Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Jun. 30, 2024 | Jul. 31, 2024 | |
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 | Q1 | |
Document Fiscal Year Focus | 2025 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 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 Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 5,409,163 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2024 | Mar. 31, 2024 |
Cash and cash equivalents | $ 28,472 | $ 28,214 |
Accounts receivable, less allowance for doubtful accounts of $1,057 and $1,321, respectively | 35,568 | 39,055 |
Inventories | 31,767 | 32,675 |
Prepaid expenses and other current assets | 10,883 | 9,408 |
Total current assets | 106,690 | 109,352 |
Noncurrent assets: | ||
Property, plant and equipment, net of accumulated depreciation of $22,574 and $22,519 respectively | 31,402 | 31,766 |
Deferred tax asset | 1,281 | 1,292 |
Other assets | 11,807 | 10,538 |
Intangible assets | 109,459 | 113,752 |
Goodwill | 179,722 | 180,096 |
Total assets | 440,361 | 446,796 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Accounts payable | 5,659 | 6,041 |
Accrued payroll and benefits | 8,338 | 9,935 |
Unearned revenues | 14,634 | 15,478 |
Term loan, current portion | 3,750 | 0 |
Other accrued expenses | 22,484 | 12,858 |
Total current liabilities | 54,865 | 44,312 |
Noncurrent liabilities: | ||
Deferred tax liability | 19,689 | 19,780 |
Other | 6,581 | 15,613 |
Revolving line of credit | 42,000 | 50,500 |
Noncurrent portion | 69,603 | 0 |
Convertible senior notes, net of debt issuance costs | 96,896 | 171,198 |
Total liabilities | 289,634 | 301,403 |
Stockholders’ equity: | ||
Common stock, no par value; authorized 25,000,000 shares; issued and outstanding, 5,409,155 and 5,394,491 shares, respectively | 345,999 | 343,642 |
(Accumulated deficit) | (180,969) | (183,494) |
Accumulated other comprehensive (loss) | (14,303) | (14,755) |
Total stockholders’ equity | 150,727 | 145,393 |
Total liabilities and stockholders’ equity | 440,361 | 446,796 |
Customer Relationships [Member] | ||
Noncurrent assets: | ||
Intangible assets | 82,238 | 85,383 |
Other Intangible Assets [Member] | ||
Noncurrent assets: | ||
Intangible assets | $ 27,221 | $ 28,369 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands | Jun. 30, 2024 | Mar. 31, 2024 |
Allowance for doubtful accounts receivable | $ 1,057 | $ 1,321 |
Property, plant, and equipment accumulated depreciation | $ 22,574 | $ 22,519 |
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) | 5,409,155 | 5,394,491 |
Common stock, outstanding (in shares) | 5,409,155 | 5,394,491 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | ||
Revenues | [1] | $ 58,170 | $ 50,645 |
Cost of revenues | 20,921 | 19,462 | |
Gross profit | 37,249 | 31,183 | |
Operating expense: | |||
Selling | 10,116 | 8,976 | |
Research and development | 4,735 | 4,811 | |
Total operating expense | 31,669 | 31,847 | |
Operating income (loss) | 5,580 | (664) | |
Nonoperating expense: | |||
Interest expense and amortization of debt issuance costs | 2,842 | 1,048 | |
Gain on extinguishment of convertible notes | (3,197) | 0 | |
Other expense (income), net | 2,030 | (775) | |
Total nonoperating expense, net | 1,675 | 273 | |
Earnings (loss) before income taxes | 3,905 | (937) | |
Income tax expense (benefit) | 517 | (388) | |
Net (loss) income | $ 3,388 | $ (549) | |
Earnings (loss) per share: | |||
Basic earnings (loss) per share (in dollars per share) | $ 0.63 | $ (0.1) | |
Diluted earnings (loss) per share (in dollars per share) | $ 0.62 | $ (0.1) | |
Weighted-average common shares outstanding: | |||
Basic (in shares) | 5,397 | 5,372 | |
Diluted (in shares) | 5,424 | 5,372 | |
Product [Member] | |||
Revenues | $ 58,170 | $ 50,645 | |
Service [Member] | |||
Operating expense: | |||
General and administrative | $ 16,818 | $ 18,060 | |
[1]Intersegment revenues are not significant and are eliminated to arrive at consolidated totals. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive (Loss) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Net income (loss) | $ 3,388 | $ (549) |
Other comprehensive income (loss): | ||
Foreign currency translation adjustments | 452 | (6,661) |
Comprehensive income (loss) | $ 3,840 | $ (7,210) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total | |
Balance (in shares) at Mar. 31, 2023 | 5,369,466 | ||||
Balance at Mar. 31, 2023 | $ 332,076 | $ 74,199 | $ (12,795) | [1] | $ 393,480 |
Exercise of stock options and vesting of restricted stock units (in shares) | 20,074 | ||||
Exercise of stock options and vesting of restricted stock units | $ 52 | 52 | |||
Tax withholding on vesting of restricted stock units (in shares) | (5,260) | ||||
Tax withholding on vesting of restricted stock units | $ (712) | 0 | 0 | (712) | |
Dividends paid, $0.16 per share | (859) | (859) | |||
Stock-based compensation expense | $ 2,968 | 2,968 | |||
Foreign currency translation | (6,661) | [1] | (6,661) | ||
Net income | (549) | (549) | |||
Balance (in shares) at Jun. 30, 2023 | 5,384,280 | ||||
Balance at Jun. 30, 2023 | $ 334,384 | 72,791 | (19,456) | [1] | $ 387,719 |
Balance (in shares) at Mar. 31, 2024 | 5,394,491 | 5,394,491 | |||
Balance at Mar. 31, 2024 | $ 343,642 | (183,494) | (14,755) | [1] | $ 145,393 |
Exercise of stock options and vesting of restricted stock units (in shares) | 20,858 | ||||
Exercise of stock options and vesting of restricted stock units | $ 0 | 0 | |||
Tax withholding on vesting of restricted stock units (in shares) | (6,194) | ||||
Tax withholding on vesting of restricted stock units | $ (571) | 0 | 0 | (571) | |
Dividends paid, $0.16 per share | (863) | (863) | |||
Stock-based compensation expense | $ 2,928 | 2,928 | |||
Foreign currency translation | 452 | [1] | 452 | ||
Net income | 3,388 | $ 3,388 | |||
Balance (in shares) at Jun. 30, 2024 | 5,409,155 | 5,409,155 | |||
Balance at Jun. 30, 2024 | $ 345,999 | $ (180,969) | $ (14,303) | [1] | $ 150,727 |
[1]Accumulated Other Comprehensive [(Loss) Income]. |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Dividends paid, per share (in dollars per share) | $ 0.16 | $ 0.16 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 3,388 | $ (549) |
Adjustments to reconcile net income to net cash from operating activities: | ||
Depreciation of property, plant and equipment | 1,404 | 914 |
Amortization of acquisition-related intangibles | 4,061 | 7,220 |
Stock-based compensation expense | 2,928 | 2,968 |
Gain on extinguishment of convertible notes | (3,197) | 0 |
Amortization of step-up in inventory basis | 778 | 0 |
Other | 1,409 | 513 |
Cash from changes in operating assets and liabilities: | ||
Accounts receivable, net | 3,482 | 6,456 |
Inventories | (671) | (1,244) |
Prepaid expenses and other assets | 969 | (2,448) |
Accounts payable | (388) | (539) |
Accrued liabilities and taxes payable | (2,811) | (3,217) |
Unearned revenues | (919) | (135) |
Net cash provided by operating activities | 10,433 | 9,939 |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment | (891) | (270) |
Net cash (used in) investing activities | (891) | (270) |
Cash flows from financing activities: | ||
Proceeds from the issuance of debt, net | 73,465 | 0 |
Repayment of debt | (9,438) | (8,000) |
Repurchase of convertible debt | (71,250) | 0 |
Dividends paid | (863) | (859) |
Other financing, net | (1,023) | (660) |
Net cash (used in) financing activities | (9,109) | (9,519) |
Effect of exchange rate changes on cash and cash equivalents | (175) | (684) |
Net increase (decrease) in cash and cash equivalents | 258 | (534) |
Cash and cash equivalents at beginning of period | 28,214 | 32,910 |
Cash and cash equivalents at end of period | $ 28,472 | $ 32,376 |
Note 1 - Description of Busines
Note 1 - Description of Business and Summary of Significant Accounting Policies | 3 Months Ended |
Jun. 30, 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 quarterly 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 June 30, 2024 four ● Sterilization and Disinfection Control ● Clinical Genomics ● Biopharmaceutical Development ● Calibration Solutions Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission and in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information. In the opinion of management, such unaudited information includes all adjustments, consisting of normal recurring adjustments necessary for the fair statement of our financial position and results of operations. The results of operations for interim periods are not may not no 10 10 March 31, 2024 Our fiscal year ends on March 31. Risks and Uncertainties The preparation of financial statements requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the reporting date and revenues and expenses during the reporting periods. These estimates represent management's judgment about the outcome of future events. The global business environment continues to be impacted by cost pressures, the overall effects of economic uncertainty on customers' purchasing patterns, high interest rates, and other factors. It is not Recently Issued Accounting Pronouncements In November 2023, No. 2023 07, 280 No. 2023 07 280 December 15, 2023 ( 2025 December 15, 2024 ( 2026 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 |
Note 2 - Significant Transactio
Note 2 - Significant Transactions | 3 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Significant Transactions [Text Block] | Note 2 . Significant Transactions GKE - Fiscal Year 2024 We acquired 100% of the outstanding shares of GKE GmbH and SAL GmbH effective October 16, 2023, December 31, 2023, 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 We finalized our purchase price accounting of GKE during fiscal year 2024. June 30, 2024 18 During the three June 30, 2024 three June 30, 2024 |
Note 3 - Revenue
Note 3 - Revenue | 3 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | Note 3. We develop, manufacture, market, sell and maintain life sciences tools and quality control instruments and related consumables. 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 sales 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 for the three June 30, 2024 2023 Three Months Ended June 30, 2024 Sterilization and Disinfection Control (1) Clinical Genomics Biopharmaceutical Development Calibration Solutions Total Consumables $ 20,396 $ 8,112 $ 3,922 $ 580 $ 33,010 Hardware and software 169 2,183 4,837 6,886 14,075 Services 2,392 1,109 3,249 4,335 11,085 Total revenues $ 22,957 $ 11,404 $ 12,008 $ 11,801 $ 58,170 ( 1 three June 30, 2024 . Three Months Ended June 30, 2023 Sterilization and Disinfection Control Clinical Genomics Biopharmaceutical Development Calibration Solutions Total Consumables $ 13,707 $ 8,769 $ 4,486 $ 509 $ 27,471 Hardware and software 81 3,427 2,691 7,078 13,277 Services 2,139 1,173 2,712 3,873 9,897 Total revenues $ 15,927 $ 13,369 $ 9,889 $ 11,460 $ 50,645 Revenues from external customers are attributed to individual countries based upon the locations to which the products are shipped or exported, or locations where services are performed, as follows: Three Months Ended June 30, 2024 2023 United States $ 26,861 $ 26,537 China 6,559 6,113 Other 24,750 17,995 Total revenues $ 58,170 $ 50,645 Other than China, no 10% three June 30, 2024 2023 Contract Balances Our contracts have varying payment terms and conditions. Some customers prepay for products and services, resulting in unearned revenues or customer deposits, called contract liabilities. Short-term contract liabilities are included within unearned revenues in the accompanying unaudited Condensed Consolidated Balance Sheets, and long-term contract liabilities are included within other noncurrent liabilities in the accompanying unaudited Condensed Consolidated Balance Sheets. The significant majority of our revenues and related receivables and contract liabilities are generated from contracts with customers with original durations of 12 A summary of contract liabilities is as follows: Contract liabilities as of March 31, 2024 $ 15,686 Prior year liabilities recognized in revenues during the three months ended June 30, 2024 (3,805 ) Contract liabilities added during the three months ended June 30, 2024, net of revenues recognized 2,877 Contract liabilities as of June 30, 2024 $ 14,758 |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurements | 3 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 4. Our financial instruments consist primarily of cash and cash equivalents, trade accounts receivable, obligations under trade accounts payable, and debt. Due to their short-term nature, the carrying values for cash and cash equivalents, trade accounts receivable, and trade accounts payable approximate fair value; they are classified within Level 1 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% June 30, 2024 On April 5, 2024, August 15, 2025 ( 7. June 30, 2024 2 The estimated fair value and carrying value of the Notes were as follows: June 30, 2024 March 31, 2024 Carrying Value Fair Value (Level 2) Carrying Value Fair Value (Level 2) Notes $ 96,896 $ 92,016 $ 171,198 $ 163,013 The carrying amount of the term loan and revolving line of credit (together, the "Credit Facility") on the Condensed Consolidated Balance Sheets approximates fair value due to the variable interest rate pricing on the debt with the balance bearing an interest rate approximating current market rates. For the GKE acquisition, we held back approximately $9,200 (at June 30, 2024 18 3 During fiscal year 2023, 11. not 3 Amounts recognized or disclosed at fair value in the unaudited condensed consolidated financial statements on a nonrecurring basis include the initial recognition and disclosure of most assets and liabilities purchased in business acquisitions and any related measurement period adjustments. Additionally, assets such as property and equipment, operating lease assets, goodwill and other intangible assets are adjusted to fair value if determined to be impaired. We recorded no three June 30, 2024 June 30, 2023 3 There were no three June 30, 2024 June 30, 2023 |
Note 5 - Supplemental Informati
Note 5 - Supplemental Information | 3 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | Note 5. Inventories consisted of the following: June 30, 2024 March 31, 2024 Raw materials $ 19,031 $ 18,335 Work in process 682 1,256 Finished goods 12,054 13,084 Total inventories $ 31,767 $ 32,675 Prepaid expenses and other current assets consisted of the following: June 30, 2024 March 31, 2024 Prepaid expenses $ 3,928 $ 2,932 Deposits 1,514 1,898 Prepaid income taxes 1,798 1,237 Other current assets 3,643 3,341 Total prepaid expenses and other current assets $ 10,883 $ 9,408 Accrued payroll and benefits consisted of the following: June 30, 2024 March 31, 2024 Bonus payable $ 2,175 $ 3,838 Wages and paid-time-off payable 3,402 3,072 Payroll related taxes 2,223 1,956 Other benefits payable 538 1,069 Total accrued payroll and benefits $ 8,338 $ 9,935 Other accrued expenses consisted of the following: June 30, 2024 March 31, 2024 Accrued business taxes $ 5,268 $ 5,557 Current operating lease liabilities 2,940 2,986 Income taxes payable 1,569 1,615 Current acquisition-related holdbacks 9,384 436 Other 3,323 2,264 Total other accrued expenses $ 22,484 $ 12,858 The increase in other accrued expenses is primarily due to the reclassification of the GKE acquisition consideration held back to current from long term as of June 30, 2024. Other noncurrent liabilities consisted of the following: June 30, 2024 March 31, 2024 Noncurrent operating lease liabilities $ 6,299 $ 6,613 Noncurrent acquisition-related holdbacks 158 8,792 Other 124 208 Total other noncurrent liabilities $ 6,581 $ 15,613 The decrease in other noncurrent liabilities is primarily due to the reclassification of the GKE acquisition consideration held back to current from long term as of June 30, 2024. Three Months Ended June 30, 2024 2023 Depreciation expense in cost of revenues $ 862 $ 674 Depreciation expense in operating expense 542 240 Total depreciation expense $ 1,404 $ 914 $304 of the increase in depreciation expense is attributable to GKE. |
Note 6 - Goodwill and Intangibl
Note 6 - Goodwill and Intangible Assets, Net | 3 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 6. Finite-lived intangible assets consisted of the following: June 30, 2024 March 31, 2024 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 189,708 $ (107,470 ) $ 82,238 $ 189,911 $ (104,528 ) $ 85,383 Other intangibles 61,140 (33,919 ) 27,221 61,161 (32,792 ) 28,369 Total finite-lived intangible assets $ 250,848 $ (141,389 ) $ 109,459 $ 251,072 $ (137,320 ) $ 113,752 Amortization expense for finite-lived intangible assets was as follows: Three Months Ended June 30, 2024 2023 Amortization in cost of revenues $ 647 $ 1,728 Amortization in general and administrative 3,414 5,492 Total amortization expense $ 4,061 $ 7,220 For the following fiscal years ending March 31, Fiscal Year Amortization Expense Remainder of 2025 $ 13,289 2026 16,975 2027 16,319 2028 15,731 2029 15,182 The change in the carrying amount of goodwill was as follows: Sterilization and Disinfection Control Clinical Genomics Biopharmaceutical Development Calibration Solutions Total March 31, 2024 $ 79,430 $ 16,940 $ 46,515 $ 37,211 180,096 Effect of foreign currency translation (494 ) (24 ) 150 (6 ) (374 ) June 30, 2024 $ 78,936 $ 16,916 $ 46,665 $ 37,205 $ 179,722 |
Note 7 - Indebtedness
Note 7 - Indebtedness | 3 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 7 . Indebtedness Credit Facility On March 5, 2021, four 1 2 not 3 not On October 5, 2023, On 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. In conjunction with the amendment and restatement of the Credit Facility during the three June 30, 2024, third 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 June 30, 2024 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. June 30, 2024, Term Loan We borrowed $75,000 under the Term Loan on April 5, 2024, three June 30, 2024, We are required to make quarterly principal payments on the Term Loan. For the following fiscal years ending March 31, Fiscal Year Amount Remainder of 2025 $ 2,813 2026 3,750 2027 5,625 2028 5,625 2029 7,500 Thereafter 48,750 Total Principal Remaining $ 74,063 The net carrying amount of the Term Loan was as follows: June 30, 2024 March 31, 2024 Term Loan (8.4% as of June 30, 2024) $ 74,063 $ - Less: discount and debt issuance costs (710 ) - Less: current portion (3,750 ) - Noncurrent portion $ 69,603 $ - Revolver As of June 30, 2024, June 30, 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. The balance of unamortized customary lender fees, including fees related to the April 5, 2024 June 30, 2024 March 31, 2024, Convert ible Notes On August 12, 2019, August 15, 2025, February 15 August 15 $1,000 On April 5, 2024, three June 30, 2024. June 30, 2024, Upon conversion, we will pay or deliver, as the case may not three June 30, 2024 June 30, 2024 not June 30, 2024 The net carrying amount of the Notes was as follows: June 30, 2024 March 31, 2024 Principal outstanding $ 97,500 $ 172,500 Unamortized debt issuance costs (604 ) (1,302 ) Net carrying value $ 96,896 $ 171,198 We recognized interest expense on the Notes as follows: Three Months Ended June 30, 2024 2023 Coupon interest expense at 1.375% $ 367 $ 593 Amortization of debt issuance costs 145 230 Total interest and amortization of debt issuance costs $ 512 $ 823 The effective interest rate on the Notes is approximately 1.9%. |
Note 8 - Stockholders' Equity
Note 8 - Stockholders' Equity | 3 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | Note 8 . Stockholders' Equity Stock-Based Compensation During the three June 30, 2024 2021 Expense recognized related to stock-based compensation is as follows: Three Months Ended June 30, 2024 2023 Stock-based compensation expense $ 2,928 $ 2,968 Stock-based compensation expense, net of tax $ 2,928 $ 2,096 Stock-based compensation expense is included in cost of revenues, selling, general and administrative, and research and development expense in the accompanying unaudited Condensed Consolidated Statements of Operations. The following is a summary of stock option award activity for the three June 30, 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, 2024 194 $ 181.89 3.2 $ 26 Awards granted - - Awards forfeited or expired (13 ) 147.07 Awards exercised - - Outstanding as of June 30, 2024 181 $ 184.42 3.1 $ - The following is a summary of RSU and PSU award activity for the three June 30, 2024 Time-Based Restricted Stock Units Performance-Based Restricted Stock Units Number of Shares Weighted- Average Grant Date Fair Value per Share Number of Shares Weighted- Average Grant Date Fair Value per Share Outstanding as of March 31, 2024 76 $ 157.83 56 $ 240.96 Awards granted (1) 101 89.82 41 102.57 Awards forfeited (2 ) 154.69 - - Awards distributed (21 ) 182.89 - - Outstanding as of June 30, 2024 154 $ 109.69 97 $ 181.85 ( 1 Balances for PSUs granted are reflected at target. Outstanding time-based RSUs vest and settle in shares of our common stock on a one one three June 30, 2024 third We grant PSUs to certain key employees. The number of shares earned is determined at the end of each performance period based on Mesa's achievement of certain pre-defined targets per the related award agreement. The outstanding PSUs vest upon completion of the service period described in the award agreement. We recognize the expense relating to the performance-based RSUs based on the probable outcome of achievement of the performance targets on a straight-line basis over the service period. During the three June 30, 2024, FY25 April 1, 2024 March 31, 2027. June 18, 2024 June 18, 2027. FY25 June 18, 2024 June 18, 2027. not no |
Note 9 - Earnings (Loss) Per Sh
Note 9 - Earnings (Loss) Per Share | 3 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 9 . Earnings (Loss) Per Share The following table presents a reconciliation of the denominators used in the computation of basic and diluted earnings (loss) per share: Three Months Ended June 30, 2024 2023 Net income (loss) available for shareholders $ 3,388 $ (549 ) Weighted average outstanding shares of common stock 5,397 5,372 Dilutive effect of stock options - - Dilutive effect of RSUs 27 - Fully diluted shares 5,424 5,372 Basic earnings (loss) per share $ 0.63 $ (0.10 ) Diluted earnings (loss) per share $ 0.62 $ (0.10 ) Potentially dilutive securities include stock options and both time and performance based RSUs (collectively "stock awards"), as well as common shares underlying our Notes. Stock awards are excluded from the calculation of diluted EPS if they are subject to performance conditions that have not not The following stock awards were excluded from the calculation of diluted EPS: Three Months Ended June 30, 2024 2023 Assumed conversion of the Notes 373 608 Stock awards that were anti-dilutive 209 227 Total stock awards excluded from diluted EPS 582 835 Shares underlying the Notes were excluded from the diluted EPS calculation for the three June 30, 2024 2023 three June 30, 2024 ( 7. |
Note 10 - Income Taxes
Note 10 - Income Taxes | 3 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 10 . Income Taxes We reported an income tax provision as follows: Three Months Ended June 30, 2024 2023 Income tax expense (benefit) $ 517 $ (388 ) For interim income tax reporting, we estimate our annual effective tax rate and apply this effective tax rate to our year-to-date pre-tax income. Each quarter, our estimate of the annual effective tax rate is updated, and if the estimated effective tax rate changes, a cumulative adjustment is made. Additionally, the tax effects of significant unusual or infrequently occurring items are recognized as discrete items in the interim period in which the events occur. There is a potential for volatility in the effective tax rate due to several factors, including changes in the mix of the pre-tax income and the jurisdictions to which they relate, changes in tax laws and foreign tax holidays, settlement with taxing authorities, and foreign currency fluctuations. Our effective income tax rate was 13% for the three June 30, 2024 three June 30, 2023. three June 30, 2024 March 31, 2024. |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 3 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 11 . Commitments and Contingencies We are party to various legal proceedings arising in the ordinary course of business. As of June 30, 2024 not As part of the GKE acquisition , June 30, 2024 18 may June 30, 2024. 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 $650 as of June 30, 2024 . |
Note 12 - Segment Data
Note 12 - Segment Data | 3 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 12 . S egment Information The following tables set forth our segment information: Three Months Ended June 30, 2024 2023 Revenues (a): Sterilization and Disinfection Control (b) $ 22,957 $ 15,927 Clinical Genomics 11,404 13,369 Biopharmaceutical Development 12,008 9,889 Calibration Solutions 11,801 11,460 Total revenues $ 58,170 $ 50,645 Gross profit: Sterilization and Disinfection Control (b) $ 15,558 $ 11,591 Clinical Genomics 6,490 6,728 Biopharmaceutical Development 7,959 6,433 Calibration Solutions 7,242 6,431 Gross profit $ 37,249 $ 31,183 Reconciling items: Operating expense 31,669 31,847 Operating income (loss) 5,580 (664 ) Nonoperating expense, net 1,675 273 Earnings (loss) before income taxes $ 3,905 $ (937 ) (a) Intersegment revenues are not (b) Includes post-acquisition GKE results during the three June 30, 2024 The following table sets forth inventories by reportable segment. Our chief operating decision maker is not June 30, March 31, 2024 2024 Sterilization and Disinfection Control $ 6,465 $ 7,014 Clinical Genomics 12,156 11,813 Biopharmaceutical Development 6,255 6,304 Calibration Solutions 6,891 7,544 Total inventories $ 31,767 $ 32,675 |
Insider Trading Arrangements
Insider Trading Arrangements shares in Thousands | 3 Months Ended |
Jun. 30, 2024 shares | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 5. Other Information The following of our directors or officers entered into written plans for the purchase or sale of our securities intended to satisfy the affirmative defense conditions of Exchange Act Rule 10b5 1 Senior Vice President of Continuous Improvement Brian Archbold June 12, 2024 The May 30, 2025, may 558 |
Trading Arrangement, Individual Title | Senior Vice President of Continuous Improvement |
Trading Arrangement, Individual Name | Brian Archbold |
Trading Arrangement Adoption Date | June 12, 2024 |
Rule 10b5-1 Arrangement Adopted [Flag] | true |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Trading Arrangement, Securities Aggregate Available Amount | 558 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Description of Business [Policy Text Block] | Description of Business In this quarterly 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 June 30, 2024 four ● Sterilization and Disinfection Control ● Clinical Genomics ● Biopharmaceutical Development ● Calibration Solutions |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission and in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information. In the opinion of management, such unaudited information includes all adjustments, consisting of normal recurring adjustments necessary for the fair statement of our financial position and results of operations. The results of operations for interim periods are not may not no 10 10 March 31, 2024 Our fiscal year ends on March 31. |
Risk and Uncertainties, Policy [Policy Text Block] | Risks and Uncertainties The preparation of financial statements requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the reporting date and revenues and expenses during the reporting periods. These estimates represent management's judgment about the outcome of future events. The global business environment continues to be impacted by cost pressures, the overall effects of economic uncertainty on customers' purchasing patterns, high interest rates, and other factors. It is not |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements In November 2023, No. 2023 07, 280 No. 2023 07 280 December 15, 2023 ( 2025 December 15, 2024 ( 2026 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 |
Note 3 - Revenue (Tables)
Note 3 - Revenue (Tables) | 3 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended June 30, 2024 Sterilization and Disinfection Control (1) Clinical Genomics Biopharmaceutical Development Calibration Solutions Total Consumables $ 20,396 $ 8,112 $ 3,922 $ 580 $ 33,010 Hardware and software 169 2,183 4,837 6,886 14,075 Services 2,392 1,109 3,249 4,335 11,085 Total revenues $ 22,957 $ 11,404 $ 12,008 $ 11,801 $ 58,170 Three Months Ended June 30, 2023 Sterilization and Disinfection Control Clinical Genomics Biopharmaceutical Development Calibration Solutions Total Consumables $ 13,707 $ 8,769 $ 4,486 $ 509 $ 27,471 Hardware and software 81 3,427 2,691 7,078 13,277 Services 2,139 1,173 2,712 3,873 9,897 Total revenues $ 15,927 $ 13,369 $ 9,889 $ 11,460 $ 50,645 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Three Months Ended June 30, 2024 2023 United States $ 26,861 $ 26,537 China 6,559 6,113 Other 24,750 17,995 Total revenues $ 58,170 $ 50,645 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | Contract liabilities as of March 31, 2024 $ 15,686 Prior year liabilities recognized in revenues during the three months ended June 30, 2024 (3,805 ) Contract liabilities added during the three months ended June 30, 2024, net of revenues recognized 2,877 Contract liabilities as of June 30, 2024 $ 14,758 |
Note 4 - Fair Value Measureme_2
Note 4 - Fair Value Measurements (Tables) | 3 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | June 30, 2024 March 31, 2024 Carrying Value Fair Value (Level 2) Carrying Value Fair Value (Level 2) Notes $ 96,896 $ 92,016 $ 171,198 $ 163,013 |
Note 5 - Supplemental Informa_2
Note 5 - Supplemental Information (Tables) | 3 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 30, 2024 March 31, 2024 Raw materials $ 19,031 $ 18,335 Work in process 682 1,256 Finished goods 12,054 13,084 Total inventories $ 31,767 $ 32,675 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | June 30, 2024 March 31, 2024 Prepaid expenses $ 3,928 $ 2,932 Deposits 1,514 1,898 Prepaid income taxes 1,798 1,237 Other current assets 3,643 3,341 Total prepaid expenses and other current assets $ 10,883 $ 9,408 |
Schedule of Employee Related Liabilities [Table Text Block] | June 30, 2024 March 31, 2024 Bonus payable $ 2,175 $ 3,838 Wages and paid-time-off payable 3,402 3,072 Payroll related taxes 2,223 1,956 Other benefits payable 538 1,069 Total accrued payroll and benefits $ 8,338 $ 9,935 |
Schedule of Accrued Liabilities [Table Text Block] | June 30, 2024 March 31, 2024 Accrued business taxes $ 5,268 $ 5,557 Current operating lease liabilities 2,940 2,986 Income taxes payable 1,569 1,615 Current acquisition-related holdbacks 9,384 436 Other 3,323 2,264 Total other accrued expenses $ 22,484 $ 12,858 |
Other Noncurrent Liabilities [Table Text Block] | June 30, 2024 March 31, 2024 Noncurrent operating lease liabilities $ 6,299 $ 6,613 Noncurrent acquisition-related holdbacks 158 8,792 Other 124 208 Total other noncurrent liabilities $ 6,581 $ 15,613 |
Property, Plant and Equipment [Table Text Block] | Three Months Ended June 30, 2024 2023 Depreciation expense in cost of revenues $ 862 $ 674 Depreciation expense in operating expense 542 240 Total depreciation expense $ 1,404 $ 914 |
Note 6 - Goodwill and Intangi_2
Note 6 - Goodwill and Intangible Assets, Net (Tables) | 3 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | June 30, 2024 March 31, 2024 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 189,708 $ (107,470 ) $ 82,238 $ 189,911 $ (104,528 ) $ 85,383 Other intangibles 61,140 (33,919 ) 27,221 61,161 (32,792 ) 28,369 Total finite-lived intangible assets $ 250,848 $ (141,389 ) $ 109,459 $ 251,072 $ (137,320 ) $ 113,752 |
Finite-Lived Intangible Assets Amortization Expense [Table Text Block] | Three Months Ended June 30, 2024 2023 Amortization in cost of revenues $ 647 $ 1,728 Amortization in general and administrative 3,414 5,492 Total amortization expense $ 4,061 $ 7,220 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Fiscal Year Amortization Expense Remainder of 2025 $ 13,289 2026 16,975 2027 16,319 2028 15,731 2029 15,182 |
Schedule of Goodwill [Table Text Block] | Sterilization and Disinfection Control Clinical Genomics Biopharmaceutical Development Calibration Solutions Total March 31, 2024 $ 79,430 $ 16,940 $ 46,515 $ 37,211 180,096 Effect of foreign currency translation (494 ) (24 ) 150 (6 ) (374 ) June 30, 2024 $ 78,936 $ 16,916 $ 46,665 $ 37,205 $ 179,722 |
Note 7 - Indebtedness (Tables)
Note 7 - Indebtedness (Tables) | 3 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Maturities of Long-Term Debt [Table Text Block] | Fiscal Year Amount Remainder of 2025 $ 2,813 2026 3,750 2027 5,625 2028 5,625 2029 7,500 Thereafter 48,750 Total Principal Remaining $ 74,063 |
Convertible Debt [Table Text Block] | June 30, 2024 March 31, 2024 Principal outstanding $ 97,500 $ 172,500 Unamortized debt issuance costs (604 ) (1,302 ) Net carrying value $ 96,896 $ 171,198 |
Interest Expense on Convertible Debt [Table Text Block] | Three Months Ended June 30, 2024 2023 Coupon interest expense at 1.375% $ 367 $ 593 Amortization of debt issuance costs 145 230 Total interest and amortization of debt issuance costs $ 512 $ 823 |
Term Loan [Member] | |
Notes Tables | |
Convertible Debt [Table Text Block] | June 30, 2024 March 31, 2024 Term Loan (8.4% as of June 30, 2024) $ 74,063 $ - Less: discount and debt issuance costs (710 ) - Less: current portion (3,750 ) - Noncurrent portion $ 69,603 $ - |
Note 8 - Stockholders' Equity (
Note 8 - Stockholders' Equity (Tables) | 3 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended June 30, 2024 2023 Stock-based compensation expense $ 2,928 $ 2,968 Stock-based compensation expense, net of tax $ 2,928 $ 2,096 |
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, 2024 194 $ 181.89 3.2 $ 26 Awards granted - - Awards forfeited or expired (13 ) 147.07 Awards exercised - - Outstanding as of June 30, 2024 181 $ 184.42 3.1 $ - |
Share-Based Payment Arrangement, Activity [Table Text Block] | Time-Based Restricted Stock Units Performance-Based Restricted Stock Units Number of Shares Weighted- Average Grant Date Fair Value per Share Number of Shares Weighted- Average Grant Date Fair Value per Share Outstanding as of March 31, 2024 76 $ 157.83 56 $ 240.96 Awards granted (1) 101 89.82 41 102.57 Awards forfeited (2 ) 154.69 - - Awards distributed (21 ) 182.89 - - Outstanding as of June 30, 2024 154 $ 109.69 97 $ 181.85 |
Note 9 - Earnings (Loss) Per _2
Note 9 - Earnings (Loss) Per Share (Tables) | 3 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended June 30, 2024 2023 Net income (loss) available for shareholders $ 3,388 $ (549 ) Weighted average outstanding shares of common stock 5,397 5,372 Dilutive effect of stock options - - Dilutive effect of RSUs 27 - Fully diluted shares 5,424 5,372 Basic earnings (loss) per share $ 0.63 $ (0.10 ) Diluted earnings (loss) per share $ 0.62 $ (0.10 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three Months Ended June 30, 2024 2023 Assumed conversion of the Notes 373 608 Stock awards that were anti-dilutive 209 227 Total stock awards excluded from diluted EPS 582 835 |
Note 10 - Income Taxes (Tables)
Note 10 - Income Taxes (Tables) | 3 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Three Months Ended June 30, 2024 2023 Income tax expense (benefit) $ 517 $ (388 ) |
Note 12 - Segment Data (Tables)
Note 12 - Segment Data (Tables) | 3 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended June 30, 2024 2023 Revenues (a): Sterilization and Disinfection Control (b) $ 22,957 $ 15,927 Clinical Genomics 11,404 13,369 Biopharmaceutical Development 12,008 9,889 Calibration Solutions 11,801 11,460 Total revenues $ 58,170 $ 50,645 Gross profit: Sterilization and Disinfection Control (b) $ 15,558 $ 11,591 Clinical Genomics 6,490 6,728 Biopharmaceutical Development 7,959 6,433 Calibration Solutions 7,242 6,431 Gross profit $ 37,249 $ 31,183 Reconciling items: Operating expense 31,669 31,847 Operating income (loss) 5,580 (664 ) Nonoperating expense, net 1,675 273 Earnings (loss) before income taxes $ 3,905 $ (937 ) |
Schedule of Depreciation and Amortization Expense [Table Text Block] | June 30, March 31, 2024 2024 Sterilization and Disinfection Control $ 6,465 $ 7,014 Clinical Genomics 12,156 11,813 Biopharmaceutical Development 6,255 6,304 Calibration Solutions 6,891 7,544 Total inventories $ 31,767 $ 32,675 |
Note 2 - Significant Transact_2
Note 2 - Significant Transactions (Details Textual) - GKE Acquisition [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Oct. 16, 2023 | Jun. 30, 2024 | |
Payments to Acquire Businesses, Gross | $ 87,187 | |
Business Combination, Consideration Transferred, Liabilities Incurred | 9,200 | |
Proceeds from Lines of Credit | $ 71,000 | |
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 6,254 | |
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 3,820 | |
Inventory Step-up Cost, Increase (Decrease) During Period | 778 | |
General and Administrative Expense [Member] | ||
Amortization | 532 | |
Cost of Revenues Related to Intangibles Acquired [Member] | ||
Amortization | $ 110 | |
GKE GmbH and SAL GmbH [Member] | ||
Business Acquisition, Percentage of Voting Interests Acquired | 100% | |
Beijing GKE Science & Technology Co. Ltd. [Member] | ||
Business Acquisition, Percentage of Voting Interests Acquired | 100% |
Note 3 - Revenue (Details Textu
Note 3 - Revenue (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | ||
Revenue from Contract with Customer, Excluding Assessed Tax | [1] | $ 58,170 | $ 50,645 | |
Sterilization and Disinfection Control [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 58,170 | |||
Sterilization and Disinfection Control [Member] | GKE GmbH [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 6,254 | |||
[1]Intersegment revenues are not significant and are eliminated to arrive at consolidated totals. |
Note 3 - Revenue - Disaggregati
Note 3 - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |||
Revenues | [1] | $ 58,170 | $ 50,645 | |||
Sterilization and Disinfection Control [Member] | ||||||
Revenues | $ 58,170 | |||||
Clinical Genomics [Member] | ||||||
Revenues | [2] | $ 50,645 | ||||
Consumables [Member] | Transferred at Point in Time [Member] | ||||||
Revenues | 33,010 | 27,471 | ||||
Hardware and Software [Member] | Transferred at Point in Time [Member] | ||||||
Revenues | 14,075 | 13,277 | ||||
Service [Member] | Transferred at Point in Time [Member] | ||||||
Revenues | 11,085 | 9,897 | ||||
Operating Segments [Member] | Sterilization and Disinfection Control [Member] | ||||||
Revenues | [1],[3] | 22,957 | [4] | 15,927 | ||
Operating Segments [Member] | Clinical Genomics [Member] | ||||||
Revenues | [1] | 11,404 | 13,369 | |||
Operating Segments [Member] | Biopharmaceutical Development [Member] | ||||||
Revenues | [1] | 12,008 | 9,889 | |||
Operating Segments [Member] | Calibration Solutions [Member] | ||||||
Revenues | [1] | 11,801 | 11,460 | |||
Operating Segments [Member] | Consumables [Member] | Transferred at Point in Time [Member] | Sterilization and Disinfection Control [Member] | ||||||
Revenues | 20,396 | [4] | 13,707 | |||
Operating Segments [Member] | Consumables [Member] | Transferred at Point in Time [Member] | Clinical Genomics [Member] | ||||||
Revenues | 8,112 | 8,769 | ||||
Operating Segments [Member] | Consumables [Member] | Transferred at Point in Time [Member] | Biopharmaceutical Development [Member] | ||||||
Revenues | 3,922 | 4,486 | ||||
Operating Segments [Member] | Consumables [Member] | Transferred at Point in Time [Member] | Calibration Solutions [Member] | ||||||
Revenues | 580 | 509 | ||||
Operating Segments [Member] | Hardware and Software [Member] | Transferred at Point in Time [Member] | Sterilization and Disinfection Control [Member] | ||||||
Revenues | 169 | [4] | 81 | |||
Operating Segments [Member] | Hardware and Software [Member] | Transferred at Point in Time [Member] | Clinical Genomics [Member] | ||||||
Revenues | 2,183 | 3,427 | ||||
Operating Segments [Member] | Hardware and Software [Member] | Transferred at Point in Time [Member] | Biopharmaceutical Development [Member] | ||||||
Revenues | 4,837 | 2,691 | ||||
Operating Segments [Member] | Hardware and Software [Member] | Transferred at Point in Time [Member] | Calibration Solutions [Member] | ||||||
Revenues | 6,886 | 7,078 | ||||
Operating Segments [Member] | Service [Member] | Transferred at Point in Time [Member] | Sterilization and Disinfection Control [Member] | ||||||
Revenues | 2,392 | [4] | 2,139 | |||
Operating Segments [Member] | Service [Member] | Transferred at Point in Time [Member] | Clinical Genomics [Member] | ||||||
Revenues | 1,109 | 1,173 | ||||
Operating Segments [Member] | Service [Member] | Transferred at Point in Time [Member] | Biopharmaceutical Development [Member] | ||||||
Revenues | 3,249 | 2,712 | ||||
Operating Segments [Member] | Service [Member] | Transferred at Point in Time [Member] | Calibration Solutions [Member] | ||||||
Revenues | $ 4,335 | $ 3,873 | ||||
[1]Intersegment revenues are not significant and are eliminated to arrive at consolidated totals.[2]Revenues in the Clinical Genomics division represent transactions subsequent to the acquisition of Agena Bioscience, Inc. on October 20, 2021.[3]Includes post-acquisition GKE results during the three months ended June 30, 2024.[4]Revenues of $6,254 from GKE are included in the Sterilization and Disinfection Control division during the three months ended June 30, 2024. |
Note 3 - Revenue - Revenues Fro
Note 3 - Revenue - Revenues From External Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
Revenues | [1] | $ 58,170 | $ 50,645 | ||
Sterilization and Disinfection Control [Member] | |||||
Revenues | $ 58,170 | ||||
Clinical Genomics [Member] | |||||
Revenues | [2] | $ 50,645 | |||
UNITED STATES | |||||
Revenues | 26,861 | 26,537 | |||
CHINA | |||||
Revenues | 6,559 | 6,113 | |||
Other [Member] | |||||
Revenues | $ 24,750 | $ 17,995 | |||
[1]Intersegment revenues are not significant and are eliminated to arrive at consolidated totals.[2]Revenues in the Clinical Genomics division represent transactions subsequent to the acquisition of Agena Bioscience, Inc. on October 20, 2021. |
Note 3 - Revenue - Contract Lia
Note 3 - Revenue - Contract Liabilities (Details) $ in Thousands | 3 Months Ended |
Jun. 30, 2024 USD ($) | |
Contract liabilities, balance | $ 15,686 |
Prior year liabilities recognized in revenues during the three months ended June 30, 2024 | (3,805) |
Contract liabilities added during the three months ended June 30, 2024, net of revenues recognized | 2,877 |
Contract liabilities as of June 30, 2024 | $ 14,758 |
Note 4 - Fair Value Measureme_3
Note 4 - Fair Value Measurements (Details Textual) $ in Thousands | 3 Months Ended | ||||
Jun. 30, 2024 USD ($) | Apr. 05, 2024 USD ($) | Mar. 31, 2024 USD ($) | Nov. 17, 2022 USD ($) | Aug. 12, 2019 | |
Long-Term Debt | $ 74,063 | ||||
GKE Acquisition [Member] | |||||
Business Combination, Hold Back Consideration Liability | 9,200 | ||||
Business Combination, Hold Back Consideration Liability, Fair Value | 8,900 | ||||
GKE Acquisition [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Business Combination, Hold Back Consideration Liability, Fair Value | 8,900 | ||||
Belyntic Acquisition [Member] | |||||
Business Combination, Contingent Consideration, Liability | 750 | ||||
Business Combination, Contingent Consideration, Liability Fair Value | 650 | ||||
Belyntic Acquisition [Member] | Other Long-term Liabilities [Member] | |||||
Business Combination Contingent Consideration Liability, At Acquisition Date | $ 1,500 | ||||
Belyntic Acquisition [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Business Combination, Contingent Consideration, Liability Fair Value | 650 | ||||
Outstanding 2025 Notes [Member] | |||||
Debt Instrument, Repurchase Amount | $ 75,000 | ||||
Long-Term Debt | 97,500 | $ 97,500 | |||
Senior Notes [Member] | The Notes [Member] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 1.375% | 1.375% | |||
Long-Term Debt | $ 96,896 | $ 171,198 | |||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||||
Number of Major Customers | 0 |
Note 4 - Fair Value Measureme_4
Note 4 - Fair Value Measurements - Fair Value and Carrying Value of the Notes (Details) - Senior Notes [Member] - USD ($) $ in Thousands | Jun. 30, 2024 | Mar. 31, 2024 |
Reported Value Measurement [Member] | ||
Notes | $ 96,896 | $ 171,198 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Notes | $ 92,016 | $ 163,013 |
Note 5 - Supplemental Informa_3
Note 5 - Supplemental Information (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Depreciation | $ 1,404 | $ 914 |
GKE Acquisition [Member] | ||
Depreciation | $ 304 |
Note 5 - Supplemental Informa_4
Note 5 - Supplemental Information - Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Mar. 31, 2024 |
Raw materials | $ 19,031 | $ 18,335 |
Work in process | 682 | 1,256 |
Finished goods | 12,054 | 13,084 |
Total inventories | $ 31,767 | $ 32,675 |
Note 5 - Supplemental Informa_5
Note 5 - Supplemental Information - Prepaid and Other Current Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Mar. 31, 2024 |
Prepaid expenses | $ 3,928 | $ 2,932 |
Deposits | 1,514 | 1,898 |
Prepaid income taxes | 1,798 | 1,237 |
Other current assets | 3,643 | 3,341 |
Total prepaid expenses and other current assets | $ 10,883 | $ 9,408 |
Note 5 - Supplemental Informa_6
Note 5 - Supplemental Information - Accrued Payroll and Benefits (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Mar. 31, 2024 |
Bonus payable | $ 2,175 | $ 3,838 |
Wages and paid-time-off payable | 3,402 | 3,072 |
Payroll related taxes | 2,223 | 1,956 |
Other benefits payable | 538 | 1,069 |
Total accrued payroll and benefits | $ 8,338 | $ 9,935 |
Note 5 - Supplemental Informa_7
Note 5 - Supplemental Information - Other Accrued Expenses (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Mar. 31, 2024 |
Current operating lease liabilities | $ 2,940 | $ 2,986 |
Income taxes payable | 1,569 | 1,615 |
Current acquisition-related holdbacks | 9,384 | 436 |
Other | 3,323 | 2,264 |
Total other accrued expenses | 22,484 | 12,858 |
Other Accrued Expenses [Member] | ||
Accrued business taxes | $ 5,268 | $ 5,557 |
Note 5 - Supplemental Informa_8
Note 5 - Supplemental Information - Other Noncurrent Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Mar. 31, 2024 |
Other | $ 6,581 | $ 15,613 |
GKE Acquisition [Member] | ||
Noncurrent operating lease liabilities | 6,299 | 6,613 |
Noncurrent acquisition-related holdbacks | 158 | 8,792 |
Other | 124 | 208 |
Total other noncurrent liabilities | $ 6,581 | $ 15,613 |
Note 5 - Supplemental Informa_9
Note 5 - Supplemental Information - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Depreciation, Total | $ 1,404 | $ 914 |
Cost of Sales [Member] | ||
Depreciation, Total | 862 | 674 |
Operating Expense [Member] | ||
Depreciation, Total | $ 542 | $ 240 |
Note 6 - Goodwill and Intangi_3
Note 6 - Goodwill and Intangible Assets, Net - Other Intangible Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Mar. 31, 2024 |
Gross carrying amount | $ 250,848 | $ 251,072 |
Accumulated amortization | (141,389) | (137,320) |
Net carrying amount | 109,459 | 113,752 |
Customer Relationships [Member] | ||
Gross carrying amount | 189,708 | 189,911 |
Accumulated amortization | (107,470) | (104,528) |
Net carrying amount | 82,238 | 85,383 |
Other Intangible Assets [Member] | ||
Gross carrying amount | 61,140 | 61,161 |
Accumulated amortization | (33,919) | (32,792) |
Net carrying amount | $ 27,221 | $ 28,369 |
Note 6 - Goodwill and Intangi_4
Note 6 - Goodwill and Intangible Assets, Net - Amortization Expense for Finite-lived Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Amortization of acquisition-related intangibles | $ 4,061 | $ 7,220 |
Cost of Sales [Member] | ||
Amortization of acquisition-related intangibles | 647 | 1,728 |
General and Administrative Expense [Member] | ||
Amortization of acquisition-related intangibles | $ 3,414 | $ 5,492 |
Note 6 - Goodwill and Intangi_5
Note 6 - Goodwill and Intangible Assets, Net - Estimated Amortization Expense (Details) $ in Thousands | Jun. 30, 2024 USD ($) |
Remainder of 2025 | $ 13,289 |
2026 | 16,975 |
2027 | 16,319 |
2028 | 15,731 |
2029 | $ 15,182 |
Note 6 - Goodwill and Intangi_6
Note 6 - Goodwill and Intangible Assets, Net - Change in the Carrying Amount of Goodwill (Details) $ in Thousands | 3 Months Ended |
Jun. 30, 2024 USD ($) | |
Goodwill | $ 180,096 |
Effect of foreign currency translation | (374) |
Goodwill | 179,722 |
Operating Segments [Member] | Sterilization and Disinfection Control [Member] | |
Goodwill | 79,430 |
Effect of foreign currency translation | (494) |
Goodwill | 78,936 |
Operating Segments [Member] | Clinical Genomics [Member] | |
Goodwill | 16,940 |
Effect of foreign currency translation | (24) |
Goodwill | 16,916 |
Operating Segments [Member] | Biopharmaceutical Development [Member] | |
Goodwill | 46,515 |
Effect of foreign currency translation | 150 |
Goodwill | 46,665 |
Operating Segments [Member] | Calibration Solutions [Member] | |
Goodwill | 37,211 |
Effect of foreign currency translation | (6) |
Goodwill | $ 37,205 |
Note 7 - Indebtedness (Details
Note 7 - Indebtedness (Details Textual) $ / shares in Units, $ in Thousands | 3 Months Ended | |||||||
Jun. 30, 2024 USD ($) | Apr. 05, 2024 USD ($) | Mar. 05, 2021 USD ($) | Aug. 12, 2019 USD ($) $ / shares | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Mar. 31, 2024 USD ($) | Oct. 05, 2023 USD ($) | |
Long-Term Debt, Gross | $ 74,063 | $ 74,063 | $ 0 | |||||
Long-Term Debt | 74,063 | 74,063 | ||||||
Repayments of Debt | 9,438 | $ 8,000 | ||||||
Gain (Loss) on Extinguishment of Debt | 3,197 | $ 0 | ||||||
The Credit Facility Term Loan [Member] | ||||||||
Debt Instrument, Fee Amount | 1,987 | 1,987 | ||||||
Senior Secured Credit Agreement [Member] | ||||||||
Debt Instrument, Term (Year) | 4 years | |||||||
Long-Term Debt | 42,000 | 42,000 | ||||||
Line of Credit Facility, Remaining Borrowing Capacity | 83,000 | 83,000 | ||||||
Repayments of Lines of Credit | 3,500 | |||||||
Senior Secured Credit Agreement [Member] | Prepaid Expenses, Other and Other Assets [Member] | ||||||||
Debt Issuance Costs, Net | 1,428 | 1,428 | 321 | |||||
Senior Secured Credit Agreement [Member] | The Credit Facility Term Loan [Member] | ||||||||
Debt Instrument, Fee Amount | 745 | $ 745 | ||||||
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 | $ 125,000 | ||||||
Senior Secured Credit Agreement [Member] | Minimum [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||||||
Fixed Charge Coverage Ratio | 1.25 | |||||||
Senior Leverage Ratio | 3.5 | |||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.20% | |||||||
Senior Secured Credit Agreement [Member] | Minimum [Member] | The Credit Facility Term Loan [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 25,000 | |||||||
Senior Secured Credit Agreement [Member] | Swingline Loan [Member] | Maximum [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 5,000 | |||||||
Senior Secured Credit Agreement [Member] | Revolving Credit Facility [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 75,000 | |||||||
Debt Instrument, Fee Amount | $ 1,242 | $ 1,242 | ||||||
Senior Secured Credit Agreement [Member] | Letter of Credit [Member] | Maximum [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,500 | |||||||
The Credit Facility Term Loan [Member] | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 8.40% | 8.40% | ||||||
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 | |||||||
Term Loan [Member] | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 8.13% | 8.13% | ||||||
Long-Term Debt, Gross | $ 75,000 | |||||||
Debt Instrument, Periodic Payment, Principal | $ 937 | |||||||
The Notes [Member] | Senior Notes [Member] | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 1.90% | 1.90% | ||||||
Long-Term Debt, Gross | $ 97,500 | $ 97,500 | 172,500 | |||||
Long-Term Debt | 96,896 | 96,896 | 171,198 | |||||
Debt Issuance Costs, Net | 604 | 604 | $ 1,302 | |||||
Debt Instrument, Face Amount | $ 172,500 | |||||||
Proceeds from Convertible Debt | $ 167,056 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.375% | 1.375% | ||||||
Debt Instrument, Convertible, Conversion Ratio Per 1,000 Principal | 3.5273 | |||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares | $ 283.5 | |||||||
Outstanding 2025 Notes [Member] | ||||||||
Long-Term Debt | $ 97,500 | $ 97,500 | 97,500 | |||||
Debt Instrument, Repurchased Face Amount | 75,000 | |||||||
Repayments of Debt | 71,250 | |||||||
Interest Payable | $ 160 | |||||||
Gain (Loss) on Extinguishment of Debt | $ 3,197 |
Note 7 - Indebtedness - Quarter
Note 7 - Indebtedness - Quarterly Periodic Payments (Details) $ in Thousands | Jun. 30, 2024 USD ($) |
Remainder of 2025 | $ 2,813 |
2026 | 3,750 |
2027 | 5,625 |
2028 | 5,625 |
2029 | 7,500 |
Thereafter | 48,750 |
Total Principal Remaining | $ 74,063 |
Note 7 - Indebtedness - Carryin
Note 7 - Indebtedness - Carrying Amount of the Term Loan (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Mar. 31, 2024 |
Term Loan (8.4% as of June 30, 2024) | $ 74,063 | $ 0 |
Less: discount and debt issuance costs | (710) | 0 |
Less: current portion | (3,750) | 0 |
Noncurrent portion | $ 69,603 | $ 0 |
Note 7 - Indebtedness - Carry_2
Note 7 - Indebtedness - Carrying Amount of the Notes (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Mar. 31, 2024 |
Term Loan (8.4% as of June 30, 2024) | $ 74,063 | $ 0 |
Total Principal Remaining | 74,063 | |
The Notes [Member] | Senior Notes [Member] | ||
Term Loan (8.4% as of June 30, 2024) | 97,500 | 172,500 |
Unamortized debt issuance costs | (604) | (1,302) |
Total Principal Remaining | $ 96,896 | $ 171,198 |
Note 7 - Indebtedness - Interes
Note 7 - Indebtedness - Interest Expense on the Notes (Details) - The Notes [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Coupon interest expense at 1.375% | $ 367 | $ 593 |
Amortization of debt issuance costs | 145 | 230 |
Total interest and amortization of debt issuance costs | $ 512 | $ 823 |
Note 8 - Stockholders' Equity_2
Note 8 - Stockholders' Equity (Details Textual) shares in Thousands | 3 Months Ended |
Jun. 30, 2024 $ / shares shares | |
The FY25 PSUs [Member] | Eligible Employees [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 41 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized for Service and Company Financial Performance Conditions (in shares) | 23 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value, Shares Subject to Service and Company Performance (in dollars per share) | $ / shares | $ 89.82 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized, Subject to Service and Market Conditions (in shares) | 18 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value, Subject to Service and Market Conditions (in dollars per share) | $ / shares | $ 119.54 |
The FY25 PSUs [Member] | Eligible Employees [Member] | Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award Number of Shares Issued Upon Vesting, Percentage | 0% |
The FY25 PSUs [Member] | Eligible Employees [Member] | Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award Number of Shares Issued Upon Vesting, Percentage | 200% |
The 2021 Equity Plan [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 660 |
Note 8 - Stock Transactions and
Note 8 - Stock Transactions and Stock-based Compensation - Allocation of Share-based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Stock-based compensation expense | $ 2,928 | $ 2,968 |
Stock-based compensation expense, net of tax | $ 2,928 | $ 2,096 |
Note 8 - Stock Transactions a_2
Note 8 - Stock Transactions and Stock-based Compensation - Stock Option and Non-vested Stock Award Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Jun. 30, 2024 | Mar. 31, 2024 | |
Options outstanding (in shares) | 194 | ||
Options outstanding, weighted average exercise price (in dollars per share) | $ 181.89 | ||
Outstanding, Weighted- Average Remaining Contractual Life (Year) | 3 years 1 month 6 days | 3 years 2 months 12 days | |
Outstanding, Aggregate Intrinsic Value | $ 0 | $ 0 | $ 26 |
Options granted (in shares) | 0 | ||
Awards granted, weighted average exercise price (in dollars per share) | $ 0 | ||
Options forfeited or expired (in shares) | (13) | ||
Awards forfeited or expired, weighted average exercise price (in dollars per share) | 147.07 | ||
Awards exercised (in shares) | 0 | ||
Awards exercised, weighted average exercise price (in dollars per share) | $ 0 | ||
Options outstanding (in shares) | 181 | 181 | |
Options outstanding, weighted average exercise price (in dollars per share) | $ 184.42 | $ 184.42 | $ 181.89 |
Note 8 - Stockholders' Equity -
Note 8 - Stockholders' Equity - Restricted Stock Unit Activity (Details) | 3 Months Ended | |
Jun. 30, 2024 $ / shares shares | ||
Restricted Stock Units (RSUs) [Member] | ||
Outstanding as of March 31, 2024 (in shares) | shares | 76 | |
Outstanding as of March 31, 2024 (in dollars per share) | $ / shares | $ 157.83 | |
Awards granted(1) (in shares) | shares | 101 | [1] |
Awards granted(1) (in dollars per share) | $ / shares | $ 89.82 | [1] |
Awards forfeited (in shares) | shares | (2) | |
Awards forfeited (in dollars per share) | $ / shares | $ 154.69 | |
Awards distributed (in shares) | shares | (21) | |
Awards distributed, weighted average grant date fair value per share (in dollars per share) | $ / shares | $ 182.89 | |
Outstanding as of June 30, 2024 (in shares) | shares | 154 | |
Outstanding as of June 30, 2024 (in dollars per share) | $ / shares | $ 109.69 | |
Performance Stock Units [Member] | ||
Outstanding as of March 31, 2024 (in shares) | shares | 56 | |
Outstanding as of March 31, 2024 (in dollars per share) | $ / shares | $ 240.96 | |
Awards granted(1) (in shares) | shares | 41 | [1] |
Awards granted(1) (in dollars per share) | $ / shares | $ 102.57 | [1] |
Awards forfeited (in shares) | shares | 0 | |
Awards forfeited (in dollars per share) | $ / shares | $ 0 | |
Awards distributed (in shares) | shares | 0 | |
Awards distributed, weighted average grant date fair value per share (in dollars per share) | $ / shares | $ 0 | |
Outstanding as of June 30, 2024 (in shares) | shares | 97 | |
Outstanding as of June 30, 2024 (in dollars per share) | $ / shares | $ 181.85 | |
[1]Balances for PSUs granted are reflected at target. |
Note 9 - Earnings (Loss) Per _3
Note 9 - Earnings (Loss) Per Share - Computation of Net Income Per Share, Basic & Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Net income (loss) | $ 3,388 | $ (549) |
Weighted average outstanding shares of common stock (in shares) | 5,397 | 5,372 |
Fully diluted shares (in shares) | 5,424 | 5,372 |
Basic earnings (loss) per share (in dollars per share) | $ 0.63 | $ (0.1) |
Diluted earnings (loss) per share (in dollars per share) | $ 0.62 | $ (0.1) |
Share-Based Payment Arrangement, Option [Member] | ||
Dilutive effect of shares (in shares) | 0 | 0 |
Restricted Stock Units (RSUs) [Member] | ||
Dilutive effect of shares (in shares) | 27 | 0 |
Note 9 - Earnings (Loss) Per _4
Note 9 - Earnings (Loss) Per Share - Antidilutive Securities Excluded From Computation of Earnings Per Share (Details) - shares shares in Thousands | 3 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Total stock awards excluded from diluted EPS (in shares) | 582 | 835 |
Assumed Conversion of Convertible Debt [Member] | ||
Total stock awards excluded from diluted EPS (in shares) | 373 | 608 |
Stock Awards that were Antidilutive [Member] | ||
Total stock awards excluded from diluted EPS (in shares) | 209 | 227 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) | 3 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Effective Income Tax Rate Reconciliation, Percent | 13% | 41% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% |
Note 10 - Income Taxes - Provis
Note 10 - Income Taxes - Provisions for Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Income tax expense (benefit) | $ 517 | $ (388) |
Note 11 - Commitments and Con_2
Note 11 - Commitments and Contingencies (Details Textual) $ in Thousands | Jun. 30, 2024 USD ($) |
GKE Acquisition [Member] | |
Business Combination, Hold Back Consideration Liability | $ 9,200 |
Business Combination, Hold Back Consideration Liability, Fair Value | 8,900 |
Belyntic Acquisition [Member] | |
Business Combination, Contingent Consideration, Liability Fair Value | $ 650 |
Note 12 - Segment Data - Operat
Note 12 - Segment Data - Operating Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |||
Revenues | [1] | $ 58,170 | $ 50,645 | |||
Sterilization and Disinfection Control (b) | 37,249 | 31,183 | ||||
Operating expense | 31,669 | 31,847 | ||||
Operating income (loss) | 5,580 | (664) | ||||
Nonoperating expense, net | (1,675) | (273) | ||||
Sterilization and Disinfection Control [Member] | ||||||
Revenues | $ 58,170 | |||||
Clinical Genomics [Member] | ||||||
Revenues | [2] | $ 50,645 | ||||
Operating Segments [Member] | ||||||
Operating expense | 31,669 | 31,847 | ||||
Operating income (loss) | 5,580 | (664) | ||||
Nonoperating expense, net | 1,675 | 273 | ||||
Earnings (loss) before income taxes | 3,905 | (937) | ||||
Operating Segments [Member] | Sterilization and Disinfection Control [Member] | ||||||
Revenues | [1],[3] | 22,957 | [4] | 15,927 | ||
Sterilization and Disinfection Control (b) | [3] | 15,558 | 11,591 | |||
Operating Segments [Member] | Clinical Genomics [Member] | ||||||
Revenues | [1] | 11,404 | 13,369 | |||
Sterilization and Disinfection Control (b) | 6,490 | 6,728 | ||||
Operating Segments [Member] | Biopharmaceutical Development [Member] | ||||||
Revenues | [1] | 12,008 | 9,889 | |||
Sterilization and Disinfection Control (b) | 7,959 | 6,433 | ||||
Operating Segments [Member] | Calibration Solutions [Member] | ||||||
Revenues | [1] | 11,801 | 11,460 | |||
Sterilization and Disinfection Control (b) | $ 7,242 | $ 6,431 | ||||
[1]Intersegment revenues are not significant and are eliminated to arrive at consolidated totals.[2]Revenues in the Clinical Genomics division represent transactions subsequent to the acquisition of Agena Bioscience, Inc. on October 20, 2021.[3]Includes post-acquisition GKE results during the three months ended June 30, 2024.[4]Revenues of $6,254 from GKE are included in the Sterilization and Disinfection Control division during the three months ended June 30, 2024. |
Note 12 - Segment Data - Segmen
Note 12 - Segment Data - Segment Depreciation and Amortization (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Mar. 31, 2024 |
Total inventories | $ 31,767 | $ 32,675 |
Operating Segments [Member] | Sterilization and Disinfection Control [Member] | ||
Total inventories | 6,465 | 7,014 |
Operating Segments [Member] | Clinical Genomics [Member] | ||
Total inventories | 12,156 | 11,813 |
Operating Segments [Member] | Biopharmaceutical Development [Member] | ||
Total inventories | 6,255 | 6,304 |
Operating Segments [Member] | Calibration Solutions [Member] | ||
Total inventories | $ 6,891 | $ 7,544 |