Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2020 | May 26, 2020 | Sep. 30, 2019 | |
Document Information [Line Items] | |||
Entity Registrant Name | MESA LABORATORIES INC /CO | ||
Entity Central Index Key | 0000724004 | ||
Trading Symbol | mlab | ||
Current Fiscal Year End Date | --03-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Interactive Data Current | Yes | ||
Entity Common Stock, Shares Outstanding (in shares) | 4,394,116 | ||
Entity Public Float | $ 973.4 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Mar. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(b) Security | Common stock, no par value |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
ASSETS | ||
Cash and cash equivalents | $ 81,380 | $ 10,185 |
Accounts receivable, less allowances of $159 and $121, respectively | 21,132 | 12,516 |
Inventories, net | 14,230 | 6,772 |
Prepaid income taxes | 1,914 | 2,552 |
Prepaid expenses and other | 4,136 | 1,598 |
Total current assets | 122,792 | 33,623 |
Property, plant and equipment, net | 22,066 | 22,225 |
Deferred tax asset | 11,461 | 1,323 |
Other assets | 2,480 | |
Intangibles, net | 119,871 | 33,219 |
Goodwill | 141,536 | 66,377 |
Total assets | 420,206 | 156,767 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Accounts payable | 3,408 | 2,898 |
Accrued payroll and benefits | 8,940 | 7,324 |
Current portion of long-term debt | 2,125 | |
Unearned revenues | 6,814 | 3,965 |
Contingent consideration | 504 | 45 |
Estimated Legal Liabilities | 50 | 3,300 |
Other accrued expenses | 6,292 | 4,004 |
Total current liabilities | 26,008 | 23,661 |
Deferred tax liability | 32,549 | 1,077 |
Long-term debt, net of debt issuance costs and current portion | 20,613 | |
Convertible senior notes, net of discounts and debt issuance costs | 140,278 | |
Other long-term liabilities | 1,358 | 105 |
Total liabilities | 200,193 | 45,456 |
Stockholders’ equity: | ||
Common stock, no par value; authorized 25,000,000 shares; issued and outstanding, 4,387,140 and 3,890,138 shares, respectively | 158,023 | 39,823 |
Retained earnings | 71,930 | 73,303 |
Accumulated other comprehensive (loss) | (9,940) | (1,815) |
Total stockholders’ equity | 220,013 | 111,311 |
Total liabilities and stockholders’ equity | $ 420,206 | $ 156,767 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Allowance for doubtful accounts receivable | $ 159 | $ 121 |
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) | 4,387,140 | 3,890,138 |
Common stock, shares outstanding (in shares) | 4,387,140 | 3,890,138 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | ||
Revenues | ||||
Revenue | [1] | $ 117,687 | $ 103,135 | $ 96,179 |
Cost of revenues | ||||
Cost of revenue | 52,754 | 42,219 | 41,560 | |
Gross profit | 64,933 | 60,916 | 54,619 | |
Operating expenses: | ||||
Selling | 12,910 | 8,260 | 8,823 | |
General and administrative | 37,826 | 31,295 | 26,255 | |
Research and development | 6,355 | 3,506 | 3,539 | |
Impairment loss on goodwill and long-lived assets | 298 | 4,774 | 13,819 | |
Legal settlement | 50 | 3,300 | ||
Total operating expenses | 57,439 | 51,135 | 52,436 | |
Operating income | 7,494 | 9,781 | 2,183 | |
Nonoperating expense: | ||||
Interest expense and amortization of debt discount | 5,504 | 1,749 | 1,853 | |
Interest income | (960) | (29) | (5) | |
Other (income) expense, net | (483) | (562) | 34 | |
Total nonoperating expense | 4,061 | 1,158 | 1,882 | |
Earnings before income taxes | 3,433 | 8,623 | 301 | |
Income tax expense | 2,084 | 1,139 | 3,263 | |
Net income (loss) | $ 1,349 | $ 7,484 | $ (2,962) | |
Earnings (loss) per share: | ||||
Basic (in dollars per share) | $ 0.32 | $ 1.95 | $ (0.79) | |
Diluted (in dollars per share) | $ 0.31 | $ 1.86 | $ (0.79) | |
Weighted-average common shares outstanding: | ||||
Basic (in shares) | 4,200 | 3,839 | 3,770 | |
Diluted (in shares) | 4,371 | 4,033 | 3,770 | |
Product [Member] | ||||
Revenues | ||||
Revenue | $ 93,401 | $ 81,798 | $ 74,386 | |
Cost of revenues | ||||
Cost of revenue | 40,874 | 30,250 | 29,877 | |
Service [Member] | ||||
Revenues | ||||
Revenue | 24,286 | 21,337 | 21,793 | |
Cost of revenues | ||||
Cost of revenue | $ 11,880 | $ 11,969 | $ 11,683 | |
[1] | Intersegment revenues are not significant and are eliminated to arrive at consolidated totals. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Net income (loss) | $ 1,349 | $ 7,484 | $ (2,962) |
Other comprehensive (loss) income: | |||
Foreign currency translation | (7,938) | (2,379) | 2,324 |
Comprehensive (loss) income | $ (6,589) | $ 5,105 | $ (638) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock Including Additional Paid in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | [1] | Total |
Balance (in shares) at Mar. 31, 2017 | 3,734,704 | ||||
Balance at Mar. 31, 2017 | $ 25,925 | $ 73,656 | $ (1,760) | $ 97,821 | |
Exercise of stock options and vesting of restricted stock units (in shares) | 66,735 | ||||
Exercise of stock options and vesting of restricted stock units | $ 2,919 | 2,919 | |||
Dividends paid | (2,413) | (2,413) | |||
Stock-based compensation | $ 1,672 | 1,672 | |||
Foreign currency translation | 2,324 | 2,324 | |||
Net income (loss) | (2,962) | (2,962) | |||
Balance (in shares) at Mar. 31, 2018 | 3,801,439 | ||||
Balance at Mar. 31, 2018 | $ 30,516 | 68,281 | 564 | 99,361 | |
Exercise of stock options and vesting of restricted stock units (in shares) | 88,699 | ||||
Exercise of stock options and vesting of restricted stock units | $ 5,095 | 5,095 | |||
Dividends paid | (2,462) | (2,462) | |||
Stock-based compensation | $ 4,212 | 4,212 | |||
Foreign currency translation | (2,379) | (2,379) | |||
Net income (loss) | 7,484 | $ 7,484 | |||
Balance (in shares) at Mar. 31, 2019 | 3,890,138 | 3,890,138 | |||
Balance at Mar. 31, 2019 | $ 39,823 | 73,303 | (1,815) | $ 111,311 | |
Exercise of stock options and vesting of restricted stock units (in shares) | 65,752 | 61,000 | |||
Exercise of stock options and vesting of restricted stock units | $ 4,945 | $ 4,945 | |||
Dividends paid | (2,722) | (2,722) | |||
Stock-based compensation | $ 5,525 | 5,525 | |||
Foreign currency translation | (7,938) | (7,938) | |||
Net income (loss) | 1,349 | 1,349 | |||
Proceeds from issuance of common stock, net of issuance costs (in shares) | 431,250 | ||||
Proceeds from issuance of common stock, net of issuance costs | $ 84,995 | 84,995 | |||
Proceeds from conversion feature of convertible senior notes, due 2025, net of allocated costs and deferred taxes of $8,338 | $ 22,735 | 22,735 | |||
Currency translation recognized in earnings from the exit of Cold Chain Packaging Division | (187) | $ (187) | |||
Balance (in shares) at Mar. 31, 2020 | 4,387,140 | 4,387,140 | |||
Balance at Mar. 31, 2020 | $ 158,023 | $ 71,930 | $ (9,940) | $ 220,013 | |
[1] | Accumulated Other Comprehensive (Loss). |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Retained Earnings [Member] | |||
Dividends paid, per share (in dollars per share) | $ 0.64 | $ 0.64 | $ 0.64 |
Common Stock Including Additional Paid in Capital [Member] | |||
Proceeds from issuance of common stock, issuance costs | $ 5,568 | ||
Allocated costs and taxes | $ 8,338 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Cash flows from operating activities: | |||
Net income (loss) | $ 1,349 | $ 7,484 | $ (2,962) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 12,990 | 9,428 | 9,471 |
Stock-based compensation | 5,525 | 4,212 | 1,672 |
Impairment loss on goodwill and long-lived assets | 298 | 4,774 | 13,819 |
Loss (gain) on disposition of assets | 34 | (288) | (116) |
Non-cash interest and debt amortization | 3,314 | ||
Amortization of step-up in inventory basis | 8,502 | ||
Change in inventory reserve | (360) | (380) | 2,474 |
Deferred taxes | (1,971) | (2,472) | (2,704) |
Adjustment to contingent consideration | (62) | (32) | 300 |
Other | 77 | (63) | (380) |
Cash (used in) provided by changes in operating assets and liabilities | |||
Accounts receivable, net | (1,665) | 1,592 | 680 |
Inventories, net | 414 | 2,574 | 2,286 |
Prepaid expenses and other assets | (432) | (2,898) | 755 |
Accounts payable | (61) | 1,092 | 212 |
Accrued liabilities and taxes payable | (2,147) | 5,477 | 408 |
Unearned revenues | 754 | 54 | (196) |
Net cash provided by operating activities | 26,559 | 30,554 | 25,719 |
Cash flows from investing activities: | |||
Acquisitions | (184,102) | (4,840) | (15,518) |
Purchases of property, plant and equipment | (1,498) | (1,262) | (2,799) |
Proceeds from sale of assets | 15 | 2,222 | 1,133 |
Net cash (used in) investing activities | (185,585) | (3,880) | (17,184) |
Cash flows from financing activities: | |||
Proceeds from the issuance of debt | 2,000 | 11,000 | |
Proceeds from the issuance of convertible senior notes | 172,500 | ||
Payment of debt issuance costs | (5,430) | ||
Proceeds from the issuance of common stock, net | 84,995 | ||
Payments of debt | (23,000) | (25,625) | (19,625) |
Dividends | (2,722) | (2,462) | (2,413) |
Payments of Contingent Consideration | (11) | (680) | (905) |
Proceeds from the exercise of stock options | 4,945 | 5,095 | 2,919 |
Net cash provided by (used in) financing activities | 231,277 | (21,672) | (9,024) |
Effect of exchange rate changes on cash and cash equivalents | (1,056) | (286) | 138 |
Net increase (decrease) in cash and cash equivalents | 71,195 | 4,716 | (351) |
Cash and cash equivalents at beginning of year | 10,185 | 5,469 | 5,820 |
Cash and cash equivalents at end of year | 81,380 | 10,185 | 5,469 |
Supplemental non-cash activity: | |||
Deferred tax liability related to the conversion option associated with the convertible senior notes | 7,359 | ||
Contingent consideration as part of an acquisition | 490 | ||
Cash paid for: | |||
Income taxes paid | 2,634 | 5,870 | 4,551 |
Interest paid | $ 1,627 | $ 1,637 | $ 1,956 |
Note 1 - Description of Busines
Note 1 - Description of Business and Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2020 | |
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 In this Annual Report on Form 10 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 in which we can establish a strong presence and achieve high gross margins. As of March 31, 2020 four third March 31, 2020 ( 2020" 4. no Principals of Consolidation and Basis of Presentation Our Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and include our accounts and our wholly owned subsidiaries after elimination of all intercompany accounts and transactions. GPT results are consolidated with Mesa's financial statements beginning November 1, 2019, first not not March 31, 2020. Management Estimates The preparation of our Consolidated Financial Statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in our Consolidated Financial Statements and accompanying notes. Actual results could differ from our estimates under different assumptions or conditions. Summary of Significant Accounting Policies Foreign Currency Exchange rate adjustments resulting from foreign currency transactions are recognized in net earnings, whereas effects resulting from the translation of financial statements are reflected as a component of accumulated other comprehensive income (loss) within stockholders’ equity. Assets and liabilities of subsidiaries operating outside the United States with a functional currency other than U.S. dollars are translated into U.S. dollars using year end exchange rates and statements of operations accounts are translated at weighted average rates. Fair Value of Financial Instruments Fair value is the price we would receive to sell an asset or pay to transfer a liability (exit price) in an orderly transaction between market participants. For assets and liabilities recorded or disclosed at fair value on a recurring basis, we determine fair value based on the following: Level 1: Level 2: 1, not Level 3: Revenue Recognition Our revenues come from product sales, which include hardware and software, and consumables; as well as services, which include installation, discrete maintenance services, and ongoing maintenance contracts. Revenue is recognized when obligations under the terms of a contract are satisfied, which occurs when control of the promised products or services is transferred to our customers. We recognize as revenue the amount of consideration we expect to receive in exchange for transferring products or services to our customers (the transaction price). For all revenue arrangements, prices are fixed at the time of purchase and no 12 Product sales: Services: three 1 2 3 may no may may not may Collectability is reasonably assured through our customer credit and review process, and payment is typically due within 60 one not not one None March 31, 2020. Contracts with customers may not Shipping and handling Payments by customers to us for shipping and handling costs are included in revenues on the consolidated statements of operations, while our expense is included in cost of revenues. Shipping and handling for inventory and materials purchased by us is included as a component of inventory on the consolidated balance sheets, and in cost of revenues when the product is sold. Unearned Revenues Certain of our products have associated annual service contracts whereby we provide repair, technical support, and various other analytical or maintenance services. In the event that these contracts are paid up front by the customer, the associated amounts are deferred and recognized ratably over the term of the service period, generally one Accrued Warranty Expense We provide limited product warranty on our products and, accordingly, accrue an estimate of the related warranty expense at the time of sale. Cash and Equivalents We classify all highly liquid investments with a maturity of three three Accounts Receivable and Allowance for Doubtful Accounts All trade accounts are reported at net realizable value on the accompanying Consolidated Balance Sheets, adjusted for any write-offs and net of allowances for doubtful accounts. The allowance for doubtful accounts represents our best estimate of the credit losses expected from our trade accounts. We use judgment about the timing, frequency, and severity of credit losses to determine the allowances, and a difference from our original judgment could materially affect the provision for credit losses and, therefore, net earnings. We regularly perform detailed reviews of our receivables to determine if an impairment has occurred and we evaluate the collectability of receivables based on a combination of various financial and qualitative factors that may not $1, $13 $17 March 31, 2020 2019 2018 Inventories Inventories include the costs of materials, labor, and overhead. Inventories are stated at the lower of cost or net realizable value, using the estimated average cost per unit to determine cost. We evaluate labor and overhead costs annually, unless specific circumstances necessitate a mid-year evaluation. Our work in process and finished goods inventory includes raw materials, labor and overhead, which are estimated based on trailing twelve We monitor inventory cost compared to selling price in order to determine if a lower of cost or net realizable value reserve is necessary. Throughout the year, we perform various physical cycle count procedures on our inventories and we estimate and maintain an inventory reserve, as needed, for such matters as obsolete inventory, shrink and scrap. Property, Plant and Equipment Property, plant and equipment are stated at cost. Expenditures for major renewals and improvements are capitalized, while expenditures for minor replacements, maintenance and repairs are expensed as incurred. Depreciation is calculated using the straight-line method over the estimated useful lives of our assets. Upon retirement or disposal of assets, the accounts are relieved of cost and accumulated depreciation and any related gain or loss is reflected in other expense, net in the accompanying Consolidated Statements of Operations. At least annually, we evaluate, and adjust when necessary, the estimated lives of property, plant and equipment. Any changes in estimated useful lives are recorded prospectively. Estimated useful lives of depreciable assets are as follows: Category Useful Lives Buildings (years) 40 Manufacturing Equipment (years or less) 7 Computer equipment (years or less) 3 Land is not not Leases We adopted ASU 2016 02, 842 842” April 1, 2019. 842, not not 12 Under the new lease standard, a contract is a lease or contains one 1 2 not none not Our leases typically contain rent escalations over the lease term. We recognize expense for these leases on a straight-line basis over the lease term. Lease expense is recorded in cost of products, selling, general and administrative, or research and development on our Statements of Operations, depending on the nature of use of the underlying asset. Many of our leases include one Goodwill and Intangible Assets Goodwill and other intangible assets result from our acquisition of existing businesses. Goodwill and indefinite-lived intangible assets (trademarks that we intend to renew and continue using indefinitely) are not may not Upon an acquisition, we record the fair value of identifiable intangible assets using, among other sources of relevant information, independent appraisals, or actuarial or other valuations. We determine the useful lives of our finite intangible assets after considering the specific facts and circumstances related to each intangible asset. Factors we consider when determining useful lives include the contractual term of any agreement related to the asset, the historical performance of the asset, our long-term strategy for using the asset, any laws or other local regulations which could impact the useful life of the asset and other economic factors, including competition and specific market conditions. Intangible assets that are deemed to have definite lives are amortized on a straight-line basis, over their useful lives, generally ranging from three 16 8. may not The fair value measurement for intangible asset impairment is based on Level 3 first March 31, 2020. Research & Development Costs We conduct research and development activities for the purpose of developing new products and enhancing the functionality, effectiveness, reliability, and accuracy of existing products. Research and development expense is predominantly comprised of labor costs and third Stock-based Compensation We issue shares in the form of stock options and full-value awards as part of employee compensation pursuant to the Mesa Laboratories, Inc. 2014 "2014 four five six one The fair value of each stock option granted is estimated on the grant date using the Black-Scholes option valuation model. The assumptions used to calculate the fair value of options granted reflect market conditions and our historical experience. We estimate forfeitures based on historical data when determining the amount of stock-based compensation costs to be recognized in each period using a dynamic forfeiture model. Restricted stock units ("RSUs") issued by us are equivalent to nonvested shares under the applicable accounting guidance. The fair value of RSUs is based on the closing price of Mesa's common stock on the award date, less the present value of expected dividends not may Income Taxes Income tax expense includes U.S., state, local and international income taxes, plus a provision for U.S. taxes on undistributed earnings of foreign subsidiaries and other prescribed foreign entities not not We are involved in various tax matters, with respect to some of which the outcome is uncertain. We establish reserves to remove some or all of the tax benefit of any of our tax positions at the time we determine that it becomes uncertain based upon one 1 not not” 2 not” 3 not” not not 1 2 3 may not” first one 1 not” 2 3 14. Acquisition Related Contingent Consideration Liabilit ies Acquisition related contingent consideration liabilities consist of estimated amounts due under various acquisition agreements and is typically based on either revenues growth or specified profitability growth metrics. At each reporting period, we evaluate the expected future payments and the associated discount rate to determine the fair value of the contingent consideration, and record any necessary adjustments in other expense, net on the Consolidated Statements of Operations. Legal Contingencies We are involved in various claims and legal proceedings that arise in the normal course of business. We record an accrual for legal contingencies when we determine that it is probable that we have incurred a liability and we can reasonably estimate the amount of the loss (See Note 15. Acquisitions For the years ended March 31, 2020 2019 2018 $184,102, $4,840, $15,518, Recently Issued Accounting Pronouncements In June 2016, No. 2016 13, Financial Instruments -Credit Losses (Topic 316 No. 2018 19, Codification Improvements to Topic 326, may December 15, 2019, 19 Recently Adopted Accounting Pronouncements In February 2016, 2016 02, Leases (Topic 842 12 On April 1, 2019, 2016 02 April 1, 2019 842, not 840, Leases. not As part of adopting the new lease standard, we have made the following elections: ● To carry forward the historical lease determination and classification conclusions as established under the old standard, and not ● Not one ● For all classes of underlying assets, to account for non-lease components of a contract separately from the lease component to which they are related. As a result of the cumulative impact of adopting ASU 2016 02, $1,461 $1,411 April 1, 2019. 7. Leases 842. |
Note 2 - Revenue Recognition
Note 2 - Revenue Recognition | 12 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | Note 2 . Revenue Recognition We design, manufacture, market, sell, and maintain quality control instruments and software, consumables, and services driven primarily by the regulatory requirements of niche markets. Our consumables, such as biological indicator test strips are typically used on a standalone basis; however, some, that are used in protein synthesis and calibration solutions, are also critical to the ongoing use of our instruments. Hardware and software sales, such as medical meters, protein synthesizers, wireless sensor systems, and data loggers are generally driven by our acquisition of new customers, growth of existing customers, or customer replacement of existing equipment. Hardware sales may one The following tables present disaggregated revenues for the years ended March 31, 2020 2019 2018 Year Ended March 31, 2020 Sterilization and Disinfection Control Instruments Biopharmaceutical Development Continuous Monitoring Corporate and Other Total Discrete Revenues Consumables $ 42,654 $ 3,197 $ 4,981 $ 43 $ 2,436 $ 53,311 Hardware and Software 551 25,627 6,015 7,897 -- 40,090 Services 1,592 9,160 1,761 2,396 27 14,936 Contracted Revenues Services 4,863 -- 1,094 3,393 -- 9,350 Total Revenues $ 49,660 $ 37,984 $ 13,851 $ 13,729 $ 2,463 $ 117,687 Year Ended March 31, 2019 Sterilization and Disinfection Control Instruments Biopharmaceutical Development Continuous Monitoring Corporate and Other Total Discrete Revenues Consumables $ 39,670 $ 3,101 $ -- $ 388 $ 6,430 $ 49,589 Hardware and Software 580 24,500 -- 6,987 142 32,209 Services 1,209 8,524 -- 2,001 335 12,069 Contracted Revenues Services 4,838 -- -- 4,430 -- 9,268 Total Revenues $ 46,297 $ 36,125 $ -- $ 13,806 $ 6,907 $ 103,135 Year Ended March 31, 2018 Sterilization and Disinfection Control Instruments Biopharmaceutical Development Continuous Monitoring Corporate and Other Total Discrete Revenues Consumables $ 36,436 $ 3,080 $ -- $ 261 $ 5,197 $ 44,974 Hardware and Software 925 23,345 -- 5,051 91 29,412 Services 1,110 7,679 -- 2,017 549 11,355 Contracted Revenues Services 4,789 -- -- 5,649 -- 10,438 Total Revenues $ 43,260 $ 34,104 $ -- $ 12,978 $ 5,837 $ 96,179 Contract Balances Our contracts have varying payment terms and conditions. Some customers prepay for services, resulting in unearned revenues or customer deposits, called contract liabilities, which are included within other accrued expenses and unearned revenues in the accompanying Consolidated Balance Sheets. Contract assets would exist when sales are recorded (i.e. the control of the goods or services has been transferred to the customer), but customer payment is contingent on a future event besides the passage of time (such as satisfaction of additional performance obligations). We do not not A summary of contract liabilities is as follows: Contract liabilities balance as of March 31, 2019 $ 4,426 Prior year liabilities recognized in revenues during the Year Ended March 31, 2020 (4,741 ) Contract liabilities added during the Year Ended March 31, 2020, net of revenues recognized 7,532 Contract liabilities balance as of March 31, 2020 $ 7,217 Unearned revenues of $2,716 March 31, 2020. 12 |
Note 3 - Fair Value Measurement
Note 3 - Fair Value Measurements | 12 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 3. Our financial instruments consist primarily of cash and cash equivalents, trade accounts receivable, obligations under trade accounts payable and debt. Due to their short-term nature, the carrying values for cash and cash equivalents, trade accounts receivable and trade accounts payable approximate fair value. We measure our cash equivalents at fair value, and classify them within Level 1 March 31, 2020 March 31, 2019, $66,735 $0, March 31, 2020. March 31, 2019 Cash and cash equivalents and accounts receivables are the financial instruments that subject us to the highest concentration of credit risk. It is our policy to invest cash equivalents in highly liquid financial instruments with high credit ratings, and low exposure to a single issuer (except U.S. treasuries). Concentration of credit risk with respect to accounts receivable is limited to customers to which we make significant sales. We reserve an allowance for potential write-offs of accounts receivable, but we have not During the year ended March 31, 2020, $172,500 1.375% August 15, 2025 ( March 31, 2020 March 31, 2019 Carrying Value Fair Value (Level 2) Carrying Value Fair Value Notes $ 140,278 $ 173,363 $ -- $ -- The Notes are discussed in more detail in Note 10. Assets recognized or disclosed at fair value on the consolidated financial statements on a nonrecurring basis include items such as property and equipment, operating lease assets, goodwill, and other intangible assets. These assets are measured at fair value if determined to be impaired. Preliminary fair values assigned to the assets and liabilities acquired in the GPT Acquisition were measured using Level 3 4. no March 31, 2020 March 31, 2019 |
Note 4 - Significant Transactio
Note 4 - Significant Transactions | 12 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Significant Transactions [Text Block] | Note 4. GPT Acquisition On October 31, 2019, 100% $181,547 three September 30, 2019. November 1, 2019. Preliminary Allocation of Purchase Price We accounted for the GPT Acquisition as the purchase of a business under U.S. GAAP. Under the acquisition method of accounting, the assets of GPT will be recorded as of the acquisition date, at their respective estimated fair values, and consolidated with those of Mesa. The estimated consideration and preliminary purchase price allocation has been prepared using a preliminary valuation. We obtained the information used to prepare the preliminary valuation during due diligence and from other sources. Only items identified as of the acquisition date are considered for subsequent adjustment. The preparation of the valuation required the use of Level 3 not may three March 31, 2020. 1 $1,140 $834 2 $42,873 $1,706. March 31, 2020. one may Note Fair Value at October 31, 2019 Cash and cash equivalents $ 4,654 Accounts receivable, net (a) 6,663 Inventories, net (b) 16,274 Prepaid income taxes 477 Prepaid expenses and other 13,649 Property, plant and equipment, net 645 Other assets 1,469 Deferred taxes 10,340 Intangible assets: Customer relationships (c) 89,705 Trade name (c) 2,321 Non-compete agreements (c) 156 Acquired technology (c) 7,720 Goodwill (d) 77,162 Total Assets acquired $ 231,235 Accounts payable 599 Accrued salaries and payroll taxes 10,735 Other short-term liabilities 157 Unearned revenues 2,089 Other accrued expenses 5,068 Deferred taxes 25,421 Other long-term liabilities 965 Total liabilities assumed $ 45,034 Total closing amount, net of cash acquired $ 181,547 (a) Accounts receivable is composed of trade accounts receivable, net, which is expected to be collected. (b) Finished goods inventory of GPT includes $11,818 nine November 1, 2019 March 31, 2020, $8,502 (c) Customer relationships and acquired technology are currently expected to be amortized on a straight line basis over a 10 five 9.9 November 1, 2019 March 31, 2020, $3,742 $314 (d) Acquired goodwill is allocated to the Biopharmaceutical Development reportable segment and represents the value expected to arise from organic revenues growth projections that are expected to exceed that of our legacy divisions, and the opportunity to expand into a new market with well-established market share. The goodwill acquired is not The final purchase price allocation will be determined when we have completed the detailed valuations and necessary calculations. The final allocation could differ materially from the preliminary allocation used in the pro forma adjustments. The final allocation may not 1 2 3 Acquisition related costs of $1,399 March 31, 2020 not Unaudited Pro Forma Information GPT's operations contributed $13,830 $7,433 March 31, 2020. November 1, 2019, April 1, 2018 not not April 1, 2018 Year Ended March 31, 2020 2019 Pro forma total revenues (1) $ 149,578 $ 134,843 Pro forma net income (loss) (2) 7,636 (7,269 ) ( 1 ( 2 ● Excludes acquisition-related transaction costs incurred in the year ended March 31, 2020. ● Excludes interest expense attributable to GPT's external debt that was paid off as part of the acquisition. ● Additional amortization expense of $ 9,774 March 31, 2020 March 31, 2019 ● Additional charge to cost of revenues of $11,818 March 31, 2019 $8,502 March 31, 2020 first ● Removal of non-cash impairment of goodwill in the amount of $20,676 December 31, 2018, not January 1, 2018. ● Additional stock based compensation expense representing expense for performance share units awarded to certain key GPT employees. ● Income tax effect of the adjustments made at a blended federal and state statutory rate (approximately 25% IBP Acquisition On April 1, 2019, March 31, 2020, 3 Under the terms of the IBP agreement, we are required to pay contingent consideration if the company is able to achieve certain regulatory milestones. The potential undiscounted consideration payable ranges from $0 $490, not $490 Dissolution of Packaging Division During the year ended March 31, 2019, March 31, 2020 no March 31, 2020, March 31, 2020, third 2020. $276. $51 $150 March 31, 2020 March 31, 2019, no March 31, 2020, $187, no not |
Note 5 - Inventories
Note 5 - Inventories | 12 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | Note 5. Inventories Inventories consist of the following: March 31, 2020 March 31, 2019 Raw materials $ 6,757 $ 6,804 Work-in-process 329 428 Finished goods 9,768 2,524 Less: reserve (2,624 ) (2,984 ) Inventories, net $ 14,230 $ 6,772 As of March 31, 2020, $2,901, 4. |
Note 6 - Property, Plant and Eq
Note 6 - Property, Plant and Equipment | 12 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 6 . Property, Plant and Equipment Property, plant and equipment were as follows: March 31, 2020 March 31, 2019 Land $ 889 $ 889 Buildings 18,880 18,648 Manufacturing equipment 9,851 8,732 Computer equipment 3,601 3,698 Construction in progress 242 107 Other 1,344 1,393 Gross total 34,807 33,467 Accumulated depreciation (12,741 ) (11,242 ) Property, plant, and equipment, net $ 22,066 $ 22,225 Depreciation expense for the years ended March 31, 2020 2019 2018 $2,234, $2,338, $2,542 |
Note 7 - Leases
Note 7 - Leases | 12 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | Note 7. As of March 31, 2020, March 31, 2020 4. four The following table presents the lease balances within the Consolidated Balance Sheets related to our operating leases as of March 31, 2020: Lease Assets and Liabilities Balance Sheet Location March 31, 2020 Operating lease ROU asset Other assets $ 2,480 Current operating lease liabilities Other accrued expenses 1,095 Noncurrent operating lease liabilities Other long-term liabilities 1,262 Lease term and discount rates were as follows as of March 31, 2020: March 31, 2020 Weighted average remaining lease term in years 2.3 Weighted average discount rate 3.9 % The components of lease costs were as follows: Year Ended March 31, 2020 Operating lease expense $ 987 Variable lease expense 68 Total lease expense $ 1,055 Supplemental cash flow information related to leases were as follows: Year Ended March 31, 2020 Cash paid for amounts included in the measurements of lease liabilities $ 914 Operating lease assets obtained in exchange for operating lease obligations 1,845 Maturities of lease liabilities were as follows as of March 31, 2020: 2021 $ 1,205 2022 854 2023 416 Future value of lease liabilities 2,475 Less: imputed interest 118 Present value of lease liabilities $ 2,357 |
Note 8 - Goodwill and Long-live
Note 8 - Goodwill and Long-lived Assets | 12 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 8 . Goodwill and Long-Lived Assets Goodwill arises from the purchase price for acquired businesses exceeding the fair value of tangible and intangible assets acquired, less assumed liabilities. We assess the goodwill of each of our reporting units for impairment at least annually during the fourth not In conjunction with our exit from the Cold Chain Packaging business, we impaired $296 March 31, 2020. March 31, 2019, $1,075 $3,378 $229 The change in the carrying amount of goodwill was as follows: Sterilization and Disinfection Control Instruments Biopharmaceutical Development Continuous Monitoring Corporate and Other Total March 31, 2018 $ 30,503 $ 18,235 $ -- $ 15,404 $ 1,401 $ 65,543 Effect of foreign currency translation (723 ) -- -- -- (67 ) (790 ) Acquisitions -- -- -- 2,699 -- 2,699 Impairment -- -- -- -- (1,075 ) (1,075 ) March 31, 2019 29,780 18,235 -- 18,103 259 66,377 Effect of foreign currency translation (186 ) (20 ) (2,447 ) -- (1 ) (2,654 ) Acquisitions -- 908 77,162 -- -- 78,070 Impairment -- -- -- -- (258 ) (258 ) March 31, 2020 $ 29,594 $ 19,123 $ 74,716 $ 18,103 $ -- $ 141,536 Other intangible assets are as follows: March 31, 2020 March 31, 2019 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intellectual property $ 15,731 $ (6,454 ) $ 9,277 $ 7,690 $ (5,301 ) $ 2,389 Trade names 5,839 (2,855 ) 2,984 3,739 (2,542 ) 1,197 Customer relationships 146,106 (38,777 ) 107,329 61,198 (31,584 ) 29,614 Non-compete agreements 1,447 (1,166 ) 281 1,581 (1,562 ) 19 Total $ 169,123 $ (49,252 ) $ 119,871 $ 74,208 $ (40,989 ) $ 33,219 Trade names initially valued at $2,321 not March 31, 2020 Description Estimated Useful Life (Years) Weighted Average Remaining Life (Years) Intellectual Property 10 15 9.5 Trade Name 5 10 4.4 Customer Relationships 5 10 9.5 Non-compete Agreements 5 10 4.4 The increase in intangible assets during the year ended March 31, 2019 4. The following is estimated amortization expense for the years ending March 31: 2021 $ 14,813 2022 14,448 2023 14,240 2024 13,724 2025 12,129 Amortization expense of intangibles acquired in a business combination for the years ended March 31, 2020 2019 2018 $10,637, $7,090, $6,929, |
Note 9 - Supplemental Balance S
Note 9 - Supplemental Balance Sheets Information | 12 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | Note 9. Accrued payroll and benefits consisted of the following: March 31, 2020 March 31, 2019 Bonus payable $ 4,069 $ 4,631 Wages payable 2,485 1,950 Payroll taxes 2,228 683 Other benefits payable 158 60 Total accrued payroll and benefits $ 8,940 $ 7,324 Other accrued expenses consist of the following: March 31, 2020 March 31, 2019 Accrued business taxes $ 3,796 $ 2,356 Current lease liabilities 1,095 -- Interest payable 296 80 Professional services fees 857 334 Other 248 1,234 Total other accrued expenses $ 6,292 $ 4,004 |
Note 10 - Indebtedness
Note 10 - Indebtedness | 12 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 10 . Indebtedness During the year ended March 31, 2020, $20,000 $80,000 $238 On August 12, 2019, $172,500 $22,500. $167,070. August 15, 2025, 1.375% February 15 August 15 February 15, 2020. The Notes are initially convertible at a conversion rate of 3.5273 $1,000 $283.50 may December 31, 2019 130% 20 30 five 10 10 $1,000 98% April 15, 2025 second may not March 31, 2020. March 31, 2020, not If a fundamental change occurs prior to the maturity date, holders may 100% may As of March 31, 2020, not not March 31, 2020. We accounted for the transaction by bifurcating the Notes into liability and equity components. The carrying amount of the liability component was $141,427 not 3 no 2 $31,073 not six Debt issuance costs related to the Notes comprised of discounts and commissions payable to the initial purchasers of $5,175 third $255. $4,452 The net carrying amount of the Notes were as follows: March 31, 2020 March 31, 2019 Principal outstanding $ 172,500 $ -- Unamortized debt discount (28,205 ) -- Unamortized debt issuance costs (4,017 ) -- Net carrying value $ 140,278 $ -- The net carrying amount of the equity component of the Notes were as follows: March 31, 2020 March 31, 2019 Amount allocated to conversion option $ 31,073 $ -- Less: allocated issuance costs and deferred taxes (8,338 ) -- Equity component, net $ 22,735 $ -- We recognized interest expense on the Notes as follows: Year Ended March 31, 2020 2019 Coupon interest expense at 1.375% $ 1,502 $ -- Amortization of debt discounts and issuance costs 3,314 -- Total $ 4,816 $ -- The effective interest rate of the liability component of the note is approximately 5.5%. |
Note 11 - Stock Transactions an
Note 11 - Stock Transactions and Stock-based Compensation | 12 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | Note 11 . Stock Transactions and Stock-Based Compensation In November 2005, 300,000 may no March 31, 2020 2019 2018 March 31, 2020 162,486 Under applicable law, Colorado corporations are not Public Offering of Common Stock August 12, 2019, 431,250 56,250 $210.00 $84,995. Stock-Based Compensation Pursuant to the Mesa Laboratories, Inc. 2014 2014 2014 five one 2014 1,100,000 499,548 March 31, 2020 Stock-based compensation expense recognized in the Consolidated Financial Statements was as follows: Year Ended March 31, 2020 2019 2018 Stock-based compensation expense (A) $ 5,525 $ 4,212 $ 1,672 Amount of income tax (benefit) recognized in earnings (1,576 ) (2,370 ) (1,194 ) Stock-based compensation expense, net of tax $ 3,949 $ 1,842 $ 478 (A) March 31, 2019, one $945, March 31, 2019. Stock Options The weighted average assumptions utilized in the Black-Scholes option-pricing model to estimate the fair value of stock option awards granted each year were as follows: 2020 2019 2018 Risk-free interest rate 1.80 % 2.63 % 1.88 % Expected life (years) 4.33 5.00 5.52 Expected dividend yield 0.13 % 0.45 % 0.54 % Volatility 36.52 % 35.96 % 32.92 % Weighted-average Black-Scholes fair value per share at date of grant $ 66.02 $ 54.02 $ 39.06 The expected life of options represents the estimated period of time until exercise and is based on historical experience of similar awards, giving consideration to the contractual terms, vesting schedules, and expectations of future employee behavior. Expected stock price volatility is based on historical volatility of our own stock price over the period of time commensurate with the expected life of the award. The risk-free 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 assumption is based on our anticipated cash dividend payouts. The amounts shown above for the estimated fair value per option granted are before the estimated effect of forfeitures, which reduces the amount of expense recorded in our Consolidated Statements of Operations. We base forfeiture rates on company-specific historical experience of similar awards for similar subsets of our employee population. Stock option activity under The 2006 2014 March 31, 2020, Stock Options Shares Subject to Options Weighted- Average Exercise Price per Share Weighted-Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding at March 31, 2019 354 $ 94.04 3.8 48,301 Awards granted 29 206.35 Awards forfeited or expired (36 ) 100.18 Awards exercised or distributed (61 ) 79.81 Outstanding as of March 31, 2020 286 $ 107.72 3.1 $ 33,927 Exercisable as of March 31, 2020 121 $ 88.77 2.7 $ 16,583 Vested and expected to vest, March 31, 2020 278 $ 107.32 3.1 $ 33,031 The total intrinsic value of stock options exercised during the years ended March 31, 2020 2019 2018 $9,574, $10,895, $6,309, March 31, 2020 $4,285 2.8 $1,912, $2,400, $1,927 March 31, 2020 2019 2018 March 31, 2019 March 31, 2018 $144.96 $123.13, Time-Based Restricted Stock Units (RSUs) RSU activity under The 2014 Time-Based Restricted Stock Units Number of Shares Weighted- Average Grant Date Fair Value per Share Weighted- average Remaining Contractual Life (Years) Aggregate Intrinsic Value Nonvested at March 31, 2019 21 $ 146.92 2.1 $ 4,773 Awards granted 16 213.31 Awards forfeited or expired (3 ) 161.58 Awards distributed (6 ) 160.87 Nonvested as of March 31, 2020 28 $ 180.15 1.7 $ 6,258 There were 26 $180.85 March 31, 2020 March 31, 2019 2018 $157.14 $136.26, $3,654 March 31, 2020 $959, $460, $123 March 31, 2020 2019 2018 Performance-Based Restricted Stock Units (PSUs) PSU activity under The 2014 Performance-Based Restricted Stock Units Number of Shares Weighted- Average Grant Date Fair Value per Share Weighted- average Remaining Contractual Life (Years) Aggregate Intrinsic Value Nonvested at March 31, 2019 10 $ 192.99 2.2 $ 2,382 Awards granted 13 215.47 Awards forfeited or expired (1 ) 217.00 Awards distributed -- - Nonvested as of March 31, 2020 22 $ 204.68 1.6 $ 4,903 Since our PSU agreements allow for participants to vest in more than the targeted number of shares in the agreement and one 40 $195.25 March 31, 2019, $192.99. $4,455 March 31, 2020, 1.6 No March 31, 2020, March 31, 2019, March 31, 2018. During the year ended March 31, 2020, $240.52 January 1, 2020 March 31, 2021. 0% 150% 90% no March 31, 2020, no 19 three March 31, 2020. During the three June 30, 2019, $202.00 three April 1, 2019 March 31, 2022 12 June 15, 2022. 0% 200% not no March 31, 2019, 11 $192.99 three April 1, 2018 March 31, 2021, 12 June 15, 2021. 0% 400% not no During the three December 31, 2019, 19 7. third March 31, 2019. March 31, 2020 $472 $359 $0.08 $375 |
Note 12 - Earnings (Loss) Per S
Note 12 - Earnings (Loss) Per Share | 12 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 12 . Earnings (Loss) Per Share Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the reporting period. Diluted earnings (loss) per share (“diluted EPS”) is computed similarly to basic earnings (loss) per share, except that it includes the potential dilution that could occur if dilutive securities were exercised. Potentially dilutive securities include common shares related to stock options and RSUs (collectively “stock awards”). Stock awards are excluded from the calculation of diluted EPS in the event that they are subject to performance conditions that have not no March 31, 2018 The impact of the assumed conversion of the Notes calculated under the if-converted method was anti-dilutive, and as such shares underlying the Notes were excluded from the diluted EPS calculation for the year ended March 31, 2020. The following table presents a reconciliation of the denominators used in the computation of basic and diluted earnings (loss) per share (shares in thousands): Year Ended March 31, 2020 2019 2018 Net income (loss) available for shareholders $ 1,349 $ 7,484 (2,962 ) Weighted average outstanding shares of common stock 4,200 3,839 3,770 Dilutive effect of stock options 159 186 -- Dilutive effect of non-vested shares 12 8 -- Fully diluted shares 4,371 4,033 3,770 Basic $ 0.32 $ 1.95 $ (0.79 ) Diluted $ 0.31 $ 1.86 $ (0.79 ) The following stock awards were excluded from the calculation of diluted EPS: Year Ended March 31, 2020 2019 2018 Assumed conversion of convertible debt 387 -- -- Stock awards that were anti-dilutive 24 1 106 Stock awards subject to performance conditions 18 10 -- Total stock awards excluded from diluted EPS 429 11 106 |
Note 13 - Employee Benefit Plan
Note 13 - Employee Benefit Plans | 12 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | Note 13 . Employee Benefit Plan s We adopted the Mesa Laboratories, Inc. 401 January 1, 2000. 100% first 4% first $661, $663, $680, March 31, 2020 2019 2018 |
Note 14 - Income Taxes
Note 14 - Income Taxes | 12 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 14 . Income Taxes Earnings before income taxes are as follows: Year Ended March 31, 2020 2019 2018 Domestic $ 15,630 $ 12,133 $ 12,708 Foreign (12,197 ) (3,510 ) (12,407 ) Total earnings before income taxes $ 3,433 $ 8,623 $ 301 The components of our provision for income taxes are as follows: Year Ended March 31, 2020 2019 2018 Current tax provision U.S. Federal $ 2,348 $ 1,831 $ 3,732 U.S. State 814 449 715 Foreign 993 1,166 1,299 Total current tax expense 4,155 3,446 5,746 Deferred tax provision: U.S. Federal 60 (741 ) (1,589 ) U.S. State 599 (106 ) (216 ) Foreign (2,730 ) (1,460 ) (678 ) Total deferred tax expense (2,071 ) (2,307 ) (2,483 ) Total income tax expense $ 2,084 $ 1,139 $ 3,263 The components of net deferred tax assets and liabilities are as follows: March 31, 2020 March 31, 2019 Deferred tax assets: Accrued employee-related expenses $ 208 $ 163 Allowances and reserves 105 100 Stock compensation deductible differences 1,265 1,061 Inventories 504 1,534 Net operating loss 8,874 47 Foreign tax credit -- 16 Credits 47 -- Other 458 807 Total deferred tax assets 11,461 3,728 Deferred tax liabilities: Property, plant and equipment (1,286 ) (1,118 ) Goodwill and intangible assets (24,825 ) (2,249 ) Debt (5,982 ) -- Currency translation adjustment (64 ) (33 ) Other (1 ) (6 ) Total deferred tax liabilities (32,158 ) (3,406 ) Valuation allowance (391 ) (76 ) Net deferred tax asset (liability) $ (21,088 ) $ 246 A reconciliation of our income tax provision and the amounts computed by applying statutory rates to income before income taxes is as follows: Year Ended March 31, 2020 2019 2018 Federal income taxes at statutory rates $ 721 $ 1,811 $ 93 State income taxes, net of federal benefit 1,147 208 328 Tax benefit of stock option exercises (1,576 ) (2,034 ) (1,087 ) Section 199 manufacturing deduction -- -- (381 ) Research and development credit (191 ) (158 ) (162 ) Tax Cuts and Jobs Act -- -- (59 ) Impairment of non-deductible goodwill -- 284 4,257 Limitation for 162(m) 1,112 766 -- Foreign rate differential 657 Other 214 262 274 Total income tax expense $ 2,084 $ 1,139 $ 3,263 We or one 2016, 2015 2015 may We recognize interest and penalties related to unrecognized tax benefits in other expense and general and administrative expense, respectively. Accrued interest and penalties related to unrecognized tax benefits were $19, $40 $24 March 31, 2020 2019 2018 A reconciliation of the changes in the gross balance of unrecognized tax benefit amounts is as follows: Year Ended March 31, 2020 2019 2018 Beginning balance $ 1,361 $ 827 $ 331 Decreases related to prior period tax positions (1,027 ) -- -- Increases related to current period tax positions 319 534 496 Ending balance $ 653 $ 1,361 $ 827 We expect that the amount of unrecognized tax benefits will change in the next 12 not 12 As of March 31, 2020 $12,900. no not may not no As of March 31, 2020 $8,874 not $15 2028. |
Note 15 - Commitments and Conti
Note 15 - Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 15. We are party to various legal proceedings arising in the ordinary course of business. As of March 31, 2020, not In February 2018, January 2019, $3,300, May 28, 2019. March 31, 2019 March 31, 2020. |
Note 16 - Segment Data
Note 16 - Segment Data | 12 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 16. Segment information is prepared on the same basis that our CEO, who is our Chief Operating Decision Maker, manages the segments, evaluates financial results, and makes key operating decisions. We have four March 31, 2020, March 31, 2020, no Year Ended March 31, 2020 Sterilization and Disinfection Control Instruments Biopharmaceutical Development Continuous Monitoring Corporate and Other Total Revenues (1) $ 49,660 $ 37,984 $ 13,851 $ 13,729 $ 2,463 $ 117,687 Gross profit (loss) $ 35,758 $ 24,229 $ 382 $ 4,146 $ 418 $ 64,933 Reconciling items (2) (61,500 ) Earnings before income taxes $ 3,433 Year Ended March 31, 2019 Sterilization and Disinfection Control Instruments Biopharmaceutical Development Continuous Monitoring Corporate and Other Total Revenues (1) $ 46,297 $ 36,125 $ -- $ 13,806 $ 6,907 $ 103,135 Gross profit $ 31,861 $ 22,866 $ -- $ 5,582 $ 607 $ 60,916 Reconciling items (2) (52,293 ) Earnings before income taxes $ 8,623 Year Ended March 31, 2018 Sterilization and Disinfection Control Instruments Biopharmaceutical Development Continuous Monitoring Corporate and Other Total Revenues (1) $ 43,260 $ 34,104 $ -- $ 12,978 $ 5,837 $ 96,179 Gross profit $ 29,333 $ 20,395 $ -- $ 3,854 $ 1,037 $ 54,619 Reconciling items (2) (54,318 ) Earnings before income taxes $ 301 ( 1 Intersegment revenues are not ( 2 Reconciling items include selling, general and administrative, research and development, impairment of goodwill and long-lived assets, legal settlement, and nonoperating expenses. We evaluate the performance of our operating segments based on revenues, organic revenues growth, and gross margin. The accounting policies of the operating segments are the same as those described in Note 1. not The following table sets forth capital expenditures by reportable segment: Sterilization and Disinfection Control Instruments Biopharmaceutical Development Continuous Monitoring Corporate and Other Total Year ended March 31, 2020 $ 291 $ 165 $ 233 $ 201 $ 608 $ 1,498 Year ended March 31, 2019 384 56 -- 254 568 1,262 Year ended March 31, 2018 1,007 254 -- 483 1,055 2,799 The following table sets forth depreciation and amortization by reportable segment: Sterilization and Disinfection Control Instruments Biopharmaceutical Development Continuous Monitoring Corporate and Other Total Year ended March 31, 2020 $ 902 $ 179 $ 358 $ 328 $ 11,223 $ 12,990 Year ended March 31, 2019 902 207 -- 272 8,047 9,428 Year ended March 31, 2018 823 263 -- 327 8,058 9,471 The following table sets forth total assets by reportable segment: March 31, 2020 March 31, 2019 Sterilization and Disinfection Control $ 73,103 $ 74,230 Instruments 31,025 30,911 Biopharmaceutical Development 182,758 -- Continuous Monitoring 29,732 32,179 Corporate and Other 103,588 19,447 Total $ 420,206 $ 156,767 The following table sets forth a summary of long-lived assets by geographic area. Long-lived assets exclude goodwill and intangible assets acquired in a business combination. As of March 31, 2020 2019 United States $ 34,767 $ 22,974 Foreign 1,240 574 Total long-lived assets $ 36,007 $ 23,548 Revenues from external customers are attributed to individual countries based upon locations to which the product is shipped or exported, as follows: Year Ended March 31, 2020 2019 2018 United States $ 66,344 $ 64,828 $ 56,998 Foreign 51,343 38,307 39,181 Total revenues $ 117,687 $ 103,135 $ 96,179 Revenues are shown based on the geographic location of our customers. No 10% No 10% |
Note 17 - Quarterly Results (Un
Note 17 - Quarterly Results (Unaudited) | 12 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | Note 17 . Quarterly Results (unaudited) Quarterly financial information for the years ended March 31, 2020 2019 not 2020 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 26,288 $ 25,536 $ 31,655 $ 34,208 Gross profit 16,139 15,476 14,677 18,641 Net income (loss) 4,597 3,062 (4,630 ) (1,680 ) Basic earnings (loss) per share $ 1.18 $ 0.74 $ (1.06 ) $ (0.38 ) Diluted earnings (loss) per share 1.13 0.71 (1.06 ) (0.37 ) 2019 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 25,142 $ 24,865 $ 26,682 $ 26,446 Gross profit 15,091 14,577 15,634 15,614 Net income 4,230 994 858 1,402 Basic earnings per share $ 1.11 $ 0.26 $ 0.22 $ 0.36 Diluted earnings per share 1.06 0.25 0.21 0.34 |
Note 18 - Subsequent Events
Note 18 - Subsequent Events | 12 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 18 . Subsequent Events In April 2020, $0.16 June 15, 2020, May 29, 2020. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Principals of Consolidation and Basis of Presentation Our Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and include our accounts and our wholly owned subsidiaries after elimination of all intercompany accounts and transactions. GPT results are consolidated with Mesa's financial statements beginning November 1, 2019, first not not March 31, 2020. |
Use of Estimates, Policy [Policy Text Block] | Management Estimates The preparation of our Consolidated Financial Statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in our Consolidated Financial Statements and accompanying notes. Actual results could differ from our estimates under different assumptions or conditions. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Exchange rate adjustments resulting from foreign currency transactions are recognized in net earnings, whereas effects resulting from the translation of financial statements are reflected as a component of accumulated other comprehensive income (loss) within stockholders’ equity. Assets and liabilities of subsidiaries operating outside the United States with a functional currency other than U.S. dollars are translated into U.S. dollars using year end exchange rates and statements of operations accounts are translated at weighted average rates. |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value of Financial Instruments Fair value is the price we would receive to sell an asset or pay to transfer a liability (exit price) in an orderly transaction between market participants. For assets and liabilities recorded or disclosed at fair value on a recurring basis, we determine fair value based on the following: Level 1: Level 2: 1, not Level 3: |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition Our revenues come from product sales, which include hardware and software, and consumables; as well as services, which include installation, discrete maintenance services, and ongoing maintenance contracts. Revenue is recognized when obligations under the terms of a contract are satisfied, which occurs when control of the promised products or services is transferred to our customers. We recognize as revenue the amount of consideration we expect to receive in exchange for transferring products or services to our customers (the transaction price). For all revenue arrangements, prices are fixed at the time of purchase and no 12 Product sales: Services: three 1 2 3 may no may may not may Collectability is reasonably assured through our customer credit and review process, and payment is typically due within 60 one not not one None March 31, 2020. Contracts with customers may not |
Shipping and Handling Cost, Policy [Policy Text Block] | Shipping and handling Payments by customers to us for shipping and handling costs are included in revenues on the consolidated statements of operations, while our expense is included in cost of revenues. Shipping and handling for inventory and materials purchased by us is included as a component of inventory on the consolidated balance sheets, and in cost of revenues when the product is sold. |
Revenue from Contract with Customer, Deferred Revenue [Policy Text Block] | Unearned Revenues Certain of our products have associated annual service contracts whereby we provide repair, technical support, and various other analytical or maintenance services. In the event that these contracts are paid up front by the customer, the associated amounts are deferred and recognized ratably over the term of the service period, generally one |
Standard Product Warranty, Policy [Policy Text Block] | Accrued Warranty Expense We provide limited product warranty on our products and, accordingly, accrue an estimate of the related warranty expense at the time of sale. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Equivalents We classify all highly liquid investments with a maturity of three three |
Accounts Receivable [Policy Text Block] | Accounts Receivable and Allowance for Doubtful Accounts All trade accounts are reported at net realizable value on the accompanying Consolidated Balance Sheets, adjusted for any write-offs and net of allowances for doubtful accounts. The allowance for doubtful accounts represents our best estimate of the credit losses expected from our trade accounts. We use judgment about the timing, frequency, and severity of credit losses to determine the allowances, and a difference from our original judgment could materially affect the provision for credit losses and, therefore, net earnings. We regularly perform detailed reviews of our receivables to determine if an impairment has occurred and we evaluate the collectability of receivables based on a combination of various financial and qualitative factors that may not $1, $13 $17 March 31, 2020 2019 2018 |
Inventory, Policy [Policy Text Block] | Inventories Inventories include the costs of materials, labor, and overhead. Inventories are stated at the lower of cost or net realizable value, using the estimated average cost per unit to determine cost. We evaluate labor and overhead costs annually, unless specific circumstances necessitate a mid-year evaluation. Our work in process and finished goods inventory includes raw materials, labor and overhead, which are estimated based on trailing twelve We monitor inventory cost compared to selling price in order to determine if a lower of cost or net realizable value reserve is necessary. Throughout the year, we perform various physical cycle count procedures on our inventories and we estimate and maintain an inventory reserve, as needed, for such matters as obsolete inventory, shrink and scrap. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment Property, plant and equipment are stated at cost. Expenditures for major renewals and improvements are capitalized, while expenditures for minor replacements, maintenance and repairs are expensed as incurred. Depreciation is calculated using the straight-line method over the estimated useful lives of our assets. Upon retirement or disposal of assets, the accounts are relieved of cost and accumulated depreciation and any related gain or loss is reflected in other expense, net in the accompanying Consolidated Statements of Operations. At least annually, we evaluate, and adjust when necessary, the estimated lives of property, plant and equipment. Any changes in estimated useful lives are recorded prospectively. Estimated useful lives of depreciable assets are as follows: Category Useful Lives Buildings (years) 40 Manufacturing Equipment (years or less) 7 Computer equipment (years or less) 3 Land is not not |
Lessee, Leases [Policy Text Block] | Leases We adopted ASU 2016 02, 842 842” April 1, 2019. 842, not not 12 Under the new lease standard, a contract is a lease or contains one 1 2 not none not Our leases typically contain rent escalations over the lease term. We recognize expense for these leases on a straight-line basis over the lease term. Lease expense is recorded in cost of products, selling, general and administrative, or research and development on our Statements of Operations, depending on the nature of use of the underlying asset. Many of our leases include one |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Intangible Assets Goodwill and other intangible assets result from our acquisition of existing businesses. Goodwill and indefinite-lived intangible assets (trademarks that we intend to renew and continue using indefinitely) are not may not Upon an acquisition, we record the fair value of identifiable intangible assets using, among other sources of relevant information, independent appraisals, or actuarial or other valuations. We determine the useful lives of our finite intangible assets after considering the specific facts and circumstances related to each intangible asset. Factors we consider when determining useful lives include the contractual term of any agreement related to the asset, the historical performance of the asset, our long-term strategy for using the asset, any laws or other local regulations which could impact the useful life of the asset and other economic factors, including competition and specific market conditions. Intangible assets that are deemed to have definite lives are amortized on a straight-line basis, over their useful lives, generally ranging from three 16 8. may not The fair value measurement for intangible asset impairment is based on Level 3 first March 31, 2020. |
Research and Development Expense, Policy [Policy Text Block] | Research & Development Costs We conduct research and development activities for the purpose of developing new products and enhancing the functionality, effectiveness, reliability, and accuracy of existing products. Research and development expense is predominantly comprised of labor costs and third |
Share-based Payment Arrangement [Policy Text Block] | Stock-based Compensation We issue shares in the form of stock options and full-value awards as part of employee compensation pursuant to the Mesa Laboratories, Inc. 2014 "2014 four five six one The fair value of each stock option granted is estimated on the grant date using the Black-Scholes option valuation model. The assumptions used to calculate the fair value of options granted reflect market conditions and our historical experience. We estimate forfeitures based on historical data when determining the amount of stock-based compensation costs to be recognized in each period using a dynamic forfeiture model. Restricted stock units ("RSUs") issued by us are equivalent to nonvested shares under the applicable accounting guidance. The fair value of RSUs is based on the closing price of Mesa's common stock on the award date, less the present value of expected dividends not may |
Income Tax, Policy [Policy Text Block] | Income Taxes Income tax expense includes U.S., state, local and international income taxes, plus a provision for U.S. taxes on undistributed earnings of foreign subsidiaries and other prescribed foreign entities not not We are involved in various tax matters, with respect to some of which the outcome is uncertain. We establish reserves to remove some or all of the tax benefit of any of our tax positions at the time we determine that it becomes uncertain based upon one 1 not not” 2 not” 3 not” not not 1 2 3 may not” first one 1 not” 2 3 14. |
Acquisition Related Contingent Consideration Liability, Policy [Policy Text Block] | Acquisition Related Contingent Consideration Liabilit ies Acquisition related contingent consideration liabilities consist of estimated amounts due under various acquisition agreements and is typically based on either revenues growth or specified profitability growth metrics. At each reporting period, we evaluate the expected future payments and the associated discount rate to determine the fair value of the contingent consideration, and record any necessary adjustments in other expense, net on the Consolidated Statements of Operations. |
Commitments and Contingencies, Policy [Policy Text Block] | Legal Contingencies We are involved in various claims and legal proceedings that arise in the normal course of business. We record an accrual for legal contingencies when we determine that it is probable that we have incurred a liability and we can reasonably estimate the amount of the loss (See Note 15. |
Business Combinations Policy [Policy Text Block] | Acquisitions For the years ended March 31, 2020 2019 2018 $184,102, $4,840, $15,518, |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements In June 2016, No. 2016 13, Financial Instruments -Credit Losses (Topic 316 No. 2018 19, Codification Improvements to Topic 326, may December 15, 2019, 19 Recently Adopted Accounting Pronouncements In February 2016, 2016 02, Leases (Topic 842 12 On April 1, 2019, 2016 02 April 1, 2019 842, not 840, Leases. not As part of adopting the new lease standard, we have made the following elections: ● To carry forward the historical lease determination and classification conclusions as established under the old standard, and not ● Not one ● For all classes of underlying assets, to account for non-lease components of a contract separately from the lease component to which they are related. As a result of the cumulative impact of adopting ASU 2016 02, $1,461 $1,411 April 1, 2019. 7. Leases 842. |
Note 1 - Description of Busin_2
Note 1 - Description of Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Property, Plant and Equipment, Useful Life [Table Text Block] | Category Useful Lives Buildings (years) 40 Manufacturing Equipment (years or less) 7 Computer equipment (years or less) 3 |
Note 2 - Revenue Recognition (T
Note 2 - Revenue Recognition (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Year Ended March 31, 2020 Sterilization and Disinfection Control Instruments Biopharmaceutical Development Continuous Monitoring Corporate and Other Total Discrete Revenues Consumables $ 42,654 $ 3,197 $ 4,981 $ 43 $ 2,436 $ 53,311 Hardware and Software 551 25,627 6,015 7,897 -- 40,090 Services 1,592 9,160 1,761 2,396 27 14,936 Contracted Revenues Services 4,863 -- 1,094 3,393 -- 9,350 Total Revenues $ 49,660 $ 37,984 $ 13,851 $ 13,729 $ 2,463 $ 117,687 Year Ended March 31, 2019 Sterilization and Disinfection Control Instruments Biopharmaceutical Development Continuous Monitoring Corporate and Other Total Discrete Revenues Consumables $ 39,670 $ 3,101 $ -- $ 388 $ 6,430 $ 49,589 Hardware and Software 580 24,500 -- 6,987 142 32,209 Services 1,209 8,524 -- 2,001 335 12,069 Contracted Revenues Services 4,838 -- -- 4,430 -- 9,268 Total Revenues $ 46,297 $ 36,125 $ -- $ 13,806 $ 6,907 $ 103,135 Year Ended March 31, 2018 Sterilization and Disinfection Control Instruments Biopharmaceutical Development Continuous Monitoring Corporate and Other Total Discrete Revenues Consumables $ 36,436 $ 3,080 $ -- $ 261 $ 5,197 $ 44,974 Hardware and Software 925 23,345 -- 5,051 91 29,412 Services 1,110 7,679 -- 2,017 549 11,355 Contracted Revenues Services 4,789 -- -- 5,649 -- 10,438 Total Revenues $ 43,260 $ 34,104 $ -- $ 12,978 $ 5,837 $ 96,179 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | Contract liabilities balance as of March 31, 2019 $ 4,426 Prior year liabilities recognized in revenues during the Year Ended March 31, 2020 (4,741 ) Contract liabilities added during the Year Ended March 31, 2020, net of revenues recognized 7,532 Contract liabilities balance as of March 31, 2020 $ 7,217 |
Note 3 - Fair Value Measureme_2
Note 3 - Fair Value Measurements (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | March 31, 2020 March 31, 2019 Carrying Value Fair Value (Level 2) Carrying Value Fair Value Notes $ 140,278 $ 173,363 $ -- $ -- |
Note 4 - Significant Transact_2
Note 4 - Significant Transactions (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Note Fair Value at October 31, 2019 Cash and cash equivalents $ 4,654 Accounts receivable, net (a) 6,663 Inventories, net (b) 16,274 Prepaid income taxes 477 Prepaid expenses and other 13,649 Property, plant and equipment, net 645 Other assets 1,469 Deferred taxes 10,340 Intangible assets: Customer relationships (c) 89,705 Trade name (c) 2,321 Non-compete agreements (c) 156 Acquired technology (c) 7,720 Goodwill (d) 77,162 Total Assets acquired $ 231,235 Accounts payable 599 Accrued salaries and payroll taxes 10,735 Other short-term liabilities 157 Unearned revenues 2,089 Other accrued expenses 5,068 Deferred taxes 25,421 Other long-term liabilities 965 Total liabilities assumed $ 45,034 Total closing amount, net of cash acquired $ 181,547 |
Business Acquisition, Pro Forma Information [Table Text Block] | Year Ended March 31, 2020 2019 Pro forma total revenues (1) $ 149,578 $ 134,843 Pro forma net income (loss) (2) 7,636 (7,269 ) |
Note 5 - Inventories (Tables)
Note 5 - Inventories (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, 2020 March 31, 2019 Raw materials $ 6,757 $ 6,804 Work-in-process 329 428 Finished goods 9,768 2,524 Less: reserve (2,624 ) (2,984 ) Inventories, net $ 14,230 $ 6,772 |
Note 6 - Property, Plant and _2
Note 6 - Property, Plant and Equipment (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | March 31, 2020 March 31, 2019 Land $ 889 $ 889 Buildings 18,880 18,648 Manufacturing equipment 9,851 8,732 Computer equipment 3,601 3,698 Construction in progress 242 107 Other 1,344 1,393 Gross total 34,807 33,467 Accumulated depreciation (12,741 ) (11,242 ) Property, plant, and equipment, net $ 22,066 $ 22,225 |
Note 7 - Leases (Tables)
Note 7 - Leases (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Lease Assets and Liabilities [Table Text Block] | Lease Assets and Liabilities Balance Sheet Location March 31, 2020 Operating lease ROU asset Other assets $ 2,480 Current operating lease liabilities Other accrued expenses 1,095 Noncurrent operating lease liabilities Other long-term liabilities 1,262 |
Term and Discount Rates [Table Text Block] | March 31, 2020 Weighted average remaining lease term in years 2.3 Weighted average discount rate 3.9 % |
Lease, Cost [Table Text Block] | Year Ended March 31, 2020 Operating lease expense $ 987 Variable lease expense 68 Total lease expense $ 1,055 |
Supplemental Cash Flow Information Related to Leases [Table Text Block] | Year Ended March 31, 2020 Cash paid for amounts included in the measurements of lease liabilities $ 914 Operating lease assets obtained in exchange for operating lease obligations 1,845 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | 2021 $ 1,205 2022 854 2023 416 Future value of lease liabilities 2,475 Less: imputed interest 118 Present value of lease liabilities $ 2,357 |
Note 8 - Goodwill and Long-li_2
Note 8 - Goodwill and Long-lived Assets (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Sterilization and Disinfection Control Instruments Biopharmaceutical Development Continuous Monitoring Corporate and Other Total March 31, 2018 $ 30,503 $ 18,235 $ -- $ 15,404 $ 1,401 $ 65,543 Effect of foreign currency translation (723 ) -- -- -- (67 ) (790 ) Acquisitions -- -- -- 2,699 -- 2,699 Impairment -- -- -- -- (1,075 ) (1,075 ) March 31, 2019 29,780 18,235 -- 18,103 259 66,377 Effect of foreign currency translation (186 ) (20 ) (2,447 ) -- (1 ) (2,654 ) Acquisitions -- 908 77,162 -- -- 78,070 Impairment -- -- -- -- (258 ) (258 ) March 31, 2020 $ 29,594 $ 19,123 $ 74,716 $ 18,103 $ -- $ 141,536 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | March 31, 2020 March 31, 2019 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intellectual property $ 15,731 $ (6,454 ) $ 9,277 $ 7,690 $ (5,301 ) $ 2,389 Trade names 5,839 (2,855 ) 2,984 3,739 (2,542 ) 1,197 Customer relationships 146,106 (38,777 ) 107,329 61,198 (31,584 ) 29,614 Non-compete agreements 1,447 (1,166 ) 281 1,581 (1,562 ) 19 Total $ 169,123 $ (49,252 ) $ 119,871 $ 74,208 $ (40,989 ) $ 33,219 Description Estimated Useful Life (Years) Weighted Average Remaining Life (Years) Intellectual Property 10 15 9.5 Trade Name 5 10 4.4 Customer Relationships 5 10 9.5 Non-compete Agreements 5 10 4.4 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2021 $ 14,813 2022 14,448 2023 14,240 2024 13,724 2025 12,129 |
Note 9 - Supplemental Balance_2
Note 9 - Supplemental Balance Sheets Information (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Employee Related Liabilities [Table Text Block] | March 31, 2020 March 31, 2019 Bonus payable $ 4,069 $ 4,631 Wages payable 2,485 1,950 Payroll taxes 2,228 683 Other benefits payable 158 60 Total accrued payroll and benefits $ 8,940 $ 7,324 |
Schedule of Accrued Liabilities [Table Text Block] | March 31, 2020 March 31, 2019 Accrued business taxes $ 3,796 $ 2,356 Current lease liabilities 1,095 -- Interest payable 296 80 Professional services fees 857 334 Other 248 1,234 Total other accrued expenses $ 6,292 $ 4,004 |
Note 10 - Indebtedness (Tables)
Note 10 - Indebtedness (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Convertible Debt [Table Text Block] | March 31, 2020 March 31, 2019 Principal outstanding $ 172,500 $ -- Unamortized debt discount (28,205 ) -- Unamortized debt issuance costs (4,017 ) -- Net carrying value $ 140,278 $ -- March 31, 2020 March 31, 2019 Amount allocated to conversion option $ 31,073 $ -- Less: allocated issuance costs and deferred taxes (8,338 ) -- Equity component, net $ 22,735 $ -- |
Interest Expense on Convertible Debt [Table Text Block] | Year Ended March 31, 2020 2019 Coupon interest expense at 1.375% $ 1,502 $ -- Amortization of debt discounts and issuance costs 3,314 -- Total $ 4,816 $ -- |
Note 11 - Stock Transactions _2
Note 11 - Stock Transactions and Stock-based Compensation (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Year Ended March 31, 2020 2019 2018 Stock-based compensation expense (A) $ 5,525 $ 4,212 $ 1,672 Amount of income tax (benefit) recognized in earnings (1,576 ) (2,370 ) (1,194 ) Stock-based compensation expense, net of tax $ 3,949 $ 1,842 $ 478 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2020 2019 2018 Risk-free interest rate 1.80 % 2.63 % 1.88 % Expected life (years) 4.33 5.00 5.52 Expected dividend yield 0.13 % 0.45 % 0.54 % Volatility 36.52 % 35.96 % 32.92 % Weighted-average Black-Scholes fair value per share at date of grant $ 66.02 $ 54.02 $ 39.06 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Stock Options Shares Subject to Options Weighted- Average Exercise Price per Share Weighted-Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding at March 31, 2019 354 $ 94.04 3.8 48,301 Awards granted 29 206.35 Awards forfeited or expired (36 ) 100.18 Awards exercised or distributed (61 ) 79.81 Outstanding as of March 31, 2020 286 $ 107.72 3.1 $ 33,927 Exercisable as of March 31, 2020 121 $ 88.77 2.7 $ 16,583 Vested and expected to vest, March 31, 2020 278 $ 107.32 3.1 $ 33,031 |
Share-based Payment Arrangement, Activity [Table Text Block] | Time-Based Restricted Stock Units Number of Shares Weighted- Average Grant Date Fair Value per Share Weighted- average Remaining Contractual Life (Years) Aggregate Intrinsic Value Nonvested at March 31, 2019 21 $ 146.92 2.1 $ 4,773 Awards granted 16 213.31 Awards forfeited or expired (3 ) 161.58 Awards distributed (6 ) 160.87 Nonvested as of March 31, 2020 28 $ 180.15 1.7 $ 6,258 |
Share-based Payment Arrangement, Performance Shares, Activity [Table Text Block] | Performance-Based Restricted Stock Units Number of Shares Weighted- Average Grant Date Fair Value per Share Weighted- average Remaining Contractual Life (Years) Aggregate Intrinsic Value Nonvested at March 31, 2019 10 $ 192.99 2.2 $ 2,382 Awards granted 13 215.47 Awards forfeited or expired (1 ) 217.00 Awards distributed -- - Nonvested as of March 31, 2020 22 $ 204.68 1.6 $ 4,903 |
Note 12 - Earnings (Loss) Per_2
Note 12 - Earnings (Loss) Per Share (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended March 31, 2020 2019 2018 Net income (loss) available for shareholders $ 1,349 $ 7,484 (2,962 ) Weighted average outstanding shares of common stock 4,200 3,839 3,770 Dilutive effect of stock options 159 186 -- Dilutive effect of non-vested shares 12 8 -- Fully diluted shares 4,371 4,033 3,770 Basic $ 0.32 $ 1.95 $ (0.79 ) Diluted $ 0.31 $ 1.86 $ (0.79 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Year Ended March 31, 2020 2019 2018 Assumed conversion of convertible debt 387 -- -- Stock awards that were anti-dilutive 24 1 106 Stock awards subject to performance conditions 18 10 -- Total stock awards excluded from diluted EPS 429 11 106 |
Note 14 - Income Taxes (Tables)
Note 14 - Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Year Ended March 31, 2020 2019 2018 Domestic $ 15,630 $ 12,133 $ 12,708 Foreign (12,197 ) (3,510 ) (12,407 ) Total earnings before income taxes $ 3,433 $ 8,623 $ 301 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended March 31, 2020 2019 2018 Current tax provision U.S. Federal $ 2,348 $ 1,831 $ 3,732 U.S. State 814 449 715 Foreign 993 1,166 1,299 Total current tax expense 4,155 3,446 5,746 Deferred tax provision: U.S. Federal 60 (741 ) (1,589 ) U.S. State 599 (106 ) (216 ) Foreign (2,730 ) (1,460 ) (678 ) Total deferred tax expense (2,071 ) (2,307 ) (2,483 ) Total income tax expense $ 2,084 $ 1,139 $ 3,263 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | March 31, 2020 March 31, 2019 Deferred tax assets: Accrued employee-related expenses $ 208 $ 163 Allowances and reserves 105 100 Stock compensation deductible differences 1,265 1,061 Inventories 504 1,534 Net operating loss 8,874 47 Foreign tax credit -- 16 Credits 47 -- Other 458 807 Total deferred tax assets 11,461 3,728 Deferred tax liabilities: Property, plant and equipment (1,286 ) (1,118 ) Goodwill and intangible assets (24,825 ) (2,249 ) Debt (5,982 ) -- Currency translation adjustment (64 ) (33 ) Other (1 ) (6 ) Total deferred tax liabilities (32,158 ) (3,406 ) Valuation allowance (391 ) (76 ) Net deferred tax asset (liability) $ (21,088 ) $ 246 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended March 31, 2020 2019 2018 Federal income taxes at statutory rates $ 721 $ 1,811 $ 93 State income taxes, net of federal benefit 1,147 208 328 Tax benefit of stock option exercises (1,576 ) (2,034 ) (1,087 ) Section 199 manufacturing deduction -- -- (381 ) Research and development credit (191 ) (158 ) (162 ) Tax Cuts and Jobs Act -- -- (59 ) Impairment of non-deductible goodwill -- 284 4,257 Limitation for 162(m) 1,112 766 -- Foreign rate differential 657 Other 214 262 274 Total income tax expense $ 2,084 $ 1,139 $ 3,263 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | Year Ended March 31, 2020 2019 2018 Beginning balance $ 1,361 $ 827 $ 331 Decreases related to prior period tax positions (1,027 ) -- -- Increases related to current period tax positions 319 534 496 Ending balance $ 653 $ 1,361 $ 827 |
Note 16 - Segment Data (Tables)
Note 16 - Segment Data (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Year Ended March 31, 2020 Sterilization and Disinfection Control Instruments Biopharmaceutical Development Continuous Monitoring Corporate and Other Total Revenues (1) $ 49,660 $ 37,984 $ 13,851 $ 13,729 $ 2,463 $ 117,687 Gross profit (loss) $ 35,758 $ 24,229 $ 382 $ 4,146 $ 418 $ 64,933 Reconciling items (2) (61,500 ) Earnings before income taxes $ 3,433 Year Ended March 31, 2019 Sterilization and Disinfection Control Instruments Biopharmaceutical Development Continuous Monitoring Corporate and Other Total Revenues (1) $ 46,297 $ 36,125 $ -- $ 13,806 $ 6,907 $ 103,135 Gross profit $ 31,861 $ 22,866 $ -- $ 5,582 $ 607 $ 60,916 Reconciling items (2) (52,293 ) Earnings before income taxes $ 8,623 Year Ended March 31, 2018 Sterilization and Disinfection Control Instruments Biopharmaceutical Development Continuous Monitoring Corporate and Other Total Revenues (1) $ 43,260 $ 34,104 $ -- $ 12,978 $ 5,837 $ 96,179 Gross profit $ 29,333 $ 20,395 $ -- $ 3,854 $ 1,037 $ 54,619 Reconciling items (2) (54,318 ) Earnings before income taxes $ 301 Sterilization and Disinfection Control Instruments Biopharmaceutical Development Continuous Monitoring Corporate and Other Total Year ended March 31, 2020 $ 291 $ 165 $ 233 $ 201 $ 608 $ 1,498 Year ended March 31, 2019 384 56 -- 254 568 1,262 Year ended March 31, 2018 1,007 254 -- 483 1,055 2,799 Sterilization and Disinfection Control Instruments Biopharmaceutical Development Continuous Monitoring Corporate and Other Total Year ended March 31, 2020 $ 902 $ 179 $ 358 $ 328 $ 11,223 $ 12,990 Year ended March 31, 2019 902 207 -- 272 8,047 9,428 Year ended March 31, 2018 823 263 -- 327 8,058 9,471 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | March 31, 2020 March 31, 2019 Sterilization and Disinfection Control $ 73,103 $ 74,230 Instruments 31,025 30,911 Biopharmaceutical Development 182,758 -- Continuous Monitoring 29,732 32,179 Corporate and Other 103,588 19,447 Total $ 420,206 $ 156,767 |
Long-lived Assets by Geographic Areas [Table Text Block] | As of March 31, 2020 2019 United States $ 34,767 $ 22,974 Foreign 1,240 574 Total long-lived assets $ 36,007 $ 23,548 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Year Ended March 31, 2020 2019 2018 United States $ 66,344 $ 64,828 $ 56,998 Foreign 51,343 38,307 39,181 Total revenues $ 117,687 $ 103,135 $ 96,179 |
Note 17 - Quarterly Results (_2
Note 17 - Quarterly Results (Unaudited) (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | 2020 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 26,288 $ 25,536 $ 31,655 $ 34,208 Gross profit 16,139 15,476 14,677 18,641 Net income (loss) 4,597 3,062 (4,630 ) (1,680 ) Basic earnings (loss) per share $ 1.18 $ 0.74 $ (1.06 ) $ (0.38 ) Diluted earnings (loss) per share 1.13 0.71 (1.06 ) (0.37 ) 2019 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 25,142 $ 24,865 $ 26,682 $ 26,446 Gross profit 15,091 14,577 15,634 15,614 Net income 4,230 994 858 1,402 Basic earnings per share $ 1.11 $ 0.26 $ 0.22 $ 0.36 Diluted earnings per share 1.06 0.25 0.21 0.34 |
Note 1 - Description of Busin_3
Note 1 - Description of Business and Summary of Significant Accounting Policies (Details Textual) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Apr. 01, 2019USD ($) | |
Number of Operating Segments | 4 | |||
Accounts Receivable, Credit Loss Expense (Reversal) | $ 1 | $ 13 | $ 17 | |
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 184,102 | $ 4,840 | $ 15,518 | |
Accounting Standards Update 2016-02 [Member] | ||||
Operating Lease, Right-of-Use Asset | $ 1,461 | |||
Operating Lease, Liability, Total | $ 1,411 | |||
Equity Plan 2014 [Member] | Director [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | |||
Equity Plan 2014 [Member] | Share-based Payment Arrangement, Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 6 years | |||
Minimum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 3 years | |||
Minimum [Member] | Equity Plan 2014 [Member] | Share-based Payment Arrangement, Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | |||
Maximum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 16 years | |||
Maximum [Member] | Equity Plan 2014 [Member] | Share-based Payment Arrangement, Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years |
Note 1 - Description of Busin_4
Note 1 - Description of Business and Summary of Significant Accounting Policies - Estimated Useful Lives (Details) | 12 Months Ended |
Mar. 31, 2020 | |
Building [Member] | |
Estimated useful lives (Year) | 40 years |
Manufacturing Equipment [Member] | Maximum [Member] | |
Estimated useful lives (Year) | 7 years |
Computer Equipment [Member] | Maximum [Member] | |
Estimated useful lives (Year) | 3 years |
Note 2 - Revenue Recognition (D
Note 2 - Revenue Recognition (Details Textual) - USD ($) | Mar. 31, 2020 | Mar. 31, 2019 |
Contract with Customer, Asset, after Allowance for Credit Loss, Total | $ 0 | |
Contract with Customer, Liability, Total | 7,217,000 | $ 4,426,000 |
GPT Acquisition [Member] | ||
Contract with Customer, Liability, Total | $ 2,716 |
Note 2 - Revenue Recognition -
Note 2 - Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | ||
Revenue | [1] | $ 117,687 | $ 103,135 | $ 96,179 |
Corporate, Non-Segment [Member] | ||||
Revenue | [1] | 2,463 | 6,907 | 5,837 |
Sterilzation and Disinfection Control [Member] | Operating Segments [Member] | ||||
Revenue | [1] | 49,660 | 46,297 | 43,260 |
Instruments [Member] | Operating Segments [Member] | ||||
Revenue | [1] | 37,984 | 36,125 | 34,104 |
Biopharmaceutical Development [Member] | Operating Segments [Member] | ||||
Revenue | [1] | 13,851 | ||
Continuous Monitoring [Member] | Operating Segments [Member] | ||||
Revenue | [1] | 13,729 | 13,806 | 12,978 |
Consumables [Member] | Transferred at Point in Time [Member] | ||||
Revenue | 53,311 | 49,589 | 44,974 | |
Consumables [Member] | Transferred at Point in Time [Member] | Corporate, Non-Segment [Member] | ||||
Revenue | 2,436 | 6,430 | 5,197 | |
Consumables [Member] | Transferred at Point in Time [Member] | Sterilzation and Disinfection Control [Member] | Operating Segments [Member] | ||||
Revenue | 42,654 | 39,670 | 36,436 | |
Consumables [Member] | Transferred at Point in Time [Member] | Instruments [Member] | Operating Segments [Member] | ||||
Revenue | 3,197 | 3,101 | 3,080 | |
Consumables [Member] | Transferred at Point in Time [Member] | Biopharmaceutical Development [Member] | Operating Segments [Member] | ||||
Revenue | 4,981 | |||
Consumables [Member] | Transferred at Point in Time [Member] | Continuous Monitoring [Member] | Operating Segments [Member] | ||||
Revenue | 43 | 388 | 261 | |
Hardware and Software [Member] | Transferred at Point in Time [Member] | ||||
Revenue | 40,090 | 32,209 | 29,412 | |
Hardware and Software [Member] | Transferred at Point in Time [Member] | Corporate, Non-Segment [Member] | ||||
Revenue | 142 | 91 | ||
Hardware and Software [Member] | Transferred at Point in Time [Member] | Sterilzation and Disinfection Control [Member] | Operating Segments [Member] | ||||
Revenue | 551 | 580 | 925 | |
Hardware and Software [Member] | Transferred at Point in Time [Member] | Instruments [Member] | Operating Segments [Member] | ||||
Revenue | 25,627 | 24,500 | 23,345 | |
Hardware and Software [Member] | Transferred at Point in Time [Member] | Biopharmaceutical Development [Member] | Operating Segments [Member] | ||||
Revenue | 6,015 | |||
Hardware and Software [Member] | Transferred at Point in Time [Member] | Continuous Monitoring [Member] | Operating Segments [Member] | ||||
Revenue | 7,897 | 6,987 | 5,051 | |
Service [Member] | ||||
Revenue | 24,286 | 21,337 | 21,793 | |
Service [Member] | Sterilzation and Disinfection Control [Member] | Operating Segments [Member] | ||||
Revenue | 4,838 | |||
Service [Member] | Transferred at Point in Time [Member] | ||||
Revenue | 14,936 | 12,069 | 11,355 | |
Service [Member] | Transferred at Point in Time [Member] | Corporate, Non-Segment [Member] | ||||
Revenue | 27 | 335 | 549 | |
Service [Member] | Transferred at Point in Time [Member] | Sterilzation and Disinfection Control [Member] | Operating Segments [Member] | ||||
Revenue | 1,592 | 1,209 | 1,110 | |
Service [Member] | Transferred at Point in Time [Member] | Instruments [Member] | Operating Segments [Member] | ||||
Revenue | 9,160 | 8,524 | 7,679 | |
Service [Member] | Transferred at Point in Time [Member] | Biopharmaceutical Development [Member] | Operating Segments [Member] | ||||
Revenue | 1,761 | |||
Service [Member] | Transferred at Point in Time [Member] | Continuous Monitoring [Member] | Operating Segments [Member] | ||||
Revenue | 2,396 | 2,001 | 2,017 | |
Service [Member] | Transferred over Time [Member] | ||||
Revenue | 9,350 | 9,268 | 10,438 | |
Service [Member] | Transferred over Time [Member] | Sterilzation and Disinfection Control [Member] | Operating Segments [Member] | ||||
Revenue | 4,863 | 4,789 | ||
Service [Member] | Transferred over Time [Member] | Biopharmaceutical Development [Member] | Operating Segments [Member] | ||||
Revenue | 1,094 | |||
Service [Member] | Transferred over Time [Member] | Continuous Monitoring [Member] | Operating Segments [Member] | ||||
Revenue | $ 3,393 | $ 4,430 | $ 5,649 | |
[1] | Intersegment revenues are not significant and are eliminated to arrive at consolidated totals. |
Note 2 - Revenue Recognition _2
Note 2 - Revenue Recognition - Contract Liabilities (Details) $ in Thousands | 12 Months Ended |
Mar. 31, 2020USD ($) | |
Contract liabilities balance | $ 4,426 |
Prior year liabilities recognized in revenues | (4,741) |
Contract liabilities added, net of revenues recognized | 7,532 |
Contract liabilities balance | $ 7,217 |
Note 3 - Fair Value Measureme_3
Note 3 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | Aug. 12, 2019 | Mar. 31, 2020 | Mar. 31, 2019 |
Money Market Funds, at Carrying Value | $ 66,735 | $ 0 | |
Proceeds from Convertible Debt | $ 172,500 | ||
The Notes [Member] | |||
Debt Instrument, Interest Rate, Stated Percentage | 1.375% | ||
Senior Notes [Member] | The Notes [Member] | |||
Proceeds from Convertible Debt | $ 167,070 | $ 172,500 | |
Debt Instrument, Interest Rate, Stated Percentage | 1.375% | 1.375% |
Note 3 - Fair Value Measureme_4
Note 3 - Fair Value Measurements - Fair Value and Carrying Value of the Notes (Details) - Senior Notes [Member] $ in Thousands | Mar. 31, 2020USD ($) |
Reported Value Measurement [Member] | |
Notes | $ 140,278 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | |
Notes | $ 173,363 |
Note 4 - Significant Transact_3
Note 4 - Significant Transactions (Details Textual) - USD ($) | Oct. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Apr. 01, 2019 | |
Payments to Acquire Businesses, Gross | $ 184,102,000 | $ 4,840,000 | $ 15,518,000 | ||||||
Amortization of Inventory Step-up Cost | 8,502,000 | ||||||||
Amortization of Intangible Assets, Total | 10,637,000 | 7,090,000 | 6,929,000 | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | [1] | 117,687,000 | 103,135,000 | 96,179,000 | |||||
Goodwill, Impairment Loss | 258,000 | 1,075,000 | |||||||
Asset Impairment Charges, Total | 298,000 | 4,774,000 | $ 13,819,000 | ||||||
Cold Chain Packaging [Member] | |||||||||
Asset Impairment Charges, Total | 276,000 | ||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax | 187,000 | ||||||||
Cold Chain Packaging [Member] | Employee Severance and Facility Closure [Member] | |||||||||
Restructuring Charges, Total | $ 51,000 | 150,000 | |||||||
GPT Acquisition [Member] | |||||||||
Goodwill, Impairment Loss | $ 20,676,000 | ||||||||
Customer Relationships [Member] | |||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year) | 9 years 182 days | ||||||||
Noncompete Agreements [Member] | |||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year) | 4 years 146 days | ||||||||
GPT Acquisition [Member] | |||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||||||
Payments to Acquire Businesses, Gross | $ 181,547,000 | ||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Inventory | $ (1,140,000) | ||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Cost of Products Sold | (834,000) | ||||||||
Inventory Step-up Cost | 11,818 | $ 11,818 | $ 11,818 | 11,818,000 | |||||
Amortization of Inventory Step-up Cost | $ 8,502,000 | 8,502,000 | |||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year) | 9 years 328 days | ||||||||
Amortization of Intangible Assets, Total | 9,774,000 | $ 9,774,000 | |||||||
Business Combination, Acquisition Related Costs | 1,399,000 | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 13,830,000 | ||||||||
Net Income (Loss) Attributable to Parent, Total | $ (7,433,000) | ||||||||
Effective Income Tax Rate Reconciliation, Percent, Total | 25.00% | ||||||||
GPT Acquisition [Member] | General and Administrative Expense [Member] | |||||||||
Amortization of Intangible Assets, Total | $ 3,742,000 | ||||||||
GPT Acquisition [Member] | Cost of Sales [Member] | |||||||||
Amortization of Intangible Assets, Total | $ 314,000 | ||||||||
GPT Acquisition [Member] | Customer Relationships [Member] | |||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | 42,873,000 | ||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Amortization of Intangible Assets | $ 1,706,000 | ||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | ||||||||
GPT Acquisition [Member] | Noncompete Agreements [Member] | |||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years | ||||||||
GPT Acquisition [Member] | Technology-Based Intangible Assets [Member] | |||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | ||||||||
IBP Acquisition [Member] | |||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, Low | $ 0 | ||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 490,000 | ||||||||
Business Combination, Contingent Consideration, Liability, Total | $ 490,000 | ||||||||
[1] | Intersegment revenues are not significant and are eliminated to arrive at consolidated totals. |
Note 4 - Significant Transact_4
Note 4 - Significant Transactions - Allocation of Preliminary Price (Details) - USD ($) $ in Thousands | Oct. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Goodwill | $ 141,536 | $ 66,377 | $ 65,543 | ||
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 184,102 | $ 4,840 | $ 15,518 | ||
GPT Acquisition [Member] | |||||
Cash and cash equivalents | $ 4,654 | ||||
Accounts receivable, net | [1] | 6,663 | |||
Inventories, net | [2] | 16,274 | |||
Prepaid income taxes | 477 | ||||
Prepaid expenses and other | 13,649 | ||||
Property, plant and equipment, net | 645 | ||||
Other assets | 1,469 | ||||
Deferred taxes | 10,340 | ||||
Goodwill | [3] | 77,162 | |||
Total Assets acquired | 231,235 | ||||
Accounts payable | 599 | ||||
Accrued salaries and payroll taxes | 10,735 | ||||
Other short-term liabilities | 157 | ||||
Unearned revenues | 2,089 | ||||
Other accrued expenses | 5,068 | ||||
Deferred taxes | 25,421 | ||||
Other long-term liabilities | 965 | ||||
Total liabilities assumed | 45,034 | ||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | 181,547 | ||||
GPT Acquisition [Member] | Customer Relationships [Member] | |||||
Intangible assets | [4] | 89,705 | |||
GPT Acquisition [Member] | Trade Names [Member] | |||||
Intangible assets | [4] | 2,321 | |||
GPT Acquisition [Member] | Noncompete Agreements [Member] | |||||
Intangible assets | [4] | 156 | |||
GPT Acquisition [Member] | Technology-Based Intangible Assets [Member] | |||||
Intangible assets | [4] | $ 7,720 | |||
[1] | Accounts receivable is composed of trade accounts receivable, net, which is expected to be collected. | ||||
[2] | Finished goods inventory of GPT includes $11,818 of inventory-step up, which is required to report inventory at fair value at the time of acquisition. These costs are being amortized to cost of products over approximately nine months following the acquisition date, which will result in a temporary reduction in gross profit for the business. During the period from November 1, 2019 until March 31, 2020, we recorded $8,502 of amortization of inventory step-up costs in cost of products on the Consolidated Statements of Operations. | ||||
[3] | Acquired goodwill is allocated to the Biopharmaceutical Development reportable segment and represents the value expected to arise from organic revenues growth projections that are expected to exceed that of our legacy divisions, and the opportunity to expand into a new market with well-established market share. The goodwill acquired is not deductible for income tax purposes. | ||||
[4] | Customer relationships and acquired technology are currently expected to be amortized on a straight line basis over a 10 year period; non-compete agreements are currently expected to be amortized over a five year period. The weighted average useful life of intangibles acquired as part of the GPT acquisition is 9.9 years. Amortization expense for customer relationships and non-compete agreements is being amortized to general and administrative expenses; amortization expense for acquired technology is being recorded to cost of products. During the period from November 1, 2019 until March 31, 2020, $3,742 of amortization expense was recorded to general and administrative costs and $314 of amortization expense was recorded to cost of goods sold and allocated to the Biopharmaceutical Development Division. The estimated fair value of identifiable intangible assets was determined primarily using the income approach, which requires a forecast of all the expected future cash flows associated with the identified intangible assets. Once our final valuation is complete, the amount of amortization expense will be trued up and amortization will be based on our final allocation. Trademarks associated with this acquisition are considered indefinite-lived intangibles. |
Note 4 - Significant Transact_5
Note 4 - Significant Transactions - Unaudited Pro Forma Information (Details) - GPT Acquisition [Member] - USD ($) $ in Thousands | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Pro forma total revenues (1) | [1] | $ 149,578 | $ 134,843 |
Pro forma net income (loss) (2) | [2] | $ 7,636 | $ (7,269) |
[1] | Net revenues were adjusted to include net revenues of GPT. | ||
[2] | Pro forma adjustments to net earnings attributable to Mesa include the following: - Excludes acquisition-related transaction costs incurred in the year ended March 31, 2020. - Excludes interest expense attributable to GPT's external debt that was paid off as part of the acquisition. - Additional amortization expense of $9,774 for each of the years ended March 31, 2020 and March 31, 2019 based on the adjusted fair value of amortizable intangible assets acquired. - Additional charge to cost of revenues of $11,818 was included in the year ended March 31, 2019 based on the step up value of inventory. $8,502 was excluded from the year ended March 31, 2020 based on the step up value of inventory which would have been included and fully amortized within the first year of the acquisition. -Removal of non-cash impairment of goodwill in the amount of $20,676 recorded during GPT's fiscal year ended December 31, 2018, which would not have been taken had the acquisition occurred on January 1, 2018. - Additional stock based compensation expense representing expense for performance share units awarded to certain key GPT employees. - Income tax effect of the adjustments made at a blended federal and state statutory rate (approximately 25%). |
Note 5 - Inventories (Details T
Note 5 - Inventories (Details Textual) - GPT Acquisition [Member] - USD ($) | Mar. 31, 2020 | Mar. 31, 2019 |
Inventory Step-up Cost | $ 11,818 | $ 11,818,000 |
Inventories [Member] | ||
Inventory Step-up Cost | $ 2,901,000 |
Note 5 - Inventories - Summary
Note 5 - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Raw materials | $ 6,757 | $ 6,804 |
Work-in-process | 329 | 428 |
Finished goods | 9,768 | 2,524 |
Less: reserve | (2,624) | (2,984) |
Inventories, net | $ 14,230 | $ 6,772 |
Note 6 - Property, Plant and _3
Note 6 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Depreciation, Total | $ 2,234 | $ 2,338 | $ 2,542 |
Note 6 - Property, Plant and _4
Note 6 - Property, Plant and Equipment - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Property, Plant and Equipment, Gross | $ 34,807 | $ 33,467 |
Accumulated depreciation | (12,741) | (11,242) |
Property, plant, and equipment, net | 22,066 | 22,225 |
Land [Member] | ||
Property, Plant and Equipment, Gross | 889 | 889 |
Building [Member] | ||
Property, Plant and Equipment, Gross | 18,880 | 18,648 |
Manufacturing Equipment [Member] | ||
Property, Plant and Equipment, Gross | 9,851 | 8,732 |
Computer Equipment [Member] | ||
Property, Plant and Equipment, Gross | 3,601 | 3,698 |
Construction in Progress [Member] | ||
Property, Plant and Equipment, Gross | 242 | 107 |
Property, Plant and Equipment, Other Types [Member] | ||
Property, Plant and Equipment, Gross | $ 1,344 | $ 1,393 |
Note 7 - Leases - Lease Assets
Note 7 - Leases - Lease Assets and Liabilities (Details) $ in Thousands | Mar. 31, 2020USD ($) |
Other Noncurrent Assets [Member] | |
Operating lease ROU asset | $ 2,480 |
Other Accrued Expenses [Member] | |
Current operating lease liabilities | 1,095 |
Other Noncurrent Liabilities [Member] | |
Noncurrent operating lease liabilities | $ 1,262 |
Note 7 - Leases - Lease Term an
Note 7 - Leases - Lease Term and Discount Rates (Details) | Mar. 31, 2020 |
Weighted average remaining lease term in years (Year) | 2 years 109 days |
Weighted average discount rate | 3.90% |
Note 7 - Leases - Lease Costs (
Note 7 - Leases - Lease Costs (Details) $ in Thousands | 12 Months Ended |
Mar. 31, 2020USD ($) | |
Operating lease expense | $ 987 |
Variable lease expense | 68 |
Total lease expense | $ 1,055 |
Note 7 - Leases - Supplemental
Note 7 - Leases - Supplemental Cash Flow Information Related to Leases (Details) $ in Thousands | 12 Months Ended |
Mar. 31, 2020USD ($) | |
Cash paid for amounts included in the measurements of lease liabilities | $ 914 |
Operating lease assets obtained in exchange for operating lease obligations | $ 1,845 |
Note 7 - Leases - Maturities of
Note 7 - Leases - Maturities of Lease Liabilities (Details) $ in Thousands | Mar. 31, 2020USD ($) |
2021 | $ 1,205 |
2022 | 854 |
2023 | 416 |
Future value of lease liabilities | 2,475 |
Less: imputed interest | 118 |
Other Accrued Expenses and Other Long-term Liabilities [Member] | |
Present value of lease liabilities | $ 2,357 |
Note 8 - Goodwill and Long-li_3
Note 8 - Goodwill and Long-lived Assets (Details Textual) - USD ($) | 12 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | Oct. 31, 2019 | |
Asset Impairment Charges, Total | $ 298,000 | $ 4,774,000 | $ 13,819,000 | |
Goodwill, Impairment Loss | 258,000 | 1,075,000 | ||
Amortization of Intangible Assets, Total | 10,637,000 | 7,090,000 | $ 6,929,000 | |
GPT Acquisition [Member] | ||||
Amortization of Intangible Assets, Total | 9,774,000 | 9,774,000 | ||
GPT Acquisition [Member] | Trade Names [Member] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | $ 2,321,000 | |||
Impairment of Long-Lived Assets and Goodwill [Member] | ||||
Asset Impairment Charges, Total | $ 296,000 | |||
Goodwill, Impairment Loss | 1,075,000 | |||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 3,378,000 | |||
Impairment of Long-Lived Assets Held-for-use | $ 229,000 |
Note 8 - Goodwill and Long-li_4
Note 8 - Goodwill and Long-lived Assets - Change in the Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Goodwill | $ 66,377 | $ 65,543 |
Effect of foreign currency translation | (2,654) | (790) |
Acquisitions | 78,070 | 2,699 |
Impairment | (258) | (1,075) |
Goodwill | 141,536 | 66,377 |
Corporate, Non-Segment [Member] | ||
Goodwill | 259 | 1,401 |
Effect of foreign currency translation | (1) | (67) |
Impairment | (258) | (1,075) |
Goodwill | 259 | |
Sterilzation and Disinfection Control [Member] | Operating Segments [Member] | ||
Goodwill | 29,780 | 30,503 |
Effect of foreign currency translation | (186) | (723) |
Goodwill | 29,594 | 29,780 |
Instruments [Member] | Operating Segments [Member] | ||
Goodwill | 18,235 | 18,235 |
Effect of foreign currency translation | (20) | |
Acquisitions | 908 | |
Goodwill | 19,123 | 18,235 |
Continuous Monitoring [Member] | Operating Segments [Member] | ||
Goodwill | 18,103 | 15,404 |
Acquisitions | 2,699 | |
Goodwill | 18,103 | $ 18,103 |
Biopharmaceutical Development [Member] | Operating Segments [Member] | ||
Effect of foreign currency translation | (2,447) | |
Acquisitions | 77,162 | |
Goodwill | $ 74,716 |
Note 8 - Goodwill and Intangibl
Note 8 - Goodwill and Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Carrying Amount | $ 169,123 | $ 74,208 |
Accumulated Amortization | (49,252) | (40,989) |
Net | $ 119,871 | 33,219 |
Minimum [Member] | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 3 years | |
Maximum [Member] | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 16 years | |
Intellectual Property [Member] | ||
Carrying Amount | $ 15,731 | 7,690 |
Accumulated Amortization | (6,454) | (5,301) |
Net | $ 9,277 | 2,389 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year) | 9 years 182 days | |
Intellectual Property [Member] | Minimum [Member] | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | |
Intellectual Property [Member] | Maximum [Member] | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | |
Trade Names [Member] | ||
Carrying Amount | $ 5,839 | 3,739 |
Accumulated Amortization | (2,855) | (2,542) |
Net | $ 2,984 | 1,197 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year) | 4 years 146 days | |
Trade Names [Member] | Minimum [Member] | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years | |
Trade Names [Member] | Maximum [Member] | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | |
Customer Relationships [Member] | ||
Carrying Amount | $ 146,106 | 61,198 |
Accumulated Amortization | (38,777) | (31,584) |
Net | $ 107,329 | 29,614 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year) | 9 years 182 days | |
Customer Relationships [Member] | Minimum [Member] | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years | |
Customer Relationships [Member] | Maximum [Member] | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | |
Noncompete Agreements [Member] | ||
Carrying Amount | $ 1,447 | 1,581 |
Accumulated Amortization | (1,166) | (1,562) |
Net | $ 281 | $ 19 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year) | 4 years 146 days | |
Noncompete Agreements [Member] | Minimum [Member] | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years | |
Noncompete Agreements [Member] | Maximum [Member] | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years |
Note 8 - Goodwill and Long-li_5
Note 8 - Goodwill and Long-lived Assets - Estimated Amortization Expense (Details) $ in Thousands | Mar. 31, 2020USD ($) |
2020 | $ 14,813 |
2021 | 14,448 |
2022 | 14,240 |
2023 | 13,724 |
2024 | $ 12,129 |
Note 9 - Supplemental Balance_3
Note 9 - Supplemental Balance Sheets Information - Accrued Payroll and Benefits (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Bonus payable | $ 4,069 | $ 4,631 |
Wages payable | 2,485 | 1,950 |
Payroll taxes | 2,228 | 683 |
Other benefits payable | 158 | 60 |
Total accrued payroll and benefits | $ 8,940 | $ 7,324 |
Note 9 - Supplemental Balance_4
Note 9 - Supplemental Balance Sheets Information - Other Accrued Expenses (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Accrued business taxes | $ 3,796 | $ 2,356 |
Interest payable | 296 | 80 |
Professional services fees | 857 | 334 |
Other | 248 | 1,234 |
Total other accrued expenses | 6,292 | $ 4,004 |
Other Accrued Expenses [Member] | ||
Current lease liabilities | $ 1,095 |
Note 10 - Indebtedness (Details
Note 10 - Indebtedness (Details Textual) $ / shares in Units, $ in Thousands | Aug. 12, 2019USD ($)$ / shares | Mar. 31, 2020USD ($) | Mar. 01, 2017USD ($) |
Proceeds from Convertible Debt | $ 172,500 | ||
Convertible Debt, Noncurrent | $ 140,278 | ||
Credit Facility [Member] | Line of Credit [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 80,000 | ||
The Notes [Member] | |||
Debt Instrument, Interest Rate, Stated Percentage | 1.375% | ||
Term Loan [Member] | Credit Facility [Member] | |||
Long-term Debt, Gross | $ 20,000 | ||
Interest and Debt Expense, Total | $ 238 | ||
Senior Notes [Member] | The Notes [Member] | |||
Long-term Debt, Gross | 172,500 | ||
Debt Instrument, Face Amount | $ 172,500 | ||
Debt Instrument, Underwriters' Option to Purchase, Additional Amount | 22,500 | ||
Proceeds from Convertible Debt | $ 167,070 | $ 172,500 | |
Debt Instrument, Interest Rate, Stated Percentage | 1.375% | 1.375% | |
Debt Instrument, Convertible, Conversion Ratio Per 1,000 Principal | 3.5273 | ||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares | $ 283.50 | ||
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger | 130.00% | ||
Debt Instrument, Convertible, Threshold Trading Days | 20 | ||
Debt Instrument, Convertible, Threshold Consecutive Trading Days | 30 | ||
Debt Instrument, Convertible, Consecutive Trading Days, Trading Price Per 1,000 Principal of Notes Less Than 98% of the Product | 10 | ||
Debt Instrument, Fundamental Change, Repayment Percentage of Principal and Accrued Interest | 100.00% | ||
Convertible Debt, Noncurrent | $ 141,427 | ||
Debt Instrument, Convertible, Carrying Amount of Equity Component | $ 31,073 | $ 31,073 | |
Debt Instrument, Term (Year) | 6 years | ||
Debt Instrument, Unamortized Discount and Commissions Including Equity Component | $ 5,175 | ||
Third Party Offering Costs | 255 | ||
Debt Issuance Costs, Gross | $ 4,452 | ||
Debt Instrument, Interest Rate, Effective Percentage | 5.50% |
Note 10 - Indebtedness - Carryi
Note 10 - Indebtedness - Carrying Amount of the Notes (Details) - The Notes [Member] - Senior Notes [Member] - USD ($) $ in Thousands | Mar. 31, 2020 | Aug. 12, 2019 |
Principal outstanding | $ 172,500 | |
Unamortized debt discount | (28,205) | |
Unamortized debt issuance costs | (4,017) | |
Net carrying value | 140,278 | |
Amount allocated to conversion option | 31,073 | $ 31,073 |
Less: allocated issuance costs and deferred taxes | (8,338) | |
Equity component, net | $ 22,735 |
Note 10 - Indebtedness - Intere
Note 10 - Indebtedness - Interest Expense on the Notes (Details) $ in Thousands | 12 Months Ended |
Mar. 31, 2020USD ($) | |
Coupon interest expense at 1.375% | $ 1,502 |
Amortization of debt discounts and issuance costs | 3,314 |
Total | $ 4,816 |
Note 10 - Indebtedness - Inte_2
Note 10 - Indebtedness - Interest Expense on the Notes (Details) (Parentheticals) | Mar. 31, 2020 |
The Notes [Member] | |
Interest rate | 1.375% |
Note 11 - Stock Transactions _3
Note 11 - Stock Transactions and Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Aug. 12, 2019 | Jun. 30, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2020 | Nov. 30, 2005 |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | 300,000 | ||||||
Stock Repurchased During Period, Value | $ 0 | $ 0 | $ 0 | ||||
Stock Repurchased During Period, Shares (in shares) | 162,486 | ||||||
Stock Issued During Period, Shares, New Issues (in shares) | 431,250 | ||||||
Sale of Stock, Underwriter Options, Shares (in shares) | 56,250 | ||||||
Shares Issued, Price Per Share (in dollars per share) | $ 210 | ||||||
Proceeds from Issuance of Common Stock | $ 84,995 | 84,995 | |||||
Share-based Payment Arrangement, Cumulative Increase in Expense | 945 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 9,574 | 10,895 | 6,309 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 1,912 | $ 2,400 | $ 1,927 | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 206.35 | $ 144.96 | $ 123.13 | ||||
Share-based Payment Arrangement, Option [Member] | |||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 4,285 | $ 4,285 | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 292 days | ||||||
Performance Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested and Expected to Vest, Outstanding, Number (in shares) | 26 | 26 | |||||
Restricted Stock Units (RSUs) [Member] | |||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 3,654 | $ 3,654 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 180.85 | $ 180.85 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 213.31 | $ 157.14 | $ 136.26 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 959 | $ 460 | $ 123 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 160.87 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 6,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 16,000 | ||||||
Performance Stock Units [Member] | |||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 4,455 | $ 4,455 | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 219 days | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested and Expected to Vest, Outstanding, Number (in shares) | 40 | 40 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 202 | $ 215.47 | $ 192.99 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 195.25 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 0 | 0 | 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | 3 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 13,000 | 11 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Cumulative Effect of Adjustment, Vested in Period | $ 472 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Cumulative Effect of Adjustment, Vested in Period, Net of Tax | $ 359 | ||||||
Share Based Compensation Effect on Earning per Share Basic (in dollars per share) | $ 0.08 | ||||||
Share-based Payment Arrangement, Expected Noncash Expense, Increased (Decrease) Per Quarter | $ 375 | ||||||
Performance Stock Units [Member] | Minimum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award Number of Shares Issued Upon Vesting, Percentage | 0.00% | 0.00% | |||||
Performance Stock Units [Member] | Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award Number of Shares Issued Upon Vesting, Percentage | 200.00% | 400.00% | |||||
Performance Stock Units [Member] | GPT Acquisition [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Vest Requirement, Percentage of Finance Performance Target | 90.00% | ||||||
Performance Stock Units [Member] | GPT Acquisition [Member] | Key Employees [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 240.52 | ||||||
Performance Stock Units [Member] | GPT Acquisition [Member] | Key Employees [Member] | Minimum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award Number of Shares Issued Upon Vesting, Percentage | 0.00% | ||||||
Performance Stock Units [Member] | GPT Acquisition [Member] | Key Employees [Member] | Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award Number of Shares Issued Upon Vesting, Percentage | 150.00% | ||||||
Equity Plan 2014 [Member] | |||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 1,100,000 | 1,100,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 499,548 | 499,548 | |||||
Equity Plan 2014 [Member] | Share-based Payment Arrangement, Option [Member] | Minimum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | ||||||
Equity Plan 2014 [Member] | Share-based Payment Arrangement, Option [Member] | Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years |
Note 11 - Stock Transactions _4
Note 11 - Stock Transactions and Stock-based Compensation - Allocation of Share-based Compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | ||
Stock-based compensation expense | [1] | $ 5,525 | $ 4,212 | $ 1,672 |
Amount of income tax (benefit) recognized in earnings | (1,576) | (2,370) | (1,194) | |
Stock-based compensation expense, net of tax | $ 3,949 | $ 1,842 | $ 478 | |
[1] | During the year ended March 31, 2019, we implemented a new full-administration equity compensation platform, and as a result, changed the methodology used to account for estimated forfeitures from a static method to a dynamic method. This change resulted in a one-time cumulative increase in expense of $945, recognized during the year ended March 31, 2019. |
Note 11 - Stock Transactions _5
Note 11 - Stock Transactions and Stock-based Compensation - Stock Option Valuation Assumptions (Details) - $ / shares | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Risk-free interest rate | 1.80% | 2.63% | 1.88% |
Expected life (years) (Year) | 4 years 120 days | 5 years | 5 years 189 days |
Expected dividend yield | 0.13% | 0.45% | 0.54% |
Volatility | 36.52% | 35.96% | 32.92% |
Weighted-average Black-Scholes fair value per share at date of grant (in dollars per share) | $ 66.02 | $ 54.02 | $ 39.06 |
Note 11 - Stock Transactions _6
Note 11 - Stock Transactions and Stock-based Compensation - Stock Option and Non-vested Stock Award Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Options outstanding (in shares) | 354 | ||
Options outstanding, weighted average exercise price (in dollars per share) | $ 94.04 | ||
Outstanding, Weighted- Average Remaining Contractual Life (Year) | 3 years 36 days | 3 years 292 days | |
Outstanding, Aggregate Intrinsic Value | $ 33,927 | $ 48,301 | |
Options granted (in shares) | 29 | ||
Options granted, weighted average exercise price (in dollars per share) | $ 206.35 | $ 144.96 | $ 123.13 |
Options forfeited or expired (in shares) | (36) | ||
Options forfeited or expired, weighted average exercise price (in dollars per share) | $ 100.18 | ||
Options exercised or distributed (in shares) | (61) | ||
Options exercised or distributed, weighted average exercise price (in dollars per share) | $ 79.81 | ||
Options outstanding (in shares) | 286 | 354 | |
Options outstanding, weighted average exercise price (in dollars per share) | $ 107.72 | $ 94.04 | |
Options exercisable (in shares) | 121 | ||
Exercisable, weighted average exercise price (in dollars per share) | $ 88.77 | ||
Exercisable, Weighted- Average Remaining Contractual Life (Year) | 2 years 255 days | ||
Exercisable, Aggregate Intrinsic Value | $ 16,583 | ||
Vested and expected to vest (in shares) | 278 | ||
Vested and expected to vest, weighted average exercise price (in dollars per share) | $ 107.32 | ||
Vested and expected to vest, Weighted- Average Remaining Contractual Life (Year) | 3 years 36 days | ||
Vested and expected to vest, Aggregate Intrinsic Value | $ 33,031 |
Note 11 - Stock Transactions _7
Note 11 - Stock Transactions and Stock-based Compensation - Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Nonvested (in shares) | 21 | ||
Nonvested, weighted average grant date fair value per share (in dollars per share) | $ 146.92 | ||
Nonvested, weighted average remaining contractual life (Year) | 1 year 255 days | 2 years 36 days | |
Nonvested, aggregate intrinsic value | $ 6,258 | $ 4,773 | |
Awards granted (in shares) | 16 | ||
Awards granted, weighted average grant date fair value per share (in dollars per share) | $ 213.31 | $ 157.14 | $ 136.26 |
Awards forfeited or expired (in shares) | (3) | ||
Awards forfeited or expired, weighted average grant date fair value per share (in dollars per share) | $ 161.58 | ||
Awards distributed (in shares) | (6) | ||
Awards distributed, weighted average grant date fair value per share (in dollars per share) | $ 160.87 | ||
Nonvested (in shares) | 28 | 21 | |
Nonvested, weighted average grant date fair value per share (in dollars per share) | $ 180.15 | $ 146.92 |
Note 11 - Stock Transactions _8
Note 11 - Stock Transactions and Stock-based Compensation - Performance Stock Unit Activity (Details) - Performance Stock Units [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | |
Nonvested (in shares) | 10,000 | 10,000 | |
Nonvested, weighted average grant date fair value per share (in dollars per share) | $ 192.99 | $ 192.99 | |
Nonvested, weighted average remaining contractual life (Year) | 1 year 219 days | 2 years 73 days | |
Nonvested, aggregate intrinsic value | $ 4,903 | $ 2,382 | |
Awards granted (in shares) | 13,000 | 11 | |
Awards granted, weighted average grant date fair value per share (in dollars per share) | $ 202 | $ 215.47 | $ 192.99 |
Awards forfeited or expired (in shares) | (1,000) | ||
Awards forfeited or expired, weighted average grant date fair value per share (in dollars per share) | $ 217 | ||
Nonvested (in shares) | 22,000 | 10,000 | |
Nonvested, weighted average grant date fair value per share (in dollars per share) | $ 204.68 | $ 192.99 |
Note 12 - Earnings (Loss) Per_3
Note 12 - Earnings (Loss) Per Share - Computation of Net Income Per Share, Basic & Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Net income (loss) available for shareholders | $ (1,680) | $ (4,630) | $ 3,062 | $ 4,597 | $ 1,402 | $ 858 | $ 994 | $ 4,230 | $ 1,349 | $ 7,484 | $ (2,962) |
Weighted average outstanding shares of common stock (in shares) | 4,200 | 3,839 | 3,770 | ||||||||
Dilutive effect of stock options (in shares) | 159 | 186 | |||||||||
Dilutive effect of non-vested shares (in shares) | 12 | 8 | |||||||||
Fully diluted shares (in shares) | 4,371 | 4,033 | 3,770 | ||||||||
Basic (in dollars per share) | $ (0.38) | $ (1.06) | $ 0.74 | $ 1.18 | $ 0.36 | $ 0.22 | $ 0.26 | $ 1.11 | $ 0.32 | $ 1.95 | $ (0.79) |
Diluted (in dollars per share) | $ (0.37) | $ (1.06) | $ 0.71 | $ 1.13 | $ 0.34 | $ 0.21 | $ 0.25 | $ 1.06 | $ 0.31 | $ 1.86 | $ (0.79) |
Note 12 - Earnings (Loss) Per_4
Note 12 - Earnings (Loss) Per Share - Antidilutive Securities Excluded From Computation of Earnings Per Share (Details) - shares shares in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Stock awards excluded from diluted EPS (in shares) | 429 | 11 | 106 |
Assumed Conversion of Convertible Debt [Member] | |||
Stock awards excluded from diluted EPS (in shares) | 387 | ||
Stock Awards that were Antidilutive [Member] | |||
Stock awards excluded from diluted EPS (in shares) | 24 | 1 | 106 |
Stock Awards Subject to Performance Conditions [Member] | |||
Stock awards excluded from diluted EPS (in shares) | 18 | 10 |
Note 13 - Employee Benefit Pl_2
Note 13 - Employee Benefit Plans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 100.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 4.00% | ||
Defined Contribution Plan, Cost | $ 661 | $ 663 | $ 680 |
Note 14 - Income Taxes (Details
Note 14 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | $ 19 | $ 40 | $ 24 |
Domestic Tax Authority [Member] | |||
Open Tax Year | 2016 2017 2018 2019 | ||
State and Local Jurisdiction [Member] | |||
Open Tax Year | 2016 2017 2018 2019 | ||
Foreign Tax Authority [Member] | |||
Open Tax Year | 2015 2016 2017 2018 2019 | ||
Operating Loss Carryforwards, Total | $ 8,874 | ||
Tax Credit Carryforward, Amount | 15 | ||
Foreign Tax Authority [Member] | Canada Revenue Agency [Member] | |||
Undistributed Earnings of Foreign Subsidiaries | $ 12,900 |
Note 14 - Income Taxes - Earnin
Note 14 - Income Taxes - Earnings Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Domestic | $ 15,630 | $ 12,133 | $ 12,708 |
Foreign | (12,197) | (3,510) | (12,407) |
Total earnings before income taxes | $ 3,433 | $ 8,623 | $ 301 |
Note 14 - Income Taxes - Provis
Note 14 - Income Taxes - Provisions for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Current tax provision | |||
U.S. Federal | $ 2,348 | $ 1,831 | $ 3,732 |
U.S. State | 814 | 449 | 715 |
Foreign | 993 | 1,166 | 1,299 |
Total current tax expense | 4,155 | 3,446 | 5,746 |
Deferred tax provision: | |||
U.S. Federal | 60 | (741) | (1,589) |
U.S. State | 599 | (106) | (216) |
Foreign | (2,730) | (1,460) | (678) |
Total deferred tax expense | (2,071) | (2,307) | (2,483) |
Total income tax expense | $ 2,084 | $ 1,139 | $ 3,263 |
Note 14 - Income Taxes - Compon
Note 14 - Income Taxes - Components of Net Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Accrued employee-related expenses | $ 208 | $ 163 |
Allowances and reserves | 105 | 100 |
Stock compensation deductible differences | 1,265 | 1,061 |
Inventories | 504 | 1,534 |
Net operating loss | 8,874 | 47 |
Foreign tax credit | 16 | |
Credits | 47 | |
Other | 458 | 807 |
Total deferred tax assets | 11,461 | 3,728 |
Property, plant and equipment | (1,286) | (1,118) |
Goodwill and intangible assets | (24,825) | (2,249) |
Debt | (5,982) | |
Currency translation adjustment | (64) | (33) |
Other | (1) | (6) |
Total deferred tax liabilities | (32,158) | (3,406) |
Valuation allowance | (391) | (76) |
Net deferred tax liability | $ (21,088) | |
Net deferred tax asset | $ 246 |
Note 14 - Income Taxes - Income
Note 14 - Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Federal income taxes at statutory rates | $ 721 | $ 1,811 | $ 93 |
State income taxes, net of federal benefit | 1,147 | 208 | 328 |
Tax benefit of stock option exercises | (1,576) | (2,034) | (1,087) |
Section 199 manufacturing deduction | (381) | ||
Research and development credit | (191) | (158) | (162) |
Tax Cuts and Jobs Act | (59) | ||
Impairment of non-deductible goodwill | 284 | 4,257 | |
Limitation for 162(m) | 1,112 | 766 | |
Foreign rate differential | 657 | ||
Other | 214 | 262 | 274 |
Total income tax expense | $ 2,084 | $ 1,139 | $ 3,263 |
Note 14 - Income Taxes - Change
Note 14 - Income Taxes - Change in Gross Balance of Unrecognized Tax Benefit (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Beginning balance | $ 1,361 | $ 827 | $ 331 |
Decreases related to prior period tax positions | (1,027) | ||
Increases related to current period tax positions | 319 | 534 | 496 |
Ending balance | $ 653 | $ 1,361 | $ 827 |
Note 15 - Commitments and Con_2
Note 15 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Jan. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | |
Litigation Settlement, Expense | $ 50 | $ 3,300 | |
Class Action In United States District Court [Member] | |||
Litigation Settlement, Expense | $ 3,300 |
Note 16 - Segment Data (Details
Note 16 - Segment Data (Details Textual) | 12 Months Ended |
Mar. 31, 2020 | |
Number of Reportable Segments | 4 |
Note 16 - Segment Data - Operat
Note 16 - Segment Data - Operating Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | ||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | [1] | $ 117,687 | $ 103,135 | $ 96,179 | ||||||||
Gross profit (loss) | $ 18,641 | $ 14,677 | $ 15,476 | $ 16,139 | $ 15,614 | $ 15,634 | $ 14,577 | $ 15,091 | 64,933 | 60,916 | 54,619 | |
Reconciling items | [2] | (61,500) | (52,293) | (54,318) | ||||||||
Earnings before income taxes | 3,433 | 8,623 | 301 | |||||||||
Capital expenditures | 1,498 | 1,262 | 2,799 | |||||||||
Depreciation and amortization | 12,990 | 9,428 | 9,471 | |||||||||
Operating Segments [Member] | Sterilzation and Disinfection Control [Member] | ||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | [1] | 49,660 | 46,297 | 43,260 | ||||||||
Gross profit (loss) | 35,758 | 31,861 | 29,333 | |||||||||
Capital expenditures | 291 | 384 | 1,007 | |||||||||
Depreciation and amortization | 902 | 902 | 823 | |||||||||
Operating Segments [Member] | Instruments [Member] | ||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | [1] | 37,984 | 36,125 | 34,104 | ||||||||
Gross profit (loss) | 24,229 | 22,866 | 20,395 | |||||||||
Capital expenditures | 165 | 56 | 254 | |||||||||
Depreciation and amortization | 179 | 207 | 263 | |||||||||
Operating Segments [Member] | Biopharmaceutical Development [Member] | ||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | [1] | 13,851 | ||||||||||
Gross profit (loss) | 382 | |||||||||||
Capital expenditures | 233 | |||||||||||
Depreciation and amortization | 358 | |||||||||||
Operating Segments [Member] | Continuous Monitoring [Member] | ||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | [1] | 13,729 | 13,806 | 12,978 | ||||||||
Gross profit (loss) | 4,146 | 5,582 | 3,854 | |||||||||
Capital expenditures | 201 | 254 | 483 | |||||||||
Depreciation and amortization | 328 | 272 | 327 | |||||||||
Corporate, Non-Segment [Member] | ||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | [1] | 2,463 | 6,907 | 5,837 | ||||||||
Gross profit (loss) | 418 | 607 | 1,037 | |||||||||
Capital expenditures | 608 | 568 | 1,055 | |||||||||
Depreciation and amortization | $ 11,223 | $ 8,047 | $ 8,058 | |||||||||
[1] | Intersegment revenues are not significant and are eliminated to arrive at consolidated totals. | |||||||||||
[2] | Reconciling items include selling, general and administrative, research and development, impairment of goodwill and long-lived assets, legal settlement, and nonoperating expenses. |
Note 16 - Segment Data - Oper_2
Note 16 - Segment Data - Operating Segment Asset Reconciliation (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Assets | $ 420,206 | $ 156,767 |
Corporate, Non-Segment [Member] | ||
Assets | 103,588 | 19,447 |
Sterilzation and Disinfection Control [Member] | Operating Segments [Member] | ||
Assets | 73,103 | 74,230 |
Instruments [Member] | Operating Segments [Member] | ||
Assets | 31,025 | 30,911 |
Biopharmaceutical Development [Member] | Operating Segments [Member] | ||
Assets | 182,758 | |
Continuous Monitoring [Member] | Operating Segments [Member] | ||
Assets | $ 29,732 | $ 32,179 |
Note 16 - Segment Data - Long-l
Note 16 - Segment Data - Long-lived Assets by Geographic Area (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Long-lived assets | $ 36,007 | $ 23,548 |
UNITED STATES | ||
Long-lived assets | 34,767 | 22,974 |
Non-US [Member] | ||
Long-lived assets | $ 1,240 | $ 574 |
Note 16 - Segment Data - Revenu
Note 16 - Segment Data - Revenues From External Customers (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | ||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | [1] | $ 117,687 | $ 103,135 | $ 96,179 |
UNITED STATES | ||||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 66,344 | 64,828 | 56,998 | |
Non-US [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 51,343 | $ 38,307 | $ 39,181 | |
[1] | Intersegment revenues are not significant and are eliminated to arrive at consolidated totals. |
Note 17 - Quarterly Results (_3
Note 17 - Quarterly Results (Unaudited) - Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Revenue | $ 34,208 | $ 31,655 | $ 25,536 | $ 26,288 | $ 26,446 | $ 26,682 | $ 24,865 | $ 25,142 | |||
Gross profit | 18,641 | 14,677 | 15,476 | 16,139 | 15,614 | 15,634 | 14,577 | 15,091 | $ 64,933 | $ 60,916 | $ 54,619 |
Net income (loss) | $ (1,680) | $ (4,630) | $ 3,062 | $ 4,597 | $ 1,402 | $ 858 | $ 994 | $ 4,230 | $ 1,349 | $ 7,484 | $ (2,962) |
Basic earnings (loss) per share (in dollars per share) | $ (0.38) | $ (1.06) | $ 0.74 | $ 1.18 | $ 0.36 | $ 0.22 | $ 0.26 | $ 1.11 | $ 0.32 | $ 1.95 | $ (0.79) |
Diluted earnings (loss) per share (in dollars per share) | $ (0.37) | $ (1.06) | $ 0.71 | $ 1.13 | $ 0.34 | $ 0.21 | $ 0.25 | $ 1.06 | $ 0.31 | $ 1.86 | $ (0.79) |
Note 18 - Subsequent Events (De
Note 18 - Subsequent Events (Details Textual) | 1 Months Ended |
Apr. 30, 2020$ / shares | |
Subsequent Event [Member] | |
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.16 |