Three Months Ended December 31, | ||||||||
2021 | 2020 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net earnings | $ | 15,340 | $ | 26,779 | ||||
Non-cash items included in net earnings: | ||||||||
Depreciation of property, plant and equipment | 1,700 | 1,508 | ||||||
Amortization of intangible assets | 2,483 | 2,221 | ||||||
Stock-based compensation | 1,903 | 1,241 | ||||||
Deferred income taxes | 927 | (852 | ) | |||||
Change in fair value of acquisition consideration | 0 | 1,047 | ||||||
Change in the following: | ||||||||
Accounts receivable | 9,424 | (1,776 | ) | |||||
Inventories | 2,093 | (5,941 | ) | |||||
Prepaid expenses and other current assets | 200 | 2,682 | ||||||
Accounts payable and accrued expenses | 1,018 | (5,826 | ) | |||||
Income taxes payable | 1,113 | 4,032 | ||||||
Other, net | (646 | ) | 6 | |||||
Net cash provided by operating activities | 35,555 | 25,121 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Purchase of property, plant and equipment | (1,708 | ) | (2,086 | ) | ||||
Payment of acquisition consideration holdback | 0 | (5,000 | ) | |||||
Net cash used in investing activities | (1,708 | ) | (7,086 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Payment on revolving credit facility | (10,000 | ) | (10,000 | ) | ||||
Payment of deferred financing costs | (404 | ) | 0 | |||||
Proceeds from exercise of stock options | 80 | — | ||||||
Employee taxes paid upon net share settlement of restricted share units | (763 | ) | 0 | |||||
Net cash used in financing activities | (11,087 | ) | (10,000 | ) | ||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 198 | 1,644 | ||||||
Net Increase in Cash and Cash Equivalents | 22,958 | 9,679 | ||||||
Cash and Cash Equivalents at Beginning of Period | 49,771 | 53,514 | ||||||
Cash and Cash Equivalents at End of Period | $ | 72,729 | $ | 63,193 | ||||
March 31, | ||||||||||||||||
2021 | September 30, | |||||||||||||||
(Unaudited) | 2020 | December 31, 2021 (Unaudited) | September 30, 2021 | |||||||||||||
CURRENT ASSETS | ||||||||||||||||
Cash and cash equivalents | $ | 63,374 | $ | 53,514 | $ | 72,729 | $ | 49,771 | ||||||||
Accounts receivable, less allowances of $505 and $513, respectively | 44,895 | 38,512 | ||||||||||||||
Accounts receivable, less allowances of $1,293 and $1,078, | 44,300 | 53,568 | ||||||||||||||
Inventories, net | 72,534 | 61,264 | 74,198 | 76,842 | ||||||||||||
Prepaid expenses and other current assets | 7,491 | 8,900 | 12,426 | 12,626 | ||||||||||||
Total current assets | 188,294 | 162,190 | 203,653 | 192,807 | ||||||||||||
PROPERTY, PLANT AND EQUIPMENT, at Cost | ||||||||||||||||
Land | 991 | 991 | 987 | 989 | ||||||||||||
Buildings and improvements | 32,326 | 32,188 | 33,009 | 32,765 | ||||||||||||
Machinery, equipment and furniture | 74,173 | 69,854 | 79,438 | 78,410 | ||||||||||||
Construction in progress | 10,779 | 1,200 | 10,352 | 9,991 | ||||||||||||
Subtotal | 118,269 | 104,233 | 123,786 | 122,155 | ||||||||||||
Less: accumulated depreciation and amortization | 76,303 | 73,113 | 80,500 | 78,941 | ||||||||||||
Property, plant and equipment, net | 41,966 | 31,120 | 43,286 | 43,214 | ||||||||||||
OTHER ASSETS | ||||||||||||||||
Goodwill | 115,296 | 114,186 | 114,713 | 114,668 | ||||||||||||
Other intangible assets, net | 78,834 | 83,197 | 81,658 | 84,151 | ||||||||||||
Right-of-use | 6,297 | 6,336 | 5,431 | 5,786 | ||||||||||||
Deferred income taxes | 8,017 | 7,647 | 8,813 | 8,731 | ||||||||||||
Other assets | 465 | 585 | 1,086 | 365 | ||||||||||||
Total other assets | 208,909 | 211,951 | 211,701 | 213,701 | ||||||||||||
TOTAL ASSETS | $ | 439,169 | $ | 405,261 | $ | 458,640 | $ | 449,722 | ||||||||
MERIDIAN BIOSCIENCE, INC. AND SUBSIDIARIES | ||||||||
Condensed Consolidated Balance Sheets | ||||||||
(dollar amounts in thousands) | ||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
March 31, | September 30, | |||||||
2021 | 2020 | |||||||
(Unaudited) | ||||||||
CURRENT LIABILITIES | ||||||||
Accounts payable | $ | 16,714 | $ | 11,969 | ||||
Accrued employee compensation costs | 12,634 | 16,661 | ||||||
Current portion of acquisition consideration | 11,296 | 12,619 | ||||||
Current operating lease obligations | 1,892 | 1,789 | ||||||
Current government grant obligations | 608 | 600 | ||||||
Other accrued expenses | 5,664 | 5,362 | ||||||
Income taxes payable | 1,502 | 3,524 | ||||||
Total current liabilities | 50,310 | 52,524 | ||||||
NON-CURRENT LIABILITIES | ||||||||
Acquisition consideration | 7,671 | 13,290 | ||||||
Post-employment benefits | 2,429 | 2,493 | ||||||
Fair value of interest rate swaps | 254 | 713 | ||||||
Long-term operating lease obligations | 4,555 | 4,678 | ||||||
Long-term debt | 50,000 | 68,824 | ||||||
Government grant obligations | 10,537 | 10,524 | ||||||
Long-term income taxes payable | 374 | 549 | ||||||
Deferred income taxes | 3,389 | 3,804 | ||||||
Other non-current liabilities | 177 | 233 | ||||||
Total non-current liabilities | 79,386 | 105,108 | ||||||
COMMITMENTS AND CONTINGENCIES | 0 | 0 | ||||||
SHAREHOLDERS’ EQUITY | ||||||||
Preferred stock, 0 par value; 1,000,000 shares authorized; NaN issued | 0— | 0— | ||||||
Common shares, 0 par value; 71,000,000 shares authorized, 43,329,294 and 43,068,842 shares issued, respectively | 0— | 0— | ||||||
Additional paid-in capital | 145,338 | 140,195 | ||||||
Retained earnings | 162,375 | 109,294 | ||||||
Accumulated other comprehensive income (loss) | 1,760 | (1,860 | ) | |||||
Total shareholders’ equity | 309,473 | 247,629 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 439,169 | $ | 405,261 | ||||
December 31, 2021 (Unaudited) | September 30, 2021 | |||||||
CURRENT LIABILITIES | ||||||||
Accounts payable | $ | 16,293 | $ | 11,701 | ||||
Accrued employee compensation costs | 12,029 | 16,853 | ||||||
Accrued product recall costs | 4,269 | 5,100 | ||||||
Acquisition consideration | 1,000 | 0 | ||||||
Current operating lease obligations | 2,057 | 1,990 | ||||||
Current government grant obligations | 765 | 638 | ||||||
Other accrued expenses | 8,667 | 7,027 | ||||||
Income taxes payable | 4,866 | 3,848 | ||||||
Total current liabilities | 49,946 | 47,157 | ||||||
NON-CURRENT LIABILITIES | ||||||||
Acquisition consideration | 0 | 1,000 | ||||||
Post-employment benefits | 2,169 | 2,253 | ||||||
Long-term operating lease obligations | 3,529 | 3,932 | ||||||
Long-term debt | 50,000 | 60,000 | ||||||
Government grant obligations | 5,068 | 5,176 | ||||||
Long-term income taxes payable | 469 | 469 | ||||||
Deferred income taxes | 2,067 | 1,055 | ||||||
Other non-current liabilities | 173 | 378 | ||||||
Total non-current liabilities | 63,475 | 74,263 | ||||||
COMMITMENTS AND CONTINGENCIES | 0 | 0 | ||||||
SHAREHOLDERS’ EQUITY | ||||||||
Preferred stock, 0 par value; 1,000,000 shares authorized; NaN issued | 0— | 0— | ||||||
Common shares, 0 par value; 71,000,000 shares authorized, 43,514,258 and 43,361,898 shares issued and outstanding, respectively | 0— | 0— | ||||||
Additional paid-in capital | 148,623 | 147,403 | ||||||
Retained earnings | 196,041 | 180,701 | ||||||
Accumulated other comprehensive income | 555 | 198 | ||||||
Total shareholders’ equity | 345,219 | 328,302 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 458,640 | $ | 449,722 | ||||
Common Shares Issued | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Shareholders’ Equity | ||||||||||||||||
THREE MONTHS ENDED MARCH 31, 2021 | ||||||||||||||||||||
Balance at December 31, 2020 | 43,124 | $ | 141,395 | $ | 136,073 | $ | 1,399 | $ | 278,867 | |||||||||||
Conversion of restricted share units and exercise of stock options | 205 | 2,893 | — | — | 2,893 | |||||||||||||||
Stock compensation expense | — | 1,050 | — | — | 1,050 | |||||||||||||||
Net earnings | — | — | 26,302 | — | 26,302 | |||||||||||||||
Foreign currency translation adjustment | — | — | — | 79 | 79 | |||||||||||||||
Hedging activity, net of tax | — | — | — | 282 | 282 | |||||||||||||||
Balance at March 31, 2021 | 43,329 | $ | 145,338 | $ | 162,375 | $ | 1,760 | $ | 309,473 | |||||||||||
THREE MONTHS ENDED MARCH 31, 2020 | ||||||||||||||||||||
Balance at December 31, 2019 | 42,828 | $ | 133,622 | $ | 65,935 | $ | (2,265 | ) | $ | 197,292 | ||||||||||
Conversion of restricted share units and exercise of stock options | 3 | (9 | ) | — | — | (9 | ) | |||||||||||||
Stock compensation expense | — | 971 | — | — | 971 | |||||||||||||||
Net earnings | — | — | 9,359 | — | 9,359 | |||||||||||||||
Foreign currency translation adjustment | — | — | — | (2,786 | ) | (2,786 | ) | |||||||||||||
Hedging activity, net of tax | — | — | — | (294 | ) | (294 | ) | |||||||||||||
Balance at March 31, 2020 | 42,831 | $ | 134,584 | $ | 75,294 | $ | (5,345 | ) | $ | 204,533 | ||||||||||
Common Shares Issued | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Shareholders’ Equity | Common Shares | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Shareholders’ Equity | |||||||||||||||||||||||||||||||
SIX MONTHS ENDED MARCH 31, 2021 | ||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | 43,362 | $ | 147,403 | $ | 180,701 | $ | 198 | $ | 328,302 | |||||||||||||||||||||||||||||||
Conversion of restricted share units and exercise of stock options | 152 | (683 | ) | — | — | (683 | ) | |||||||||||||||||||||||||||||||||
Stock compensation expense | — | 1,903 | — | — | 1,903 | |||||||||||||||||||||||||||||||||||
Net earnings | — | — | 15,340 | — | 15,340 | |||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | (58 | ) | (58 | ) | |||||||||||||||||||||||||||||||||
Hedging activity, net of tax | — | — | — | 415 | 415 | |||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | 43,514 | $ | 148,623 | $ | 196,041 | $ | 555 | $ | 345,219 | |||||||||||||||||||||||||||||||
Balance at September 30, 2020 | 43,069 | $ | 140,195 | $ | 109,294 | $ | (1,860 | ) | $ | 247,629 | 43,069 | $ | 140,195 | $ | 109,294 | $ | (1,860 | ) | $ | 247,629 | ||||||||||||||||||||
Conversion of restricted share units and exercise of stock options | 260 | 2,852 | — | — | 2,852 | 55 | (41 | ) | — | — | (41 | ) | ||||||||||||||||||||||||||||
Stock compensation expense | — | 2,291 | — | — | 2,291 | — | 1,241 | — | — | 1,241 | ||||||||||||||||||||||||||||||
Net earnings | — | — | 53,081 | — | 53,081 | — | — | 26,779 | — | 26,779 | ||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | 3,380 | 3,380 | — | — | — | 3,301 | 3,301 | ||||||||||||||||||||||||||||||
Hedging activity, net of tax | — | — | — | 240 | 240 | — | — | — | (42 | ) | (42 | ) | ||||||||||||||||||||||||||||
Balance at March 31, 2021 | 43,329 | $ | 145,338 | $ | 162,375 | $ | 1,760 | $ | 309,473 | |||||||||||||||||||||||||||||||
Balance at December 31, 2020 | 43,124 | $ | 141,395 | $ | 136,073 | $ | 1,399 | $ | 278,867 | |||||||||||||||||||||||||||||||
SIX MONTHS ENDED MARCH 31, 2020 | ||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2019 | 42,712 | $ | 132,834 | $ | 63,108 | $ | (4,975 | ) | $ | 190,967 | ||||||||||||||||||||||||||||||
Conversion of restricted share units and exercise of stock options | 119 | (9 | ) | — | — | (9 | ) | |||||||||||||||||||||||||||||||||
Stock compensation expense | — | 1,759 | — | — | 1,759 | |||||||||||||||||||||||||||||||||||
Net earnings | — | — | 12,186 | — | 12,186 | |||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | (18 | ) | (18 | ) | |||||||||||||||||||||||||||||||||
Hedging activity, net of tax | — | — | — | (352 | ) | (352 | ) | |||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | 42,831 | $ | 134,584 | $ | 75,294 | $ | (5,345 | ) | $ | 204,533 | ||||||||||||||||||||||||||||||
1. | Nature of Business |
2. | Basis of Presentation |
3. | Significant Accounting Policies |
(a) |
(b) | Reclassifications – |
4. | Revenue Recognition |
Three Months Ended March 31, | Six Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | Inc (Dec) | 2021 | 2020 | Inc (Dec) | |||||||||||||||||||
Diagnostics- | ||||||||||||||||||||||||
Americas | $ | 25,290 | $ | 27,670 | (9 | )% | $ | 48,824 | $ | 55,405 | (12 | )% | ||||||||||||
EMEA | 6,071 | 6,777 | (10 | )% | 12,101 | 13,277 | (9 | )% | ||||||||||||||||
ROW | 588 | 495 | 19 | % | 1,345 | 1,051 | 28 | % | ||||||||||||||||
Total Diagnostics | 31,949 | 34,942 | (9 | )% | 62,270 | 69,733 | (11 | )% | ||||||||||||||||
Life Science- | ||||||||||||||||||||||||
Americas | 13,550 | 4,612 | 194 | % | 32,296 | 8,623 | 275 | % | ||||||||||||||||
EMEA | 21,773 | 9,946 | 119 | % | 54,066 | 14,907 | 263 | % | ||||||||||||||||
ROW | 17,992 | 7,796 | 131 | % | 29,549 | 11,454 | 158 | % | ||||||||||||||||
Total Life Science | 53,315 | 22,354 | 139 | % | 115,911 | 34,984 | 231 | % | ||||||||||||||||
Consolidated | $ | 85,264 | $ | 57,296 | 49 | % | $ | 178,181 | $ | 104,717 | 70 | % | ||||||||||||
Three Months Ended March 31, | Six Months Ended March 31, | Three Months Ended December 31, | ||||||||||||||||||||||||||||||||||
2021 | 2020 | Inc (Dec) | 2021 | 2020 | Inc (Dec) | 2021 | 2020 | Inc (Dec) | ||||||||||||||||||||||||||||
Diagnostics- | ||||||||||||||||||||||||||||||||||||
Molecular assays | $ | 4,395 | $ | 7,238 | (39 | )% | $ | 8,985 | $ | 14,077 | (36 | )% | ||||||||||||||||||||||||
Non-molecular assays | 27,554 | 27,704 | (1 | )% | 53,285 | 55,656 | (4 | )% | ||||||||||||||||||||||||||||
Americas | $ | 26,613 | $ | 23,551 | 13 | % | ||||||||||||||||||||||||||||||
EMEA | 6,093 | 6,020 | 1 | % | ||||||||||||||||||||||||||||||||
ROW | 498 | 750 | (34 | )% | ||||||||||||||||||||||||||||||||
Total Diagnostics | $ | 31,949 | $ | 34,942 | (9 | )% | $ | 62,270 | $ | 69,733 | (11 | )% | 33,204 | 30,321 | 10 | % | ||||||||||||||||||||
Life Science- | ||||||||||||||||||||||||||||||||||||
Molecular reagents | $ | 37,752 | $ | 11,534 | 227 | % | $ | 83,776 | $ | 16,902 | 396 | % | ||||||||||||||||||||||||
Immunological reagents | 15,563 | 10,820 | 44 | % | 32,135 | 18,082 | 78 | % | ||||||||||||||||||||||||||||
Americas | 8,137 | 18,755 | (57 | )% | ||||||||||||||||||||||||||||||||
EMEA | 28,648 | 32,311 | (11 | )% | ||||||||||||||||||||||||||||||||
ROW | 18,352 | 11,530 | 59 | % | ||||||||||||||||||||||||||||||||
Total Life Science | $ | 53,315 | $ | 22,354 | 139 | % | $ | 115,911 | $ | 34,984 | 231 | % | 55,137 | 62,596 | (12 | )% | ||||||||||||||||||||
Consolidated | $ | 88,341 | $ | 92,917 | (5 | )% | ||||||||||||||||||||||||||||||
Three Months Ended December 31, | ||||||||||||
2021 | 2020 | Inc (Dec) | ||||||||||
Diagnostics- | ||||||||||||
Molecular assays | $ | 4,752 | $ | 4,590 | 4 | % | ||||||
Non-molecular assays | 28,452 | 25,731 | 11 | % | ||||||||
Total Diagnostics | $ | 33,204 | $ | 30,321 | 10 | % | ||||||
Life Science- | ||||||||||||
Molecular reagents | $ | 31,488 | $ | 46,029 | (32 | )% | ||||||
Immunological reagents | 23,649 | 16,567 | 43 | % | ||||||||
Total Life Science | $ | 55,137 | $ | 62,596 | (12 | )% | ||||||
Three Months Ended March 31, | Six Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | Inc (Dec) | 2021 | 2020 | Inc (Dec) | |||||||||||||||||||
Diagnostics- | ||||||||||||||||||||||||
Gastrointestinal assays | $ | 15,666 | $ | 14,014 | 12 | % | $ | 31,118 | $ | 30,060 | 4 | % | ||||||||||||
Respiratory illness assays | 3,686 | 10,863 | (66 | )% | 8,492 | 18,612 | (54 | )% | ||||||||||||||||
Blood chemistry assays | 4,358 | 4,194 | 4 | % | 8,753 | 9,142 | (4 | )% | ||||||||||||||||
Other | 8,239 | 5,871 | 40 | % | 13,907 | 11,919 | 17 | % | ||||||||||||||||
Total Diagnostics | $ | 31,949 | $ | 34,942 | (9 | )% | $ | 62,270 | $ | 69,733 | (11 | )% | ||||||||||||
Three Months Ended December 31, | ||||||||||||
2021 | 2020 | Inc (Dec) | ||||||||||
Diagnostics- | ||||||||||||
Gastrointestinal assays | $ | 21,619 | $ | 15,452 | 40 | % | ||||||
Respiratory illness assays | 6,380 | 4,806 | 33 | % | ||||||||
Blood chemistry assays | 78 | 4,394 | (98 | )% | ||||||||
Other | 5,127 | 5,669 | (10 | )% | ||||||||
Total Diagnostics | $ | 33,204 | $ | 30,321 | 10 | % | ||||||
5. | Fair Value Measurements |
Fair Value Measurements Using Inputs Considered as | ||||||||||||||||
Carrying Value | Level 1 | Level 2 | Level 3 | |||||||||||||
Interest rate swaps - | ||||||||||||||||
As of March 31, 2021 | $ | (254 | ) | $ | 0 | $ | (254 | ) | $ | 0 | ||||||
As of September 30, 2020 | $ | (713 | ) | $ | 0 | $ | (713 | ) | $ | 0 | ||||||
Contingent consideration - | ||||||||||||||||
As of March 31, 2021 | $ | (18,967 | ) | $ | 0 | $ | 0 | $ | (18,967 | ) | ||||||
As of September 30, 2020 | $ | (20,909 | ) | $ | 0 | $ | 0 | $ | (20,909 | ) |
Three Months Ended March 31, 2021 | Six Months Ended March 31, 2021 | |||||||
Net revenues | $ | 2,784 | $ | 5,882 | ||||
Net loss | $ | (947 | ) | $ | (1,739 | ) | ||
PRELIMINARY | ||||||||||||
April 30, 2020 (as initially reported) | Measurement Period Adjustments | April 30, 2020 (as adjusted) | ||||||||||
Fair value of assets acquired - | ||||||||||||
Cash | $ | 5,006 | $ | — | $ | 5,006 | ||||||
Accounts receivable | 637 | — | 637 | |||||||||
Inventories | 4,329 | (296 | ) | 4,033 | ||||||||
Other current assets | 851 | 1,825 | 2,676 | |||||||||
Property, plant and equipment | 544 | (16 | ) | 528 | ||||||||
Goodwill | 29,288 | (4,461 | ) | 24,827 | ||||||||
Other intangible assets (estimated useful life): | ||||||||||||
Non-compete agreement (5 years) | 120 | (10 | ) | 110 | ||||||||
Trade name (10 years) | 3,540 | 320 | 3,860 | |||||||||
Technology (15 years) | 5,590 | 530 | 6,120 | |||||||||
Customer relationships (10 years) | 19,370 | 1,270 | 20,640 | |||||||||
Right-of-use | 1,358 | (47 | ) | 1,311 | ||||||||
Deferred tax assets, net | 5,566 | 1,178 | 6,744 | |||||||||
76,199 | 293 | 76,492 | ||||||||||
Fair value of liabilities assumed - | ||||||||||||
Accounts payable and accrued expenses (including current portion of lease and government grant obligations) | 7,757 | 251 | 8,008 | |||||||||
Long-term lease obligations | 1,054 | 42 | 1,096 | |||||||||
Long-term government grant obligations | 10,792 | �� | 10,792 | |||||||||
Other non-current liabilities | 291 | — | 291 | |||||||||
19,894 | 293 | 20,187 | ||||||||||
Total consideration paid (including $8,068 to pay off long-term debt) | $ | 56,305 | $ | — | $ | 56,305 | ||||||
Three Months Ended March 31, | Six Months Ended March 31, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Net revenues | $ | 85,264 | $ | 60,701 | $ | 178,181 | $ | 111,895 | ||||||||
Net earnings | $ | 26,302 | $ | 8,064 | $ | 53,081 | $ | 9,246 |
Three Months Ended March 31, | Six Months Ended March 31, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Adjustments to net revenues | ||||||||||||||||
Exalenz pre-acquisition net revenues | $ | 0 | $ | 3,405 | $ | 0 | $ | 7,178 | ||||||||
Adjustments to net earnings | ||||||||||||||||
Exalenz pre-acquisition net loss | $ | 0 | $ | (752 | ) | $ | 0 | $ | (1,504 | ) | ||||||
Pro forma adjustments: | ||||||||||||||||
Remove net impact of non-continuing personnel, locations oractivities | 0 | 490 | 0 | 591 | ||||||||||||
Incremental depreciation and amortization | 0 | (911 | ) | 0 | (1,824 | ) | ||||||||||
Incremental interest costs, net | 0 | (381 | ) | 0 | (772 | ) | ||||||||||
Tax effects of pro forma adjustments and recognizing benefit on resulting Exalenz losses | 0 | 259 | 0 | 569 | ||||||||||||
Total adjustments to net earnings | $ | 0 | $ | (1,295 | ) | $ | 0 | $ | (2,940 | ) | ||||||
Business Combinations |
Three Months Ended December 31, | 2021 | 2020 | ||||||
Net revenues | $ | 88,341 | $ | 97,824 | ||||
Net earnings | 15,340 | 28,014 |
7. | Lead Testing Matters |
8. | Cash and Cash Equivalents |
December 31, 2021 | September 30, 2021 | |||||||||||||||
March 31, 2021 | September 30, 2020 | |||||||||||||||
Institutional money market funds | $ | 1,017 | $ | 1,017 | $ | 1,020 | $ | 1,020 | ||||||||
Cash on hand, unrestricted | 62,357 | 52,497 | 71,709 | 48,751 | ||||||||||||
Total | $ | 63,374 | $ | 53,514 | $ | 72,729 | $ | 49,771 | ||||||||
Inventories, Net |
December 31, 2021 | September 30, 2021 | |||||||||||||||
March 31, 2021 | September 30, 2020 | |||||||||||||||
Raw materials | $ | 18,706 | $ | 11,966 | $ | 15,104 | $ | 14,843 | ||||||||
Work-in-process | 22,987 | 19,477 | 21,479 | 25,072 | ||||||||||||
Finished goods - instruments | 1,933 | 1,594 | 2,699 | 2,260 | ||||||||||||
Finished goods - kits and reagents | 28,908 | 28,227 | 34,916 | 34,667 | ||||||||||||
Total | $ | 72,534 | $ | 61,264 | $ | 74,198 | $ | 76,842 | ||||||||
Goodwill and Other Intangible Assets, Net |
December 31, 2021 | September 30, 2021 | |||||||||||||||
Gross Carrying Value | Accumulated Amortization | Gross Carrying Value | Accumulated Amortization | |||||||||||||
Manufacturing technologies, core products and cell lines | $ | 62,421 | $ | 23,592 | $ | 62,416 | $ | 22,633 | ||||||||
Trade names, licenses and patents | 18,495 | 9,806 | 18,489 | 9,492 | ||||||||||||
Customer lists, customer relationships and supply agreements | 54,954 | 20,887 | 54,941 | 19,649 | ||||||||||||
Non-compete agreements | 110 | 37 | 110 | 31 | ||||||||||||
Total | $ | 135,980 | $ | 54,322 | $ | 135,956 | $ | 51,805 | ||||||||
11. | Leasing Arrangements |
Three Months Ended March 31, | Six Months Ended March 31, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Lease costs within cost of sales | $ | 198 | $ | 130 | $ | 356 | $ | 259 | ||||||||
Lease costs within operating expenses | 387 | 292 | 761 | 559 | ||||||||||||
Right-of-use | 612 | 222 | 692 | 222 |
Three Months Ended December 31, | 2021 | 2020 | ||||||
Lease costs within cost of sales | $ | 225 | $ | 158 | ||||
Lease costs within operating expenses | 388 | 374 | ||||||
Right-of-use , obtained in exchange for operating lease liabilities | 218 | 80 |
March 31, 2021 | September 30, 2020 | December 31, 2021 | September 30, 2021 | |||||||||||||
Weighted average remaining lease term | 3.8 years | 4.2 years | 3.3 years | 3.6 years | ||||||||||||
Average discount rate | 3.4 | % | 3.7 | % | 3.2 | % | 3.2 | % |
2021 (represents remainder of fiscal year) | $ | 1,108 | ||
2022 | 2,016 | |||
2023 | 1,482 | |||
2024 | 1,108 | |||
2025 | 806 | |||
Thereafter | 331 | |||
Total lease payments | 6,851 | |||
Less amount of lease payments representing interest | (404 | ) | ||
Total present value of lease payments | $ | 6,447 | ||
2022 (represents remainder of fiscal year) | $ | 1,687 | ||
2023 | 1,690 | |||
2024 | 1,218 | |||
2025 | 908 | |||
2026 | 316 | |||
Thereafter | 62 | |||
Total lease payments | 5,881 | |||
Less amount of lease payments representing interest | (295 | ) | ||
Total present value of lease payments | $ | 5,586 | ||
Six Months Ended March 31, | 2021 | 2020 | |||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||
Operating cash flows from operating leases | $ | 1,072 | $ | 778 | |||||
March 31, 2021 | September 30, 2020 | |||||||||||||||
Gross Carrying Value | Accumulated Amortization | Gross Carrying Value | Accumulated Amortization | |||||||||||||
Manufacturing technologies, core products and cell lines | $ | 62,446 | $ | 20,756 | $ | 62,363 | $ | 18,750 | ||||||||
Trade names, licenses and patents | 18,524 | 8,813 | 18,425 | 7,801 | ||||||||||||
Customer lists, customer relationships and supply agreements | 45,287 | 17,944 | 45,071 | 16,210 | ||||||||||||
Government grants | 858 | 858 | 810 | 810 | ||||||||||||
Non-compete agreements | 110 | 20 | 110 | 11 | ||||||||||||
Total | $ | 127,225 | $ | 48,391 | $ | 126,779 | $ | 43,582 | ||||||||
Three Months Ended December 31, | 2021 | 2020 | ||||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||||||
Operating cash flows from operating leases | $ | 627 | $ | 494 | ||||
Bank |
Contingent Obligations and Non-Current Liabilities |
March 31, 2021 | September 30, 2020 | |||||||
Current liabilities | $ | 608 | $ | 600 | ||||
Non-current liabilities | $ | 10,537 | $ | 10,524 |
December 31, 2021 | September 30, 2021 | |||||||
Current liabilities | $ | 765 | $ | 638 | ||||
Non-current liabilities | $ | 5,068 | $ | 5,176 |
National Institutes of Health Contracts |
Reportable Segment and Major Customers Information |
Three Months Ended March 31, | Six Months Ended March 31, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Diagnostics | ||||||||||||||||
Customer A | 10 | % | 9 | % | 11 | % | 11 | % | ||||||||
Customer B | 10 | % | 13 | % | 10 | % | 14 | % | ||||||||
Customer C | 11 | % | 5 | % | 11 | % | 5 | % | ||||||||
Life Science | ||||||||||||||||
Customer D | 9 | % | 13 | % | 6 | % | 11 | % | ||||||||
Customer E | 9 | % | 5 | % | 14 | % | 4 | % | ||||||||
March 31, 2021 | September 30, 2020 | |||||||
Customer D | 10 | % | 8 | % | ||||
Customer E | 3 | % | 15 | % | ||||
Diagnostics | Life Science | Corporate (1) | Eliminations (2) | Total | ||||||||||||||||
Three Months Ended March 31, 2021 | ||||||||||||||||||||
Net revenues - | ||||||||||||||||||||
Third-party | $ | 31,949 | $ | 53,315 | $ | — | $ | — | $ | 85,264 | ||||||||||
Inter-segment | 116 | 91 | — | (207 | ) | — | ||||||||||||||
Operating income | 2,421 | 36,089 | (4,325 | ) | 16 | 34,201 | ||||||||||||||
Goodwill (March 31, 2021) | 95,283 | 20,013 | — | — | 115,296 | |||||||||||||||
Other intangible assets, net (March 31, 2021) | 78,832 | 2 | — | — | 78,834 | |||||||||||||||
Total assets (March 31, 2021) | 313,271 | 125,947 | — | (49 | ) | 439,169 | ||||||||||||||
Three Months Ended March 31, 2020 | �� | |||||||||||||||||||
Net revenues - | ||||||||||||||||||||
Third-party | $ | 34,942 | $ | 22,354 | $ | — | $ | — | $ | 57,296 | ||||||||||
Inter-segment | 81 | 55 | — | (136 | ) | — | ||||||||||||||
Operating income | 4,729 | 9,931 | (2,896 | ) | 27 | 11,791 | ||||||||||||||
Goodwill (September 30, 2020) | 94,855 | 19,331 | — | — | 114,186 | |||||||||||||||
Other intangible assets, net (September 30, 2020) | 83,179 | 18 | — | — | 83,197 | |||||||||||||||
Total assets (September 30, 2020) | 306,812 | 98,483 | — | (34 | ) | 405,261 | ||||||||||||||
Six Months Ended March 31, 2021 | ||||||||||||||||||||
Net revenues - | ||||||||||||||||||||
Third-party | $ | 62,270 | $ | 115,911 | $ | — | $ | — | $ | 178,181 | ||||||||||
Inter-segment | 185 | 109 | — | (294 | ) | — | ||||||||||||||
Operating income | 1,239 | 75,886 | (8,288 | ) | 28 | 68,865 | ||||||||||||||
Six Months Ended March 31, 2020 | ||||||||||||||||||||
Net revenues - | ||||||||||||||||||||
Third-party | $ | 69,733 | $ | 34,984 | $ | — | $ | — | $ | 104,717 | ||||||||||
Inter-segment | 178 | 120 | — | (298 | ) | — | ||||||||||||||
Operating income | 9,870 | 12,259 | (4,983 | ) | 39 | 17,185 |
Diagnostics | Life Science | Corporate (1) | Eliminations (2) | Total | ||||||||||||||||
Three Months Ended December 31, 2021 | ||||||||||||||||||||
Net revenues - | ||||||||||||||||||||
Third-party | $ | 33,204 | $ | 55,137 | $ | — | $ | — | $ | 88,341 | ||||||||||
Inter-segment | 34 | 55 | — | (89 | ) | — | ||||||||||||||
Operating (loss) income | (2,612 | ) | 26,517 | (3,637 | ) | 15 | 20,283 | |||||||||||||
Goodwill (December 31, 2021) | 94,908 | 19,805 | — | — | 114,713 | |||||||||||||||
Other intangible assets, net (December 31, 2021) | 81,656 | 2 | — | — | 81,658 | |||||||||||||||
Total assets (December 31, 2021) | 352,318 | 106,339 | — | (17 | ) | 458,640 | ||||||||||||||
Three Months Ended December 31, 2020 | ||||||||||||||||||||
Net revenues - | ||||||||||||||||||||
Third-party | $ | 30,321 | $ | 62,596 | $ | — | $ | — | $ | 92,917 | ||||||||||
Inter-segment | 69 | 18 | — | (87 | ) | — | ||||||||||||||
Operating (loss) income | (1,182 | ) | 39,797 | (3,963 | ) | 12 | 34,664 | |||||||||||||
Goodwill (September 30, 2021) | 94,904 | 19,764 | — | — | 114,668 | |||||||||||||||
Other intangible assets, net (September 30, 2021) | 84,149 | 2 | — | — | 84,151 | |||||||||||||||
Total assets (September 30, 2021) | 339,208 | 110,536 | — | (22 | ) | 449,722 | ||||||||||||||
(1) | Includes selected legal costs of $1,227 in the three |
(2) | Eliminations consist of inter-segment transactions. |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||
March 31, | March 31, | |||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||
Operating income: | ||||||||||||||||||||||||
Three Months Ended December 31, | 2021 | 2020 | ||||||||||||||||||||||
Operating (loss) income: | ||||||||||||||||||||||||
Diagnostics segment | $ | 2,421 | $ | 4,729 | $ | 1,239 | $ | 9,870 | $ | (2,612 | ) | $ | (1,182 | ) | ||||||||||
Life Science segment | 36,089 | 9,931 | 75,886 | 12,259 | 26,517 | 39,797 | ||||||||||||||||||
Eliminations | 16 | 27 | 28 | 39 | 15 | 12 | ||||||||||||||||||
Total operating income | 38,526 | 14,687 | 77,153 | 22,168 | 23,920 | 38,627 | ||||||||||||||||||
Corporate operating expenses | (4,325 | ) | (2,896 | ) | (8,288 | ) | (4,983 | ) | ||||||||||||||||
Corporate expenses | (3,637 | ) | (3,963 | ) | ||||||||||||||||||||
Interest income | 6 | 23 | 15 | 134 | 1 | 9 | ||||||||||||||||||
Interest expense | (472 | ) | (532 | ) | (1,006 | ) | (1,299 | ) | (372 | ) | (534 | ) | ||||||||||||
RADx initiative grant income | 200 | — | 1,000 | — | 0 | 800 | ||||||||||||||||||
Other, net | (883 | ) | 1,365 | (1,574 | ) | 653 | (161 | ) | (691 | ) | ||||||||||||||
Consolidated earnings before income taxes | $ | 33,052 | $ | 12,647 | $ | 67,300 | $ | 16,673 | $ | 19,751 | $ | 34,248 | ||||||||||||
Three Months Ended December 31, | 2021 | 2020 | ||||||
Diagnostics | ||||||||
Customer A | 10 | % | 12 | % | ||||
Customer B | 11 | % | 10 | % | ||||
Customer C | 11 | % | 11 | % | ||||
Life Science | ||||||||
Customer D | 14 | % | 19 | % | ||||
Customer E | 23 | % | 2 | % |
Three Months Ended December 31, | 2021 | 2020 | ||||||
Life Science | ||||||||
Customer D | 9 | % | 13 | % | ||||
Customer E | 14 | % | 2 | % |
16. | Income Taxes |
17. | Subsequent Event |
- | By Reportable Segment & Geographic Region |
- | By Product Platform/Type |
Three Months Ended March 31, | Six Months Ended March 31, | |||||||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||
Gross profit | $ | 57,772 | $ | 34,546 | 67 | % | $ | 119,320 | $ | 62,197 | 92 | % | ||||||||||||||||
Gross profit margin | 68 | % | 60 | % | 8 points | 67 | % | 59 | % | 8 points |
Three Months Ended March 31, | ||||||||||||||||||||
Research & Development | Selling & Marketing | General & Administrative | Other | Total Operating Expenses | ||||||||||||||||
Fiscal 2020: | ||||||||||||||||||||
Diagnostics | $ | 4,733 | $ | 5,401 | $ | 5,645 | $ | (505 | ) | $ | 15,274 | |||||||||
Life Science | 582 | 1,128 | 2,772 | 103 | 4,585 | |||||||||||||||
Corporate | — | — | 2,211 | 685 | 2,896 | |||||||||||||||
Total Expenses (2020 Quarter) | $ | 5,315 | $ | 6,529 | $ | 10,628 | $ | 283 | $ | 22,755 | ||||||||||
Fiscal 2021: | ||||||||||||||||||||
Diagnostics | $ | 5,478 | $ | 5,220 | $ | 6,553 | $ | (2,989 | ) | $ | 14,262 | |||||||||
Life Science | 587 | 1,320 | 3,077 | — | 4,984 | |||||||||||||||
Corporate | — | — | 3,295 | 1,030 | 4,325 | |||||||||||||||
Total Expenses (2021 Quarter) | $ | 6,065 | $ | 6,540 | $ | 12,925 | $ | (1,959 | ) | $ | 23,571 | |||||||||
Six Months Ended March 31, | ||||||||||||||||||||
Research & Development | Selling & Marketing | General & Administrative | Other | Total Operating Expenses | ||||||||||||||||
Fiscal 2020: | ||||||||||||||||||||
Diagnostics | $ | 8,908 | $ | 10,797 | $ | 10,574 | $ | 812 | $ | 31,091 | ||||||||||
Life Science | 1,170 | 2,460 | 5,110 | 198 | 8,938 | |||||||||||||||
Corporate | — | — | 3,928 | 1,055 | 4,983 | |||||||||||||||
Total Expenses (2020 Year-to-Date) | $ | 10,078 | $ | 13,257 | $ | 19,612 | $ | 2,065 | $ | 45,012 | ||||||||||
Fiscal 2021: | ||||||||||||||||||||
Diagnostics | $ | 10,548 | $ | 10,948 | $ | 12,301 | $ | (1,942 | ) | $ | 31,855 | |||||||||
Life Science | 1,168 | 2,613 | 6,531 | — | 10,312 | |||||||||||||||
Corporate | — | — | 6,031 | 2,257 | 8,288 | |||||||||||||||
Total Expenses (2021 Year-to-Date) | $ | 11,716 | $ | 13,561 | $ | 24,863 | $ | 315 | $ | 50,455 | ||||||||||
Three Months Ended December 31, | ||||||||||||
2021 | 2020 | Change | ||||||||||
Gross Profit | $ | 49,159 | $ | 61,548 | (20 | )% | ||||||
Gross Profit Margin | 56 | % | 66 | % | -10 points |
Three Months Ended March 31, | ||||||||||||||||||||
Research & Development | Selling & Marketing | General & Administrative | Other | Total Operating Expenses | ||||||||||||||||
2020 Expenses | $ | 5,315 | $ | 6,529 | $ | 10,628 | $ | 283 | $ | 22,755 | ||||||||||
% of Revenues | 9 | % | 11 | % | 19 | % | - | % | 40 | % | ||||||||||
Fiscal 2021 Increases/(Decreases): | ||||||||||||||||||||
Diagnostics | 745 | (181 | ) | 908 | (2,484 | ) | (1,012 | ) | ||||||||||||
Life Science | 5 | 192 | 305 | (103 | ) | 399 | ||||||||||||||
Corporate | — | — | 1,084 | 345 | 1,429 | |||||||||||||||
2021 Expenses | $ | 6,065 | $ | 6,540 | $ | 12,925 | $ | (1,959 | ) | $ | 23,571 | |||||||||
% of Revenues | 7 | % | 8 | % | 15 | % | (2 | )% | 28 | % | ||||||||||
% Increase (Decrease) | 14 | % | - | % | 22 | % | NMF | 4 | % |
Research & Development | Selling & Marketing | General & Administrative | Other | Total Operating Expenses | ||||||||||||||||
Fiscal 2021 First Quarter: | ||||||||||||||||||||
Diagnostics | $ | 5,070 | $ | 5,728 | $ | 5,748 | $ | 1,047 | $ | 17,593 | ||||||||||
Life Science | 581 | 1,293 | 3,454 | — | 5,328 | |||||||||||||||
Corporate | — | — | 2,736 | 1,227 | 3,963 | |||||||||||||||
Total 2021 First Quarter Expenses | $ | 5,651 | $ | 7,021 | $ | 11,938 | $ | 2,274 | $ | 26,884 | ||||||||||
Fiscal 2022 First Quarter: | ||||||||||||||||||||
Diagnostics | $ | 5,556 | $ | 6,009 | $ | 7,143 | $ | — | $ | 18,708 | ||||||||||
Life Science | 638 | 1,732 | 4,161 | — | 6,531 | |||||||||||||||
Corporate | — | — | 3,356 | 281 | 3,637 | |||||||||||||||
Total 2022 First Quarter Expenses | $ | 6,194 | $ | 7,741 | $ | 14,660 | $ | 281 | $ | 28,876 | ||||||||||
Six Months Ended March 31, | ||||||||||||||||||||
Research & Development | Selling & Marketing | General & Administrative | Other | Total Operating Expenses | ||||||||||||||||
2020 Expenses | $ | 10,078 | $ | 13,257 | $ | 19,612 | $ | 2,065 | $ | 45,012 | ||||||||||
% of Revenues | 10 | % | 13 | % | 19 | % | 2 | % | 43 | % | ||||||||||
Fiscal 2021 Increases/(Decreases): | ||||||||||||||||||||
Diagnostics | 1,640 | 151 | 1,727 | (2,754 | ) | 764 | ||||||||||||||
Life Science | (2 | ) | 153 | 1,421 | (198 | ) | 1,374 | |||||||||||||
Corporate | — | — | 2,103 | 1,202 | 3,305 | |||||||||||||||
2021 Expenses | $ | 11,716 | $ | 13,561 | $ | 24,863 | 315 | $ | 50,455 | |||||||||||
% of Revenues | 7 | % | 8 | % | 14 | % | — | % | 28 | % | ||||||||||
% Increase (Decrease) | 16 | % | 2 | % | 27 | % | (85 | )% | 12 | % |
101.INS | Inline XBRL Instance Document | |
101.SCH | Inline XBRL Instance Extension Schema | |
101.CAL | Inline XBRL Instance Extension Calculation Linkbase | |
101.DEF | Inline XBRL Instance Extension Definition Linkbase | |
101.LAB | Inline XBRL Instance Extension Label Linkbase | |
101.PRE | Inline XBRL Instance Extension Presentation Linkbase | |
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
* | Management Compensatory Contracts |
+ | Certain portions of these exhibits have been omitted pursuant to Item 601(b)(2) of Regulation S-K. The omitted information is not material and would likely cause competitive harm to the Registrant if publicly disclosed. The Registrant hereby agrees to furnish a copy of any omitted schedule or other portion to the SEC upon request. |
MERIDIAN BIOSCIENCE, INC. | ||||||
Date: | By: | /s/ | ||||
(Principal |