Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2024 | May 31, 2024 | Sep. 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 | FY | ||
Document Fiscal Year Focus | 2024 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Mar. 31, 2024 | ||
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 | 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 | $ 547,000,000 | ||
Entity Common Stock, Shares Outstanding | 5,408,988 | ||
Auditor Name | RSM US LLP | ||
Auditor Location | Los Angeles, California | ||
Auditor Firm ID | 49 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Cash and cash equivalents | $ 28,214 | $ 32,910 |
Accounts receivable, less allowances of $1,321 and $849, respectively | 39,055 | 42,551 |
Inventories | 32,675 | 34,642 |
Prepaid expenses and other | 9,408 | 8,872 |
Total current assets | 109,352 | 118,975 |
Noncurrent assets | ||
Property, plant and equipment, net | 31,766 | 28,149 |
Deferred tax asset | 1,292 | 1,076 |
Other Assets, Noncurrent | 10,538 | 10,373 |
Intangible assets | 113,752 | 216,815 |
Goodwill | 180,096 | 286,444 |
Total assets | 446,796 | 661,832 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Accounts payable | 6,041 | 6,134 |
Accrued payroll and benefits | 9,935 | 9,433 |
Unearned revenues | 15,478 | 15,694 |
Other accrued expenses | 12,858 | 12,098 |
Total current liabilities | 44,312 | 43,359 |
Liabilities, Noncurrent [Abstract] | ||
Deferred tax liability | 19,780 | 34,028 |
Acquisition-related holdbacks | 8,792 | 1,537 |
Other Liabilities, Noncurrent | 6,821 | 6,156 |
Credit facility | 50,500 | 13,000 |
Convertible senior notes, net of debt issuance costs | 171,198 | 170,272 |
Total liabilities | 301,403 | 268,352 |
Stockholders’ equity | ||
Common stock, no par value; authorized 25,000,000 shares; issued and outstanding, 5,394,491 and 5,369,466 shares, respectively | 343,642 | 332,076 |
(Accumulated deficit) retained earnings | (183,494) | 74,199 |
Accumulated other comprehensive (loss) | (14,755) | (12,795) |
Total stockholders’ equity | 145,393 | 393,480 |
Total liabilities and stockholders’ equity | 446,796 | 661,832 |
Customer Relationships [Member] | ||
Noncurrent assets | ||
Intangible assets | 85,383 | 152,189 |
Intellectual Property [Member] | ||
Noncurrent assets | ||
Intangible assets | 15,701 | 46,400 |
Other Intangible Assets [Member] | ||
Noncurrent assets | ||
Intangible assets | $ 12,668 | $ 18,226 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Allowance for doubtful accounts receivable | $ 1,321 | $ 849 |
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) | 5,394,491 | 5,369,466 |
Common stock, outstanding (in shares) | 5,394,491 | 5,369,466 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Revenues | |||
Revenue | $ 216,187 | $ 219,080 | $ 184,335 |
Cost of revenues | |||
Cost of revenue | 82,937 | 85,387 | 75,245 |
Gross profit | $ 133,250 | $ 133,693 | $ 109,090 |
Basic (loss) earnings per share (in dollars per share) | $ (47.2) | $ 0.17 | $ 0.36 |
Diluted (loss) earnings per share (in dollars per share) | $ (47.2) | $ 0.17 | $ 0.35 |
Operating expense | |||
Selling | $ 38,625 | $ 37,439 | $ 28,310 |
General and administrative, other than impairment of finite-lived intangible assets and goodwill | 72,867 | 72,444 | 60,311 |
Research and development | 19,300 | 20,490 | 15,767 |
Impairment of finite-lived intangible assets | 117,641 | 0 | 0 |
Impairment of goodwill | 156,892 | 0 | 0 |
Total operating expense | 405,325 | 130,373 | 104,388 |
Operating (loss) income | (272,075) | 3,320 | 4,702 |
Nonoperating expense | |||
Interest expense and amortization of debt issuance costs | 5,697 | 4,770 | 3,885 |
Other (income), net | (2,124) | (1,061) | (2,757) |
Total nonoperating expense, net | 3,573 | 3,709 | 1,128 |
(Loss) earnings before income taxes | (275,648) | (389) | 3,574 |
Income tax (benefit) expense | (21,402) | (1,319) | 1,703 |
Net (loss) income | $ (254,246) | $ 930 | $ 1,871 |
Weighted-average common shares outstanding | |||
Basic (in shares) | 5,386 | 5,321 | 5,212 |
Diluted (in shares) | 5,386 | 5,361 | 5,335 |
Product [Member] | |||
Revenues | |||
Revenue | $ 176,796 | $ 180,520 | $ 149,422 |
Cost of revenues | |||
Cost of revenue | 57,200 | 60,937 | 54,747 |
Service [Member] | |||
Revenues | |||
Revenue | 39,391 | 38,560 | 34,913 |
Cost of revenues | |||
Cost of revenue | $ 25,737 | $ 24,450 | $ 20,498 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Net (loss) income | $ (254,246) | $ 930 | $ 1,871 |
Other comprehensive (loss) | |||
Foreign currency translation adjustments | (1,960) | (16,461) | (12,450) |
Comprehensive (loss) | $ (256,206) | $ (15,531) | $ (10,579) |
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, 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, $0.64 per share | (3,339) | (3,339) | |||||||
Stock-based compensation expense | $ 11,391 | 11,391 | |||||||
Foreign currency translation | (12,450) | [1] | (12,450) | ||||||
Net income | 1,871 | 1,871 | |||||||
Net income | 1,871 | 1,871 | |||||||
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) | 108,737 | ||||||||
Exercise of stock options and vesting of restricted stock units | $ 6,997 | 6,997 | |||||||
Tax withholding on restricted stock units (in shares) | (4,898) | ||||||||
Tax withholding on restricted stock units | $ (919) | 0 | 0 | (919) | |||||
Dividends paid, $0.64 per share | (3,406) | (3,406) | |||||||
Stock-based compensation expense | 12,538 | 12,538 | |||||||
Foreign currency translation | (16,461) | [1] | (16,461) | ||||||
Net income | 0 | 930 | 0 | 930 | |||||
Net income | $ 0 | 930 | 0 | $ 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 | ||||
Exercise of stock options and vesting of restricted stock units (in shares) | 30,418 | 2,000 | |||||||
Exercise of stock options and vesting of restricted stock units | $ 358 | $ 358 | |||||||
Tax withholding on restricted stock units (in shares) | (5,393) | ||||||||
Tax withholding on restricted stock units | $ (728) | 0 | 0 | (728) | |||||
Dividends paid, $0.64 per share | (3,447) | (3,447) | |||||||
Stock-based compensation expense | $ 11,936 | 11,936 | |||||||
Foreign currency translation | (1,960) | [1] | (1,960) | ||||||
Net income | (254,246) | (254,246) | |||||||
Net income | (254,246) | $ (254,246) | |||||||
Balance (in shares) at Mar. 31, 2024 | 5,394,491 | 5,394,491 | |||||||
Balance at Mar. 31, 2024 | $ 343,642 | $ (183,494) | $ (14,755) | [1] | $ 145,393 | ||||
[1]Accumulated Other Comprehensive [(Loss) Income]. |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
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, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flows from operating activities: | |||
Net (loss) income | $ (254,246) | $ 930 | $ 1,871 |
Adjustments to reconcile net (loss) income to net cash from operating activities: | |||
Depreciation of property, plant and equipment | 4,233 | 4,313 | 3,262 |
Amortization of acquisition-related intangibles | 27,341 | 28,821 | 21,806 |
Stock-based compensation expense | 11,936 | 12,538 | 11,391 |
Impairment loss on goodwill and finite-lived intangible assets | 274,533 | 0 | 0 |
Non-cash interest and debt amortization | 926 | 907 | 1,029 |
Deferred taxes | (28,421) | (3,494) | 128 |
Amortization of step-up in inventory basis | 1,229 | 0 | 7,462 |
Other | 629 | 1,080 | (534) |
Cash from changes in operating assets and liabilities: | |||
Accounts receivable, net | 4,940 | (2,121) | (6,752) |
Inventories | 2,563 | (10,182) | (1,045) |
Prepaid expenses and other assets | 211 | (510) | (3,606) |
Accounts payable | (97) | (1,545) | 1,370 |
Accrued liabilities and taxes payable | (1,236) | (3,360) | 255 |
Unearned revenues | (408) | 606 | 2,586 |
Net cash provided by operating activities | 44,133 | 27,983 | 39,223 |
Cash flows from investing activities: | |||
Acquisitions, net of cash acquired and holdback liabilities | (78,739) | (4,950) | (300,793) |
Purchases of property, plant and equipment | (2,567) | (4,544) | (4,432) |
Net cash (used in) investing activities | (81,306) | (9,494) | (305,225) |
Cash flows from financing activities: | |||
Proceeds from the issuance of debt | 71,000 | 0 | 70,000 |
Repayment of debt | (33,500) | (36,000) | (21,000) |
Dividends paid | (3,447) | (3,406) | (3,339) |
Proceeds from the exercise of stock options | 358 | 6,997 | 8,027 |
Payment of tax withholding obligation on vesting of restricted stock | (728) | (919) | (875) |
Other financing, net | (847) | 0 | (237) |
Net cash provided by (used in) financing activities | 32,836 | (33,328) | 52,576 |
Effect of exchange rate changes on cash and cash equivalents | (359) | (1,597) | (1,093) |
Net (decrease) in cash and cash equivalents | (4,696) | (16,436) | (214,519) |
Cash and cash equivalents at beginning of period | 32,910 | 49,346 | 263,865 |
Cash and cash equivalents at end of period | 28,214 | 32,910 | 49,346 |
Cash paid for: | |||
Income taxes | 4,591 | 1,356 | 3,048 |
Interest | 4,648 | 3,485 | 2,762 |
Supplemental non-cash activity: | |||
Acquisition-related consideration held back against potential indemnification losses | 8,448 | 0 | 0 |
Contingent consideration from new acquisitions | $ 0 | $ 1,190 | $ 0 |
Note 1 - Description of Busines
Note 1 - Description of Business and Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2024 | |
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 global leader in the design and manufacture of life sciences tools and critical quality control solutions for regulated applications in the pharmaceutical, healthcare, and medical device industries. We offer products and services to help our customers ensure product integrity, increase patient and worker safety, and improve the quality of life throughout the world. 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 March 31, 2024 four ● Sterilization and Disinfection Control ● Clinical Genomics ● 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. 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 and certain other exceptions as defined by applicable accounting guidance, are measured using Level 3 Revenue Recognition Our revenues come from product sales, which include consumables and hardware, and 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 We expense commission costs (typically our only significant incremental cost to obtain a contract) as incurred and to account for shipping and handling costs as fulfillment costs. The substantial majority of our contracts have original durations of one not not one None March 31, 2024 2023 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 Operations, 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 is 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 Credit Losses 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 credit losses. Allowances for credit losses 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. To mitigate 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 do not Differences may March 31, 2024, 2023, 2022, Cash Equivalents We classify any highly liquid investments with maturities of three no March 31, 2024 2023. Inventories Inventories are stated at the lower of cost or net realizable value. Inventory is recorded to cost of products upon sale using a weighted average costing methodology. Inventories purchased as part of a business combination are recorded at fair 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 accumulated 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 useful 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, furniture and fixtures 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 We determine whether contractual arrangements contain a lease at the inception of the arrangement. If a lease is identified in an arrangement, we recognize a right-of-use asset ("ROU") and liability on our Consolidated Balance Sheets and determine whether the lease should be classified as a finance or operating lease. We do not two twelve March 31, 2024. 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 revenues or selling, general and administrative, or research and development expense on our Consolidated Statements of Operations, depending on the nature of use of the underlying asset. Many of our leases include one 1 3 Acquired Intangible Assets, Impairment Testing Our goodwill and other intangible assets result from acquisitions of existing businesses. Intangible assets affect the amount of future amortization expense and possible impairment losses we may Intangible assets with finite lives are amortized over their useful lives using the straight-line method, and amortization expense is recorded within cost of revenues or general and administrative expense in the Consolidated Statements of Operations. Impairment assessments are conducted if events or conditions indicate that the carrying value of an asset or asset group may not not not 3 Acquired intangible assets deemed to have finite lives are amortized on a straight-line basis over their useful lives, generally ranging from three fifteen Goodwill is not January 1st not not not five may The fair value measurements used in testing intangible assets for impairment are typically based on discounted cash flow projection and market multiple models, using Level 3 During the fourth 2024, 6. 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 March 31, 2024. 2025 one 8. 2025 may 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 the Amended and Restated Mesa Laboratories, Inc. 2021 "2021 2021 2024, 330 660 2014 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 Stock options and service-based stock awards generally vest equally over a three six one 2021 Expense for PSUs is recognized, net of estimated forfeitures, over the related service period using a straight-line vesting schedule when it is probable that performance goals will be achieved. Performance goals are determined by the Board of Directors and may 20% three The grant date fair value of the PSUs with a relative TSR modifier is determined using the Monte Carlo simulation valuation model. The fair value of RSUs and performance-based RSUs without a market condition are 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 pricing 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. To date, we have identified no We allocate stock-based compensation expense to cost of revenues, selling, research and development, and general and administrative expense in the Consolidated Statements of Operations. Net (Loss) Earnings Per Share Basic net (loss) earnings per share (“EPS”) is computed by dividing net 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 EPS, except it includes the effects of potential dilution that could occur if dilutive securities vested, were exercised or converted. Potentially dilutive securities include stock options, RSUs and PSUs (collectively “stock awards”), as well as common shares underlying the 2025 not 10. March 31, 2024, 2023 2022 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, 2024 In addition to contingent consideration liabilities, we may not may 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 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, 2024, 2023 2022 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 an 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 judgment about the outcome of future events. It is not ● Estimates regarding the recoverability of deferred tax assets and estimates regarding cash needs and associated indefinite reinvestment assertions. ● Estimates of the net realizable value of inventory. ● Estimates regarding future financial performance and other inputs into fair value estimates related to impairment tests for goodwill and intangible assets that could result in additional future impairment losses. We do not not Recently Issued Accounting Pronouncements In November 2023, No. 2023 07, 280 No. 2023 07 280 December 15, 2023, December 15, 2024 In December 2023, No. 2023 09, 740 No. 2023 09, December 15, 2024 ( 2026 We have reviewed all recently issued accounting pronouncements and have concluded that, other than as described above, they are either not not Recently Adopted Accounting Pronouncements There have been no 2024. |
Note 2 - Revenue
Note 2 - Revenue | 12 Months Ended |
Mar. 31, 2024 | |
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 consumables. Hardware sales include physical products such as instruments used for molecular and genetic analysis, protein synthesizers, medical meters, wireless sensor systems, data loggers, and process challenge devices. Hardware may Consumables are typically used on a one Revenues from hardware and consumables are recognized upon transfer to the customer, typically at the point of shipment. 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, 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 business division and the nature of goods and services provided. The following tables present disaggregated revenues from contracts with customers for the years ended March 31, 2024, 2023 2022 Year Ended March 31, 2024 Sterilization and Disinfection Control (1) Clinical Genomics Biopharmaceutical Development Calibration Solutions Total Consumables $ 65,459 $ 36,086 $ 17,086 $ 2,345 $ 120,976 Hardware and Software 549 12,254 12,993 30,024 55,820 Services 9,116 4,248 10,633 15,394 39,391 Total revenues $ 75,124 $ 52,588 $ 40,712 $ 47,763 $ 216,187 Year Ended March 31, 2023 Sterilization and Disinfection Control Clinical Genomics Biopharmaceutical Development Calibration Solutions Total Consumables $ 55,605 $ 43,374 $ 15,800 $ 3,062 $ 117,841 Hardware and Software 692 13,347 22,079 26,561 62,679 Services 8,312 5,578 9,486 15,184 38,560 Total revenues $ 64,609 $ 62,299 $ 47,365 $ 44,807 $ 219,080 Year Ended March 31, 2022 Sterilization and Disinfection Control Clinical Genomics (2) Biopharmaceutical Development Calibration Solutions Total Consumables $ 50,311 $ 22,271 $ 15,551 $ 3,675 $ 91,808 Hardware and Software 700 6,726 21,651 28,537 57,614 Services 8,033 3,843 8,377 14,660 34,913 Total revenues $ 59,044 $ 32,840 $ 45,579 $ 46,872 $ 184,335 ( 1 October 16, 2023, January 1, 2024. ( 2 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 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, 2023 $ 16,098 Prior year liabilities recognized in revenues during the year ended March 31, 2024 (9,557 ) Contract liabilities added during the year ended March 31, 2024, net of revenues recognized 9,145 Contract liabilities balance as of March 31, 2024 $ 15,686 |
Note 3 - Fair Value Measurement
Note 3 - Fair Value Measurements | 12 Months Ended |
Mar. 31, 2024 | |
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; they are classified within Level 1 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. No customers accounted for more than 10% March 31, 2024 As of March 31, 2024, August 15, 2025, 2025 2025 2 2025 March 31, 2024 March 31, 2023 Carrying Value Fair Value (Level 2) Carrying Value Fair Value (Level 2) 2025 Notes $ 171,198 $ 163,013 $ 170,272 $ 161,072 See Note 15. 2025 April 2024. The Belyntic acquisition obligates us to pay contingent consideration of up to $1,500 cash upon regulatory approval of certain patent applications (see Note 13. 3 March 31, 2024, Amounts recognized or disclosed at fair value in the 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 (see Note 4. March 31, 2024 ( 6. no March 31, 2023 March 31, 2022. 3 There were no March 31, 2024 2023 |
Note 4 - Significant Transactio
Note 4 - Significant Transactions | 12 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Significant Transactions [Text Block] | Note 4. Acquisition of GKE We acquired 100% of the outstanding shares of GKE GmbH and SAL GmbH effective October 16, 2023, December 31, 2023 ( December 31, 2023, January 1, 2024. GKE develops, manufactures and sells a highly competitive portfolio of chemical sterilization indicators, biologics, and process challenge devices to protect patient safety across global healthcare markets. GKE is included in our Sterilization and Disinfection Control ("SDC") division, and GKE's strengths in chemical indictors are complementary to SDC's strengths in biologic indicators, as chemical and biologic indicators are used in the same sterility validation workflows. Additionally, GKE’s healthcare-focused commercial capabilities in Europe and Asia greatly expand our reach in the healthcare markets in those geographies. We are working to obtain regulatory 510 Total consideration for the GKE acquisition was $87,187, net of cash and financial liabilities and inclusive of working capital adjustments . March 31, 2024 18 8 . Allocation of Purchase Price We accounted for the GKE acquisition as a business combination using the acquisition method of accounting. Under the acquisition method of accounting, the acquiree's identifiable assets acquired and liabilities assumed are recorded at their acquisition date fair values and are consolidated with those of the acquirer. The multi-period excess earnings method, a form of the income approach, was used to value acquired customer relationships, while the relief from royalty method was used to value acquired intellectual property and trade names. The non-compete agreements were valued using a probability-weighted estimate of the expected economic impact that would occur in the absence of the agreements. Significant judgments and estimates are required when performing valuations, including, among other assumptions, internal rates of return, revenue growth rates, customer attrition rates, and royalty rates, all of which are considered Level 3 may The following table summarizes the allocation of the purchase price as of acquisition: Life (in years) Amount Cash and cash equivalents $ 4,191 Accounts receivable (a) 2,252 Inventories (b) 4,730 Other current assets 176 Total current assets 11,349 Property, plant and equipment (c) 3,398 Other noncurrent assets 3,041 Intangible assets: Customer relationships (d) 12 34,708 Intellectual property (d) 7 3,208 Trade names (d) 10 5,412 Non-compete agreements (d) 3 743 Goodwill (e) 48,850 Total assets acquired $ 110,709 Accounts payable 11 Deferred tax liability 13,901 Other current liabilities 2,746 Long-term liabilities 2,673 Total liabilities assumed 19,331 Total purchase price, net of cash acquired $ 87,187 (a) Accounts receivable are expected to be collected. The carrying value of accounts receivable at acquisition approximates fair value. (b) Includes $2,414 of inventory step-up, which we expect to amortize within approximately one October 16, 2023 March 31, 2024, (c) Includes $2,353 of fixed asset step-up, which will be amortized based on the underlying assets' expected lives. During the period from October 16, 2023 March 31, 2024, (d) Acquired amortizable intangible assets are currently expected to be amortized on a straight-line basis over a weighted average period of 11.2 October 16, 2023 March 31, 2024, (e) Acquired goodwill of $48,850, none not Acquisition related costs such as legal and advisory fees were approximately $835 during fiscal year 2024; not GKE's operations contributed $9,289 to revenues and $1,046 of net income (including $2,271 of non-cash amortization expense related to acquired intangible assets and $1,229 of non-cash inventory step up expense) to our consolidated results during the twelve March 31, 2024 . Supplemental unaudited pro-forma information Combined revenues from Mesa and GKE for fiscal years 2024 2023 April 1, 2022. It is impracticable for us to disclose pro-forma net earnings information regarding the combined results of the operations of Mesa and GKE as if the acquisition had occurred at an earlier date. Prior to acquisition, GKE was a privately owned company with financial statements prepared on a statutory, rather than GAAP, basis, using a different fiscal year end than Mesa's. Certain financial information cannot be recreated for accurate financial results. For example, prior to Mesa's ownership, GKE accounted for inventory at an unburdened rate and performed only annual inventory counts, such that we cannot accurately estimate cost of goods sold. Additionally, all transactions occurring between the three not not Belyntic, GmbH On November 17, 2022, 13 . twelve March 31, 2024, December 31, 2023. Agena Bioscience, Inc. On October 20, 2021, 100% |
Note 5 - Leases
Note 5 - Leases | 12 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | Note 5. We have operating leases for buildings and office equipment used in manufacturing and distribution, engineering, research and development, sales and marketing, and administration activities. 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, 2024 March 31, 2023 Operating lease ROU asset Other assets $ 9,671 $ 8,693 Current operating lease liabilities Other accrued expenses 2,986 2,868 Noncurrent operating lease liabilities Other long-term liabilities 6,613 5,752 The components of lease costs, the weighted average remaining lease term and the weighted average discount rate were as follows: Year Ended March 31, 2024 2023 Operating lease expense $ 3,453 $ 3,064 Variable lease expense 530 704 Total lease expense $ 3,983 $ 3,768 Weighted average remaining lease term in years 4.6 3.3 Weighted average discount rate 4.1 % 2.0 % Supplemental cash flow information related to leases was as follows: Year Ended March 31, 2024 2023 Cash paid for amounts included in the measurements of lease liabilities $ 3,392 $ 3,017 Operating lease assets obtained in exchange for operating lease obligations 4,265 1,426 Increases in operating lease right of use assets and lease liabilities are primarily due to the acquisition of GKE. As of March 31, 2024 March 31: 2025 $ 3,306 2026 2,721 2027 2,169 2028 444 2029 413 Thereafter 1,792 Future value of lease liabilities 10,845 Less: imputed interest 1,246 Present value of lease liabilities $ 9,599 The maturity schedule above does not not first 2025. |
Note 6 - Goodwill and Intangibl
Note 6 - Goodwill and Intangible Assets, Net | 12 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 6 . Goodwill and Intangible Assets, Net Goodwill Goodwill arises from the excess purchase price of acquired businesses over the fair value of acquired tangible and intangible assets, less assumed liabilities. Sterilization and Disinfection Control Clinical Genomics Biopharmaceutical Development Calibration Solutions Total March 31, 2022 $ 29,750 $ 135,914 $ 88,265 $ 37,237 291,166 Effect of foreign currency translation (191 ) 49 (7,381 ) (20 ) (7,543 ) Goodwill related to Belyntic acquisition - - 2,973 - 2,973 Measurement period adjustment, Agena acquisition - (152 ) - - (152 ) March 31, 2023 $ 29,559 $ 135,811 $ 83,857 $ 37,217 286,444 Effect of foreign currency translation 1,021 (130 ) (32 ) (6 ) 853 Impairment losses - (118,741 ) (38,151 ) - (156,892 ) Goodwill related to GKE acquisition 48,850 - - - 48,850 Measurement period adjustment, Belyntic Acquisition - - 841 - 841 March 31, 2024 $ 79,430 $ 16,940 $ 46,515 $ 37,211 $ 180,096 In the third 2024, 4. During the fourth March 31, 2024, For reporting units associated with our Clinical Genomics and Biopharmaceutical Development divisions, we performed quantitative impairment analyses over goodwill because declining revenues growth in both divisions indicated that the fair values of the businesses might have declined below their carrying values. We also performed quantitative impairment analyses on finite-lived intangible assets within those divisions. More information on the impairment losses is included in the “Impairment Losses” section below. We performed qualitative impairment tests over reporting units in our Sterilization and Disinfection Control and Calibration Solutions divisions and concluded that it was not not Finite-Lived Intangible Assets Other intangible assets were as follows: March 31, 2024 March 31, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 189,911 $ (104,528 ) $ 85,383 $ 238,247 $ (86,058 ) $ 152,189 Intellectual property 41,602 (25,901 ) 15,701 65,950 (19,550 ) 46,400 Other intangibles 19,559 (6,891 ) 12,668 24,793 (6,567 ) 18,226 Total $ 251,072 $ (137,320 ) $ 113,752 $ 328,990 $ (112,175 ) $ 216,815 Amortization expense for finite-lived intangible assets acquired in a business combination was as follows: Year Ended March 31, 2024 2023 2022 Amortization in cost of revenues $ 6,052 $ 6,796 $ 3,806 Amortization in general and administrative 21,289 22,025 18,000 Total $ 27,341 $ 28,821 $ 21,806 Other than amortization expense, the changes in finite-lived intangible assets from March 31, 2023 March 31, 2024 4. In addition to testing definite-lived intangible assets for impairment in our Clinical Genomics and Biopharmaceutical Development divisions, we also quantitatively tested trademarks and trade names which were previously identified as indefinite-lived intangible assets in our Biopharmaceutical Development division. We concluded the trademarks and trade names were not January 1, 2024, October 2029, no not The range of useful lives and weighted-average remaining useful lives of amortizable intangible assets as of March 31, 2024 Approx. Est. Useful Weighted Avg. Life Remaining Life Description (Years) (Years) Customer Relationships 7 - 14 8.0 Intellectual Property 7 - 10 5.9 Other Intangibles 3 - 12 7.9 The following is estimated amortization expense for the years ending March 31: Amortization Year Expense 2025 $ 17,788 2026 16,988 2027 16,328 2028 15,735 2029 15,182 Impairment Losses In conjunction with our annual impairment testing, we engaged external valuation specialists to aid in performing recoverability tests, and ultimately fair value tests, over intangible assets in our Clinical Genomics division and both reporting units (Immunoassays and Peptides) of our Biopharmaceutical Development division. Fair value testing was performed by weighting Gordon Growth and Exit Multiple discounted cash flow models and guideline public company models ( one 3 not January 1, 2024, $58,900 0% January 1, 2024 no March 31, 2024 3 We monitor each of our divisions for indicators of impairment on a quarterly basis. Several changes to the Clinical Genomics division occurred during the fourth 2024 17 1.5 2 fourth 2024, two Throughout fiscal year 2024, first three 2024 not not fourth 2024, fourth Conditions that negatively impacted both the Clinical Genomics and the Biopharmaceutical Development division included: ● significant increases in discount rates used to value the reporting units due elevated risk-free rates and macroeconomic risk in the market; ● macroeconomic factors, particularly in the biopharmaceutical and pharmaceutical markets, including decreased spending on capital equipment and consolidation of some served customers; ● continued uncertainty in the wider macroeconomic environment, including persistently elevated interest rates compared to when the acquisitions were consummated; and, ● macroeconomic uncertainty in China, which resulted in lower than expected capital equipment purchases; ● continuing high interest rates limiting our customers’ spend on capital equipment. The nature of our Sterilization and Disinfection Control and Calibration Solutions divisions makes them less sensitive to existing macroeconomic conditions, particularly since the product lines offered by these divisions do not |
Note 7 - Supplemental Balance S
Note 7 - Supplemental Balance Sheet Information | 12 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | Note 7. Significant changes in balance sheet amounts below are primarily attributable to the acquisition of GKE and related step-up amounts under purchase accounting. See Note 4. Inventories consisted of the following: March 31, 2024 March 31, 2023 Raw materials $ 18,335 $ 20,064 Work in process 1,256 617 Finished goods 13,084 13,961 Total inventories $ 32,675 $ 34,642 In addition to sales of existing inventories, higher non-cash scrap expense in fiscal year 2024 contributed to the overall decrease in inventories, partially offset by the GKE acquisition and inventory purchases to meet current production needs. Prepaid expenses and other consisted of the following: March 31, 2024 March 31, 2023 Prepaid expenses $ 2,932 $ 2,498 Deposits 1,898 1,376 Prepaid income taxes 1,237 953 Other current assets 3,341 4,045 Total prepaid expenses and other $ 9,408 $ 8,872 Property, plant and equipment consisted of the following: March 31, 2024 March 31, 2023 Land $ 889 $ 889 Buildings and building improvements 23,480 22,005 Manufacturing equipment 19,540 14,481 Computer equipment 3,613 4,413 Other 5,383 4,394 Construction in progress 1,380 1,735 Gross total 54,285 47,917 Accumulated depreciation (22,519 ) (19,768 ) Property, plant and equipment, net $ 31,766 $ 28,149 Depreciation expense was as follows: Year Ended March 31, 2024 2023 2022 Depreciation expense in Cost of revenues $ 3,031 $ 3,163 $ 2,243 Depreciation expense in Operating expense 1,202 1,150 1,019 Total depreciation expense $ 4,233 $ 4,313 $ 3,262 Accrued payroll and benefits consisted of the following: March 31, 2024 March 31, 2023 Bonus payable $ 3,838 $ 4,461 Wages and paid-time-off payable 3,072 2,329 Payroll related taxes 1,956 1,982 Other benefits payable 1,069 661 Total accrued payroll and benefits $ 9,935 $ 9,433 Other accrued expenses consisted of the following: March 31, 2024 March 31, 2023 Accrued business taxes $ 5,557 $ 5,941 Current operating lease liabilities 2,986 2,868 Income taxes payable 1,615 992 Other 2,700 2,297 Total other accrued expenses $ 12,858 $ 12,098 |
Note 8 - Indebtedness
Note 8 - Indebtedness | 12 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 8 . Indebtedness Credit Facility On March 5, 2021, four 1 2 not 3 not October 5, 2023, four Subsequent to the end of fiscal year 2024, April 5, 2024, (i) Extend the maturity of the Credit Facility to April 2029; (ii) Allow proceeds from the Credit Facility to be used to redeem some or all of the Company’s 2025 (iii) Include a $75,000 (iv) Make certain changes to the financial covenants. Amounts borrowed under the Credit Facility bear interest at either a base rate or a SOFR rate plus an applicable spread ranging from 1.5% to 3.5%, depending on our total net leverage ratio. The interest rate on borrowings under our line of credit as of March 31, 2024 We are obligated to pay quarterly unused commitment fees of between 0.20% and 0.35% of the Revolver’s aggregate principal amount, based on our leverage ratio. We incurred unused commitment fees of $164 and $107 for the years ended March 31, 2024, March 31, 2023, March 31, 2024 2023, During the second 2024, third fourth 2024. March 31, 2024, March 31, 2024, April 5, 2024 2025 15. The financial covenants in the Credit Facility as amended include a maximum leverage ratio of 4.50 to 1.00 first five 1.0 ninth 1.0 ninth 1.0 1. March 31, 2024, 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 2025 not March 31, 2024. Immediately following completion of the amendment of the Credit Facility, on April 5, 2024, 2025 2025 15. Debt issuance costs related to the 2025 third 2025 The net carrying amount of the 2025 March 31, 2024 March 31, 2023 Principal outstanding $ 172,500 $ 172,500 Unamortized debt issuance costs (1,302 ) (2,228 ) Net carrying value $ 171,198 $ 170,272 We recognized interest expense on the 2025 Year Ended March 31, 2024 2023 2022 Coupon interest expense at 1.375% $ 2,372 $ 2,372 $ 2,372 Amortization of debt issuance costs 926 907 890 Total $ 3,298 $ 3,279 $ 3,262 The effective interest rate of the liability component of the 2025 As of March 31, 2024, 2025 not not not 2024. |
Note 9 - Stock Transactions and
Note 9 - Stock Transactions and Stock-based Compensation | 12 Months Ended |
Mar. 31, 2024 | |
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) Stock-Based Compensation We issue shares in the form of stock options, RSUs and PSUs to employees and non-employee directors pursuant to the 2021 2014 2021 March 31, 2024. 2014 March 31, 2024. Stock-based compensation expense recognized in the Consolidated Financial Statements was as follows: Year Ended March 31, 2024 2023 2022 Stock-based compensation expense $ 11,936 $ 12,538 $ 11,391 Amount of income tax expense (benefit) recognized in earnings 2,718 (1,169 ) (4,055 ) Stock-based compensation expense, net of tax $ 14,654 $ 11,369 $ 7,336 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: Year Ended March 31, 2024 2023 2022 Weighted-average value at grant date $ 130.07 $ 185.60 $ 268.81 Expected life (years) 3.52 3.52 3.52 Expected dividend yield 0.07 % 0.07 % 0.06 % Volatility 37.82 % 37.29 % 38.82 % Risk-free interest rate 4.16 % 3.55 % 0.46 % Using the assumptions in the tables above, the weighted-average Black-Scholes fair value per share at grant date for the years ended March 31, 2024, 2023 2022 Stock option activity under the 2021 2014 March 31, 2024 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 56 130.07 Awards forfeited or expired (23 ) 192.15 Awards exercised or distributed (2 ) 132.40 24 Outstanding as of March 31, 2024 194 $ 181.89 3.2 $ 26 Exercisable awards as of March, 31, 2024 109 $ 197.63 2.0 $ - Exercisable awards and awards expected to vest, March 31, 2024 187 $ 183.16 3.2 $ 23 The total intrinsic value of stock options exercised during the years ended March 2023 March 2022 March 31, 2024 March 31, 2024, 2023 2022 Time-Based Restricted Stock Units (RSUs) RSU activity under the 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, 2023 57 $ 209.27 1.0 $ 9,993 Awards granted 55 133.30 Awards forfeited or expired (8 ) 166.78 Awards distributed (28 ) 212.22 3,658 Nonvested as of March 31, 2024 76 $ 157.83 1.0 $ 8,325 Expected to vest 69 $ 158.85 1.8 $ 7,540 For the years ended March 31, 2023 2022, March 31, 2024 March 31, 2024, 2023 2022 March 31, 2023 March 2022 Performance-Based Restricted Stock Units (PSUs) We grant performance-based RSUs to certain key employees. Vesting of the awards is contingent upon meeting certain service conditions, as well as meeting certain performance and/or market conditions. PSU activity under the 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, 2023 at target 44 $ 286.02 3.5 $ 7,958 Awards granted 32 132.29 Performance adjustment (19 ) 177.84 Awards forfeited or expired at target (1 ) 132.29 Nonvested as of March 31, 2024 at target 56 $ 240.96 2.6 $ 6,142 Expected to vest 55 $ 243.67 2.4 $ 5,984 For the years ended March 31, 2023 2022, March 31, 2024 March 31, 2023 2022, March 31, 2024. March 31, 2023 2022 During the year ended March 31, 2024, "FY24 FY24 April 1, 2023 March 31, 2024, June 21, 2023 June 21, 2026 . FY24 20% April 1, 2023 March 31, 2026. On October 28, 2021, three April 1, 2021 March 31, 2024. October 28, 2021 October 27, 2024, October 27, 2025, October 27, 2026, March 31, 2024 During the year ended March 31, 2024 , , In November 2005, may March 31, 2024, 2023 2022. March 31, 2024 Under applicable law, Colorado corporations are not |
Note 10 - Net (Loss) Earnings P
Note 10 - Net (Loss) Earnings Per Share | 12 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 10 . Net (Loss) 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 net (loss) earnings per share: Year Ended March 31, 2024 2023 2022 Net (loss) earnings available for shareholders $ (254,246 ) $ 930 $ 1,871 Weighted average outstanding shares of common stock 5,386 5,321 5,212 Dilutive effect of stock options - 26 100 Dilutive effect of unvested stock awards - 14 23 Fully diluted shares 5,386 5,361 5,335 Basic (loss) earnings per share $ (47.20 ) $ 0.17 $ 0.36 Diluted (loss) earnings per share $ (47.20 ) $ 0.17 $ 0.35 The impact of the assumed conversion of the 2025 2025 March 31, 2024, 2023, 2022. The following stock awards were excluded from the calculation of diluted EPS: Year Ended March 31, 2024 2023 2022 Assumed conversion of convertible debt 608 608 608 Stock awards that were anti-dilutive 268 154 40 Total stock awards excluded from diluted EPS 876 762 648 |
Note 11 - Employee Benefit Plan
Note 11 - Employee Benefit Plans | 12 Months Ended |
Mar. 31, 2024 | |
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 401 March 31, 2024, 2023 2022 |
Note 12 - Income Taxes
Note 12 - Income Taxes | 12 Months Ended |
Mar. 31, 2024 | |
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, 2024 2023 2022 Domestic $ (233,853 ) $ 1,887 $ 4,579 Foreign (41,795 ) (2,276 ) (1,005 ) Total (loss) earnings before income taxes $ (275,648 ) $ (389 ) $ 3,574 The components of our provision for income taxes were as follows: Year Ended March 31, 2024 2023 2022 Current tax provision: U.S. Federal $ 3,002 $ 593 $ (83 ) U.S. State 1,678 538 286 Foreign 2,330 1,070 1,372 Total current tax expense 7,010 2,201 1,575 Deferred tax provision: U.S. Federal (20,387 ) (1,432 ) 1,707 U.S. State (1,853 ) (210 ) 337 Foreign (6,172 ) (1,878 ) (1,916 ) Total deferred tax (benefit) expense (28,412 ) (3,520 ) 128 Total income tax (benefit) expense $ (21,402 ) $ (1,319 ) $ 1,703 A reconciliation of our income tax provision and the amounts computed by applying statutory rates to earnings before income taxes was as follows (percentages may not Year Ended March 31, 2024 2023 2022 Amount % Amount % Amount % (Loss)/ income before income taxes $ (275,648 ) $ (389 ) $ 3,574 Federal income taxes at statutory rates (57,886 ) 21.0 % (82 ) 21.0 % 751 21.0 % State income taxes, net of federal benefit (2,508 ) 0.9 % (1,075 ) 276.3 % 628 17.6 % Compensation adjustments 2,738 (1.0 %) 1,506 (387.1 %) (16 ) (0.4 %) Research and development credit (1,093 ) 0.4 % (1,010 ) 259.6 % (495 ) (13.9 %) Return to provision adjustment (182 ) 0.1 % (125 ) 32.1 % (68 ) (1.9 %) Subpart F, GILTI, & FDII (412 ) 0.1 % (127 ) 32.6 % 6 0.2 % Foreign rate differential (566 ) 0.2 % (313 ) 80.5 % (152 ) (4.3 %) Permanent difference 479 (0.2 %) 33 (8.5 %) 64 1.8 % Goodwill impairment 32,594 (11.8 %) - - % - - % Valuation allowance 5,398 (2.0 %) (126 ) 32.4 % 304 8.5 % Interest reserve adjustment - - % - - % 668 18.7 % Other 36 - % - - % 13 0.4 % Total income tax (benefit) expense $ (21,402 ) 7.8 % $ (1,319 ) 339.1 % $ 1,703 47.6 % Effective income tax rate 7.76 % 339.07 % 47.65 % 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, 2024 March 31, 2023 Deferred tax assets: Capitalized research expenditures $ 5,116 $ 3,124 Credits 2,528 4,769 Allowances and reserves 3,033 2,376 Stock compensation deductible differences 1,346 1,384 Operating lease liabilities 2,182 1,850 Inventories 668 1,348 Net operating loss 6,633 6,945 Other 187 149 Net deferred tax assets, gross 21,693 21,945 Valuation allowance (5,975 ) (582 ) Net deferred tax assets, net 15,718 21,363 Deferred tax liabilities: Operating lease right-of-use assets (2,120 ) (1,811 ) Goodwill and intangible assets (28,694 ) (49,781 ) Property, plant and equipment (2,813 ) (2,502 ) Other (579 ) (221 ) Total deferred tax liabilities (34,206 ) (54,315 ) Deferred tax asset/(liabilities) (18,488 ) (32,952 ) Valuation Allowance In assessing the realizability of deferred tax assets, management considers whether it is more likely than not not March 31, 2024. The following table summarizes the changes in our valuation allowance for deferred tax assets: Year Ended March 31, 2024 2023 2022 Beginning balance $ 582 $ 708 $ 404 Additions charged to income tax expense and other accounts 5,398 567 304 Deductions from reserves (5 ) (693 ) - Ending balance $ 5,975 $ 582 $ 708 Net Operating Loss Credit and Carryforwards As of March 31, 2024, March 31, 2024 Expiration Date Pre-2018 federal NOL carryforwards $ - N/A Post-2018 federal NOL carryforwards - Indefinite State NOL carryforwards 8,709 March 31, 2035 Foreign NOL carryforwards 22,595 Indefinite As of March 31, 2024, March 31, 2024 Expiration Date Federal research tax credit carryforwards $ - N/A State research tax credits carryforwards 3,181 March 31, 2036 Federal foreign tax credit carryforwards 15 March 31, 2037 Undistributed earnings in foreign subsidiaries For the year ended March 31, 2024, not $55,794 March 31, 2024. 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, 2024 2023 2022 Beginning balance $ 92 $ 1,329 $ 64 (Decrease) increase related to prior period tax positions (92 ) (1,272 ) 1,179 Increases related to current period tax positions - 35 86 Ending balance $ - $ 92 $ 1,329 As of March 31, 2024, not March 31, 2024, 2023 2022. 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 2020 2022 U.S. States 2019 2022 Foreign 2016 2022 |
Note 13 - Commitments and Conti
Note 13 - Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2024 | |
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, 2024 not As part of the Belyntic acquisition, we agreed to pay the sellers a contingency based upon approval of contractually specified patents. The estimated fair value of the probable remaining contingent consideration was $571 as of March 31, 2024. As part of the GKE acquisition , March 31, 2024 18 may See Note 15. 2024. |
Note 14 - Segment Data
Note 14 - Segment Data | 12 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 14. Segment information is prepared on the same basis that our chief operating decision maker, our CEO, uses to manage our segments, evaluate financial results, and make key operating decisions. Our four 1 . The following tables set forth our segment information: Year Ended March 31, 2024 2023 2022 Revenues (a): Sterilization and Disinfection Control (b) $ 75,124 $ 64,609 $ 59,044 Clinical Genomics 52,588 62,299 32,840 Biopharmaceutical Development 40,712 47,365 45,579 Calibration Solutions 47,763 44,807 46,872 Total revenues $ 216,187 $ 219,080 $ 184,335 Gross profit: Sterilization and Disinfection Control (b) $ 53,302 $ 46,520 $ 43,720 Clinical Genomics 27,078 32,485 11,941 Biopharmaceutical Development 25,400 30,340 28,605 Calibration Solutions 27,547 24,388 24,989 Reportable segment gross profit 133,327 133,733 109,255 Corporate and Other (c) (77 ) (40 ) (165 ) Gross profit $ 133,250 $ 133,693 $ 109,090 Reconciling items: Operating expenses 405,325 130,373 104,388 Operating (loss) income (272,075 ) 3,320 4,702 Nonoperating expense, net 3,573 3,709 1,128 (Loss) earnings before income taxes $ (275,648 ) $ (389 ) $ 3,574 (a) Intersegment revenues are not (b) Includes GKE results beginning at acquisition. (c) Unallocated corporate expenses and other business activities are reported within Corporate and Other. The following table sets forth depreciation and amortization expense recorded in costs of revenues and included in the determination of gross profit above. Increases in the Sterilization and Disinfection Control division are primarily attributable to the GKE acquisition. Year Ended March 31, 2024 2023 2022 Sterilization and Disinfection Control $ 1,469 $ 818 $ 860 Clinical Genomics 5,385 6,808 3,093 Biopharmaceutical Development 1,563 1,435 1,615 Calibration Solutions 280 366 390 Unallocated 386 532 91 Total depreciation and amortization expense in Cost of revenues $ 9,083 $ 9,959 $ 6,049 The following table sets forth net inventories by reportable segment. Our chief operating decision maker is not March 31, March 31, 2024 2023 Sterilization and Disinfection Control $ 7,014 $ 3,492 Clinical Genomics 11,813 13,985 Biopharmaceutical Development 6,304 8,384 Calibration Solutions 7,544 8,781 Total inventories $ 32,675 $ 34,642 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. The increase in long-lived assets in Germany is primarily due to the GKE acquisition. As of March 31, 2024 2023 United States $ 32,229 $ 34,729 Germany 7,596 931 Other 2,479 2,862 Total long-lived assets $ 42,304 $ 38,522 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, 2024 2023 2022 United States $ 106,395 $ 117,281 $ 99,068 China 24,933 25,797 16,518 Other 84,859 76,002 68,749 Total revenues $ 216,187 $ 219,080 $ 184,335 Increases in revenues from countries other than the United States and China are primarily attributable to the acquisition of GKE. No 10% No 10% |
Note 15 - Subsequent Events
Note 15 - Subsequent Events | 12 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 15 . Subsequent Events On April 5, 2024, 2025 April 11, 2024, 2025 June 30, 2024. Under terms of our Credit Facility as amended on April 5, 2024, ( 8 April 5, 2024 2025 $75,000 June 30, 2024 March 31, 2026; June 30, 2026 March 31, 2028; June 30, 2028 March 31, 2029. April 2029; |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Mar. 31, 2024 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 9B. None. |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2024 | |
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. |
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 and certain other exceptions as defined by applicable accounting guidance, 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, and 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 We expense commission costs (typically our only significant incremental cost to obtain a contract) as incurred and to account for shipping and handling costs as fulfillment costs. The substantial majority of our contracts have original durations of one not not one None March 31, 2024 2023 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 Operations, 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 is 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 Credit Losses 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 credit losses. Allowances for credit losses 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. To mitigate 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 do not Differences may March 31, 2024, 2023, 2022, |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Equivalents We classify any highly liquid investments with maturities of three no March 31, 2024 2023. |
Inventory, Policy [Policy Text Block] | Inventories Inventories are stated at the lower of cost or net realizable value. Inventory is recorded to cost of products upon sale using a weighted average costing methodology. Inventories purchased as part of a business combination are recorded at fair 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 accumulated 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 useful 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, furniture and fixtures 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 We determine whether contractual arrangements contain a lease at the inception of the arrangement. If a lease is identified in an arrangement, we recognize a right-of-use asset ("ROU") and liability on our Consolidated Balance Sheets and determine whether the lease should be classified as a finance or operating lease. We do not two twelve March 31, 2024. 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 revenues or selling, general and administrative, or research and development expense on our Consolidated Statements of Operations, depending on the nature of use of the underlying asset. Many of our leases include one 1 3 |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Acquired Intangible Assets, Impairment Testing Our goodwill and other intangible assets result from acquisitions of existing businesses. Intangible assets affect the amount of future amortization expense and possible impairment losses we may Intangible assets with finite lives are amortized over their useful lives using the straight-line method, and amortization expense is recorded within cost of revenues or general and administrative expense in the Consolidated Statements of Operations. Impairment assessments are conducted if events or conditions indicate that the carrying value of an asset or asset group may not not not 3 Acquired intangible assets deemed to have finite lives are amortized on a straight-line basis over their useful lives, generally ranging from three fifteen Goodwill is not January 1st not not not five may The fair value measurements used in testing intangible assets for impairment are typically based on discounted cash flow projection and market multiple models, using Level 3 During the fourth 2024, 6. |
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 March 31, 2024. 2025 one 8. 2025 may 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 the Amended and Restated Mesa Laboratories, Inc. 2021 "2021 2021 2024, 330 660 2014 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 Stock options and service-based stock awards generally vest equally over a three six one 2021 Expense for PSUs is recognized, net of estimated forfeitures, over the related service period using a straight-line vesting schedule when it is probable that performance goals will be achieved. Performance goals are determined by the Board of Directors and may 20% three The grant date fair value of the PSUs with a relative TSR modifier is determined using the Monte Carlo simulation valuation model. The fair value of RSUs and performance-based RSUs without a market condition are 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 pricing 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. To date, we have identified no We allocate stock-based compensation expense to cost of revenues, selling, research and development, and general and administrative expense in the Consolidated Statements of Operations. |
Earnings Per Share, Policy [Policy Text Block] | Net (Loss) Earnings Per Share Basic net (loss) earnings per share (“EPS”) is computed by dividing net 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 EPS, except it includes the effects of potential dilution that could occur if dilutive securities vested, were exercised or converted. Potentially dilutive securities include stock options, RSUs and PSUs (collectively “stock awards”), as well as common shares underlying the 2025 not 10. March 31, 2024, 2023 2022 |
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, 2024 In addition to contingent consideration liabilities, we may not may |
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 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, 2024, 2023 2022 |
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 an 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 judgment about the outcome of future events. It is not ● Estimates regarding the recoverability of deferred tax assets and estimates regarding cash needs and associated indefinite reinvestment assertions. ● Estimates of the net realizable value of inventory. ● Estimates regarding future financial performance and other inputs into fair value estimates related to impairment tests for goodwill and intangible assets that could result in additional future impairment losses. We do not not |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements In November 2023, No. 2023 07, 280 No. 2023 07 280 December 15, 2023, December 15, 2024 In December 2023, No. 2023 09, 740 No. 2023 09, December 15, 2024 ( 2026 We have reviewed all recently issued accounting pronouncements and have concluded that, other than as described above, they are either not not Recently Adopted Accounting Pronouncements There have been no 2024. |
Note 1 - Description of Busin_2
Note 1 - Description of Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
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, furniture and fixtures 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, 2024 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Year Ended March 31, 2024 Sterilization and Disinfection Control (1) Clinical Genomics Biopharmaceutical Development Calibration Solutions Total Consumables $ 65,459 $ 36,086 $ 17,086 $ 2,345 $ 120,976 Hardware and Software 549 12,254 12,993 30,024 55,820 Services 9,116 4,248 10,633 15,394 39,391 Total revenues $ 75,124 $ 52,588 $ 40,712 $ 47,763 $ 216,187 Year Ended March 31, 2023 Sterilization and Disinfection Control Clinical Genomics Biopharmaceutical Development Calibration Solutions Total Consumables $ 55,605 $ 43,374 $ 15,800 $ 3,062 $ 117,841 Hardware and Software 692 13,347 22,079 26,561 62,679 Services 8,312 5,578 9,486 15,184 38,560 Total revenues $ 64,609 $ 62,299 $ 47,365 $ 44,807 $ 219,080 Year Ended March 31, 2022 Sterilization and Disinfection Control Clinical Genomics (2) Biopharmaceutical Development Calibration Solutions Total Consumables $ 50,311 $ 22,271 $ 15,551 $ 3,675 $ 91,808 Hardware and Software 700 6,726 21,651 28,537 57,614 Services 8,033 3,843 8,377 14,660 34,913 Total revenues $ 59,044 $ 32,840 $ 45,579 $ 46,872 $ 184,335 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | Contract liabilities as of March 31, 2023 $ 16,098 Prior year liabilities recognized in revenues during the year ended March 31, 2024 (9,557 ) Contract liabilities added during the year ended March 31, 2024, net of revenues recognized 9,145 Contract liabilities balance as of March 31, 2024 $ 15,686 |
Note 3 - Fair Value Measureme_2
Note 3 - Fair Value Measurements (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | March 31, 2024 March 31, 2023 Carrying Value Fair Value (Level 2) Carrying Value Fair Value (Level 2) 2025 Notes $ 171,198 $ 163,013 $ 170,272 $ 161,072 |
Note 4 - Significant Transact_2
Note 4 - Significant Transactions (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Life (in years) Amount Cash and cash equivalents $ 4,191 Accounts receivable (a) 2,252 Inventories (b) 4,730 Other current assets 176 Total current assets 11,349 Property, plant and equipment (c) 3,398 Other noncurrent assets 3,041 Intangible assets: Customer relationships (d) 12 34,708 Intellectual property (d) 7 3,208 Trade names (d) 10 5,412 Non-compete agreements (d) 3 743 Goodwill (e) 48,850 Total assets acquired $ 110,709 Accounts payable 11 Deferred tax liability 13,901 Other current liabilities 2,746 Long-term liabilities 2,673 Total liabilities assumed 19,331 Total purchase price, net of cash acquired $ 87,187 |
Note 5 - Leases (Tables)
Note 5 - Leases (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Lease Assets and Liabilities [Table Text Block] | Lease Assets and Liabilities Balance Sheet Location March 31, 2024 March 31, 2023 Operating lease ROU asset Other assets $ 9,671 $ 8,693 Current operating lease liabilities Other accrued expenses 2,986 2,868 Noncurrent operating lease liabilities Other long-term liabilities 6,613 5,752 |
Lease, Cost [Table Text Block] | Year Ended March 31, 2024 2023 Operating lease expense $ 3,453 $ 3,064 Variable lease expense 530 704 Total lease expense $ 3,983 $ 3,768 Weighted average remaining lease term in years 4.6 3.3 Weighted average discount rate 4.1 % 2.0 % |
Supplemental Cash Flow Information Related to Leases [Table Text Block] | Year Ended March 31, 2024 2023 Cash paid for amounts included in the measurements of lease liabilities $ 3,392 $ 3,017 Operating lease assets obtained in exchange for operating lease obligations 4,265 1,426 |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | 2025 $ 3,306 2026 2,721 2027 2,169 2028 444 2029 413 Thereafter 1,792 Future value of lease liabilities 10,845 Less: imputed interest 1,246 Present value of lease liabilities $ 9,599 |
Note 6 - Goodwill and Intangi_2
Note 6 - Goodwill and Intangible Assets, Net (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Sterilization and Disinfection Control Clinical Genomics Biopharmaceutical Development Calibration Solutions Total March 31, 2022 $ 29,750 $ 135,914 $ 88,265 $ 37,237 291,166 Effect of foreign currency translation (191 ) 49 (7,381 ) (20 ) (7,543 ) Goodwill related to Belyntic acquisition - - 2,973 - 2,973 Measurement period adjustment, Agena acquisition - (152 ) - - (152 ) March 31, 2023 $ 29,559 $ 135,811 $ 83,857 $ 37,217 286,444 Effect of foreign currency translation 1,021 (130 ) (32 ) (6 ) 853 Impairment losses - (118,741 ) (38,151 ) - (156,892 ) Goodwill related to GKE acquisition 48,850 - - - 48,850 Measurement period adjustment, Belyntic Acquisition - - 841 - 841 March 31, 2024 $ 79,430 $ 16,940 $ 46,515 $ 37,211 $ 180,096 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | March 31, 2024 March 31, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 189,911 $ (104,528 ) $ 85,383 $ 238,247 $ (86,058 ) $ 152,189 Intellectual property 41,602 (25,901 ) 15,701 65,950 (19,550 ) 46,400 Other intangibles 19,559 (6,891 ) 12,668 24,793 (6,567 ) 18,226 Total $ 251,072 $ (137,320 ) $ 113,752 $ 328,990 $ (112,175 ) $ 216,815 Approx. Est. Useful Weighted Avg. Life Remaining Life Description (Years) (Years) Customer Relationships 7 - 14 8.0 Intellectual Property 7 - 10 5.9 Other Intangibles 3 - 12 7.9 |
Finite-Lived Intangible Assets Amortization Expense [Table Text Block] | Year Ended March 31, 2024 2023 2022 Amortization in cost of revenues $ 6,052 $ 6,796 $ 3,806 Amortization in general and administrative 21,289 22,025 18,000 Total $ 27,341 $ 28,821 $ 21,806 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Amortization Year Expense 2025 $ 17,788 2026 16,988 2027 16,328 2028 15,735 2029 15,182 |
Note 7 - Supplemental Balance_2
Note 7 - Supplemental Balance Sheet Information (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, 2024 March 31, 2023 Raw materials $ 18,335 $ 20,064 Work in process 1,256 617 Finished goods 13,084 13,961 Total inventories $ 32,675 $ 34,642 In addition to sales of existing inventories, higher non-cash scrap expense in fiscal year 2024 contributed to the overall decrease in inventories, partially offset by the GKE acquisition and inventory purchases to meet current production needs. |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | March 31, 2024 March 31, 2023 Prepaid expenses $ 2,932 $ 2,498 Deposits 1,898 1,376 Prepaid income taxes 1,237 953 Other current assets 3,341 4,045 Total prepaid expenses and other $ 9,408 $ 8,872 |
Property, Plant and Equipment [Table Text Block] | March 31, 2024 March 31, 2023 Land $ 889 $ 889 Buildings and building improvements 23,480 22,005 Manufacturing equipment 19,540 14,481 Computer equipment 3,613 4,413 Other 5,383 4,394 Construction in progress 1,380 1,735 Gross total 54,285 47,917 Accumulated depreciation (22,519 ) (19,768 ) Property, plant and equipment, net $ 31,766 $ 28,149 Year Ended March 31, 2024 2023 2022 Depreciation expense in Cost of revenues $ 3,031 $ 3,163 $ 2,243 Depreciation expense in Operating expense 1,202 1,150 1,019 Total depreciation expense $ 4,233 $ 4,313 $ 3,262 |
Schedule of Employee Related Liabilities [Table Text Block] | March 31, 2024 March 31, 2023 Bonus payable $ 3,838 $ 4,461 Wages and paid-time-off payable 3,072 2,329 Payroll related taxes 1,956 1,982 Other benefits payable 1,069 661 Total accrued payroll and benefits $ 9,935 $ 9,433 |
Schedule of Accrued Liabilities [Table Text Block] | March 31, 2024 March 31, 2023 Accrued business taxes $ 5,557 $ 5,941 Current operating lease liabilities 2,986 2,868 Income taxes payable 1,615 992 Other 2,700 2,297 Total other accrued expenses $ 12,858 $ 12,098 |
Note 8 - Indebtedness (Tables)
Note 8 - Indebtedness (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Convertible Debt [Table Text Block] | March 31, 2024 March 31, 2023 Principal outstanding $ 172,500 $ 172,500 Unamortized debt issuance costs (1,302 ) (2,228 ) Net carrying value $ 171,198 $ 170,272 |
Interest Expense on Convertible Debt [Table Text Block] | Year Ended March 31, 2024 2023 2022 Coupon interest expense at 1.375% $ 2,372 $ 2,372 $ 2,372 Amortization of debt issuance costs 926 907 890 Total $ 3,298 $ 3,279 $ 3,262 |
Note 9 - Stock Transactions a_2
Note 9 - Stock Transactions and Stock-based Compensation (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Year Ended March 31, 2024 2023 2022 Stock-based compensation expense $ 11,936 $ 12,538 $ 11,391 Amount of income tax expense (benefit) recognized in earnings 2,718 (1,169 ) (4,055 ) Stock-based compensation expense, net of tax $ 14,654 $ 11,369 $ 7,336 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Year Ended March 31, 2024 2023 2022 Weighted-average value at grant date $ 130.07 $ 185.60 $ 268.81 Expected life (years) 3.52 3.52 3.52 Expected dividend yield 0.07 % 0.07 % 0.06 % Volatility 37.82 % 37.29 % 38.82 % Risk-free interest rate 4.16 % 3.55 % 0.46 % |
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 56 130.07 Awards forfeited or expired (23 ) 192.15 Awards exercised or distributed (2 ) 132.40 24 Outstanding as of March 31, 2024 194 $ 181.89 3.2 $ 26 Exercisable awards as of March, 31, 2024 109 $ 197.63 2.0 $ - Exercisable awards and awards expected to vest, March 31, 2024 187 $ 183.16 3.2 $ 23 |
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, 2023 57 $ 209.27 1.0 $ 9,993 Awards granted 55 133.30 Awards forfeited or expired (8 ) 166.78 Awards distributed (28 ) 212.22 3,658 Nonvested as of March 31, 2024 76 $ 157.83 1.0 $ 8,325 Expected to vest 69 $ 158.85 1.8 $ 7,540 |
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, 2023 at target 44 $ 286.02 3.5 $ 7,958 Awards granted 32 132.29 Performance adjustment (19 ) 177.84 Awards forfeited or expired at target (1 ) 132.29 Nonvested as of March 31, 2024 at target 56 $ 240.96 2.6 $ 6,142 Expected to vest 55 $ 243.67 2.4 $ 5,984 |
Note 10 - Net (Loss) Earnings_2
Note 10 - Net (Loss) Earnings Per Share (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended March 31, 2024 2023 2022 Net (loss) earnings available for shareholders $ (254,246 ) $ 930 $ 1,871 Weighted average outstanding shares of common stock 5,386 5,321 5,212 Dilutive effect of stock options - 26 100 Dilutive effect of unvested stock awards - 14 23 Fully diluted shares 5,386 5,361 5,335 Basic (loss) earnings per share $ (47.20 ) $ 0.17 $ 0.36 Diluted (loss) earnings per share $ (47.20 ) $ 0.17 $ 0.35 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Year Ended March 31, 2024 2023 2022 Assumed conversion of convertible debt 608 608 608 Stock awards that were anti-dilutive 268 154 40 Total stock awards excluded from diluted EPS 876 762 648 |
Note 12 - Income Taxes (Tables)
Note 12 - Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Year Ended March 31, 2024 2023 2022 Domestic $ (233,853 ) $ 1,887 $ 4,579 Foreign (41,795 ) (2,276 ) (1,005 ) Total (loss) earnings before income taxes $ (275,648 ) $ (389 ) $ 3,574 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended March 31, 2024 2023 2022 Current tax provision: U.S. Federal $ 3,002 $ 593 $ (83 ) U.S. State 1,678 538 286 Foreign 2,330 1,070 1,372 Total current tax expense 7,010 2,201 1,575 Deferred tax provision: U.S. Federal (20,387 ) (1,432 ) 1,707 U.S. State (1,853 ) (210 ) 337 Foreign (6,172 ) (1,878 ) (1,916 ) Total deferred tax (benefit) expense (28,412 ) (3,520 ) 128 Total income tax (benefit) expense $ (21,402 ) $ (1,319 ) $ 1,703 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended March 31, 2024 2023 2022 Amount % Amount % Amount % (Loss)/ income before income taxes $ (275,648 ) $ (389 ) $ 3,574 Federal income taxes at statutory rates (57,886 ) 21.0 % (82 ) 21.0 % 751 21.0 % State income taxes, net of federal benefit (2,508 ) 0.9 % (1,075 ) 276.3 % 628 17.6 % Compensation adjustments 2,738 (1.0 %) 1,506 (387.1 %) (16 ) (0.4 %) Research and development credit (1,093 ) 0.4 % (1,010 ) 259.6 % (495 ) (13.9 %) Return to provision adjustment (182 ) 0.1 % (125 ) 32.1 % (68 ) (1.9 %) Subpart F, GILTI, & FDII (412 ) 0.1 % (127 ) 32.6 % 6 0.2 % Foreign rate differential (566 ) 0.2 % (313 ) 80.5 % (152 ) (4.3 %) Permanent difference 479 (0.2 %) 33 (8.5 %) 64 1.8 % Goodwill impairment 32,594 (11.8 %) - - % - - % Valuation allowance 5,398 (2.0 %) (126 ) 32.4 % 304 8.5 % Interest reserve adjustment - - % - - % 668 18.7 % Other 36 - % - - % 13 0.4 % Total income tax (benefit) expense $ (21,402 ) 7.8 % $ (1,319 ) 339.1 % $ 1,703 47.6 % Effective income tax rate 7.76 % 339.07 % 47.65 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | March 31, 2024 March 31, 2023 Deferred tax assets: Capitalized research expenditures $ 5,116 $ 3,124 Credits 2,528 4,769 Allowances and reserves 3,033 2,376 Stock compensation deductible differences 1,346 1,384 Operating lease liabilities 2,182 1,850 Inventories 668 1,348 Net operating loss 6,633 6,945 Other 187 149 Net deferred tax assets, gross 21,693 21,945 Valuation allowance (5,975 ) (582 ) Net deferred tax assets, net 15,718 21,363 Deferred tax liabilities: Operating lease right-of-use assets (2,120 ) (1,811 ) Goodwill and intangible assets (28,694 ) (49,781 ) Property, plant and equipment (2,813 ) (2,502 ) Other (579 ) (221 ) Total deferred tax liabilities (34,206 ) (54,315 ) Deferred tax asset/(liabilities) (18,488 ) (32,952 ) |
Summary of Valuation Allowance [Table Text Block] | Year Ended March 31, 2024 2023 2022 Beginning balance $ 582 $ 708 $ 404 Additions charged to income tax expense and other accounts 5,398 567 304 Deductions from reserves (5 ) (693 ) - Ending balance $ 5,975 $ 582 $ 708 |
Summary of Operating Loss Carryforwards [Table Text Block] | March 31, 2024 Expiration Date Pre-2018 federal NOL carryforwards $ - N/A Post-2018 federal NOL carryforwards - Indefinite State NOL carryforwards 8,709 March 31, 2035 Foreign NOL carryforwards 22,595 Indefinite |
Summary of Tax Credit Carryforwards [Table Text Block] | March 31, 2024 Expiration Date Federal research tax credit carryforwards $ - N/A State research tax credits carryforwards 3,181 March 31, 2036 Federal foreign tax credit carryforwards 15 March 31, 2037 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | Year Ended March 31, 2024 2023 2022 Beginning balance $ 92 $ 1,329 $ 64 (Decrease) increase related to prior period tax positions (92 ) (1,272 ) 1,179 Increases related to current period tax positions - 35 86 Ending balance $ - $ 92 $ 1,329 |
Summary of Income Tax Examinations [Table Text Block] | Significant Jurisdictions Open Years U.S. Federal 2020 2022 U.S. States 2019 2022 Foreign 2016 2022 |
Note 14 - Segment Data (Tables)
Note 14 - Segment Data (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Year Ended March 31, 2024 2023 2022 Revenues (a): Sterilization and Disinfection Control (b) $ 75,124 $ 64,609 $ 59,044 Clinical Genomics 52,588 62,299 32,840 Biopharmaceutical Development 40,712 47,365 45,579 Calibration Solutions 47,763 44,807 46,872 Total revenues $ 216,187 $ 219,080 $ 184,335 Gross profit: Sterilization and Disinfection Control (b) $ 53,302 $ 46,520 $ 43,720 Clinical Genomics 27,078 32,485 11,941 Biopharmaceutical Development 25,400 30,340 28,605 Calibration Solutions 27,547 24,388 24,989 Reportable segment gross profit 133,327 133,733 109,255 Corporate and Other (c) (77 ) (40 ) (165 ) Gross profit $ 133,250 $ 133,693 $ 109,090 Reconciling items: Operating expenses 405,325 130,373 104,388 Operating (loss) income (272,075 ) 3,320 4,702 Nonoperating expense, net 3,573 3,709 1,128 (Loss) earnings before income taxes $ (275,648 ) $ (389 ) $ 3,574 |
Schedule of Depreciation and Amortization Expense [Table Text Block] | Year Ended March 31, 2024 2023 2022 Sterilization and Disinfection Control $ 1,469 $ 818 $ 860 Clinical Genomics 5,385 6,808 3,093 Biopharmaceutical Development 1,563 1,435 1,615 Calibration Solutions 280 366 390 Unallocated 386 532 91 Total depreciation and amortization expense in Cost of revenues $ 9,083 $ 9,959 $ 6,049 |
Schedule of Segment Reporting Information, by Inventory Segment [Table Text Block] | March 31, March 31, 2024 2023 Sterilization and Disinfection Control $ 7,014 $ 3,492 Clinical Genomics 11,813 13,985 Biopharmaceutical Development 6,304 8,384 Calibration Solutions 7,544 8,781 Total inventories $ 32,675 $ 34,642 |
Long-Lived Assets by Geographic Areas [Table Text Block] | As of March 31, 2024 2023 United States $ 32,229 $ 34,729 Germany 7,596 931 Other 2,479 2,862 Total long-lived assets $ 42,304 $ 38,522 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Year Ended March 31, 2024 2023 2022 United States $ 106,395 $ 117,281 $ 99,068 China 24,933 25,797 16,518 Other 84,859 76,002 68,749 Total revenues $ 216,187 $ 219,080 $ 184,335 |
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, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | Jan. 01, 2024 | Aug. 12, 2019 | |
Accounts Receivable, Credit Loss Expense (Reversal) | $ 790 | $ 736 | $ 304 | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | |||||
Goodwill and Intangible Asset Impairment | $ 274,533 | 274,533 | 0 | 0 | ||
Expected Payments to Acquire Businesses, Net of Cash Acquired | 87,187 | 6,140 | ||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 78,739 | $ 4,950 | $ 300,793 | |||
Equity Plan 2014 [Member] | Director [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 1 year | |||||
Equity Plan 2014 [Member] | Share-Based Payment Arrangement, Option [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 6 years | |||||
The Notes [Member] | Senior Notes [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.375% | 1.375% | 1.375% | |||
Minimum [Member] | ||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 3 years | 3 years | ||||
Maximum [Member] | ||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | 15 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, 2024 |
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 (Details Textu
Note 2 - Revenue (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 216,187 | $ 219,080 | $ 184,335 |
Sterilization and Disinfection Control [Member] | GKE GmbH and SAL GmbH [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 8,214 | ||
Sterilization and Disinfection Control [Member] | GKE China [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 1,075 |
Note 2 - Revenue - Disaggregati
Note 2 - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | ||||
Revenues | $ 216,187 | $ 219,080 | $ 184,335 | |||
Consumables [Member] | Transferred at Point in Time [Member] | ||||||
Revenues | 120,976 | 117,841 | 91,808 | |||
Hardware and Software [Member] | Transferred at Point in Time [Member] | ||||||
Revenues | 55,820 | 62,679 | 57,614 | |||
Service [Member] | ||||||
Revenues | 39,391 | 38,560 | 34,913 | |||
Service [Member] | Transferred at Point in Time [Member] | ||||||
Revenues | 39,391 | 38,560 | 34,913 | |||
Operating Segments [Member] | Sterilization and Disinfection Control [Member] | ||||||
Revenues | [2],[3] | 75,124 | [1] | 64,609 | 59,044 | |
Operating Segments [Member] | Clinical Genomics [Member] | ||||||
Revenues | [3] | 52,588 | 62,299 | 32,840 | [4] | |
Operating Segments [Member] | Biopharmaceutical Development [Member] | ||||||
Revenues | [3] | 40,712 | 47,365 | 45,579 | ||
Operating Segments [Member] | Calibration Solutions [Member] | ||||||
Revenues | [3] | 47,763 | 44,807 | 46,872 | ||
Operating Segments [Member] | Consumables [Member] | Transferred at Point in Time [Member] | Sterilization and Disinfection Control [Member] | ||||||
Revenues | 65,459 | [1] | 55,605 | 50,311 | ||
Operating Segments [Member] | Consumables [Member] | Transferred at Point in Time [Member] | Clinical Genomics [Member] | ||||||
Revenues | 36,086 | 43,374 | 22,271 | [4] | ||
Operating Segments [Member] | Consumables [Member] | Transferred at Point in Time [Member] | Biopharmaceutical Development [Member] | ||||||
Revenues | 17,086 | 15,800 | 15,551 | |||
Operating Segments [Member] | Consumables [Member] | Transferred at Point in Time [Member] | Calibration Solutions [Member] | ||||||
Revenues | 2,345 | 3,062 | 3,675 | |||
Operating Segments [Member] | Hardware and Software [Member] | Transferred at Point in Time [Member] | Sterilization and Disinfection Control [Member] | ||||||
Revenues | 549 | [1] | 692 | 700 | ||
Operating Segments [Member] | Hardware and Software [Member] | Transferred at Point in Time [Member] | Clinical Genomics [Member] | ||||||
Revenues | 12,254 | 13,347 | 6,726 | [4] | ||
Operating Segments [Member] | Hardware and Software [Member] | Transferred at Point in Time [Member] | Biopharmaceutical Development [Member] | ||||||
Revenues | 12,993 | 22,079 | 21,651 | |||
Operating Segments [Member] | Hardware and Software [Member] | Transferred at Point in Time [Member] | Calibration Solutions [Member] | ||||||
Revenues | 30,024 | 26,561 | 28,537 | |||
Operating Segments [Member] | Service [Member] | Transferred at Point in Time [Member] | Sterilization and Disinfection Control [Member] | ||||||
Revenues | 9,116 | [1] | 8,312 | 8,033 | ||
Operating Segments [Member] | Service [Member] | Transferred at Point in Time [Member] | Clinical Genomics [Member] | ||||||
Revenues | 4,248 | 5,578 | 3,843 | [4] | ||
Operating Segments [Member] | Service [Member] | Transferred at Point in Time [Member] | Biopharmaceutical Development [Member] | ||||||
Revenues | 10,633 | 9,486 | 8,377 | |||
Operating Segments [Member] | Service [Member] | Transferred at Point in Time [Member] | Calibration Solutions [Member] | ||||||
Revenues | $ 15,394 | $ 15,184 | $ 14,660 | |||
[1]Beginning October 16, 2023, revenues of $8,214 from GKE GmbH and SAL GmbH are included in the Sterilization and Disinfection Control division. Revenues of $1,075 from GKE China are included in the Sterilization and Disinfection Control division beginning on January 1, 2024.[2]Includes GKE results beginning at acquisition.[3]Intersegment revenues are not significant and are eliminated to arrive at consolidated totals.[4]Revenues in the Clinical Genomics division represent transactions subsequent to the acquisition of Agena Bioscience, Inc. on October 20, 2021. |
Note 2 - Revenue - Contract Lia
Note 2 - Revenue - Contract Liabilities (Details) $ in Thousands | 12 Months Ended |
Mar. 31, 2024 USD ($) | |
Contract liabilities, balance | $ 16,098 |
Prior year liabilities recognized in revenues during the year ended March 31, 2024 | (9,557) |
Contract liabilities added during the year ended March 31, 2024, net of revenues recognized | 9,145 |
Contract liabilities, balance | $ 15,686 |
Note 3 - Fair Value Measureme_3
Note 3 - Fair Value Measurements (Details Textual) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2024 USD ($) | Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Nov. 17, 2022 USD ($) | Aug. 12, 2019 | |
Goodwill and Intangible Asset Impairment | $ 274,533 | $ 274,533 | $ 0 | $ 0 | ||
Belyntic Acquisition [Member] | ||||||
Business Combination, Contingent Consideration, Liability | 571 | 571 | $ 1,500 | |||
Belyntic Acquisition [Member] | Other Long-term Liabilities [Member] | ||||||
Business Combination, Contingent Consideration, Liability, Noncurrent | 135 | 135 | $ 1,500 | |||
Belyntic Acquisition [Member] | Other Accrued Expenses [Member] | ||||||
Business Combination, Contingent Consideration, Liability, Current | 436 | 436 | ||||
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 | 0 |
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, 2024 | Mar. 31, 2023 |
Reported Value Measurement [Member] | ||
2025 Notes | $ 171,198 | $ 170,272 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
2025 Notes | $ 163,013 | $ 161,072 |
Note 4 - Significant Transact_3
Note 4 - Significant Transactions (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||||||
Oct. 16, 2023 | Nov. 17, 2022 | Oct. 20, 2021 | Mar. 31, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2023 | |
Inventory Step-up Cost | $ 2,414 | |||||||
Amortization of Inventory Step-up Cost | $ 1,229 | $ 1,229 | $ 0 | $ 7,462 | ||||
Fixed Asset Step-Up Costs | $ 2,353 | |||||||
Amortization of Fixed Asset Step-up Cost | 365 | |||||||
General and Administrative Expense [Member] | ||||||||
Amortization | 2,005 | |||||||
Cost of Sales [Member] | ||||||||
Amortization | 266 | |||||||
GKE Acquisition [Member] | ||||||||
Payments to Acquire Businesses, Gross | $ 87,187 | |||||||
Business Combination, Consideration Transferred, Liabilities Incurred | 9,300 | |||||||
Proceeds from Lines of Credit | $ 71,000 | |||||||
Amortization | 2,271 | |||||||
Business Combination, Acquisition Related Costs | 835 | |||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 9,289 | |||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 1,046 | |||||||
Inventory Step-up Cost, Increase (Decrease) During Period | 1,229 | |||||||
Business Acquisition, Pro Forma Revenue | 229,260 | $ 241,360 | ||||||
Business Combination, Contingent Consideration, Liability | 9,300 | 9,300 | ||||||
GKE Acquisition [Member] | GKE GmbH and SAL GmbH [Member] | ||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100% | |||||||
GKE Acquisition [Member] | Beijing GKE Science & Technology Co. Ltd. [Member] | ||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100% | |||||||
Belyntic Acquisition [Member] | ||||||||
Payments to Acquire Businesses, Gross | $ 4,950 | |||||||
Business Combination, Consideration Transferred, Total | 6,450 | |||||||
Business Combination, Contingent Consideration, Liability | $ 1,500 | $ 571 | $ 571 | |||||
Agena [Member] | ||||||||
Payments to Acquire Businesses, Gross | $ 300,793 |
Note 4 - Significant Transact_4
Note 4 - Significant Transactions - Allocation of Preliminary Price (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | ||
Goodwill | $ 180,096 | $ 286,444 | $ 291,166 | ||
Payments to Acquire Businesses, Net of Cash Acquired | $ 78,739 | $ 4,950 | $ 300,793 | ||
Customer Relationships [Member] | |||||
Intangible assets, life (Year) | 8 years | ||||
Intangible assets. life (Year) | 8 years | ||||
Intellectual Property [Member] | |||||
Intangible assets, life (Year) | 5 years 10 months 24 days | ||||
Intangible assets. life (Year) | 5 years 10 months 24 days | ||||
GKE Acquisition [Member] | |||||
Cash and cash equivalents | $ 4,191 | ||||
Accounts receivable (a) | [1] | 2,252 | |||
Inventories (b) | 4,730 | ||||
Other current assets | [2] | 176 | |||
Total current assets | 11,349 | ||||
Property, plant and equipment (c) | [3] | 3,398 | |||
Other noncurrent assets | 3,041 | ||||
Goodwill | [4] | 48,850 | |||
Total assets acquired | 110,709 | ||||
Accounts payable | 11 | ||||
Deferred tax liability | 13,901 | ||||
Other current liabilities | 2,746 | ||||
Long-term liabilities | 2,673 | ||||
Total liabilities assumed | 19,331 | ||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 87,187 | ||||
GKE Acquisition [Member] | Customer Relationships [Member] | |||||
Intangible assets, life (Year) | 12 years | ||||
Intangible assets | [5] | $ 34,708 | |||
Intangible assets. life (Year) | 12 years | ||||
GKE Acquisition [Member] | Intellectual Property [Member] | |||||
Intangible assets, life (Year) | 7 years | ||||
Intangible assets | [5] | $ 3,208 | |||
Intangible assets. life (Year) | 7 years | ||||
GKE Acquisition [Member] | Trade Names [Member] | |||||
Intangible assets, life (Year) | 10 years | ||||
Intangible assets | [5] | $ 5,412 | |||
Intangible assets. life (Year) | 10 years | ||||
GKE Acquisition [Member] | Noncompete Agreements [Member] | |||||
Intangible assets, life (Year) | 3 years | ||||
Intangible assets | [5] | $ 743 | |||
Intangible assets. life (Year) | 3 years | ||||
[1]Accounts receivable are expected to be collected.[2]Includes $2,414 of inventory step up, which we expect to amortize within approximately one year from the acquisition date. During the period from October 16, 2023 to March 31, 2024, $806 of inventory step up amortization was recorded to cost of revenues.[3]Includes $2,353 of fixed asset step up, which will be amortized based on the underlying assets' expected lives. During the period from October 16, 2023 to March 31, 2024, $365 of property, plant and equipment step up was recorded to depreciation expense.[4]Acquired goodwill of $48,850, all of which is allocated to the Sterilization Disinfection Control division, represents the value expected to arise from the benefits of expanded market opportunities, particularly in the healthcare industry, as well as expected synergies and GKE's assembled workforce, none of which qualify as amortizable intangible assets. The goodwill acquired is expected to be deductible for U.S. taxes with respect to GILTI; the goodwill is not expected to be deductible for foreign tax purposes.[5]Acquired amortizable intangible assets are currently expected to be amortized on a straight-line basis over a weighted average period of 7.4 years. The identified intangible assets will be amortized on a straight-line basis over their useful lives, which approximates the pattern that assets' economic benefits are expected to be consumed. Amortization expense for customer relationships, tradenames, and noncompete agreements will be expensed to general and administrative expense, and amortization expense for intellectual property will be expensed to cost of revenues. During the period from October 16, 2023 and March 31, 2024, $2,005 of amortization expense was recorded to general and administrative costs and $266 of amortization expense was recorded to cost of revenues in the Sterilization Disinfection Control division. |
Note 5 - Leases (Details Textua
Note 5 - Leases (Details Textual) $ in Thousands | Mar. 31, 2024 USD ($) |
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract (Year) | 10 years |
Operating Lease, Lease Not yet Commenced [Member] | |
Unrecorded Unconditional Purchase Obligation | $ 7,633 |
Note 5 - Leases - Lease Assets
Note 5 - Leases - Lease Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Assets [Abstract] | ||
Other Assets, Noncurrent | $ 10,538 | $ 10,373 |
Liabilities, Current [Abstract] | ||
Accrued Liabilities, Current | 12,858 | 12,098 |
Liabilities, Noncurrent [Abstract] | ||
Other Liabilities, Noncurrent | $ 6,821 | $ 6,156 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets, Noncurrent | |
Operating lease ROU asset | $ 9,671 | $ 8,693 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued Liabilities, Current | |
Current operating lease liabilities | $ 2,986 | $ 2,868 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Noncurrent | |
Noncurrent operating lease liabilities | $ 6,613 | $ 5,752 |
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, 2024 | Mar. 31, 2023 | |
Operating lease expense | $ 3,453 | $ 3,064 |
Variable lease expense | 530 | 704 |
Total lease expense | $ 3,983 | $ 3,768 |
Weighted average remaining lease term in years (Year) | 4 years 7 months 6 days | 3 years 3 months 18 days |
Weighted average discount rate | 4.10% | 2% |
Note 5 - Leases - Supplemental
Note 5 - Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash paid for amounts included in the measurements of lease liabilities | $ 3,392 | $ 3,017 |
Operating lease assets obtained in exchange for operating lease obligations | $ 4,265 | $ 1,426 |
Note 5 - Leases - Maturities of
Note 5 - Leases - Maturities of Lease Liabilities (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
2025 | $ 3,306 |
2026 | 2,721 |
2027 | 2,169 |
2028 | 444 |
2029 | 413 |
Thereafter | 1,792 |
Future value of lease liabilities | 10,845 |
Less: imputed interest | 1,246 |
Present value of lease liabilities | $ 9,599 |
Note 6 - Goodwill and Intangi_3
Note 6 - Goodwill and Intangible Assets, Net (Details Textual) - USD ($) | 12 Months Ended | |||||
Jan. 01, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2023 | ||
Goodwill, Impairment Loss | $ 156,892,000 | $ 0 | $ 0 | |||
Impairment of Intangible Assets, Finite-Lived | 117,641,000 | 0 | 0 | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | |||||
Finite-Lived Intangible Assets, Yearly Amortization | $ 700,000 | |||||
Goodwill | 180,096,000 | $ 286,444,000 | $ 291,166,000 | |||
Clinical Genomics [Member] | ||||||
Reporting Unit, Amount of Fair Value | 58,900,000 | |||||
Biopharmaceutical Development [Member] | ||||||
Reporting Unit, Amount of Fair Value | $ 119,000,000 | |||||
Biopharmaceutical Development [Member] | Reporting Unit 2 [Member] | ||||||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 36% | |||||
Goodwill | 13,708,000 | |||||
Biopharmaceutical Development [Member] | Reporting Unit 1 [Member] | ||||||
Goodwill | 32,807,000 | |||||
Clinical Genomics Reportable Segment [Member] | ||||||
Goodwill | 16,940,000 | |||||
Customer Relationships [Member] | ||||||
Impairment of Intangible Assets, Finite-Lived | 79,116,000 | |||||
Patents [Member] | ||||||
Impairment of Intangible Assets, Finite-Lived | 28,531 | |||||
Technology-Based Intangible Assets [Member] | ||||||
Impairment of Intangible Assets, Finite-Lived | 9,994,000 | |||||
GKE Acquisition [Member] | ||||||
Finite-Lived Intangible Assets, Purchase Accounting Adjustments | $ 44,071,000 | |||||
Goodwill | [1] | $ 48,850,000 | ||||
[1]Acquired goodwill of $48,850, all of which is allocated to the Sterilization Disinfection Control division, represents the value expected to arise from the benefits of expanded market opportunities, particularly in the healthcare industry, as well as expected synergies and GKE's assembled workforce, none of which qualify as amortizable intangible assets. The goodwill acquired is expected to be deductible for U.S. taxes with respect to GILTI; the goodwill is not expected to be deductible for foreign tax purposes. |
Note 6 - Goodwill and Intangi_4
Note 6 - Goodwill and Intangible Assets, Net - Change in the Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Goodwill | $ 286,444 | $ 291,166 | |
Effect of foreign currency translation | 853 | (7,543) | |
Impairment losses | (156,892) | 0 | $ 0 |
Goodwill | 180,096 | 286,444 | 291,166 |
Belyntic Acquisition [Member] | |||
Goodwill acquired | 2,973 | ||
Measurement period adjustment | 841 | ||
Agena [Member] | |||
Measurement period adjustment | (152) | ||
GKE Acquisition [Member] | |||
Goodwill acquired | 48,850 | ||
Operating Segments [Member] | Sterilization and Disinfection Control [Member] | |||
Goodwill | 29,559 | 29,750 | |
Effect of foreign currency translation | 1,021 | (191) | |
Impairment losses | 0 | ||
Goodwill | 79,430 | 29,559 | 29,750 |
Operating Segments [Member] | Sterilization and Disinfection Control [Member] | Belyntic Acquisition [Member] | |||
Goodwill acquired | 0 | ||
Measurement period adjustment | 0 | ||
Operating Segments [Member] | Sterilization and Disinfection Control [Member] | Agena [Member] | |||
Measurement period adjustment | 0 | ||
Operating Segments [Member] | Sterilization and Disinfection Control [Member] | GKE Acquisition [Member] | |||
Goodwill acquired | 48,850 | ||
Operating Segments [Member] | Clinical Genomics [Member] | |||
Goodwill | 135,811 | 135,914 | |
Effect of foreign currency translation | (130) | 49 | |
Impairment losses | (118,741) | ||
Goodwill | 16,940 | 135,811 | 135,914 |
Operating Segments [Member] | Clinical Genomics [Member] | Belyntic Acquisition [Member] | |||
Goodwill acquired | 0 | ||
Measurement period adjustment | 0 | ||
Operating Segments [Member] | Clinical Genomics [Member] | Agena [Member] | |||
Measurement period adjustment | (152) | ||
Operating Segments [Member] | Clinical Genomics [Member] | GKE Acquisition [Member] | |||
Goodwill acquired | 0 | ||
Operating Segments [Member] | Biopharmaceutical Development [Member] | |||
Goodwill | 83,857 | 88,265 | |
Effect of foreign currency translation | (32) | (7,381) | |
Impairment losses | (38,151) | ||
Goodwill | 46,515 | 83,857 | 88,265 |
Operating Segments [Member] | Biopharmaceutical Development [Member] | Belyntic Acquisition [Member] | |||
Goodwill acquired | 2,973 | ||
Measurement period adjustment | 841 | ||
Operating Segments [Member] | Biopharmaceutical Development [Member] | Agena [Member] | |||
Measurement period adjustment | 0 | ||
Operating Segments [Member] | Biopharmaceutical Development [Member] | GKE Acquisition [Member] | |||
Goodwill acquired | 0 | ||
Operating Segments [Member] | Calibration Solutions [Member] | |||
Goodwill | 37,217 | 37,237 | |
Effect of foreign currency translation | (6) | (20) | |
Impairment losses | 0 | ||
Goodwill | 37,211 | 37,217 | $ 37,237 |
Operating Segments [Member] | Calibration Solutions [Member] | Belyntic Acquisition [Member] | |||
Goodwill acquired | 0 | ||
Measurement period adjustment | 0 | ||
Operating Segments [Member] | Calibration Solutions [Member] | Agena [Member] | |||
Measurement period adjustment | $ 0 | ||
Operating Segments [Member] | Calibration Solutions [Member] | GKE Acquisition [Member] | |||
Goodwill acquired | $ 0 |
Note 6 - Goodwill and Intangi_5
Note 6 - Goodwill and Intangible Assets, Net - Other Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Jan. 01, 2024 | Mar. 31, 2023 | |
Gross carrying amount | $ 251,072 | $ 328,990 | |
Accumulated amortization | (137,320) | (112,175) | |
Net carrying amount | $ 113,752 | 216,815 | |
Estimated useful life (Year) | 10 years | ||
Minimum [Member] | |||
Estimated useful life (Year) | 3 years | ||
Maximum [Member] | |||
Estimated useful life (Year) | 15 years | ||
Customer Relationships [Member] | |||
Gross carrying amount | $ 189,911 | 238,247 | |
Accumulated amortization | (104,528) | (86,058) | |
Net carrying amount | $ 85,383 | 152,189 | |
Intangible assets. life (Year) | 8 years | ||
Customer Relationships [Member] | Minimum [Member] | |||
Estimated useful life (Year) | 7 years | ||
Customer Relationships [Member] | Maximum [Member] | |||
Estimated useful life (Year) | 14 years | ||
Intellectual Property [Member] | |||
Gross carrying amount | $ 41,602 | 65,950 | |
Accumulated amortization | (25,901) | (19,550) | |
Net carrying amount | $ 15,701 | 46,400 | |
Intangible assets. life (Year) | 5 years 10 months 24 days | ||
Intellectual Property [Member] | Minimum [Member] | |||
Estimated useful life (Year) | 7 years | ||
Intellectual Property [Member] | Maximum [Member] | |||
Estimated useful life (Year) | 10 years | ||
Other Intangible Assets [Member] | |||
Gross carrying amount | $ 19,559 | 24,793 | |
Accumulated amortization | (6,891) | (6,567) | |
Net carrying amount | $ 12,668 | $ 18,226 | |
Other Intangibles [Member] | |||
Intangible assets. life (Year) | 7 years 10 months 24 days | ||
Other Intangibles [Member] | Minimum [Member] | |||
Estimated useful life (Year) | 3 years | ||
Other Intangibles [Member] | Maximum [Member] | |||
Estimated useful life (Year) | 12 years |
Note 6 - Goodwill and Intangi_6
Note 6 - Goodwill and Intangible Assets, Net - Amortization Expense for Finite-lived Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Amortization of acquisition-related intangibles | $ 27,341 | $ 28,821 | $ 21,806 |
Cost of Sales [Member] | |||
Amortization of acquisition-related intangibles | 6,052 | 6,796 | 3,806 |
General and Administrative Expense [Member] | |||
Amortization of acquisition-related intangibles | $ 21,289 | $ 22,025 | $ 18,000 |
Note 6 - Goodwill and Intangi_7
Note 6 - Goodwill and Intangible Assets, Net - Estimated Amortization Expense (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
2025 | $ 17,788 |
2026 | 16,988 |
2027 | 16,328 |
2028 | 15,735 |
2029 | $ 15,182 |
Note 7 - Supplemental Balance_3
Note 7 - Supplemental Balance Sheet Information - Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Raw materials | $ 18,335 | $ 20,064 |
Work in process | 1,256 | 617 |
Finished goods | 13,084 | 13,961 |
Total inventories | $ 32,675 | $ 34,642 |
Note 7 - Supplemental Balance_4
Note 7 - Supplemental Balance Sheet Information - Prepaid and Other Current Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Prepaid expenses | $ 2,932 | $ 2,498 |
Deposits | 1,898 | 1,376 |
Prepaid income taxes | 1,237 | 953 |
Other current assets | 3,341 | 4,045 |
Total prepaid expenses and other | $ 9,408 | $ 8,872 |
Note 7 - Supplemental Balance_5
Note 7 - Supplemental Balance Sheet Information - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Land | $ 889 | $ 889 | |
Buildings and building improvements | 23,480 | 22,005 | |
Manufacturing equipment | 19,540 | 14,481 | |
Computer equipment | 3,613 | 4,413 | |
Other | 5,383 | 4,394 | |
Construction in progress | 1,380 | 1,735 | |
Gross total | 54,285 | 47,917 | |
Accumulated depreciation | (22,519) | (19,768) | |
Property, plant and equipment, net | 31,766 | 28,149 | |
Depreciation, Total | 4,233 | 4,313 | $ 3,262 |
Cost of Sales [Member] | |||
Depreciation, Total | 3,031 | 3,163 | 2,243 |
Operating Expense [Member] | |||
Depreciation, Total | $ 1,202 | $ 1,150 | $ 1,019 |
Note 7 - Supplemental Balance_6
Note 7 - Supplemental Balance Sheet Information - Accrued Payroll and Benefits (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Bonus payable | $ 3,838 | $ 4,461 |
Wages and paid-time-off payable | 3,072 | 2,329 |
Payroll related taxes | 1,956 | 1,982 |
Other benefits payable | 1,069 | 661 |
Total accrued payroll and benefits | $ 9,935 | $ 9,433 |
Note 7 - Supplemental Balance_7
Note 7 - Supplemental Balance Sheet Information - Other Accrued Expenses (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Current operating lease liabilities | $ 2,986 | $ 2,868 |
Income taxes payable | 1,615 | 992 |
Other | 2,700 | 2,297 |
Total other accrued expenses | 12,858 | 12,098 |
Other Accrued Expenses [Member] | ||
Accrued business taxes | $ 5,557 | $ 5,941 |
Note 8 - Indebtedness (Details
Note 8 - Indebtedness (Details Textual) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Apr. 05, 2024 USD ($) | Mar. 31, 2024 USD ($) | Mar. 05, 2021 USD ($) | Aug. 12, 2019 USD ($) $ / shares | Apr. 30, 2024 USD ($) | Sep. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) | Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Oct. 05, 2023 USD ($) | |
Senior Secured Credit Agreement [Member] | ||||||||||
Debt Instrument, Term (Year) | 4 years | |||||||||
Debt Instrument, Interest Rate, Effective Percentage | 7.20% | 7.20% | ||||||||
Line of Credit Facility, Commitment Fee Amount | $ 164,000 | $ 107,000 | ||||||||
Proceeds from Lines of Credit | $ 71,000,000 | |||||||||
Repayments of Lines of Credit | $ 50,500 | $ 20,500,000 | ||||||||
Senior Secured Credit Agreement [Member] | Subsequent Event [Member] | ||||||||||
Repayments of Lines of Credit | $ 7,500,000 | |||||||||
Senior Secured Credit Agreement [Member] | Prepaid Expenses, Other and Other Assets [Member] | ||||||||||
Debt Issuance Costs, Net | $ 321,000 | $ 321,000 | 312,000 | |||||||
Senior Secured Credit Agreement [Member] | Maximum [Member] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | |||||||||
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 | $ 75,000,000 | $ 125,000,000 | ||||||||
Senior Secured Credit Agreement [Member] | Minimum [Member] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.20% | |||||||||
Senior Secured Credit Agreement [Member] | Minimum [Member] | Subsequent Event [Member] | ||||||||||
Fixed Charge Coverage Ratio | 1.25 | |||||||||
Senior Leverage Ratio | 3.5 | |||||||||
Senior Secured Credit Agreement [Member] | Minimum [Member] | The Credit Facility Term Loan [Member] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,000,000 | |||||||||
Senior Secured Credit Agreement [Member] | Swingline Loan [Member] | Maximum [Member] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 5,000,000 | |||||||||
Senior Secured Credit Agreement [Member] | Revolving Credit Facility [Member] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 75,000,000 | |||||||||
Senior Secured Credit Agreement [Member] | Letter of Credit [Member] | Maximum [Member] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,500,000 | |||||||||
The Credit Facility Term Loan [Member] | Subsequent Event [Member] | ||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 8.40% | |||||||||
Long-term Debt, Gross | $ 75,000,000 | |||||||||
Debt Instrument, Covenant, Maximum Total Leverage Ratio for the First Five Testing Dates | 4.5 | |||||||||
Debt Instrument, Covenant, Maximum Total Leverage Ratio for the Sixth, Seventh, and Eighth Testing Dates | 4 | |||||||||
Debt Instrument, Covenant, Maximum Total Leverage Ratio Following the Ninth Testing date | 3.5 | |||||||||
Debt Instrument, Repurchased Face Amount | $ 75,000,000 | |||||||||
Debt Instrument, Repurchased Price | $ 71,410,000 | |||||||||
The Notes [Member] | Senior Notes [Member] | ||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 1.90% | 1.90% | ||||||||
Debt Issuance Costs, Net | $ 1,302,000 | $ 1,302,000 | 2,228,000 | |||||||
Long-term Debt, Gross | $ 172,500,000 | $ 172,500,000 | $ 172,500,000 | |||||||
Debt Instrument, Face Amount | $ 172,500,000 | |||||||||
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 | $ 283.5 | |||||||||
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 | $ 5,175,000 | |||||||||
Third Party Offering Costs | 255,000 | |||||||||
Debt Issuance Costs, Gross | $ 6,000 |
Note 8 - Indebtedness - Carryin
Note 8 - Indebtedness - Carrying Amount of the Notes (Details) - The Notes [Member] - Senior Notes [Member] - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Principal outstanding | $ 172,500 | $ 172,500 |
Unamortized debt issuance costs | (1,302) | (2,228) |
Net carrying value | $ 171,198 | $ 170,272 |
Note 8 - Indebtedness - Interes
Note 8 - Indebtedness - Interest Expense on the Notes (Details) - The Notes [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Coupon interest expense at 1.375% | $ 2,372 | $ 2,372 | $ 2,372 |
Amortization of debt issuance costs | 926 | 907 | 890 |
Total | $ 3,298 | $ 3,279 | $ 3,262 |
Note 9 - Stock Transactions a_3
Note 9 - Stock Transactions and Stock-based Compensation (Details Textual) - USD ($) | 12 Months Ended | ||||
Oct. 28, 2021 | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | Nov. 30, 2005 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 42.76 | $ 58.94 | $ 76.02 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 6,902,000 | $ 15,209,000 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested in Period, Fair Value | $ 2,749,000 | 2,763,000 | $ 2,856,000 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number (in shares) | 187,000 | ||||
Share Repurchase Program, Authorized, Number of Shares (in shares) | 300,000 | ||||
Stock Repurchased During Period, Value | $ 0 | $ 0 | $ 0 | ||
Stock Repurchased During Period, Shares (in shares) | 162,000 | ||||
Share-Based Payment Arrangement, Option [Member] | |||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 2,388,000 | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 9 months 18 days | ||||
Restricted Stock Units (RSUs) [Member] | |||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 6,317 | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 8 months 12 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) | $ 187.21 | $ 274.55 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 5,881,000 | $ 6,751,000 | $ 5,320,000 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Distributed | $ 5,004,000 | $ 5,320,000 | |||
Performance Stock Units [Member] | |||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 5,703,000 | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 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) | $ 132.29 | $ 182.14 | $ 302.15 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 0 | $ 1,926,000 | $ 5,671,000 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Distributed | $ 1,776,000 | $ 7,549,000 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 32,000 | ||||
Sharebased Payment Arrangement, Expected to Vest Share, Release of Cumulative Value | $ (812,000) | ||||
Sharebased Payment Arrangement, Expected to Vest Share, Release of Cumulative Value, Net of Tax | $ 640,000 | ||||
Sharebased Payment Arrangement, Expected to Vest Share, Release of Cumulative Value, Per Share, Basic (in dollars per share) | $ 0.12 | ||||
Future Share Based Compensation | $ 934,000 | ||||
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) | 40,000 | ||||
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, Options, Vested and Expected to Vest, Outstanding, Number (in shares) | 35 | ||||
The FY24 PSUs [Member] | Eligible Employees [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 32,000 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 15,000 | ||||
The 2021 Equity Plan [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 660,000 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 373,000 | ||||
Equity Plan 2014 [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 77,000 | ||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 1,100,000 | ||||
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) | $ 133.3 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 55,000 |
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, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Stock-based compensation expense | $ 11,936 | $ 12,538 | $ 11,391 |
Amount of income tax expense (benefit) recognized in earnings | 2,718 | (1,169) | (4,055) |
Stock-based compensation expense, net of tax | $ 14,654 | $ 11,369 | $ 7,336 |
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, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Weighted-average value at grant date (in dollars per share) | $ 42.76 | $ 58.94 | $ 76.02 |
Black-Scholes Option-Pricing Model [Member] | |||
Weighted-average value at grant date (in dollars per share) | $ 130.07 | $ 185.6 | $ 268.81 |
Expected life (years) (Year) | 3 years 6 months 7 days | 3 years 6 months 7 days | 3 years 6 months 7 days |
Expected dividend yield | 0.07% | 0.07% | 0.06% |
Volatility | 37.82% | 37.29% | 38.82% |
Risk-free interest rate | 4.16% | 3.55% | 0.46% |
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, 2024 | Mar. 31, 2023 | |
Options outstanding (in shares) | 163 | |
Options outstanding, weighted average exercise price (in dollars per share) | $ 200.62 | |
Outstanding, Weighted- Average Remaining Contractual Life (Year) | 3 years 2 months 12 days | 3 years 3 months 18 days |
Outstanding, Aggregate Intrinsic Value | $ 26 | $ 1,643 |
Options granted (in shares) | 56 | |
Awards granted, weighted average exercise price (in dollars per share) | $ 130.07 | |
Options forfeited or expired (in shares) | (23) | |
Awards forfeited or expired, weighted average exercise price (in dollars per share) | $ 192.15 | |
Options exercised or distributed (in shares) | (2) | |
Awards exercised or distributed, weighted average exercise price (in dollars per share) | $ 132.4 | |
Options outstanding (in shares) | 194 | 163 |
Options outstanding, weighted average exercise price (in dollars per share) | $ 181.89 | $ 200.62 |
Options exercisable (in shares) | 109 | |
Exercisable, weighted average exercise price (in dollars per share) | $ 197.63 | |
Exercisable, Weighted- Average Remaining Contractual Life (Year) | 2 years | |
Exercisable, Aggregate Intrinsic Value | $ 0 | |
Exercisable and expected to vest (in shares) | 187 | |
Exercisable and expected to vest, weighted average exercise price (in dollars per share) | $ 183.16 | |
Exercisable and expected to vest, Weighted- Average Remaining Contractual Life (Year) | 3 years 2 months 12 days | |
Exercisable awards and awards expected to vest | $ 23 |
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, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Nonvested, weighted average remaining contractual life (Year) | 2 years 7 months 6 days | ||
Nonvested, aggregate intrinsic value | $ 6,142 | ||
Nonvested (in shares) | 56 | ||
Nonvested, weighted average grant date fair value per share (in dollars per share) | $ 240.96 | ||
Expected to vest (in shares) | 55 | ||
Expected to vest, weighted average grant date fair value per share (in dollars per share) | $ 243.67 | ||
Expected to vest, weighted average remaining contractual life (Year) | 2 years 4 months 24 days | ||
Expected to vest, aggregate intrinsic value | $ 5,984 | ||
Restricted Stock Units (RSUs) [Member] | |||
Awards granted, weighted average grant date fair value per share (in dollars per share) | $ 187.21 | $ 274.55 | |
Restricted Stock Units (RSUs) [Member] | Equity Plan 2014 [Member] | |||
Nonvested (in shares) | 57 | ||
Nonvested, weighted average grant date fair value per share (in dollars per share) | $ 209.27 | ||
Nonvested, weighted average remaining contractual life (Year) | 1 year | 1 year | |
Nonvested, aggregate intrinsic value | $ 8,325 | $ 9,993 | |
Awards granted (in shares) | 55 | ||
Awards granted, weighted average grant date fair value per share (in dollars per share) | $ 133.3 | ||
Awards forfeited or expired (in shares) | (8) | ||
Awards forfeited or expired, weighted average grant date fair value per share (in dollars per share) | $ 166.78 | ||
Awards distributed (in shares) | (28) | ||
Awards distributed, weighted average grant date fair value per share (in dollars per share) | $ 212.22 | ||
Nonvested (in shares) | 76 | 57 | |
Nonvested, weighted average grant date fair value per share (in dollars per share) | $ 157.83 | $ 209.27 | |
Expected to vest (in shares) | 69 | ||
Expected to vest, weighted average grant date fair value per share (in dollars per share) | $ 158.85 | ||
Expected to vest, weighted average remaining contractual life (Year) | 1 year 9 months 18 days | ||
Expected to vest, aggregate intrinsic value | $ 7,540 |
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, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | ||
Nonvested, weighted average remaining contractual life (Year) | 2 years 7 months 6 days | |||
Nonvested, aggregate intrinsic value | $ 6,142 | |||
Performance adjustment (in dollars per share) | $ 240.96 | |||
Nonvested (in shares) | 56 | |||
Nonvested, weighted average grant date fair value per share (in dollars per share) | $ 240.96 | |||
Expected to vest (in shares) | 55 | |||
Expected to vest, weighted average grant date fair value per share (in dollars per share) | $ 243.67 | |||
Expected to vest, weighted average remaining contractual life (Year) | 2 years 4 months 24 days | |||
Expected to vest, aggregate intrinsic value | $ 5,984 | |||
Performance Stock Units [Member] | ||||
Nonvested (in shares) | 44 | |||
Nonvested, weighted average grant date fair value per share (in dollars per share) | $ 286.02 | |||
Nonvested, weighted average remaining contractual life (Year) | 3 years 6 months | |||
Nonvested, aggregate intrinsic value | $ 7,958 | |||
Awards granted (in shares) | 32 | |||
Awards granted, weighted average grant date fair value per share (in dollars per share) | $ 132.29 | $ 182.14 | $ 302.15 | |
Performance adjustment (in shares) | [1] | (19) | ||
Performance adjustment (in dollars per share) | $ 177.84 | $ 286.02 | ||
Awards forfeited or expired (in shares) | (1) | |||
Awards forfeited or expired, weighted average grant date fair value per share (in dollars per share) | $ 132.29 | |||
Nonvested (in shares) | 44 | |||
Nonvested, weighted average grant date fair value per share (in dollars per share) | $ 177.84 | $ 286.02 | ||
[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 - Net (Loss) Earnings_3
Note 10 - Net (Loss) 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, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Net (loss) earnings available for shareholders | $ (254,246) | $ 930 | $ 1,871 |
Weighted average outstanding shares of common stock (in shares) | 5,386 | 5,321 | 5,212 |
Fully diluted shares (in shares) | 5,386 | 5,361 | 5,335 |
Basic (loss) earnings per share (in dollars per share) | $ (47.2) | $ 0.17 | $ 0.36 |
Diluted (loss) earnings per share (in dollars per share) | $ (47.2) | $ 0.17 | $ 0.35 |
Share-Based Payment Arrangement, Option [Member] | |||
Dilutive effect of shares (in shares) | 0 | 26 | 100 |
Unvested Stock Awards [Member] | |||
Dilutive effect of shares (in shares) | 0 | 14 | 23 |
Note 10 - Net (Loss) Earnings_4
Note 10 - Net (Loss) Earnings Per Share - Antidilutive Securities Excluded From Computation of Earnings Per Share (Details) - shares shares in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Total stock awards excluded from diluted EPS (in shares) | 876 | 762 | 648 |
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) | 268 | 154 | 40 |
Note 11 - Employee Benefit Pl_2
Note 11 - Employee Benefit Plans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Defined Contribution Plan, Cost | $ 2,078 | $ 1,768 | $ 1,185 |
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, 2024 | Mar. 31, 2023 | Mar. 31, 2022 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 0 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 0 | $ 0 | $ 0 |
Note 12 - Income Taxes - Earnin
Note 12 - Income Taxes - Earnings Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Domestic | $ (233,853) | $ 1,887 | $ 4,579 |
Foreign | (41,795) | (2,276) | (1,005) |
Total (loss) earnings before income taxes | $ (275,648) | $ (389) | $ 3,574 |
Note 12 - Income Taxes - Provis
Note 12 - Income Taxes - Provisions for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Current tax provision: | |||
U.S. Federal | $ 3,002 | $ 593 | $ (83) |
U.S. State | 1,678 | 538 | 286 |
Foreign | 2,330 | 1,070 | 1,372 |
Total current tax expense | 7,010 | 2,201 | 1,575 |
Deferred tax provision: | |||
U.S. Federal | (20,387) | (1,432) | 1,707 |
U.S. State | (1,853) | (210) | 337 |
Foreign | (6,172) | (1,878) | (1,916) |
Total deferred tax (benefit) expense | (28,412) | (3,520) | 128 |
Total income tax (benefit) expense | $ (21,402) | $ (1,319) | $ 1,703 |
Note 12 - Income Taxes - Income
Note 12 - Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Total (loss) earnings before income taxes | $ (275,648) | $ (389) | $ 3,574 |
Federal income taxes at statutory rates, amount | $ (57,886) | $ (82) | $ 751 |
Federal income taxes at statutory rates, percent | 21% | 21% | 21% |
State income taxes, net of federal benefit, amount | $ (2,508) | $ (1,075) | $ 628 |
State income taxes, net of federal benefit, percent | 0.90% | 276.30% | 17.60% |
Compensation adjustments, amount | $ 2,738 | $ 1,506 | $ (16) |
Compensation adjustments, percent | (1.00%) | (387.10%) | (0.40%) |
Research and development credit, amount | $ (1,093) | $ (1,010) | $ (495) |
Research and development credit, percent | 0.40% | 259.60% | 13.90% |
Research and development credit, percent | (0.40%) | (259.60%) | (13.90%) |
Return to provision adjustment, amount | $ (182) | $ (125) | $ (68) |
Return to provision adjustment, percent | 0.10% | 32.10% | (1.90%) |
Subpart F, GILTI, & FDII, amount | $ (412) | $ (127) | $ 6 |
Subpart F, GILTI, & FDII, percent | 0.10% | 32.60% | 0.20% |
Foreign rate differential, amount | $ (566) | $ (313) | $ (152) |
Foreign rate differential, percent | 0.20% | 80.50% | (4.30%) |
Permanent difference | $ 479 | $ 33 | $ 64 |
Permanent difference, percent | (0.20%) | (8.50%) | 1.80% |
Goodwill impairment, amount | $ 32,594 | $ 0 | $ 0 |
Goodwill impairment, percent | (11.80%) | 0% | 0% |
Valuation allowance | $ 5,398 | $ (126) | $ 304 |
Valuation allowance, percent | (2.00%) | 32.40% | 8.50% |
Interest reserve adjustment, amount | $ 0 | $ 0 | $ 668 |
Interest reserve adjustment, percent | 0% | 0% | 18.70% |
Other, amount | $ 36 | $ 0 | $ 13 |
Other, percent | 0% | 0% | 0.40% |
Total income tax (benefit) expense | $ (21,402) | $ (1,319) | $ 1,703 |
Total income tax (benefit) expense, percent | 7.76% | 339.07% | 47.65% |
Effective income tax rate, amount | 7.76% | 339.07% | 47.65% |
Note 12 - Income Taxes - Compon
Note 12 - Income Taxes - Components of Net Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Capitalized research expenditures | [1] | $ 5,116 | $ 3,124 | ||
Credits | 2,528 | 4,769 | |||
Allowances and reserves | 3,033 | 2,376 | |||
Stock compensation deductible differences | 1,346 | 1,384 | |||
Operating lease liabilities | 2,182 | 1,850 | |||
Inventories | 668 | 1,348 | |||
Net operating loss | 6,633 | 6,945 | |||
Other | 187 | 149 | |||
Net deferred tax assets, gross | 21,693 | 21,945 | |||
Valuation allowance | (5,975) | (582) | $ (708) | $ (404) | |
Net deferred tax assets, net | 15,718 | 21,363 | |||
Operating lease right-of-use assets | (2,120) | (1,811) | |||
Goodwill and intangible assets | (28,694) | (49,781) | |||
Property, plant and equipment | (2,813) | (2,502) | |||
Other | (579) | (221) | |||
Total deferred tax liabilities | (34,206) | (54,315) | |||
Deferred tax asset/(liabilities) | $ (18,488) | $ (32,952) | |||
[1]Under the Tax Cut and Jobs Act of 2017, research and development costs are no longer fully deductible and are required to be capitalized and amortized for U.S tax purposes effective January 1, 2022. The mandatory capitalization requirement increases our deferred tax assets and cash tax liabilities. |
Note 12 - Income Taxes - Valuat
Note 12 - Income Taxes - Valuation Allowance for Deferred Tax Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Beginning balance | $ 582 | $ 708 | $ 404 |
Additions charged to income tax expense and other accounts | 5,398 | 567 | 304 |
Deductions from reserves | (5) | (693) | 0 |
Ending balance | $ 5,975 | $ 582 | $ 708 |
Note 12 - Income Taxes - Summar
Note 12 - Income Taxes - Summary of Operating Loss Carryforwards (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Domestic Tax Jurisdiction [Member] | Tax Year Pre-2018 [Member] | |
NOL carryforwards | $ 0 |
Domestic Tax Jurisdiction [Member] | Tax Year Post -2018 [Member] | |
NOL carryforwards | 0 |
State and Local Jurisdiction [Member] | |
NOL carryforwards | 8,709 |
Foreign Tax Jurisdiction [Member] | |
NOL carryforwards | $ 22,595 |
Note 12 - Income Taxes - Summ_2
Note 12 - Income Taxes - Summary of Tax Credit Carryforwards (Details) $ in Thousands | 12 Months Ended |
Mar. 31, 2024 USD ($) | |
Research Tax Credit Carryforward [Member] | Domestic Tax Jurisdiction [Member] | |
Tax credit carryforwards | $ 0 |
Research Tax Credit Carryforward [Member] | State and Local Jurisdiction [Member] | |
Tax credit carryforwards | $ 3,181 |
Tax credit carryforwards, expiration date | Mar. 31, 2036 |
Research Tax Credit Carryforward [Member] | Foreign Tax Jurisdiction [Member] | |
Tax credit carryforwards | $ 15 |
Foreign Tax Credit Carryforwards [Member] | Domestic Tax Jurisdiction [Member] | |
Tax credit carryforwards, expiration date | Mar. 31, 2037 |
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, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Beginning balance | $ 92 | $ 1,329 | $ 64 |
(Decrease) increase related to prior period tax positions | (92) | (1,272) | 1,179 |
Increases related to current period tax positions | 0 | 35 | 86 |
Ending balance | $ 0 | $ 92 | $ 1,329 |
Note 12 - Income Taxes - Open T
Note 12 - Income Taxes - Open Tax Years (Details) | 12 Months Ended |
Mar. 31, 2024 | |
Domestic Tax Jurisdiction [Member] | |
U.S. Federal | 2020 |
State and Local Jurisdiction [Member] | |
U.S. Federal | 2019 |
Foreign Tax Jurisdiction [Member] | |
U.S. Federal | 2016 2017 2018 2019 2020 2021 |
Note 13 - Commitments and Con_2
Note 13 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2024 | Nov. 17, 2022 |
Belyntic Acquisition [Member] | ||
Business Combination, Contingent Consideration, Liability | $ 571 | $ 1,500 |
GKE Acquisition [Member] | ||
Business Combination, Contingent Consideration, Liability | $ 9,300 |
Note 14 - Segment Data (Details
Note 14 - Segment Data (Details Textual) | 12 Months Ended |
Mar. 31, 2024 | |
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, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | ||||
Revenues | $ 216,187 | $ 219,080 | $ 184,335 | |||
Sterilization and Disinfection Control (b) | 133,250 | 133,693 | 109,090 | |||
Operating expenses | 405,325 | 130,373 | 104,388 | |||
Operating (loss) income | (272,075) | 3,320 | 4,702 | |||
Nonoperating expense, net | (3,573) | (3,709) | (1,128) | |||
Operating Segments [Member] | ||||||
Sterilization and Disinfection Control (b) | 133,327 | 133,733 | 109,255 | |||
Operating expenses | 405,325 | 130,373 | 104,388 | |||
Operating (loss) income | (272,075) | 3,320 | 4,702 | |||
Nonoperating expense, net | 3,573 | 3,709 | 1,128 | |||
(Loss) earnings before income taxes | (275,648) | (389) | 3,574 | |||
Operating Segments [Member] | Sterilization and Disinfection Control [Member] | ||||||
Revenues | [2],[3] | 75,124 | [1] | 64,609 | 59,044 | |
Sterilization and Disinfection Control (b) | [2] | 53,302 | 46,520 | 43,720 | ||
Operating Segments [Member] | Clinical Genomics [Member] | ||||||
Revenues | [3] | 52,588 | 62,299 | 32,840 | [4] | |
Sterilization and Disinfection Control (b) | 27,078 | 32,485 | 11,941 | |||
Operating Segments [Member] | Biopharmaceutical Development [Member] | ||||||
Revenues | [3] | 40,712 | 47,365 | 45,579 | ||
Sterilization and Disinfection Control (b) | 25,400 | 30,340 | 28,605 | |||
Operating Segments [Member] | Calibration Solutions [Member] | ||||||
Revenues | [3] | 47,763 | 44,807 | 46,872 | ||
Sterilization and Disinfection Control (b) | 27,547 | 24,388 | 24,989 | |||
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member] | ||||||
Revenues | [3],[5] | $ (77) | $ (40) | $ (165) | ||
[1]Beginning October 16, 2023, revenues of $8,214 from GKE GmbH and SAL GmbH are included in the Sterilization and Disinfection Control division. Revenues of $1,075 from GKE China are included in the Sterilization and Disinfection Control division beginning on January 1, 2024.[2]Includes GKE results beginning at acquisition.[3]Intersegment revenues are not significant and are eliminated to arrive at consolidated totals.[4]Revenues in the Clinical Genomics division represent transactions subsequent to the acquisition of Agena Bioscience, Inc. on October 20, 2021.[5]Unallocated corporate expenses and other business activities are reported within Corporate and Other. |
Note 14 - Segment Data - Segmen
Note 14 - Segment Data - Segment Depreciation and Amortization (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Depreciation and Amortization | $ 9,083 | $ 9,959 | $ 6,049 |
Operating Segments [Member] | Sterilization and Disinfection Control [Member] | |||
Depreciation and Amortization | 1,469 | 818 | 860 |
Operating Segments [Member] | Clinical Genomics [Member] | |||
Depreciation and Amortization | 5,385 | 6,808 | 3,093 |
Operating Segments [Member] | Biopharmaceutical Development [Member] | |||
Depreciation and Amortization | 1,563 | 1,435 | 1,615 |
Operating Segments [Member] | Calibration Solutions [Member] | |||
Depreciation and Amortization | 280 | 366 | 390 |
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member] | Corporate Segment and Other Operating Segment [Member] | |||
Depreciation and Amortization | $ 386 | $ 532 | $ 91 |
Note 14 - Segment Data - Segm_2
Note 14 - Segment Data - Segment Inventory (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Total inventories | $ 32,675 | $ 34,642 |
Operating Segments [Member] | Sterilization and Disinfection Control [Member] | ||
Total inventories | 7,014 | 3,492 |
Operating Segments [Member] | Clinical Genomics [Member] | ||
Total inventories | 11,813 | 13,985 |
Operating Segments [Member] | Biopharmaceutical Development [Member] | ||
Total inventories | 6,304 | 8,384 |
Operating Segments [Member] | Calibration Solutions [Member] | ||
Total inventories | $ 7,544 | $ 8,781 |
Note 14 - Segment Data - Long-l
Note 14 - Segment Data - Long-lived Assets by Geographic Area (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Long-lived assets | $ 42,304 | $ 38,522 |
UNITED STATES | ||
Long-lived assets | 32,229 | 34,729 |
GERMANY | ||
Long-lived assets | 7,596 | 931 |
Non-US [Member] | ||
Long-lived assets | $ 2,479 | $ 2,862 |
Note 14 - Segment Data - Revenu
Note 14 - Segment Data - Revenues From External Customers (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Revenues | $ 216,187 | $ 219,080 | $ 184,335 |
UNITED STATES | |||
Revenues | 106,395 | 117,281 | 99,068 |
CHINA | |||
Revenues | 24,933 | 25,797 | 16,518 |
Other [Member] | |||
Revenues | $ 84,859 | $ 76,002 | $ 68,749 |
Note 15 - Subsequent Events (De
Note 15 - Subsequent Events (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | 21 Months Ended | ||||||
Apr. 11, 2024 | Mar. 31, 2029 | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2028 | Mar. 31, 2026 | Apr. 01, 2029 | Apr. 05, 2024 | |
Repayments of Debt | $ 33,500 | $ 36,000 | $ 21,000 | ||||||
Outstanding 2025 Notes [Member] | Subsequent Event [Member] | |||||||||
Debt Instrument, Repurchased Face Amount | $ 75,000 | ||||||||
Repayments of Debt | 71,250 | ||||||||
Interest Payable | $ 160 | ||||||||
The Credit Facility Term Loan [Member] | Forecast [Member] | |||||||||
Long-term Debt, Gross | $ 48,750 | ||||||||
Debt Instrument, Periodic Payment, Principal | $ 1,875 | $ 1,406 | $ 938 | ||||||
The Credit Facility Term Loan [Member] | Subsequent Event [Member] | |||||||||
Debt Instrument, Repurchased Face Amount | $ 75,000 | ||||||||
Long-term Debt, Gross | $ 75,000 | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 8.40% |