Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Dec. 31, 2020 | Jan. 28, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000724004 | |
Entity Registrant Name | MESA LABORATORIES INC /CO | |
Amendment Flag | false | |
Current Fiscal Year End Date | --03-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2020 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Dec. 31, 2020 | |
Document Transition Report | false | |
Entity File Number | 0-11740 | |
Entity Incorporation, State or Country Code | CO | |
Entity Tax Identification Number | 84-0872291 | |
Entity Address, Address Line One | 12100 West Sixth Avenue | |
Entity Address, City or Town | Lakewood | |
Entity Address, State or Province | CO | |
Entity Address, Postal Zip Code | 80228 | |
City Area Code | 303 | |
Local Phone Number | 987-8000 | |
Title of 12(b) Security | Common Stock, no par value | |
Trading Symbol | MLAB | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 5,132,003 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Dec. 31, 2020 | Mar. 31, 2020 |
ASSETS | ||
Cash and cash equivalents | $ 253,731 | $ 81,380 |
Accounts receivable, less allowances of $153 and $159, respectively | 20,410 | 21,132 |
Inventories, net | 11,965 | 14,230 |
Prepaid income taxes | 5,327 | 1,914 |
Prepaid expenses and other | 3,842 | 4,136 |
Total current assets | 295,275 | 122,792 |
Property, plant and equipment, net of accumulated depreciation of $14,623 and $12,741, respectively | 22,295 | 22,066 |
Deferred tax asset | 15,673 | 11,461 |
Other assets | 1,806 | 2,480 |
Intangibles, net | 120,803 | 119,871 |
Goodwill | 165,784 | 141,536 |
Total assets | 621,636 | 420,206 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Accounts payable | 3,751 | 3,408 |
Accrued payroll and benefits | 7,188 | 8,940 |
Unearned revenues | 7,646 | 6,814 |
Other accrued expenses | 9,165 | 6,846 |
Total current liabilities | 27,750 | 26,008 |
Deferred tax liability | 36,103 | 32,549 |
Convertible senior notes, net of discounts and debt issuance costs | 144,302 | 140,278 |
Other long-term liabilities | 686 | 1,358 |
Total liabilities | 208,841 | 200,193 |
Stockholders’ equity: | ||
Common stock, no par value; authorized 25,000,000 shares; issued and outstanding, 5,131,031 and 4,387,140 shares, respectively | 314,537 | 158,023 |
Retained earnings | 69,363 | 72,359 |
Accumulated other comprehensive income (loss) | 28,895 | (10,369) |
Total stockholders’ equity | 412,795 | 220,013 |
Total liabilities and stockholders’ equity | $ 621,636 | $ 420,206 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands | Dec. 31, 2020 | Mar. 31, 2020 |
Allowance for doubtful accounts receivable | $ 153 | $ 159 |
Property, plant and equipment, accumulated depreciation | $ 14,623 | $ 12,741 |
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) | 5,131,031 | 4,387,140 |
Common stock, shares outstanding (in shares) | 5,131,031 | 4,387,140 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Revenues | [1] | $ 34,172 | $ 31,655 | $ 95,973 | $ 83,479 |
Cost of revenues | 13,519 | 16,852 | 33,695 | 36,886 | |
Gross profit | 20,653 | 14,803 | 62,278 | 46,593 | |
Operating expenses: | |||||
Selling | 4,753 | 4,067 | 12,614 | 8,549 | |
General and administrative | 13,173 | 11,605 | 33,887 | 26,806 | |
Research and development | 2,705 | 2,110 | 7,715 | 4,044 | |
Impairment of goodwill and long-lived assets | 0 | 276 | 0 | 298 | |
Total operating expenses | 20,631 | 18,058 | 54,216 | 39,697 | |
Operating income (loss) | 22 | (3,255) | 8,062 | 6,896 | |
Nonoperating expense: | |||||
Interest expense and amortization of debt discount | 1,950 | 1,929 | 5,803 | 3,522 | |
Other expense (income), net | 3,799 | (107) | 4,848 | (748) | |
Total nonoperating expense | 5,749 | 1,822 | 10,651 | 2,774 | |
(Loss) earnings before income taxes | (5,727) | (5,077) | (2,589) | 4,122 | |
Income tax (benefit) expense | (1,185) | (573) | (1,943) | 792 | |
Net (loss) income | $ (4,542) | $ (4,504) | $ (646) | $ 3,330 | |
(Loss) earnings per share: | |||||
Basic (in dollars per share) | $ (0.89) | $ (1.03) | $ (0.13) | $ 0.80 | |
Diluted (in dollars per share) | $ (0.89) | $ (1.03) | $ (0.13) | $ 0.75 | |
Weighted-average common shares outstanding: | |||||
Basic (in shares) | 5,125 | 4,367 | 4,922 | 4,142 | |
Diluted (in shares) | 5,125 | 4,367 | 4,922 | 4,418 | |
[1] | Intersegment revenues are not significant and are eliminated to arrive at consolidated totals. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net (loss) income | $ (4,542) | $ (4,504) | $ (646) | $ 3,330 |
Other comprehensive income: | ||||
Foreign currency translation | 21,142 | 6,615 | 39,264 | 5,750 |
Comprehensive income | $ 16,600 | $ 2,111 | $ 38,618 | $ 9,080 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2020 | |
Cash flows from operating activities: | |||||||
Net (loss) income | $ (4,542) | $ 1,217 | $ (4,504) | $ 4,662 | $ (646) | $ 3,330 | |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 12,933 | 7,501 | |||||
Stock-based compensation | 6,887 | 5,310 | |||||
Non-cash interest and debt amortization | 4,024 | 2,002 | |||||
Amortization of step-up in inventory basis | (436) | 5,134 | |||||
Change in inventory reserve | 368 | 577 | |||||
Foreign currency adjustments | 4,583 | (256) | |||||
Other | (1,285) | 758 | |||||
Cash provided by changes in operating assets and liabilities | |||||||
Accounts receivable, net | 2,224 | 11 | |||||
Inventories, net | (485) | 304 | |||||
Prepaid expenses and other assets | (2,691) | (2,410) | |||||
Accounts payable | 71 | 64 | |||||
Accrued liabilities and taxes payable | (2,517) | (4,396) | |||||
Unearned revenues | 523 | 227 | |||||
Net cash provided by operating activities | 23,553 | 18,156 | |||||
Cash flows from investing activities: | |||||||
Acquisitions | 0 | (184,102) | |||||
Purchases of property, plant and equipment | (954) | (935) | |||||
Net cash (used in) investing activities | (954) | (185,037) | |||||
Cash flows from financing activities: | |||||||
Proceeds from the issuance of convertible senior notes, net | 0 | 167,070 | |||||
Proceeds from the issuance of common stock, net | 145,935 | 84,995 | |||||
Payments of debt | 0 | (23,000) | |||||
Dividends | (2,341) | (2,019) | |||||
Payments of Contingent Consideration | (11) | (11) | |||||
Proceeds from the exercise of stock options | 3,692 | 3,848 | |||||
Net cash provided by financing activities | 147,275 | 230,883 | |||||
Effect of exchange rate changes on cash and cash equivalents | 2,477 | (509) | |||||
Net increase in cash and cash equivalents | 172,351 | 63,493 | |||||
Cash and cash equivalents at beginning of period | $ 81,380 | $ 10,185 | 81,380 | 10,185 | $ 10,185 | ||
Cash and cash equivalents at end of period | $ 253,731 | $ 73,678 | $ 253,731 | $ 73,678 | $ 81,380 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member]Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock Including Additional Paid in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total | |
Balance (in shares) at Mar. 31, 2019 | 3,890,138 | ||||||
Balance at Mar. 31, 2019 | $ 39,823 | $ 73,303 | $ (1,815) | [1] | $ 111,311 | ||
Exercise of stock options and vesting of restricted stock units (in shares) | 31,441 | ||||||
Exercise of stock options and vesting of restricted stock units | $ 2,709 | 2,709 | |||||
Dividends paid | (624) | (624) | |||||
Stock-based compensation expense | $ 868 | 868 | |||||
Foreign currency translation | 121 | [1] | 121 | ||||
Net (loss) income | 4,662 | 4,662 | |||||
Foreign currency translation | 121 | [1] | 121 | ||||
Balance (in shares) at Jun. 30, 2019 | 3,921,579 | ||||||
Balance at Jun. 30, 2019 | $ 43,400 | 77,341 | (1,694) | [1] | 119,047 | ||
Balance (in shares) at Mar. 31, 2019 | 3,890,138 | ||||||
Balance at Mar. 31, 2019 | $ 39,823 | 73,303 | (1,815) | [1] | 111,311 | ||
Foreign currency translation | 5,750 | ||||||
Net (loss) income | 3,330 | ||||||
Foreign currency translation | 5,750 | ||||||
Balance (in shares) at Dec. 31, 2019 | 4,370,468 | ||||||
Balance at Dec. 31, 2019 | $ 156,711 | 74,614 | 3,935 | [1] | 235,260 | ||
Balance (in shares) at Jun. 30, 2019 | 3,921,579 | ||||||
Balance at Jun. 30, 2019 | $ 43,400 | 77,341 | (1,694) | [1] | 119,047 | ||
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 | |||||
Exercise of stock options and vesting of restricted stock units (in shares) | 12,220 | ||||||
Exercise of stock options and vesting of restricted stock units | $ 798 | 798 | |||||
Dividends paid | (697) | (697) | |||||
Stock-based compensation expense | 1,182 | 1,182 | |||||
Foreign currency translation | (986) | [1] | (986) | ||||
Net (loss) income | 0 | 3,172 | 0 | 3,172 | |||
Foreign currency translation | (986) | [1] | (986) | ||||
Proceeds from conversion feature of convertible senior notes, due 2025, net of allocated costs and taxes of $8,338 | $ 22,735 | 22,735 | |||||
Balance (in shares) at Sep. 30, 2019 | 4,365,049 | ||||||
Balance at Sep. 30, 2019 | $ 153,110 | 79,816 | (2,680) | [1] | 230,246 | ||
Exercise of stock options and vesting of restricted stock units (in shares) | 5,419 | ||||||
Exercise of stock options and vesting of restricted stock units | $ 341 | 0 | 0 | 341 | |||
Dividends paid | 0 | (698) | 0 | (698) | |||
Stock-based compensation expense | 3,260 | 0 | 0 | 3,260 | |||
Foreign currency translation | 0 | 0 | 6,615 | 6,615 | |||
Net (loss) income | 0 | (4,504) | 0 | (4,504) | |||
Foreign currency translation | $ 0 | 0 | 6,615 | 6,615 | |||
Balance (in shares) at Dec. 31, 2019 | 4,370,468 | ||||||
Balance at Dec. 31, 2019 | $ 156,711 | 74,614 | 3,935 | [1] | $ 235,260 | ||
Balance (in shares) at Mar. 31, 2020 | 4,387,140 | 4,387,140 | |||||
Balance at Mar. 31, 2020 | $ 158,023 | 72,359 | (10,369) | [1] | $ 220,013 | ||
Proceeds from issuance of common stock, net of issuance costs (in shares) | 690,000 | ||||||
Proceeds from issuance of common stock, net of issuance costs | $ 145,935 | 145,935 | |||||
Exercise of stock options and vesting of restricted stock units (in shares) | 25,799 | ||||||
Exercise of stock options and vesting of restricted stock units | $ 1,654 | 1,654 | |||||
Dividends paid | (704) | (704) | |||||
Stock-based compensation expense | $ 1,268 | 1,268 | |||||
Foreign currency translation | 12,860 | [1] | 12,860 | ||||
Net (loss) income | 1,217 | 1,217 | |||||
Foreign currency translation | 12,860 | [1] | 12,860 | ||||
Balance (in shares) at Jun. 30, 2020 | 5,102,939 | ||||||
Balance at Jun. 30, 2020 | $ (9) | $ (9) | $ 306,880 | 72,863 | 2,491 | [1] | $ 382,234 |
Balance (in shares) at Mar. 31, 2020 | 4,387,140 | 4,387,140 | |||||
Balance at Mar. 31, 2020 | $ 158,023 | 72,359 | (10,369) | [1] | $ 220,013 | ||
Proceeds from issuance of common stock, net of issuance costs (in shares) | 600,000 | ||||||
Exercise of stock options and vesting of restricted stock units (in shares) | 47,000 | ||||||
Foreign currency translation | $ 39,264 | ||||||
Net (loss) income | (646) | ||||||
Foreign currency translation | $ 39,264 | ||||||
Balance (in shares) at Dec. 31, 2020 | 5,131,031 | 5,131,031 | |||||
Balance at Dec. 31, 2020 | $ 314,537 | 69,363 | 28,895 | [1] | $ 412,795 | ||
Balance (in shares) at Jun. 30, 2020 | 5,102,939 | ||||||
Balance at Jun. 30, 2020 | $ (9) | $ (9) | $ 306,880 | 72,863 | 2,491 | [1] | 382,234 |
Exercise of stock options and vesting of restricted stock units (in shares) | 14,502 | ||||||
Exercise of stock options and vesting of restricted stock units | $ 1,047 | 1,047 | |||||
Dividends paid | (818) | (818) | |||||
Stock-based compensation expense | $ 2,008 | 2,008 | |||||
Foreign currency translation | 5,262 | [1] | 5,262 | ||||
Net (loss) income | 2,679 | 2,679 | |||||
Foreign currency translation | 5,262 | [1] | 5,262 | ||||
Balance (in shares) at Sep. 30, 2020 | 5,117,441 | ||||||
Balance at Sep. 30, 2020 | $ 309,935 | 74,724 | 7,753 | [1] | 392,412 | ||
Exercise of stock options and vesting of restricted stock units (in shares) | 13,590 | ||||||
Exercise of stock options and vesting of restricted stock units | $ 991 | 0 | 0 | 991 | |||
Dividends paid | 0 | (819) | 0 | (819) | |||
Stock-based compensation expense | 3,611 | 0 | 0 | 3,611 | |||
Foreign currency translation | 0 | 0 | 21,142 | 21,142 | |||
Net (loss) income | 0 | (4,542) | 0 | (4,542) | |||
Foreign currency translation | $ 0 | 0 | 21,142 | $ 21,142 | |||
Balance (in shares) at Dec. 31, 2020 | 5,131,031 | 5,131,031 | |||||
Balance at Dec. 31, 2020 | $ 314,537 | $ 69,363 | $ 28,895 | [1] | $ 412,795 | ||
[1] | Accumulated Other Comprehensive Income (Loss). |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | |
Proceeds from issuance of common stock, issuance costs | $ 9,315 | $ 5,568 | ||||
Dividends paid, per share (in dollars per share) | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.64 | $ 0.16 | $ 0.16 |
Allocated costs and taxes | $ 8,338 |
Note 1 - Description of Busines
Note 1 - Description of Business and Summary of Significant Accounting Policies | 9 Months Ended |
Dec. 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 quarterly report on Form 10 We are a multinational manufacturer, developer, and seller of quality control products and services, many of which are sold into niche markets that are driven by regulatory requirements. We have manufacturing operations in North America and Europe and our products are marketed by our sales personnel in North America, Europe, China, Japan, and by distributors in these areas as well as throughout the rest of the world. We prefer markets in which we can establish a strong presence and achieve high gross margins. As of December 31, 2020 March 31, 2020 12. March 31, 2020) Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission. In the opinion of management, such unaudited information includes all adjustments, consisting of normal recurring adjustments necessary for a fair presentation of our financial position and results of operations. The results of operations for the interim periods are not may not 10 March 31, 2020 Risks and Uncertainties The preparation of financial statements requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the reporting date and revenues and expenses during the reporting periods. These estimates represent management's judgement about the outcome of future events. The current global business environment continues to be impacted directly and indirectly by the effects of the novel coronavirus ("COVID- 19" not 19. 19 ● Estimates regarding the future financial performance of the business used in the impairment tests for goodwill and long-lived assets acquired in a business combination; however, we identified no three March 31, 2020; ● Estimates regarding the recoverability of deferred tax assets and estimates regarding cash needs and associated indefinite reinvestment assertions; ● Estimates regarding recoverability for customer receivables; ● Estimates of the net realizable value of inventory. Immaterial Error Correction During the three September 30, 2020, three June 30, 2019; no April 1, 2019 In accordance with Staff Accounting Bulletin ("SAB") No. 99 Materiality No. 108 Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in the Current Year Financial Statements not three September 30, 2020. not We performed manual intercompany elimination calculations and determined that cost of revenues and accumulated other comprehensive income were overstated by $429 for the year ended March 31, 2020, $429 $0.10; no not March 31, 2020. three June 30, 2019; three September 30, 2019, three December 31, 2019, three March 31, 2020. three June 30, 2020, $0.04. June 30, 2020 no Recently Issued Accounting Pronouncements In August, 2020, No. 2020 06, Debt with Conversion and Other Options and Derivatives and Hedging Accounting for Convertible Instruments and Contracts in an Entity's Own Equity 2025. 2020 06 December 15, 2021, no December 15, 2020. April 1, 2021 2020 06 August 15, 2025 ( nine December 31, 2020, not 2020 06, April 1, 2021. Recently Adopted Accounting Pronouncements In June 2016, No. 2016 13, Financial Instruments -Credit Losses (Topic 326 No. 2018 19, Codification Improvements to Topic 326, December 15, 2019, April 1, 2020, April 1, 2020 326's December 31, 2020 19 may may We are exposed to credit losses primarily through sales of products and services. Our expected loss allowance methodology for accounts receivable was developed using historical collection experience, current and expected future economic and market conditions and a review of the current status of customers’ trade accounts receivables. Customers are pooled based on shared specific risk factors. Due to the short-term nature of trade receivables, the estimated accounts receivable that may not Customers are assessed for credit worthiness upfront through a credit review. We evaluate contract terms and conditions, and may |
Note 2 - Revenue Recognition
Note 2 - Revenue Recognition | 9 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | Note 2. 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 such consumables 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 customers' replacement of existing equipment. Hardware sales may 12 The following tables present disaggregated revenues for the three nine December 31, 2020 three nine December 31, 2019 Three Months Ended December 31, 2020 Sterilization and Disinfection Control Instruments Biopharmaceutical Development Continuous Monitoring Corporate and Other Total Discrete Revenues Consumables $ 11,250 $ 717 $ 3,406 $ 9 $ - $ 15,382 Hardware and Software 151 6,210 3,771 1,920 - 12,052 Services 433 2,042 506 799 - 3,780 Contracted Revenues Services 1,243 2 1,028 685 - 2,958 Total Revenues $ 13,077 $ 8,971 $ 8,711 $ 3,413 $ - $ 34,172 Three Months Ended December 31, 2019 Sterilization and Disinfection Control Instruments Biopharmaceutical Development Continuous Monitoring Corporate and Other Total Discrete Revenues Consumables $ 9,948 $ 781 $ 1,941 $ 13 $ 229 $ 12,912 Hardware and Software 95 6,881 2,571 2,562 - 12,109 Services 360 2,352 656 849 - 4,217 Contracted Revenues Services 1,216 - 469 732 - 2,417 Total Revenues $ 11,619 $ 10,014 $ 5,637 $ 4,156 $ 229 $ 31,655 Nine Months Ended December 31, 2020 Sterilization and Disinfection Control Instruments Biopharmaceutical Development Continuous Monitoring Corporate and Other Total Discrete Revenues Consumables $ 32,252 $ 2,240 $ 8,583 $ 54 $ - $ 43,129 Hardware and Software 388 16,045 10,518 6,082 - 33,033 Services 1,389 5,922 2,293 1,944 - 11,548 Contracted Revenues Services 3,667 2 2,397 2,197 - 8,263 Total Revenues $ 37,696 $ 24,209 $ 23,791 $ 10,277 $ - $ 95,973 Nine Months Ended December 31, 2019 Sterilization and Disinfection Control Instruments Biopharmaceutical Development Continuous Monitoring Corporate and Other Total Discrete Revenues Consumables $ 30,487 $ 2,364 $ 1,941 $ 34 $ 2,415 $ 37,241 Hardware and Software 429 19,282 2,571 6,374 - 28,656 Services 1,301 6,872 656 1,959 27 10,815 Contracted Revenues Services 3,606 - 469 2,692 - 6,767 Total Revenues $ 35,823 $ 28,518 $ 5,637 $ 11,059 $ 2,442 $ 83,479 Revenues from external customers are attributed to individual countries based upon locations to which the products are shipped or exported, as follows: Three Months Ended December 31, Nine Months Ended December 31, 2020 2019 2020 2019 United States $ 18,480 $ 17,810 $ 52,246 $ 48,007 Foreign 15,692 13,845 43,727 35,472 Total revenues $ 34,172 $ 31,655 $ 95,973 $ 83,479 No 10% 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 Condensed 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, 2020 $ 7,217 Prior year liabilities recognized in revenues during the nine months ended December 31, 2020 (4,131 ) Contract liabilities added during the nine months ended December 31, 2020, net of revenues recognized 4,984 Contract liabilities balance as of December 31, 2020 $ 8,070 |
Note 3 - Fair Value Measurement
Note 3 - Fair Value Measurements | 9 Months Ended |
Dec. 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 December 31, 2020 March 31, 2020 8. During the year ended March 31, 2020 August 15, 2025. December 31, 2020 March 31, 2020 Carrying Value Fair Value (Level 2) Carrying Value Fair Value (Level 2) Notes $ 144,302 $ 206,569 $ 140,278 $ 173,363 The Notes are discussed in more detail in Note 7. Assets recognized or disclosed at fair value in the unaudited condensed consolidated financial statements on a nonrecurring basis include items such as property and equipment, operating lease assets, goodwill, and other intangible assets, including those that were part of the GPT Acquisition. These assets are measured at fair value if determined to be impaired. The fair values assigned to the assets and liabilities acquired in the GPT Acquisition were measured using Level 3 12. no nine December 31, 2020 nine December 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 any single issuer (except U.S. treasuries). Concentration of credit risk with respect to accounts receivable is limited to customers to whom we make significant sales. We reserve an allowance for potential write-offs of accounts receivable using historical collection experience, but we have not |
Note 4 - Inventories, Net
Note 4 - Inventories, Net | 9 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | Note 4 . Inventories, Net Inventories consist of the following: December 31, 2020 March 31, 2020 Raw materials $ 8,151 $ 6,757 Work-in-process 436 329 Finished goods 6,370 9,768 Less: reserve (2,992 ) (2,624 ) Inventories, net $ 11,965 $ 14,230 The remaining balance of the adjustment to step up inventory to fair value as part of the GPT Acquisition, which was included in finished goods, was $0 and $2,901, respectively, as of December 31, 2020 March 31, 2020 12. |
Note 5 - Goodwill and Intangibl
Note 5 - Goodwill and Intangible Assets, Net | 9 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 5. Finite-lived intangible assets consist of the following: December 31, 2020 March 31, 2020 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intellectual property $ 21,909 $ (8,262 ) $ 13,647 $ 15,731 $ (6,454 ) $ 9,277 Trade names 8,875 (3,060 ) 5,815 5,839 (2,855 ) 2,984 Customer relationships 151,027 (49,800 ) 101,227 146,106 (38,777 ) 107,329 Non-compete agreements 1,299 (1,185 ) 114 1,447 (1,166 ) 281 Total $ 183,110 $ (62,307 ) $ 120,803 $ 169,123 $ (49,252 ) $ 119,871 The increase in the carrying amount of intangible assets was attributable to changes in foreign currency and adjustments to the preliminary purchase price of GPT that are discussed further in Note 12. three nine December 31, 2020 three nine December 31, 2019 three June 30, 2020 12. The following is estimated amortization expense for the years ending March 31: Remainder of year ending March 31, 2021 $ 3,891 2022 15,470 2023 15,261 2024 14,746 2025 13,143 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, 2020 $ 29,594 $ 19,123 $ 74,716 $ 18,103 $ - $ 141,536 Effect of foreign currency translation 894 106 16,183 - - 17,183 Goodwill adjustment related to GPT acquisition - - 7,065 - - 7,065 December 31, 2020 $ 30,488 $ 19,229 $ 97,964 $ 18,103 $ - $ 165,784 |
Note 6 - Supplemental Balance S
Note 6 - Supplemental Balance Sheets Information | 9 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | Note 6. Accrued payroll and benefits consist of the following: December 31, 2020 March 31, 2020 Bonus payable $ 2,796 $ 4,069 Wages payable 2,746 2,485 Payroll related taxes 1,478 2,228 Other benefits payable 168 158 Total accrued payroll and benefits $ 7,188 $ 8,940 Other accrued expenses consist of the following: December 31, 2020 March 31, 2020 Accrued business taxes $ 4,798 $ 3,796 Current operating lease liabilities 1,057 1,095 Interest payable 889 296 Professional services fees 404 857 Contingent consideration 555 504 Other 1,462 298 Total other accrued expenses $ 9,165 $ 6,846 |
Note 7 - Indebtedness
Note 7 - Indebtedness | 9 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 7 . Indebtedness On August 12, 2019, August 15, 2025, February 15 August 15 February 15, 2020. $1,000 may December 31, 2019 five 10 $1,000 98% April 15, 2025 second may not three December 31, 2020 December 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 upon issuance as calculated using the income approach and measuring the fair value of a similar debt instrument that does not 3 no 2 not six Debt issuance costs related to the Notes comprised of discounts and commissions payable to the initial purchasers of $5,175 and third The net carrying amount of the Notes were as follows: December 31, 2020 March 31, 2020 Principal outstanding $ 172,500 $ 172,500 Unamortized debt discount (24,696 ) (28,205 ) Unamortized debt issuance costs (3,502 ) (4,017 ) Net carrying value $ 144,302 $ 140,278 The net carrying amount of the equity component of the Notes were as follows: December 31, 2020 March 31, 2020 Amount allocated to conversion option $ 31,073 $ 31,073 Less: allocated issuance costs and deferred taxes (8,338 ) (8,338 ) Equity component, net $ 22,735 $ 22,735 We recognized interest expense on the Notes as follows: Three Months Ended December 31, Nine Months Ended December 31, 2020 2019 2020 2019 Coupon interest expense at 1.375% $ 593 $ 593 $ 1,779 $ 909 Amortization of debt discounts and issuance costs 1,357 1,295 4,024 2,002 Total $ 1,950 $ 1,888 $ 5,803 $ 2,911 The effective interest rate of the liability component of the note is approximately 5.5%. |
Note 8 - Stockholders' Equity
Note 8 - Stockholders' Equity | 9 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | Note 8 . Stockholders' Equity Public Offerings of Common Stock On June 12, 2020, June 19, 2020, Stock-Based Compensation Amounts recognized related to stock-based compensation are as follows: Three Months Ended December 31, Nine Months Ended December 31, 2020 2019 2020 2019 Stock-based compensation expense $ 3,611 $ 3,260 $ 6,887 $ 5,310 Amount of income tax expense (benefit) recognized in earnings 320 (78 ) (1,127 ) (986 ) Stock-based compensation expense, net of tax $ 3,931 $ 3,182 $ 5,760 $ 4,324 Stock-based compensation expense is included in cost of revenues, selling, general and administrative, and research and development expense in the accompanying unaudited Condensed Consolidated Statements of Operations. The following is a summary of stock option award activity for the nine December 31, 2020 Stock Options Shares Subject to Options Weighted- Average Exercise Price per Share Outstanding at March 31, 2020 286 $ 107.72 Awards granted 36 226.72 Awards forfeited or expired (12 ) 116.24 Awards exercised (47 ) 85.64 Outstanding as of December 31, 2020 263 $ 127.63 The stock options granted during the nine December 31, 2020 first three The following is a summary of restricted stock unit ("RSU") award activity for the nine December 31, 2020 Time-Based Restricted Stock Units Performance-Based Restricted Stock Units Number of Shares Weighted- Average Grant Date Fair Value per Share Number of Shares Weighted- Average Grant Date Fair Value per Share Nonvested at March 31, 2020 28 $ 180.15 22 $ 204.68 Awards granted 21 230.36 - - Awards forfeited or expired (3 ) 204.40 (1 ) 199.50 Awards distributed (8 ) 196.38 - - Nonvested as of December 31, 2020 38 $ 203.29 21 $ 204.80 The majority of the time-based RSUs granted during the nine December 31, 2020 one one first three one Performance-based RSUs vest upon completion of the service period described in the award agreement and based on achievements of the financial targets described in the award agreements. We recognize the expense relating to the performance-based RSUs based on the probable outcome of achievement of the financial targets, on a straight-line basis over the service period. During the three December 31, 2020, nine December 31, 2020, March 31, 2021, June 30, 2020 September 30, 2020 |
Note 9 - (Loss) Earnings Per Sh
Note 9 - (Loss) Earnings Per Share | 9 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 9 . (Loss) Earnings Per Share Basic (loss) earnings per share is computed by dividing net (loss) income by the weighted-average number of common shares outstanding during the reporting period. Diluted (loss) earnings per share (“diluted EPS”) is computed similarly to basic (loss) earnings 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, including RSUs that contain performance conditions which have been achieved as of the reporting period (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 three nine December 31, 2020 three December 31, 2019 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 three nine December 31, 2020 The following table presents a reconciliation of the denominators used in the computation of basic and diluted (loss) earnings per share (shares in thousands): Three Months Ended December 31, Nine Months Ended December 31, 2020 2019 2020 2019 Net (loss) income available for shareholders $ (4,542 ) $ (4,504 ) $ (646 ) $ 3,330 Weighted average outstanding shares of common stock 5,125 4,367 4,922 4,142 Dilutive effect of stock options - - - 251 Dilutive effect of time-based non-vested shares - - - 25 Dilutive effect of performance-based non-vested shares - - - - Fully diluted shares 5,125 4,367 4,922 4,418 Basic (loss) earnings per share $ (0.89 ) $ (1.03 ) $ (0.13 ) $ 0.80 Diluted (loss) earnings per share $ (0.89 ) $ (1.03 ) $ (0.13 ) $ 0.75 The following stock awards were excluded from the calculation of diluted EPS: Three Months Ended December 31, Nine Months Ended December 31, 2020 2019 2020 2019 Assumed conversion of convertible debt 608 608 608 318 Stock awards that were anti-dilutive 307 343 313 22 Stock awards subject to performance conditions 11 21 17 15 Total stock awards excluded from diluted EPS 926 972 938 355 |
Note 10 - Income Taxes
Note 10 - Income Taxes | 9 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 10 . Income Taxes For interim income tax reporting, we estimate our annual effective tax rate and apply this effective tax rate to our year-to-date pre-tax income. Each quarter, our estimate of the annual effective tax rate is updated, and if the estimated effective tax rate changes, a cumulative adjustment is made. Additionally, the tax effects of significant unusual or infrequently occurring items are recognized as discrete items in the interim period in which the events occur. The impact of changes in tax laws or rates on deferred tax amounts, impairments of non-deductible goodwill, excess benefits from stock-based compensation, and changes in tax reserves resulting from the finalization of tax audits or reviews are examples of significant unusual or infrequently occurring items that are recognized as discrete items in the interim period in which the event occurs. There is a potential for volatility of the effective tax rate due to several factors, including changes in the mix of the pre-tax income and the jurisdictions to which it relates, changes in tax laws and foreign tax holidays, settlement with taxing authorities, and foreign currency fluctuations. Our effective income tax rate was 20.7% and 75.0% for the three nine December 31, 2020 three nine December 31, 2019 three nine December 31, 2020 nine December 31, 2020 162 As part of our adoption of the Tax Cuts and Jobs Act, we recorded an uncertain tax position in the amount of $630. During the nine December 31, 2020 no nine December 31, 2020 The tax year ended December 31, 2018 12 Since we are subject to audit by various taxing authorities, it is reasonably possible that the amount of unrecognized tax benefits will change during the next 12 not 12 |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 9 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 11 . Commitments and Contingencies We review the adequacy of our legal reserves on a quarterly basis and establish reserves for loss contingencies that are both probable and reasonably estimable. As of December 31, 2020 no Under the terms of the revised IBP agreement, we are required to pay contingent consideration if the company is able to achieve certain operational and regulatory milestones. The potential undiscounted consideration payable ranges from €0 €450, not March 31, 2021. Companies are required to collect and remit sales tax from certain customers if the company is determined to have nexus in a particular state. The determination of nexus varies by state and often requires technical knowledge of each jurisdiction's tax case law. During the nine December 31, 2020, not 12. |
Note 12 - Significant Transacti
Note 12 - Significant Transactions | 9 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Significant Transactions [Text Block] | Note 12 . Significant Transactions GPT Acquisition On October 31, 2019, Fair Value of Net Assets Acquired We accounted for the GPT Acquisition as the purchase of a business and GPT's results of operations have been included in our consolidated statements of operations and cash flows from the date of acquisition. Under the acquisition method of accounting, the net assets of GPT were initially recorded as of the acquisition date at their respective estimated fair values, using information obtained during due diligence and from other sources, and consolidated with those of Mesa Labs. We refined our valuation models, assumptions, and inputs based on additional information obtained subsequent to the closing of the transaction related to facts and circumstances that existed at the acquisition date in order to estimate fair value more accurately for the purchase price allocation. The preparation of the valuation required the use of Level 3 not During the three December 31, 2020 nine December 31, 2020 11. nine December 31, 2020 three September 30, 2020 The cumulative impacts of all adjustments have been reflected in the unaudited condensed consolidated financial statements as of and for the nine December 31, 2020 Note Fair Value Cash and cash equivalents $ 4,654 Accounts receivable (a) 6,663 Inventories (b) 12,522 Prepaid income taxes 477 Prepaid expenses and other 14,149 Property, plant and equipment 1,523 Other assets 1,469 Deferred taxes 10,576 Intangible assets: Customer relationships (c) 77,500 Trade name (c) 4,600 Non-compete agreements (c) - Acquired technology (c) 11,800 Goodwill (d) 85,130 Total Assets acquired $ 231,063 Accounts payable 599 Accrued salaries and payroll taxes 10,735 Other short-term liabilities 157 Unearned revenues 2,089 Other accrued expenses 6,967 Deferred taxes 23,350 Other long-term liabilities 965 Total liabilities assumed $ 44,862 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 $8,066 of inventory-step up, which is required to report inventory at fair value at the time of acquisition. The inventory step-up was amortized to cost of revenues over approximately eight November 1, 2019 March 31, 2020, nine December 31, 2020 (c) Customer relationships and acquired technology are being amortized on a straight-line basis over a 10 year period. Amortization expense for customer relationships is recorded to general and administrative expenses; amortization expense for acquired technology is recorded to cost of revenues. During the nine December 31, 2020 (d) Acquired goodwill of $85,130, all of which is allocated to the Biopharmaceutical Development reportable segment, 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 Unaudited Pro Forma Information GPT's operations contributed $23,863 to revenues and ($7,370) of net loss to our consolidated results during the nine December 31, 2020 November 1, 2019, April 1, 2019 not not April 1, 2019 Three Months Ended December 31, Nine Months Ended December 31, 2019 2019 Pro forma total revenues (1) $ 35,190 $ 103,097 Pro forma net income (2) 2,226 8,661 ( 1 ( 2 ● Excludes interest expense attributable to GPT's external debt that was paid off as part of the acquisition. ● Additional depreciation expense of $66 based on the increased fair value of property, plant and equipment. ● Additional amortization expense of $4,801 for the nine December 31, 2019 ● For the nine December 31, 2019 ● Income tax effect of the adjustments made at a blended federal and state statutory rate (approximately 25%). |
Note 13 - Segment Information
Note 13 - Segment Information | 9 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 13 . S egment Information As of December 31, 2020 four March 31, 2020 Three Months Ended December 31, 2020 Sterilization and Disinfection Control Instruments Biopharmaceutical Development Continuous Monitoring Corporate and Other Total Revenues (1) $ 13,077 $ 8,971 $ 8,711 $ 3,413 $ - $ 34,172 Gross profit (loss) $ 9,308 $ 5,368 $ 4,616 $ 1,501 $ (140 ) $ 20,653 Reconciling items (2) (26,380 ) (Loss) before income taxes $ (5,727 ) Three Months Ended December 31, 2019 Sterilization and Disinfection Control Instruments Biopharmaceutical Development Continuous Monitoring Corporate and Other Total Revenues (1) $ 11,619 $ 10,014 $ 5,637 $ 4,156 $ 229 $ 31,655 Gross profit (loss) $ 8,101 $ 6,526 $ (1,294 ) $ 1,488 $ (18 ) $ 14,803 Reconciling items (2) (19,880 ) (Loss) before income taxes $ (5,077 ) Nine Months Ended December 31, 2020 Sterilization and Disinfection Control Instruments Biopharmaceutical Development Continuous Monitoring Corporate and Other Total Revenues (1) $ 37,696 $ 24,209 $ 23,791 $ 10,277 $ - $ 95,973 Gross profit (loss) $ 28,098 $ 14,909 $ 15,294 $ 4,053 $ (76 ) $ 62,278 Reconciling items (2) (64,867 ) (Loss) before income taxes $ (2,589 ) Nine Months Ended December 31, 2019 Sterilization and Disinfection Control Instruments Biopharmaceutical Development Continuous Monitoring Corporate and Other Total Revenues (1) $ 35,823 $ 28,518 $ 5,637 $ 11,059 $ 2,442 $ 83,479 Gross profit (loss) $ 25,334 $ 18,164 $ (1,294 ) $ 3,994 $ 395 $ 46,593 Reconciling items (2) (42,471 ) Earnings before income taxes $ 4,122 ( 1 Intersegment revenues are not ( 2 Reconciling items include selling, general and administrative, research and development, interest expense and amortization of debt discount, and other (income) expenses. The following table sets forth assets by reportable segment: December 31, 2020 March 31, 2020 Sterilization and Disinfection Control $ 71,706 $ 73,103 Instruments 29,967 31,025 Biopharmaceutical Development 205,769 182,758 Continuous Monitoring 28,834 29,732 Corporate and administrative 285,360 103,588 Total $ 621,636 $ 420,206 The increase in total assets was primarily attributable to $145,935 of cash proceeds resulting from the sale and issuance of 600,000 shares of our common stock during the nine December 31, 2020, 8. |
Note 14 - Subsequent Events
Note 14 - Subsequent Events | 9 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 14 . Subsequent Events In January 2021, March 15, 2021 February 26, 2021 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission. In the opinion of management, such unaudited information includes all adjustments, consisting of normal recurring adjustments necessary for a fair presentation of our financial position and results of operations. The results of operations for the interim periods are not may not 10 March 31, 2020 |
Risk and Uncertainties, Policy [Policy Text Block] | Risks and Uncertainties The preparation of financial statements requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the reporting date and revenues and expenses during the reporting periods. These estimates represent management's judgement about the outcome of future events. The current global business environment continues to be impacted directly and indirectly by the effects of the novel coronavirus ("COVID- 19" not 19. 19 ● Estimates regarding the future financial performance of the business used in the impairment tests for goodwill and long-lived assets acquired in a business combination; however, we identified no three March 31, 2020; ● Estimates regarding the recoverability of deferred tax assets and estimates regarding cash needs and associated indefinite reinvestment assertions; ● Estimates regarding recoverability for customer receivables; ● Estimates of the net realizable value of inventory. |
Immaterial Error Correction, Policy [Policy Text Block] | Immaterial Error Correction During the three September 30, 2020, three June 30, 2019; no April 1, 2019 In accordance with Staff Accounting Bulletin ("SAB") No. 99 Materiality No. 108 Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in the Current Year Financial Statements not three September 30, 2020. not We performed manual intercompany elimination calculations and determined that cost of revenues and accumulated other comprehensive income were overstated by $429 for the year ended March 31, 2020, $429 $0.10; no not March 31, 2020. three June 30, 2019; three September 30, 2019, three December 31, 2019, three March 31, 2020. three June 30, 2020, $0.04. June 30, 2020 no |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements In August, 2020, No. 2020 06, Debt with Conversion and Other Options and Derivatives and Hedging Accounting for Convertible Instruments and Contracts in an Entity's Own Equity 2025. 2020 06 December 15, 2021, no December 15, 2020. April 1, 2021 2020 06 August 15, 2025 ( nine December 31, 2020, not 2020 06, April 1, 2021. Recently Adopted Accounting Pronouncements In June 2016, No. 2016 13, Financial Instruments -Credit Losses (Topic 326 No. 2018 19, Codification Improvements to Topic 326, December 15, 2019, April 1, 2020, April 1, 2020 326's December 31, 2020 19 may may We are exposed to credit losses primarily through sales of products and services. Our expected loss allowance methodology for accounts receivable was developed using historical collection experience, current and expected future economic and market conditions and a review of the current status of customers’ trade accounts receivables. Customers are pooled based on shared specific risk factors. Due to the short-term nature of trade receivables, the estimated accounts receivable that may not Customers are assessed for credit worthiness upfront through a credit review. We evaluate contract terms and conditions, and may |
Note 2 - Revenue Recognition (T
Note 2 - Revenue Recognition (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended December 31, 2020 Sterilization and Disinfection Control Instruments Biopharmaceutical Development Continuous Monitoring Corporate and Other Total Discrete Revenues Consumables $ 11,250 $ 717 $ 3,406 $ 9 $ - $ 15,382 Hardware and Software 151 6,210 3,771 1,920 - 12,052 Services 433 2,042 506 799 - 3,780 Contracted Revenues Services 1,243 2 1,028 685 - 2,958 Total Revenues $ 13,077 $ 8,971 $ 8,711 $ 3,413 $ - $ 34,172 Three Months Ended December 31, 2019 Sterilization and Disinfection Control Instruments Biopharmaceutical Development Continuous Monitoring Corporate and Other Total Discrete Revenues Consumables $ 9,948 $ 781 $ 1,941 $ 13 $ 229 $ 12,912 Hardware and Software 95 6,881 2,571 2,562 - 12,109 Services 360 2,352 656 849 - 4,217 Contracted Revenues Services 1,216 - 469 732 - 2,417 Total Revenues $ 11,619 $ 10,014 $ 5,637 $ 4,156 $ 229 $ 31,655 Nine Months Ended December 31, 2020 Sterilization and Disinfection Control Instruments Biopharmaceutical Development Continuous Monitoring Corporate and Other Total Discrete Revenues Consumables $ 32,252 $ 2,240 $ 8,583 $ 54 $ - $ 43,129 Hardware and Software 388 16,045 10,518 6,082 - 33,033 Services 1,389 5,922 2,293 1,944 - 11,548 Contracted Revenues Services 3,667 2 2,397 2,197 - 8,263 Total Revenues $ 37,696 $ 24,209 $ 23,791 $ 10,277 $ - $ 95,973 Nine Months Ended December 31, 2019 Sterilization and Disinfection Control Instruments Biopharmaceutical Development Continuous Monitoring Corporate and Other Total Discrete Revenues Consumables $ 30,487 $ 2,364 $ 1,941 $ 34 $ 2,415 $ 37,241 Hardware and Software 429 19,282 2,571 6,374 - 28,656 Services 1,301 6,872 656 1,959 27 10,815 Contracted Revenues Services 3,606 - 469 2,692 - 6,767 Total Revenues $ 35,823 $ 28,518 $ 5,637 $ 11,059 $ 2,442 $ 83,479 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Three Months Ended December 31, Nine Months Ended December 31, 2020 2019 2020 2019 United States $ 18,480 $ 17,810 $ 52,246 $ 48,007 Foreign 15,692 13,845 43,727 35,472 Total revenues $ 34,172 $ 31,655 $ 95,973 $ 83,479 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | Contract liabilities balance as of March 31, 2020 $ 7,217 Prior year liabilities recognized in revenues during the nine months ended December 31, 2020 (4,131 ) Contract liabilities added during the nine months ended December 31, 2020, net of revenues recognized 4,984 Contract liabilities balance as of December 31, 2020 $ 8,070 |
Note 3 - Fair Value Measureme_2
Note 3 - Fair Value Measurements (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | December 31, 2020 March 31, 2020 Carrying Value Fair Value (Level 2) Carrying Value Fair Value (Level 2) Notes $ 144,302 $ 206,569 $ 140,278 $ 173,363 |
Note 4 - Inventories, Net (Tabl
Note 4 - Inventories, Net (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, 2020 March 31, 2020 Raw materials $ 8,151 $ 6,757 Work-in-process 436 329 Finished goods 6,370 9,768 Less: reserve (2,992 ) (2,624 ) Inventories, net $ 11,965 $ 14,230 |
Note 5 - Goodwill and Intangi_2
Note 5 - Goodwill and Intangible Assets, Net (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | December 31, 2020 March 31, 2020 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intellectual property $ 21,909 $ (8,262 ) $ 13,647 $ 15,731 $ (6,454 ) $ 9,277 Trade names 8,875 (3,060 ) 5,815 5,839 (2,855 ) 2,984 Customer relationships 151,027 (49,800 ) 101,227 146,106 (38,777 ) 107,329 Non-compete agreements 1,299 (1,185 ) 114 1,447 (1,166 ) 281 Total $ 183,110 $ (62,307 ) $ 120,803 $ 169,123 $ (49,252 ) $ 119,871 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Remainder of year ending March 31, 2021 $ 3,891 2022 15,470 2023 15,261 2024 14,746 2025 13,143 |
Schedule of Goodwill [Table Text Block] | Sterilization and Disinfection Control Instruments Biopharmaceutical Development Continuous Monitoring Corporate and Other Total March 31, 2020 $ 29,594 $ 19,123 $ 74,716 $ 18,103 $ - $ 141,536 Effect of foreign currency translation 894 106 16,183 - - 17,183 Goodwill adjustment related to GPT acquisition - - 7,065 - - 7,065 December 31, 2020 $ 30,488 $ 19,229 $ 97,964 $ 18,103 $ - $ 165,784 |
Note 6 - Supplemental Balance_2
Note 6 - Supplemental Balance Sheets Information (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Employee Related Liabilities [Table Text Block] | December 31, 2020 March 31, 2020 Bonus payable $ 2,796 $ 4,069 Wages payable 2,746 2,485 Payroll related taxes 1,478 2,228 Other benefits payable 168 158 Total accrued payroll and benefits $ 7,188 $ 8,940 |
Schedule of Accrued Liabilities [Table Text Block] | December 31, 2020 March 31, 2020 Accrued business taxes $ 4,798 $ 3,796 Current operating lease liabilities 1,057 1,095 Interest payable 889 296 Professional services fees 404 857 Contingent consideration 555 504 Other 1,462 298 Total other accrued expenses $ 9,165 $ 6,846 |
Note 7 - Indebtedness (Tables)
Note 7 - Indebtedness (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Convertible Debt [Table Text Block] | December 31, 2020 March 31, 2020 Principal outstanding $ 172,500 $ 172,500 Unamortized debt discount (24,696 ) (28,205 ) Unamortized debt issuance costs (3,502 ) (4,017 ) Net carrying value $ 144,302 $ 140,278 December 31, 2020 March 31, 2020 Amount allocated to conversion option $ 31,073 $ 31,073 Less: allocated issuance costs and deferred taxes (8,338 ) (8,338 ) Equity component, net $ 22,735 $ 22,735 |
Interest Expense on Convertible Debt [Table Text Block] | Three Months Ended December 31, Nine Months Ended December 31, 2020 2019 2020 2019 Coupon interest expense at 1.375% $ 593 $ 593 $ 1,779 $ 909 Amortization of debt discounts and issuance costs 1,357 1,295 4,024 2,002 Total $ 1,950 $ 1,888 $ 5,803 $ 2,911 |
Note 8 - Stockholders' Equity (
Note 8 - Stockholders' Equity (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended December 31, Nine Months Ended December 31, 2020 2019 2020 2019 Stock-based compensation expense $ 3,611 $ 3,260 $ 6,887 $ 5,310 Amount of income tax expense (benefit) recognized in earnings 320 (78 ) (1,127 ) (986 ) Stock-based compensation expense, net of tax $ 3,931 $ 3,182 $ 5,760 $ 4,324 Stock-based compensation expense is included in cost of revenues, selling, general and administrative, and research and development expense in the accompanying unaudited Condensed Consolidated Statements of Operations. |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Stock Options Shares Subject to Options Weighted- Average Exercise Price per Share Outstanding at March 31, 2020 286 $ 107.72 Awards granted 36 226.72 Awards forfeited or expired (12 ) 116.24 Awards exercised (47 ) 85.64 Outstanding as of December 31, 2020 263 $ 127.63 |
Share-based Payment Arrangement, Activity [Table Text Block] | Time-Based Restricted Stock Units Performance-Based Restricted Stock Units Number of Shares Weighted- Average Grant Date Fair Value per Share Number of Shares Weighted- Average Grant Date Fair Value per Share Nonvested at March 31, 2020 28 $ 180.15 22 $ 204.68 Awards granted 21 230.36 - - Awards forfeited or expired (3 ) 204.40 (1 ) 199.50 Awards distributed (8 ) 196.38 - - Nonvested as of December 31, 2020 38 $ 203.29 21 $ 204.80 |
Note 9 - (Loss) Earnings Per _2
Note 9 - (Loss) Earnings Per Share (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended December 31, Nine Months Ended December 31, 2020 2019 2020 2019 Net (loss) income available for shareholders $ (4,542 ) $ (4,504 ) $ (646 ) $ 3,330 Weighted average outstanding shares of common stock 5,125 4,367 4,922 4,142 Dilutive effect of stock options - - - 251 Dilutive effect of time-based non-vested shares - - - 25 Dilutive effect of performance-based non-vested shares - - - - Fully diluted shares 5,125 4,367 4,922 4,418 Basic (loss) earnings per share $ (0.89 ) $ (1.03 ) $ (0.13 ) $ 0.80 Diluted (loss) earnings per share $ (0.89 ) $ (1.03 ) $ (0.13 ) $ 0.75 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three Months Ended December 31, Nine Months Ended December 31, 2020 2019 2020 2019 Assumed conversion of convertible debt 608 608 608 318 Stock awards that were anti-dilutive 307 343 313 22 Stock awards subject to performance conditions 11 21 17 15 Total stock awards excluded from diluted EPS 926 972 938 355 |
Note 12 - Significant Transac_2
Note 12 - Significant Transactions (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Note Fair Value Cash and cash equivalents $ 4,654 Accounts receivable (a) 6,663 Inventories (b) 12,522 Prepaid income taxes 477 Prepaid expenses and other 14,149 Property, plant and equipment 1,523 Other assets 1,469 Deferred taxes 10,576 Intangible assets: Customer relationships (c) 77,500 Trade name (c) 4,600 Non-compete agreements (c) - Acquired technology (c) 11,800 Goodwill (d) 85,130 Total Assets acquired $ 231,063 Accounts payable 599 Accrued salaries and payroll taxes 10,735 Other short-term liabilities 157 Unearned revenues 2,089 Other accrued expenses 6,967 Deferred taxes 23,350 Other long-term liabilities 965 Total liabilities assumed $ 44,862 Total closing amount, net of cash acquired $ 181,547 |
Business Acquisition, Pro Forma Information [Table Text Block] | Three Months Ended December 31, Nine Months Ended December 31, 2019 2019 Pro forma total revenues (1) $ 35,190 $ 103,097 Pro forma net income (2) 2,226 8,661 |
Note 13 - Segment Information (
Note 13 - Segment Information (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended December 31, 2020 Sterilization and Disinfection Control Instruments Biopharmaceutical Development Continuous Monitoring Corporate and Other Total Revenues (1) $ 13,077 $ 8,971 $ 8,711 $ 3,413 $ - $ 34,172 Gross profit (loss) $ 9,308 $ 5,368 $ 4,616 $ 1,501 $ (140 ) $ 20,653 Reconciling items (2) (26,380 ) (Loss) before income taxes $ (5,727 ) Three Months Ended December 31, 2019 Sterilization and Disinfection Control Instruments Biopharmaceutical Development Continuous Monitoring Corporate and Other Total Revenues (1) $ 11,619 $ 10,014 $ 5,637 $ 4,156 $ 229 $ 31,655 Gross profit (loss) $ 8,101 $ 6,526 $ (1,294 ) $ 1,488 $ (18 ) $ 14,803 Reconciling items (2) (19,880 ) (Loss) before income taxes $ (5,077 ) Nine Months Ended December 31, 2020 Sterilization and Disinfection Control Instruments Biopharmaceutical Development Continuous Monitoring Corporate and Other Total Revenues (1) $ 37,696 $ 24,209 $ 23,791 $ 10,277 $ - $ 95,973 Gross profit (loss) $ 28,098 $ 14,909 $ 15,294 $ 4,053 $ (76 ) $ 62,278 Reconciling items (2) (64,867 ) (Loss) before income taxes $ (2,589 ) Nine Months Ended December 31, 2019 Sterilization and Disinfection Control Instruments Biopharmaceutical Development Continuous Monitoring Corporate and Other Total Revenues (1) $ 35,823 $ 28,518 $ 5,637 $ 11,059 $ 2,442 $ 83,479 Gross profit (loss) $ 25,334 $ 18,164 $ (1,294 ) $ 3,994 $ 395 $ 46,593 Reconciling items (2) (42,471 ) Earnings before income taxes $ 4,122 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | December 31, 2020 March 31, 2020 Sterilization and Disinfection Control $ 71,706 $ 73,103 Instruments 29,967 31,025 Biopharmaceutical Development 205,769 182,758 Continuous Monitoring 28,834 29,732 Corporate and administrative 285,360 103,588 Total $ 621,636 $ 420,206 |
Note 1 - Description of Busin_2
Note 1 - Description of Business and Summary of Significant Accounting Policies (Details Textual) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Mar. 31, 2020USD ($) | Sep. 30, 2020 | Apr. 01, 2020USD ($) | Aug. 12, 2019 | |
Number of Operating Segments | 4 | |||||||||||
Retained Earnings (Accumulated Deficit), Ending Balance | $ 69,363,000 | $ 72,359,000 | $ 69,363,000 | $ 72,359,000 | ||||||||
Interest Expense, Debt, Total | $ 1,950,000 | $ 1,888,000 | 5,803,000 | $ 2,911,000 | ||||||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||||||||||
Retained Earnings (Accumulated Deficit), Ending Balance | $ (9,000) | |||||||||||
The Notes [Member] | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.375% | 1.375% | ||||||||||
The Notes [Member] | Senior Notes [Member] | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.375% | 1.375% | 1.375% | 1.375% | ||||||||
Interest Expense, Debt, Total | $ 3,510,000 | |||||||||||
Revision of Prior Period, Adjustment [Member] | ||||||||||||
Retained Earnings (Accumulated Deficit), Ending Balance | $ 192,000 | |||||||||||
Overstatement of Cost of Revenues [Member] | ||||||||||||
Quantifying Misstatement in Current Year Financial Statements, Amount | 372,000 | $ 429,000 | ||||||||||
Overstatement of Accumulated Other Comprehensive Income [Member] | ||||||||||||
Quantifying Misstatement in Current Year Financial Statements, Amount | 429,000 | |||||||||||
Amount By Which Net Income Would Increase if Cost of Revenues Had Not Been Overstated [Member] | ||||||||||||
Quantifying Misstatement in Current Year Financial Statements, Amount | 429,000 | |||||||||||
Amount By Which Diluted Earnings Per Share Would Increase if Cost of Revenues Had Not Been Overstated [Member] | ||||||||||||
Quantifying Misstatement in Current Year Financial Statements, Amount | 0.04 | $ 0.10 | ||||||||||
Overstatement of Cost of Goods Sold [Member] | ||||||||||||
Quantifying Misstatement in Current Year Financial Statements, Amount | $ 128,000 | $ 126,000 | $ 110,000 | $ 65,000 | ||||||||
Understatement of Net Income [Member] | ||||||||||||
Quantifying Misstatement in Current Year Financial Statements, Amount | $ 128,000 | $ 126,000 | $ 110,000 | $ 65,000 | ||||||||
Amount By Which After-tax Income Would Increase if Cost of Revenues Had Not Been Overstated [Member] | ||||||||||||
Quantifying Misstatement in Current Year Financial Statements, Amount | $ 192,000 |
Note 2 - Revenue Recognition (D
Note 2 - Revenue Recognition (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Contract with Customer, Asset, after Allowance for Credit Loss, Total | $ 0 | $ 0 |
Note 2 - Revenue Recognition -
Note 2 - Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Revenues | [1] | $ 34,172 | $ 31,655 | $ 95,973 | $ 83,479 |
Consumables [Member] | Transferred at Point in Time [Member] | |||||
Revenues | 15,382 | 12,912 | 43,129 | 37,241 | |
Hardware and Software [Member] | Transferred at Point in Time [Member] | |||||
Revenues | 12,052 | 12,109 | 33,033 | 28,656 | |
Service [Member] | Transferred at Point in Time [Member] | |||||
Revenues | 3,780 | 4,217 | 11,548 | 10,815 | |
Service [Member] | Transferred over Time [Member] | |||||
Revenues | 2,958 | 2,417 | 8,263 | 6,767 | |
Corporate, Non-Segment [Member] | |||||
Revenues | [1] | 0 | 229 | 0 | 2,442 |
Corporate, Non-Segment [Member] | Consumables [Member] | Transferred at Point in Time [Member] | |||||
Revenues | 0 | 229 | 0 | 2,415 | |
Corporate, Non-Segment [Member] | Hardware and Software [Member] | Transferred at Point in Time [Member] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Corporate, Non-Segment [Member] | Service [Member] | Transferred at Point in Time [Member] | |||||
Revenues | 0 | 0 | 0 | 27 | |
Corporate, Non-Segment [Member] | Service [Member] | Transferred over Time [Member] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Sterilization and Disinfection Control [Member] | Operating Segments [Member] | |||||
Revenues | [1] | 13,077 | 11,619 | 37,696 | 35,823 |
Sterilization and Disinfection Control [Member] | Operating Segments [Member] | Consumables [Member] | Transferred at Point in Time [Member] | |||||
Revenues | 11,250 | 9,948 | 32,252 | 30,487 | |
Sterilization and Disinfection Control [Member] | Operating Segments [Member] | Hardware and Software [Member] | Transferred at Point in Time [Member] | |||||
Revenues | 151 | 95 | 388 | 429 | |
Sterilization and Disinfection Control [Member] | Operating Segments [Member] | Service [Member] | Transferred at Point in Time [Member] | |||||
Revenues | 433 | 360 | 1,389 | 1,301 | |
Sterilization and Disinfection Control [Member] | Operating Segments [Member] | Service [Member] | Transferred over Time [Member] | |||||
Revenues | 1,243 | 1,216 | 3,667 | 3,606 | |
Instruments [Member] | Operating Segments [Member] | |||||
Revenues | [1] | 8,971 | 10,014 | 24,209 | 28,518 |
Instruments [Member] | Operating Segments [Member] | Consumables [Member] | Transferred at Point in Time [Member] | |||||
Revenues | 717 | 781 | 2,240 | 2,364 | |
Instruments [Member] | Operating Segments [Member] | Hardware and Software [Member] | Transferred at Point in Time [Member] | |||||
Revenues | 6,210 | 6,881 | 16,045 | 19,282 | |
Instruments [Member] | Operating Segments [Member] | Service [Member] | Transferred at Point in Time [Member] | |||||
Revenues | 2,042 | 2,352 | 5,922 | 6,872 | |
Instruments [Member] | Operating Segments [Member] | Service [Member] | Transferred over Time [Member] | |||||
Revenues | 2 | 0 | 2 | 0 | |
Biopharmaceutical Development [Member] | Operating Segments [Member] | |||||
Revenues | [1] | 8,711 | 5,637 | 23,791 | 5,637 |
Biopharmaceutical Development [Member] | Operating Segments [Member] | Consumables [Member] | Transferred at Point in Time [Member] | |||||
Revenues | 3,406 | 1,941 | 8,583 | 1,941 | |
Biopharmaceutical Development [Member] | Operating Segments [Member] | Hardware and Software [Member] | Transferred at Point in Time [Member] | |||||
Revenues | 3,771 | 2,571 | 10,518 | 2,571 | |
Biopharmaceutical Development [Member] | Operating Segments [Member] | Service [Member] | Transferred at Point in Time [Member] | |||||
Revenues | 506 | 656 | 2,293 | 656 | |
Biopharmaceutical Development [Member] | Operating Segments [Member] | Service [Member] | Transferred over Time [Member] | |||||
Revenues | 1,028 | 469 | 2,397 | 469 | |
Continuous Monitoring [Member] | Operating Segments [Member] | |||||
Revenues | 3,413 | 4,156 | 10,277 | 11,059 | |
Continuous Monitoring [Member] | Operating Segments [Member] | Consumables [Member] | Transferred at Point in Time [Member] | |||||
Revenues | 9 | 13 | 54 | 34 | |
Continuous Monitoring [Member] | Operating Segments [Member] | Hardware and Software [Member] | Transferred at Point in Time [Member] | |||||
Revenues | 1,920 | 2,562 | 6,082 | 6,374 | |
Continuous Monitoring [Member] | Operating Segments [Member] | Service [Member] | Transferred at Point in Time [Member] | |||||
Revenues | 799 | 849 | 1,944 | 1,959 | |
Continuous Monitoring [Member] | Operating Segments [Member] | Service [Member] | Transferred over Time [Member] | |||||
Revenues | $ 685 | $ 732 | $ 2,197 | $ 2,692 | |
[1] | Intersegment revenues are not significant and are eliminated to arrive at consolidated totals. |
Note 2 - Revenue Recognition _2
Note 2 - Revenue Recognition - Revenues From External Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Total revenues | [1] | $ 34,172 | $ 31,655 | $ 95,973 | $ 83,479 |
UNITED STATES | |||||
Total revenues | 18,480 | 17,810 | 52,246 | 48,007 | |
Non-US [Member] | |||||
Total revenues | $ 15,692 | $ 13,845 | $ 43,727 | $ 35,472 | |
[1] | Intersegment revenues are not significant and are eliminated to arrive at consolidated totals. |
Note 2 - Revenue Recognition _3
Note 2 - Revenue Recognition - Contract Liabilities (Details) $ in Thousands | 9 Months Ended |
Dec. 31, 2020USD ($) | |
Contract liabilities balance as of March 31, 2020 | $ 7,217 |
Prior year liabilities recognized in revenues during the nine months ended December 31, 2020 | (4,131) |
Contract liabilities added during the nine months ended December 31, 2020, net of revenues recognized | 4,984 |
Contract liabilities balance as of December 31, 2020 | $ 8,070 |
Note 3 - Fair Value Measureme_3
Note 3 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2020 | Sep. 30, 2020 | Aug. 12, 2019 | |
Money Market Funds, at Carrying Value | $ 222,819 | $ 66,735 | |||
Proceeds from Convertible Debt | $ 0 | $ 167,070 | |||
The Notes [Member] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 1.375% | ||||
Senior Notes [Member] | The Notes [Member] | |||||
Proceeds from Convertible Debt | $ 172,500 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 1.375% | 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] - USD ($) $ in Thousands | Dec. 31, 2020 | Mar. 31, 2020 |
Reported Value Measurement [Member] | ||
Notes | $ 144,302 | $ 140,278 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Notes | $ 206,569 | $ 173,363 |
Note 4 - Inventories, Net (Deta
Note 4 - Inventories, Net (Details Textual) - GPT Acquisition [Member] - USD ($) $ in Thousands | Dec. 31, 2020 | Mar. 31, 2020 | Oct. 31, 2019 |
Inventory Step-up Cost | $ 8,066 | ||
Inventories [Member] | |||
Inventory Step-up Cost | $ 0 | $ 2,901 |
Note 4 - Inventories, Net - Sum
Note 4 - Inventories, Net - Summary of Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Mar. 31, 2020 |
Raw materials | $ 8,151 | $ 6,757 |
Work-in-process | 436 | 329 |
Finished goods | 6,370 | 9,768 |
Less: reserve | (2,992) | (2,624) |
Inventories, net | $ 11,965 | $ 14,230 |
Note 5 - Goodwill and Intangi_3
Note 5 - Goodwill and Intangible Assets, Net (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Amortization of Intangible Assets, Total | $ 3,828 | $ 2,565 | $ 10,694 | $ 5,895 |
Note 5 - Goodwill and Intangi_4
Note 5 - Goodwill and Intangible Assets, Net - Other Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Mar. 31, 2020 |
Carrying Amount | $ 183,110 | $ 169,123 |
Accumulated Amortization | (62,307) | (49,252) |
Net | 120,803 | 119,871 |
Intellectual Property [Member] | ||
Carrying Amount | 21,909 | 15,731 |
Accumulated Amortization | (8,262) | (6,454) |
Net | 13,647 | 9,277 |
Trade Names [Member] | ||
Carrying Amount | 8,875 | 5,839 |
Accumulated Amortization | (3,060) | (2,855) |
Net | 5,815 | 2,984 |
Customer Relationships [Member] | ||
Carrying Amount | 151,027 | 146,106 |
Accumulated Amortization | (49,800) | (38,777) |
Net | 101,227 | 107,329 |
Noncompete Agreements [Member] | ||
Carrying Amount | 1,299 | 1,447 |
Accumulated Amortization | (1,185) | (1,166) |
Net | $ 114 | $ 281 |
Note 5 - Goodwill and Intangi_5
Note 5 - Goodwill and Intangible Assets, Net - Estimated Amortization Expense (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Remainder of year ending March 31, 2021 | $ 3,891 |
2022 | 15,470 |
2023 | 15,261 |
2024 | 14,746 |
2025 | $ 13,143 |
Note 5 - Goodwill and Intangi_6
Note 5 - Goodwill and Intangible Assets, Net - Change in the Carrying Amount of Goodwill (Details) $ in Thousands | 9 Months Ended |
Dec. 31, 2020USD ($) | |
Goodwill | $ 141,536 |
Effect of foreign currency translation | 17,183 |
Goodwill adjustment related to GPT acquisition | 7,065 |
Goodwill | 165,784 |
Corporate, Non-Segment [Member] | |
Goodwill | 0 |
Effect of foreign currency translation | 0 |
Goodwill adjustment related to GPT acquisition | 0 |
Goodwill | 0 |
Sterilization and Disinfection Control [Member] | Operating Segments [Member] | |
Goodwill | 29,594 |
Effect of foreign currency translation | 894 |
Goodwill adjustment related to GPT acquisition | 0 |
Goodwill | 30,488 |
Instruments [Member] | Operating Segments [Member] | |
Goodwill | 19,123 |
Effect of foreign currency translation | 106 |
Goodwill adjustment related to GPT acquisition | 0 |
Goodwill | 19,229 |
Biopharmaceutical Development [Member] | Operating Segments [Member] | |
Goodwill | 74,716 |
Effect of foreign currency translation | 16,183 |
Goodwill adjustment related to GPT acquisition | 7,065 |
Goodwill | 97,964 |
Continuous Monitoring [Member] | Operating Segments [Member] | |
Goodwill | 18,103 |
Effect of foreign currency translation | 0 |
Goodwill adjustment related to GPT acquisition | 0 |
Goodwill | $ 18,103 |
Note 6 - Supplemental Balance_3
Note 6 - Supplemental Balance Sheets Information - Accrued Payroll and Benefits (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Mar. 31, 2020 |
Bonus payable | $ 2,796 | $ 4,069 |
Wages payable | 2,746 | 2,485 |
Payroll related taxes | 1,478 | 2,228 |
Other benefits payable | 168 | 158 |
Total accrued payroll and benefits | $ 7,188 | $ 8,940 |
Note 6 - Supplemental Balance_4
Note 6 - Supplemental Balance Sheets Information - Other Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Mar. 31, 2020 |
Accrued business taxes | $ 4,798 | $ 3,796 |
Current operating lease liabilities | 1,057 | 1,095 |
Interest payable | 889 | 296 |
Professional services fees | 404 | 857 |
Contingent consideration | 555 | 504 |
Other | 1,462 | 298 |
Total other accrued expenses | $ 9,165 | $ 6,846 |
Note 7 - Indebtedness (Details
Note 7 - Indebtedness (Details Textual) $ / shares in Units, $ in Thousands | Aug. 12, 2019USD ($)$ / shares | Dec. 31, 2020USD ($) | Sep. 30, 2020 | Mar. 31, 2020USD ($) | Dec. 31, 2019 |
Convertible Debt, Noncurrent | $ 144,302 | $ 140,278 | |||
The Notes [Member] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 1.375% | ||||
The Notes [Member] | Senior Notes [Member] | |||||
Debt Instrument, Face Amount | $ 172,500 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 1.375% | 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 | ||||
Convertible Debt, Noncurrent | $ 141,427 | ||||
Debt Instrument, Convertible, Carrying Amount of Equity Component | $ 31,073 | $ 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 7 - Indebtedness - Carryin
Note 7 - Indebtedness - Carrying Amount of the Notes (Details) - The Notes [Member] - Senior Notes [Member] - USD ($) $ in Thousands | Dec. 31, 2020 | Mar. 31, 2020 | Aug. 12, 2019 |
Principal outstanding | $ 172,500 | $ 172,500 | |
Unamortized debt discount | (24,696) | (28,205) | |
Unamortized debt issuance costs | (3,502) | (4,017) | |
Net carrying value | 144,302 | 140,278 | |
Amount allocated to conversion option | 31,073 | 31,073 | $ 31,073 |
Less: allocated issuance costs and deferred taxes | (8,338) | (8,338) | |
Equity component, net | $ 22,735 | $ 22,735 |
Note 7 - Indebtedness - Interes
Note 7 - Indebtedness - Interest Expense on the Notes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Coupon interest expense at 1.375% | $ 593 | $ 593 | $ 1,779 | $ 909 |
Amortization of debt discounts and issuance costs | 1,357 | 1,295 | 4,024 | 2,002 |
Total | $ 1,950 | $ 1,888 | $ 5,803 | $ 2,911 |
Note 7 - Indebtedness - Inter_2
Note 7 - Indebtedness - Interest Expense on the Notes (Details) (Parentheticals) | Dec. 31, 2019 |
The Notes [Member] | |
Interest rate | 1.375% |
Note 8 - Stockholders' Equity_2
Note 8 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Jun. 12, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Stock Issued During Period, Shares, New Issues (in shares) | 600,000 | 600,000 | |
Sale of Stock, Underwriter Options, Shares (in shares) | 90,000 | ||
Shares Issued, Price Per Share (in dollars per share) | $ 225 | ||
Proceeds from Issuance of Common Stock | $ 145,935 | $ 145,935 | $ 84,995 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Cumulative Effect of Adjustment, Vested in Period | 1,629 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Cumulative Effect of Adjustment, Vested in Period, Net of Tax | $ 1,209 | ||
Share Based Compensation Effect on Earning per Share Basic (in dollars per share) | $ 0.25 | ||
Share-based Payment Arrangement, Expected Noncash Expense, Increased (Decrease) Per Quarter | $ 194 | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year |
Note 8 - Stockholders' Equity -
Note 8 - Stockholders' Equity - Allocation of Share-based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement, Expense | $ 3,611 | $ 3,260 | $ 6,887 | $ 5,310 |
Amount of income tax expense (benefit) recognized in earnings | 320 | (78) | (1,127) | (986) |
Stock-based compensation expense, net of tax | $ 3,931 | $ 3,182 | $ 5,760 | $ 4,324 |
Note 8 - Stockholders' Equity_3
Note 8 - Stockholders' Equity - Stock Option and Restricted Stock Unit Award Activity (Details) shares in Thousands | 9 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Options outstanding (in shares) | shares | 286 |
Options outstanding, weighted-average exercise price (in dollars per share) | $ / shares | $ 107.72 |
Options granted (in shares) | shares | 36 |
Options granted, weighted-average exercise price (in dollars per share) | $ / shares | $ 226.72 |
Options forfeited or expired (in shares) | shares | (12) |
Options forfeited or expired, weighted-average exercise price (in dollars per share) | $ / shares | $ 116.24 |
Options, awards exercised (in shares) | shares | (47) |
Awards exercised, weighted-average exercise price (in dollars per share) | $ / shares | $ 85.64 |
Options outstanding (in shares) | shares | 263 |
Options outstanding, weighted-average exercise price (in dollars per share) | $ / shares | $ 127.63 |
Note 8 - Stockholders' Equity_4
Note 8 - Stockholders' Equity - Restricted Stock Unit Activity (Details) shares in Thousands | 9 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Awards exercised, weighted-average exercise price (in dollars per share) | $ 85.64 |
Restricted Stock Units (RSUs) [Member] | |
Nonvested, number of shares (in shares) | shares | 28 |
Nonvested, weighted average grant date fair value per share (in dollars per share) | $ 180.15 |
Awards granted, number of shares (in shares) | shares | 21 |
Awards granted, weighted average grant date fair value per share (in dollars per share) | $ 230.36 |
Awards forfeited or expired, number of shares (in shares) | shares | (3) |
Awards forfeited or expired, weighted average grant date fair value per share (in dollars per share) | $ 204.40 |
Awards distributed, number of shares (in shares) | shares | (8) |
Awards exercised, weighted-average exercise price (in dollars per share) | $ 196.38 |
Nonvested , number of shares (in shares) | shares | 38 |
Nonvested, weighted average grant date fair value per share (in dollars per share) | $ 203.29 |
Performance Stock Units [Member] | |
Nonvested, number of shares (in shares) | shares | 22 |
Nonvested, weighted average grant date fair value per share (in dollars per share) | $ 204.68 |
Awards granted, number of shares (in shares) | shares | 0 |
Awards granted, weighted average grant date fair value per share (in dollars per share) | $ 0 |
Awards forfeited or expired, number of shares (in shares) | shares | (1) |
Awards forfeited or expired, weighted average grant date fair value per share (in dollars per share) | $ 199.50 |
Awards distributed, number of shares (in shares) | shares | 0 |
Awards exercised, weighted-average exercise price (in dollars per share) | $ 0 |
Nonvested , number of shares (in shares) | shares | 21 |
Nonvested, weighted average grant date fair value per share (in dollars per share) | $ 204.80 |
Note 9 - (Loss) Earnings Per _3
Note 9 - (Loss) Earnings Per Share - Computation of Net Income Per Share, Basic & Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net (loss) income available for shareholders | $ (4,542) | $ 2,679 | $ 1,217 | $ (4,504) | $ 3,172 | $ 4,662 | $ (646) | $ 3,330 |
Weighted average outstanding shares of common stock (in shares) | 5,125 | 4,367 | 4,922 | 4,142 | ||||
Dilutive effect of stock options (in shares) | 0 | 0 | 0 | 251 | ||||
Fully diluted shares (in shares) | 5,125 | 4,367 | 4,922 | 4,418 | ||||
Basic (loss) earnings per share (in dollars per share) | $ (0.89) | $ (1.03) | $ (0.13) | $ 0.80 | ||||
Diluted (loss) earnings per share (in dollars per share) | $ (0.89) | $ (1.03) | $ (0.13) | $ 0.75 | ||||
Restricted Stock Units (RSUs) [Member] | ||||||||
Dilutive effect of time-based non-vested shares (in shares) | 0 | 0 | 0 | 25 | ||||
Performance Stock Units [Member] | ||||||||
Dilutive effect of time-based non-vested shares (in shares) | 0 | 0 | 0 | 0 |
Note 9 - (Loss) Earnings Per _4
Note 9 - (Loss) Earnings Per Share - Antidilutive Securities Excluded From Computation of Earnings Per Share (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Stock awards excluded from diluted EPS (in shares) | 926 | 972 | 938 | 355 |
Assumed Conversion of Convertible Debt [Member] | ||||
Stock awards excluded from diluted EPS (in shares) | 608 | 608 | 608 | 318 |
Stock Awards that were Antidilutive [Member] | ||||
Stock awards excluded from diluted EPS (in shares) | 307 | 343 | 313 | 22 |
Stock Awards Subject to Performance Conditions [Member] | ||||
Stock awards excluded from diluted EPS (in shares) | 11 | 21 | 17 | 15 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 20.70% | 11.30% | 75.00% | 19.20% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | |||
Unrecognized Tax Benefits, Ending Balance | $ 630 | $ 630 | ||
Tax Cuts and Jobs Act, Income Tax Expense (Benefit), Total | $ (630) | |||
Income Tax Examination, Year under Examination | 2018 |
Note 11 - Commitments and Con_2
Note 11 - Commitments and Contingencies (Details Textual) - 9 months ended Dec. 31, 2020 € in Thousands, $ in Thousands | USD ($) | EUR (€) |
Liability for Collecting and Remitting Sales Tax [Member] | ||
Loss Contingency Accrual, Ending Balance | $ 2,501 | |
Liability for Collecting and Remitting Sales Tax States with Established Nexus [Member] | ||
Loss Contingency Accrual, Ending Balance | 405 | |
Liability for Collecting and Remitting Sales Tax States Interest Incurred [Member] | ||
Loss Contingency Accrual, Ending Balance | 196 | |
GPT Acquisition [Member] | ||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, Low | € | € 0 | |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | € | € 450 | |
Business Combination, Contingent Consideration, Liability, Total | 555 | |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Other Accrued Expenses | $ 1,899 |
Note 12 - Significant Transac_3
Note 12 - Significant Transactions (Details Textual) - USD ($) | Oct. 31, 2019 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Payments to Acquire Businesses, Gross | $ 0 | $ 184,102,000 | ||||||
Amortization of Intangible Assets, Total | $ 3,828 | $ 2,565 | 10,694 | 5,895 | ||||
Amortization of Inventory Step-up Cost | (436,000) | 5,134,000 | ||||||
Goodwill, Ending Balance | 165,784,000 | $ 141,536,000 | 165,784,000 | |||||
Share-based Payment Arrangement, Expense | $ 3,611,000 | $ 3,260,000 | $ 6,887,000 | $ 5,310,000 | ||||
Effective Income Tax Rate Reconciliation, Percent, Total | 20.70% | 11.30% | 75.00% | 19.20% | ||||
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, Intangibles | $ (6,002,000) | |||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Inventory | (3,752,000) | |||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment | 878,000 | |||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Other Accrued Expenses | 1,899,000 | |||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Accounts Receivable | 500,000 | |||||||
Amortization of Intangible Assets, Total | (344,000) | $ 4,801,000 | ||||||
Depreciation, Total | $ 66,000 | |||||||
Inventory Step-up Cost | 8,066,000 | |||||||
Amortization of Inventory Step-up Cost | $ 8,502,000 | (436,000) | ||||||
Goodwill, Ending Balance | $ 85,130,000 | [1] | $ 85,130,000 | 85,130,000 | ||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 23,863,000 | |||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | (7,370,000) | |||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Amortization of Intangible Assets | (6,000,000) | |||||||
Business Combination, Pro Forma Information, Realized and Unrealized Gain (Loss) of Acquiree since Acquisition Date, Actual | $ 4,000 | |||||||
Effective Income Tax Rate Reconciliation, Percent, Total | 25.00% | |||||||
GPT Acquisition [Member] | Performance Stock Units [Member] | Key GPT Employees [Member] | ||||||||
Share-based Payment Arrangement, Expense | $ 358,000 | |||||||
GPT Acquisition [Member] | Customer Relationships [Member] | ||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | |||||||
GPT Acquisition [Member] | Technology-Based Intangible Assets [Member] | ||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | |||||||
GPT Acquisition [Member] | Cost of Sales [Member] | ||||||||
Amortization of Intangible Assets, Total | $ 178,000 | |||||||
GPT Acquisition [Member] | Cost of Sales [Member] | Biopharmaceutical Development [Member] | ||||||||
Amortization of Intangible Assets, Total | 1,101,000 | |||||||
GPT Acquisition [Member] | General and Administrative Expense [Member] | ||||||||
Amortization of Intangible Assets, Total | (522,000) | |||||||
Depreciation, Total | $ 207,000 | |||||||
GPT Acquisition [Member] | General and Administrative Expense [Member] | Biopharmaceutical Development [Member] | ||||||||
Amortization of Intangible Assets, Total | $ 5,328,000 | |||||||
[1] | Acquired goodwill of $85,130, all of which is allocated to the Biopharmaceutical Development reportable segment, represents the value expected to arise from organic revenues growth projections that are expected to exceed that of our legacy divisions, and the opportunity to expand into a new market with well-established market share. The goodwill acquired is not deductible for income tax purposes. |
Note 12 - Significant Transac_4
Note 12 - Significant Transactions - Allocation of Preliminary Price (Details) - USD ($) $ in Thousands | Oct. 31, 2019 | Dec. 31, 2020 | Mar. 31, 2020 | ||
Goodwill, Ending Balance | $ 165,784 | $ 141,536 | |||
GPT Acquisition [Member] | |||||
Cash and cash equivalents | $ 4,654 | ||||
Accounts receivable | [1] | 6,663 | |||
Inventories | [2] | 12,522 | |||
Prepaid income taxes | 477 | ||||
Prepaid expenses and other | 14,149 | ||||
Property, plant and equipment | 1,523 | ||||
Other assets | 1,469 | ||||
Deferred taxes | 10,576 | ||||
Goodwill, Ending Balance | 85,130 | [3] | $ 85,130 | ||
Total Assets acquired | 231,063 | ||||
Accounts payable | 599 | ||||
Accrued salaries and payroll taxes | 10,735 | ||||
Other short-term liabilities | 157 | ||||
Unearned revenues | 2,089 | ||||
Other accrued expenses | 6,967 | ||||
Deferred taxes | 23,350 | ||||
Other long-term liabilities | 965 | ||||
Total liabilities assumed | 44,862 | ||||
Total closing amount, net of cash acquired | 181,547 | ||||
GPT Acquisition [Member] | Customer Relationships [Member] | |||||
Intangible assets | [4] | 77,500 | |||
GPT Acquisition [Member] | Trade Names [Member] | |||||
Intangible assets | [4] | 4,600 | |||
GPT Acquisition [Member] | Noncompete Agreements [Member] | |||||
Intangible assets | [4] | 0 | |||
GPT Acquisition [Member] | Technology-Based Intangible Assets [Member] | |||||
Intangible assets | [4] | $ 11,800 | |||
[1] | Accounts receivable is composed of trade accounts receivable, net which is expected to be collected. | ||||
[2] | Finished goods inventory of GPT includes $8,066 of inventory-step up, which is required to report inventory at fair value at the time of acquisition. The inventory step-up was amortized to cost of revenues over approximately eight months following the acquisition date, which resulted 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 revenues on the Condensed Consolidated Statements of Operations. The final inventory valuation was completed during the nine months ended December 31, 2020 and was lower than our preliminary valuation, resulting in a cumulative effect decrease of $436 in amortization of inventory step up costs. | ||||
[3] | Acquired goodwill of $85,130, all of which is allocated to the Biopharmaceutical Development reportable segment, 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 being amortized on a straight-line basis over a 10 year period. Amortization expense for customer relationships is recorded to general and administrative expenses; amortization expense for acquired technology is recorded to cost of revenues. During the nine months ended December 31, 2020, $5,328 of amortization expense related to the GPT intangible assets was recorded to general and administrative costs and $1,101 of amortization expense was recorded to cost of goods sold and allocated to the Biopharmaceutical Development division, including the cumulative-effect benefit to amortization expense discussed above. Trademarks associated with this acquisition are considered indefinite-lived intangibles. The estimated fair value of identifiable intangible assets was determined primarily using the income approach, which requires a forecast of all the expected future cash flows associated with the identified intangible assets. |
Note 12 - Significant Transac_5
Note 12 - Significant Transactions - Unaudited Pro Forma Information (Details) - GPT Acquisition [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2019 | ||
Pro forma total revenues (1) | [1] | $ 35,190 | $ 103,097 |
Pro forma net income (2) | [2] | $ 2,226 | $ 8,661 |
[1] | Net revenues were adjusted to include net revenues of GPT. | ||
[2] | Pro forma adjustments to net earnings attributable to Mesa Labs include the following: Excludes interest expense attributable to GPT's external debt that was paid off as part of the acquisition. Additional depreciation expense of $66 based on the increased fair value of property, plant and equipment. Additional amortization expense of $4,801 for the nine months ended December 31, 2019 based on the increased fair value of amortizable intangible assets acquired, net of adjustments. For the nine months ended December 31, 2019, $358 additional stock based compensation expense representing expense for performance share units awarded to certain key GPT employees net of actual forfeitures. Income tax effect of the adjustments made at a blended federal and state statutory rate (approximately 25%). |
Note 13 - Segment Information_2
Note 13 - Segment Information (Details Textual) $ in Thousands | Jun. 12, 2020USD ($)shares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($) |
Number of Reportable Segments | 4 | ||
Proceeds from Issuance of Common Stock | $ | $ 145,935 | $ 145,935 | $ 84,995 |
Stock Issued During Period, Shares, New Issues (in shares) | shares | 600,000 | 600,000 |
Note 13 - Segment Information -
Note 13 - Segment Information - Operating Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Total revenues | [1] | $ 34,172 | $ 31,655 | $ 95,973 | $ 83,479 |
Gross profit (loss) | 20,653 | 14,803 | 62,278 | 46,593 | |
Reconciling items | [2] | (26,380) | (19,880) | (64,867) | (42,471) |
(Loss) before income taxes | (5,727) | (5,077) | (2,589) | 4,122 | |
Corporate, Non-Segment [Member] | |||||
Total revenues | [1] | 0 | 229 | 0 | 2,442 |
Gross profit (loss) | (140) | (18) | (76) | 395 | |
Sterilization and Disinfection Control [Member] | Operating Segments [Member] | |||||
Total revenues | [1] | 13,077 | 11,619 | 37,696 | 35,823 |
Gross profit (loss) | 9,308 | 8,101 | 28,098 | 25,334 | |
Instruments [Member] | Operating Segments [Member] | |||||
Total revenues | [1] | 8,971 | 10,014 | 24,209 | 28,518 |
Gross profit (loss) | 5,368 | 6,526 | 14,909 | 18,164 | |
Biopharmaceutical Development [Member] | Operating Segments [Member] | |||||
Total revenues | [1] | 8,711 | 5,637 | 23,791 | 5,637 |
Gross profit (loss) | 4,616 | (1,294) | 15,294 | (1,294) | |
Cold Chain Monitoring [Member] | Operating Segments [Member] | |||||
Total revenues | [1] | 3,413 | 4,156 | 10,277 | 11,059 |
Gross profit (loss) | $ 1,501 | $ 1,488 | $ 4,053 | $ 3,994 | |
[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, interest expense and amortization of debt discount, and other (income) expenses. |
Note 13 - Segment Information_3
Note 13 - Segment Information - Operating Segment Asset Reconciliation (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Mar. 31, 2020 |
Assets | $ 621,636 | $ 420,206 |
Corporate, Non-Segment [Member] | ||
Assets | 285,360 | 103,588 |
Sterilization and Disinfection Control [Member] | Operating Segments [Member] | ||
Assets | 71,706 | 73,103 |
Instruments [Member] | Operating Segments [Member] | ||
Assets | 29,967 | 31,025 |
Biopharmaceutical Development [Member] | Operating Segments [Member] | ||
Assets | 205,769 | 182,758 |
Continuous Monitoring [Member] | Operating Segments [Member] | ||
Assets | $ 28,834 | $ 29,732 |
Note 14 - Subsequent Events (De
Note 14 - Subsequent Events (Details Textual) - Subsequent Event [Member] | 1 Months Ended |
Jan. 31, 2021$ / shares | |
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.16 |
Dividends Payable, Date to be Paid | Mar. 15, 2021 |
Dividends Payable, Date of Record | Feb. 26, 2021 |