Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Sep. 30, 2023 | Oct. 30, 2023 | |
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 | Q2 | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 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 Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 5,391,726 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2023 | Mar. 31, 2023 |
Cash and cash equivalents | $ 35,617 | $ 32,910 |
Accounts receivable, less allowance for doubtful accounts of $979 and $849, respectively | 36,340 | 42,551 |
Inventories | 32,879 | 34,642 |
Prepaid expenses and other | 12,826 | 8,872 |
Total current assets | 117,662 | 118,975 |
Noncurrent assets: | ||
Property, plant and equipment, net of accumulated depreciation of $21,324 and $19,768 respectively | 28,574 | 28,149 |
Deferred tax asset | 1,051 | 1,076 |
Other assets | 8,953 | 10,373 |
Intangible assets | 197,680 | 216,815 |
Goodwill | 283,268 | 286,444 |
Total assets | 637,188 | 661,832 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Accounts payable | 4,810 | 6,134 |
Accrued payroll and benefits | 8,353 | 9,433 |
Unearned revenues | 14,316 | 15,694 |
Other accrued expenses | 12,337 | 12,098 |
Total current liabilities | 39,816 | 43,359 |
Noncurrent liabilities: | ||
Deferred tax liability | 33,437 | 34,028 |
Other long-term liabilities | 5,443 | 7,693 |
Credit Facility | 0 | 13,000 |
Convertible senior notes, net of debt issuance costs | 170,733 | 170,272 |
Total liabilities | 249,429 | 268,352 |
Stockholders’ equity: | ||
Common stock, no par value; 25,000,000 shares authorized; 5,391,726 and 5,369,466 shares issued and outstanding, respectively | 337,869 | 332,076 |
Retained earnings | 70,699 | 74,199 |
Accumulated other comprehensive (loss) | (20,809) | (12,795) |
Total stockholders’ equity | 387,759 | 393,480 |
Total liabilities and stockholders’ equity | 637,188 | 661,832 |
Customer Relationships [Member] | ||
Noncurrent assets: | ||
Intangible assets | 137,057 | 152,189 |
Intellectual Property [Member] | ||
Noncurrent assets: | ||
Intangible assets | 43,416 | 46,400 |
Other Intangible Assets [Member] | ||
Noncurrent assets: | ||
Intangible assets | $ 17,207 | $ 18,226 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands | Sep. 30, 2023 | Mar. 31, 2023 |
Allowance for doubtful accounts receivable | $ 979 | $ 849 |
Property, plant and equipment, accumulated Depreciation | $ 21,324 | $ 19,768 |
Common stock, no par value (in dollars per share) | $ 0 | $ 0 |
Common stock, authorized (in shares) | 25,000,000 | 25,000,000 |
Common stock, issued (in shares) | 5,391,726 | 5,369,466 |
Common stock, outstanding (in shares) | 5,391,726 | 5,369,466 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenues | $ 53,165 | $ 58,749 | $ 103,810 | $ 109,202 |
Cost of revenues | 21,056 | 22,363 | 40,518 | 41,475 |
Gross profit | 32,109 | 36,386 | 63,292 | 67,727 |
Operating expense: | ||||
Selling | 9,650 | 9,200 | 18,626 | 19,223 |
General and administrative | 17,526 | 18,202 | 35,586 | 38,414 |
Research and development | 4,993 | 4,989 | 9,804 | 10,689 |
Total operating expense | 32,169 | 32,391 | 64,016 | 68,326 |
Operating (loss) income | (60) | 3,995 | (724) | (599) |
Nonoperating expense: | ||||
Interest expense and amortization of debt issuance costs | 905 | 1,214 | 1,953 | 2,228 |
Other expense (income), net | 360 | (603) | (415) | (799) |
Total nonoperating expense, net | 1,265 | 611 | 1,538 | 1,429 |
(Loss) earnings before income taxes | (1,325) | 3,384 | (2,262) | (2,028) |
Income tax (benefit) expense | (95) | 2,078 | (483) | (1,896) |
Net (loss) income | $ (1,230) | $ 1,306 | $ (1,779) | $ (132) |
Net (loss) earnings per share: | ||||
Basic (loss) earnings per share (in dollars per share) | $ (0.23) | $ 0.25 | $ (0.33) | $ (0.02) |
Diluted (loss) earnings per share (in dollars per share) | $ (0.23) | $ 0.24 | $ (0.33) | $ (0.02) |
Weighted-average common shares outstanding: | ||||
Basic (in shares) | 5,387 | 5,323 | 5,379 | 5,298 |
Fully diluted shares (in shares) | 5,387 | 5,364 | 5,379 | 5,298 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net (loss) | $ (1,230) | $ 1,306 | $ (1,779) | $ (132) |
Other comprehensive (loss): | ||||
Foreign currency translation | (1,353) | (13,226) | (8,014) | (29,183) |
Comprehensive (loss) | $ (2,583) | $ (11,920) | $ (9,793) | $ (29,315) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total | |
Balance (in shares) at Mar. 31, 2022 | 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) | 31,690 | ||||
Exercise of stock options and vesting of restricted stock units | $ 1,438 | 1,438 | |||
Tax withholding on vesting of restricted stock units (in shares) | (9) | ||||
Tax withholding on vesting of restricted stock units | $ (2) | 0 | 0 | (2) | |
Dividends paid, $0.16 per share | (843) | (843) | |||
Stock-based compensation expense | 3,432 | 3,432 | |||
Foreign currency translation | (15,957) | [1] | (15,957) | ||
Net (loss) income | $ 0 | (1,438) | (1,438) | ||
Balance (in shares) at Jun. 30, 2022 | 5,297,308 | ||||
Balance at Jun. 30, 2022 | $ 318,328 | 74,394 | (12,291) | [1] | 380,431 |
Exercise of stock options and vesting of restricted stock units (in shares) | 42,014 | ||||
Exercise of stock options and vesting of restricted stock units | $ 2,778 | 2,778 | |||
Tax withholding on vesting of restricted stock units (in shares) | (3,051) | ||||
Tax withholding on vesting of restricted stock units | $ (572) | (572) | |||
Dividends paid, $0.16 per share | (852) | (852) | |||
Stock-based compensation expense | $ 4,371 | 4,371 | |||
Foreign currency translation | (13,226) | (13,226) | |||
Net (loss) income | 1,306 | 1,306 | |||
Balance (in shares) at Sep. 30, 2022 | 5,336,271 | ||||
Balance at Sep. 30, 2022 | $ 324,905 | 74,848 | (25,517) | [1] | $ 374,236 |
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 |
Exercise of stock options and vesting of restricted stock units (in shares) | 20,074 | ||||
Exercise of stock options and vesting of restricted stock units | $ 52 | 52 | |||
Tax withholding on vesting of restricted stock units (in shares) | (5,260) | ||||
Tax withholding on vesting of restricted stock units | $ (712) | 0 | 0 | (712) | |
Dividends paid, $0.16 per share | (859) | (859) | |||
Stock-based compensation expense | $ 2,968 | 2,968 | |||
Foreign currency translation | (6,661) | [1] | (6,661) | ||
Net (loss) income | (549) | (549) | |||
Balance (in shares) at Jun. 30, 2023 | 5,384,280 | ||||
Balance at Jun. 30, 2023 | $ 334,384 | 72,791 | (19,456) | [1] | $ 387,719 |
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 |
Exercise of stock options and vesting of restricted stock units (in shares) | 2,000 | ||||
Balance (in shares) at Sep. 30, 2023 | 5,391,726 | 5,391,726 | |||
Balance at Sep. 30, 2023 | $ 337,869 | 70,699 | (20,809) | [1] | $ 387,759 |
Balance (in shares) at Jun. 30, 2023 | 5,384,280 | ||||
Balance at Jun. 30, 2023 | $ 334,384 | 72,791 | (19,456) | [1] | 387,719 |
Exercise of stock options and vesting of restricted stock units (in shares) | 7,464 | ||||
Exercise of stock options and vesting of restricted stock units | $ 304 | 304 | |||
Tax withholding on vesting of restricted stock units (in shares) | (18) | ||||
Tax withholding on vesting of restricted stock units | $ (2) | (2) | |||
Dividends paid, $0.16 per share | (862) | (862) | |||
Stock-based compensation expense | $ 3,183 | 3,183 | |||
Foreign currency translation | (1,353) | (1,353) | |||
Net (loss) income | (1,230) | $ (1,230) | |||
Balance (in shares) at Sep. 30, 2023 | 5,391,726 | 5,391,726 | |||
Balance at Sep. 30, 2023 | $ 337,869 | $ 70,699 | $ (20,809) | [1] | $ 387,759 |
[1]Accumulated Other Comprehensive Income (Loss). |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |||
Sep. 30, 2023 | Jun. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | |
Dividends paid, per share (in dollars per share) | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities: | ||||||
Net (loss) | $ (1,230) | $ 1,306 | $ (1,779) | $ (132) | $ (1,779) | $ (132) |
Adjustments to reconcile net income to net cash from operating activities: | ||||||
Depreciation and amortization | 16,230 | 16,189 | ||||
Stock-based compensation expense | 6,151 | 7,803 | ||||
Non-cash interest and debt amortization | 461 | 452 | ||||
Other | 1,137 | (1,544) | ||||
Cash from changes in operating assets and liabilities: | ||||||
Accounts receivable, net | 5,448 | (2,657) | ||||
Inventories | (184) | (4,065) | ||||
Prepaid expenses and other assets | (3,528) | (3,052) | ||||
Accounts payable | (1,307) | 243 | ||||
Accrued liabilities and taxes payable | (1,743) | (5,869) | ||||
Unearned revenues | (1,171) | 378 | ||||
Net cash provided by operating activities | 19,715 | 7,746 | ||||
Cash flows from investing activities: | ||||||
Purchases of property, plant and equipment | (904) | (1,864) | ||||
Net cash (used in) investing activities | (904) | (1,864) | ||||
Cash flows from financing activities: | ||||||
Payments of debt | (13,000) | (22,000) | ||||
Dividends | (1,721) | (1,695) | ||||
Proceeds from the exercise of stock options | 356 | 4,216 | ||||
Payment of tax withholding obligation on vesting of restricted stock | (714) | (574) | ||||
Net cash (used in) financing activities | (15,079) | (20,053) | ||||
Effect of exchange rate changes on cash and cash equivalents | (1,025) | (2,798) | ||||
Net increase (decrease) in cash and cash equivalents | 2,707 | (16,969) | ||||
Cash and cash equivalents at beginning of period | 32,910 | 49,346 | ||||
Cash and cash equivalents at end of period | $ 35,617 | $ 32,377 | $ 35,617 | $ 32,377 | $ 35,617 | $ 32,377 |
Note 1 - Description of Busines
Note 1 - Description of Business and Summary of Significant Accounting Policies | 6 Months Ended |
Sep. 30, 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 quarterly report on Form 10 We are a multinational manufacturer, developer, and seller of life science tools and critical quality control products and services, many of which are sold into niche markets driven by regulatory requirements. We have manufacturing operations in the United States and Europe, and our products are marketed by our sales personnel in North America, Europe, and Asia Pacific, and by independent distributors in these areas as well as throughout the rest of the world. We prefer markets in which we can establish a strong presence and achieve high gross profit margins. As of September 30, 2023 four ● Sterilization and Disinfection Control ● Clinical Genomics ● Biopharmaceutical Development ● Calibration Solutions Unallocated corporate expenses are reported within Corporate and Other. Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission and in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information. In the opinion of management, such unaudited information includes all adjustments, consisting of normal recurring adjustments necessary for the fair statement of our financial position and results of operations. The results of operations for the interim periods are not may not no 10 10 March 31, 2023 Our fiscal year ends on March 31. Prior Period Reclassifications Certain prior year amounts presented have been reclassified to conform with current presentation. The reclassifications have not 10 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 judgment about the outcome of future events. The global business environment continues to be impacted by cost pressure, the overall effects of economic uncertainty on customers' purchasing patterns, high interest rates, and other factors. It is not Recently Issued Accounting Pronouncements We have reviewed all recently issued accounting pronouncements and have concluded that they are either not not |
Note 2 - Significant Transactio
Note 2 - Significant Transactions | 6 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Significant Transactions [Text Block] | Note 2 . Significant Transactions Acquisition of GKE On October 14, 2023, Total cash consideration for the GKE acquisition was €85,000, €8,500 18 €5,000 7. October 16, 2023, Belyntic GmbH On November 17, 2022, During fiscal year 2023 , six September 30, 2023, |
Note 3 - Revenue
Note 3 - Revenue | 6 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | Note 3. We develop, manufacture, market, sell and maintain life sciences tools and quality control instruments and related consumables, and services. We evaluate revenues internally primarily based on operating segment and the nature of goods and services provided. 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. Under our service contracts we perform labor and replace parts on an as-needed basis over a contractually specified period of time, or perform specific, discrete services. Typically, revenue is recognized upon shipment of a product, upon completion of a discrete service, or over a period of time reflective of the performance period in the applicable contract, depending on when our obligation to the customer is satisfied. The significant majority of our revenues and related receivables are generated from contracts with customers that are 12 The following tables present disaggregated revenues for the three six September 30, 2023 September 30, 2022 Three Months Ended September 30, 2023 Sterilization and Disinfection Control Clinical Genomics Biopharmaceutical Development Calibration Solutions Total Consumables $ 14,749 $ 9,963 $ 4,187 $ 786 $ 29,685 Hardware and Software 120 4,474 2,475 6,884 13,953 Services 2,211 1,112 2,545 3,659 9,527 Total Revenues $ 17,080 $ 15,549 $ 9,207 $ 11,329 $ 53,165 Three Months Ended September 30, 2022 Sterilization and Disinfection Control Clinical Genomics Biopharmaceutical Development Calibration Solutions Total Consumables $ 14,704 $ 12,399 $ 4,000 $ 865 $ 31,968 Hardware and Software 218 4,394 5,988 5,980 16,580 Services 2,042 1,642 2,156 4,361 10,201 Total Revenues $ 16,964 $ 18,435 $ 12,144 $ 11,206 $ 58,749 Six Months Ended September 30, 2023 Sterilization and Disinfection Control Clinical Genomics Biopharmaceutical Development Calibration Solutions Total Consumables $ 28,456 $ 18,732 $ 8,673 $ 1,295 $ 57,156 Hardware and Software 201 7,901 5,166 13,962 27,230 Services 4,350 2,285 5,257 7,532 19,424 Total Revenues $ 33,007 $ 28,918 $ 19,096 $ 22,789 $ 103,810 Six Months Ended September 30, 2022 Sterilization and Disinfection Control Clinical Genomics Biopharmaceutical Development Calibration Solutions Total Consumables $ 26,932 $ 23,930 $ 7,664 $ 1,719 $ 60,245 Hardware and Software 524 5,885 10,812 11,673 28,894 Services 4,282 3,125 4,635 8,021 20,063 Total Revenues $ 31,738 $ 32,940 $ 23,111 $ 21,413 $ 109,202 Revenues from external customers are attributed to individual countries based upon the locations to which the products are shipped or exported, or locations where services are performed, as follows: Three Months Ended September 30, Six Months Ended September 30, 2023 2022 2023 2022 United States $ 27,073 $ 30,989 $ 53,610 $ 60,111 China 7,529 7,480 13,642 11,177 Other 18,563 20,280 36,558 37,914 Total revenues $ 53,165 $ 58,749 $ 103,810 $ 109,202 Other than China, no 10% three six September 30, 2023 2022 Contract Balances Our contracts have varying payment terms and conditions. Some customers prepay for products and services, resulting in unearned revenues or customer deposits, called contract liabilities. Short-term contract liabilities are included within unearned revenues in the accompanying Condensed Consolidated Balance Sheets, and long-term contract liabilities are included within other long-term liabilities in the accompanying Condensed Consolidated Balance Sheets. A summary of contract liabilities is as follows: Contract liabilities as of March 31, 2023 $ 16,098 Prior year contract liabilities recognized in revenues during the six months ended September 30, 2023 (6,399 ) Contract liabilities added during the six months ended September 30, 2023, net of revenues recognized 4,934 Contract liabilities balance as of September 30, 2023 $ 14,633 Contract liabilities primarily relate to service contracts with original expected service durations of 12 |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurements | 6 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 4. Our financial instruments consist primarily of cash and cash equivalents, trade accounts receivable, obligations under trade accounts payable, and debt. Due to their short-term nature, the carrying values for cash and cash equivalents, trade accounts receivable, and trade accounts payable approximate fair value; they are classified within Level 1 Historically, the financial instruments that subject us to the highest concentration of credit risk are cash and cash equivalents 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. No customers accounted for more than 10% September 30, 2023 We record an allowance for potential uncollectible amounts against our accounts receivable using historical collection experience and current and expected future economic and market conditions. To manage credit risk, we consider the creditworthiness of new and existing customers, and we regularly review outstanding balances and payment histories. We may may We have outstanding $172,500 aggregate principal amount of 1.375% convertible senior notes due August 15, 2025 ( 2 The estimated fair value and carrying value of the Notes was as follows: September 30, 2023 March 31, 2023 Carrying Value Fair Value (Level 2) Carrying Value Fair Value (Level 2) Notes $ 170,733 $ 155,681 $ 170,272 $ 161,072 We are obligated to pay contingent consideration of $1,500 cash related to the Belyntic acquisition upon approval of pending patent applications. We estimate the fair value of the contingent consideration using a probability-weighted outcome analysis based on our expectations of patent approval, leveraging our historical experience and expert input, and we adjust the estimated fair value at each reporting period through earnings. The fair value of the contingent consideration was $1,180 as of September 30, 2023 first October 18, 2023, one September 30, 2023 Amounts recognized or disclosed at fair value in the unaudited condensed consolidated financial statements on a nonrecurring basis include the initial recognition and disclosure of most assets and liabilities purchased in business acquisitions and any related measurement period adjustments. Additionally, assets such as property and equipment, operating lease assets, goodwill, and other intangible assets are adjusted to fair value if determined to be impaired. We recorded no three six September 30, 2023 2022 3 There were no three six September 30, 2023 2022 |
Note 5 - Supplemental Balance S
Note 5 - Supplemental Balance Sheets Information | 6 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | Note 5. Inventories consisted of the following: September 30, 2023 March 31, 2023 Raw materials $ 20,203 $ 20,064 Work in process 633 617 Finished goods 12,043 13,961 Total inventories $ 32,879 $ 34,642 The decrease in inventories is primarily attributable to non-cash scrap expense and transfers of instruments to be used in our business from inventory to fixed assets, partially offset by inventory purchases to meet current production needs. Prepaid expenses and other current assets consisted of the following: September 30, 2023 March 31, 2023 Prepaid expenses $ 3,494 $ 2,498 Deposits 1,563 1,376 Prepaid income taxes 3,534 953 Other current assets 4,235 4,045 Total prepaid expenses and other $ 12,826 $ 8,872 Accrued payroll and benefits consisted of the following: September 30, 2023 March 31, 2023 Bonus payable $ 3,317 $ 4,461 Wages and paid-time-off payable 2,139 2,329 Payroll related taxes 1,854 1,982 Other benefits payable 1,043 661 Total accrued payroll and benefits $ 8,353 $ 9,433 Other accrued expenses consisted of the following: September 30, 2023 March 31, 2023 Accrued business taxes $ 6,079 $ 5,941 Current operating lease liabilities 2,784 2,868 Income taxes payable 343 992 Other 3,131 2,297 Total other accrued expenses $ 12,337 $ 12,098 |
Note 6 - Goodwill and Intangibl
Note 6 - Goodwill and Intangible Assets, Net | 6 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 6. Intangible assets, the significant majority of which are finite-lived, consisted of the following: September 30, 2023 March 31, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 231,543 $ (94,486 ) $ 137,057 $ 238,247 $ (86,058 ) $ 152,189 Intellectual property 66,576 (23,160 ) 43,416 65,950 (19,550 ) 46,400 Other intangibles 24,437 (7,230 ) 17,207 24,793 (6,567 ) 18,226 Total $ 322,556 $ (124,876 ) $ 197,680 $ 328,990 $ (112,175 ) $ 216,815 Amortization expense for finite-lived intangible assets acquired in a business combination was as follows: Three Months Ended September 30, Six Months Ended September 30, 2023 2022 2023 2022 Amortization in cost of revenues $ 1,756 $ 1,691 $ 3,484 $ 3,399 Amortization in general and administrative 5,429 5,415 10,921 11,027 Total $ 7,185 $ 7,106 $ 14,405 $ 14,426 For the following fiscal years ending March 31, Remainder of 2024 $ 13,803 2025 26,523 2026 25,765 2027 25,270 2028 24,825 The change in the carrying amount of goodwill was as follows: Sterilization and Disinfection Control Clinical Genomics Biopharmaceutical Development Calibration Solutions Total March 31, 2023 $ 29,559 $ 135,811 $ 83,857 $ 37,217 286,444 Effect of foreign currency translation (201 ) (180 ) (3,612 ) (24 ) (4,017 ) Measurement period adjustment - Belyntic Acquisition - - 841 - 841 September 30, 2023 $ 29,358 $ 135,631 $ 81,086 $ 37,193 $ 283,268 Goodwill in the Biopharmaceutical Development division related to the Belyntic acquisition is tax deductible. |
Note 7 - Indebtedness
Note 7 - Indebtedness | 6 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 7 . Indebtedness Credit Facility As of September 30, 2023 four 1 2 not 3 not March 2025. September 30, 2023 The financial covenants in the Credit Facility include a maximum leverage ratio of 4.5 to 1.0 September 30, 2023 may 1.0 four 1.0. September 30, 2023 Amounts borrowed under the Credit Facility bear interest at either a base rate or a SOFR rate plus an applicable spread. We are obligated to pay quarterly unused commitment fees of between 0.15% and 0.35% of the Credit Facility’s aggregate principal amount, based on our leverage ratio. On October 5, 2023, October 11, 2023, 2. Convert ible Notes On August 12, 2019, August 15, 2025, February 15 August 15 $ 1,000 Upon conversion, we will pay or deliver, as the case may not three six September 30, 2023 September 30, 2023 not September 30, 2023 The net carrying amount of the Notes was as follows: September 30, 2023 March 31, 2023 Principal outstanding $ 172,500 $ 172,500 Unamortized debt issuance costs (1,767 ) (2,228 ) Net carrying value $ 170,733 $ 170,272 We recognized interest expense on the Notes as follows: Three Months Ended September 30, Six Months Ended September 30, 2023 2022 2023 2022 Coupon interest expense at 1.375% $ 593 $ 593 $ 1,186 $ 1,186 Amortization of debt issuance costs 231 227 461 452 Total interest and amortization of debt issuance costs $ 824 $ 820 $ 1,647 $ 1,638 The effective interest rate on the notes is approximately 1.9%. |
Note 8 - Stockholders' Equity
Note 8 - Stockholders' Equity | 6 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | Note 8 . Stockholders' Equity Stock-Based Compensation During the six September 30, 2023 2021 "2021 660 Expense recognized related to stock-based compensation is as follows: Three Months Ended September 30, Six Months Ended September 30, 2023 2022 2023 2022 Stock-based compensation expense $ 3,183 $ 4,371 $ 6,151 $ 7,803 Amount of income tax expense (benefit) recognized in earnings 1,389 (89 ) 517 (2,081 ) Stock-based compensation expense, net of tax $ 4,572 $ 4,282 $ 6,668 $ 5,722 Stock-based compensation expense is included in cost of revenues, selling, general and administrative, and research and development expense in the accompanying unaudited Condensed Consolidated Statements of Operations. The following is a summary of stock option award activity for the six September 30, 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, 2023 163 $ 200.62 3.3 $ 1,643 Awards granted 53 131.67 Awards forfeited or expired (15 ) 213.22 Awards exercised (2 ) 132.40 Outstanding as of September 30, 2023 199 $ 181.90 3.7 $ - The stock options granted during the six September 30, 2023 third The following is a summary of RSU and PSU award activity for the six September 30, 2023 Time-Based Restricted Stock Units Performance-Based Restricted Stock Units Number of Shares Weighted- Average Grant Date Fair Value per Share Number of Shares Weighted- Average Grant Date Fair Value per Share Outstanding as of March 31, 2023 (1) 57 $ 209.27 44 $ 286.02 Awards granted (1) 53 134.35 32 132.29 Awards forfeited (3 ) 179.82 - - Awards distributed (25 ) 208.33 - - Outstanding as of September 30, 2023 (1) 82 $ 162.48 76 $ 223.07 ( 1 Balances for PSUs are reflected at target. Outstanding time-based RSUs vest and settle in shares of our common stock on a one one six September 30, 2023 third six September 30, 2023 September 1, 2024, June 21, 2025 June 21, 2026. six September 30, 2023 one We grant PSUs to certain key employees. The number of shares earned is determined at the end of each performance period based on Mesa's achievement of certain pre-defined targets defined in the related award agreement. PSUs vest upon completion of the service period described in the award agreement. We recognize the expense relating to the performance-based RSUs based on the probable outcome of achievement of the performance targets on a straight-line basis over the service period. During the six September 30, 2023 "FY24 April 1, 2023 June 21, 2026. April 1, 2023 March 31, 2024. not no April 1, 2023 March 31, 2026. |
Note 9 - Net (Loss) Earnings Pe
Note 9 - Net (Loss) Earnings Per Share | 6 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 9 . Net (Loss) Earnings Per Share Basic net (loss) earnings per share is computed by dividing net (loss) income by the weighted-average number of common shares outstanding during the reporting period. Diluted (loss) earnings per share (“diluted EPS”) is computed similarly to basic (loss) earnings per share, except that it includes the potential dilution that could occur if dilutive securities were exercised. Potentially dilutive securities include stock options and both time and performance based RSUs (collectively “stock awards”), as well as common shares underlying our Notes. Stock awards are excluded from the calculation of diluted EPS if they are subject to performance conditions that have not not The impact of the assumed conversion of the Notes calculated under the if-converted method was antidilutive, and as such, shares underlying the Notes were excluded from the diluted EPS calculation for the three six September 30, 2023 September 30, 2022. The following table presents a reconciliation of the denominators used in the computation of basic and diluted (loss) earnings per share: Three Months Ended September 30, Six Months Ended September 30, 2023 2022 2023 2022 Net (loss) income $ (1,230 ) $ 1,306 $ (1,779 ) $ (132 ) Weighted average outstanding shares of common stock 5,387 5,323 5,379 5,298 Dilutive effect of stock options - 27 - - Dilutive effect of RSUs - 14 - - Fully diluted shares 5,387 5,364 5,379 5,298 Basic (loss) earnings per share $ (0.23 ) $ 0.25 $ (0.33 ) $ (0.02 ) Diluted (loss) earnings per share $ (0.23 ) $ 0.24 $ (0.33 ) $ (0.02 ) The following stock awards were excluded from the calculation of diluted EPS: Three Months Ended September 30, Six Months Ended September 30, 2023 2022 2023 2022 Assumed conversion of the Notes 608 608 608 608 Stock awards that were anti-dilutive 282 154 255 328 Stock awards subject to performance and market conditions 43 60 41 52 Total stock awards excluded from diluted EPS 933 822 904 988 |
Note 10 - Income Taxes
Note 10 - Income Taxes | 6 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 10 . Income Taxes For interim income tax reporting, we estimate our annual effective tax rate and apply this effective tax rate to our year-to-date pre-tax income. Each quarter, our estimate of the annual effective tax rate is updated, and if the estimated effective tax rate changes, a cumulative adjustment is made. Additionally, the tax effects of significant unusual or infrequently occurring items are recognized as discrete items in the interim period in which the events occur. There is a potential for volatility in the effective tax rate due to several factors, including changes in the mix of the pre-tax income and the jurisdictions to which they relate, changes in tax laws and foreign tax holidays, settlement with taxing authorities, and foreign currency fluctuations. Our effective income tax rate was 21.4% for the six September 30, 2023 six September 30, 2022. six September 30, 2023 six September 30, 2023 |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 6 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 11 . Commitments and Contingencies We review the adequacy of our legal reserves on a quarterly basis and establish reserves for loss contingencies that are both probable and reasonably estimable. As of September 30, 2023 no As part of the Belyntic acquisition, we have agreed to pay $1,500 to the sellers if contractually specified patents are issued. Effective October 18, 2023, 12 As part of the GKE acquisition consummated on October 14, 2023, €8,500 18 may €5,000 |
Note 12 - Segment Information
Note 12 - Segment Information | 6 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 12 . S egment Information The following tables set forth our segment information: Three Months Ended September 30, Six Months Ended September 30, 2023 2022 2023 2022 Revenues: Sterilization and Disinfection Control $ 17,080 $ 16,964 $ 33,007 $ 31,738 Clinical Genomics 15,549 18,435 28,918 32,940 Biopharmaceutical Development 9,207 12,144 19,096 23,111 Calibration Solutions 11,329 11,206 22,789 21,413 Total revenues (a) $ 53,165 $ 58,749 $ 103,810 $ 109,202 Gross profit: Sterilization and Disinfection Control $ 12,476 $ 12,199 $ 24,067 $ 22,967 Clinical Genomics 7,727 10,641 14,455 18,490 Biopharmaceutical Development 5,509 7,557 11,942 14,634 Calibration Solutions 6,407 6,007 12,838 11,671 Reportable segment gross profit 32,119 36,404 63,302 67,762 Corporate and Other (b) (10 ) (18 ) (10 ) (35 ) Gross profit $ 32,109 $ 36,386 $ 63,292 $ 67,727 Reconciling Items: Operating expense 32,169 32,391 64,016 68,326 Operating (loss) income (60 ) 3,995 (724 ) (599 ) Nonoperating expense, net 1,265 611 1,538 1,429 (Loss) earnings before income taxes $ (1,325 ) $ 3,384 $ (2,262 ) $ (2,028 ) (a) Intersegment revenues are not (b) Unallocated corporate expenses are reported within Corporate and Other. The following table sets forth inventories by reportable segment. Our chief operating decision maker is not September 30, March 31, 2023 2023 Sterilization and Disinfection Control $ 3,889 $ 3,492 Clinical Genomics 11,330 13,985 Biopharmaceutical Development 8,541 8,384 Calibration Solutions 9,119 8,781 Total inventories $ 32,879 $ 34,642 |
Insider Trading Arrangements
Insider Trading Arrangements | 6 Months Ended |
Sep. 30, 2023 shares | |
ecd_TradingArrByIndTable | |
Material Terms of Trading Arrangement [Text Block] | 5. Other Information The 10b5 1 Director John Schmieder entered into a trading arrangement on June 14, 2023. September 15, 2023. Chief Financial Officer John Sakys entered into a trading arrangement on August 23, 2023. April 2, 2024. may Senior Vice President of Continuous Improvement Brian Archbold entered into a trading arrangement on September 14, 2023. April 2, 2024. may may |
Rule 10b5-1 Arrangement Adopted [Flag] | true |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | true |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
John Schmieder [Member] | |
ecd_TradingArrByIndTable | |
Trading Arrangement, Individual Title | Director |
Trading Arrangement, Individual Name | John Schmieder |
Trading Arrangement Adoption Date | June 14, 2023 |
Trading Arrangement Termination Date | September 15, 2023 |
Trading Arrangement, Securities Aggregate Available Amount | 7,000 |
John Sakys [Member] | |
ecd_TradingArrByIndTable | |
Trading Arrangement, Individual Title | Chief Financial Officer |
Trading Arrangement, Individual Name | John Sakys |
Trading Arrangement Adoption Date | August 23, 2023 |
Trading Arrangement Termination Date | April 2, 2024. |
Trading Arrangement, Securities Aggregate Available Amount | 2,500 |
Brian Archbold [Member] | |
ecd_TradingArrByIndTable | |
Trading Arrangement, Individual Title | Senior Vice President of Continuous Improvement |
Trading Arrangement, Individual Name | Brian Archbold |
Trading Arrangement Adoption Date | September 14, 2023 |
Trading Arrangement Termination Date | April 2, 2024 |
Brian Archbold [Member] | Trading Arrangement 1 [Member] | |
ecd_TradingArrByIndTable | |
Trading Arrangement, Securities Aggregate Available Amount | 710 |
Brian Archbold [Member] | Trading Arrangement 2 [Member] | |
ecd_TradingArrByIndTable | |
Trading Arrangement, Securities Aggregate Available Amount | 1,500 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Description of Business [Policy Text Block] | Description of Business In this quarterly report on Form 10 We are a multinational manufacturer, developer, and seller of life science tools and critical quality control products and services, many of which are sold into niche markets driven by regulatory requirements. We have manufacturing operations in the United States and Europe, and our products are marketed by our sales personnel in North America, Europe, and Asia Pacific, and by independent distributors in these areas as well as throughout the rest of the world. We prefer markets in which we can establish a strong presence and achieve high gross profit margins. As of September 30, 2023 four ● Sterilization and Disinfection Control ● Clinical Genomics ● Biopharmaceutical Development ● Calibration Solutions Unallocated corporate expenses are reported within Corporate and Other. |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission and in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information. In the opinion of management, such unaudited information includes all adjustments, consisting of normal recurring adjustments necessary for the fair statement of our financial position and results of operations. The results of operations for the interim periods are not may not no 10 10 March 31, 2023 Our fiscal year ends on March 31. |
Reclassification, Comparability Adjustment [Policy Text Block] | Prior Period Reclassifications Certain prior year amounts presented have been reclassified to conform with current presentation. The reclassifications have not 10 |
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 judgment about the outcome of future events. The global business environment continues to be impacted by cost pressure, the overall effects of economic uncertainty on customers' purchasing patterns, high interest rates, and other factors. It is not |
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 |
Note 3 - Revenue (Tables)
Note 3 - Revenue (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended September 30, 2023 Sterilization and Disinfection Control Clinical Genomics Biopharmaceutical Development Calibration Solutions Total Consumables $ 14,749 $ 9,963 $ 4,187 $ 786 $ 29,685 Hardware and Software 120 4,474 2,475 6,884 13,953 Services 2,211 1,112 2,545 3,659 9,527 Total Revenues $ 17,080 $ 15,549 $ 9,207 $ 11,329 $ 53,165 Three Months Ended September 30, 2022 Sterilization and Disinfection Control Clinical Genomics Biopharmaceutical Development Calibration Solutions Total Consumables $ 14,704 $ 12,399 $ 4,000 $ 865 $ 31,968 Hardware and Software 218 4,394 5,988 5,980 16,580 Services 2,042 1,642 2,156 4,361 10,201 Total Revenues $ 16,964 $ 18,435 $ 12,144 $ 11,206 $ 58,749 Six Months Ended September 30, 2023 Sterilization and Disinfection Control Clinical Genomics Biopharmaceutical Development Calibration Solutions Total Consumables $ 28,456 $ 18,732 $ 8,673 $ 1,295 $ 57,156 Hardware and Software 201 7,901 5,166 13,962 27,230 Services 4,350 2,285 5,257 7,532 19,424 Total Revenues $ 33,007 $ 28,918 $ 19,096 $ 22,789 $ 103,810 Six Months Ended September 30, 2022 Sterilization and Disinfection Control Clinical Genomics Biopharmaceutical Development Calibration Solutions Total Consumables $ 26,932 $ 23,930 $ 7,664 $ 1,719 $ 60,245 Hardware and Software 524 5,885 10,812 11,673 28,894 Services 4,282 3,125 4,635 8,021 20,063 Total Revenues $ 31,738 $ 32,940 $ 23,111 $ 21,413 $ 109,202 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Three Months Ended September 30, Six Months Ended September 30, 2023 2022 2023 2022 United States $ 27,073 $ 30,989 $ 53,610 $ 60,111 China 7,529 7,480 13,642 11,177 Other 18,563 20,280 36,558 37,914 Total revenues $ 53,165 $ 58,749 $ 103,810 $ 109,202 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | Contract liabilities as of March 31, 2023 $ 16,098 Prior year contract liabilities recognized in revenues during the six months ended September 30, 2023 (6,399 ) Contract liabilities added during the six months ended September 30, 2023, net of revenues recognized 4,934 Contract liabilities balance as of September 30, 2023 $ 14,633 |
Note 4 - Fair Value Measureme_2
Note 4 - Fair Value Measurements (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | September 30, 2023 March 31, 2023 Carrying Value Fair Value (Level 2) Carrying Value Fair Value (Level 2) Notes $ 170,733 $ 155,681 $ 170,272 $ 161,072 |
Note 5 - Supplemental Balance_2
Note 5 - Supplemental Balance Sheets Information (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | September 30, 2023 March 31, 2023 Raw materials $ 20,203 $ 20,064 Work in process 633 617 Finished goods 12,043 13,961 Total inventories $ 32,879 $ 34,642 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | September 30, 2023 March 31, 2023 Prepaid expenses $ 3,494 $ 2,498 Deposits 1,563 1,376 Prepaid income taxes 3,534 953 Other current assets 4,235 4,045 Total prepaid expenses and other $ 12,826 $ 8,872 |
Schedule of Employee Related Liabilities [Table Text Block] | September 30, 2023 March 31, 2023 Bonus payable $ 3,317 $ 4,461 Wages and paid-time-off payable 2,139 2,329 Payroll related taxes 1,854 1,982 Other benefits payable 1,043 661 Total accrued payroll and benefits $ 8,353 $ 9,433 |
Schedule of Accrued Liabilities [Table Text Block] | September 30, 2023 March 31, 2023 Accrued business taxes $ 6,079 $ 5,941 Current operating lease liabilities 2,784 2,868 Income taxes payable 343 992 Other 3,131 2,297 Total other accrued expenses $ 12,337 $ 12,098 |
Note 6 - Goodwill and Intangi_2
Note 6 - Goodwill and Intangible Assets, Net (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | September 30, 2023 March 31, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 231,543 $ (94,486 ) $ 137,057 $ 238,247 $ (86,058 ) $ 152,189 Intellectual property 66,576 (23,160 ) 43,416 65,950 (19,550 ) 46,400 Other intangibles 24,437 (7,230 ) 17,207 24,793 (6,567 ) 18,226 Total $ 322,556 $ (124,876 ) $ 197,680 $ 328,990 $ (112,175 ) $ 216,815 |
Finite-Lived Intangible Assets Amortization Expense [Table Text Block] | Three Months Ended September 30, Six Months Ended September 30, 2023 2022 2023 2022 Amortization in cost of revenues $ 1,756 $ 1,691 $ 3,484 $ 3,399 Amortization in general and administrative 5,429 5,415 10,921 11,027 Total $ 7,185 $ 7,106 $ 14,405 $ 14,426 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Remainder of 2024 $ 13,803 2025 26,523 2026 25,765 2027 25,270 2028 24,825 |
Schedule of Goodwill [Table Text Block] | Sterilization and Disinfection Control Clinical Genomics Biopharmaceutical Development Calibration Solutions Total March 31, 2023 $ 29,559 $ 135,811 $ 83,857 $ 37,217 286,444 Effect of foreign currency translation (201 ) (180 ) (3,612 ) (24 ) (4,017 ) Measurement period adjustment - Belyntic Acquisition - - 841 - 841 September 30, 2023 $ 29,358 $ 135,631 $ 81,086 $ 37,193 $ 283,268 |
Note 7 - Indebtedness (Tables)
Note 7 - Indebtedness (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Convertible Debt [Table Text Block] | September 30, 2023 March 31, 2023 Principal outstanding $ 172,500 $ 172,500 Unamortized debt issuance costs (1,767 ) (2,228 ) Net carrying value $ 170,733 $ 170,272 |
Interest Expense on Convertible Debt [Table Text Block] | Three Months Ended September 30, Six Months Ended September 30, 2023 2022 2023 2022 Coupon interest expense at 1.375% $ 593 $ 593 $ 1,186 $ 1,186 Amortization of debt issuance costs 231 227 461 452 Total interest and amortization of debt issuance costs $ 824 $ 820 $ 1,647 $ 1,638 |
Note 8 - Stockholders' Equity (
Note 8 - Stockholders' Equity (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended September 30, Six Months Ended September 30, 2023 2022 2023 2022 Stock-based compensation expense $ 3,183 $ 4,371 $ 6,151 $ 7,803 Amount of income tax expense (benefit) recognized in earnings 1,389 (89 ) 517 (2,081 ) Stock-based compensation expense, net of tax $ 4,572 $ 4,282 $ 6,668 $ 5,722 |
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, 2023 163 $ 200.62 3.3 $ 1,643 Awards granted 53 131.67 Awards forfeited or expired (15 ) 213.22 Awards exercised (2 ) 132.40 Outstanding as of September 30, 2023 199 $ 181.90 3.7 $ - |
Share-Based Payment Arrangement, Activity [Table Text Block] | Time-Based Restricted Stock Units Performance-Based Restricted Stock Units Number of Shares Weighted- Average Grant Date Fair Value per Share Number of Shares Weighted- Average Grant Date Fair Value per Share Outstanding as of March 31, 2023 (1) 57 $ 209.27 44 $ 286.02 Awards granted (1) 53 134.35 32 132.29 Awards forfeited (3 ) 179.82 - - Awards distributed (25 ) 208.33 - - Outstanding as of September 30, 2023 (1) 82 $ 162.48 76 $ 223.07 |
Note 9 - Net (Loss) Earnings _2
Note 9 - Net (Loss) Earnings Per Share (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended September 30, Six Months Ended September 30, 2023 2022 2023 2022 Net (loss) income $ (1,230 ) $ 1,306 $ (1,779 ) $ (132 ) Weighted average outstanding shares of common stock 5,387 5,323 5,379 5,298 Dilutive effect of stock options - 27 - - Dilutive effect of RSUs - 14 - - Fully diluted shares 5,387 5,364 5,379 5,298 Basic (loss) earnings per share $ (0.23 ) $ 0.25 $ (0.33 ) $ (0.02 ) Diluted (loss) earnings per share $ (0.23 ) $ 0.24 $ (0.33 ) $ (0.02 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three Months Ended September 30, Six Months Ended September 30, 2023 2022 2023 2022 Assumed conversion of the Notes 608 608 608 608 Stock awards that were anti-dilutive 282 154 255 328 Stock awards subject to performance and market conditions 43 60 41 52 Total stock awards excluded from diluted EPS 933 822 904 988 |
Note 12 - Segment Information (
Note 12 - Segment Information (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended September 30, Six Months Ended September 30, 2023 2022 2023 2022 Revenues: Sterilization and Disinfection Control $ 17,080 $ 16,964 $ 33,007 $ 31,738 Clinical Genomics 15,549 18,435 28,918 32,940 Biopharmaceutical Development 9,207 12,144 19,096 23,111 Calibration Solutions 11,329 11,206 22,789 21,413 Total revenues (a) $ 53,165 $ 58,749 $ 103,810 $ 109,202 Gross profit: Sterilization and Disinfection Control $ 12,476 $ 12,199 $ 24,067 $ 22,967 Clinical Genomics 7,727 10,641 14,455 18,490 Biopharmaceutical Development 5,509 7,557 11,942 14,634 Calibration Solutions 6,407 6,007 12,838 11,671 Reportable segment gross profit 32,119 36,404 63,302 67,762 Corporate and Other (b) (10 ) (18 ) (10 ) (35 ) Gross profit $ 32,109 $ 36,386 $ 63,292 $ 67,727 Reconciling Items: Operating expense 32,169 32,391 64,016 68,326 Operating (loss) income (60 ) 3,995 (724 ) (599 ) Nonoperating expense, net 1,265 611 1,538 1,429 (Loss) earnings before income taxes $ (1,325 ) $ 3,384 $ (2,262 ) $ (2,028 ) |
Schedule of Segment Reporting Information, by Inventory Segment [Table Text Block] | September 30, March 31, 2023 2023 Sterilization and Disinfection Control $ 3,889 $ 3,492 Clinical Genomics 11,330 13,985 Biopharmaceutical Development 8,541 8,384 Calibration Solutions 9,119 8,781 Total inventories $ 32,879 $ 34,642 |
Note 2 - Significant Transact_2
Note 2 - Significant Transactions (Details Textual) $ in Thousands, € in Millions | Oct. 14, 2023 USD ($) | Oct. 14, 2023 EUR (€) | Nov. 17, 2022 USD ($) |
GKE Acquisition [Member] | Subsequent Event [Member] | |||
Business Combination, Consideration Transferred | € | € 85 | ||
Business Combination, Consideration Transferred, Liabilities Incurred | € | 8.5 | ||
Business Combination, Consideration Transferred, Contingent Consideration Liability | € | € 5 | ||
Proceeds from Lines of Credit | $ 65,000 | ||
GKE Acquisition [Member] | GKE GmbH and SAL GmbH [Member] | Subsequent Event [Member] | |||
Business Acquisition, Percentage of Voting Interests Acquired | 100% | 100% | |
GKE Acquisition [Member] | Beijing GKE Science & Technology Co. Ltd. [Member] | Subsequent Event [Member] | |||
Business Acquisition, Percentage of Voting Interests Acquired | 100% | 100% | |
Belyntic Acquisition [Member] | |||
Business Combination, Consideration Transferred | $ 6,450 | ||
Payments to Acquire Businesses, Gross | 4,950 | ||
Business Combination, Contingent Consideration, Liability | $ 1,500 |
Note 3 - Revenue - Disaggregati
Note 3 - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||||||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||||||||
Revenues | $ 53,165 | $ 58,749 | $ 103,810 | $ 109,202 | $ 103,810 | $ 109,202 | |||||||
Consumables [Member] | Transferred at Point in Time [Member] | |||||||||||||
Revenues | 29,685 | 31,968 | 57,156 | 60,245 | |||||||||
Hardware and Software [Member] | Transferred at Point in Time [Member] | |||||||||||||
Revenues | 13,953 | 16,580 | 27,230 | 28,894 | |||||||||
Service [Member] | Transferred at Point in Time [Member] | |||||||||||||
Revenues | 9,527 | 10,201 | 19,424 | 20,063 | |||||||||
Operating Segments [Member] | Sterilization and Disinfection Control [Member] | |||||||||||||
Revenues | 17,080 | [1] | 16,964 | [1] | 33,007 | 31,738 | 33,007 | [1] | 31,738 | [1] | |||
Operating Segments [Member] | Clinical Genomics [Member] | |||||||||||||
Revenues | 15,549 | [1] | 18,435 | [1] | 28,918 | 32,940 | 28,918 | [1] | 32,940 | [1] | |||
Operating Segments [Member] | Biopharmaceutical Development [Member] | |||||||||||||
Revenues | 9,207 | [1] | 12,144 | [1] | 19,096 | 23,111 | 19,096 | [1] | 23,111 | [1] | |||
Operating Segments [Member] | Calibration Solutions [Member] | |||||||||||||
Revenues | 11,329 | [1],[2] | 11,206 | [1],[2] | 22,789 | [2] | 21,413 | [2] | $ 22,789 | [1] | $ 21,413 | [1] | |
Operating Segments [Member] | Consumables [Member] | Transferred at Point in Time [Member] | Sterilization and Disinfection Control [Member] | |||||||||||||
Revenues | 14,749 | 14,704 | 28,456 | 26,932 | |||||||||
Operating Segments [Member] | Consumables [Member] | Transferred at Point in Time [Member] | Clinical Genomics [Member] | |||||||||||||
Revenues | 9,963 | 12,399 | 18,732 | 23,930 | |||||||||
Operating Segments [Member] | Consumables [Member] | Transferred at Point in Time [Member] | Biopharmaceutical Development [Member] | |||||||||||||
Revenues | 4,187 | 4,000 | 8,673 | 7,664 | |||||||||
Operating Segments [Member] | Consumables [Member] | Transferred at Point in Time [Member] | Calibration Solutions [Member] | |||||||||||||
Revenues | 786 | 865 | 1,295 | 1,719 | |||||||||
Operating Segments [Member] | Hardware and Software [Member] | Transferred at Point in Time [Member] | Sterilization and Disinfection Control [Member] | |||||||||||||
Revenues | 120 | 218 | 201 | 524 | |||||||||
Operating Segments [Member] | Hardware and Software [Member] | Transferred at Point in Time [Member] | Clinical Genomics [Member] | |||||||||||||
Revenues | 4,474 | 4,394 | 7,901 | 5,885 | |||||||||
Operating Segments [Member] | Hardware and Software [Member] | Transferred at Point in Time [Member] | Biopharmaceutical Development [Member] | |||||||||||||
Revenues | 2,475 | 5,988 | 5,166 | 10,812 | |||||||||
Operating Segments [Member] | Hardware and Software [Member] | Transferred at Point in Time [Member] | Calibration Solutions [Member] | |||||||||||||
Revenues | [2] | 6,884 | 5,980 | 13,962 | 11,673 | ||||||||
Operating Segments [Member] | Service [Member] | Transferred at Point in Time [Member] | Sterilization and Disinfection Control [Member] | |||||||||||||
Revenues | 2,211 | 2,042 | 4,350 | 4,282 | |||||||||
Operating Segments [Member] | Service [Member] | Transferred at Point in Time [Member] | Clinical Genomics [Member] | |||||||||||||
Revenues | 1,112 | 1,642 | 2,285 | 3,125 | |||||||||
Operating Segments [Member] | Service [Member] | Transferred at Point in Time [Member] | Biopharmaceutical Development [Member] | |||||||||||||
Revenues | 2,545 | 2,156 | 5,257 | 4,635 | |||||||||
Operating Segments [Member] | Service [Member] | Transferred at Point in Time [Member] | Calibration Solutions [Member] | |||||||||||||
Revenues | [2] | $ 3,659 | $ 4,361 | $ 7,532 | $ 8,021 | ||||||||
[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 3 - Revenue Recognition -
Note 3 - Revenue Recognition - Revenues From External Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenues | $ 53,165 | $ 58,749 | $ 103,810 | $ 109,202 | $ 103,810 | $ 109,202 |
UNITED STATES | ||||||
Revenues | 27,073 | 30,989 | 53,610 | 60,111 | ||
CHINA | ||||||
Revenues | 7,529 | 7,480 | 13,642 | 11,177 | ||
Other [Member] | ||||||
Revenues | $ 18,563 | $ 20,280 | $ 36,558 | $ 37,914 |
Note 3 - Revenue - Contract Lia
Note 3 - Revenue - Contract Liabilities (Details) $ in Thousands | 6 Months Ended |
Sep. 30, 2023 USD ($) | |
Contract liabilities, balance | $ 16,098 |
Prior year contract liabilities recognized in revenues during the six months ended September 30, 2023 | (6,399) |
Contract liabilities added during the six months ended September 30, 2023, net of revenues recognized | 4,934 |
Contract liabilities, balance | $ 14,633 |
Note 4 - Fair Value Measureme_3
Note 4 - Fair Value Measurements (Details Textual) $ in Thousands | 6 Months Ended | |||
Sep. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Nov. 17, 2022 USD ($) | Aug. 12, 2019 | |
Belyntic Acquisition [Member] | Other Long-term Liabilities [Member] | ||||
Business Combination, Contingent Consideration, Liability, Noncurrent | $ 1,180 | $ 1,500 | ||
Senior Notes [Member] | The Notes [Member] | ||||
Long-term Debt, Gross | $ 172,500 | $ 172,500 | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.375% | 1.375% | ||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | ||||
Number of Major Customers | 0 |
Note 4 - Fair Value Measureme_4
Note 4 - Fair Value Measurements - Fair Value and Carrying Value of the Notes (Details) - Senior Notes [Member] - USD ($) $ in Thousands | Sep. 30, 2023 | Mar. 31, 2023 |
Reported Value Measurement [Member] | ||
Notes | $ 170,733 | $ 170,272 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Notes | $ 155,681 | $ 161,072 |
Note 5 - Supplemental Balance_3
Note 5 - Supplemental Balance Sheets Information - Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Mar. 31, 2023 |
Raw materials | $ 20,203 | $ 20,064 |
Work in process | 633 | 617 |
Finished goods | 12,043 | 13,961 |
Total inventories | $ 32,879 | $ 34,642 |
Note 5 - Supplemental Balance_4
Note 5 - Supplemental Balance Sheets Information - Prepaid and Other Current Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Mar. 31, 2023 |
Prepaid expenses | $ 3,494 | $ 2,498 |
Deposits | 1,563 | 1,376 |
Prepaid income taxes | 3,534 | 953 |
Other current assets | 4,235 | 4,045 |
Total prepaid expenses and other | $ 12,826 | $ 8,872 |
Note 5 - Supplemental Balance_5
Note 5 - Supplemental Balance Sheets Information - Accrued Payroll and Benefits (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Mar. 31, 2023 |
Bonus payable | $ 3,317 | $ 4,461 |
Wages and paid-time-off payable | 2,139 | 2,329 |
Payroll related taxes | 1,854 | 1,982 |
Other benefits payable | 1,043 | 661 |
Total accrued payroll and benefits | $ 8,353 | $ 9,433 |
Note 5 - Supplemental Balance_6
Note 5 - Supplemental Balance Sheets Information - Other Accrued Expenses (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Mar. 31, 2023 |
Current operating lease liabilities | $ 2,784 | $ 2,868 |
Income taxes payable | 343 | 992 |
Other | 3,131 | 2,297 |
Total other accrued expenses | 12,337 | 12,098 |
Other Accrued Expenses [Member] | ||
Accrued business taxes | $ 6,079 | $ 5,941 |
Note 6 - Goodwill and Intangi_3
Note 6 - Goodwill and Intangible Assets, Net - Other Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Mar. 31, 2023 |
Gross carrying amount | $ 322,556 | $ 328,990 |
Accumulated amortization | (124,876) | (112,175) |
Net carrying amount | 197,680 | 216,815 |
Customer Relationships [Member] | ||
Gross carrying amount | 231,543 | 238,247 |
Accumulated amortization | (94,486) | (86,058) |
Net carrying amount | 137,057 | 152,189 |
Intellectual Property [Member] | ||
Gross carrying amount | 66,576 | 65,950 |
Accumulated amortization | (23,160) | (19,550) |
Net carrying amount | 43,416 | 46,400 |
Other Intangible Assets [Member] | ||
Gross carrying amount | 24,437 | 24,793 |
Accumulated amortization | (7,230) | (6,567) |
Net carrying amount | $ 17,207 | $ 18,226 |
Note 6 - Goodwill and Intangi_4
Note 6 - Goodwill and Intangible Assets, Net - Amortization Expense for Finite-lived Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Amortization of Intangible Assets | $ 7,185 | $ 7,106 | $ 14,405 | $ 14,426 |
Cost of Sales [Member] | ||||
Amortization of Intangible Assets | 1,756 | 1,691 | 3,484 | 3,399 |
General and Administrative Expense [Member] | ||||
Amortization of Intangible Assets | $ 5,429 | $ 5,415 | $ 10,921 | $ 11,027 |
Note 6 - Goodwill and Intangi_5
Note 6 - Goodwill and Intangible Assets, Net - Estimated Amortization Expense (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
Remainder of 2024 | $ 13,803 |
2025 | 26,523 |
2026 | 25,765 |
2027 | 25,270 |
2028 | $ 24,825 |
Note 6 - Goodwill and Intangi_6
Note 6 - Goodwill and Intangible Assets, Net - Change in the Carrying Amount of Goodwill (Details) $ in Thousands | 6 Months Ended |
Sep. 30, 2023 USD ($) | |
Goodwill | $ 286,444 |
Effect of foreign currency translation | (4,017) |
Measurement period adjustment - Belyntic Acquisition | 841 |
Goodwill | 283,268 |
Clinical Genomics [Member] | Operating Segments [Member] | |
Goodwill | 29,559 |
Effect of foreign currency translation | (201) |
Measurement period adjustment - Belyntic Acquisition | 0 |
Goodwill | 29,358 |
Sterilization and Disinfection Control [Member] | Operating Segments [Member] | |
Goodwill | 135,811 |
Effect of foreign currency translation | (180) |
Measurement period adjustment - Belyntic Acquisition | 0 |
Goodwill | 135,631 |
Biopharmaceutical Development [Member] | Operating Segments [Member] | |
Goodwill | 83,857 |
Effect of foreign currency translation | (3,612) |
Measurement period adjustment - Belyntic Acquisition | 841 |
Goodwill | 81,086 |
Calibration Solutions [Member] | Operating Segments [Member] | |
Goodwill | 37,217 |
Effect of foreign currency translation | (24) |
Measurement period adjustment - Belyntic Acquisition | 0 |
Goodwill | $ 37,193 |
Note 7 - Indebtedness (Details
Note 7 - Indebtedness (Details Textual) $ / shares in Units, $ in Thousands | Oct. 11, 2023 USD ($) | Mar. 05, 2021 USD ($) | Aug. 12, 2019 USD ($) $ / shares | Oct. 05, 2023 USD ($) | Sep. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) |
Long-Term Line of Credit | $ 0 | $ 13,000 | ||||
Senior Secured Credit Agreement [Member] | ||||||
Long-Term Line of Credit | $ 0 | |||||
Debt Instrument, Covenant, Maximum Total Leverage Ratio for the Fifth, Sixth, Seventh, and Eighth Testing Dates | 4.5 | |||||
Debt Instrument, Covenant, Maximum Conditional Total Leverage Ratio Following an Acquisition | 5.75 | |||||
Senior Secured Credit Agreement [Member] | Subsequent Event [Member] | ||||||
Proceeds from Lines of Credit | $ 65,000 | |||||
Long-Term Debt, Weighted Average Interest Rate, over Time | 6.90% | |||||
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] | Maximum [Member] | The Credit Facility Term Loan [Member] | Subsequent Event [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 125,000 | |||||
Senior Secured Credit Agreement [Member] | Minimum [Member] | ||||||
Fixed Charge Coverage Ratio | 1.25 | |||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.15% | |||||
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 | |||||
The Notes [Member] | Senior Notes [Member] | ||||||
Debt Instrument, Face Amount | $ 172,500 | |||||
Proceeds from Convertible Debt | $ 167,056 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 1.375% | 1.375% | ||||
Debt Instrument, Convertible, Conversion Ratio Per 1,000 Principal | 3.5273 | |||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares | $ 283.5 | |||||
Debt Instrument, Interest Rate, Effective Percentage | 1.90% | |||||
Revolving Credit Facility [Member] | Senior Secured Credit Agreement [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 75,000 | |||||
Letter of Credit [Member] | Senior Secured Credit Agreement [Member] | Maximum [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,500 |
Note 7 - Indebtedness - Carryin
Note 7 - Indebtedness - Carrying Amount of the Notes (Details) - The Notes [Member] - Senior Notes [Member] - USD ($) $ in Thousands | Sep. 30, 2023 | Mar. 31, 2023 |
Principal outstanding | $ 172,500 | $ 172,500 |
Unamortized debt issuance costs | (1,767) | (2,228) |
Net carrying value | $ 170,733 | $ 170,272 |
Note 7 - Indebtedness - Interes
Note 7 - Indebtedness - Interest Expense on the Notes (Details) - The Notes [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Coupon interest expense at 1.375% | $ 593 | $ 593 | $ 1,186 | $ 1,186 |
Amortization of debt issuance costs | 231 | 227 | 461 | 452 |
Total interest and amortization of debt issuance costs | $ 824 | $ 820 | $ 1,647 | $ 1,638 |
Note 8 - Stockholders' Equity_2
Note 8 - Stockholders' Equity (Details Textual) - The FY24 PSUs [Member] - Eligible Employees [Member] shares in Thousands | 6 Months Ended |
Sep. 30, 2023 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | shares | 32 |
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) | $ / shares | $ 132.29 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Earned, Maximum Adjustment Percentage | 20% |
Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award Number of Shares Issued Upon Vesting, Percentage | 0% |
Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award Number of Shares Issued Upon Vesting, Percentage | 200% |
Note 8 - Stockholders' Equity -
Note 8 - Stockholders' Equity - Allocation of Share-based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Stock-based compensation expense | $ 3,183 | $ 4,371 | $ 6,151 | $ 7,803 |
Amount of income tax expense (benefit) recognized in earnings | 1,389 | (89) | 517 | (2,081) |
Stock-based compensation expense, net of tax | $ 4,572 | $ 4,282 | $ 6,668 | $ 5,722 |
Note 8 - Stockholders' Equity_3
Note 8 - Stockholders' Equity - Stock Option and Non-vested Stock Award Activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 6 Months Ended | 12 Months Ended |
Sep. 30, 2023 USD ($) $ / shares shares | Mar. 31, 2023 USD ($) $ / shares shares | |
Options outstanding (in shares) | shares | 163 | |
Options outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 200.62 | |
Outstanding, Weighted- Average Remaining Contractual Life (Year) | 3 years 8 months 12 days | 3 years 3 months 18 days |
Outstanding, Aggregate Intrinsic Value | $ | $ 0 | $ 1,643 |
Options granted (in shares) | shares | 53 | |
Awards granted, weighted average exercise price (in dollars per share) | $ / shares | $ 131.67 | |
Options forfeited or expired (in shares) | shares | (15) | |
Awards forfeited or expired, weighted average exercise price (in dollars per share) | $ / shares | $ 213.22 | |
Awards exercised (in shares) | shares | (2) | |
Awards exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 132.4 | |
Options outstanding (in shares) | shares | 199 | 163 |
Options outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 181.9 | $ 200.62 |
Note 8 - Stockholders' Equity_4
Note 8 - Stockholders' Equity - Restricted Stock Unit Activity (Details) | 6 Months Ended | |
Sep. 30, 2023 $ / shares shares | ||
Restricted Stock Units (RSUs) [Member] | ||
Outstanding as of March 31, 2023(1) (in shares) | shares | 57 | [1] |
Outstanding as of March 31, 2023(1) (in dollars per share) | $ / shares | $ 209.27 | [1] |
Awards granted(1) (in shares) | shares | 53 | [1] |
Awards granted(1) (in dollars per share) | $ / shares | $ 134.35 | [1] |
Awards forfeited (in shares) | shares | (3) | |
Awards forfeited (in dollars per share) | $ / shares | $ 179.82 | |
Awards distributed (in shares) | shares | (25) | |
Awards distributed, weighted average grant date fair value per share (in dollars per share) | $ / shares | $ 208.33 | |
Outstanding as of September 30, 2023(1) (in shares) | shares | 82 | [1],[2] |
Outstanding as of September 30, 2023(1) (in dollars per share) | $ / shares | $ 162.48 | [1] |
Performance Stock Units [Member] | ||
Outstanding as of March 31, 2023(1) (in shares) | shares | 44 | [1] |
Outstanding as of March 31, 2023(1) (in dollars per share) | $ / shares | $ 286.02 | [1] |
Awards granted(1) (in shares) | shares | 32 | [1] |
Awards granted(1) (in dollars per share) | $ / shares | $ 132.29 | [1] |
Awards forfeited (in shares) | shares | 0 | |
Awards forfeited (in dollars per share) | $ / shares | $ 0 | |
Awards distributed (in shares) | shares | 0 | |
Awards distributed, weighted average grant date fair value per share (in dollars per share) | $ / shares | $ 0 | |
Outstanding as of September 30, 2023(1) (in shares) | shares | 76 | [1],[2] |
Outstanding as of September 30, 2023(1) (in dollars per share) | $ / shares | $ 223.07 | [1] |
[1]Balances for PSUs are reflected at target.[2]During the nine months ended December 31, 2022, the fiscal year 2020 PSUs vested and were distributed at 126% of target, based on actual performance results and completion of service conditions. |
Note 9 - Net (Loss) Earnings _3
Note 9 - Net (Loss) Earnings Per Share - Computation of Net Income Per Share, Basic & Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net (loss) | $ (1,230) | $ 1,306 | $ (1,779) | $ (132) | $ (1,779) | $ (132) |
Weighted average outstanding shares of common stock (in shares) | 5,387 | 5,323 | 5,379 | 5,298 | ||
Fully diluted shares (in shares) | 5,387 | 5,364 | 5,379 | 5,298 | ||
Basic (loss) earnings per share (in dollars per share) | $ (0.23) | $ 0.25 | $ (0.33) | $ (0.02) | ||
Diluted (loss) earnings per share (in dollars per share) | $ (0.23) | $ 0.24 | $ (0.33) | $ (0.02) | ||
Share-Based Payment Arrangement, Option [Member] | ||||||
Dilutive effect of shares (in shares) | 0 | 27 | 0 | 0 | ||
Restricted Stock Units (RSUs) [Member] | ||||||
Dilutive effect of shares (in shares) | 0 | 14 | 0 | 0 |
Note 9 - Net (Loss) Earnings _4
Note 9 - Net (Loss) Earnings Per Share - Antidilutive Securities Excluded From Computation of Earnings Per Share (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Total stock awards excluded from diluted EPS (in shares) | 933 | 822 | 904 | 988 |
Assumed Conversion of Convertible Debt [Member] | ||||
Total stock awards excluded from diluted EPS (in shares) | 608 | 608 | 608 | 608 |
Stock Awards that were Antidilutive [Member] | ||||
Total stock awards excluded from diluted EPS (in shares) | 282 | 154 | 255 | 328 |
Stock Awards Subject to Performance Conditions [Member] | ||||
Total stock awards excluded from diluted EPS (in shares) | 43 | 60 | 41 | 52 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) | 6 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Effective Income Tax Rate Reconciliation, Percent | 21.40% | (93.50%) |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% |
Note 11 - Commitments and Con_2
Note 11 - Commitments and Contingencies (Details Textual) $ in Thousands, € in Millions | Oct. 14, 2023 EUR (€) | Sep. 30, 2023 USD ($) | Nov. 17, 2022 USD ($) |
Belyntic Acquisition [Member] | Other Long-term Liabilities [Member] | |||
Business Combination, Contingent Consideration, Liability, Noncurrent | $ | $ 1,180 | $ 1,500 | |
GKE Acquisition [Member] | Subsequent Event [Member] | |||
Business Combination, Consideration Transferred, Liabilities Incurred | € 8.5 | ||
Business Combination, Consideration Transferred, Contingent Consideration Liability | € 5 |
Note 12 - Segment Information -
Note 12 - Segment Information - Operating Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||||||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||||||||
Revenues | $ 53,165 | $ 58,749 | $ 103,810 | $ 109,202 | $ 103,810 | $ 109,202 | |||||||
Gross profit (loss) | 32,109 | 36,386 | 63,292 | 67,727 | |||||||||
Operating expense | 32,169 | 32,391 | 64,016 | 68,326 | |||||||||
Operating (loss) income | (60) | 3,995 | (724) | (599) | |||||||||
Nonoperating expense, net | (1,265) | (611) | (1,538) | (1,429) | |||||||||
Operating Segments [Member] | |||||||||||||
Gross profit (loss) | 32,119 | 36,404 | 63,302 | 67,762 | |||||||||
Operating expense | 32,169 | 32,391 | 64,016 | 68,326 | |||||||||
Operating (loss) income | (60) | 3,995 | (724) | (599) | |||||||||
Nonoperating expense, net | 1,265 | 611 | 1,538 | 1,429 | |||||||||
(Loss) earnings before income taxes | (1,325) | 3,384 | (2,262) | (2,028) | |||||||||
Operating Segments [Member] | Sterilization and Disinfection Control [Member] | |||||||||||||
Revenues | 17,080 | [1] | 16,964 | [1] | 33,007 | 31,738 | 33,007 | [1] | 31,738 | [1] | |||
Gross profit (loss) | 12,476 | 12,199 | 24,067 | 22,967 | |||||||||
Operating Segments [Member] | Clinical Genomics [Member] | |||||||||||||
Revenues | 15,549 | [1] | 18,435 | [1] | 28,918 | 32,940 | 28,918 | [1] | 32,940 | [1] | |||
Gross profit (loss) | 7,727 | 10,641 | 14,455 | 18,490 | |||||||||
Operating Segments [Member] | Biopharmaceutical Development [Member] | |||||||||||||
Revenues | 9,207 | [1] | 12,144 | [1] | 19,096 | 23,111 | 19,096 | [1] | 23,111 | [1] | |||
Gross profit (loss) | 5,509 | 7,557 | 11,942 | 14,634 | |||||||||
Operating Segments [Member] | Calibration Solutions [Member] | |||||||||||||
Revenues | 11,329 | [1],[2] | 11,206 | [1],[2] | $ 22,789 | [2] | $ 21,413 | [2] | 22,789 | [1] | 21,413 | [1] | |
Gross profit (loss) | 6,407 | 6,007 | 12,838 | 11,671 | |||||||||
Corporate, Non-Segment [Member] | |||||||||||||
Revenues | [1],[3] | $ (10) | $ (18) | $ (10) | $ (35) | ||||||||
[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 12 - Segment Information_2
Note 12 - Segment Information - Segment Inventory (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Mar. 31, 2023 |
Total inventories | $ 32,879 | $ 34,642 |
Operating Segments [Member] | Sterilization and Disinfection Control [Member] | ||
Total inventories | 3,889 | 3,492 |
Operating Segments [Member] | Clinical Genomics [Member] | ||
Total inventories | 11,330 | 13,985 |
Operating Segments [Member] | Biopharmaceutical Development [Member] | ||
Total inventories | 8,541 | 8,384 |
Operating Segments [Member] | Calibration Solutions [Member] | ||
Total inventories | $ 9,119 | $ 8,781 |