Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Dec. 31, 2021 | Jan. 27, 2022 | |
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 | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Dec. 31, 2021 | |
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 | 5,245,943 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Dec. 31, 2021 | Mar. 31, 2021 |
ASSETS | ||
Cash and cash equivalents | $ 51,706 | $ 263,865 |
Accounts receivable, less allowances of $339 and $218, respectively | 37,289 | 23,787 |
Inventories, net | 23,719 | 11,178 |
Prepaid expenses and other | 8,281 | 4,919 |
Total current assets | 120,995 | 303,749 |
Property, plant and equipment, net of accumulated depreciation of $17,998 and $16,330, respectively | 30,152 | 21,998 |
Deferred tax asset | 594 | 616 |
Other assets | 11,763 | 2,530 |
Intangibles, net | 264,666 | 111,741 |
Goodwill | 293,542 | 160,841 |
Total assets | 721,712 | 601,475 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Accounts payable | 7,827 | 4,473 |
Accrued payroll and benefits | 13,978 | 9,388 |
Unearned revenues | 12,483 | 8,777 |
Other accrued expenses | 12,487 | 9,945 |
Total current liabilities | 46,775 | 32,583 |
Deferred tax liability | 41,134 | 16,275 |
Other long-term liabilities | 8,334 | 715 |
Credit Facility | 60,000 | 0 |
Convertible senior notes, net of discounts and debt issuance costs | 169,140 | 145,675 |
Total liabilities | 325,383 | 195,248 |
Stockholders’ equity: | ||
Common stock, no par value; authorized 25,000,000 shares; issued and outstanding, 5,244,628 and 5,140,568 shares, respectively | 308,208 | 317,652 |
Retained earnings | 79,302 | 72,459 |
Accumulated other comprehensive income | 8,819 | 16,116 |
Total stockholders’ equity | 396,329 | 406,227 |
Total liabilities and stockholders’ equity | $ 721,712 | $ 601,475 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands | Dec. 31, 2021 | Mar. 31, 2021 |
Allowance for doubtful accounts receivable | $ 339 | $ 218 |
Property, plant and equipment, accumulated Depreciation | $ 17,988 | $ 16,330 |
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) | 5,244,628 | 5,140,568 |
Common stock, shares outstanding (in shares) | 5,244,628 | 5,140,568 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues | $ 54,696 | $ 34,172 | $ 125,456 | $ 95,973 |
Cost of revenues | 26,069 | 13,519 | 51,478 | 33,695 |
Gross profit | 28,627 | 20,653 | 73,978 | 62,278 |
Operating expenses: | ||||
Selling | 8,958 | 4,753 | 18,459 | 12,614 |
General and administrative | 17,017 | 13,173 | 40,119 | 33,887 |
Research and development | 5,164 | 2,705 | 10,588 | 7,715 |
Total operating expenses | 31,139 | 20,631 | 69,166 | 54,216 |
Operating (loss) income | (2,512) | 22 | 4,812 | 8,062 |
Nonoperating (income) expense: | ||||
Interest expense and amortization of debt discount | 1,018 | 1,950 | 2,647 | 5,803 |
Other (income) expense, net | (1,189) | 3,799 | (1,455) | 4,848 |
Total nonoperating (income) expense | (171) | 5,749 | 1,192 | 10,651 |
(Loss) earnings before income taxes | (2,341) | (5,727) | 3,620 | (2,589) |
Income tax (benefit) | (281) | (1,185) | (35) | (1,943) |
Net (loss) income | $ (2,060) | $ (4,542) | $ 3,655 | $ (646) |
(Loss) earnings per share: | ||||
Basic (in dollars per share) | $ (0.39) | $ (0.89) | $ 0.70 | $ (0.13) |
Diluted (in dollars per share) | $ (0.39) | $ (0.89) | $ 0.69 | $ (0.13) |
Weighted-average common shares outstanding: | ||||
Basic (in shares) | 5,233 | 5,125 | 5,199 | 4,922 |
Diluted (in shares) | 5,233 | 5,125 | 5,333 | 4,922 |
Product [Member] | ||||
Revenues | $ 54,696 | $ 34,172 | $ 125,456 | $ 95,973 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net income (loss) | $ (2,060) | $ (4,542) | $ 3,655 | $ (646) |
Foreign currency translation adjustments | (6,165) | 21,142 | (7,297) | 39,264 |
Comprehensive (loss) income | $ (8,225) | $ 16,600 | $ (3,642) | $ 38,618 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 3,655 | $ (646) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 15,686 | 12,933 |
Stock-based compensation expense | 7,939 | 6,887 |
Non-cash interest and debt amortization | 804 | 4,024 |
Amortization of step-up in inventory basis | 6,062 | (436) |
Foreign currency adjustments | (1,375) | 4,583 |
Other | 67 | (917) |
Cash (used in) provided by changes in operating assets and liabilities: | ||
Accounts receivable, net | (2,258) | 2,224 |
Inventories, net | 351 | (485) |
Prepaid expenses and other assets | (1,933) | (2,691) |
Accounts payable | 1,270 | 71 |
Accrued liabilities and taxes payable | (1,403) | (2,517) |
Unearned revenues | 1,056 | 523 |
Net cash provided by operating activities | 29,921 | 23,553 |
Cash flows from investing activities: | ||
Acquisitions, net of cash acquired | (300,793) | 0 |
Purchases of property, plant and equipment | (3,650) | (954) |
Net cash (used in) investing activities | (304,443) | (954) |
Cash flows from financing activities: | ||
Proceeds from the issuance of debt | 70,000 | 0 |
Payments of debt | (10,000) | 0 |
Dividends | (2,495) | (2,341) |
Proceeds from the exercise of stock options | 5,352 | 3,692 |
Payments of contingent consideration | (234) | (11) |
Proceeds from the issuance of common stock, net | 0 | 145,935 |
Net cash provided by financing activities | 62,623 | 147,275 |
Effect of exchange rate changes on cash and cash equivalents | (260) | 2,477 |
Net (decrease) increase in cash and cash equivalents | (212,159) | 172,351 |
Cash and cash equivalents at beginning of period | 263,865 | 81,380 |
Cash and cash equivalents at end of period | $ 51,706 | $ 253,731 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member]Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]AOCI Attributable to Parent [Member] | [1] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total | |
Balance (in shares) at Mar. 31, 2020 | 4,387,140 | |||||||||
Balance at Mar. 31, 2020 | $ 158,023 | $ 72,359 | $ (10,369) | [1] | $ 220,013 | |||||
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 | 0 | 0 | [1] | 1,654 | |||||
Dividends paid | 0 | (704) | 0 | [1] | (704) | |||||
Stock-based compensation expense | 1,268 | 0 | 0 | [1] | 1,268 | |||||
Foreign currency translation | 0 | 0 | 12,860 | [1] | 12,860 | |||||
Net income (loss) | $ 0 | 1,217 | 0 | [1] | 1,217 | |||||
Proceeds from the issuance of common stock, net of issuance costs of $9,315 (in shares) | 690,000 | |||||||||
Proceeds from the issuance of common stock, net of issuance costs | $ 145,935 | 0 | 0 | [1] | 145,935 | |||||
Balance (in shares) at Jun. 30, 2020 | 5,102,939 | |||||||||
Balance at Jun. 30, 2020 | $ 0 | $ (9) | $ 0 | $ (9) | $ 306,880 | 72,863 | 2,491 | [1] | 382,234 | |
Balance (in shares) at Mar. 31, 2020 | 4,387,140 | |||||||||
Balance at Mar. 31, 2020 | $ 158,023 | 72,359 | (10,369) | [1] | 220,013 | |||||
Foreign currency translation | 39,264 | |||||||||
Net income (loss) | (646) | |||||||||
Balance (in shares) at Dec. 31, 2020 | 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 | 0 | (9) | 0 | (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 | 0 | 0 | [1] | 1,047 | |||||
Dividends paid | 0 | (818) | 0 | [1] | (818) | |||||
Stock-based compensation expense | 2,008 | 0 | 0 | [1] | 2,008 | |||||
Foreign currency translation | 0 | 0 | 5,262 | [1] | 5,262 | |||||
Net income (loss) | $ 0 | 2,679 | 0 | [1] | 2,679 | |||||
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 income (loss) | $ 0 | (4,542) | 0 | (4,542) | ||||||
Balance (in shares) at Dec. 31, 2020 | 5,131,031 | |||||||||
Balance at Dec. 31, 2020 | $ 314,537 | 69,363 | 28,895 | [1] | $ 412,795 | |||||
Balance (in shares) at Mar. 31, 2021 | 5,140,568 | 5,140,568 | ||||||||
Balance at Mar. 31, 2021 | $ 317,652 | 72,459 | 16,116 | [1] | $ 406,227 | |||||
Exercise of stock options and vesting of restricted stock units (in shares) | 58,324 | |||||||||
Exercise of stock options and vesting of restricted stock units | $ 1,089 | 0 | 0 | [1] | 1,089 | |||||
Dividends paid | 0 | (824) | 0 | [1] | (824) | |||||
Stock-based compensation expense | 2,197 | 0 | 0 | [1] | 2,197 | |||||
Foreign currency translation | 0 | 0 | 5,371 | [1] | 5,371 | |||||
Net income (loss) | $ 0 | 1,995 | 0 | [1] | 1,995 | |||||
Balance (in shares) at Jun. 30, 2021 | 5,198,892 | |||||||||
Balance at Jun. 30, 2021 | (22,735) | 5,683 | 0 | (17,052) | $ 298,203 | 79,313 | 21,487 | [1] | $ 399,003 | |
Balance (in shares) at Mar. 31, 2021 | 5,140,568 | 5,140,568 | ||||||||
Balance at Mar. 31, 2021 | $ 317,652 | 72,459 | 16,116 | [1] | $ 406,227 | |||||
Exercise of stock options and vesting of restricted stock units (in shares) | 62,000 | |||||||||
Foreign currency translation | $ (7,297) | |||||||||
Net income (loss) | $ 3,655 | |||||||||
Balance (in shares) at Dec. 31, 2021 | 5,244,628 | 5,244,628 | ||||||||
Balance at Dec. 31, 2021 | $ 308,208 | 79,302 | 8,819 | [1] | $ 396,329 | |||||
Balance (in shares) at Jun. 30, 2021 | 5,198,892 | |||||||||
Balance at Jun. 30, 2021 | $ (22,735) | $ 5,683 | $ 0 | $ (17,052) | $ 298,203 | 79,313 | 21,487 | [1] | 399,003 | |
Exercise of stock options and vesting of restricted stock units (in shares) | 24,340 | |||||||||
Exercise of stock options and vesting of restricted stock units | $ 1,992 | 0 | 0 | [1] | 1,992 | |||||
Dividends paid | 0 | (834) | 0 | [1] | (834) | |||||
Stock-based compensation expense | 2,039 | 0 | 0 | [1] | 2,039 | |||||
Foreign currency translation | 0 | 0 | (6,503) | [1] | (6,503) | |||||
Net income (loss) | $ 0 | 3,720 | 0 | [1] | 3,720 | |||||
Balance (in shares) at Sep. 30, 2021 | 5,223,232 | |||||||||
Balance at Sep. 30, 2021 | $ 302,234 | 82,199 | 14,984 | [1] | 399,417 | |||||
Exercise of stock options and vesting of restricted stock units (in shares) | 21,396 | |||||||||
Exercise of stock options and vesting of restricted stock units | $ 2,271 | 0 | 0 | [1] | 2,271 | |||||
Dividends paid | 0 | (837) | 0 | [1] | (837) | |||||
Stock-based compensation expense | 3,703 | 0 | 0 | [1] | 3,703 | |||||
Foreign currency translation | 0 | 0 | (6,165) | [1] | (6,165) | |||||
Net income (loss) | $ 0 | (2,060) | 0 | $ (2,060) | ||||||
Balance (in shares) at Dec. 31, 2021 | 5,244,628 | 5,244,628 | ||||||||
Balance at Dec. 31, 2021 | $ 308,208 | $ 79,302 | $ 8,819 | [1] | $ 396,329 | |||||
[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, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | |
Dividends paid, per share (in dollars per share) | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 |
Proceeds from issuance of common stock, issuance costs | $ 9,315 |
Note 1 - Description of Busines
Note 1 - Description of Business and Summary of Significant Accounting Policies | 9 Months Ended |
Dec. 31, 2021 | |
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 life science tools and critical quality control products and services, many of which are sold into niche markets that are driven by regulatory requirements. We have manufacturing operations in the United States and Europe, and our products are marketed by our sales personnel in North America, Europe, and Asia Pacific, and by independent 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 described in Note 12. October 20, 2021, not December 31, 2021, four ● Sterilization and Disinfection Control ● Biopharmaceutical Development ● Calibration Solutions ● Clinical Genomics 11. Non-reportable operating segments and unallocated corporate expenses are reported within Corporate and Other. 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 the fair statement of our financial position and results of operations. The results of operations for the interim periods are not may not 10 March 31, 2021 Certain prior year amounts have been reclassified in order to conform to the current year presentation. Our fiscal year ends on March 31. first 2022 April 1, 2021 June 30, 2021, second 2022 July 1, 2021 September 30, 2021, third 2022 October 1, 2021 December 31, 2021. 2021” March 31, 2021, 2022” March 31, 2022. 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 have identified no 19 March 31, 2021; ● Estimates regarding the recoverability of deferred tax assets and estimates regarding cash needs and associated indefinite reinvestment assertions; ● Estimates regarding recoverability of customer receivables; ● Estimates of the net realizable value of inventory. Recently Issued Accounting Pronouncements We have reviewed all recently issued accounting pronouncements and have concluded that they are either not not Recently Adopted 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 2020 06" 2025 2020 06 December 15, 2021, December 15, 2020. We early adopted ASU 2020 06 April 1, 2021 $5,683 April 1, 2021 . 2020 06. In each period in which the Notes have been outstanding, we have always intended to settle the Notes in shares of common stock rather than in cash, and therefore, we have applied the if-converted method to calculate the potentially dilutive impact of the Notes on earnings per share. In each reporting period, we have determined that the Notes were antidilutive. Due to decreases in non-cash interest expense that will result from the adoption of ASU 2020 06, On October 28, 2021, No. 2021 08 2021 08" Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, 805 606 We early adopted ASU 2021 08 October 28, 2021 2022, 2021 08, 606 no |
Note 2 - Revenue Recognition
Note 2 - Revenue Recognition | 9 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | Note 2. We develop, manufacture, market, sell, and maintain life sciences tools and quality control instruments and software, consumables, and services. Sales of hardware and software, such as instruments used for molecular and genetic analysis, protein synthesizers, medical meters, wireless sensor systems, and data loggers, are generally driven by our acquisition of new customers, growth of existing customers, or customers replacing existing equipment. Hardware sales may one 11. We evaluate our revenues internally based on operating segment, the timing of revenue generation, and the nature of goods and services provided. Typically, discrete revenue is recognized at the shipping point or upon completion of the service, while contracted revenue is recognized over a period of time reflective of the performance obligation period in the applicable contract. The significant majority of our revenues and related receivables are generated from contracts with customers that are 12 The following tables present disaggregated revenues for the three nine December 31, 2021 2020 Three Months Ended December 31, 2021 Sterilization and Disinfection Control Biopharmaceutical Development Calibration Solutions Clinical Genomics* Total Discrete Revenues Consumables $ 11,718 $ 5,503 $ 889 $ 10,221 $ 28,331 Hardware and Software 250 4,907 6,978 4,407 16,542 Services 392 1,297 2,826 931 5,446 Contracted Revenues Services and Software 1,471 1,049 931 926 4,377 Total Revenues $ 13,831 $ 12,756 $ 11,624 $ 16,485 $ 54,696 Three Months Ended December 31, 2020 Sterilization and Disinfection Control Biopharmaceutical Development Calibration Solutions Clinical Genomics* Total Discrete Revenues Consumables $ 11,250 $ 3,406 $ 726 $ - $ 15,382 Hardware and Software 151 3,771 8,130 - 12,052 Services 433 506 2,841 - 3,780 Contracted Revenues Services and Software 1,243 1,028 687 - 2,958 Total Revenues $ 13,077 $ 8,711 $ 12,384 $ - $ 34,172 Nine Months Ended December 31, 2021 Sterilization and Disinfection Control Biopharmaceutical Development Calibration Solutions Clinical Genomics* Total Discrete Revenues Consumables $ 36,579 $ 14,329 $ 2,701 $ 10,221 $ 63,830 Hardware and Software 495 11,936 20,608 4,407 37,446 Services 1,586 2,729 8,042 931 13,288 Contracted Revenues Services and Software 4,354 3,194 2,418 926 10,892 Total Revenues $ 43,014 $ 32,188 $ 33,769 $ 16,485 $ 125,456 Nine Months Ended December 31, 2020 Sterilization and Disinfection Control Biopharmaceutical Development Calibration Solutions Clinical Genomics* Total Discrete Revenues Consumables $ 32,252 $ 8,583 $ 2,294 $ - $ 43,129 Hardware and Software 388 10,518 22,127 - 33,033 Services 1,389 2,293 7,866 - 11,548 Contracted Revenues Services and Software 3,667 2,397 2,199 - 8,263 Total Revenues $ 37,696 $ 23,791 $ 34,486 $ - $ 95,973 *Revenues in the Clinical Genomics division represent transactions subsequent to the Agena Acquisition on October 20, 2021. Revenues from external customers are attributed to individual countries based upon the locations to which the products are shipped or exported, or the location of service performed, as follows: Three Months Ended December 31, Nine Months Ended December 31, 2021 2020 2021 2020 United States $ 30,414 $ 18,480 $ 68,253 $ 52,246 Foreign 24,282 15,692 57,203 43,727 Total revenues $ 54,696 $ 34,172 $ 125,456 $ 95,973 No 10% Contract Balances Our contracts have varying payment terms and conditions. Some customers prepay for products and services, resulting in unearned revenues or customer deposits, called contract liabilities. Short-term contract liabilities are included within other accrued expenses and unearned revenues in the accompanying Condensed Consolidated Balance Sheets, and long-term contract liabilities are included within other long-term liabilities in the accompanying Condensed Consolidated Balance Sheets. We did not December 31, 2021 March 31, 2021. not A summary of contract liabilities is as follows: Contract liabilities as of March 31, 2021 $ 8,994 Prior year liabilities recognized in revenues during the nine months ended December 31, 2021 (5,387 ) Contract liabilities added during the nine months ended December 31, 2021, net of revenues recognized 10,201 Contract liabilities balance as of December 31, 2021 $ 13,808 Contract liabilities of $3,538 added during the nine December 31, 2021 11. |
Note 3 - Fair Value Measurement
Note 3 - Fair Value Measurements | 9 Months Ended |
Dec. 31, 2021 | |
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 using quoted market prices in an active market, and we classify them within Level 1 December 31, 2021, March 31, 2021. 11. During fiscal year 2020, August 15, 2025. 2 December 31, 2021 March 31, 2021 Carrying Value Fair Value (Level 2) Carrying Value Fair Value (Level 2) Notes $ 169,140 $ 220,477 $ 145,675 $ 188,780 The carrying value of the Notes increased as a result of the adoption of ASU 2020 06, 1. 6. 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 Agena Acquisition. These assets are measured at fair value if determined to be impaired. Preliminary fair values assigned to assets acquired and liabilities assumed in the Agena Acquisition, except deferred revenues, were measured using Level 3 11. no three nine December 31, 2021 three nine December 31, 2020 Cash and cash equivalents and accounts receivable are the financial instruments that subject us to the highest concentration of credit risk. It is our policy to invest in highly liquid cash equivalent financial instruments with high credit ratings, and to maintain low single issuer exposure (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 and current and expected future economic and market conditions, but we have not may may |
Note 4 - Supplemental Balance S
Note 4 - Supplemental Balance Sheets Information | 9 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | Note 4. Inventories consist of the following: December 31, 2021 March 31, 2021 Raw materials $ 13,962 $ 5,755 Work in process 1,956 426 Finished goods 7,801 4,997 Inventories, net $ 23,719 $ 11,178 As of December 31, 2021, October 20, 2021, two October 20, 2021 December 31, 2021. Other accrued expenses consist of the following: December 31, 2021 March 31, 2021 Accrued business taxes $ 6,289 $ 6,397 Current operating lease liabilities 2,733 1,023 Interest payable 918 303 Warranty 606 253 Accrued professional services 547 473 Other 1,394 1,496 Total other accrued expenses $ 12,487 $ 9,945 As of December 31, 2021 March 31, 2021, December 31, 2021 March 31, 2021, |
Note 5 - Goodwill and Intangibl
Note 5 - Goodwill and Intangible Assets, Net | 9 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 5. Finite-lived intangible assets consist of the following: December 31, 2021 March 31, 2021 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intellectual property $ 66,984 $ (10,662 ) $ 56,322 $ 21,201 $ (8,595 ) $ 12,606 Trade names 24,360 (3,333 ) 21,027 8,612 (3,129 ) 5,483 Customer relationships 249,612 (62,369 ) 187,243 145,754 (52,206 ) 93,548 Non-compete agreements 1,299 (1,225 ) 74 1,299 (1,195 ) 104 Total $ 342,255 $ (77,589 ) $ 264,666 $ 176,866 $ (65,125 ) $ 111,741 The increase in the intangible assets balance from March 31, 2021 December 31, 2021 11. Amortization expense for finite-lived intangible assets acquired in a business combination was $5,922 and $13,495 for the three nine December 31, 2021 three nine December 31, 2020 For the following fiscal years ending March 31, Remainder of 2022 $ 6,447 2023 25,670 2024 25,154 2025 23,566 2026 22,789 The change in the carrying amount of goodwill was as follows: Sterilization and Disinfection Control Biopharmaceutical Development Calibration Solutions Clinical Genomics Total March 31, 2021 $ 30,153 $ 93,399 $ 37,289 $ - $ 160,841 Effect of foreign currency translation (275 ) (2,995 ) (35 ) - (3,305 ) Goodwill acquired in Agena Acquisition - - - 136,006 136,006 December 31, 2021 $ 29,878 $ 90,404 $ 37,254 $ 136,006 $ 293,542 The Agena Acquisition created an impetus for us to realign our financial reporting segments (See Note 12. December 31, 2021. December 31, 2021. |
Note 6 - Indebtedness
Note 6 - Indebtedness | 9 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 6 . Indebtedness Credit Facility On March 5, 2021, four 1 2 not 3 not Amounts borrowed under the Credit Facility bear interest at either a base rate or a Eurodollar rate, plus an applicable spread. The weighted average interest rate on borrowing under our line of credit during the third 2022 three nine December 31, 2021 December 31, 2021 March 31, 2021 The financial covenants in the Credit Facility include a maximum leverage ratio of 5.50 to 1.00 first four 1.0 eighth 1.0 eighth may 1.0 four 1.0. December 31, 2021 On October 18, 2021, 11. third 2022. December 31, 2021, January 2022, Convertible Notes On August 12, 2019, August 15, 2025, February 15 August 15 February 15, 2020. $1,000 may (i) during any calendar quarter commencing after the calendar quarter ended on December 31, 2019 (ii) during the five $1,000 98% (iii) upon the occurrence of certain corporate events or distributions on our common stock, including certain distributions, the occurrence of a fundamental change (as defined in the indenture governing the Notes) or a transaction resulting in the Company’s common stock converting into other securities or property or assets; and (iv) at any time from, and including, April 15, 2025 second Upon conversion, we will pay or deliver, as the case may not three nine December 31, 2021 December 31, 2021 not not December 31, 2021 Debt issuance costs related to the Notes are comprised of discounts and commissions payable to the initial purchasers of $5,175 and third six Due to our adoption of ASU 2020 06 April 1, 2021, no 1. The net carrying amount of the Notes was as follows: December 31, 2021 March 31, 2021 Principal outstanding $ 172,500 $ 172,500 Unamortized debt discount attributable to equity - (23,497 ) Unamortized debt issuance costs (3,360 ) (3,328 ) Net carrying value $ 169,140 $ 145,675 We recognized interest expense on the Notes as follows: Three Months Ended December 31, Nine Months Ended December 31, 2021 2020 2021 2020 Coupon interest expense at 1.375 $ 593 $ 593 $ 1,779 $ 1,779 Amortization of debt discounts and issuance costs 223 1,357 666 4,024 Total $ 816 $ 1,950 $ 2,445 $ 5,803 The effective interest rate on the notes is approximately 1.9%. Prior to the adoption of ASU 2020 06, |
Note 7 - Stockholders' Equity
Note 7 - Stockholders' Equity | 9 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | Note 7 . Stockholders' Equity Stock-Based Compensation During the second 2022, 2021 "2021 2021 one 2021 Our 2021 The exercise price of stock awards granted under the 2021 nine December 31, 2021 2021 Amounts recognized related to stock-based compensation are as follows: Three Months Ended December 31, Nine Months Ended December 31, 2022 2021 2021 2020 Stock-based compensation expense $ 3,703 $ 3,611 $ 7,939 $ 6,887 Amount of income tax (benefit) expense recognized in earnings (743 ) 320 (4,247 ) (1,127 ) Stock-based compensation expense, net of tax $ 2,960 $ 3,931 $ 3,692 $ 5,760 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, 2021: Stock Options Shares Subject to Options Weighted- Average Exercise Price per Share Weighted-Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding as of March 31, 2021 253 $ 129.55 2.7 $ 28,856 Awards granted 37 268.85 Awards forfeited or expired (4 ) 191.52 Awards exercised (62 ) 98.99 Outstanding as of December 31, 2021 224 $ 159.79 2.8 $ 37,597 The stock options granted during the nine December 31, 2021 September 1, 2022, June 15, 2023 June 15, 2024. The following is a summary of restricted stock unit ("RSU") award activity for the nine December 31, 2021: 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 Outstanding as of March 31, 2021 (1) 37 $ 206.56 20 $ 207.88 Awards granted (1) 37 274.83 47 302.15 Performance adjustment (2) - - 16 190.07 Awards forfeited (2 ) 224.66 - - Awards distributed (20 ) 207.98 (28 ) 197.81 Outstanding as of December 31, 2021 (1) 52 $ 253.59 55 $ 288.45 ( 1 Balances for performance-based restricted stock units ("PSUs") are reflected at target. ( 2 During the three June 30, 2021, 2019 2021. The outstanding time-based RSUs vest and settle in shares of our common stock on a one one nine December 31, 2021, 28 September 1, 2022, June 15, 2023 June 15, 2024; 8 November 15, 2022, November 15, 2023, November 15, 2024; one Performance-based RSUs vest upon completion of the service period described in the award agreement and based on achievement 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 fiscal year 2020, 8 20 20 three April 1, 2019 March 31, 2022 12 June 15, 2022. not no December 31, 2021, 20 6 third 2022. 20 fourth 2022. During the third 2022, October 20, 2021 March 31, 2023. 200%; 50% no On October 28, 2021, three April 1, 2021 March 31, 2024 October 28, 2021 October 27, 2024, October 27, 2025, October 27, 2026 0 40; not no During the three June 30, 2021, 2017, 3 June 8, 2021. 1 March 20, 2022, 2023, 2024. three June 30, 2021. Public Offering of Common Stock On June 12, 2020, June 19, 2020, 90 |
Note 8 - Earnings Per Share
Note 8 - Earnings Per Share | 9 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 8 . Earnings (Loss) 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 stock options and RSUs, including RSUs that contain performance conditions which have been achieved as of the reporting period (collectively “stock awards”), as well as common shares underlying the Notes. Stock awards are excluded from the calculation of diluted EPS if they are subject to performance conditions that have not no three December 31, 2021 three nine December 31, 2020 The impact of the assumed conversion of the Notes calculated under the if-converted method was antidilutive, and as such, shares underlying the Notes were excluded from the diluted EPS calculation for three nine December 31, 2021 December 31, 2020. The following table presents a reconciliation of the denominators used in the computation of basic and diluted (loss) earnings per share: Three Months Ended December 31, Nine Months Ended December 31, 2021 2020 2021 2020 Net (loss) income available for shareholders $ (2,060 ) $ (4,542 ) $ 3,655 $ (646 ) Weighted average outstanding shares of common stock 5,233 5,125 5,199 4,922 Dilutive effect of stock options - - 107 - Dilutive effect of RSUs - - 27 - Fully diluted shares 5,233 5,125 5,333 4,922 Basic (loss) earnings per share $ (0.39 ) $ (0.89 ) $ 0.70 $ (0.13 ) Diluted (loss) earnings per share $ (0.39 ) $ (0.89 ) $ 0.69 $ (0.13 ) The following stock awards were excluded from the calculation of diluted EPS: Three Months Ended December 31, Nine Months Ended December 31, 2021 2020 2021 2020 Assumed conversion of the Notes 608 608 608 608 Stock awards that were anti-dilutive 285 307 38 313 Stock awards subject to performance conditions 40 11 18 17 Total stock awards excluded from diluted EPS 933 926 664 938 |
Note 9 - Income Taxes
Note 9 - Income Taxes | 9 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 9 . 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 in 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 (1.0%) for the nine December 31, 2021 nine December 31, 2020. nine December 31, 2021 162 During the third 2022, The tax year ended December 31, 2018 March 31, 2019 2022. 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 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 9 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 10 . 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, 2021 no 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 fiscal year 2021, not December 31, 2021 March 31, 2021 nine December 31, 2021, |
Note 11 - Significant Transacti
Note 11 - Significant Transactions | 9 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Significant Transactions [Text Block] | Note 11 . Significant Transactions Acquisition of Agena Bioscience, Inc. On October 20, 2021, We funded the acquisition and transactions relating thereto with cash on hand and borrowings under the Credit Facility. See Note 6. October 20, 2021, Preliminary Allocation of Purchase Price We accounted for the Agena Acquisition as a business combination using the acquisition method of accounting. Under the acquisition method of accounting, the acquiree's identifiable assets acquired and liabilities assumed are recorded at their acquisition date fair values and consolidated with those of Mesa. Significant judgments and estimates are required when performing valuations. For example, we use judgment when estimating the fair value of intangible assets using a discounted cash flow model because this method involves the use of significant estimates and assumptions with respect to revenue growth rates, customer attrition rate and discount rates, all of which are considered Level 3 may October 20, 2021: Life (in years) Amount Cash and cash equivalents $ 7,544 Accounts receivable (a) 11,100 Other current assets (b) 24,324 Total current assets 42,968 Property, plant and equipment/ noncurrent assets 16,976 Deferred tax asset 792 Intangible assets: Goodwill (c) N/A 136,006 Customer relationships (d) 16 107,100 Intellectual property (d) 10 46,200 Tradenames (d) N/A 15,900 Total assets acquired $ 365,942 Accounts payable 2,174 Unearned revenues 2,713 Other current liabilities 12,549 Total current liabilities 17,436 Deferred tax liability 31,907 Other noncurrent liabilities 8,262 Total liabilities assumed 57,605 Total purchase price, net of cash acquired $ 300,793 (a) Trade receivables, net, which is expected to be collected. (b) Includes $6,062 third 2022. (c) Acquired goodwill of $136,006, none not (d) Customer relationships and intellectual property are currently expected to be amortized on a straight line basis over a weighted average 14.2 year period. The identified intangible assets will be amortized on a straight line basis over their useful lives, which approximates the pattern that the assets' economic benefits are expected to be consumed over time. Tradenames are considered indefinite-lived intangibles. Amortization expense for customer relationships will be amortized to general and administrative expenses; amortization expense for intellectual property will be recorded to cost of revenues. During the period from October 20, 2021 December 31, 2021, This preliminary purchase price allocation is subject to revision as more detailed analyses are completed. If additional information about the fair value of assets acquired and liabilities assumed becomes available, we may not one may may not 1 2 3 4 Acquisition-related costs, such as legal and advisory fees, of $605 and $723 for the three nine December 31, 2021, not Unaudited Pro Forma Information Agena's operations contributed $16,485 to revenues and ($4,532) of net loss to our consolidated results during the third 2022, third 2022. October 20, 2021, April 1, 2020 not not April 1, 2020 Three Months Ended December 31, Nine Months Ended December 31, 2021 2020 2021 2020 Pro forma total revenues (1) $ 56,659 $ 62,424 $ 163,734 $ 154,172 Pro forma net income (2) 477 (1,712 ) 7,318 (6,082 ) ( 1 ( 2 ● Excludes acquisition-related transaction costs incurred in the three nine December 31, 2021. ● Excludes interest expense attributable to Agena external debt that was paid off as part of the acquisition. ● Additional amortization expense of $2,828 and $8,485 for the three nine ● Additional charge to cost of revenues of $6,062 was included in the three nine December 31, 2020 three nine December 31, 2021 first three ● Additional stock based compensation expense representing expense for performance share units awarded to certain key Agena employees. ● Income tax effect of applicable adjustments made at a blended federal and state statutory rate (approximately 26%). Butler, New Jersey Closure We completed the previously announced closure of our Butler, New Jersey facility during the three June 30, 2021. three nine December 31, 2021, December 31, 2021, not |
Note 12 - Segment Information
Note 12 - Segment Information | 9 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 12 . S egment Information Following the Agena Acquisition discussed in Note 11. not Three Months Ended December 31, Nine Months Ended December 31, 2021 2020 2021 2020 Revenues: Sterilization and Disinfection Control $ 13,831 $ 13,077 $ 43,014 $ 37,696 Biopharmaceutical Development 12,756 8,711 32,188 23,791 Calibration Solutions 11,624 12,384 33,769 34,486 Clinical Genomics 16,485 - 16,485 - Total revenues (a) $ 54,696 $ 34,172 $ 125,456 $ 95,973 Gross profit (loss) Sterilization and Disinfection Control $ 9,945 $ 9,308 $ 31,859 $ 28,098 Biopharmaceutical Development 8,768 4,616 20,061 15,294 Calibration Solutions 6,090 6,869 18,330 18,962 Clinical Genomics 3,924 - 3,924 - Reportable segment gross profit 28,727 20,793 74,174 62,354 Corporate and Other (b) (100 ) (140 ) (196 ) (76 ) Gross profit $ 28,627 $ 20,653 $ 73,978 $ 62,278 Reconciling Items: Operating expenses 31,139 20,631 69,166 54,216 Operating (loss) income (2,512 ) 22 4,812 8,062 Nonoperating (income) expense, net (171 ) 5,749 1,192 10,651 (Loss) earnings before income taxes $ (2,341 ) $ (5,727 ) $ 3,620 $ (2,589 ) (a) Intersegment revenues are not (b) Non-reportable operating segments and unallocated corporate expenses are reported within Corporate and Other. The following table sets forth inventories by reportable segment. Our chief operating decision maker is not December 31, March 31, 2021 2021 Sterilization and Disinfection Control $ 2,146 $ 2,333 Biopharmaceutical Development 4,482 4,162 Calibration Solutions 5,531 4,683 Clinical Genomics 11,560 - Total inventories $ 23,719 $ 11,178 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Description of Business [Policy Text Block] | Description of Business In this quarterly report on Form 10 We are a multinational manufacturer, developer, and seller of life science tools and critical quality control products and services, many of which are sold into niche markets that are driven by regulatory requirements. We have manufacturing operations in the United States and Europe, and our products are marketed by our sales personnel in North America, Europe, and Asia Pacific, and by independent 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 described in Note 12. October 20, 2021, not December 31, 2021, four ● Sterilization and Disinfection Control ● Biopharmaceutical Development ● Calibration Solutions ● Clinical Genomics 11. Non-reportable operating segments and unallocated corporate expenses are reported within Corporate and Other. |
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 the fair statement of our financial position and results of operations. The results of operations for the interim periods are not may not 10 March 31, 2021 Certain prior year amounts have been reclassified in order to conform to the current year presentation. Our fiscal year ends on March 31. first 2022 April 1, 2021 June 30, 2021, second 2022 July 1, 2021 September 30, 2021, third 2022 October 1, 2021 December 31, 2021. 2021” March 31, 2021, 2022” March 31, 2022. |
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 have identified no 19 March 31, 2021; ● Estimates regarding the recoverability of deferred tax assets and estimates regarding cash needs and associated indefinite reinvestment assertions; ● Estimates regarding recoverability of customer receivables; ● Estimates of the net realizable value of inventory. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements We have reviewed all recently issued accounting pronouncements and have concluded that they are either not not Recently Adopted 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 2020 06" 2025 2020 06 December 15, 2021, December 15, 2020. We early adopted ASU 2020 06 April 1, 2021 $5,683 April 1, 2021 . 2020 06. In each period in which the Notes have been outstanding, we have always intended to settle the Notes in shares of common stock rather than in cash, and therefore, we have applied the if-converted method to calculate the potentially dilutive impact of the Notes on earnings per share. In each reporting period, we have determined that the Notes were antidilutive. Due to decreases in non-cash interest expense that will result from the adoption of ASU 2020 06, On October 28, 2021, No. 2021 08 2021 08" Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, 805 606 We early adopted ASU 2021 08 October 28, 2021 2022, 2021 08, 606 no |
Note 2 - Revenue Recognition (T
Note 2 - Revenue Recognition (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended December 31, 2021 Sterilization and Disinfection Control Biopharmaceutical Development Calibration Solutions Clinical Genomics* Total Discrete Revenues Consumables $ 11,718 $ 5,503 $ 889 $ 10,221 $ 28,331 Hardware and Software 250 4,907 6,978 4,407 16,542 Services 392 1,297 2,826 931 5,446 Contracted Revenues Services and Software 1,471 1,049 931 926 4,377 Total Revenues $ 13,831 $ 12,756 $ 11,624 $ 16,485 $ 54,696 Three Months Ended December 31, 2020 Sterilization and Disinfection Control Biopharmaceutical Development Calibration Solutions Clinical Genomics* Total Discrete Revenues Consumables $ 11,250 $ 3,406 $ 726 $ - $ 15,382 Hardware and Software 151 3,771 8,130 - 12,052 Services 433 506 2,841 - 3,780 Contracted Revenues Services and Software 1,243 1,028 687 - 2,958 Total Revenues $ 13,077 $ 8,711 $ 12,384 $ - $ 34,172 Nine Months Ended December 31, 2021 Sterilization and Disinfection Control Biopharmaceutical Development Calibration Solutions Clinical Genomics* Total Discrete Revenues Consumables $ 36,579 $ 14,329 $ 2,701 $ 10,221 $ 63,830 Hardware and Software 495 11,936 20,608 4,407 37,446 Services 1,586 2,729 8,042 931 13,288 Contracted Revenues Services and Software 4,354 3,194 2,418 926 10,892 Total Revenues $ 43,014 $ 32,188 $ 33,769 $ 16,485 $ 125,456 Nine Months Ended December 31, 2020 Sterilization and Disinfection Control Biopharmaceutical Development Calibration Solutions Clinical Genomics* Total Discrete Revenues Consumables $ 32,252 $ 8,583 $ 2,294 $ - $ 43,129 Hardware and Software 388 10,518 22,127 - 33,033 Services 1,389 2,293 7,866 - 11,548 Contracted Revenues Services and Software 3,667 2,397 2,199 - 8,263 Total Revenues $ 37,696 $ 23,791 $ 34,486 $ - $ 95,973 |
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, 2021 2020 2021 2020 United States $ 30,414 $ 18,480 $ 68,253 $ 52,246 Foreign 24,282 15,692 57,203 43,727 Total revenues $ 54,696 $ 34,172 $ 125,456 $ 95,973 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | Contract liabilities as of March 31, 2021 $ 8,994 Prior year liabilities recognized in revenues during the nine months ended December 31, 2021 (5,387 ) Contract liabilities added during the nine months ended December 31, 2021, net of revenues recognized 10,201 Contract liabilities balance as of December 31, 2021 $ 13,808 |
Note 3 - Fair Value Measureme_2
Note 3 - Fair Value Measurements (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | December 31, 2021 March 31, 2021 Carrying Value Fair Value (Level 2) Carrying Value Fair Value (Level 2) Notes $ 169,140 $ 220,477 $ 145,675 $ 188,780 |
Note 4 - Supplemental Balance_2
Note 4 - Supplemental Balance Sheets Information (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, 2021 March 31, 2021 Raw materials $ 13,962 $ 5,755 Work in process 1,956 426 Finished goods 7,801 4,997 Inventories, net $ 23,719 $ 11,178 |
Other Current Liabilities [Table Text Block] | December 31, 2021 March 31, 2021 Accrued business taxes $ 6,289 $ 6,397 Current operating lease liabilities 2,733 1,023 Interest payable 918 303 Warranty 606 253 Accrued professional services 547 473 Other 1,394 1,496 Total other accrued expenses $ 12,487 $ 9,945 |
Note 5 - Goodwill and Intangi_2
Note 5 - Goodwill and Intangible Assets, Net (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | December 31, 2021 March 31, 2021 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intellectual property $ 66,984 $ (10,662 ) $ 56,322 $ 21,201 $ (8,595 ) $ 12,606 Trade names 24,360 (3,333 ) 21,027 8,612 (3,129 ) 5,483 Customer relationships 249,612 (62,369 ) 187,243 145,754 (52,206 ) 93,548 Non-compete agreements 1,299 (1,225 ) 74 1,299 (1,195 ) 104 Total $ 342,255 $ (77,589 ) $ 264,666 $ 176,866 $ (65,125 ) $ 111,741 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Remainder of 2022 $ 6,447 2023 25,670 2024 25,154 2025 23,566 2026 22,789 |
Schedule of Goodwill [Table Text Block] | Sterilization and Disinfection Control Biopharmaceutical Development Calibration Solutions Clinical Genomics Total March 31, 2021 $ 30,153 $ 93,399 $ 37,289 $ - $ 160,841 Effect of foreign currency translation (275 ) (2,995 ) (35 ) - (3,305 ) Goodwill acquired in Agena Acquisition - - - 136,006 136,006 December 31, 2021 $ 29,878 $ 90,404 $ 37,254 $ 136,006 $ 293,542 |
Note 6 - Indebtedness (Tables)
Note 6 - Indebtedness (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Convertible Debt [Table Text Block] | December 31, 2021 March 31, 2021 Principal outstanding $ 172,500 $ 172,500 Unamortized debt discount attributable to equity - (23,497 ) Unamortized debt issuance costs (3,360 ) (3,328 ) Net carrying value $ 169,140 $ 145,675 |
Interest Expense on Convertible Debt [Table Text Block] | Three Months Ended December 31, Nine Months Ended December 31, 2021 2020 2021 2020 Coupon interest expense at 1.375 $ 593 $ 593 $ 1,779 $ 1,779 Amortization of debt discounts and issuance costs 223 1,357 666 4,024 Total $ 816 $ 1,950 $ 2,445 $ 5,803 |
Note 7 - Stockholders' Equity (
Note 7 - Stockholders' Equity (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended December 31, Nine Months Ended December 31, 2022 2021 2021 2020 Stock-based compensation expense $ 3,703 $ 3,611 $ 7,939 $ 6,887 Amount of income tax (benefit) expense recognized in earnings (743 ) 320 (4,247 ) (1,127 ) Stock-based compensation expense, net of tax $ 2,960 $ 3,931 $ 3,692 $ 5,760 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Stock Options Shares Subject to Options Weighted- Average Exercise Price per Share Weighted-Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding as of March 31, 2021 253 $ 129.55 2.7 $ 28,856 Awards granted 37 268.85 Awards forfeited or expired (4 ) 191.52 Awards exercised (62 ) 98.99 Outstanding as of December 31, 2021 224 $ 159.79 2.8 $ 37,597 |
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 Outstanding as of March 31, 2021 (1) 37 $ 206.56 20 $ 207.88 Awards granted (1) 37 274.83 47 302.15 Performance adjustment (2) - - 16 190.07 Awards forfeited (2 ) 224.66 - - Awards distributed (20 ) 207.98 (28 ) 197.81 Outstanding as of December 31, 2021 (1) 52 $ 253.59 55 $ 288.45 |
Note 8 - Earnings Per Share (Ta
Note 8 - Earnings Per Share (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended December 31, Nine Months Ended December 31, 2021 2020 2021 2020 Net (loss) income available for shareholders $ (2,060 ) $ (4,542 ) $ 3,655 $ (646 ) Weighted average outstanding shares of common stock 5,233 5,125 5,199 4,922 Dilutive effect of stock options - - 107 - Dilutive effect of RSUs - - 27 - Fully diluted shares 5,233 5,125 5,333 4,922 Basic (loss) earnings per share $ (0.39 ) $ (0.89 ) $ 0.70 $ (0.13 ) Diluted (loss) earnings per share $ (0.39 ) $ (0.89 ) $ 0.69 $ (0.13 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three Months Ended December 31, Nine Months Ended December 31, 2021 2020 2021 2020 Assumed conversion of the Notes 608 608 608 608 Stock awards that were anti-dilutive 285 307 38 313 Stock awards subject to performance conditions 40 11 18 17 Total stock awards excluded from diluted EPS 933 926 664 938 |
Note 11 - Significant Transac_2
Note 11 - Significant Transactions (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Life (in years) Amount Cash and cash equivalents $ 7,544 Accounts receivable (a) 11,100 Other current assets (b) 24,324 Total current assets 42,968 Property, plant and equipment/ noncurrent assets 16,976 Deferred tax asset 792 Intangible assets: Goodwill (c) N/A 136,006 Customer relationships (d) 16 107,100 Intellectual property (d) 10 46,200 Tradenames (d) N/A 15,900 Total assets acquired $ 365,942 Accounts payable 2,174 Unearned revenues 2,713 Other current liabilities 12,549 Total current liabilities 17,436 Deferred tax liability 31,907 Other noncurrent liabilities 8,262 Total liabilities assumed 57,605 Total purchase price, net of cash acquired $ 300,793 |
Business Acquisition, Pro Forma Information [Table Text Block] | Three Months Ended December 31, Nine Months Ended December 31, 2021 2020 2021 2020 Pro forma total revenues (1) $ 56,659 $ 62,424 $ 163,734 $ 154,172 Pro forma net income (2) 477 (1,712 ) 7,318 (6,082 ) |
Note 12 - Segment Information (
Note 12 - Segment Information (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended December 31, Nine Months Ended December 31, 2021 2020 2021 2020 Revenues: Sterilization and Disinfection Control $ 13,831 $ 13,077 $ 43,014 $ 37,696 Biopharmaceutical Development 12,756 8,711 32,188 23,791 Calibration Solutions 11,624 12,384 33,769 34,486 Clinical Genomics 16,485 - 16,485 - Total revenues (a) $ 54,696 $ 34,172 $ 125,456 $ 95,973 Gross profit (loss) Sterilization and Disinfection Control $ 9,945 $ 9,308 $ 31,859 $ 28,098 Biopharmaceutical Development 8,768 4,616 20,061 15,294 Calibration Solutions 6,090 6,869 18,330 18,962 Clinical Genomics 3,924 - 3,924 - Reportable segment gross profit 28,727 20,793 74,174 62,354 Corporate and Other (b) (100 ) (140 ) (196 ) (76 ) Gross profit $ 28,627 $ 20,653 $ 73,978 $ 62,278 Reconciling Items: Operating expenses 31,139 20,631 69,166 54,216 Operating (loss) income (2,512 ) 22 4,812 8,062 Nonoperating (income) expense, net (171 ) 5,749 1,192 10,651 (Loss) earnings before income taxes $ (2,341 ) $ (5,727 ) $ 3,620 $ (2,589 ) |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | December 31, March 31, 2021 2021 Sterilization and Disinfection Control $ 2,146 $ 2,333 Biopharmaceutical Development 4,482 4,162 Calibration Solutions 5,531 4,683 Clinical Genomics 11,560 - Total inventories $ 23,719 $ 11,178 |
Note 1 - Description of Busin_2
Note 1 - Description of Business and Summary of Significant Accounting Policies (Details Textual) $ in Thousands | 9 Months Ended | |||
Dec. 31, 2021USD ($) | Oct. 28, 2021USD ($) | Apr. 01, 2021USD ($) | Mar. 31, 2021USD ($) | |
Number of Operating Segments | 4 | |||
Retained Earnings (Accumulated Deficit), Ending Balance | $ 79,302 | $ 72,459 | ||
Contract with Customer, Liability, Total | $ 13,808 | $ 8,994 | ||
Accounting Standards Update 2020-06 [Member] | ||||
Debt Instrument, Convertible, Carrying Amount of Equity Component | $ (22,735) | |||
Deferred Tax Liabilities, Deferred Expense, Debt | (5,747) | |||
Convertible Debt, Total | 22,799 | |||
Retained Earnings (Accumulated Deficit), Ending Balance | $ 5,683 | |||
Accounting Standards Update 2021-08 [Member] | Agena [Member] | ||||
Contract with Customer, Liability, Total | $ 3,168 |
Note 2 - Revenue Recognition (D
Note 2 - Revenue Recognition (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2021 | Mar. 31, 2021 | |
Contract with Customer, Asset, after Allowance for Credit Loss, Total | $ 0 | $ 0 |
Agena [Member] | ||
Contract with Customer, Liability, Increase (Decrease) for Contract Acquired in Business Combination | $ 3,538 |
Note 2 - Revenue Recognition -
Note 2 - Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Revenues | $ 54,696 | $ 34,172 | $ 125,456 | $ 95,973 | |
Consumables [Member] | Transferred at Point in Time [Member] | |||||
Revenues | 28,331 | 15,382 | 63,830 | 43,129 | |
Hardware and Software [Member] | Transferred at Point in Time [Member] | |||||
Revenues | 16,542 | 12,052 | 37,446 | 33,033 | |
Service [Member] | Transferred at Point in Time [Member] | |||||
Revenues | 5,446 | 3,780 | 13,288 | 11,548 | |
Services and Software [Member] | Transferred over Time [Member] | |||||
Revenues | 4,377 | 2,958 | 10,892 | 8,263 | |
Operating Segments [Member] | |||||
Revenues | [1] | 54,696 | 34,172 | 125,456 | 95,973 |
Sterilization and Disinfection Control [Member] | Operating Segments [Member] | |||||
Revenues | [1] | 13,831 | 13,077 | 43,014 | 37,696 |
Sterilization and Disinfection Control [Member] | Operating Segments [Member] | Consumables [Member] | Transferred at Point in Time [Member] | |||||
Revenues | 11,718 | 11,250 | 36,579 | 32,252 | |
Sterilization and Disinfection Control [Member] | Operating Segments [Member] | Hardware and Software [Member] | Transferred at Point in Time [Member] | |||||
Revenues | 250 | 151 | 495 | 388 | |
Sterilization and Disinfection Control [Member] | Operating Segments [Member] | Service [Member] | Transferred at Point in Time [Member] | |||||
Revenues | 392 | 433 | 1,586 | 1,389 | |
Sterilization and Disinfection Control [Member] | Operating Segments [Member] | Services and Software [Member] | Transferred over Time [Member] | |||||
Revenues | 1,471 | 1,243 | 4,354 | 3,667 | |
Biopharmaceutical Development [Member] | Operating Segments [Member] | |||||
Revenues | [1] | 12,756 | 8,711 | 32,188 | 23,791 |
Biopharmaceutical Development [Member] | Operating Segments [Member] | Consumables [Member] | Transferred at Point in Time [Member] | |||||
Revenues | 5,503 | 3,406 | 14,329 | 8,583 | |
Biopharmaceutical Development [Member] | Operating Segments [Member] | Hardware and Software [Member] | Transferred at Point in Time [Member] | |||||
Revenues | 4,907 | 3,771 | 11,936 | 10,518 | |
Biopharmaceutical Development [Member] | Operating Segments [Member] | Service [Member] | Transferred at Point in Time [Member] | |||||
Revenues | 1,297 | 506 | 2,729 | 2,293 | |
Biopharmaceutical Development [Member] | Operating Segments [Member] | Services and Software [Member] | Transferred over Time [Member] | |||||
Revenues | 1,049 | 1,028 | 3,194 | 2,397 | |
Calibration Solutions [Member] | Operating Segments [Member] | |||||
Revenues | 11,624 | 12,384 | 33,769 | 34,486 | |
Calibration Solutions [Member] | Operating Segments [Member] | Consumables [Member] | Transferred at Point in Time [Member] | |||||
Revenues | 889 | 726 | 2,701 | 2,294 | |
Calibration Solutions [Member] | Operating Segments [Member] | Hardware and Software [Member] | Transferred at Point in Time [Member] | |||||
Revenues | 6,978 | 8,130 | 20,608 | 22,127 | |
Calibration Solutions [Member] | Operating Segments [Member] | Service [Member] | Transferred at Point in Time [Member] | |||||
Revenues | 2,826 | 2,841 | 8,042 | 7,866 | |
Calibration Solutions [Member] | Operating Segments [Member] | Services and Software [Member] | Transferred over Time [Member] | |||||
Revenues | 931 | 687 | 2,418 | 2,199 | |
Clinical Genomics [Member] | Operating Segments [Member] | |||||
Revenues | [2] | 16,485 | 0 | 16,485 | 0 |
Clinical Genomics [Member] | Operating Segments [Member] | Consumables [Member] | Transferred at Point in Time [Member] | |||||
Revenues | [2] | 10,221 | 0 | 10,221 | 0 |
Clinical Genomics [Member] | Operating Segments [Member] | Hardware and Software [Member] | Transferred at Point in Time [Member] | |||||
Revenues | [2] | 4,407 | 0 | 4,407 | 0 |
Clinical Genomics [Member] | Operating Segments [Member] | Service [Member] | Transferred at Point in Time [Member] | |||||
Revenues | [2] | 931 | 0 | 931 | 0 |
Clinical Genomics [Member] | Operating Segments [Member] | Services and Software [Member] | Transferred over Time [Member] | |||||
Revenues | [2] | $ 926 | $ 0 | $ 926 | $ 0 |
[1] | Intersegment revenues are not significant and are eliminated to arrive at consolidated totals. | ||||
[2] | Revenues in the Clinical Genomics division represent transactions subsequent to the Agena Acquisition on October 20, 2021. |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Total revenues | $ 54,696 | $ 34,172 | $ 125,456 | $ 95,973 |
UNITED STATES | ||||
Total revenues | 30,414 | 18,480 | 68,253 | 52,246 |
Non-US [Member] | ||||
Total revenues | $ 24,282 | $ 15,692 | $ 57,203 | $ 43,727 |
Note 2 - Revenue Recognition _3
Note 2 - Revenue Recognition - Contract Liabilities (Details) $ in Thousands | 9 Months Ended |
Dec. 31, 2021USD ($) | |
Contract liabilities, balance | $ 8,994 |
Prior year liabilities recognized in revenues during the nine months ended December 31, 2021 | (5,387) |
Contract liabilities added during the nine months ended December 31, 2021, net of revenues recognized | 10,201 |
Contract liabilities, balance | $ 13,808 |
Note 3 - Fair Value Measureme_3
Note 3 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Aug. 12, 2019 |
Money Market Funds, at Carrying Value | $ 0 | $ 230,822 | ||
The Notes [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 1.375% | 1.375% | ||
Senior Notes [Member] | The Notes [Member] | ||||
Long-term Debt, Gross | $ 172,500 | $ 172,500 | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.375% | 1.375% |
Note 3 - Fair Value Measureme_4
Note 3 - Fair Value Measurements - Fair Value and Carrying Value of the Notes (Details) - Senior Notes [Member] - USD ($) $ in Thousands | Dec. 31, 2021 | Mar. 31, 2021 |
Reported Value Measurement [Member] | ||
Notes | $ 169,140 | $ 145,675 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Notes | $ 220,477 | $ 188,780 |
Note 4 - Supplemental Balance_3
Note 4 - Supplemental Balance Sheets Information (Details Textual) - USD ($) $ in Thousands | 2 Months Ended | 9 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Oct. 20, 2021 | Mar. 31, 2021 | |
Amortization of Inventory Step-up Cost | $ 6,062 | $ (436) | |||
Other Assets [Member] | |||||
Operating Lease, Right-of-Use Asset | $ 10,785 | 10,785 | $ 1,930 | ||
Other Accrued Expenses and Other Long-term Liabilities [Member] | |||||
Operating Lease, Liability, Total | 10,604 | 10,604 | $ 1,700 | ||
Agena [Member] | |||||
Inventory Step-up Cost | $ 6,062 | ||||
Amortization of Inventory Step-up Cost | 6,062 | ||||
Clinical Genomics [Member] | Agena [Member] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | $ 11,560 | $ 11,560 |
Note 4 - Supplemental Balance_4
Note 4 - Supplemental Balance Sheets Information - Summary of Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Mar. 31, 2021 |
Raw materials | $ 13,962 | $ 5,755 |
Work in process | 1,956 | 426 |
Finished goods | 7,801 | 4,997 |
Inventories, net | $ 23,719 | $ 11,178 |
Note 4 - Supplemental Balance_5
Note 4 - Supplemental Balance Sheets Information - Other Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Mar. 31, 2021 |
Accrued business taxes | $ 6,289 | $ 6,397 |
Current operating lease liabilities | 2,733 | 1,023 |
Interest payable | 918 | 303 |
Warranty | 606 | 253 |
Accrued professional services | 547 | 473 |
Other | 1,394 | 1,496 |
Total other accrued expenses | $ 12,487 | $ 9,945 |
Note 5 - Goodwill and Intangi_3
Note 5 - Goodwill and Intangible Assets, Net (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Amortization of Intangible Assets, Total | $ 5,922 | $ 3,828 | $ 13,495 | $ 10,694 |
Goodwill, Impairment Loss | $ 0 |
Note 5 - Goodwill and Intangi_4
Note 5 - Goodwill and Intangible Assets, Net - Other Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Mar. 31, 2021 |
Carrying Amount | $ 342,255 | $ 176,866 |
Accumulated Amortization | (77,589) | (65,125) |
Net | 264,666 | 111,741 |
Intellectual Property [Member] | ||
Carrying Amount | 66,984 | 21,201 |
Accumulated Amortization | (10,662) | (8,595) |
Net | 56,322 | 12,606 |
Trade Names [Member] | ||
Carrying Amount | 24,360 | 8,612 |
Accumulated Amortization | (3,333) | (3,129) |
Net | 21,027 | 5,483 |
Customer Relationships [Member] | ||
Carrying Amount | 249,612 | 145,754 |
Accumulated Amortization | (62,369) | (52,206) |
Net | 187,243 | 93,548 |
Noncompete Agreements [Member] | ||
Carrying Amount | 1,299 | 1,299 |
Accumulated Amortization | (1,225) | (1,195) |
Net | $ 74 | $ 104 |
Note 5 - Goodwill and Intangi_5
Note 5 - Goodwill and Intangible Assets, Net - Estimated Amortization Expense (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Remainder of 2022 | $ 6,447 |
2023 | 25,670 |
2024 | 25,154 |
2025 | 23,566 |
2026 | $ 22,789 |
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, 2021USD ($) | |
Goodwill | $ 160,841 |
Effect of foreign currency translation, gain | (3,305) |
Goodwill acquired in Agena Acquisition | 136,006 |
Goodwill | 293,542 |
Sterilization and Disinfection Control [Member] | Operating Segments [Member] | |
Goodwill | 30,153 |
Effect of foreign currency translation, gain | (275) |
Goodwill acquired in Agena Acquisition | 0 |
Goodwill | 29,878 |
Biopharmaceutical Development [Member] | Operating Segments [Member] | |
Goodwill | 93,399 |
Effect of foreign currency translation, gain | (2,995) |
Goodwill acquired in Agena Acquisition | 0 |
Goodwill | 90,404 |
Calibration Solutions [Member] | Operating Segments [Member] | |
Goodwill | 37,289 |
Effect of foreign currency translation, gain | (35) |
Goodwill acquired in Agena Acquisition | 0 |
Goodwill | 37,254 |
Clinical Genomics [Member] | Operating Segments [Member] | |
Goodwill | 0 |
Effect of foreign currency translation, gain | 0 |
Goodwill acquired in Agena Acquisition | 136,006 |
Goodwill | $ 136,006 |
Note 6 - Indebtedness (Details
Note 6 - Indebtedness (Details Textual) $ / shares in Units, $ in Thousands | Oct. 18, 2021USD ($) | Mar. 05, 2021USD ($) | Aug. 12, 2019USD ($)$ / shares | Jan. 31, 2022USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2021USD ($) | Apr. 30, 2021 | Mar. 31, 2021USD ($) | Dec. 31, 2020 |
Senior Secured Credit Agreement [Member] | ||||||||||
Debt Instrument, Term (Year) | 4 years | |||||||||
Long-term Debt, Weighted Average Interest Rate, over Time | 1.50% | |||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.15% | |||||||||
Line of Credit Facility, Commitment Fee Amount | $ 13 | $ 70 | ||||||||
Debt Instrument, Covenant, Maximum Total Leverage Ratio for the First Four Testing Dates | 5.50 | |||||||||
Debt Instrument, Covenant, Maximum Total Leverage Ratio for the Sixth, Seventh, and Eighth Testing Dates | 5 | |||||||||
Debt Instrument, Covenant, Maximum Total Leverage Ratio Following the Eighth Testing date | 4.5 | |||||||||
Debt Instrument, Covenant, Maximum Conditional Total Leverage Ratio Following an Acquisition | 5.75 | |||||||||
Proceeds from Lines of Credit, Total | $ 70,000 | |||||||||
Repayments of Lines of Credit | 10,000 | |||||||||
Long-term Line of Credit, Total | 60,000 | 60,000 | $ 60,000 | |||||||
Senior Secured Credit Agreement [Member] | Subsequent Event [Member] | ||||||||||
Repayments of Lines of Credit | $ 4,000 | |||||||||
Senior Secured Credit Agreement [Member] | Prepaid Expenses, Other and Other Assets [Member] | ||||||||||
Debt Issuance Costs, Net, Total | $ 526 | $ 526 | $ 526 | $ 650 | ||||||
Senior Secured Credit Agreement [Member] | Maximum [Member] | ||||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.35% | |||||||||
Senior Secured Credit Agreement [Member] | Maximum [Member] | The Credit Facility Term Loan [Member] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 75,000 | |||||||||
Senior Secured Credit Agreement [Member] | Minimum [Member] | ||||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.15% | |||||||||
Fixed Charge Coverage Ratio | 1.25 | |||||||||
Senior Secured Credit Agreement [Member] | Minimum [Member] | The Credit Facility Term Loan [Member] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,000 | |||||||||
Senior Secured Credit Agreement [Member] | Swingline Loan [Member] | Maximum [Member] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 5,000 | |||||||||
Senior Secured Credit Agreement [Member] | Revolving Credit Facility [Member] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 75,000 | |||||||||
Senior Secured Credit Agreement [Member] | Letter of Credit [Member] | Maximum [Member] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,500 | |||||||||
The Notes [Member] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.375% | 1.375% | 1.375% | 1.375% | ||||||
The Notes [Member] | Senior Notes [Member] | ||||||||||
Debt Instrument, Term (Year) | 6 years | |||||||||
Debt Issuance Costs, Net, Total | $ 3,360 | $ 3,360 | $ 3,360 | $ 3,328 | ||||||
Debt Instrument, Face Amount | $ 172,500 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.375% | 1.375% | ||||||||
Debt Instrument, Convertible, Conversion Ratio Per 1,000 Principal | 3.5273 | |||||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares | $ 283.50 | |||||||||
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger | 130.00% | |||||||||
Debt Instrument, Convertible, Threshold Trading Days | 20 | |||||||||
Debt Instrument, Convertible, Threshold Consecutive Trading Days | 30 | |||||||||
Debt Instrument, Convertible, Consecutive Trading Days, Trading Price Per 1,000 Principal of Notes Less Than 98% of the Product | 10 | |||||||||
Debt Instrument, Unamortized Discount and Commissions Including Equity Component | $ 5,175 | |||||||||
Third Party Offering Costs | $ 255 | |||||||||
Debt Instrument, Interest Rate, Effective Percentage | 1.90% | 1.90% | 1.90% | 5.50% |
Note 6 - Indebtedness - Carryin
Note 6 - Indebtedness - Carrying Amount of the Notes (Details) - The Notes [Member] - Senior Notes [Member] - USD ($) $ in Thousands | Dec. 31, 2021 | Mar. 31, 2021 |
Principal outstanding | $ 172,500 | $ 172,500 |
Unamortized debt discount attributable to equity | 0 | (23,497) |
Unamortized debt issuance costs | (3,360) | (3,328) |
Net carrying value | $ 169,140 | $ 145,675 |
Note 6 - Indebtedness - Interes
Note 6 - Indebtedness - Interest Expense on the Notes (Details) - The Notes [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Coupon interest expense at 1.375% | $ 593 | $ 593 | $ 1,779 | $ 1,779 |
Amortization of debt discounts and issuance costs | 223 | 1,357 | 666 | 4,024 |
Total | $ 816 | $ 1,950 | $ 2,445 | $ 5,803 |
Note 6 - Indebtedness - Inter_2
Note 6 - Indebtedness - Interest Expense on the Notes (Details) (Parentheticals) | Dec. 31, 2021 | Dec. 31, 2020 |
The Notes [Member] | ||
Interest rate | 1.375% | 1.375% |
Note 7 - Stockholders' Equity_2
Note 7 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Oct. 28, 2021 | Jun. 19, 2020 | Jun. 12, 2020 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Mar. 31, 2021 | |
Proceeds from Issuance of Common Stock | $ 0 | $ 145,935 | |||||||||
Public Offering [Member] | |||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 600,000 | ||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 225 | ||||||||||
Proceeds from Issuance of Common Stock | $ 145,935 | ||||||||||
Over-Allotment Option [Member] | |||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 90,000 | ||||||||||
The FY19 PSUs [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Vested, Percentage of Finance Performance Target | 280.00% | ||||||||||
GPT PSUs [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Vested, Percentage of Finance Performance Target | 60.00% | ||||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 37 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 274.83 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance (in dollars per share) | [1] | $ 253.59 | $ 253.59 | $ 206.56 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 20 | ||||||||||
Restricted Stock Units (RSUs) [Member] | Chief Executive Officer [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 3,000 | ||||||||||
Share-based Compensation Expense, Cumulative True-up | $ 351 | ||||||||||
Restricted Stock Units (RSUs) [Member] | Chief Executive Officer [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 1,000 | ||||||||||
Restricted Stock Units (RSUs) [Member] | Share-based Payment Arrangement, Nonemployee [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | ||||||||||
The FY20 PSUs [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 8,000 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 202 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other Than Options, Expected to Vest (in shares) | 9,000 | 9,000 | 6,000 | ||||||||
Share-based Payment Arrangement, True Up of Vested Share Value | $ 584 | ||||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 151 | $ 151 | |||||||||
The FY20 PSUs [Member] | Minimum [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award Number of Shares Issued Upon Vesting, Percentage | 0.00% | ||||||||||
The FY20 PSUs [Member] | Maximum [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award Number of Shares Issued Upon Vesting, Percentage | 200.00% | ||||||||||
Performance Stock Units [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 47 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 302.15 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance (in dollars per share) | [1] | $ 288.45 | $ 288.45 | $ 207.88 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 28 | ||||||||||
Performance Stock Units [Member] | Chief Executive Officer and Board Director [Member] | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award, Non Option Equity Instruments, Performance Period Granted (Year) | 3 years | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted (in shares) | 40,000 | ||||||||||
Performance Stock Units [Member] | Employees of Agena [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 7,000 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance (in dollars per share) | $ 305.79 | $ 305.79 | |||||||||
Performance Stock Units [Member] | Minimum [Member] | Employees of Agena [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award Number of Shares Issued Upon Vesting, Percentage | 50.00% | ||||||||||
Performance Stock Units [Member] | Maximum [Member] | Employees of Agena [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award Number of Shares Issued Upon Vesting, Percentage | 200.00% | ||||||||||
The 2021 Equity Plan [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 330,000 | ||||||||||
[1] | Balances for performance-based restricted stock units ("PSUs") are reflected at target. |
Note 7 - Stockholders' Equity -
Note 7 - Stockholders' Equity - Allocation of Share-based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Stock-based compensation expense | $ 3,703 | $ 3,611 | $ 7,939 | $ 6,887 |
Amount of income tax (benefit) expense recognized in earnings | (743) | 320 | (4,247) | (1,127) |
Stock-based compensation expense, net of tax | $ 2,960 | $ 3,931 | $ 3,692 | $ 5,760 |
Note 7 - Stockholders' Equity_3
Note 7 - Stockholders' Equity - Stock Option and Restricted Stock Unit Award Activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 9 Months Ended | 12 Months Ended |
Dec. 31, 2021USD ($)$ / sharesshares | Mar. 31, 2021USD ($)$ / sharesshares | |
Options outstanding (in shares) | shares | 253 | |
Options outstanding, weighted-average exercise price (in dollars per share) | $ / shares | $ 129.55 | |
Outstanding, Weighted- Average Remaining Contractual Life (Year) | 2 years 9 months 18 days | 2 years 8 months 12 days |
Outstanding, Aggregate Intrinsic Value | $ | $ 37,597 | $ 28,856 |
Options granted (in shares) | shares | 37 | |
Options granted, weighted-average exercise price (in dollars per share) | $ / shares | $ 268.85 | |
Options forfeited or expired (in shares) | shares | (4) | |
Options forfeited or expired, weighted-average exercise price (in dollars per share) | $ / shares | $ 191.52 | |
Awards exercised (in shares) | shares | (62) | |
Awards exercised, weighted-average exercise price (in dollars per share) | $ / shares | $ 98.99 | |
Options outstanding (in shares) | shares | 224 | 253 |
Options outstanding, weighted-average exercise price (in dollars per share) | $ / shares | $ 159.79 | $ 129.55 |
Note 7 - Stockholders' Equity_4
Note 7 - Stockholders' Equity - Restricted Stock Unit Activity (Details) | 9 Months Ended | |
Dec. 31, 2021$ / sharesshares | ||
Restricted Stock Units (RSUs) [Member] | ||
Outstanding, number of shares (in shares) | shares | 37 | [1],[2] |
Outstanding, weighted average grant date fair value per share (in dollars per share) | $ / shares | $ 206.56 | [1] |
Awards granted, number of shares (in shares) | shares | 37 | |
Awards granted, weighted average grant date fair value per share (in dollars per share) | $ / shares | $ 274.83 | |
Performance adjustment(2) (in shares) | shares | 0 | [2] |
Performance adjustment(2) (in dollars per share) | $ / shares | $ 0 | [2] |
Awards forfeited, number of shares (in shares) | shares | (2) | |
Awards forfeited, weighted average grant date fair value per share (in dollars per share) | $ / shares | $ 224.66 | |
Awards distributed, number of shares (in shares) | shares | (20) | |
Awards distributed, weighted average grant date fair value per share (in dollars per share) | $ / shares | $ 207.98 | |
Outstanding, number of shares (in shares) | shares | 52 | [1] |
Outstanding, weighted average grant date fair value per share (in dollars per share) | $ / shares | $ 253.59 | [1] |
Performance Stock Units [Member] | ||
Outstanding, number of shares (in shares) | shares | 20 | [1] |
Outstanding, weighted average grant date fair value per share (in dollars per share) | $ / shares | $ 207.88 | [1] |
Awards granted, number of shares (in shares) | shares | 47 | |
Awards granted, weighted average grant date fair value per share (in dollars per share) | $ / shares | $ 302.15 | |
Performance adjustment(2) (in shares) | shares | 16 | [2] |
Performance adjustment(2) (in dollars per share) | $ / shares | $ 190.07 | [2] |
Awards forfeited, number of shares (in shares) | shares | 0 | |
Awards forfeited, weighted average grant date fair value per share (in dollars per share) | $ / shares | $ 0 | |
Awards distributed, number of shares (in shares) | shares | (28) | |
Awards distributed, weighted average grant date fair value per share (in dollars per share) | $ / shares | $ 197.81 | |
Outstanding, number of shares (in shares) | shares | 55 | [1] |
Outstanding, weighted average grant date fair value per share (in dollars per share) | $ / shares | $ 288.45 | [1] |
[1] | Balances for performance-based restricted stock units ("PSUs") are reflected at target. | |
[2] | During the three months ended June 30, 2021, the fiscal year 2019 PSUs vested and were paid at 280% of target, based on actual performance results and completion of service conditions. In addition, the PSUs granted to employees of Gyros Protein Technologies Holding AB vested at 60% of target, following a modification of the performance targets by the Compensation Committee of the Board of Directors during fiscal year 2021. |
Note 8 - Earnings Per Share - C
Note 8 - 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, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net (loss) income available for shareholders | $ (2,060) | $ 3,720 | $ 1,995 | $ (4,542) | $ 2,679 | $ 1,217 | $ 3,655 | $ (646) |
Weighted average outstanding shares of common stock (in shares) | 5,233 | 5,125 | 5,199 | 4,922 | ||||
Dilutive effect of stock options (in shares) | 0 | 0 | 107 | 0 | ||||
Fully diluted shares (in shares) | 5,233 | 5,125 | 5,333 | 4,922 | ||||
Basic (loss) earnings per share (in dollars per share) | $ (0.39) | $ (0.89) | $ 0.70 | $ (0.13) | ||||
Diluted (loss) earnings per share (in dollars per share) | $ (0.39) | $ (0.89) | $ 0.69 | $ (0.13) | ||||
Restricted Stock Units (RSUs) [Member] | ||||||||
Dilutive effect of RSUs (in shares) | 0 | 0 | 27 | 0 |
Note 8 - Earnings Per Share - A
Note 8 - 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, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share (in shares) | 933 | 926 | 664 | 938 |
Assumed Conversion of Convertible Debt [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share (in shares) | 608 | 608 | 608 | 608 |
Stock Awards that were Antidilutive [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share (in shares) | 285 | 307 | 38 | 313 |
Stock Awards Subject to Performance Conditions [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share (in shares) | 40 | 11 | 18 | 17 |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 1.00% | (75.00%) | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | ||
Income Tax Examination, Year under Examination | 2019 | ||
Gyros US, Inc [Member] | |||
Income Tax Examination, Year under Examination | 2018 | ||
Research Tax Credit Carryforward [Member] | |||
Unrecognized Tax Benefits, Increase Resulting from Acquisition | $ 1,164 |
Note 10 - Commitments and Con_2
Note 10 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2021 | Mar. 31, 2021 | |
GPT Acquisition [Member] | ||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Other Accrued Expenses | $ 1,899 | |
Liability for Collecting and Remitting Sales Tax States with Established Nexus [Member] | ||
Loss Contingency Accrual, Ending Balance | $ 2,317 | $ 2,714 |
Note 11 - Significant Transac_3
Note 11 - Significant Transactions (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Oct. 20, 2021 | Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2021 | |
Payments to Acquire Businesses, Gross | $ 300,793 | $ 0 | ||||||
Goodwill, Ending Balance | $ 293,542 | $ 293,542 | 293,542 | $ 160,841 | ||||
Amortization of Intangible Assets, Total | 5,922 | $ 3,828 | $ 13,495 | $ 10,694 | ||||
Effective Income Tax Rate Reconciliation, Percent, Total | 1.00% | (75.00%) | ||||||
Closure of Our Butler, New Jersey Facility [Member] | ||||||||
Severance Costs | 0 | $ 77 | ||||||
Restructuring and Related Cost, Expected Cost Remaining | 0 | 0 | 0 | |||||
Agena [Member] | ||||||||
Business Acquisition, Share Price (in dollars per share) | $ 5.96 | |||||||
Payments to Acquire Businesses, Gross | $ 300,793 | |||||||
Payments to Acquire Businesses, Settlement of Options | 31,800 | |||||||
Goodwill, Ending Balance | [1] | 136,006 | ||||||
Amortization of Intangible Assets, Total | 2,828 | 8,485 | ||||||
Business Combination, Acquisition Related Costs | 605 | 723 | ||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 16,485 | |||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | $ (4,532) | |||||||
Effective Income Tax Rate Reconciliation, Percent, Total | 26.00% | |||||||
Agena [Member] | Clinical Genomics [Member] | General and Administrative Expense [Member] | ||||||||
Amortization of Intangible Assets, Total | 1,320 | |||||||
Agena [Member] | Clinical Genomics [Member] | Cost of Sales [Member] | ||||||||
Amortization of Intangible Assets, Total | $ 911 | |||||||
Agena [Member] | Technology-Based Intangible Assets [Member] | ||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 14 years 2 months 12 days | |||||||
Agena [Member] | Fair Value Adjustment to Inventory [Member] | ||||||||
Cost of Goods and Services Sold, Total | $ (6,062) | $ 6,062 | $ (6,062) | $ 6,062 | ||||
Agena [Member] | Agena Warrants [Member] | ||||||||
Payments to Acquire Businesses, Gross | 2,000 | |||||||
Agena [Member] | Holders of Agena Preferred and Common Stock [Member] | ||||||||
Payments to Acquire Businesses, Gross | $ 267,000 | |||||||
[1] | Acquired goodwill of $136,006, all of which is allocated to the Clinical Genomics reportable segment, represents the value expected to arise from the value of expanded market opportunities, expected synergies, and assembled workforce, none of which qualify as amortizable intangible assets. The goodwill acquired is not deductible for income tax purposes. |
Note 11 - Significant Transac_4
Note 11 - Significant Transactions - Allocation of Preliminary Price (Details) - USD ($) $ in Thousands | Oct. 20, 2021 | Dec. 31, 2021 | Mar. 31, 2021 | |
Goodwill, Ending Balance | $ 293,542 | $ 160,841 | ||
Agena [Member] | ||||
Cash and cash equivalents | $ 7,544 | |||
Accounts receivable (a) | [1] | 11,100 | ||
Other current assets (b) | [2] | 24,324 | ||
Total current assets | 42,968 | |||
Property, plant and equipment/ noncurrent assets | 16,976 | |||
Deferred tax asset | 792 | |||
Goodwill, Ending Balance | [3] | 136,006 | ||
Total assets acquired | 365,942 | |||
Accounts payable | 2,174 | |||
Unearned revenues | 2,713 | |||
Other current liabilities | 12,549 | |||
Total current liabilities | 17,436 | |||
Deferred tax liability | 31,907 | |||
Other noncurrent liabilities | 8,262 | |||
Total liabilities assumed | 57,605 | |||
Total purchase price, net of cash acquired | $ 300,793 | |||
Agena [Member] | Customer Relationships [Member] | ||||
Intangible assets, life (Year) | 16 years | |||
Intangible assets | [4] | $ 107,100 | ||
Agena [Member] | Intellectual Property [Member] | ||||
Intangible assets, life (Year) | 10 years | |||
Intangible assets | [4] | $ 46,200 | ||
Agena [Member] | Trade Names [Member] | ||||
Intangible assets | [4] | $ 15,900 | ||
[1] | Trade receivables, net, which is expected to be collected. | |||
[2] | Includes $6,062 of inventory step-up, which was amortized entirely within the third quarter of fiscal year 2022. | |||
[3] | Acquired goodwill of $136,006, all of which is allocated to the Clinical Genomics reportable segment, represents the value expected to arise from the value of expanded market opportunities, expected synergies, and assembled workforce, none of which qualify as amortizable intangible assets. The goodwill acquired is not deductible for income tax purposes. | |||
[4] | Customer relationships and intellectual property are currently expected to be amortized on a straight line basis over a weighted average 14.2 year period. The identified intangible assets will be amortized on a straight line basis over their useful lives, which approximates the pattern that the assets' economic benefits are expected to be consumed over time. Tradenames are considered indefinite-lived intangibles. Amortization expense for customer relationships will be amortized to general and administrative expenses; amortization expense for intellectual property will be recorded to cost of revenues. During the period from October 20, 2021 until December 31, 2021, $1,320 of amortization expense was recorded to general and administrative costs and $911 of amortization expense was recorded to cost of revenues and allocated to the Clinical Genomics Division. Once our final valuation is complete, the amount of amortization expense will be trued up and amortization will be based on our final allocation. |
Note 11 - Significant Transac_5
Note 11 - Significant Transactions - Unaudited Pro Forma Information (Details) - Agena [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Pro forma total revenues (1) | [1] | $ 56,659 | $ 62,424 | $ 163,734 | $ 154,172 |
Pro forma net income (2) | [2] | $ 477 | $ (1,712) | $ 7,318 | $ (6,082) |
[1] | Net revenues were adjusted to include net revenues of Agena. | ||||
[2] | Pro forma adjustments to net earnings attributable to Mesa include the following: Excludes acquisition-related transaction costs incurred in the three and nine months ended December 31, 2021. Excludes interest expense attributable to Agena external debt that was paid off as part of the acquisition. Additional amortization expense of $2,828 and $8,485 for the three and nine month periods presented, respectively, based on the increased fair value of amortizable intangible assets acquired. Additional charge to cost of revenues of $6,062 was included in the three and nine months ended December 31, 2020 based on the step up value of inventory. $6,062 was excluded from the three and nine months ended December 31, 2021 based on the step up value of inventory which would have been fully amortized within the first three months of the acquisition. Additional stock based compensation expense representing expense for performance share units awarded to certain key Agena employees. Income tax effect of applicable adjustments made at a blended federal and state statutory rate (approximately 26%). |
Note 12 - Segment Information -
Note 12 - Segment Information - Operating Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Total revenues | $ 54,696 | $ 34,172 | $ 125,456 | $ 95,973 | |
Gross profit (loss) | 28,627 | 20,653 | 73,978 | 62,278 | |
Operating expenses | 31,139 | 20,631 | 69,166 | 54,216 | |
Operating (loss) income | (2,512) | 22 | 4,812 | 8,062 | |
Nonoperating (income) expense, net | (171) | 5,749 | 1,192 | 10,651 | |
(Loss) earnings before income taxes | (2,341) | (5,727) | 3,620 | (2,589) | |
Operating Segments [Member] | |||||
Total revenues | [1] | 54,696 | 34,172 | 125,456 | 95,973 |
Gross profit (loss) | 28,727 | 20,793 | 74,174 | 62,354 | |
Operating Segments [Member] | Sterilization and Disinfection Control [Member] | |||||
Total revenues | [1] | 13,831 | 13,077 | 43,014 | 37,696 |
Gross profit (loss) | 9,945 | 9,308 | 31,859 | 28,098 | |
Operating Segments [Member] | Biopharmaceutical Development [Member] | |||||
Total revenues | [1] | 12,756 | 8,711 | 32,188 | 23,791 |
Gross profit (loss) | 8,768 | 4,616 | 20,061 | 15,294 | |
Operating Segments [Member] | Calibration Solutions [Member] | |||||
Total revenues | 11,624 | 12,384 | 33,769 | 34,486 | |
Gross profit (loss) | 6,090 | 6,869 | 18,330 | 18,962 | |
Operating Segments [Member] | Clinical Genomics [Member] | |||||
Total revenues | [2] | 16,485 | 0 | 16,485 | 0 |
Gross profit (loss) | 3,924 | 0 | 3,924 | 0 | |
Corporate, Non-Segment [Member] | |||||
Gross profit (loss) | [3] | $ (100) | $ (140) | $ (196) | $ (76) |
[1] | Intersegment revenues are not significant and are eliminated to arrive at consolidated totals. | ||||
[2] | Revenues in the Clinical Genomics division represent transactions subsequent to the Agena Acquisition on October 20, 2021. | ||||
[3] | Non-reportable operating segments and unallocated corporate expenses are reported within Corporate and Other. |
Note 12 - Segment Information_2
Note 12 - Segment Information - Operating Segment Asset Reconciliation (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Mar. 31, 2021 |
Total inventories | $ 23,719 | $ 11,178 |
Operating Segments [Member] | Sterilization and Disinfection Control [Member] | ||
Total inventories | 2,146 | 2,333 |
Operating Segments [Member] | Biopharmaceutical Development [Member] | ||
Total inventories | 4,482 | 4,162 |
Operating Segments [Member] | Calibration Solutions [Member] | ||
Total inventories | 5,531 | 4,683 |
Operating Segments [Member] | Clinical Genomics [Member] | ||
Total inventories | $ 11,560 | $ 0 |