Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2023 | May 19, 2023 | Sep. 30, 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 | FY | ||
Document Fiscal Year Focus | 2023 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Mar. 31, 2023 | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 713,000,000 | ||
Entity Common Stock, Shares Outstanding | 5,369,959 | ||
Auditor Name | Plante & Moran, PPLC | ||
Auditor Location | Denver, Colorado | ||
Auditor Firm ID | 166 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Cash and cash equivalents | $ 32,910 | $ 49,346 |
Accounts receivable, less allowances of $849 and $630, respectively | 42,551 | 41,224 |
Inventories, net | 34,642 | 24,606 |
Prepaid expenses and other | 8,872 | 9,142 |
Total current assets | 118,975 | 124,318 |
Noncurrent assets | ||
Property, plant and equipment, net | 28,149 | 28,620 |
Deferred tax asset | 1,076 | 1,318 |
Other assets | 10,373 | 11,830 |
Intangible assets | 216,815 | 250,117 |
Goodwill | 286,444 | 291,166 |
Total assets | 661,832 | 707,369 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Accounts payable | 6,134 | 7,897 |
Accrued payroll and benefits | 9,433 | 14,717 |
Unearned revenues | 14,407 | 13,830 |
Other accrued expenses | 13,385 | 11,611 |
Total current liabilities | 43,359 | 48,055 |
Noncurrent liabilities | ||
Deferred tax liability | 34,028 | 39,224 |
Other long-term liabilities | 7,693 | 7,924 |
Credit facility | 13,000 | 49,000 |
Convertible senior notes, net of discounts and debt issuance costs | 170,272 | 169,365 |
Total liabilities | 268,352 | 313,568 |
Stockholders’ equity | ||
Common stock, no par value; authorized 25,000,000 shares; issued and outstanding, 5,369,466 and 5,265,627 shares, respectively | 332,076 | 313,460 |
Retained earnings | 74,199 | 76,675 |
Accumulated other comprehensive (loss) income | (12,795) | 3,666 |
Total stockholders’ equity | 393,480 | 393,801 |
Total liabilities and stockholders’ equity | 661,832 | 707,369 |
Customer Relationships [Member] | ||
Noncurrent assets | ||
Intangible assets | 152,189 | 176,688 |
Intellectual Property [Member] | ||
Noncurrent assets | ||
Intangible assets | 46,400 | 53,273 |
Other Intangible Assets [Member] | ||
Noncurrent assets | ||
Intangible assets | $ 18,226 | $ 20,156 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Allowance for doubtful accounts receivable | $ 849 | $ 630 |
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) | 5,369,466 | 5,265,627 |
Common stock, shares outstanding (in shares) | 5,369,466 | 5,265,627 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Revenues | |||
Revenues | $ 219,080 | $ 184,335 | $ 133,937 |
Cost of revenues | |||
Cost of revenue | 85,387 | 75,245 | 46,923 |
Gross profit | 133,693 | 109,090 | 87,014 |
Operating expenses | |||
Selling | 37,439 | 28,310 | 18,480 |
General and administrative | 72,444 | 60,311 | 45,788 |
Research and development | 20,490 | 15,767 | 10,388 |
Total operating expenses | 130,373 | 104,388 | 74,656 |
Operating income | 3,320 | 4,702 | 12,358 |
Nonoperating expenses | |||
Interest expense and amortization of debt discount | 4,770 | 3,885 | 8,024 |
Other (income) expense, net | (1,061) | (2,757) | 2,031 |
Total nonoperating expense | 3,709 | 1,128 | 10,055 |
(Loss) earnings before income taxes | (389) | 3,574 | 2,303 |
Income tax (benefit) expense | (1,319) | 1,703 | (971) |
Net income | $ 930 | $ 1,871 | $ 3,274 |
Earnings per share | |||
Basic earnings per share (in dollars per share) | $ 0.17 | $ 0.36 | $ 0.66 |
Diluted earnings per share (in dollars per share) | $ 0.17 | $ 0.35 | $ 0.64 |
Weighted-average common shares outstanding | |||
Basic (in shares) | 5,321 | 5,212 | 4,975 |
Diluted (in shares) | 5,361 | 5,335 | 5,124 |
Product [Member] | |||
Revenues | |||
Revenues | $ 180,520 | $ 149,422 | $ 107,028 |
Cost of revenues | |||
Cost of revenue | 60,937 | 54,747 | 33,120 |
Service [Member] | |||
Revenues | |||
Revenues | 38,560 | 34,913 | 26,909 |
Cost of revenues | |||
Cost of revenue | $ 24,450 | $ 20,498 | $ 13,803 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Net income | $ 930 | $ 1,871 | $ 3,274 |
Other comprehensive (loss) income | |||
Foreign currency translation adjustments | (16,461) | (12,450) | 26,485 |
Comprehensive (loss) income | $ (15,531) | $ (10,579) | $ 29,759 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - 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] | 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 | $ 0 | $ (9) | $ 0 | $ (9) | $ 158,023 | $ 72,359 | $ (10,369) | [1] | $ 220,013 |
Proceeds from issuance of common stock, net of issuance costs (in shares) | 690,000 | ||||||||
Proceeds from issuance of common stock, net of issuance costs | $ 145,935 | 0 | 0 | 145,935 | |||||
Exercise of stock options and vesting of restricted stock units (in shares) | 65,532 | ||||||||
Exercise of stock options and vesting of restricted stock units | $ 4,943 | 4,943 | |||||||
Tax withholding on restricted stock units (in shares) | (2,104) | ||||||||
Tax withholding on restricted stock units | $ (517) | 0 | 0 | (517) | |||||
Dividends paid | (3,165) | (3,165) | |||||||
Stock-based compensation expense | 9,268 | 9,268 | |||||||
Foreign currency translation | 26,485 | [1] | 26,485 | ||||||
Net income | $ 0 | 3,274 | 0 | 3,274 | |||||
Balance (in shares) at Mar. 31, 2021 | 5,140,568 | ||||||||
Balance at Mar. 31, 2021 | $ (22,735) | $ 5,684 | $ 0 | $ (17,051) | $ 317,652 | 72,459 | 16,116 | [1] | 406,227 |
Exercise of stock options and vesting of restricted stock units (in shares) | 128,337 | ||||||||
Exercise of stock options and vesting of restricted stock units | $ 8,027 | 8,027 | |||||||
Tax withholding on restricted stock units (in shares) | (3,278) | ||||||||
Tax withholding on restricted stock units | $ (875) | 0 | 0 | (875) | |||||
Dividends paid | (3,339) | (3,339) | |||||||
Stock-based compensation expense | 11,391 | 11,391 | |||||||
Foreign currency translation | (12,450) | (12,450) | |||||||
Net income | $ 0 | 1,871 | 0 | $ 1,871 | |||||
Balance (in shares) at Mar. 31, 2022 | 5,265,627 | 5,265,627 | |||||||
Balance at Mar. 31, 2022 | $ 313,460 | 76,675 | 3,666 | [1] | $ 393,801 | ||||
Exercise of stock options and vesting of restricted stock units (in shares) | 108,737 | 73,000 | |||||||
Exercise of stock options and vesting of restricted stock units | $ 6,997 | 0 | 0 | $ 6,997 | |||||
Tax withholding on restricted stock units (in shares) | (4,898) | ||||||||
Tax withholding on restricted stock units | $ (919) | 0 | 0 | (919) | |||||
Dividends paid | 0 | (3,406) | 0 | (3,406) | |||||
Stock-based compensation expense | 12,538 | 0 | 0 | 12,538 | |||||
Foreign currency translation | $ 0 | 0 | (16,461) | (16,461) | |||||
Net income | 930 | $ 930 | |||||||
Balance (in shares) at Mar. 31, 2023 | 5,369,466 | 5,369,466 | |||||||
Balance at Mar. 31, 2023 | $ 332,076 | $ 74,199 | $ (12,795) | [1] | $ 393,480 | ||||
[1]Accumulated Other Comprehensive Income (Loss). |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Proceeds from issuance of common stock, issuance costs | $ 9,315 | ||
Dividends paid, per share (in dollars per share) | $ 0.64 | $ 0.64 | $ 0.64 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | |||
Net income | $ 930 | $ 1,871 | $ 3,274 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 33,824 | 25,068 | 17,660 |
Stock-based compensation | 12,538 | 11,391 | 9,268 |
Non-cash interest and debt amortization | 907 | 1,029 | 5,397 |
Deferred taxes | (3,494) | 128 | (3,503) |
Amortization of step-up in inventory basis | 0 | 7,462 | (436) |
Other | 390 | (534) | 161 |
Changes in operating assets and liabilities: | |||
Accounts receivable, net | (2,121) | (6,752) | (647) |
Inventories | (10,182) | (1,045) | 929 |
Prepaid expenses and other assets | (510) | (3,606) | 2,878 |
Accounts payable | (1,545) | 1,370 | 967 |
Other accrued expenses | (3,360) | 255 | (317) |
Unearned revenues | 606 | 2,586 | 1,442 |
Net cash provided by operating activities | 27,983 | 39,223 | 37,073 |
Cash flows from investing activities: | |||
Acquisitions, net of cash acquired | (4,950) | (300,793) | 0 |
Purchases of property, plant and equipment | (4,544) | (4,432) | (1,992) |
Net cash (used in) investing activities | (9,494) | (305,225) | (1,992) |
Cash flows from financing activities: | |||
Proceeds from the issuance of common stock, net | 0 | 0 | 145,935 |
Proceeds from the issuance of debt | 0 | 70,000 | 0 |
Payments of debt | (36,000) | (21,000) | 0 |
Dividends | (3,406) | (3,339) | (3,165) |
Proceeds from the exercise of stock options | 6,997 | 8,027 | 4,943 |
Payment of tax withholding obligation on vesting of restricted stock | (919) | (875) | (517) |
Payments of contingent consideration | 0 | (237) | (304) |
Payment of debt issuance costs | 0 | 0 | (664) |
Net cash (used in) provided by financing activities | (33,328) | 52,576 | 146,228 |
Effect of exchange rate changes on cash and cash equivalents | (1,597) | (1,093) | 1,176 |
Net (decrease) increase in cash and cash equivalents | (16,436) | (214,519) | 182,485 |
Cash and cash equivalents at beginning of period | 49,346 | 263,865 | 81,380 |
Cash and cash equivalents at end of period | 32,910 | 49,346 | 263,865 |
Cash paid for: | |||
Income taxes | 1,356 | 3,048 | 1,367 |
Interest | 3,485 | 2,762 | 2,372 |
Supplemental non-cash activity: | |||
Contingent consideration from acquisitions | $ 1,190 | $ 0 | $ 490 |
Note 1 - Description of Busines
Note 1 - Description of Business and Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | Note 1. Description of Business and Summary of Significant Accounting Policies Description of Business In this Annual Report on Form 10 We are a multinational manufacturer, developer, and seller of life sciences tools and critical quality control products and services, many of which are sold into niche markets 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, as well as by independent distributors in these areas and throughout the rest of the world. We prefer markets in which we can establish a strong presence and achieve high gross profit margins. As of March 31, 2023, four ● Clinical Genomics ● Sterilization and Disinfection Control ● Biopharmaceutical Development ● Calibration Solutions Unallocated corporate expenses and other business activities are reported within Corporate and Other. Principles of Consolidation and Basis of Presentation Our Consolidated Financial Statements are prepared in accordance with the rules and regulations of the Securities and Exchange Commission and in accordance with accounting principles generally accepted in the United States (“GAAP”), and include our accounts and those of our wholly owned subsidiaries after elimination of all intercompany accounts and transactions. Prior Period Reclassification During fiscal year 2022 2021 10 March 31, 2022. not 10 Certain amounts presented in Note 2. 2022 2023 not 10 Management Estimates The preparation of our Consolidated Financial Statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in our Consolidated Financial Statements and accompanying notes. Actual results could differ from our estimates under different assumptions or conditions. Summary of Significant Accounting Policies Foreign Currency Exchange rate adjustments resulting from foreign currency transactions are recognized in net earnings, whereas effects resulting from the translation of financial statements are reflected as a component of accumulated other comprehensive income within stockholders’ equity. Assets and liabilities of subsidiaries operating outside the United States with a functional currency other than the U.S. dollar are translated into U.S. dollars at period end exchange rates, and revenue and expense accounts are translated at weighted average period rates. Fair Value Measurements Fair value is the price we would receive to sell an asset or pay to transfer a liability (exit price) in an orderly transaction between market participants. We determine fair value based on the following input hierarchy: Level 1: Level 2: 1, not Level 3: no Assets recognized or disclosed at fair value in the Consolidated Financial Statements on a nonrecurring basis are measured at fair value if determined to be impaired or if purchased pursuant to our acquisition of a business, including items such as inventory, property and equipment, operating lease assets, goodwill, and other intangible assets. Fair values assigned to assets acquired and liabilities assumed in acquisitions, except deferred revenues, are measured using Level 3 Revenue Recognition Our revenues come from product sales, which include consumables and hardware; as well as services, which include discrete and ongoing maintenance, calibration, and testing services. Revenues are recognized when or as we satisfy our performance obligations under the terms of a contract, which occurs when control of the promised products or services transfers to our customers. We recognize the amount of consideration we expect to receive in exchange for transferring products or services to our customers (the transaction price) as revenue. For all revenue contracts, prices are fixed at the time of purchase and no 12 We generally recognize revenues as follows: Product sales: Services: no may Collectability is reasonably assured through our customer review process, and payment is typically due within 60 Upon adoption of Accounting Standards Codification 606, one not not one None March 31, 2023 2022 Contracts with customers may not may may Shipping and Handling Payments made by customers to us for shipping and handling costs are included in revenues on the Consolidated Statements of Income, and our expenses are included in cost of revenues. We account for shipping and handling costs arising from contracts with customers as fulfillment costs. Shipping and handling for inventory and materials we purchase is included as a component of inventory on the Consolidated Balance Sheets, and expensed to cost of revenues when products are sold. Unearned Revenues Certain of our products may one Accrued Warranty Expense We typically provide assurance-type limited product warranties on our products and, accordingly, accrue for estimates of related warranty expenses. Accounts Receivable and Allowance for Doubtful Accounts All trade accounts receivable are reported at net realizable value on the accompanying Consolidated Balance Sheets, adjusted for any write-offs and net of allowances for doubtful accounts. Allowances for doubtful accounts represent our best estimate and current expectation of future credit losses from trade accounts. We estimate credit losses based on historical information, current and expected future economic and market conditions, and reviews of the current status of customers’ trade accounts receivable. In circumstances in which we become aware of a specific customer’s inability to meet its financial obligations, a specific reserve is recorded against amounts due to reduce the recognized receivable to the amount reasonably expected to be collected. We do not 3. Differences may March 31, 2023, 2022, 2021, Inventories Inventories are stated at the lower of cost or net realizable value and are relieved to cost of products upon sale using a weighted average costing methodology. Inventories acquired in an acquisition are recorded at fair market value. Our work in process and finished goods inventories include the costs of raw materials, labor and overhead, which are estimated based on trailing twelve We monitor inventory costs relative to selling prices and perform physical cycle count procedures on inventories throughout the year to determine if a lower of cost or net realizable value reserve is necessary. We estimate and maintain an inventory reserve as needed for such matters as excess or obsolete inventory, shrinkage, and scrap. This reserve may not Property, Plant and Equipment Property, plant and equipment are recorded at cost, less allowances for depreciation, except for assets acquired in acquisitions, which are recorded at fair value. Expenditures for major renewals and improvements that extend the life of the asset are capitalized, while expenditures for minor replacements, maintenance, and repairs are expensed as incurred. Depreciation is calculated using the straight-line method over the assets’ estimated useful lives. Upon asset retirement or disposal, accounts are relieved of cost and accumulated depreciation, and any related gain or loss is reflected in our results of operations. In some cases, particularly with respect to business consolidation or closure activities, accelerated depreciation may At least annually, we evaluate and adjust as necessary the estimated lives of property, plant and equipment. Any changes in estimated useful lives are recorded prospectively. Estimated useful lives of significant classes of depreciable assets are as follows: Category Useful Lives in Years Buildings and building improvements 40 (or less) Manufacturing equipment 7 (or less) Office, lab and other equipment 7 (or less) Computer equipment 3 (or less) Leasehold improvements Lesser of the economic life or the remaining term in the respective lease Land is not not Leases Under ASC 842, not not 12 not A contract is a lease or contains one 1 2 not none 842. Our leases typically contain rent escalations over the lease term. We recognize expense for these leases on a straight-line basis over the lease term. Lease expense is recorded in cost of products, selling, general and administrative, or research and development on our Consolidated Statements of Income, depending on the nature of use of the underlying asset. Many of our leases include one Acquired Intangible Assets Our goodwill and other intangible assets result from acquisitions of existing businesses. Upon acquisition, we record the fair values of separately identifiable indefinite and definite lived intangible assets using, among other sources of relevant information, independent appraisals, or actuarial or other valuations. Intangible assets affect the amount of future amortization expense and possible impairment charges we may Goodwill and indefinite lived intangible assets (certain tradenames we intend to renew and continue using indefinitely) are not fourth may not Intangible assets deemed to have finite lives are amortized on a straight-line basis over their useful lives, generally ranging from five fifteen 6. not The fair value measurements used in testing intangible asset impairments are typically based on discounted cash flow projection models, using Level 3 not March 31, 2023 Research & Development Costs We conduct research and development activities for the purpose of developing new products and enhancing the functionality, effectiveness, reliability, and accuracy of existing products. Research and development costs are expensed as incurred. Research and development expense is predominantly comprised of labor costs and third may Convertible Debt Our convertible 1.375% Convertible Senior Notes due 2025 "2025 not 2025 one criteria necessary for conversion as described in Note 8. 2025 may 2025 2025 2025 Stock-based Compensation We issue shares in the form of stock options and full-value awards as part of employee and non-employee director compensation pursuant to the Mesa Laboratories, Inc. 2014 "2014 2021 "2021 The Equity Plans are administered by the Compensation Committee of the Board of Directors, which has the authority to grant equity awards, or to delegate its authority under the plan to make grants (subject to certain legal and regulatory restrictions), including the authority to determine the individuals to whom awards will be granted, the type of awards and when the awards are to be granted, the number of shares to be covered by each award, the vesting schedule, and all other terms and conditions of the awards. For purposes of counting the shares remaining under the 2021 one 2014 five one Stock options and service-based stock awards generally vest equally over a three five six ten one 2021 Expense for PSUs is recognized when it is probable that performance goals will be achieved. Performance goals are determined by the Board of Directors and may The fair value of RSUs is based on the closing price of Mesa's common stock on the award date, less the present value of expected dividends not The fair value of each granted stock option is estimated on the grant date using the Black-Scholes option valuation model. The assumptions used to calculate the fair value of granted options reflect market conditions and our historical experience. We estimate expected forfeitures using a dynamic forfeiture model based on company specific historical data when determining the amount of stock-based compensation costs to recognize each period. The expected life of options represents the estimated period of time until exercise and is based on historical experience of similar awards for similar subsets of our employee population, giving consideration to the contractual terms, vesting schedules, and expectations of future employee behavior. Expected stock price volatility is based on the historical volatility of our own stock price over the period of time commensurate with the expected life of the award. The risk-free rate is based on the United States Treasury yield curve in effect at the time of grant for the estimated life of the stock option. The dividend yield assumption is based on our anticipated cash dividend payouts. We allocate stock-based compensation expense to cost of revenues, selling, research and development, and general and administrative expense in the Consolidated Statements of Income. Earnings Per Share Basic earnings per share (“EPS”) is computed by dividing net income by the weighted-average number of common shares outstanding during the reporting period. Diluted earnings per share (“diluted EPS”) is computed similarly to basic earnings per share, except it includes the effects of potential dilution that could occur if dilutive securities were exercised. Potentially dilutive securities include stock options, RSUs and PSUs (collectively “stock awards”), as well as common shares underlying the 2025 not 10. March 31, 2023, 2022 2021 Income Taxes Income tax expense includes U.S., state, local and international income taxes. Deferred tax assets and liabilities are recognized and reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the tax basis of existing assets and liabilities used for income tax purposes. The tax rate used to determine the deferred tax assets and liabilities is based on the enacted tax rate for the year and the manner in which the differences are expected to reverse. Valuation allowances are recorded to reduce deferred tax assets to the amount that will more likely than not From time to time, we engage in transactions in which the tax consequences may may not not not not 12. Acquisition Related Contingent Consideration Liabilit ies Acquisition related contingent consideration liabilities consist of estimated amounts due under various acquisition agreements and may 13. March 31, 2023 Legal Contingencies We are party to various claims and legal proceedings that arise in the normal course of business. We record an accrual for legal contingencies when we determine it is probable we have incurred a liability and can reasonably estimate the amount of the loss (See Note 13. Purchase Accounting for Acquisitions We account for all business combinations in which we obtain control over another entity using the acquisition method of accounting, which requires most assets (both tangible and intangible) and liabilities (including any applicable contingent consideration, but excluding deferred revenue, which is measured at book value) to be recorded at fair value at the date of acquisition. The excess of the purchase price over the fair value of acquired assets less liabilities is recognized as goodwill. We determine fair value using widely accepted valuation techniques, primarily discounted cash flow and market multiple analyses, which rely heavily on Level 3 Results of operations of acquired companies are included in our Consolidated Financial Statements from the date of the acquisition forward. If actual results are not may March 31, 2023, 2022 2021 Business Consolidation Costs We estimate liabilities for business closure activities by gathering detailed estimates of costs and, if applicable, asset sale proceeds, for each business consolidation initiative. For a typical business consolidation initiative, we estimate costs of employee severance, impairment of property and equipment and other assets including estimating net realizable value, if necessary, accelerated depreciation, termination payments for contracts and leases, and any other qualifying costs related to the exit plan. Such charges represent our best estimates; however, they require assumptions about plans that may 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 ● 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, our impairment tests conducted during the quarter ended March 31, 2023 not ● Estimates regarding the recoverability of deferred tax assets and estimates regarding cash needs and associated indefinite reinvestment assertions; ● Estimates regarding recoverability for customer receivables; ● Estimates of the net realizable value of inventory. 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 There have been no 2023. |
Note 2 - Revenue
Note 2 - Revenue | 12 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | Note 2 . Revenue We develop, manufacture, market, sell and maintain life sciences tools and quality control instruments and related software, consumables, and services. Hardware sales include physical products such as instruments used for molecular and genetic analysis, protein synthesizers, medical meters, wireless sensor systems, and data loggers. Hardware sales may Consumables are typically used on a one We also offer maintenance, calibration, and testing service contracts. These contracts result in revenues recognized over time, for example, when we are obligated to perform labor and replace parts on an as-needed basis over a contractually specified period of time, or at a point in time, upon completion of a specific, discrete service. In many cases, our contracts contain both revenues recognized over time and revenues recognized at a point in time. We evaluate our revenues internally based on operating segment, the nature of goods and services provided, and the timing of revenue generation. The following tables present disaggregated revenues from contracts with customers for the years ended March 31, 2023, 2022 2021 Year Ended March 31, 2023 Clinical Genomics (1) Sterilization and Disinfection Control Biopharmaceutical Development Calibration Solutions Total Consumables $ 43,374 $ 55,605 $ 15,800 $ 3,062 $ 117,841 Hardware and Software 13,347 692 22,079 26,561 62,679 Services 5,578 8,312 9,486 15,184 38,560 Total Revenues $ 62,299 $ 64,609 $ 47,365 $ 44,807 $ 219,080 Year Ended March 31, 2022 Clinical Genomics (1) Sterilization and Disinfection Control Biopharmaceutical Development Calibration Solutions Total Consumables $ 22,271 $ 50,311 $ 15,551 $ 3,675 $ 91,808 Hardware and Software 6,726 700 21,651 28,537 57,614 Services 3,843 8,033 8,377 14,660 34,913 Total Revenues $ 32,840 $ 59,044 $ 45,579 $ 46,872 $ 184,335 Year Ended March 31, 2021 Clinical Genomics (1) Sterilization and Disinfection Control Biopharmaceutical Development Calibration Solutions Total Consumables $ - $ 45,869 $ 13,942 $ 3,198 $ 63,009 Hardware and Software - 505 13,545 29,969 44,019 Services - 6,745 6,405 13,759 26,909 Total Revenues $ - $ 53,119 $ 33,892 $ 46,926 $ 133,937 ( 1 October 20, 2021 . Contract Balances Our contracts have varying payment terms and conditions. Some customers prepay for products and services, resulting in either unearned revenues or customer deposits, called contract liabilities. Short-term contract liabilities are included within other accrued expenses and unearned revenues in the accompanying Consolidated Balance Sheets, and long-term contract liabilities are included within other long-term liabilities in the accompanying Consolidated Balance Sheets. The significant majority of our revenues and related receivables and contract liabilities are generated from contracts with customers with original expected durations of 12 A summary of contract liabilities is as follows: Contract liabilities as of March 31, 2022 $ 15,069 Prior year liabilities recognized in revenues during the year ended March 31, 2023 (8,643 ) Contract liabilities added during the year ended March 31, 2023, net of revenues recognized 9,672 Contract liabilities balance as of March 31, 2023 $ 16,098 |
Note 3 - Fair Value Measurement
Note 3 - Fair Value Measurements | 12 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 3. Our financial instruments generally consist of cash and cash equivalents, trade accounts receivable, obligations under trade accounts payable, and debt. Due to their short-term nature, the carrying values of cash and cash equivalents, trade accounts receivable, and trade accounts payable approximate fair value. The financial instruments that subject us to the highest concentration of credit risk are cash and accounts receivable. We maintain relationships and cash deposits at multiple banking institutions across the world in an effort to diversify and reduce risk of loss. Concentration of credit risk with respect to accounts receivable is limited to customers to whom we make significant sales. Unusually, one of our distributors accounted for approximately 18% of total trade receivables as of March 31, 2023. 2023, To manage credit risk, we consider the creditworthiness of new and existing customers, establish credit limits, and regularly review outstanding balances and payment histories. We may may We have outstanding $172,500 aggregate principal of 1.375% convertible senior notes due August 15, 2025, 2025 2025 2025 March 31, 2023 March 31, 2022 Carrying Value Fair Value (Level 2) Carrying Value Fair Value (Level 2) 2025 Notes $ 170,272 $ 161,072 $ 169,365 $ 185,438 There were no March 31, 2023 2022 Our financial liabilities based upon Level 3 4. 36 March 31, 2023, |
Note 4 - Significant Transactio
Note 4 - Significant Transactions | 12 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Significant Transactions [Text Block] | Note 4. Acquisitions Belyntic, GmbH On November 17, 2022, 36 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 (as defined below). Of the cash consideration we paid, approximately $267,000 represented cash consideration to holders of Agena’s preferred and common stock, approximately $2,000 represented cash consideration paid for the settlement of Agena’s warrants, and approximately $31,800 represented cash consideration for the settlement of Agena's vested stock options as of the closing date. Allocation of Purchase Price The allocation of purchase price is based on the fair value of assets acquired and liabilities assumed, except deferred revenue recorded at book value, as of the acquisition date, based on the final valuation of Agena. The relief from royalty method was used to value our trade names and developed technology, while the multi-period excess earnings method, a form of the income approach, was used to value our customer relationships. These methods involve the use of significant estimates and assumptions depending on the underlying asset being valued, but may 3 may March 31, 2023. The following table summarizes the allocation of the purchase price as of October 20, 2021: Life (in years) Amount Cash and cash equivalents $ 7,544 Accounts receivable 11,100 Other current assets 25,480 Total current assets 44,124 Property, plant and equipment/noncurrent assets 15,832 Deferred tax asset 811 Intangible assets: Goodwill N/A 135,728 Customer relationships 12 103,800 Intellectual property 8 45,400 Tradenames 12 15,700 Total assets acquired $ 361,395 Accounts payable 2,174 Unearned revenues 2,713 Other current liabilities 11,052 Total current liabilities 15,939 Deferred tax liability 28,856 Other noncurrent liabilities 8,263 Total liabilities assumed $ 53,058 Total purchase price, net of cash acquired $ 300,793 Acquired Goodwill Acquired goodwill of $135,728 as of the acquisition date, all of which is allocated to the Clinical Genomics reportable segment, represents the value expected to arise from expanded market opportunities, expected synergies, and assembled workforce, none not |
Note 5 - Leases
Note 5 - Leases | 12 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | Note 5. We have operating leases for buildings and office equipment. The following table presents the lease balances within the Consolidated Balance Sheets related to our operating leases: Lease Assets and Liabilities Balance Sheet Location March 31, 2023 March 31, 2022 Operating lease ROU asset Other assets $ 8,693 $ 10,201 Current operating lease liabilities Other accrued expenses 2,868 2,768 Noncurrent operating lease liabilities Other long-term liabilities 5,752 7,436 The components of lease costs, the weighted average remaining lease term and the weighted average discount rate were as follows: Year Ended March 31, 2023 2022 Operating lease expense $ 3,064 $ 1,973 Variable lease expense 704 419 Total lease expense $ 3,768 $ 2,392 Weighted average remaining lease term in years 3.3 4.3 Weighted average discount rate 2.0 % 1.7 % Supplemental cash flow information related to leases was as follows: Year Ended March 31, 2023 2022 Cash paid for amounts included in the measurements of lease liabilities $ 3,017 $ 1,896 Operating lease assets obtained in exchange for operating lease obligations 1,426 10,577 Maturities of lease liabilities are as follows as for the years ending March 31: 2024 $ 3,018 2025 2,384 2026 1,984 2027 1,490 Future value of lease liabilities 8,876 Less: imputed interest 256 Present value of lease liabilities $ 8,620 |
Note 6 - Goodwill and Intangibl
Note 6 - Goodwill and Intangible Assets | 12 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 6 . Goodwill and Intangible Assets Goodwill arises from the excess purchase price of acquired businesses over the fair value of acquired tangible and intangible assets, less assumed liabilities. Changes in the carrying amount of goodwill were as follows: Clinical Genomics Sterilization and Disinfection Control Biopharmaceutical Development Calibration Solutions Total March 31, 2021 $ - $ 30,153 93,399 $ 37,289 $ 160,841 Effect of foreign currency translation 34 (403 ) (5,134 ) (52 ) (5,555 ) Goodwill related to Agena Acquisition 135,880 - - - 135,880 March 31, 2022 $ 135,914 $ 29,750 $ 88,265 $ 37,237 291,166 Effect of foreign currency translation 49 (191 ) (7,381 ) (20 ) (7,543 ) Goodwill related to Belyntic Acquisition - - 2,973 - 2,973 Measurement period adjustment - Agena Acquisition (152 ) - - - (152 ) March 31, 2023 $ 135,811 $ 29,559 $ 83,857 $ 37,217 $ 286,444 Other intangible assets were as follows: March 31, 2023 March 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 238,247 $ (86,058 ) $ 152,189 $ 244,157 $ (67,469 ) $ 176,688 Intellectual property 65,950 (19,550 ) 46,400 65,893 (12,620 ) 53,273 Other intangibles 24,793 (6,567 ) 18,226 25,350 (5,194 ) 20,156 Total $ 328,990 $ (112,175 ) $ 216,815 $ 335,400 $ (85,283 ) $ 250,117 The range of useful lives and weighted-average remaining useful lives of amortizable intangible assets as of March 31, 2023 Est. Useful Weighted Avg. Life Remaining Life Description (Years) (Years) Customer relationships 10 - 14 8.8 Intellectual property 8 - 14 6.5 Other intangibles 3 - 12 10.4 The following is estimated amortization expense for the years ending March 31: 2024 $ 28,580 2025 26,999 2026 26,233 2027 25,733 2028 25,275 Amortization expense for finite-lived intangible assets acquired in a business combination was as follows: Year Ended March 31, 2023 2022 2021 Amortization in Cost of revenues $ 6,796 $ 3,806 $ 1,430 Amortization in General and administrative 22,025 18,000 13,083 Total $ 28,821 $ 21,806 $ 14,513 |
Note 7 - Supplemental Balance S
Note 7 - Supplemental Balance Sheets Information | 12 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | Note 7. Property, plant and equipment consisted of the following: March 31, 2023 March 31, 2022 Land $ 889 $ 889 Buildings and building improvements 22,005 21,537 Manufacturing equipment 14,481 17,336 Computer equipment 4,413 4,519 Other 4,394 1,578 Construction in progress 1,735 487 Gross total 47,917 46,346 Accumulated depreciation (19,768 ) (17,726 ) Property, plant and equipment, net $ 28,149 $ 28,620 Depreciation expense was as follows: Year Ended March 31, 2023 2022 2021 Depreciation expense in Cost of revenues $ 3,163 $ 2,243 $ 1,859 Depreciation expense in Operating expense 1,150 1,019 1,100 Total depreciation expense $ 4,313 $ 3,262 $ 2,959 Inventories consisted of the following: March 31, 2023 March 31, 2022 Raw materials $ 20,064 $ 14,172 Work in process 617 4,419 Finished goods 13,961 6,015 Inventories, net $ 34,642 $ 24,606 Accrued payroll and benefits consisted of the following: March 31, 2023 March 31, 2022 Bonus payable $ 4,461 $ 7,468 Wages and paid-time-off payable 2,329 3,677 Payroll related taxes 1,982 2,069 Other benefits payable 661 1,503 Total accrued payroll and benefits $ 9,433 $ 14,717 Other accrued expenses consisted of the following: March 31, 2023 March 31, 2022 Accrued business taxes $ 5,941 $ 4,967 Current operating lease liabilities 2,868 2,768 Customer deposits 1,287 751 Income taxes payable 992 928 Other 2,297 2,197 Total other accrued expenses $ 13,385 $ 11,611 |
Note 8 - Indebtedness
Note 8 - Indebtedness | 12 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 8 . Indebtedness Credit Facility On March 5, 2021, four 1 2 not 3 not We borrowed $70,000 under the Credit Facility during fiscal year 2022 March 31, 2023. March 31, 2023, April 2023 On December 22, 2022, Amounts borrowed under the Credit Facility bear interest at either a base rate or a SOFR rate, plus an applicable spread. The interest rate on borrowings under our line of credit as of March 31, 2023 March 31, 2023, March 31, 2022, March 31, 2023 2022 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. March 31, 2023, Convertible Notes On August 12, 2019, 2025 2025 August 15, 2025, February 15 August 15 February 15, 2020. 2025 $1,000 may 2025 (i) during any calendar quarter commencing after the calendar quarter ended on December 31, 2019 ( (ii) during the five 10 $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 2025 (iv) at any time from, and including, April 15, 2025 second Upon conversion, we will pay or deliver, as the case may not March 31, 2023. March 31, 2023, 2025 not 2025 not March 31, 2023. Debt issuance costs related to the 2025 third 2025 The net carrying amount of the 2025 March 31, 2023 March 31, 2022 Principal outstanding $ 172,500 $ 172,500 Unamortized debt issuance costs (2,228 ) (3,135 ) Net carrying value $ 170,272 $ 169,365 We recognized interest expense on the 2025 Year Ended March 31, 2023 2022 2021 Coupon interest expense at 1.375% $ 2,372 $ 2,372 $ 2,372 Amortization of debt discounts and issuance costs 907 890 5,397 Total $ 3,279 $ 3,262 $ 7,769 The effective interest rate of the liability component of the 2025 March 31, 2022 March 31, 2021 2020 06. |
Note 9 - Stock Transactions and
Note 9 - Stock Transactions and Stock-based Compensation | 12 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | Note 9 . Stock Transactions and Stock-Based Compensation (dollars and shares in thousands, except per share values) In November 2005, may March 31, 2023, 2022 2021 March 31, 2023 Under applicable law, Colorado corporations are not Public Offerings of Common Stock June 12, 2020, June 19, 2020, Stock-Based Compensation We issue shares in the form of stock options, RSUs and PSUs to employees and non-employee directors pursuant to the 2014 2021 2021 2022. March 31, 2023. 2014 March 31, 2023. Stock-based compensation expense recognized in the Consolidated Financial Statements was as follows: Year Ended March 31, 2023 2022 2021 Stock-based compensation expense $ 12,538 $ 11,391 $ 9,268 Amount of income tax (benefit) recognized in earnings (1,169 ) (4,055 ) (1,816 ) Stock-based compensation expense, net of tax $ 11,369 $ 7,336 $ 7,452 Stock Options We use the Black-Scholes option-pricing model to estimate the fair value of stock option awards granted. The weighted average assumptions utilized in the model were as follows: 2023 2022 2021 Risk-free interest rate 3.55 % 0.46 % 0.27 % Expected life (years) 3.52 3.52 3.86 Expected dividend yield 0.07 % 0.06 % 0.10 % Volatility 37.29 % 38.82 % 38.83 % Weighted-average Black-Scholes fair value per share at date of grant $ 58.94 $ 76.02 $ 67.66 The amounts shown above for the estimated fair value per option granted are before the estimated effect of forfeitures, which reduces the amount of expense recorded in our Consolidated Statements of Income. Stock option activity under the 2021 March 31, 2023 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, 2022 202 $ 167.14 2.9 $ 18,261 Awards granted 43 185.60 Awards forfeited or expired (9 ) 218.13 Awards exercised or distributed (73 ) 97.34 Outstanding as of March 31, 2023 163 $ 200.62 3.3 $ 1,643 Exercisable as of March, 31, 2023 83 $ 193.05 2.3 $ 1,405 Exercisable and expected to vest, March 31, 2023 160 $ 200.62 3.2 $ 1,641 The total intrinsic value of stock options exercised during the years ended March 31, 2023, 2022 2021 March 31, 2023 March 31, 2023, 2022 2021 March 31, 2022 2021 Time-Based Restricted Stock Units (RSUs) RSU activity under the 2014 2021 Time-Based Restricted Stock Units Number of Shares Weighted- Average Grant Date Fair Value per Share Weighted- Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Nonvested at March 31, 2022 51 $ 252.86 1.0 $ 13,019 Awards granted 43 187.21 Awards forfeited or expired (10 ) 229.52 Awards distributed (27 ) 250.85 Nonvested as of March 31, 2023 57 $ 209.27 1.0 $ 9,993 Expected to vest 53 $ 209.43 1.8 $ 9,254 For the years ended March 31, 2022 2021, March 31, 2023 March 31, 2023, 2022 2021 March 31, 2023, 2022 2021 Performance-Based Restricted Stock Units (PSUs) 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. PSU activity under the 2014 2021 Performance-Based Restricted Stock Units Number of Shares Weighted- Average Grant Date Fair Value per Share Weighted- average Remaining Contractual Life (Years) Aggregate Intrinsic Value Nonvested at March 31, 2022 at target 55 $ 288.45 4.3 $ 14,093 Awards granted 19 182.14 Performance adjustment (20 ) Awards distributed (10 ) 202.00 Nonvested as of March 31, 2023 at target 44 $ 286.02 3.5 $ 7,958 Expected to vest 42 $ 287.48 3.4 7,306 For the year ended March 31, 2022, March 31, 2023 March 31, 2023 2022 March 31, 2023, 2022 2021 March 31, 2021. During the year ended March 31, 2023, "FY23 FY23 April 1, 2022 March 31, 2023 April 1, 2022 March 31, 2025. FY23 2023 March 31, 2023 During fiscal year 2022 , March 31, 2023, not On October 28, 2021, three April 1, 2021 March 31, 2024 October 28, 2021 October 27, 2024, October 27, 2025, October 27, 2026, 40; not no March 31, 2023 During the year ended March 31, 2023 , , In the future, we expect non-cash stock-based compensation expense to decrease approximately $402 per quarter as a result of our new estimate of performance share units expected to vest. |
Note 10 - Earnings Per Share
Note 10 - Earnings Per Share | 12 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 10 . Earnings Per Share (dollars and shares in thousands, except per share values) The following table presents a reconciliation of the denominators used in the computation of basic and diluted earnings per share: Year Ended March 31, 2023 2022 2021 Net earnings available for shareholders $ 930 $ 1,871 $ 3,274 Weighted average outstanding shares of common stock 5,321 5,212 4,975 Dilutive effect of stock options 26 100 125 Dilutive effect of unvested stock awards 14 23 24 Fully diluted shares 5,361 5,335 5,124 Basic earnings per share $ 0.17 $ 0.36 $ 0.66 Diluted earnings per share $ 0.17 $ 0.35 $ 0.64 The impact of the assumed conversion of the 2025 2025 March 31, 2023, 2022, 2021. The following stock awards were excluded from the calculation of diluted EPS: Year Ended March 31, 2023 2022 2021 Assumed conversion of convertible debt 608 608 608 Stock awards that were anti-dilutive 154 40 44 Stock awards subject to performance conditions 48 26 14 Total stock awards excluded from diluted EPS 810 674 666 |
Note 11 - Employee Benefit Plan
Note 11 - Employee Benefit Plans | 12 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | Note 11 . Employee Benefit Plan s We adopted the Mesa Laboratories, Inc. 401 January 1, 2000. first first During the years ended March 31, 2023, 2022 2021 401 401 |
Note 12 - Income Taxes
Note 12 - Income Taxes | 12 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 12 . Income Taxes Provision for Income Taxes Earnings before income taxes were as follows: Year Ended March 31, 2023 2022 2021 Domestic $ 1,887 $ 4,579 $ 6,297 Foreign (2,276 ) (1,005 ) (3,994 ) Total (loss) earnings before income taxes $ (389 ) $ 3,574 $ 2,303 The components of our provision for income taxes were as follows: Year Ended March 31, 2023 2022 2021 Current tax provision: U.S. Federal $ 593 $ (83 ) $ 1,500 U.S. State 538 286 628 Foreign 1,070 1,372 404 Total current tax expense 2,201 1,575 2,532 Deferred tax provision: U.S. Federal (1,432 ) 1,707 (2,410 ) U.S. State (210 ) 337 (619 ) Foreign (1,878 ) (1,916 ) (474 ) Total deferred tax (benefit) expense (3,520 ) 128 (3,503 ) Total income tax (benefit) expense $ (1,319 ) $ 1,703 $ (971 ) A reconciliation of our income tax provision and the amounts computed by applying statutory rates to earnings before income taxes was as follows: Year Ended March 31, 2023 2022 2021 Federal income taxes at statutory rates $ (82 ) $ 751 $ 483 State income taxes, net of federal benefit (1,075 ) 628 (221 ) Tax benefit of stock option exercises (1,169 ) (4,055 ) (1,816 ) Research and development credit (1,010 ) (495 ) (165 ) Limitation for 162(m) 2,675 4,039 1,113 Return to provision adjustment (125 ) (68 ) (172 ) Subpart F, GILTI, & FDII (127 ) 6 (999 ) Foreign rate differential (439 ) 152 810 Permanent Difference 33 64 15 Interest reserve adjustment - 668 - Other - 13 (19 ) Total income tax (benefit) expense $ (1,319 ) $ 1,703 $ (971 ) The Company has elected to recognize U.S. taxes on global intangible low-taxed income ("GILTI") as a period expense in the year the tax is incurred. Deferred Tax Assets and Liabilities Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets (liabilities) were as follows: March 31, 2023 March 31, 2022 Deferred tax assets: Net operating loss $ 6,945 $ 11,274 Credits 4,769 5,321 Allowances and reserves 2,376 1,977 Capitalized research expenditures(1) 3,124 - Stock compensation deductible differences 1,384 2,137 Inventories 1,348 1,316 Other 188 394 Total deferred tax assets 20,134 22,419 Deferred tax liabilities: Goodwill and intangible assets (49,781 ) (56,145 ) Property, plant and equipment (2,502 ) (3,284 ) Other (221 ) (188 ) Total deferred tax liabilities (52,504 ) (59,617 ) Valuation allowance (582 ) (708 ) Net deferred tax (liability) $ (32,952 ) $ (37,906 ) ( 1 2017, no January 1, 2022. Valuation Allowance In assessing the realizability of deferred tax assets, management considers whether it is more likely than not March 31, 2023. 2023 The following table summarizes the changes in our valuation allowance for deferred tax assets: Year Ended March 31, 2023 2022 2021 Beginning balance $ 708 $ 404 $ 391 Additions charged to income tax expense and other accounts 567 304 13 Deductions from reserves (693 ) - - Ending balance $ 582 $ 708 $ 404 Net Operating Loss Credit and Carryforwards As of March 31, 2023, March 31, 2023 Expiration Date Pre-2018 federal NOL carryforwards $ - N/A Post-2018 federal NOL carryforwards 2,819 Indefinite State NOL carryforwards 7,210 March 31, 2037 Foreign NOL carryforwards 22,262 Indefinite As of March 31, 2023, March 31, 2023 Expiration Date Federal research tax credit carryforwards $ 2,428 March 31, 2038 State research tax credits carryforwards 2,944 March 31, 2034 Federal foreign tax credit carryforwards 15 March 31, 2036 As a result of the Agena acquisition in fiscal year 2022, 382 March 31, 2023, 382 Undistributed earnings in foreign subsidiaries For the year ended March 31, 2023, not $65,028 March 31, 2023. not no Uncertain Tax Positions Uncertain tax positions, if ever recognized in the financial statements, would be recorded in the consolidated statements of operations as part of the income tax provision. A reconciliation of the beginning and ending amount of unrecognized tax benefits, exclusive of interest and penalties, included in the deferred tax liability on the accompanying Consolidated Balance Sheets of the Company is as follows: Year Ended March 31, 2023 2022 2021 Beginning balance $ 1,329 $ 64 $ 653 (Decrease) increase related to prior period tax positions (1,272 ) 1,179 (629 ) Increases related to current period tax positions 35 86 40 Ending balance $ 92 $ 1,329 $ 64 As of March 31, 2023, March 31, 2023, 2022 2021. not 12 The Company files income tax returns in the U.S. various states and foreign jurisdictions. In the normal course of business, the Company is subject to examination by taxing authorities throughout the world. The following tax years remain subject to examination: Significant Jurisdictions Open Years U.S. Federal 2019 2021 U.S. States 2018 2021 Foreign 2016 2021 In various jurisdictions, years prior to those listed above remain open solely for the purposes of examination of the Company’s NOL and credit carryforwards. |
Note 13 - Commitments and Conti
Note 13 - Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 13. We are party to various legal proceedings arising in the ordinary course of business. As of March 31, 2023, not As part of the Belyntic acquisition, we have agreed to pay up to an additional $1,500 to the sellers upon approval of contractually specified pending patents. We believe it is probable the patents will be issued and that we will pay the sellers in full within 36 |
Note 14 - Segment Data
Note 14 - Segment Data | 12 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 14. Segment information is prepared on the same basis that our CEO and chief operating decision maker uses to manage our segments, evaluate financial results, and make key operating decisions. Our four reportable segments are organized primarily by the nature of the goods and services they sell. When determining our reportable segments, we aggregated operating segments based on their similar economic and operating characteristics. We evaluate the performance of our operating segments based on revenues, organic revenues growth, and gross profit. The accounting policies of the operating segments are the same as those described in Note 1 . The following tables set forth our segment information: Year Ended March 31, 2023 2022 2021 Revenues (a): Clinical Genomics $ 62,299 $ 32,840 $ - Sterilization and Disinfection Control 64,609 59,044 53,119 Biopharmaceutical Development 47,365 45,579 33,892 Calibration Solutions 44,807 46,872 46,926 Reportable segment revenues 219,080 184,335 133,937 Corporate and Other (b) - - - Total revenues $ 219,080 $ 184,335 $ 133,937 Gross profit: Clinical Genomics $ 32,485 $ 11,941 $ - Sterilization and Disinfection Control 46,520 43,720 39,870 Biopharmaceutical Development 30,340 28,605 21,035 Calibration Solutions 24,388 24,989 26,112 Reportable segment gross profit 133,733 109,255 87,017 Corporate and Other (b) (40 ) (165 ) (3 ) Gross profit $ 133,693 $ 109,090 $ 87,014 Reconciling items: Operating expenses 130,373 104,388 74,656 Operating income 3,320 4,702 12,358 Nonoperating expense 3,709 1,128 10,055 Earnings before income taxes $ (389 ) $ 3,574 $ 2,303 (a) Intersegment revenues are not (b) Unallocated corporate expenses and other business activities are reported within Corporate and Other. The following table sets forth net inventories by reportable segment. Our chief operating decision maker is not March 31, March 31, 2023 2022 Clinical Genomics $ 13,985 $ 11,802 Sterilization and Disinfection Control 3,492 2,176 Biopharmaceutical Development 8,384 4,495 Calibration Solutions 8,781 6,133 Reportable segment inventory 34,642 24,606 Corporate and Other - - Total inventories, net $ 34,642 $ 24,606 The following table sets forth a summary of long-lived assets by geographic area. Long-lived assets exclude goodwill and intangible assets acquired in a business combination and deferred tax assets. As of March 31, 2023 2022 United States $ 34,729 $ 36,475 Foreign 3,793 3,975 Total $ 38,522 $ 40,450 Revenues from external customers are attributed to individual countries based upon locations to which the product is shipped or exported, as follows: Year Ended March 31, 2023 2022 2021 United States $ 117,281 $ 99,068 $ 71,387 China 25,797 16,518 6,612 Other 76,002 68,749 55,938 Total revenues $ 219,080 $ 184,335 $ 133,937 No 10% No 10% |
Note 15 - Subsequent Events
Note 15 - Subsequent Events | 12 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 15 . Subsequent Events None. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Principles of Consolidation and Basis of Presentation Our Consolidated Financial Statements are prepared in accordance with the rules and regulations of the Securities and Exchange Commission and in accordance with accounting principles generally accepted in the United States (“GAAP”), and include our accounts and those of our wholly owned subsidiaries after elimination of all intercompany accounts and transactions. |
Reclassification, Comparability Adjustment [Policy Text Block] | Prior Period Reclassification During fiscal year 2022 2021 10 March 31, 2022. not 10 Certain amounts presented in Note 2. 2022 2023 not 10 |
Use of Estimates, Policy [Policy Text Block] | Management Estimates The preparation of our Consolidated Financial Statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in our Consolidated Financial Statements and accompanying notes. Actual results could differ from our estimates under different assumptions or conditions. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Exchange rate adjustments resulting from foreign currency transactions are recognized in net earnings, whereas effects resulting from the translation of financial statements are reflected as a component of accumulated other comprehensive income within stockholders’ equity. Assets and liabilities of subsidiaries operating outside the United States with a functional currency other than the U.S. dollar are translated into U.S. dollars at period end exchange rates, and revenue and expense accounts are translated at weighted average period rates. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value Measurements Fair value is the price we would receive to sell an asset or pay to transfer a liability (exit price) in an orderly transaction between market participants. We determine fair value based on the following input hierarchy: Level 1: Level 2: 1, not Level 3: no Assets recognized or disclosed at fair value in the Consolidated Financial Statements on a nonrecurring basis are measured at fair value if determined to be impaired or if purchased pursuant to our acquisition of a business, including items such as inventory, property and equipment, operating lease assets, goodwill, and other intangible assets. Fair values assigned to assets acquired and liabilities assumed in acquisitions, except deferred revenues, are measured using Level 3 |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition Our revenues come from product sales, which include consumables and hardware; as well as services, which include discrete and ongoing maintenance, calibration, and testing services. Revenues are recognized when or as we satisfy our performance obligations under the terms of a contract, which occurs when control of the promised products or services transfers to our customers. We recognize the amount of consideration we expect to receive in exchange for transferring products or services to our customers (the transaction price) as revenue. For all revenue contracts, prices are fixed at the time of purchase and no 12 We generally recognize revenues as follows: Product sales: Services: no may Collectability is reasonably assured through our customer review process, and payment is typically due within 60 Upon adoption of Accounting Standards Codification 606, one not not one None March 31, 2023 2022 Contracts with customers may not may may |
Shipping and Handling Cost, Policy [Policy Text Block] | Shipping and Handling Payments made by customers to us for shipping and handling costs are included in revenues on the Consolidated Statements of Income, and our expenses are included in cost of revenues. We account for shipping and handling costs arising from contracts with customers as fulfillment costs. Shipping and handling for inventory and materials we purchase is included as a component of inventory on the Consolidated Balance Sheets, and expensed to cost of revenues when products are sold. |
Revenue from Contract with Customer, Deferred Revenue [Policy Text Block] | Unearned Revenues Certain of our products may one |
Standard Product Warranty, Policy [Policy Text Block] | Accrued Warranty Expense We typically provide assurance-type limited product warranties on our products and, accordingly, accrue for estimates of related warranty expenses. |
Accounts Receivable [Policy Text Block] | Accounts Receivable and Allowance for Doubtful Accounts All trade accounts receivable are reported at net realizable value on the accompanying Consolidated Balance Sheets, adjusted for any write-offs and net of allowances for doubtful accounts. Allowances for doubtful accounts represent our best estimate and current expectation of future credit losses from trade accounts. We estimate credit losses based on historical information, current and expected future economic and market conditions, and reviews of the current status of customers’ trade accounts receivable. In circumstances in which we become aware of a specific customer’s inability to meet its financial obligations, a specific reserve is recorded against amounts due to reduce the recognized receivable to the amount reasonably expected to be collected. We do not 3. Differences may March 31, 2023, 2022, 2021, |
Inventory, Policy [Policy Text Block] | Inventories Inventories are stated at the lower of cost or net realizable value and are relieved to cost of products upon sale using a weighted average costing methodology. Inventories acquired in an acquisition are recorded at fair market value. Our work in process and finished goods inventories include the costs of raw materials, labor and overhead, which are estimated based on trailing twelve We monitor inventory costs relative to selling prices and perform physical cycle count procedures on inventories throughout the year to determine if a lower of cost or net realizable value reserve is necessary. We estimate and maintain an inventory reserve as needed for such matters as excess or obsolete inventory, shrinkage, and scrap. This reserve may not |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment Property, plant and equipment are recorded at cost, less allowances for depreciation, except for assets acquired in acquisitions, which are recorded at fair value. Expenditures for major renewals and improvements that extend the life of the asset are capitalized, while expenditures for minor replacements, maintenance, and repairs are expensed as incurred. Depreciation is calculated using the straight-line method over the assets’ estimated useful lives. Upon asset retirement or disposal, accounts are relieved of cost and accumulated depreciation, and any related gain or loss is reflected in our results of operations. In some cases, particularly with respect to business consolidation or closure activities, accelerated depreciation may At least annually, we evaluate and adjust as necessary the estimated lives of property, plant and equipment. Any changes in estimated useful lives are recorded prospectively. Estimated useful lives of significant classes of depreciable assets are as follows: Category Useful Lives in Years Buildings and building improvements 40 (or less) Manufacturing equipment 7 (or less) Office, lab and other equipment 7 (or less) Computer equipment 3 (or less) Leasehold improvements Lesser of the economic life or the remaining term in the respective lease Land is not not |
Lessee, Leases [Policy Text Block] | Leases Under ASC 842, not not 12 not A contract is a lease or contains one 1 2 not none 842. Our leases typically contain rent escalations over the lease term. We recognize expense for these leases on a straight-line basis over the lease term. Lease expense is recorded in cost of products, selling, general and administrative, or research and development on our Consolidated Statements of Income, depending on the nature of use of the underlying asset. Many of our leases include one |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Acquired Intangible Assets Our goodwill and other intangible assets result from acquisitions of existing businesses. Upon acquisition, we record the fair values of separately identifiable indefinite and definite lived intangible assets using, among other sources of relevant information, independent appraisals, or actuarial or other valuations. Intangible assets affect the amount of future amortization expense and possible impairment charges we may Goodwill and indefinite lived intangible assets (certain tradenames we intend to renew and continue using indefinitely) are not fourth may not Intangible assets deemed to have finite lives are amortized on a straight-line basis over their useful lives, generally ranging from five fifteen 6. not The fair value measurements used in testing intangible asset impairments are typically based on discounted cash flow projection models, using Level 3 not March 31, 2023 |
Research and Development Expense, Policy [Policy Text Block] | Research & Development Costs We conduct research and development activities for the purpose of developing new products and enhancing the functionality, effectiveness, reliability, and accuracy of existing products. Research and development costs are expensed as incurred. Research and development expense is predominantly comprised of labor costs and third may |
Debt, Policy [Policy Text Block] | Convertible Debt Our convertible 1.375% Convertible Senior Notes due 2025 "2025 not 2025 one criteria necessary for conversion as described in Note 8. 2025 may 2025 2025 2025 |
Share-Based Payment Arrangement [Policy Text Block] | Stock-based Compensation We issue shares in the form of stock options and full-value awards as part of employee and non-employee director compensation pursuant to the Mesa Laboratories, Inc. 2014 "2014 2021 "2021 The Equity Plans are administered by the Compensation Committee of the Board of Directors, which has the authority to grant equity awards, or to delegate its authority under the plan to make grants (subject to certain legal and regulatory restrictions), including the authority to determine the individuals to whom awards will be granted, the type of awards and when the awards are to be granted, the number of shares to be covered by each award, the vesting schedule, and all other terms and conditions of the awards. For purposes of counting the shares remaining under the 2021 one 2014 five one Stock options and service-based stock awards generally vest equally over a three five six ten one 2021 Expense for PSUs is recognized when it is probable that performance goals will be achieved. Performance goals are determined by the Board of Directors and may The fair value of RSUs is based on the closing price of Mesa's common stock on the award date, less the present value of expected dividends not The fair value of each granted stock option is estimated on the grant date using the Black-Scholes option valuation model. The assumptions used to calculate the fair value of granted options reflect market conditions and our historical experience. We estimate expected forfeitures using a dynamic forfeiture model based on company specific historical data when determining the amount of stock-based compensation costs to recognize each period. The expected life of options represents the estimated period of time until exercise and is based on historical experience of similar awards for similar subsets of our employee population, giving consideration to the contractual terms, vesting schedules, and expectations of future employee behavior. Expected stock price volatility is based on the historical volatility of our own stock price over the period of time commensurate with the expected life of the award. The risk-free rate is based on the United States Treasury yield curve in effect at the time of grant for the estimated life of the stock option. The dividend yield assumption is based on our anticipated cash dividend payouts. We allocate stock-based compensation expense to cost of revenues, selling, research and development, and general and administrative expense in the Consolidated Statements of Income. |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share Basic earnings per share (“EPS”) is computed by dividing net income by the weighted-average number of common shares outstanding during the reporting period. Diluted earnings per share (“diluted EPS”) is computed similarly to basic earnings per share, except it includes the effects of potential dilution that could occur if dilutive securities were exercised. Potentially dilutive securities include stock options, RSUs and PSUs (collectively “stock awards”), as well as common shares underlying the 2025 not 10. March 31, 2023, 2022 2021 |
Income Tax, Policy [Policy Text Block] | Income Taxes Income tax expense includes U.S., state, local and international income taxes. Deferred tax assets and liabilities are recognized and reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the tax basis of existing assets and liabilities used for income tax purposes. The tax rate used to determine the deferred tax assets and liabilities is based on the enacted tax rate for the year and the manner in which the differences are expected to reverse. Valuation allowances are recorded to reduce deferred tax assets to the amount that will more likely than not From time to time, we engage in transactions in which the tax consequences may may not not not not 12. |
Acquisition Related Contingent Consideration Liability, Policy [Policy Text Block] | Acquisition Related Contingent Consideration Liabilit ies Acquisition related contingent consideration liabilities consist of estimated amounts due under various acquisition agreements and may 13. March 31, 2023 |
Commitments and Contingencies, Policy [Policy Text Block] | Legal Contingencies We are party to various claims and legal proceedings that arise in the normal course of business. We record an accrual for legal contingencies when we determine it is probable we have incurred a liability and can reasonably estimate the amount of the loss (See Note 13. |
Business Combinations Policy [Policy Text Block] | Purchase Accounting for Acquisitions We account for all business combinations in which we obtain control over another entity using the acquisition method of accounting, which requires most assets (both tangible and intangible) and liabilities (including any applicable contingent consideration, but excluding deferred revenue, which is measured at book value) to be recorded at fair value at the date of acquisition. The excess of the purchase price over the fair value of acquired assets less liabilities is recognized as goodwill. We determine fair value using widely accepted valuation techniques, primarily discounted cash flow and market multiple analyses, which rely heavily on Level 3 Results of operations of acquired companies are included in our Consolidated Financial Statements from the date of the acquisition forward. If actual results are not may March 31, 2023, 2022 2021 |
Costs Associated with Exit or Disposal Activities or Restructurings, Policy [Policy Text Block] | Business Consolidation Costs We estimate liabilities for business closure activities by gathering detailed estimates of costs and, if applicable, asset sale proceeds, for each business consolidation initiative. For a typical business consolidation initiative, we estimate costs of employee severance, impairment of property and equipment and other assets including estimating net realizable value, if necessary, accelerated depreciation, termination payments for contracts and leases, and any other qualifying costs related to the exit plan. Such charges represent our best estimates; however, they require assumptions about plans that may |
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 ● 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, our impairment tests conducted during the quarter ended March 31, 2023 not ● Estimates regarding the recoverability of deferred tax assets and estimates regarding cash needs and associated indefinite reinvestment assertions; ● Estimates regarding recoverability for customer receivables; ● Estimates of the net realizable value of inventory. |
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 There have been no 2023. |
Note 1 - Description of Busin_2
Note 1 - Description of Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Property, Plant and Equipment, Useful Life [Table Text Block] | Category Useful Lives in Years Buildings and building improvements 40 (or less) Manufacturing equipment 7 (or less) Office, lab and other equipment 7 (or less) Computer equipment 3 (or less) Leasehold improvements Lesser of the economic life or the remaining term in the respective lease |
Note 2 - Revenue (Tables)
Note 2 - Revenue (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Year Ended March 31, 2023 Clinical Genomics (1) Sterilization and Disinfection Control Biopharmaceutical Development Calibration Solutions Total Consumables $ 43,374 $ 55,605 $ 15,800 $ 3,062 $ 117,841 Hardware and Software 13,347 692 22,079 26,561 62,679 Services 5,578 8,312 9,486 15,184 38,560 Total Revenues $ 62,299 $ 64,609 $ 47,365 $ 44,807 $ 219,080 Year Ended March 31, 2022 Clinical Genomics (1) Sterilization and Disinfection Control Biopharmaceutical Development Calibration Solutions Total Consumables $ 22,271 $ 50,311 $ 15,551 $ 3,675 $ 91,808 Hardware and Software 6,726 700 21,651 28,537 57,614 Services 3,843 8,033 8,377 14,660 34,913 Total Revenues $ 32,840 $ 59,044 $ 45,579 $ 46,872 $ 184,335 Year Ended March 31, 2021 Clinical Genomics (1) Sterilization and Disinfection Control Biopharmaceutical Development Calibration Solutions Total Consumables $ - $ 45,869 $ 13,942 $ 3,198 $ 63,009 Hardware and Software - 505 13,545 29,969 44,019 Services - 6,745 6,405 13,759 26,909 Total Revenues $ - $ 53,119 $ 33,892 $ 46,926 $ 133,937 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | Contract liabilities as of March 31, 2022 $ 15,069 Prior year liabilities recognized in revenues during the year ended March 31, 2023 (8,643 ) Contract liabilities added during the year ended March 31, 2023, net of revenues recognized 9,672 Contract liabilities balance as of March 31, 2023 $ 16,098 |
Note 3 - Fair Value Measureme_2
Note 3 - Fair Value Measurements (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | March 31, 2023 March 31, 2022 Carrying Value Fair Value (Level 2) Carrying Value Fair Value (Level 2) 2025 Notes $ 170,272 $ 161,072 $ 169,365 $ 185,438 |
Note 4 - Significant Transact_2
Note 4 - Significant Transactions (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
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 11,100 Other current assets 25,480 Total current assets 44,124 Property, plant and equipment/noncurrent assets 15,832 Deferred tax asset 811 Intangible assets: Goodwill N/A 135,728 Customer relationships 12 103,800 Intellectual property 8 45,400 Tradenames 12 15,700 Total assets acquired $ 361,395 Accounts payable 2,174 Unearned revenues 2,713 Other current liabilities 11,052 Total current liabilities 15,939 Deferred tax liability 28,856 Other noncurrent liabilities 8,263 Total liabilities assumed $ 53,058 Total purchase price, net of cash acquired $ 300,793 |
Note 5 - Leases (Tables)
Note 5 - Leases (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Lease Assets and Liabilities [Table Text Block] | Lease Assets and Liabilities Balance Sheet Location March 31, 2023 March 31, 2022 Operating lease ROU asset Other assets $ 8,693 $ 10,201 Current operating lease liabilities Other accrued expenses 2,868 2,768 Noncurrent operating lease liabilities Other long-term liabilities 5,752 7,436 |
Lease, Cost [Table Text Block] | Year Ended March 31, 2023 2022 Operating lease expense $ 3,064 $ 1,973 Variable lease expense 704 419 Total lease expense $ 3,768 $ 2,392 Weighted average remaining lease term in years 3.3 4.3 Weighted average discount rate 2.0 % 1.7 % |
Supplemental Cash Flow Information Related to Leases [Table Text Block] | Year Ended March 31, 2023 2022 Cash paid for amounts included in the measurements of lease liabilities $ 3,017 $ 1,896 Operating lease assets obtained in exchange for operating lease obligations 1,426 10,577 |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | 2024 $ 3,018 2025 2,384 2026 1,984 2027 1,490 Future value of lease liabilities 8,876 Less: imputed interest 256 Present value of lease liabilities $ 8,620 |
Note 6 - Goodwill and Intangi_2
Note 6 - Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Clinical Genomics Sterilization and Disinfection Control Biopharmaceutical Development Calibration Solutions Total March 31, 2021 $ - $ 30,153 93,399 $ 37,289 $ 160,841 Effect of foreign currency translation 34 (403 ) (5,134 ) (52 ) (5,555 ) Goodwill related to Agena Acquisition 135,880 - - - 135,880 March 31, 2022 $ 135,914 $ 29,750 $ 88,265 $ 37,237 291,166 Effect of foreign currency translation 49 (191 ) (7,381 ) (20 ) (7,543 ) Goodwill related to Belyntic Acquisition - - 2,973 - 2,973 Measurement period adjustment - Agena Acquisition (152 ) - - - (152 ) March 31, 2023 $ 135,811 $ 29,559 $ 83,857 $ 37,217 $ 286,444 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | March 31, 2023 March 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 238,247 $ (86,058 ) $ 152,189 $ 244,157 $ (67,469 ) $ 176,688 Intellectual property 65,950 (19,550 ) 46,400 65,893 (12,620 ) 53,273 Other intangibles 24,793 (6,567 ) 18,226 25,350 (5,194 ) 20,156 Total $ 328,990 $ (112,175 ) $ 216,815 $ 335,400 $ (85,283 ) $ 250,117 Est. Useful Weighted Avg. Life Remaining Life Description (Years) (Years) Customer relationships 10 - 14 8.8 Intellectual property 8 - 14 6.5 Other intangibles 3 - 12 10.4 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2024 $ 28,580 2025 26,999 2026 26,233 2027 25,733 2028 25,275 |
Finite-Lived Intangible Assets Amortization Expense [Table Text Block] | Year Ended March 31, 2023 2022 2021 Amortization in Cost of revenues $ 6,796 $ 3,806 $ 1,430 Amortization in General and administrative 22,025 18,000 13,083 Total $ 28,821 $ 21,806 $ 14,513 |
Note 7 - Supplemental Balance_2
Note 7 - Supplemental Balance Sheets Information (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | March 31, 2023 March 31, 2022 Land $ 889 $ 889 Buildings and building improvements 22,005 21,537 Manufacturing equipment 14,481 17,336 Computer equipment 4,413 4,519 Other 4,394 1,578 Construction in progress 1,735 487 Gross total 47,917 46,346 Accumulated depreciation (19,768 ) (17,726 ) Property, plant and equipment, net $ 28,149 $ 28,620 Year Ended March 31, 2023 2022 2021 Depreciation expense in Cost of revenues $ 3,163 $ 2,243 $ 1,859 Depreciation expense in Operating expense 1,150 1,019 1,100 Total depreciation expense $ 4,313 $ 3,262 $ 2,959 |
Schedule of Inventory, Current [Table Text Block] | March 31, 2023 March 31, 2022 Raw materials $ 20,064 $ 14,172 Work in process 617 4,419 Finished goods 13,961 6,015 Inventories, net $ 34,642 $ 24,606 |
Schedule of Employee Related Liabilities [Table Text Block] | March 31, 2023 March 31, 2022 Bonus payable $ 4,461 $ 7,468 Wages and paid-time-off payable 2,329 3,677 Payroll related taxes 1,982 2,069 Other benefits payable 661 1,503 Total accrued payroll and benefits $ 9,433 $ 14,717 |
Schedule of Accrued Liabilities [Table Text Block] | March 31, 2023 March 31, 2022 Accrued business taxes $ 5,941 $ 4,967 Current operating lease liabilities 2,868 2,768 Customer deposits 1,287 751 Income taxes payable 992 928 Other 2,297 2,197 Total other accrued expenses $ 13,385 $ 11,611 |
Note 8 - Indebtedness (Tables)
Note 8 - Indebtedness (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Convertible Debt [Table Text Block] | March 31, 2023 March 31, 2022 Principal outstanding $ 172,500 $ 172,500 Unamortized debt issuance costs (2,228 ) (3,135 ) Net carrying value $ 170,272 $ 169,365 |
Interest Expense on Convertible Debt [Table Text Block] | Year Ended March 31, 2023 2022 2021 Coupon interest expense at 1.375% $ 2,372 $ 2,372 $ 2,372 Amortization of debt discounts and issuance costs 907 890 5,397 Total $ 3,279 $ 3,262 $ 7,769 |
Note 9 - Stock Transactions a_2
Note 9 - Stock Transactions and Stock-based Compensation (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Year Ended March 31, 2023 2022 2021 Stock-based compensation expense $ 12,538 $ 11,391 $ 9,268 Amount of income tax (benefit) recognized in earnings (1,169 ) (4,055 ) (1,816 ) Stock-based compensation expense, net of tax $ 11,369 $ 7,336 $ 7,452 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2023 2022 2021 Risk-free interest rate 3.55 % 0.46 % 0.27 % Expected life (years) 3.52 3.52 3.86 Expected dividend yield 0.07 % 0.06 % 0.10 % Volatility 37.29 % 38.82 % 38.83 % Weighted-average Black-Scholes fair value per share at date of grant $ 58.94 $ 76.02 $ 67.66 |
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, 2022 202 $ 167.14 2.9 $ 18,261 Awards granted 43 185.60 Awards forfeited or expired (9 ) 218.13 Awards exercised or distributed (73 ) 97.34 Outstanding as of March 31, 2023 163 $ 200.62 3.3 $ 1,643 Exercisable as of March, 31, 2023 83 $ 193.05 2.3 $ 1,405 Exercisable and expected to vest, March 31, 2023 160 $ 200.62 3.2 $ 1,641 |
Share-Based Payment Arrangement, Activity [Table Text Block] | Time-Based Restricted Stock Units Number of Shares Weighted- Average Grant Date Fair Value per Share Weighted- Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Nonvested at March 31, 2022 51 $ 252.86 1.0 $ 13,019 Awards granted 43 187.21 Awards forfeited or expired (10 ) 229.52 Awards distributed (27 ) 250.85 Nonvested as of March 31, 2023 57 $ 209.27 1.0 $ 9,993 Expected to vest 53 $ 209.43 1.8 $ 9,254 |
Share-Based Payment Arrangement, Performance Shares, Activity [Table Text Block] | Performance-Based Restricted Stock Units Number of Shares Weighted- Average Grant Date Fair Value per Share Weighted- average Remaining Contractual Life (Years) Aggregate Intrinsic Value Nonvested at March 31, 2022 at target 55 $ 288.45 4.3 $ 14,093 Awards granted 19 182.14 Performance adjustment (20 ) Awards distributed (10 ) 202.00 Nonvested as of March 31, 2023 at target 44 $ 286.02 3.5 $ 7,958 Expected to vest 42 $ 287.48 3.4 7,306 |
Note 10 - Earnings Per Share (T
Note 10 - Earnings Per Share (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended March 31, 2023 2022 2021 Net earnings available for shareholders $ 930 $ 1,871 $ 3,274 Weighted average outstanding shares of common stock 5,321 5,212 4,975 Dilutive effect of stock options 26 100 125 Dilutive effect of unvested stock awards 14 23 24 Fully diluted shares 5,361 5,335 5,124 Basic earnings per share $ 0.17 $ 0.36 $ 0.66 Diluted earnings per share $ 0.17 $ 0.35 $ 0.64 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Year Ended March 31, 2023 2022 2021 Assumed conversion of convertible debt 608 608 608 Stock awards that were anti-dilutive 154 40 44 Stock awards subject to performance conditions 48 26 14 Total stock awards excluded from diluted EPS 810 674 666 |
Note 12 - Income Taxes (Tables)
Note 12 - Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Year Ended March 31, 2023 2022 2021 Domestic $ 1,887 $ 4,579 $ 6,297 Foreign (2,276 ) (1,005 ) (3,994 ) Total (loss) earnings before income taxes $ (389 ) $ 3,574 $ 2,303 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended March 31, 2023 2022 2021 Current tax provision: U.S. Federal $ 593 $ (83 ) $ 1,500 U.S. State 538 286 628 Foreign 1,070 1,372 404 Total current tax expense 2,201 1,575 2,532 Deferred tax provision: U.S. Federal (1,432 ) 1,707 (2,410 ) U.S. State (210 ) 337 (619 ) Foreign (1,878 ) (1,916 ) (474 ) Total deferred tax (benefit) expense (3,520 ) 128 (3,503 ) Total income tax (benefit) expense $ (1,319 ) $ 1,703 $ (971 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended March 31, 2023 2022 2021 Federal income taxes at statutory rates $ (82 ) $ 751 $ 483 State income taxes, net of federal benefit (1,075 ) 628 (221 ) Tax benefit of stock option exercises (1,169 ) (4,055 ) (1,816 ) Research and development credit (1,010 ) (495 ) (165 ) Limitation for 162(m) 2,675 4,039 1,113 Return to provision adjustment (125 ) (68 ) (172 ) Subpart F, GILTI, & FDII (127 ) 6 (999 ) Foreign rate differential (439 ) 152 810 Permanent Difference 33 64 15 Interest reserve adjustment - 668 - Other - 13 (19 ) Total income tax (benefit) expense $ (1,319 ) $ 1,703 $ (971 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | March 31, 2023 March 31, 2022 Deferred tax assets: Net operating loss $ 6,945 $ 11,274 Credits 4,769 5,321 Allowances and reserves 2,376 1,977 Capitalized research expenditures(1) 3,124 - Stock compensation deductible differences 1,384 2,137 Inventories 1,348 1,316 Other 188 394 Total deferred tax assets 20,134 22,419 Deferred tax liabilities: Goodwill and intangible assets (49,781 ) (56,145 ) Property, plant and equipment (2,502 ) (3,284 ) Other (221 ) (188 ) Total deferred tax liabilities (52,504 ) (59,617 ) Valuation allowance (582 ) (708 ) Net deferred tax (liability) $ (32,952 ) $ (37,906 ) |
Summary of Valuation Allowance [Table Text Block] | Year Ended March 31, 2023 2022 2021 Beginning balance $ 708 $ 404 $ 391 Additions charged to income tax expense and other accounts 567 304 13 Deductions from reserves (693 ) - - Ending balance $ 582 $ 708 $ 404 |
Summary of Operating Loss Carryforwards [Table Text Block] | March 31, 2023 Expiration Date Pre-2018 federal NOL carryforwards $ - N/A Post-2018 federal NOL carryforwards 2,819 Indefinite State NOL carryforwards 7,210 March 31, 2037 Foreign NOL carryforwards 22,262 Indefinite |
Summary of Tax Credit Carryforwards [Table Text Block] | March 31, 2023 Expiration Date Federal research tax credit carryforwards $ 2,428 March 31, 2038 State research tax credits carryforwards 2,944 March 31, 2034 Federal foreign tax credit carryforwards 15 March 31, 2036 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | Year Ended March 31, 2023 2022 2021 Beginning balance $ 1,329 $ 64 $ 653 (Decrease) increase related to prior period tax positions (1,272 ) 1,179 (629 ) Increases related to current period tax positions 35 86 40 Ending balance $ 92 $ 1,329 $ 64 |
Summary of Income Tax Examinations [Table Text Block] | Significant Jurisdictions Open Years U.S. Federal 2019 2021 U.S. States 2018 2021 Foreign 2016 2021 |
Note 14 - Segment Data (Tables)
Note 14 - Segment Data (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Year Ended March 31, 2023 2022 2021 Revenues (a): Clinical Genomics $ 62,299 $ 32,840 $ - Sterilization and Disinfection Control 64,609 59,044 53,119 Biopharmaceutical Development 47,365 45,579 33,892 Calibration Solutions 44,807 46,872 46,926 Reportable segment revenues 219,080 184,335 133,937 Corporate and Other (b) - - - Total revenues $ 219,080 $ 184,335 $ 133,937 Gross profit: Clinical Genomics $ 32,485 $ 11,941 $ - Sterilization and Disinfection Control 46,520 43,720 39,870 Biopharmaceutical Development 30,340 28,605 21,035 Calibration Solutions 24,388 24,989 26,112 Reportable segment gross profit 133,733 109,255 87,017 Corporate and Other (b) (40 ) (165 ) (3 ) Gross profit $ 133,693 $ 109,090 $ 87,014 Reconciling items: Operating expenses 130,373 104,388 74,656 Operating income 3,320 4,702 12,358 Nonoperating expense 3,709 1,128 10,055 Earnings before income taxes $ (389 ) $ 3,574 $ 2,303 |
Schedule of Segment Reporting Information, by Inventory Segment [Table Text Block] | March 31, March 31, 2023 2022 Clinical Genomics $ 13,985 $ 11,802 Sterilization and Disinfection Control 3,492 2,176 Biopharmaceutical Development 8,384 4,495 Calibration Solutions 8,781 6,133 Reportable segment inventory 34,642 24,606 Corporate and Other - - Total inventories, net $ 34,642 $ 24,606 |
Long-Lived Assets by Geographic Areas [Table Text Block] | As of March 31, 2023 2022 United States $ 34,729 $ 36,475 Foreign 3,793 3,975 Total $ 38,522 $ 40,450 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Year Ended March 31, 2023 2022 2021 United States $ 117,281 $ 99,068 $ 71,387 China 25,797 16,518 6,612 Other 76,002 68,749 55,938 Total revenues $ 219,080 $ 184,335 $ 133,937 |
Note 1 - Description of Busin_3
Note 1 - Description of Business and Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2022 | Aug. 12, 2019 | |
Accounts Receivable, Credit Loss Expense (Reversal) | $ 736 | $ 304 | $ 100 | |||
Expected Payments to Acquire Businesses, Net of Cash Acquired | 6,140 | |||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 4,950 | $ 300,793 | $ 0 | |||
Goodwill, Impairment Loss | $ 0 | |||||
Equity Plan 2014 [Member] | Director [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | |||||
The Notes [Member] | Senior Notes [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.375% | 1.375% | 1.375% | 1.375% | ||
Minimum [Member] | ||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years | 5 years | ||||
Minimum [Member] | Equity Plan 2014 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |||||
Minimum [Member] | Equity Plan 2014 [Member] | Share-Based Payment Arrangement, Option [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 6 years | |||||
Maximum [Member] | ||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | 15 years | ||||
Maximum [Member] | Equity Plan 2014 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | |||||
Maximum [Member] | Equity Plan 2014 [Member] | Share-Based Payment Arrangement, Option [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 10 years |
Note 1 - Description of Busin_4
Note 1 - Description of Business and Summary of Significant Accounting Policies - Estimated Useful Lives (Details) - Maximum [Member] | Mar. 31, 2023 |
Building and Building Improvements [Member] | |
Property plant and equipment (Year) | 40 years |
Manufacturing Equipment [Member] | |
Property plant and equipment (Year) | 7 years |
Office, Lab and Other Equipment [Member] | |
Property plant and equipment (Year) | 7 years |
Computer Equipment [Member] | |
Property plant and equipment (Year) | 3 years |
Note 2 - Revenue - Disaggregati
Note 2 - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | ||
Revenues | $ 219,080 | $ 184,335 | $ 133,937 | |
Consumables [Member] | Transferred at Point in Time [Member] | ||||
Revenues | 117,841 | 91,808 | 63,009 | |
Hardware and Software [Member] | Transferred at Point in Time [Member] | ||||
Revenues | 62,679 | 57,614 | 44,019 | |
Service [Member] | ||||
Revenues | 38,560 | 34,913 | 26,909 | |
Service [Member] | Transferred at Point in Time [Member] | ||||
Revenues | 38,560 | 34,913 | 26,909 | |
Operating Segments [Member] | ||||
Revenues | 219,080 | 184,335 | 133,937 | |
Operating Segments [Member] | Clinical Genomics [Member] | ||||
Revenues | [1] | 62,299 | 32,840 | 0 |
Operating Segments [Member] | Sterilization and Disinfection Control [Member] | ||||
Revenues | [1] | 64,609 | 59,044 | 53,119 |
Operating Segments [Member] | Biopharmaceutical Development [Member] | ||||
Revenues | [1] | 47,365 | 45,579 | 33,892 |
Operating Segments [Member] | Calibration Solutions [Member] | ||||
Revenues | [1],[2] | 44,807 | 46,872 | 46,926 |
Operating Segments [Member] | Consumables [Member] | Transferred at Point in Time [Member] | Clinical Genomics [Member] | ||||
Revenues | 43,374 | 22,271 | 0 | |
Operating Segments [Member] | Consumables [Member] | Transferred at Point in Time [Member] | Sterilization and Disinfection Control [Member] | ||||
Revenues | 55,605 | 50,311 | 45,869 | |
Operating Segments [Member] | Consumables [Member] | Transferred at Point in Time [Member] | Biopharmaceutical Development [Member] | ||||
Revenues | 15,800 | 15,551 | 13,942 | |
Operating Segments [Member] | Consumables [Member] | Transferred at Point in Time [Member] | Calibration Solutions [Member] | ||||
Revenues | 3,062 | 3,675 | 3,198 | |
Operating Segments [Member] | Hardware and Software [Member] | Transferred at Point in Time [Member] | Clinical Genomics [Member] | ||||
Revenues | 13,347 | 6,726 | 0 | |
Operating Segments [Member] | Hardware and Software [Member] | Transferred at Point in Time [Member] | Sterilization and Disinfection Control [Member] | ||||
Revenues | 692 | 700 | 505 | |
Operating Segments [Member] | Hardware and Software [Member] | Transferred at Point in Time [Member] | Biopharmaceutical Development [Member] | ||||
Revenues | 22,079 | 21,651 | 13,545 | |
Operating Segments [Member] | Hardware and Software [Member] | Transferred at Point in Time [Member] | Calibration Solutions [Member] | ||||
Revenues | [2] | 26,561 | 28,537 | 29,969 |
Operating Segments [Member] | Service [Member] | Transferred at Point in Time [Member] | Clinical Genomics [Member] | ||||
Revenues | 5,578 | 3,843 | 0 | |
Operating Segments [Member] | Service [Member] | Transferred at Point in Time [Member] | Sterilization and Disinfection Control [Member] | ||||
Revenues | 8,312 | 8,033 | 6,745 | |
Operating Segments [Member] | Service [Member] | Transferred at Point in Time [Member] | Biopharmaceutical Development [Member] | ||||
Revenues | 9,486 | 8,377 | 6,405 | |
Operating Segments [Member] | Service [Member] | Transferred at Point in Time [Member] | Calibration Solutions [Member] | ||||
Revenues | [2] | $ 15,184 | $ 14,660 | $ 13,759 |
[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 - Contract Lia
Note 2 - Revenue - Contract Liabilities (Details) $ in Thousands | 12 Months Ended |
Mar. 31, 2023 USD ($) | |
Contract liabilities, balance | $ 15,069 |
Prior year liabilities recognized in revenues during the year ended March 31, 2023 | (8,643) |
Contract liabilities added during the year ended March 31, 2023, net of revenues recognized | 9,672 |
Contract liabilities, balance | $ 16,098 |
Note 3 - Fair Value Measureme_3
Note 3 - Fair Value Measurements (Details Textual) $ in Thousands | 12 Months Ended | ||||
Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Nov. 17, 2022 USD ($) | Mar. 31, 2022 USD ($) | Aug. 12, 2019 | |
Belyntic Acquisition [Member] | |||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, Low | $ 0 | ||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 1,500 | ||||
Belyntic Acquisition [Member] | Other Long-term Liabilities [Member] | |||||
Business Combination, Contingent Consideration, Liability, Noncurrent | 1,190 | $ 1,500 | |||
Senior Notes [Member] | The Notes [Member] | |||||
Long-term Debt, Gross | $ 172,500 | $ 172,500 | $ 172,500 | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.375% | 1.375% | 1.375% | ||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||||
Number of Major Customers | 1 | ||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | One Distributor [Member] | |||||
Concentration Risk, Percentage | 18% |
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 | Mar. 31, 2023 | Mar. 31, 2022 |
Reported Value Measurement [Member] | ||
2025 Notes | $ 170,272 | $ 169,365 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
2025 Notes | $ 161,072 | $ 185,438 |
Note 4 - Significant Transact_3
Note 4 - Significant Transactions (Details Textual) - USD ($) $ in Thousands | Nov. 17, 2022 | Oct. 20, 2021 | Mar. 31, 2023 | Oct. 20, 2022 | Mar. 31, 2022 | Mar. 31, 2021 |
Goodwill, Ending Balance | $ 286,444 | $ 291,166 | $ 160,841 | |||
Belyntic Acquisition [Member] | ||||||
Payments to Acquire Businesses, Gross | $ 4,950 | |||||
Business Combination, Contingent Consideration, Liability | $ 1,500 | |||||
Agena [Member] | ||||||
Payments to Acquire Businesses, Gross | $ 300,793 | |||||
Payments to Acquire Businesses, Settlement of Options | 31,800 | |||||
Goodwill, Ending Balance | 135,728 | $ 135,728 | ||||
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 |
Note 4 - Significant Transact_4
Note 4 - Significant Transactions - Allocation of Preliminary Price (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Oct. 20, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Oct. 20, 2022 | |
Goodwill, Ending Balance | $ 286,444 | $ 291,166 | $ 160,841 | ||
Payments to Acquire Businesses, Net of Cash Acquired | $ 4,950 | $ 300,793 | $ 0 | ||
Customer Relationships [Member] | |||||
Intangible assets, life (Year) | 8 years 9 months 18 days | ||||
Intangible assets, life (Year) | 8 years 9 months 18 days | ||||
Intellectual Property [Member] | |||||
Intangible assets, life (Year) | 6 years 6 months | ||||
Intangible assets, life (Year) | 6 years 6 months | ||||
Agena [Member] | |||||
Cash and cash equivalents | $ 7,544 | ||||
Accounts receivable | 11,100 | ||||
Other current assets | 25,480 | ||||
Total current assets | 44,124 | ||||
Property, plant and equipment/noncurrent assets | 15,832 | ||||
Deferred tax asset | 811 | ||||
Goodwill, Ending Balance | 135,728 | $ 135,728 | |||
Total assets acquired | 361,395 | ||||
Accounts payable | 2,174 | ||||
Unearned revenues | 2,713 | ||||
Other current liabilities | 11,052 | ||||
Total current liabilities | 15,939 | ||||
Deferred tax liability | 28,856 | ||||
Other noncurrent liabilities | 8,263 | ||||
Total liabilities assumed | 53,058 | ||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 300,793 | ||||
Agena [Member] | Customer Relationships [Member] | |||||
Intangible assets, life (Year) | 12 years | ||||
Intangible assets | $ 103,800 | ||||
Intangible assets, life (Year) | 12 years | ||||
Agena [Member] | Intellectual Property [Member] | |||||
Intangible assets, life (Year) | 8 years | ||||
Intangible assets | $ 45,400 | ||||
Intangible assets, life (Year) | 8 years | ||||
Agena [Member] | Trade Names [Member] | |||||
Intangible assets, life (Year) | 12 years | ||||
Intangible assets | $ 15,700 | ||||
Intangible assets, life (Year) | 12 years |
Note 5 - Leases - Lease Assets
Note 5 - Leases - Lease Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Current operating lease liabilities | $ 2,868 | $ 2,768 |
Other Noncurrent Assets [Member] | ||
Operating lease ROU asset | 8,693 | 10,201 |
Other Accrued Expenses [Member] | ||
Current operating lease liabilities | 2,868 | 2,768 |
Other Noncurrent Liabilities [Member] | ||
Noncurrent operating lease liabilities | $ 5,752 | $ 7,436 |
Note 5 - Leases - Lease Cost, L
Note 5 - Leases - Lease Cost, Lease Term and Lease Discounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Operating lease expense | $ 3,064 | $ 1,973 |
Variable lease expense | 704 | 419 |
Total lease expense | $ 3,768 | $ 2,392 |
Weighted average remaining lease term in years (Year) | 3 years 3 months 18 days | 4 years 3 months 18 days |
Weighted average discount rate | 2% | 1.70% |
Note 5 - Leases - Supplemental
Note 5 - Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash paid for amounts included in the measurements of lease liabilities | $ 3,017 | $ 1,896 |
Operating lease assets obtained in exchange for operating lease obligations | $ 1,426 | $ 10,577 |
Note 5 - Leases - Maturities of
Note 5 - Leases - Maturities of Lease Liabilities (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
2024 | $ 3,018 |
2025 | 2,384 |
2026 | 1,984 |
2027 | 1,490 |
Future value of lease liabilities | 8,620 |
Less: imputed interest | 256 |
Present value of lease liabilities | 8,620 |
Other Accrued Expenses and Other Long-term Liabilities [Member] | |
Future value of lease liabilities | 8,876 |
Present value of lease liabilities | $ 8,876 |
Note 6 - Goodwill and Intangi_3
Note 6 - Goodwill and Intangible Assets - Change in the Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Goodwill | $ 291,166 | $ 160,841 |
Effect of foreign currency translation | (7,543) | (5,555) |
Goodwill | 286,444 | 291,166 |
Agena [Member] | ||
Goodwill adjustment related to acquisition | 135,880 | |
Measurement period adjustment - Agena Acquisition | (152) | |
Belyntic Acquisition [Member] | ||
Goodwill adjustment related to acquisition | 2,973 | |
Clinical Genomics [Member] | ||
Goodwill | 135,811 | |
Clinical Genomics [Member] | Agena [Member] | ||
Measurement period adjustment - Agena Acquisition | (152) | |
Clinical Genomics [Member] | Belyntic Acquisition [Member] | ||
Goodwill adjustment related to acquisition | 0 | |
Clinical Genomics [Member] | Operating Segments [Member] | ||
Goodwill | 135,914 | 0 |
Effect of foreign currency translation | 49 | 34 |
Goodwill | 135,914 | |
Clinical Genomics [Member] | Operating Segments [Member] | Agena [Member] | ||
Goodwill adjustment related to acquisition | 135,880 | |
Sterilization and Disinfection Control [Member] | ||
Goodwill | 29,559 | |
Sterilization and Disinfection Control [Member] | Agena [Member] | ||
Measurement period adjustment - Agena Acquisition | 0 | |
Sterilization and Disinfection Control [Member] | Belyntic Acquisition [Member] | ||
Goodwill adjustment related to acquisition | 0 | |
Sterilization and Disinfection Control [Member] | Operating Segments [Member] | ||
Goodwill | 29,750 | 30,153 |
Effect of foreign currency translation | (191) | (403) |
Goodwill | 29,750 | |
Sterilization and Disinfection Control [Member] | Operating Segments [Member] | Agena [Member] | ||
Goodwill adjustment related to acquisition | 0 | |
Biopharmaceutical Development [Member] | ||
Goodwill | 83,857 | |
Biopharmaceutical Development [Member] | Agena [Member] | ||
Measurement period adjustment - Agena Acquisition | 0 | |
Biopharmaceutical Development [Member] | Belyntic Acquisition [Member] | ||
Goodwill adjustment related to acquisition | 2,973 | |
Biopharmaceutical Development [Member] | Operating Segments [Member] | ||
Goodwill | 88,265 | 93,399 |
Effect of foreign currency translation | (7,381) | (5,134) |
Goodwill | 88,265 | |
Biopharmaceutical Development [Member] | Operating Segments [Member] | Agena [Member] | ||
Goodwill adjustment related to acquisition | 0 | |
Calibration Solutions [Member] | ||
Goodwill | 37,217 | |
Calibration Solutions [Member] | Agena [Member] | ||
Measurement period adjustment - Agena Acquisition | 0 | |
Calibration Solutions [Member] | Belyntic Acquisition [Member] | ||
Goodwill adjustment related to acquisition | 0 | |
Calibration Solutions [Member] | Operating Segments [Member] | ||
Goodwill | 37,237 | 37,289 |
Effect of foreign currency translation | $ (20) | (52) |
Goodwill | 37,237 | |
Calibration Solutions [Member] | Operating Segments [Member] | Agena [Member] | ||
Goodwill adjustment related to acquisition | $ 0 |
Note 6 - Goodwill and Intangi_4
Note 6 - Goodwill and Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Gross carrying amount | $ 328,990 | $ 335,400 |
Accumulated amortization | (112,175) | (85,283) |
Net carrying amount | $ 216,815 | 250,117 |
Minimum [Member] | ||
useful life (Year) | 5 years | |
Maximum [Member] | ||
useful life (Year) | 15 years | |
Customer Relationships [Member] | ||
Gross carrying amount | $ 238,247 | 244,157 |
Accumulated amortization | (86,058) | (67,469) |
Net carrying amount | $ 152,189 | 176,688 |
Intangible assets, life (Year) | 8 years 9 months 18 days | |
Customer Relationships [Member] | Minimum [Member] | ||
useful life (Year) | 10 years | |
Customer Relationships [Member] | Maximum [Member] | ||
useful life (Year) | 14 years | |
Intellectual Property [Member] | ||
Gross carrying amount | $ 65,950 | 65,893 |
Accumulated amortization | (19,550) | (12,620) |
Net carrying amount | $ 46,400 | 53,273 |
Intangible assets, life (Year) | 6 years 6 months | |
Intellectual Property [Member] | Minimum [Member] | ||
useful life (Year) | 8 years | |
Intellectual Property [Member] | Maximum [Member] | ||
useful life (Year) | 14 years | |
Other Intangible Assets [Member] | ||
Gross carrying amount | $ 24,793 | 25,350 |
Accumulated amortization | (6,567) | (5,194) |
Net carrying amount | $ 18,226 | $ 20,156 |
Other Intangibles [Member] | ||
Intangible assets, life (Year) | 10 years 4 months 24 days | |
Other Intangibles [Member] | Minimum [Member] | ||
useful life (Year) | 3 years | |
Other Intangibles [Member] | Maximum [Member] | ||
useful life (Year) | 12 years |
Note 6 - Goodwill and Intangi_5
Note 6 - Goodwill and Intangible Assets - Estimated Amortization Expense (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
2024, amortization | $ 28,580 |
2025, amortization | 26,999 |
2026, amortization | 26,233 |
2027, amortization | 25,733 |
2028, amortization | $ 25,275 |
Note 6 - Goodwill and Intangi_6
Note 6 - Goodwill and Intangible Assets - Amortization Expense for Finite-lived Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Amortization of Intangible Assets | $ 28,821 | $ 21,806 | $ 14,513 |
Cost of Sales [Member] | |||
Amortization of Intangible Assets | 6,796 | 3,806 | 1,430 |
General and Administrative Expense [Member] | |||
Amortization of Intangible Assets | $ 22,025 | $ 18,000 | $ 13,083 |
Note 7 - Supplemental Balance_3
Note 7 - Supplemental Balance Sheets Information - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Land | $ 889 | $ 889 | |
Buildings and building improvements | 22,005 | 21,537 | |
Manufacturing equipment | 14,481 | 17,336 | |
Computer equipment | 4,413 | 4,519 | |
Other | 4,394 | 1,578 | |
Construction in progress | 1,735 | 487 | |
Gross total | 47,917 | 46,346 | |
Accumulated depreciation | (19,768) | (17,726) | |
Property, plant and equipment, net | 28,149 | 28,620 | |
Depreciation, Total | 4,313 | 3,262 | $ 2,959 |
Cost of Sales [Member] | |||
Depreciation, Total | 3,163 | 2,243 | 1,859 |
Operating Expense [Member] | |||
Depreciation, Total | $ 1,150 | $ 1,019 | $ 1,100 |
Note 7 - Supplemental Balance_4
Note 7 - Supplemental Balance Sheets Information - Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Raw materials | $ 20,064 | $ 14,172 |
Work in process | 617 | 4,419 |
Finished goods | 13,961 | 6,015 |
Inventories, net | $ 34,642 | $ 24,606 |
Note 7 - Supplemental Balance_5
Note 7 - Supplemental Balance Sheets Information - Accrued Payroll and Benefits (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Bonus payable | $ 4,461 | $ 7,468 |
Wages and paid-time-off payable | 2,329 | 3,677 |
Payroll related taxes | 1,982 | 2,069 |
Other benefits payable | 661 | 1,503 |
Total accrued payroll and benefits | $ 9,433 | $ 14,717 |
Note 7 - Supplemental Balance_6
Note 7 - Supplemental Balance Sheets Information - Other Accrued Expenses (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Current operating lease liabilities | $ 2,868 | $ 2,768 |
Customer deposits | 1,287 | 751 |
Income taxes payable | 992 | 928 |
Other | 2,297 | 2,197 |
Total other accrued expenses | 13,385 | 11,611 |
Other Accrued Expenses [Member] | ||
Accrued business taxes | 5,941 | 4,967 |
Current operating lease liabilities | $ 2,868 | $ 2,768 |
Note 8 - Indebtedness (Details
Note 8 - Indebtedness (Details Textual) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Oct. 18, 2021 USD ($) | Mar. 05, 2021 USD ($) | Aug. 12, 2019 USD ($) $ / shares | Apr. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2022 | |
Long-Term Line of Credit | $ 13,000 | $ 49,000 | |||||
Senior Secured Credit Agreement [Member] | |||||||
Debt Instrument, Term (Year) | 4 years | ||||||
Proceeds from Lines of Credit | $ 70,000 | ||||||
Repayments of Lines of Credit | 36,000 | ||||||
Long-Term Line of Credit | $ 13,000 | ||||||
Long-Term Debt, Weighted Average Interest Rate, over Time | 6.70% | ||||||
Line of Credit Facility, Commitment Fee Amount | $ 107 | 78 | |||||
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 | ||||||
Senior Secured Credit Agreement [Member] | Prepaid Expenses, Other and Other Assets [Member] | |||||||
Debt Issuance Costs, Net | 312 | 484 | |||||
Senior Secured Credit Agreement [Member] | Subsequent Event [Member] | |||||||
Repayments of Lines of Credit | $ 3,000 | ||||||
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] | Senior Notes [Member] | |||||||
Debt Issuance Costs, Net | $ 2,228 | $ 3,135 | |||||
Debt Instrument, Face Amount | $ 172,500 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.375% | 1.375% | 1.375% | ||||
Debt Instrument, Convertible, Conversion Ratio Per 1,000 Principal | 3.5273 | ||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares | $ 283.50 | ||||||
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger | 130% | ||||||
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 Issuance Costs, Gross | $ 6 | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 1.90% |
Note 8 - Indebtedness - Carryin
Note 8 - Indebtedness - Carrying Amount of the Notes (Details) - The Notes [Member] - Senior Notes [Member] - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 |
Principal outstanding | $ 172,500 | $ 172,500 | $ 172,500 |
Unamortized debt issuance costs | (2,228) | (3,135) | |
Net carrying value | $ 170,272 | $ 169,365 |
Note 8 - Indebtedness - Interes
Note 8 - Indebtedness - Interest Expense on the Notes (Details) - The Notes [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Coupon interest expense at 1.375% | $ 2,372 | $ 2,372 | $ 2,372 |
Amortization of debt discounts and issuance costs | 907 | 890 | 5,397 |
Total | $ 3,279 | $ 3,262 | $ 7,769 |
Note 9 - Stock Transactions a_3
Note 9 - Stock Transactions and Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | 208 Months Ended | |||||
Oct. 28, 2021 | Jun. 12, 2020 | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2023 | Nov. 30, 2005 | |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | 300 | ||||||||
Stock Repurchased During Period, Value | $ 0 | $ 0 | $ 0 | ||||||
Stock Repurchased During Period, Shares (in shares) | 162 | ||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 600 | ||||||||
Sale of Stock, Underwriter Options, Shares (in shares) | 90 | ||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 225 | ||||||||
Proceeds from Issuance of Common Stock | $ 145,935 | 0 | 0 | 145,935 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value | 6,902 | 15,209 | 9,559 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested in Period, Fair Value | $ 2,763 | $ 2,856 | $ 2,005 | ||||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 185,600 | $ 268.81 | $ 226.72 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested and Expected to Vest, Outstanding, Number (in shares) | 42 | 42 | 42 | ||||||
Share-Based Payment Arrangement, Option [Member] | |||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 2,835 | $ 2,835 | $ 2,835 | ||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 8 months 12 days | ||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | 6,893 | $ 6,893 | 6,893 | ||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 9 months 18 days | ||||||||
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) | $ 274.55 | $ 231.61 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 6,751 | $ 5,320 | $ 1,819 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Distributed | 5,004 | $ 5,320 | 2,429 | ||||||
Performance Stock Units [Member] | |||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | 7,642 | $ 7,642 | $ 7,642 | ||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 years 4 months 24 days | ||||||||
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) | $ 182.14 | $ 302.15 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 1,926 | $ 5,671 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Distributed | $ 1,776 | $ 7,549 | $ 0 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 19 | 0 | |||||||
Sharebased Payment Arrangement, Expected to Vest Share, Release of Cumulative Value | $ 1,787 | ||||||||
Sharebased Payment Arrangement, Expected to Vest Share, Release of Cumulative Value, Net of Tax | $ 1,322 | ||||||||
Sharebased Payment Arrangement, Expected to Vest Share, Release of Cumulative Value, Per Share, Basic (in dollars per share) | $ 0.25 | ||||||||
Share-Based Payment Arrangement, Non-cash Expense, Expected Decrease Amount Per Quarter | $ 402 | ||||||||
Sharebased Payment Arrangement, Expected to Vest Share, Release of Cumulative Value, Per Share, Diluted (in dollars per share) | $ 0.25 | ||||||||
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 | ||||||||
Performance Stock Units [Member] | Chief Executive Officer and Board Director [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted (in shares) | 40 | ||||||||
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, Expected to Vest, Percentage | 93% | ||||||||
Performance Stock Units [Member] | Chief Executive Officer and Board Director [Member] | Minimum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares to be Issued Upon Vesting (in shares) | 0 | ||||||||
Performance Stock Units [Member] | Chief Executive Officer and Board Director [Member] | Maximum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares to be Issued Upon Vesting (in shares) | 40 | ||||||||
The FY23 PSUs Member | Eligible Employees [Member] | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 19 | 19 | 19 | ||||||
The FY23 PSUs Member | Eligible Employees [Member] | Vesting Based on Achievement of Specific Performance Criteria [Member] | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 185.57 | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 13 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested and Expected to Vest, Outstanding, Number (in shares) | 0 | 0 | 0 | ||||||
The 2021 Equity Plan [Member] | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 330 | 330 | 330 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 145 | 145 | 145 | ||||||
Equity Plan 2014 [Member] | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 95 | 95 | 95 | ||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 1,100 | 1,100 | 1,100 | ||||||
Equity Plan 2014 [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 187.21 | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 43 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested and Expected to Vest, Outstanding, Number (in shares) | 53 | 53 | 53 |
Note 9 - Stock Transactions a_4
Note 9 - Stock Transactions and Stock-based Compensation - Allocation of Share-based Compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Stock-based compensation expense | $ 12,538 | $ 11,391 | $ 9,268 |
Amount of income tax (benefit) recognized in earnings | (1,169) | (4,055) | (1,816) |
Stock-based compensation expense, net of tax | $ 11,369 | $ 7,336 | $ 7,452 |
Note 9 - Stock Transactions a_5
Note 9 - Stock Transactions and Stock-based Compensation - Stock Option Valuation Assumptions (Details) - $ / shares | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Risk-free interest rate | 3.55% | 0.46% | 0.27% |
Expected life (years) (Year) | 3 years 6 months 7 days | 3 years 6 months 7 days | 3 years 10 months 9 days |
Expected dividend yield | 0.07% | 0.06% | 0.10% |
Volatility | 37.29% | 38.82% | 38.83% |
Weighted-average Black-Scholes fair value per share at date of grant (in dollars per share) | $ 58.94 | $ 76.02 | $ 67.66 |
Note 9 - Stock Transactions a_6
Note 9 - Stock Transactions and Stock-based Compensation - Stock Option and Non-vested Stock Award Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Options outstanding (in shares) | 202 | ||
Options outstanding, weighted average exercise price (in dollars per share) | $ 167.14 | ||
Outstanding, Weighted- Average Remaining Contractual Life (Year) | 3 years 3 months 18 days | 2 years 10 months 24 days | |
Outstanding, Aggregate Intrinsic Value | $ 1,643 | $ 18,261 | |
Options granted (in shares) | 43 | ||
Awards granted, weighted average exercise price (in dollars per share) | $ 185,600 | $ 268.81 | $ 226.72 |
Options forfeited or expired (in shares) | (9) | ||
Awards forfeited or expired, weighted average exercise price (in dollars per share) | $ 218,130 | ||
Options exercised or distributed (in shares) | (73) | ||
Awards exercised or distributed, weighted average exercise price (in dollars per share) | $ 97,340 | ||
Options outstanding (in shares) | 163 | 202 | |
Options outstanding, weighted average exercise price (in dollars per share) | $ 200.62 | $ 167.14 | |
Options exercisable (in shares) | 83 | ||
Exercisable, weighted average exercise price (in dollars per share) | $ 193,050 | ||
Exercisable, Weighted- Average Remaining Contractual Life (Year) | 2 years 3 months 18 days | ||
Exercisable, Aggregate Intrinsic Value | $ 1,405 | ||
Exercisable and expected to vest (in shares) | 160 | ||
Exercisable and expected to vest, weighted average exercise price (in dollars per share) | $ 200.62 | ||
Exercisable and expected to vest, Weighted- Average Remaining Contractual Life (Year) | 3 years 2 months 12 days | ||
Exercisable and expected to vest, Aggregate Intrinsic Value | $ 1,641 |
Note 9 - Stock Transactions a_7
Note 9 - Stock Transactions and Stock-based Compensation - Restricted Stock Unit Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Nonvested, weighted average remaining contractual life (Year) | 3 years 6 months | ||
Nonvested, aggregate intrinsic value | $ 7,958 | ||
Nonvested (in shares) | 44 | ||
Nonvested, weighted average grant date fair value per share (in dollars per share) | $ 286.02 | ||
Expected to vest (in shares) | 42 | ||
Expected to vest, weighted average grant date fair value per share (in dollars per share) | $ 287.48 | ||
Expected to vest, weighted average remaining contractual life (Year) | 3 years 4 months 24 days | ||
Expected to vest, aggregate intrinsic value | $ 7,306 | ||
Restricted Stock Units (RSUs) [Member] | |||
Awards granted, weighted average grant date fair value per share (in dollars per share) | $ 274.55 | $ 231.61 | |
Restricted Stock Units (RSUs) [Member] | Equity Plan 2014 [Member] | |||
Nonvested (in shares) | 51 | ||
Nonvested, weighted average grant date fair value per share (in dollars per share) | $ 252.86 | ||
Nonvested, weighted average remaining contractual life (Year) | 1 year | 1 year | |
Nonvested, aggregate intrinsic value | $ 9,993 | $ 13,019 | |
Awards granted (in shares) | 43 | ||
Awards granted, weighted average grant date fair value per share (in dollars per share) | $ 187.21 | ||
Awards forfeited or expired (in shares) | (10) | ||
Awards forfeited or expired, weighted average grant date fair value per share (in dollars per share) | $ 229.52 | ||
Awards distributed (in shares) | (27) | ||
Awards distributed, weighted average grant date fair value per share (in dollars per share) | $ 250.85 | ||
Nonvested (in shares) | 57 | 51 | |
Nonvested, weighted average grant date fair value per share (in dollars per share) | $ 209.27 | $ 252.86 | |
Expected to vest (in shares) | 53 | ||
Expected to vest, weighted average grant date fair value per share (in dollars per share) | $ 209.43 | ||
Expected to vest, weighted average remaining contractual life (Year) | 1 year 9 months 18 days | ||
Expected to vest, aggregate intrinsic value | $ 9,254 |
Note 9 - Stock Transactions a_8
Note 9 - Stock Transactions and Stock-based Compensation - Performance Stock Unit Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | ||
Nonvested, weighted average remaining contractual life (Year) | 3 years 6 months | |||
Nonvested, aggregate intrinsic value | $ 7,958 | |||
Nonvested (in shares) | 44 | |||
Nonvested, weighted average grant date fair value per share (in dollars per share) | $ 286.02 | |||
Expected to vest (in shares) | 42 | |||
Expected to vest, weighted average grant date fair value per share (in dollars per share) | $ 287.48 | |||
Expected to vest, weighted average remaining contractual life (Year) | 3 years 4 months 24 days | |||
Expected to vest, aggregate intrinsic value | $ 7,306 | |||
Performance Stock Units [Member] | ||||
Nonvested (in shares) | 55 | |||
Nonvested, weighted average grant date fair value per share (in dollars per share) | $ 288.45 | |||
Nonvested, weighted average remaining contractual life (Year) | 4 years 3 months 18 days | |||
Nonvested, aggregate intrinsic value | $ 14,093 | |||
Awards granted (in shares) | 19 | 0 | ||
Awards granted, weighted average grant date fair value per share (in dollars per share) | $ 182.14 | $ 302.15 | ||
Performance adjustment (in shares) | [1] | (20) | ||
Awards distributed (in shares) | (10) | |||
Awards distributed, weighted average grant date fair value per share (in dollars per share) | $ 202 | |||
Nonvested (in shares) | 55 | |||
Nonvested, weighted average grant date fair value per share (in dollars per share) | $ 288.45 | |||
[1]During the quarter 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 10 - Earnings Per Share -
Note 10 - Earnings Per Share - Computation of Net Income Per Share, Basic & Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Net earnings available for shareholders | $ 930 | $ 1,871 | $ 3,274 |
Weighted average outstanding shares of common stock (in shares) | 5,321 | 5,212 | 4,975 |
Fully diluted shares (in shares) | 5,361 | 5,335 | 5,124 |
Basic earnings per share (in dollars per share) | $ 0.17 | $ 0.36 | $ 0.66 |
Diluted earnings per share (in dollars per share) | $ 0.17 | $ 0.35 | $ 0.64 |
Share-Based Payment Arrangement, Option [Member] | |||
Dilutive effect of shares (in shares) | 26 | 100 | 125 |
Unvested Stock Awards [Member] | |||
Dilutive effect of shares (in shares) | 14 | 23 | 24 |
Note 10 - Earnings Per Share _2
Note 10 - Earnings Per Share - Antidilutive Securities Excluded From Computation of Earnings Per Share (Details) - shares shares in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Total stock awards excluded from diluted EPS (in shares) | 810 | 674 | 666 |
Assumed Conversion of Convertible Debt [Member] | |||
Total stock awards excluded from diluted EPS (in shares) | 608 | 608 | 608 |
Stock Awards that were Antidilutive [Member] | |||
Total stock awards excluded from diluted EPS (in shares) | 154 | 40 | 44 |
Stock Awards Subject to Performance Conditions [Member] | |||
Total stock awards excluded from diluted EPS (in shares) | 48 | 26 | 14 |
Note 11 - Employee Benefit Pl_2
Note 11 - Employee Benefit Plans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Defined Contribution Plan, Cost | $ 1,768 | $ 1,185 | $ 935 |
The 401K Retirement Plan [Member] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 4% |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 92 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 0 | $ 0 | $ 0 |
Domestic Tax Authority [Member] | |||
Operating Loss Carryforwards, Subject to Section 382 | 1,513 | ||
Domestic Tax Authority [Member] | Research Tax Credit Carryforward [Member] | |||
Operating Loss Carryforwards, Subject to Section 382 | $ 1,360 |
Note 12 - Income Taxes - Earnin
Note 12 - Income Taxes - Earnings Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Domestic | $ 1,887 | $ 4,579 | $ 6,297 |
Foreign | (2,276) | (1,005) | (3,994) |
Total (loss) earnings before income taxes | $ (389) | $ 3,574 | $ 2,303 |
Note 12 - Income Taxes - Provis
Note 12 - Income Taxes - Provisions for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Current tax provision: | |||
U.S. Federal | $ 593 | $ (83) | $ 1,500 |
U.S. State | 538 | 286 | 628 |
Foreign | 1,070 | 1,372 | 404 |
Total current tax expense | 2,201 | 1,575 | 2,532 |
Deferred tax provision: | |||
U.S. Federal | (1,432) | 1,707 | (2,410) |
U.S. State | (210) | 337 | (619) |
Foreign | (1,878) | (1,916) | (474) |
Total deferred tax (benefit) expense | (3,520) | 128 | (3,503) |
Total income tax (benefit) expense | $ (1,319) | $ 1,703 | $ (971) |
Note 12 - Income Taxes - Income
Note 12 - Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Federal income taxes at statutory rates | $ (82) | $ 751 | $ 483 |
State income taxes, net of federal benefit | (1,075) | 628 | (221) |
Tax benefit of stock option exercises | (1,169) | (4,055) | (1,816) |
Research and development credit | (1,010) | (495) | (165) |
Limitation for 162(m) | 2,675 | 4,039 | 1,113 |
Return to provision adjustment | (125) | (68) | (172) |
Subpart F, GILTI, & FDII | (127) | 6 | (999) |
Foreign rate differential | (439) | 152 | 810 |
Permanent Difference | 33 | 64 | 15 |
Interest reserve adjustment | 0 | 668 | |
Other | 0 | 13 | (19) |
Total income tax (benefit) expense | $ (1,319) | $ 1,703 | $ (971) |
Note 12 - Income Taxes - Compon
Note 12 - Income Taxes - Components of Net Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Net operating loss | $ 6,945 | $ 11,274 |
Credits | 4,769 | 5,321 |
Allowances and reserves | 2,376 | 1,977 |
Capitalized research expenditures(1) | 3,124 | 0 |
Stock compensation deductible differences | 1,384 | 2,137 |
Inventories | 1,348 | 1,316 |
Other | 188 | 394 |
Total deferred tax assets | 20,134 | 22,419 |
Goodwill and intangible assets | (49,781) | (56,145) |
Property, plant and equipment | (2,502) | (3,284) |
Total deferred tax liabilities | (52,504) | (59,617) |
Valuation allowance | (582) | (708) |
Net deferred tax (liability) | $ (32,952) | $ (37,906) |
Note 12 - Income Taxes - Valuat
Note 12 - Income Taxes - Valuation Allowance for Deferred Tax Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Beginning balance | $ 708 | $ 404 | $ 391 |
Additions charged to income tax expense and other accounts | 567 | 304 | 13 |
Deductions from reserves | (693) | 0 | 0 |
Ending balance | $ 582 | $ 708 | $ 404 |
Note 12 - Income Taxes - Summar
Note 12 - Income Taxes - Summary of Operating Loss Carryforwards (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
Domestic Tax Authority [Member] | Tax Year Pre-2018 [Member] | |
NOL carryforwards | $ 0 |
Domestic Tax Authority [Member] | Tax Year Post -2018 [Member] | |
NOL carryforwards | 2,819 |
State and Local Jurisdiction [Member] | |
NOL carryforwards | 7,210 |
Foreign Tax Authority [Member] | |
NOL carryforwards | $ 22,262 |
Note 12 - Income Taxes - Summ_2
Note 12 - Income Taxes - Summary of Tax Credit Carryforwards (Details) $ in Thousands | 12 Months Ended |
Mar. 31, 2023 USD ($) | |
Research Tax Credit Carryforward [Member] | Domestic Tax Authority [Member] | |
Tax credit carryforwards | $ 2,428 |
Tax credit carryforwards, expiration date | Mar. 31, 2038 |
Research Tax Credit Carryforward [Member] | State and Local Jurisdiction [Member] | |
Tax credit carryforwards | $ 2,944 |
Tax credit carryforwards, expiration date | Mar. 31, 2034 |
Research Tax Credit Carryforward [Member] | Foreign Tax Authority [Member] | |
Tax credit carryforwards | $ 15 |
Foreign Tax Credit Carryforwards [Member] | Domestic Tax Authority [Member] | |
Tax credit carryforwards, expiration date | Mar. 31, 2036 |
Note 12 - Income Taxes - Change
Note 12 - Income Taxes - Change in Gross Balance of Unrecognized Tax Benefit (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Beginning balance | $ 1,329 | $ 64 | $ 653 |
(Decrease) increase related to prior period tax positions | (1,272) | 1,179 | (629) |
Increases related to current period tax positions | 35 | 86 | 40 |
Ending balance | $ 92 | $ 1,329 | $ 64 |
Note 12 - Income Taxes - Open T
Note 12 - Income Taxes - Open Tax Years (Details) | 12 Months Ended |
Mar. 31, 2023 | |
Domestic Tax Authority [Member] | |
Open tax year | 2019 2020 2021 |
State and Local Jurisdiction [Member] | |
Open tax year | 2018 2019 2020 2021 |
Foreign Tax Authority [Member] | |
Open tax year | 2016 2017 2018 2019 2020 2021 |
Note 13 - Commitments and Con_2
Note 13 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2023 | Nov. 17, 2022 |
Belyntic Acquisition [Member] | Other Long-term Liabilities [Member] | ||
Business Combination, Contingent Consideration, Liability, Noncurrent | $ 1,190 | $ 1,500 |
Note 14 - Segment Data (Details
Note 14 - Segment Data (Details Textual) | 12 Months Ended |
Mar. 31, 2023 | |
Number of Reportable Segments | 4 |
Note 14 - Segment Data - Operat
Note 14 - Segment Data - Operating Segment Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | ||
Revenues | $ 219,080 | $ 184,335 | $ 133,937 | |
Gross profit (loss) | 133,693 | 109,090 | 87,014 | |
Operating expenses | 130,373 | 104,388 | 74,656 | |
Operating income | 3,320 | 4,702 | 12,358 | |
Nonoperating expense | (3,709) | (1,128) | (10,055) | |
Total (loss) earnings before income taxes | (389) | 3,574 | 2,303 | |
Operating Segments [Member] | ||||
Revenues | 219,080 | 184,335 | 133,937 | |
Gross profit (loss) | 133,733 | 109,255 | 87,017 | |
Operating expenses | 130,373 | 104,388 | 74,656 | |
Operating income | 3,320 | 4,702 | 12,358 | |
Nonoperating expense | 3,709 | 1,128 | 10,055 | |
Operating Segments [Member] | Clinical Genomics [Member] | ||||
Revenues | [1] | 62,299 | 32,840 | 0 |
Gross profit (loss) | 32,485 | 11,941 | 0 | |
Operating Segments [Member] | Sterilization and Disinfection Control [Member] | ||||
Revenues | [1] | 64,609 | 59,044 | 53,119 |
Gross profit (loss) | 46,520 | 43,720 | 39,870 | |
Operating Segments [Member] | Biopharmaceutical Development [Member] | ||||
Revenues | [1] | 47,365 | 45,579 | 33,892 |
Gross profit (loss) | 30,340 | 28,605 | 21,035 | |
Operating Segments [Member] | Calibration Solutions [Member] | ||||
Revenues | [1],[2] | 44,807 | 46,872 | 46,926 |
Gross profit (loss) | 24,388 | 24,989 | 26,112 | |
Corporate, Non-Segment [Member] | ||||
Revenues | [1],[3] | 0 | 0 | 0 |
Gross profit (loss) | [3] | $ (40) | $ (165) | $ (3) |
[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]Unallocated corporate expenses and other business activities are reported within Corporate and Other. |
Note 14 - Segment Data - Segmen
Note 14 - Segment Data - Segment Inventory (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 | |
Inventories, net | $ 34,642 | $ 24,606 | |
Operating Segments [Member] | |||
Inventories, net | 34,642 | 24,606 | |
Operating Segments [Member] | Clinical Genomics [Member] | |||
Inventories, net | 13,985 | 11,802 | |
Operating Segments [Member] | Sterilization and Disinfection Control [Member] | |||
Inventories, net | 3,492 | 2,176 | |
Operating Segments [Member] | Biopharmaceutical Development [Member] | |||
Inventories, net | 8,384 | 4,495 | |
Operating Segments [Member] | Calibration Solutions [Member] | |||
Inventories, net | 8,781 | 6,133 | |
Corporate, Non-Segment [Member] | |||
Inventories, net | [1] | $ 0 | $ 0 |
[1]Amortization of intellectual property is included in the calculation of gross margin by segment. Amortization pertaining to other types of intangible assets, such as customer relationships and trademarks, is included in general and administrative on the Consolidated Statements of Income. Within the table above, the depreciation and amortization costs that are included in calculating the gross margin of the noted segment are included; other costs such as amortization that is recorded to general and administrative expense is shown in corporate and other. |
Note 14 - Segment Data - Long-l
Note 14 - Segment Data - Long-lived Assets by Geographic Area (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Long-lived assets | $ 38,522 | $ 40,450 |
UNITED STATES | ||
Long-lived assets | 34,729 | 36,475 |
Non-US [Member] | ||
Long-lived assets | $ 3,793 | $ 3,975 |
Note 14 - Segment Data - Revenu
Note 14 - Segment Data - Revenues From External Customers (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Revenues | $ 219,080 | $ 184,335 | $ 133,937 |
UNITED STATES | |||
Revenues | 117,281 | 99,068 | 71,387 |
CHINA | |||
Revenues | 25,797 | 16,518 | 6,612 |
Other [Member] | |||
Revenues | $ 76,002 | $ 68,749 | $ 55,938 |