Mesa Laboratories (MLAB) 10-Q 1 Aug 16 2017 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Jun. 30, 2016	Jul. 29, 2016
Document Information [Line Items]
Entity Registrant Name	MESA LABORATORIES INC /CO
Entity Central Index Key	724,004
Trading Symbol	mlab
Current Fiscal Year End Date	--03-31
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		3,665,444
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2016	Mar. 31, 2016
ASSETS
Cash and cash equivalents	$ 4,637	$ 5,695
Accounts receivable, less allowances of $153 and $375, respectively	12,423	15,313
Inventories, net	14,119	14,017
Prepaid expenses and other	1,369	943
Deferred income taxes		1,218
Total current assets	32,548	37,186
Property, plant and equipment, net	19,539	16,628
Intangibles, net	40,826	40,797
Goodwill	69,152	66,137
Total assets	162,065	160,748
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable	2,757	2,823
Accrued salaries and payroll taxes	2,974	5,040
Unearned revenues	3,463	3,026
Current portion of contingent consideration	6,002	4,757
Other accrued expenses	3,251	3,085
Income taxes payable	1,088	2,240
Current portion of long-term debt	3,000	3,000
Total current liabilities	22,535	23,971
Deferred income taxes	4,343	5,419
Long-term debt	43,000	42,250
Contingent consideration	4,523	4,430
Total liabilities	74,401	76,070
Commitments and Contingencies (Note 7)
Stockholders’ equity:
Common stock, no par value; authorized 25,000,000 shares; issued and outstanding, 3,665,444 and 3,637,273 shares, respectively	22,590	21,001
Retained earnings	66,175	64,828
Accumulated other comprehensive loss	(1,101)	(1,151)
Total stockholders’ equity	87,664	84,678
Total liabilities and stockholders’ equity	$ 162,065	$ 160,748

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2016	Mar. 31, 2016
Allowance for doubtful accounts receivable	$ 153	$ 375
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	25,000,000	25,000,000
Common stock, shares issued (in shares)	3,665,444	3,665,444
Common stock, shares outstanding (in shares)	3,637,273	3,637,273

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Revenues	$ 21,114,000	$ 18,158,000
Cost of revenues	9,100,000	7,017,000
Gross profit	12,014,000	11,141,000
Operating expenses
Selling	2,424,000	1,799,000
General and administrative	5,980,000	4,737,000
Research and development	1,035,000	963,000
Total operating expenses	9,439,000	7,499,000
Operating income	2,575,000	3,642,000
Other expense, net	406,000	116,000
Earnings before income taxes	2,169,000	3,526,000
Income taxes	239,000	771,000
Net income	$ 1,930,000	$ 2,755,000
Net income per share:
Basic (in dollars per share)	$ 0.53	$ 0.77
Diluted (in dollars per share)	$ 0.51	$ 0.74
Weighted average common shares outstanding:
Basic (in shares)	3,646	3,575
Diluted (in shares)	3,802	3,709

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Net income	$ 1,930,000	$ 2,755,000
Other comprehensive income, net of tax:
Foreign currency translation	50,000	28,000
Total comprehensive income	$ 1,980,000	$ 2,783,000

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities:
Net income	$ 1,930,000	$ 2,755,000
Depreciation and amortization	2,170,000	1,504,000
Stock-based compensation	429,000	327,000
Deferred income taxes	138,000	191,000
Foreign currency adjustments	67,000	21,000
Change in assets and liabilities, net of effects of acquisitions
Accounts receivable, net	2,890,000	966,000
Inventories, net	(67,000)	(451,000)
Prepaid expenses and other	(426,000)	(384,000)
Accounts payable	(66,000)	(178,000)
Accrued liabilities and taxes payable	(3,584,000)	(671,000)
Unearned revenues	40,000	(99,000)
Contingent consideration	111,000	(1,120,000)
Net cash provided by operating activities	3,632,000	2,861,000
Cash flows from investing activities:
Acquisitions	(2,565,000)
Purchases of property, plant and equipment	(3,456,000)	(1,675,000)
Net cash used in investing activities	(6,021,000)	(1,675,000)
Cash flows from financing activities:
Proceeds from the issuance of debt	1,500,000
Payments on debt	(750,000)	(1,250,000)
Dividends	(583,000)	(569,000)
Proceeds from the exercise of stock options	1,160,000	560,000
Net cash provided by (used in) financing activities	1,327,000	(1,259,000)
Effect of exchange rate changes on cash and cash equivalents	4,000	7,000
Net decrease in cash and cash equivalents	(1,058,000)	(66,000)
Cash and cash equivalents at beginning of period	5,695,000	2,034,000
Cash and cash equivalents at end of period	4,637,000	1,968,000
Cash paid for:
Income taxes	1,207,000	344,000
Interest	292,000	129,000
Supplemental non-cash activity:
Contingent consideration as part of an acquisition	$ 1,168,000

Note 1 - Description of Busines

Note 1 - Description of Business and Summary of Significant Accounting Policies	3 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]	Note 1 -Description of Business and Summary of Significant Accounting Policies Description of Business Mesa Laboratories, Inc. was incorporated under the laws of the State of Colorado on March 26, 1982. The terms “we,” “us,” “our,” the “Company” or “Mesa” are used in this report to refer collectively to the parent company and the subsidiaries through which our various businesses are actually conducted. We pursue a strategy of focusing primarily on quality control products and services, which are sold into niche markets that are driven by regulatory requirements. We prefer markets that have limited competition where we can establish a commanding presence and achieve high gross margins. We are organized into four divisions across eight physical locations. Our Instruments Division designs, manufactures and markets quality control instruments and disposable products utilized in connection with the healthcare, pharmaceutical, food and beverage, medical device, industrial hygiene, environmental air sampling and semiconductor industries. Our Biological Indicators Division provides testing services, along with the manufacturing and marketing of biological indicators and distribution of chemical indicators used to assess the effectiveness of sterilization processes, including steam, hydrogen peroxide, ethylene oxide and radiation, in the hospital, dental, medical device and pharmaceutical industries. Our Cold Chain Monitoring Division designs, develops and markets systems which are used to monitor various environmental parameters such as temperature, humidity and differential pressure to ensure that critical storage and processing conditions are maintained in hospitals, pharmaceutical and medical device manufacturers, blood banks, pharmacies and a number of other laboratory and industrial environments. Our Cold Chain Monitoring Division also provides parameter (primarily temperature) monitoring of products during transport in a cold chain and consulting services such as compliance monitoring and validation or mapping of transport and storage containers. Our Cold Chain Packaging Division provides packaging development consulting services and thermal packaging products such as coolers, boxes, insulation materials and phase-change products to control temperature during transport. Basis of Presentation The accompanying condensed consolidated balance sheet as of March 31, 2016, has been derived from audited consolidated financial statements. The accompanying unaudited interim condensed consolidated financial statements have been prepared on the same basis as our annual audited consolidated financial statements and in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. In the opinion of management, such unaudited information includes all adjustments (consisting only of normal recurring accruals) necessary for a fair presentation of this interim information. Operating results and cash flows for interim periods are not necessarily indicative of results that can be expected for the entire year. The information included in this report should be read in conjunction with our audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended March 31, 2016. The summary of our significant accounting policies is incorporated by reference to our Annual Report on Form 10-K for the year ended March 31, 2016. Recently Issued Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-09, Compensation—Stock Compensation (Topic 718) as part of its simplification initiative, which affects all entities that issue share-based payment awards to their employees. The amendments in this update cover such areas as the recognition of excess tax benefits and deficiencies, the classification of those excess tax benefits on the statement of cash flows, an accounting policy election for forfeitures, the amount an employer can withhold to cover income taxes and still qualify for equity classification and the classification of those taxes paid on the statement of cash flows. The ASU was effective for our fiscal year ending March 31, 2018 using either the prospective, retrospective or modified retrospective transition method, depending on the area covered in this update. As permitted within the amendment, we elected to early adopt and prospectively apply the provisions of this amendment as of April 1, 2015. As a result of the adoption of ASU No. 2016-09, the captions of income taxes, net income, and net income per share basic and diluted on the condensed consolidated statements of income for the three months ended June 30, 2015 have been restated to $771,000, $2,755,000, $0.77 and $0.74 as compared to amounts previously reported of $1,220,000, $2,306,000, $0.65 and $0.63, respectively. The captions of net income and total comprehensive income on the condensed consolidated statements of comprehensive income for the three months ended June 30, 2015 have been restated to $2,755,000 and $2,783,000 as compared to amounts previously reported of $2,306,000 and $2,334,000, respectively. The captions of net income and accrued liabilities and taxes payable on the condensed consolidated statements of cash flows for the three months ended June 30, 2015 have been restated to $2,755,000 and $(671,000) as compared to amounts previously reported of $2,306,000 and $(222,000), respectively. In December 2015, the FASB issued ASU No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes ASU 2015-17” ). ASU 2015-17 simplifies the presentation of deferred income taxes by requiring that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The standard was effective for our fiscal year (and interim periods within that year) ending March 31, 2018. As permitted within the amendment, we elected to early adopt and prospectively apply the provisions of this amendment as of April 1, 2016. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) s revenue recognition. The core principle of the new standard is that revenue should be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Companies can transition to the standard either retrospectively or as a cumulative effective adjustment as of the date of adoption. The new standard is effective for our fiscal year (and interim periods within that year) ending March 31, 2019. We are currently evaluating when to adopt the new standard, the impacts of adoption and the implementation approach to be used.

Note 2 - Acquisitions and Dispo

Note 2 - Acquisitions and Dispositions	3 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Mergers, Acquisitions and Dispositions Disclosures [Text Block]	Note 2 – Acquisition s For the three months ended June 30, 2016, our acquisitions of businesses totaled $3,733,000, of which none were material in nature (see Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations ).

Note 3 - Inventories

Note 3 - Inventories	3 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Inventory Disclosure [Text Block]	Note 3 - Inventories Inventories consist of the following (in thousands): June 30, 2016 March 31, 2016 Raw materials $ 9,799 $ 9,433 Work-in-process 562 337 Finished goods 4,080 4,941 Less: reserve (322 ) (694 ) $ 14,119 $ 14,017

Note 4 - Long-term Debt

Note 4 - Long-term Debt	3 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Debt Disclosure [Text Block]	Note 4 - Long-T erm Debt Long-term debt consists of the following (in thousands): June 30, 2016 March 31, 201 6 Line of credit (2.21% at June 30, 2016) $ 29,000 $ 27,500 Term loan (2.21% at June 30, 2016) 17,000 17,750 Less: current portion (3,000 ) (3,000 ) Long-term portion $ 43,000 $ 42,250 On July 1, 2015, we entered into a five year agreement (the “Credit Facility”) for a $50,000,000 revolving line of credit (“Line of Credit”), a $20,000,000 term loan (the “Term Loan”) and up to $1,000,000 of letters of credit. Under the Line of Credit, indebtedness bears interest at either: (1) LIBOR, as defined, plus an applicable margin ranging from 1.5% to 2.25%; or (2) the bank’s commercial bank floating rate (“CBFR”), which is the bank’s prime rate adjusted down by 0.5%. We elect the interest rate with each borrowing under the line of credit. In addition, there is an unused line fee of 0.25%. Letter of credit fees are based on the applicable LIBOR rate. The Term Loan bears interest at LIBOR, as defined, plus an applicable margin ranging from 1.5% to 2.25% and requires 20 quarterly principal payments (the first due date was July 15, 2015) in the amount of $750,000 with the remaining balance of principal and accrued interest due on June 30, 2020. The Credit Facility is secured by all of our assets and requires us to maintain a ratio of funded debt to our trailing four quarters of EBIDTA, as defined, of 3.0 to 1.0, and a minimum fixed charge coverage ratio of 1.35 to 1.0. We were in compliance with the required covenants at June 30, 2016. As of June 30, 2016, future contractual maturities of debt as are as follows (in thousands): Year ending March 31, 2017 $ 2,250 2018 3,000 2019 3,000 2020 3,000 2021 34,750 $ 46,000 In July 2016, we made a $750,000 required principle payment on the Term Loan.

Note 5 - Stock-based Compensati

Note 5 - Stock-based Compensation	3 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	Note 5 - Stock-B ased Compensation Amounts recognized in the condensed consolidated financial statements related to stock-based compensation are as follows (in thousands, except per share data): Three Months E nded June 30 , 2016 2015 Total cost of stock-based compensation charged against income before income taxes $ 429 $ 327 Amount of income tax benefit recognized in earnings 47 72 Amount charged against net income $ 382 $ 255 Impact on net income per common share: Basic $ 0.10 $ 0.07 Diluted 0.10 0.07 Stock-based compensation expense is included in cost of revenues, selling, and general and administrative expense in the accompanying condensed consolidated statements of income. The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model (“Black-Scholes”). We use historical data to estimate the expected price volatility, the expected stock option life and expected forfeiture rate. The risk-free interest rate is based on the United States Treasury yield curve in effect at the time of grant for the estimated life of the stock option. The dividend yield is calculated based upon the dividend payments made during the prior four quarters as a percent of the average stock price for that period. The following is a summary of stock option activity for the three months ended June 30, 2016: Number of Weighted- A verage Exercise Price per Share Weighted- A verage Remaining Contractual Term Aggregate Intrinsic Value (000s) Outstanding at March 31, 2016 515,720 $ 64.32 5.2 $ 16,561 Stock options granted 109,740 97.85 5.8 Stock options forfeited (2,398 ) 79.64 5.8 Stock options expired (142 ) 89.70 5.8 Stock options exercised (34,357 ) 55.68 Outstanding at June 30, 2016 588,563 71.01 5.2 30,601 Exercisable at June 30, 2016 200,313 49.01 3.9 14,821 The total intrinsic value of stock options exercised was $2,242,938 and $1,815,449 for the three months ended June 30, 2016 and 2015, respectively. A summary of the status of our unvested stock option shares as of June 30, 2016 is as follows: Number of Weighted- A verage Unvested at March 31, 2016 358,263 $ 19.46 Stock options granted 109,740 27.77 Stock options forfeited (2,398 ) 21.72 Stock options vested (77,355 ) 17.01 Unvested at June 30, 2016 388,250 22.29 As of June 30, 2016, there was $6,662,312 of total unrecognized compensation expense related to unvested stock options. As of June 30, 2016, we have 815,158 shares available for future stock option grants.

Note 6 - Net Income Per Share

Note 6 - Net Income Per Share	3 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Earnings Per Share [Text Block]	Note 6 - Net Income Per Share Basic net income per share is computed by dividing net income by the weighted-average number of common shares outstanding during the reporting period. Diluted net income per share is computed similarly to basic net income per share, except that it includes the potential dilution that could occur if dilutive securities were exercised. The following table presents a reconciliation of the denominators used in the computation of net income per share - basic and diluted (in thousands, except per share data): Three Months Ended June 30 , 2016 2015 Net income available for stockholders $ 1,930 $ 2,755 Weighted average outstanding shares of common stock 3,646 3,575 Dilutive effect of stock options 156 134 Common stock and equivalents 3,802 3,709 Net income per share: Basic $ 0.53 $ 0.77 Diluted 0.51 0.74 For the three months ended June 30, 2016 and 2015, 184,000 and 300,000 outstanding stock options, respectively, were excluded from the calculation of diluted net income per share because the exercise prices of the stock options were greater than or equal to the average price of the common shares and, therefore, their inclusion would have been anti-dilutive.

Note 7 - Commitments and Contin

Note 7 - Commitments and Contingencies	3 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	Note 7- Commitments and Contingencies Under the terms of the Infitrak Agreement, we are required to pay contingent consideration if the gross profit (as defined in the Infitrak Earn-Out Agreement) for our cold chain packaging business for the two years subsequent to the acquisition meets certain levels. The potential undiscounted consideration payable ranges from $0 to $15,000,000 CDN (approximately $0 to $11,500,000 as of June 30, 2016) and is based upon a sliding scale of growth in gross profit (as defined in the Infitrak Earn-Out Agreement) for year one and year two of 30 to 70 percent and 15 to 75 percent, respectively. Based upon both historical and projected growth rates, we recorded $9,271,000 (valued at $9,156,000 as of June 30, 2016 based on the then current fair value and exchange rate) of contingent consideration payable which represented our best estimate of the then current fair value of the amount that will ultimately be paid. Any changes to the contingent consideration ultimately paid will result in additional income or expense in our condensed consolidated statements of income. We will continue to monitor the results of our cold chain packaging business and we will adjust the contingent liability on a go forward basis, based on then current information. The contingent consideration is payable in two annual installments beginning in the second quarter of our year ending March 31, 2017. Under the terms of the PCD Agreement, we are required to pay contingent consideration if the cumulative revenues for our process challenge device business for the three years subsequent to the acquisition meet certain levels. The potential consideration payable ranges from $0 to $1,500,000 and is based upon a sliding scale of three-year cumulative revenues between $9,900,000 and $12,600,000. Based upon both historical and projected growth rates, we recorded $300,000 of contingent consideration payable which represented our best estimate of the amount that will ultimately be paid. We paid $150,000 of the contingent consideration during the year ended March 31, 2016 (based upon the current run rate projected over the entire three-year contingent consideration period). This amount is subject to modification at the end of the second and third years of the earn-out period based upon the actual revenues earned over the contingent consideration period. Any changes to the contingent consideration ultimately paid will result in additional income or expense in our condensed consolidated statements of income. We will continue to monitor the results of our process challenge device business and we will adjust the contingent liability on a go forward basis, based on then current information.

Note 8 - Comprehensive Income

Note 8 - Comprehensive Income	3 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Comprehensive Income (Loss) Note [Text Block]	Note 8 – Comprehensive Income The following table summarizes the changes in each component of accumulated other comprehensive income (“AOCI”), net of tax (in thousands): Foreign Currency Translation AOCI Balance at March 31, 2016 $ (1,151 ) $ (1,151 ) Unrealized gains arising during the period 50 50 Balance at June 30, 2016 $ (1,101 ) $ (1,101 ) Foreign Currency Translation AOCI Balance at March 31, 2015 $ (234 ) $ (234 ) Unrealized gains arising during the period 28 28 Balance at June 30, 2015 $ (206 ) $ (206 )

Note 9 - Segment Data

Note 9 - Segment Data	3 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	Note 9 - Segment Information As of March 31, 2016, our four operating segments were Biological Indicators, Instruments, Continuous Monitoring and Cold Chain. Effective April 1, 2016 we renamed our Continuous Monitoring and Cold Chain operating segments to Cold Chain Monitoring and Cold Chain Packaging, respectively. In addition, we transferred certain of the Cold Chain monitoring and other services to our Cold Chain Monitoring operating segment. Accordingly, all prior period segment information presented herein has been adjusted to reflect this change in our organization structure. The following tables set forth our segment information (in thousands): Three Months Ended June 30 , 2016 Biological Indicators Instruments Cold Chain Monitoring Cold Chain Packaging Total Revenues $ 9,467 $ 8,222 $ 2,317 $ 1,108 $ 21,114 Gross profit $ 6,087 $ 4,849 $ 667 $ 411 12,014 Reconciling items (1) (9,845 ) Earnings before income taxes $ 2,169 Three Months Ended June 30 , 2015 Biological Indicators Instruments Cold Chain Monitoring Cold Chain Packaging Total Revenues $ 7,236 $ 8,331 $ 2,591 $ -- $ 18,158 Gross profit $ 4,749 $ 5,355 $ 1,037 $ -- 11,141 Reconciling items (1) (7,615 ) Earnings before income taxes $ 3,526 (1) June 30, 2016 March 31, 201 6 Total assets Biological Indicators $ 58,744 $ 56,724 Instruments 47,610 49,077 Cold Chain Monitoring 28,681 27,613 Cold Chain Packaging 19,519 19,478 Corporate and administrative 7,511 7,856 $ 162,065 $ 160,748 All long-lived assets are located in the United States except for $7,065,000 and $20,079,000 which are associated with our French and Canadian subsidiaries, respectively. Revenues from external customers are attributed to individual countries based upon locations to which the product is shipped or exported, as follows (in thousands): Three Months Ended June 30 , 201 6 201 5 Net revenues from unaffiliated customers: United States $ 15,511 $ 12,194 Foreign 5,603 5,964 $ 21,114 $ 18,158 No foreign country exceeds ten percent of total revenues.

Note 10 - Income Taxes

Note 10 - Income Taxes	3 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Income Tax Disclosure [Text Block]	Note 10 – Income Taxes For interim income tax reporting, we estimate our annual effective tax rate and apply this effective tax rate to our year to date pre-tax income. Each quarter, the estimate of the annual effective tax rate is updated, and if the estimated effective tax rate changes, a cumulative adjustment is made. There is a potential for volatility of the effective tax rate due to several factors, including changes in the mix of the pre-tax income and the jurisdictions to which it relates, changes in tax laws and foreign tax holidays, settlement with taxing authorities and foreign currency fluctuations. Our effective income tax rate was 11 and 21.9 percent for the three months ended June 30, 2016 and 2015, respectively. The effective tax rate for the three months ended June 30, 2016 differed from the statutory federal rate of 35 percent primarily as a result of the impact of state income taxes, domestic manufacturing deductions, research and development tax credits and share-based payment awards to employees. We anticipate that our effective tax rate for the year ending March 31, 2017 will approximate 33 to 36 percent, plus or minus the impact of excess tax benefits and deficiencies associated with share-based payment awards to employees (which may vary significantly from year to year). Our tax year ended March 31, 2015 is under examination by the IRS. We expect the examination and possible related appeal for this tax year to be completed within the next 12 months. We reserved for potential adjustments for income taxes that may result from examinations by tax authorities, and we believe the final outcome of these examinations or agreements will not have a material effect on our consolidated financial condition, results of operations or cash flows. Since we are subject to audit by various taxing authorities, it is reasonably possible that the amount of unrecognized tax benefits will change during the next 12 months. However, we do not expect the change, if any, to have a material effect on our consolidated financial condition or results of operations within the next 12 months.

Note 11 - Fair Value Measuremen

Note 11 - Fair Value Measurements	3 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Fair Value, Measurement Inputs, Disclosure [Text Block]	Note 11 – Fair Value Measurements We follow authoritative guidance (GAAP) which requires that assets and liabilities carried at fair value be classified and disclosed in one of the established categories. A financial instrument's categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three categories are defined as follows: • Level 1: Quoted prices in active markets for identical assets. • Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. • Level 3: Significant inputs to the valuation model are unobservable inputs. Assets and liabilities measured on a recurring basis: Our financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities (including certain contingent consideration amounts that are short-term in nature) are carried at cost, which is considered to be representative of their fair value due to the short term maturity of these instruments. The recorded value of the Line of Credit and Term Loan (See Note 4), approximates fair value due to their variable rate structure. The following table presents items required to be measured at fair value on a recurring basis by the level in which they are classified within the valuation hierarchy as follows: June 30 , 2016 Level 1 Level 2 Level 3 Total Assets: $ -- $ -- $ -- $ -- Liabilities: Contingent Consideration $ -- $ -- $ 9,156 $ 9,156 March 31 , 2016 Level 1 Level 2 Level 3 Total Assets: $ -- $ -- $ -- $ -- Liabilities: Contingent Consideration $ -- $ -- $ 9,037 $ 9,037 Under the Infitrak Agreement (See Note 7), we will make two annual payments to the former owners based on future growth in gross profit (as defined in the Infitrak Earn-Out Agreement). This contingent consideration payable is a standalone liability that is measured at fair value on a recurring basis for which there is no available quoted market price, principal market or market participants. As such, the inputs for this instrument are unobservable and therefore classified as Level 3 inputs. This contingent consideration liability is valued using a discounted cash flow model based on internal forecasts and our current cost of borrowing. There were no changes to the valuation methodology during the period. The contingent consideration arising from this agreement is our only Level 3 asset or liability. The following table presents a roll forward of the contingent consideration payable for the three months ended June 30, 2016 and 2015 (in thousands): Three Months Ended June 30 , 2016 2015 Opening balance $ 9,037 $ -- Fair value adjustment – expense 67 -- Foreign exchange rate impact – included in other comprehensive gain 52 -- Ending Balance $ 9,156 $ --

Note 12 - Subsequent Event

Note 12 - Subsequent Event	3 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Subsequent Events [Text Block]	Note 12 - Subsequent Event In July 2016, our Board of Directors declared a quarterly cash dividend of $0.16 per share of common stock, payable on September 15, 2016, to shareholders of record at the close of business on August 31, 2016.

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation The accompanying condensed consolidated balance sheet as of March 31, 2016, has been derived from audited consolidated financial statements. The accompanying unaudited interim condensed consolidated financial statements have been prepared on the same basis as our annual audited consolidated financial statements and in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. In the opinion of management, such unaudited information includes all adjustments (consisting only of normal recurring accruals) necessary for a fair presentation of this interim information. Operating results and cash flows for interim periods are not necessarily indicative of results that can be expected for the entire year. The information included in this report should be read in conjunction with our audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended March 31, 2016. The summary of our significant accounting policies is incorporated by reference to our Annual Report on Form 10-K for the year ended March 31, 2016.
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Issued Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-09, Compensation—Stock Compensation (Topic 718) as part of its simplification initiative, which affects all entities that issue share-based payment awards to their employees. The amendments in this update cover such areas as the recognition of excess tax benefits and deficiencies, the classification of those excess tax benefits on the statement of cash flows, an accounting policy election for forfeitures, the amount an employer can withhold to cover income taxes and still qualify for equity classification and the classification of those taxes paid on the statement of cash flows. The ASU was effective for our fiscal year ending March 31, 2018 using either the prospective, retrospective or modified retrospective transition method, depending on the area covered in this update. As permitted within the amendment, we elected to early adopt and prospectively apply the provisions of this amendment as of April 1, 2015. As a result of the adoption of ASU No. 2016-09, the captions of income taxes, net income, and net income per share basic and diluted on the condensed consolidated statements of income for the three months ended June 30, 2015 have been restated to $771,000, $2,755,000, $0.77 and $0.74 as compared to amounts previously reported of $1,220,000, $2,306,000, $0.65 and $0.63, respectively. The captions of net income and total comprehensive income on the condensed consolidated statements of comprehensive income for the three months ended June 30, 2015 have been restated to $2,755,000 and $2,783,000 as compared to amounts previously reported of $2,306,000 and $2,334,000, respectively. The captions of net income and accrued liabilities and taxes payable on the condensed consolidated statements of cash flows for the three months ended June 30, 2015 have been restated to $2,755,000 and $(671,000) as compared to amounts previously reported of $2,306,000 and $(222,000), respectively. In December 2015, the FASB issued ASU No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes ASU 2015-17” ). ASU 2015-17 simplifies the presentation of deferred income taxes by requiring that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The standard was effective for our fiscal year (and interim periods within that year) ending March 31, 2018. As permitted within the amendment, we elected to early adopt and prospectively apply the provisions of this amendment as of April 1, 2016. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) s revenue recognition. The core principle of the new standard is that revenue should be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Companies can transition to the standard either retrospectively or as a cumulative effective adjustment as of the date of adoption. The new standard is effective for our fiscal year (and interim periods within that year) ending March 31, 2019. We are currently evaluating when to adopt the new standard, the impacts of adoption and the implementation approach to be used.

Note 3 - Inventories (Tables)

Note 3 - Inventories (Tables)	3 Months Ended
	Jun. 30, 2016
Notes Tables
Schedule of Inventory, Current [Table Text Block]	June 30, 2016 March 31, 2016 Raw materials $ 9,799 $ 9,433 Work-in-process 562 337 Finished goods 4,080 4,941 Less: reserve (322 ) (694 ) $ 14,119 $ 14,017

Note 4 - Long-term Debt (Tables

Note 4 - Long-term Debt (Tables)	3 Months Ended
	Jun. 30, 2016
Notes Tables
Schedule of Debt [Table Text Block]	June 30, 2016 March 31, 201 6 Line of credit (2.21% at June 30, 2016) $ 29,000 $ 27,500 Term loan (2.21% at June 30, 2016) 17,000 17,750 Less: current portion (3,000 ) (3,000 ) Long-term portion $ 43,000 $ 42,250
Schedule of Maturities of Long-term Debt [Table Text Block]	Year ending March 31, 2017 $ 2,250 2018 3,000 2019 3,000 2020 3,000 2021 34,750 $ 46,000

Note 5 - Stock-based Compensa22

Note 5 - Stock-based Compensation (Tables)	3 Months Ended
	Jun. 30, 2016
Notes Tables
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]	Three Months E nded June 30 , 2016 2015 Total cost of stock-based compensation charged against income before income taxes $ 429 $ 327 Amount of income tax benefit recognized in earnings 47 72 Amount charged against net income $ 382 $ 255 Impact on net income per common share: Basic $ 0.10 $ 0.07 Diluted 0.10 0.07
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	Number of Weighted- A verage Exercise Price per Share Weighted- A verage Remaining Contractual Term Aggregate Intrinsic Value (000s) Outstanding at March 31, 2016 515,720 $ 64.32 5.2 $ 16,561 Stock options granted 109,740 97.85 5.8 Stock options forfeited (2,398 ) 79.64 5.8 Stock options expired (142 ) 89.70 5.8 Stock options exercised (34,357 ) 55.68 Outstanding at June 30, 2016 588,563 71.01 5.2 30,601 Exercisable at June 30, 2016 200,313 49.01 3.9 14,821
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]	Number of Weighted- A verage Unvested at March 31, 2016 358,263 $ 19.46 Stock options granted 109,740 27.77 Stock options forfeited (2,398 ) 21.72 Stock options vested (77,355 ) 17.01 Unvested at June 30, 2016 388,250 22.29

Note 6 - Net Income Per Share (

Note 6 - Net Income Per Share (Tables)	3 Months Ended
	Jun. 30, 2016
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended June 30 , 2016 2015 Net income available for stockholders $ 1,930 $ 2,755 Weighted average outstanding shares of common stock 3,646 3,575 Dilutive effect of stock options 156 134 Common stock and equivalents 3,802 3,709 Net income per share: Basic $ 0.53 $ 0.77 Diluted 0.51 0.74

Note 8 - Comprehensive Income (

Note 8 - Comprehensive Income (Tables)	3 Months Ended
	Jun. 30, 2016
Notes Tables
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Foreign Currency Translation AOCI Balance at March 31, 2016 $ (1,151 ) $ (1,151 ) Unrealized gains arising during the period 50 50 Balance at June 30, 2016 $ (1,101 ) $ (1,101 ) Foreign Currency Translation AOCI Balance at March 31, 2015 $ (234 ) $ (234 ) Unrealized gains arising during the period 28 28 Balance at June 30, 2015 $ (206 ) $ (206 )

Note 9 - Segment Data (Tables)

Note 9 - Segment Data (Tables)	3 Months Ended
	Jun. 30, 2016
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three Months Ended June 30 , 2016 Biological Indicators Instruments Cold Chain Monitoring Cold Chain Packaging Total Revenues $ 9,467 $ 8,222 $ 2,317 $ 1,108 $ 21,114 Gross profit $ 6,087 $ 4,849 $ 667 $ 411 12,014 Reconciling items (1) (9,845 ) Earnings before income taxes $ 2,169 Three Months Ended June 30 , 2015 Biological Indicators Instruments Cold Chain Monitoring Cold Chain Packaging Total Revenues $ 7,236 $ 8,331 $ 2,591 $ -- $ 18,158 Gross profit $ 4,749 $ 5,355 $ 1,037 $ -- 11,141 Reconciling items (1) (7,615 ) Earnings before income taxes $ 3,526
Reconciliation of Assets from Segment to Consolidated [Table Text Block]	June 30, 2016 March 31, 201 6 Total assets Biological Indicators $ 58,744 $ 56,724 Instruments 47,610 49,077 Cold Chain Monitoring 28,681 27,613 Cold Chain Packaging 19,519 19,478 Corporate and administrative 7,511 7,856 $ 162,065 $ 160,748
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block]	Three Months Ended June 30 , 201 6 201 5 Net revenues from unaffiliated customers: United States $ 15,511 $ 12,194 Foreign 5,603 5,964 $ 21,114 $ 18,158

Note 11 - Fair Value Measurem26

Note 11 - Fair Value Measurements (Tables)	3 Months Ended
	Jun. 30, 2016
Notes Tables
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]	June 30 , 2016 Level 1 Level 2 Level 3 Total Assets: $ -- $ -- $ -- $ -- Liabilities: Contingent Consideration $ -- $ -- $ 9,156 $ 9,156 March 31 , 2016 Level 1 Level 2 Level 3 Total Assets: $ -- $ -- $ -- $ -- Liabilities: Contingent Consideration $ -- $ -- $ 9,037 $ 9,037
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	Three Months Ended June 30 , 2016 2015 Opening balance $ 9,037 $ -- Fair value adjustment – expense 67 -- Foreign exchange rate impact – included in other comprehensive gain 52 -- Ending Balance $ 9,156 $ --

Note 1 - Description of Busin27

Note 1 - Description of Business and Summary of Significant Accounting Policies (Details Textual)	3 Months Ended		12 Months Ended	15 Months Ended
	Jun. 30, 2016USD ($)$ / shares	Jun. 30, 2015USD ($)$ / shares	Mar. 31, 2016	Jun. 30, 2016
Scenario, Previously Reported [Member]
Income Tax Expense (Benefit)		$ 1,220,000
Net Income (Loss) Available to Common Stockholders, Basic		$ 2,306,000
Earnings Per Share, Basic | $ / shares		$ 0.65
Earnings Per Share, Diluted | $ / shares		$ 0.63
Comprehensive Income (Loss), Net of Tax, Attributable to Parent		$ 2,334,000
Increase (Decrease) in Accrued Liabilities		(222,000)
Number of Operating Segments			4	4
Number of Physical Locations in Which Entity is Organized	8
Income Tax Expense (Benefit)	$ 239,000	771,000
Net Income (Loss) Available to Common Stockholders, Basic	$ 1,930,000	$ 2,755,000
Earnings Per Share, Basic | $ / shares	$ 0.53	$ 0.77
Earnings Per Share, Diluted | $ / shares	$ 0.51	$ 0.74
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$ 1,980,000	$ 2,783,000
Increase (Decrease) in Accrued Liabilities	$ (3,584,000)	$ (671,000)

Note 2 - Acquisitions and Dis28

Note 2 - Acquisitions and Dispositions (Details Textual)	3 Months Ended
	Jun. 30, 2016USD ($)
Series of Individually Immaterial Business Acquisitions [Member]
Business Combination, Consideration Transferred	$ 3,733,000

Note 3 - Summary of Inventories

Note 3 - Summary of Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Mar. 31, 2016
Raw materials	$ 9,799	$ 9,433
Work-in-process	562	337
Finished goods	4,080	4,941
Less: reserve	(322)	(694)
Total	$ 14,119	$ 14,017

Note 4 - Long-term Debt (Detail

Note 4 - Long-term Debt (Details Textual)	Jul. 02, 2015USD ($)	Jul. 02, 2015USD ($)	Jul. 31, 2016USD ($)
Line of Credit [Member] | Infitrak Acquisition [Member]
Proceeds from Lines of Credit		$ 1,000,000
Line of Credit [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate		1.50%
Line of Credit [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate		2.25%
Line of Credit [Member] | Debt Instrument, Variable Rate Base CBFR Using One Month LIBOR [Member]
Debt Instrument, Basis Spread on Variable Rate Used to Calculate Commercial Bank Floating Rate	0.50%	0.50%
Line of Credit [Member] | After March 31, 2016 [Member]
Debt Instrument Covenant, Ratio of Funded Debt to Consolidated EBITDA		3
Line of Credit [Member]
Debt Instrument, Term	5 years
Line of Credit Facility, Maximum Borrowing Capacity	$ 50,000,000	$ 50,000,000
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage		0.25%
Debt Instrument Covenant, Fixed Charge Coverage Ratio		1.35
Term Loan [Member] | Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate		2.25%
Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate		1.50%
Term Loan [Member] | Subsequent Event [Member]
Repayments of Long-term Debt			$ 750,000
Term Loan [Member]
Long-term Debt, Gross	$ 20,000,000	$ 20,000,000
Line of Credit Facility, Periodic Payment, Number of Quarterly Payments	20	20
Line of Credit Facility, Periodic Payment, Principal		$ 750,000

Note 4 - Componets of Long-term

Note 4 - Componets of Long-term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Mar. 31, 2016
Line of Credit [Member]
Long-term debt	$ 29,000	$ 27,500
Term Loan [Member]
Long-term debt	17,000	17,750
Long-term debt	46,000
Less: current portion	(3,000)	(3,000)
Long-term portion	$ 43,000	$ 42,250

Note 4 - Componets of Long-te32

Note 4 - Componets of Long-term Debt (Details) (Parentheticals)	Mar. 31, 2016
Line of Credit [Member]
Line of credit, interest rate at end of period	2.21%
Term Loan [Member]
Term loan, interest rate at end of period	2.21%

Note 4 - Future Contractual Mat

Note 4 - Future Contractual Maturities of Debt (Details) $ in Thousands	Jun. 30, 2016USD ($)
2,017	$ 2,250
2,018	3,000
2,019	3,000
2,020	3,000
2,021	34,750
Total	$ 46,000

Note 5 - Stock-based Compensa34

Note 5 - Stock-based Compensation (Details Textual) - USD ($)	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value	$ 2,242,938	$ 1,815,449
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 6,662,312
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	815,158

Note 5 - Allocation of Share-Ba

Note 5 - Allocation of Share-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Total cost of stock-based compensation charged against income before income taxes	$ 429	$ 327
Amount of income tax benefit recognized in earnings	47	72
Amount charged against net income	$ 382	$ 255
Basic (in dollars per share)	$ 0.10	$ 0.07
Diluted (in dollars per share)	$ 0.10	$ 0.07

Note 5 - Summary of Option Acti

Note 5 - Summary of Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2016	Mar. 31, 2016
Outstanding (in shares)	515,720
Outstanding (in dollars per share)	$ 64.32
Outstanding	5 years 73 days	5 years 73 days
Outstanding	$ 30,601	$ 16,561
Stock options granted (in shares)	109,740
Stock options granted (in dollars per share)	$ 97.85
Stock options granted	5 years 292 days
Stock options forfeited (in shares)	(2,398)
Stock options forfeited (in dollars per share)	$ 79.64
Stock options forfeited	5 years 292 days
Stock options expired (in shares)	(142)
Stock options expired (in dollars per share)	$ 89.70
Stock options expired	5 years 292 days
Stock options exercised (in shares)	(34,357)
Stock options exercised (in dollars per share)	$ 55.68
Outstanding (in shares)	588,563	515,720
Outstanding (in dollars per share)	$ 71.01	$ 64.32
Exercisable (in shares)	200,313
Exercisable (in dollars per share)	$ 49.01
Exercisable	3 years 328 days
Exercisable	$ 14,821

Note 5 - Summary of Unvested Op

Note 5 - Summary of Unvested Options (Details)	3 Months Ended
	Jun. 30, 2016$ / sharesshares
Unvested (in shares) | shares	358,263
Unvested (in dollars per share) | $ / shares	$ 19.46
Stock options granted (in shares) | shares	109,740
Stock options granted (in dollars per share) | $ / shares	$ 27.77
Stock options forfeited (in shares) | shares	(2,398)
Stock options forfeited (in dollars per share) | $ / shares	$ 21.72
Stock options vested (in shares) | shares	(77,355)
Stock options vested (in dollars per share) | $ / shares	$ 17.01
Unvested (in shares) | shares	388,250
Unvested (in dollars per share) | $ / shares	$ 22.29

Note 6 - Net Income Per Share38

Note 6 - Net Income Per Share (Details Textual) - shares	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Employee Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	184,000	300,000

Note 6 - Computation of Net Inc

Note 6 - Computation of Net Income Per Share - Basic & Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Net income	$ 1,930,000	$ 2,755,000
Weighted average outstanding shares of common stock (in shares)	3,646	3,575
Dilutive effect of stock options (in shares)	156	134
Common stock and equivalents (in shares)	3,802	3,709
Earnings Per Share, Basic	$ 0.53	$ 0.77
Earnings Per Share, Diluted	$ 0.51	$ 0.74

Note 7 - Commitments and Cont40

Note 7 - Commitments and Contingencies (Details Textual)	Oct. 15, 2014USD ($)	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Sep. 30, 2016	Jul. 06, 2015CAD	Jul. 06, 2015USD ($)
Infitrak Acquisition [Member] | Contingent Consideration Year 1 [Member] | Minimum [Member]
Business Combination, Contingent Consideration, Sliding Scale of Growth					30.00%	30.00%
Infitrak Acquisition [Member] | Contingent Consideration Year 1 [Member] | Maximum [Member]
Business Combination, Contingent Consideration, Sliding Scale of Growth					70.00%	70.00%
Infitrak Acquisition [Member] | Contingent Consideration Year 2 [Member] | Minimum [Member]
Business Combination, Contingent Consideration, Sliding Scale of Growth					15.00%	15.00%
Infitrak Acquisition [Member] | Contingent Consideration Year 2 [Member] | Maximum [Member]
Business Combination, Contingent Consideration, Sliding Scale of Growth					75.00%	75.00%
Infitrak Acquisition [Member] | Scenario, Forecast [Member]
Business Combination, Contingent Consideration, Payment Installments				2
Infitrak Acquisition [Member]
Business Acquisition, Earn Out Period for Determination of Contingent Consideration		2 years
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, Low		$ 0			CAD 0
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High		11,500,000			CAD 15,000,000
Business Combination, Contingent Consideration, Liability		9,156,000				$ 9,271,000
PCD [Member] | Minimum [Member]
Business Acquisition, Revenue Required in Three Years Subsequent to Acquisition for Payment of Contingent Consideration	$ 9,900,000
PCD [Member] | Maximum [Member]
Business Acquisition, Revenue Required in Three Years Subsequent to Acquisition for Payment of Contingent Consideration	$ 12,600,000
PCD [Member]
Business Acquisition, Earn Out Period for Determination of Contingent Consideration	3 years
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, Low	$ 0
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High	1,500,000
Business Combination, Contingent Consideration, Liability	$ 300,000
Business Combination, Payment of Contingent Consideration			$ 150,000
Business Combination, Contingent Consideration, Liability		$ 4,523,000	$ 4,430,000

Note 8 - Changes in Accumulated

Note 8 - Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Balance	$ (1,151)	$ (234)
Unrealized gains arising during the period	50	28
Balance	(1,101)	$ (206)
Balance	(1,151)
Balance	$ (1,101)

Note 9 - Segment Data (Details

Note 9 - Segment Data (Details Textual)	12 Months Ended	15 Months Ended
	Mar. 31, 2016	Jun. 30, 2016USD ($)
FRANCE
Long-Lived Assets		$ 7,065,000
CANADA
Long-Lived Assets		$ 20,079,000
Number of Operating Segments	4	4

Note 9 - Operating Segment Info

Note 9 - Operating Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Biological Indicators [Member]
Revenues	$ 9,467	$ 7,236
Gross profit	6,087	4,749
Reconciling items (1)			[1]
Earnings before income taxes
Instruments [Member]
Revenues	8,222	8,331
Gross profit	4,849	5,355
Reconciling items (1)			[1]
Earnings before income taxes
Continuous Monitoring [Member]
Revenues	2,317	2,591
Gross profit	667	1,037
Reconciling items (1)			[1]
Earnings before income taxes
Cold Chain [member]
Revenues	1,108
Gross profit	411
Reconciling items (1)			[1]
Earnings before income taxes
Revenues	21,114	18,158
Gross profit	12,014	11,141
Reconciling items (1)	(9,845)	(7,615)	[1]
Earnings before income taxes	$ 2,169	$ 3,526
[1]	Reconciling items include selling, general and administrative, research and development, and other expenses

Note 9 - Operating Segment Asse

Note 9 - Operating Segment Asset Reconciliation (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Mar. 31, 2016
Biological Indicators [Member]
Assets	$ 58,744	$ 56,724
Instruments [Member]
Assets	47,610	49,077
Continuous Monitoring [Member]
Assets	28,681	27,613
Cold Chain [member]
Assets	19,519	19,478
Corporate Segment [Member]
Assets	7,511	7,856
Assets	$ 162,065	$ 160,748

Note 9 - Revenues from External

Note 9 - Revenues from External Customers (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
UNITED STATES
Revenues	$ 15,511	$ 12,194
Foreign [Member]
Revenues	5,603	5,964
Revenues	$ 21,114	$ 18,158

Note 10 - Income Taxes (Details

Note 10 - Income Taxes (Details Textual)	3 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Mar. 31, 2017
Minimum [Member] | Scenario, Forecast [Member]
Effective Income Tax Rate Reconciliation, Percent			33.00%
Maximum [Member] | Scenario, Forecast [Member]
Effective Income Tax Rate Reconciliation, Percent			36.00%
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member]
Income Tax Examination, Year under Examination	2,015
Effective Income Tax Rate Reconciliation, Percent	11.00%	21.90%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	35.00%

Note 11 - Fair Value Measurem47

Note 11 - Fair Value Measurements (Details Textual)	Sep. 30, 2016
Infitrak Acquisition [Member] | Scenario, Forecast [Member]
Business Combination, Contingent Consideration, Payment Installments	2

Note 11 - Fair Value on a Recur

Note 11 - Fair Value on a Recurring Basis (Details) - Contingent Consideration [Member] - USD ($) $ in Thousands	Jun. 30, 2016	Mar. 31, 2016
Fair Value, Inputs, Level 1 [Member]
Contingent Consideration
Fair Value, Inputs, Level 2 [Member]
Contingent Consideration
Fair Value, Inputs, Level 3 [Member]
Contingent Consideration	$ 9,156	9,037
Contingent Consideration	$ 9,156	$ 9,037

Note 11 - Contingent Considerat

Note 11 - Contingent Consideration from Business Acquisition (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Fair Value, Inputs, Level 3 [Member] | Contingent Consideration [Member]
Opening balance	$ 9,037
Fair value adjustment – expense	67
Ending Balance	9,156
Foreign exchange rate impact – included in other comprehensive gain	$ 52

Note 12 - Subsequent Event (Det

Note 12 - Subsequent Event (Details Textual)	1 Months Ended
	Jul. 31, 2016$ / shares
Subsequent Event [Member]
Common Stock, Dividends, Per Share, Declared	$ 0.16