Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Sep. 30, 2014 | Oct. 31, 2014 | Mar. 31, 2014 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 30-Sep-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'VIVO | ' | ' |
Entity Registrant Name | 'MERIDIAN BIOSCIENCE INC | ' | ' |
Entity Central Index Key | '0000794172 | ' | ' |
Current Fiscal Year End Date | '--09-30 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 41,644,524 | ' |
Entity Public Float | ' | ' | $887,064,755 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Statement [Abstract] | ' | ' | ' |
Net Revenues | $188,832 | $188,686 | $172,712 |
Cost of Sales | 71,589 | 67,642 | 63,664 |
Gross Profit | 117,243 | 121,044 | 109,048 |
Operating Expenses: | ' | ' | ' |
Research and development | 12,552 | 10,787 | 10,275 |
Selling and marketing | 24,910 | 22,424 | 22,092 |
General and administrative | 27,389 | 30,519 | 26,372 |
Plant consolidation costs | ' | ' | 1,013 |
Total operating expenses | 64,851 | 63,730 | 59,752 |
Operating Income | 52,392 | 57,314 | 49,296 |
Other Income: | ' | ' | ' |
Interest income | 25 | 44 | 42 |
Other, net | -309 | 4 | 378 |
Total other income | -284 | 48 | 420 |
Earnings Before Income Taxes | 52,108 | 57,362 | 49,716 |
Income Tax Provision | 17,365 | 19,330 | 16,345 |
Net Earnings | $34,743 | $38,032 | $33,371 |
Earnings Per Share Data: | ' | ' | ' |
Basic earnings per common share | $0.84 | $0.92 | $0.81 |
Diluted earnings per common share | $0.83 | $0.91 | $0.80 |
Common shares used for basic earnings per common share | 41,455 | 41,226 | 41,080 |
Effect of dilutive stock options and restricted shares and units | 458 | 669 | 528 |
Common shares used for diluted earnings per common share | 41,913 | 41,895 | 41,608 |
Dividends declared per common share | $0.79 | $0.76 | $0.76 |
Anti-dilutive Securities: | ' | ' | ' |
Common share options and restricted shares and units | 272 | 254 | 320 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Net earnings | $34,743 | $38,032 | $33,371 |
Foreign currency translation adjustment | -436 | 650 | -354 |
Comprehensive Income | $34,307 | $38,682 | $33,017 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Cash Flows From Operating Activities | ' | ' | ' |
Net earnings | $34,743 | $38,032 | $33,371 |
Non-cash items included in net earnings: | ' | ' | ' |
Depreciation of property, plant and equipment | 3,523 | 3,354 | 3,490 |
Amortization of intangible assets | 2,039 | 2,269 | 2,165 |
Amortization of deferred illumigene instrument costs | 1,702 | 1,529 | 942 |
Stock-based compensation | 3,557 | 2,502 | 1,987 |
Deferred income taxes | -140 | -1,823 | -1,448 |
Loss on disposition and write-down of fixed assets and other assets | 6 | 30 | 359 |
Change in current assets | -1,528 | -3,486 | 1,234 |
Change in current liabilities | -5,996 | 2,669 | 3,216 |
Other, net | 356 | -640 | -2,870 |
Net cash provided by operating activities | 38,262 | 44,436 | 42,446 |
Cash Flows From Investing Activities | ' | ' | ' |
Purchases of property, plant and equipment | -5,306 | -3,234 | -3,530 |
Proceeds from sale of assets | ' | ' | 400 |
Purchases of intangibles and other assets | -1,696 | -43 | -1,305 |
Net cash used for investing activities | -7,002 | -3,277 | -4,435 |
Cash Flows From Financing Activities | ' | ' | ' |
Dividends paid | -32,762 | -31,354 | -31,226 |
Proceeds and tax benefits from exercises of stock options | 1,009 | 2,752 | 552 |
Net cash used for financing activities | -31,753 | -28,602 | -30,674 |
Effect of Exchange Rate Changes on Cash and Equivalents | -742 | 132 | 630 |
Net (Decrease) Increase in Cash and Equivalents | -1,235 | 12,689 | 7,967 |
Cash and Equivalents at Beginning of Period | 44,282 | 31,593 | 23,626 |
Cash and Equivalents at End of Period | 43,047 | 44,282 | 31,593 |
Supplemental Cash Flow Information | ' | ' | ' |
Cash paid for income taxes | $19,952 | $20,093 | $16,010 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash and equivalents | $43,047 | $44,282 |
Accounts receivable, less allowances of $272 in 2014 and $233 in 2013 | 23,232 | 26,183 |
Inventories | 35,495 | 34,835 |
Prepaid expenses and other current assets | 7,058 | 4,643 |
Deferred income taxes | 3,916 | 4,145 |
Total current assets | 112,748 | 114,088 |
Property, Plant and Equipment, at Cost: | ' | ' |
Land | 1,173 | 1,183 |
Buildings and improvements | 29,146 | 26,848 |
Machinery, equipment and furniture | 40,192 | 38,502 |
Construction in progress | 652 | 554 |
Subtotal | 71,163 | 67,087 |
Less: accumulated depreciation and amortization | 43,553 | 40,996 |
Net property, plant and equipment | 27,610 | 26,091 |
Other Assets: | ' | ' |
Goodwill | 23,193 | 23,115 |
Other intangible assets, net | 7,813 | 8,057 |
Restricted cash | 1,000 | 1,000 |
Deferred illumigene instrument costs, net | 2,740 | 3,270 |
Deferred income taxes | 1,483 | 823 |
Other assets | 342 | 304 |
Total other assets | 36,571 | 36,569 |
Total assets | 176,929 | 176,748 |
Current Liabilities: | ' | ' |
Accounts payable | 4,966 | 5,592 |
Accrued employee compensation costs | 4,761 | 9,847 |
Other accrued expenses | 3,149 | 3,199 |
Income taxes payable | 859 | 979 |
Total current liabilities | 13,735 | 19,617 |
Non-Current Liabilities | 2,165 | 2,086 |
Commitments and Contingencies | ' | ' |
Shareholders' Equity: | ' | ' |
Preferred stock, no par value, 1,000,000 shares authorized, none issued | 0 | 0 |
Common shares, no par value, 71,000,000 shares authorized, 41,622,216 and 41,517,839 issued | 0 | 0 |
Additional paid-in capital | 111,851 | 107,412 |
Retained earnings | 48,869 | 46,888 |
Accumulated other comprehensive income | 309 | 745 |
Total shareholders' equity | 161,029 | 155,045 |
Total liabilities and shareholders' equity | $176,929 | $176,748 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Allowances for accounts receivable | $272 | $233 |
Preferred stock, par value | ' | ' |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | ' | ' |
Common stock, par value | ' | ' |
Common stock, shares authorized | 71,000,000 | 71,000,000 |
Common stock, shares issued | 41,622,216 | 41,517,839 |
Consolidated_Statements_Shareh
Consolidated Statements Shareholders' Equity (USD $) | Total | Common Shares [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] |
In Thousands | USD ($) | USD ($) | USD ($) | USD ($) | |
Beginning balance at Sep. 30, 2011 | $138,524 | ' | $100,010 | $38,065 | $449 |
Beginning balance, Shares at Sep. 30, 2011 | ' | 41,237 | ' | ' | ' |
Cash dividends paid | -31,226 | ' | ' | -31,226 | ' |
Exercise of stock options | 446 | ' | 446 | ' | ' |
Exercise of stock options, Shares | ' | 47 | ' | ' | ' |
Issuance of restricted shares, net of forfeitures | ' | -5 | ' | ' | ' |
Conversion of restricted stock units | ' | 5 | ' | ' | ' |
Stock compensation expense | 1,987 | ' | 1,987 | ' | ' |
Net earnings | 33,371 | ' | ' | 33,371 | ' |
Foreign currency translation adjustment | -354 | ' | ' | ' | -354 |
Ending balance at Sep. 30, 2012 | 142,748 | ' | 102,443 | 40,210 | 95 |
Ending balance, Shares at Sep. 30, 2012 | ' | 41,284 | ' | ' | ' |
Cash dividends paid | -31,354 | ' | ' | -31,354 | ' |
Exercise of stock options | 2,564 | ' | 2,564 | ' | ' |
Exercise of stock options, Shares | ' | 226 | ' | ' | ' |
Conversion of restricted stock units | ' | 8 | ' | ' | ' |
Stock compensation expense | 2,405 | ' | 2,405 | ' | ' |
Net earnings | 38,032 | ' | ' | 38,032 | ' |
Foreign currency translation adjustment | 650 | ' | ' | ' | 650 |
Ending balance at Sep. 30, 2013 | 155,045 | ' | 107,412 | 46,888 | 745 |
Ending balance, Shares at Sep. 30, 2013 | ' | 41,518 | ' | ' | ' |
Cash dividends paid | -32,762 | ' | ' | -32,762 | ' |
Exercise of stock options | 882 | ' | 882 | ' | ' |
Exercise of stock options, Shares | 78 | 78 | ' | ' | ' |
Issuance of restricted shares, net of forfeitures | ' | -1 | ' | ' | ' |
Conversion of restricted stock units | ' | 27 | ' | ' | ' |
Stock compensation expense | 3,557 | ' | 3,557 | ' | ' |
Net earnings | 34,743 | ' | ' | 34,743 | ' |
Foreign currency translation adjustment | -436 | ' | ' | ' | -436 |
Ending balance at Sep. 30, 2014 | $161,029 | ' | $111,851 | $48,869 | $309 |
Ending balance, Shares at Sep. 30, 2014 | ' | 41,622 | ' | ' | ' |
Consolidated_Statements_Shareh1
Consolidated Statements Shareholders' Equity (Parenthetical) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash dividends per common share | $0.20 | $0.20 | $0.20 | $0.19 | $0.19 | $0.19 | $0 | $0.38 | $0.79 | $0.76 | $0.76 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||||||||
(1) Summary of Significant Accounting Policies | |||||||||||||||||
(a) | Nature of Business - Meridian is a fully-integrated life science company whose principal businesses are (i) the development, manufacture and distribution of diagnostic test kits primarily for certain gastrointestinal, viral, respiratory and parasitic infectious diseases; (ii) the manufacture and distribution of bulk antigens, antibodies, PCR/qPCR reagents, nucleotides, competent cells and bioresearch reagents used by researchers and other diagnostic manufacturers; and (iii) the contract development and manufacture of proteins and other biologicals for use by biopharmaceutical and biotechnology companies engaged in research for new drugs and vaccines. | ||||||||||||||||
(b) | Principles of Consolidation - The consolidated financial statements include the accounts of Meridian Bioscience, Inc. and its subsidiaries. All intercompany accounts and transactions have been eliminated. Unless the context requires otherwise, references to “Meridian,” “we,” “us,” “our” or “our company” refer to Meridian Bioscience, Inc. and its subsidiaries. | ||||||||||||||||
(c) | Use of Estimates - The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||||||||||||||||
(d) | Foreign Currency Translation - Assets and liabilities of foreign operations are translated using year-end exchange rates with gains or losses resulting from translation included as a separate component of accumulated other comprehensive income or loss. Revenues and expenses are translated using exchange rates prevailing during the year. We also recognize foreign currency transaction gains and losses on certain assets and liabilities that are denominated in the Australian dollar, British pound, Euro and Singapore dollar currencies. These gains and losses are included in other income and expense in the accompanying consolidated statements of operations. | ||||||||||||||||
(e) | Cash, Cash Equivalents and Investments - The primary objectives of our investment activities are to preserve capital and provide sufficient liquidity to meet operating requirements and fund strategic initiatives such as acquisitions. We maintain a written investment policy that governs the management of our investments in fixed income securities. This policy, among other things, provides that we may purchase only high credit-quality securities, that have short-term ratings of at least A-2, P-2 and F-2 or better, and long-term ratings of at least A, Baa1 and A or better, by Standard & Poor’s, Moody’s and Fitch, respectively, at the time of purchase. We consider short-term investments with original maturities of 90 days or less to be cash equivalents, including overnight repurchase agreements and institutional money market funds. At times our investments of cash and equivalents with various high credit quality financial institutions may be in excess of the Federal Deposit Insurance Corporation (FDIC) insurance limit. | ||||||||||||||||
Our investment portfolio includes the following components: | |||||||||||||||||
September 30, 2014 | September 30, 2013 | ||||||||||||||||
Cash and | Other | Cash and | Other | ||||||||||||||
Equivalents | Equivalents | ||||||||||||||||
Overnight repurchase agreements | $ | 26,407 | $ | — | $ | 32,103 | $ | — | |||||||||
Cash on hand – | |||||||||||||||||
Restricted | — | 1,000 | — | 1,000 | |||||||||||||
Unrestricted | 16,640 | — | 12,179 | — | |||||||||||||
Total | $ | 43,047 | $ | 1,000 | $ | 44,282 | $ | 1,000 | |||||||||
(f) | Inventories - Inventories are stated at the lower of cost or market. Cost is determined on a first-in, first-out basis (FIFO). illumigene® instruments are carried in inventory until customer placement, at which time they are transferred to deferred illumigene instrument costs, unless sold outright. | ||||||||||||||||
We establish reserves against cost for excess and obsolete materials, finished goods whose shelf life may expire before sale to customers, and other identified exposures. Such reserves were $2,942 and $2,499 at September 30, 2014 and 2013, respectively. We estimate these reserves based on assumptions about future demand and market conditions. If actual demand and market conditions were to be less favorable than such estimates, additional inventory write-downs would be required and recorded in the period known. Such adjustments would negatively affect gross profit margin and overall results of operations. | |||||||||||||||||
(g) | Property, Plant and Equipment - Property, plant and equipment are stated at cost. Upon retirement or other disposition of property, plant and equipment, the cost and related accumulated depreciation are removed from the accounts and the resulting gain or loss is reflected in earnings. Maintenance and repairs are expensed as incurred. Depreciation is computed on the straight-line method in amounts sufficient to write-off the cost over the estimated useful lives, generally as follows: | ||||||||||||||||
Buildings and improvements—18 to 40 years | |||||||||||||||||
Machinery, equipment and furniture—3 to 10 years | |||||||||||||||||
Computer equipment and software—3 to 5 years | |||||||||||||||||
In connection with the fiscal 2012 consolidation of our Maine facility with our Tennessee facility, the carrying value of certain property, plant and equipment, including the building, was determined to be impaired and a write-down of approximately $210 was recorded as a component of plant consolidation costs during the fiscal year ended September 30, 2012 in the accompanying consolidated statements of operations. The building and the property on which it sits have been written down to fair value, less selling costs, as determined by an independent outside appraisal. | |||||||||||||||||
(h) | Intangible Assets - Goodwill is subject to an annual impairment review (or more frequently if impairment indicators arise) by first performing a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. In the event that a reporting unit does not pass the qualitative assessment, the reporting unit’s carrying value is compared to its fair value, with fair value of the reporting unit estimated using market and discounted cash flow approaches. Goodwill is considered impaired if the carrying value of the reporting unit exceeds its fair value. We perform our annual impairment review as of June 30, the end of our third fiscal quarter. We have no intangible assets with indefinite lives other than goodwill. There have been no impairments from these analyses for fiscal 2014, 2013 or 2012. | ||||||||||||||||
The change in goodwill was an increase of $78 in fiscal 2014 and a decrease of $31 in fiscal 2013. Both years reflect the effect of the Life Science segment’s Bioline Group and the currency translation adjustments thereon. | |||||||||||||||||
A summary of Meridian’s acquired intangible assets subject to amortization, as of September 30, 2014 and 2013 is as follows. | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
As of September 30, | Gross | Accum. | Gross | Accum. | |||||||||||||
Carrying | Amort. | Carrying | Amort. | ||||||||||||||
Value | Value | ||||||||||||||||
Manufacturing technologies, core products and cell lines | $ | 11,685 | $ | 10,568 | $ | 11,676 | $ | 10,097 | |||||||||
Trademarks, licenses and patents | 6,463 | 2,766 | 4,748 | 2,130 | |||||||||||||
Customer lists and supply agreements | 12,378 | 9,379 | 12,353 | 8,493 | |||||||||||||
$ | 30,526 | $ | 22,713 | $ | 28,777 | $ | 20,720 | ||||||||||
During fiscal 2014, we acquired the remaining licensing rights related to patents that are part of our illumigene molecular technology for $1,638. These rights are being amortized over a weighted average period of approximately 8.5 years. | |||||||||||||||||
The actual aggregate amortization expense for these intangible assets for fiscal 2014, 2013 and 2012 was $2,039, $2,269 and $2,165, respectively. The estimated aggregate amortization expense for these intangible assets for each of the five succeeding fiscal years is as follows: fiscal 2015—$1,737, fiscal 2016—$1,394, fiscal 2017—$1,158, fiscal 2018—$1,138 and fiscal 2019—$1,097. | |||||||||||||||||
Long-lived assets, excluding goodwill, are reviewed for impairment when events or circumstances indicate that such assets may not be recoverable at their carrying value. Whether an event or circumstance triggers an impairment is determined by comparing an estimate of the asset’s future undiscounted cash flows to its carrying value. If impairment has occurred, it is measured by a fair-value based test. | |||||||||||||||||
Our ability to recover the carrying value of our intangible assets, both identifiable intangibles and goodwill, is dependent upon the future cash flows of the related acquired businesses and assets. We make judgments and assumptions regarding future cash flows, including sales levels, gross profit margins, operating expense levels, working capital levels, and capital expenditures. With respect to identifiable intangibles and fixed assets, we also make judgments and assumptions regarding useful lives. | |||||||||||||||||
We consider the following factors in evaluating events and circumstances for possible impairment: (i) significant under-performance relative to historical or projected operating results; (ii) negative industry trends; (iii) sales levels of specific groups of products (related to specific identifiable intangibles); (iv) changes in overall business strategies; and (v) other factors. | |||||||||||||||||
If actual cash flows are less favorable than projections, this could trigger impairment of intangible assets and other long-lived assets. If impairment were to occur, this would negatively affect overall results of operations. | |||||||||||||||||
(i) | Revenue Recognition and Accounts Receivable - Revenue is generally recognized from sales when product is shipped and title has passed to the customer. Revenue for the Diagnostics segment is reduced at the date of sale for product price adjustments due certain distributors under local contracts. Management estimates accruals for distributor price adjustments based on local contract terms, sales data provided by distributors, estimates of inventories of certain of our products held by distributors, historical statistics, current trends, and other factors. Changes to the accruals are recorded in the period that they become known. Such accruals were $4,220 at September 30, 2014 and $3,866 at September 30, 2013, and have been netted against accounts receivable. | ||||||||||||||||
Revenue for our Diagnostics segment includes revenue for our illumigene molecular test system. This system includes an instrument, instrument accessories and test kits. In markets where the test system is sold via multiple deliverable arrangements (i.e., the United States, Australia, Belgium, France, Holland and Italy), the cost of the instrument and instrument accessories is deferred upon placement at a customer and amortized on a straight-line basis into cost of sales over the expected utilization period, generally three years. | |||||||||||||||||
We evaluate whether each deliverable in the arrangement is a separate unit of accounting. The significant deliverables are an instrument, instrument accessories (e.g., printer) and test kits. An instrument and instrument accessories are delivered to the customer prior to the start of the customer utilization period, in order to accommodate customer set-up and installation. There is de minimis consideration received from the customer at the time of instrument placement. We have determined that the instrument and instrument accessories are not a separate unit of accounting because such equipment can only be used to process and read the results from our illumigene diagnostic tests (i.e., our instrument and test kits function together to deliver a diagnostic test result), and therefore the instrument and instrument accessories do not have standalone value to the customer. Consequently, there is no revenue allocated to the placement of the instrument and instrument accessories. Test kits are delivered to the customer over the utilization period of the instrument, which we estimate has a useful life of three years. Our average customer contract period, including estimated renewals, is at least equal to the estimated three-year utilization period. Revenue for the sale of test kits is recognized upon shipment and transfer of title to the customers. | |||||||||||||||||
In markets where the test system is not sold via multiple deliverable arrangements (i.e., countries other than the United States, Australia, Belgium, France, Holland and Italy), the cost of the instrument and instrument accessories is charged to cost of sales at the time of shipment and transfer of title to the customer. Revenue for the sales of instruments and instrument accessories and test kits is recognized upon shipment and transfer of title to the customers. In these markets, our illumigene molecular test system is sold to independent distributors who inventory the instruments, instrument accessories and test kits for resale to end-users. | |||||||||||||||||
Our products are generally not subject to a customer right of return except for product recall events under the rules and regulations of the Food and Drug Administration or equivalent agencies outside the United States. In this circumstance, the costs to replace affected products would be accrued at the time a loss was probable and estimable. | |||||||||||||||||
Life Science revenue for contract services may come from research and development services or manufacturing services, including process development work, or a combination of both. Revenue is recognized based on each of the deliverables in a given arrangement having distinct and separate customer pricing. Depending on the nature of the arrangement, revenue is recognized as services are performed and billed, upon completion and acceptance by the customer, or upon delivery of product and acceptance by the customer. | |||||||||||||||||
Trade accounts receivable are recorded in the accompanying consolidated balance sheets at invoiced amounts less provisions for distributor price adjustments under local contracts and doubtful accounts. The allowance for doubtful accounts represents our estimate of probable credit losses and is based on historical write-off experience and known conditions that would likely lead to non-payment. The allowance for doubtful accounts and related metrics, such as days’ sales outstanding, are reviewed monthly. Accounts with past due balances over 90 days are reviewed individually for collectibility. Customer invoices are charged off against the allowance when we believe it is probable that the invoices will not be paid. | |||||||||||||||||
(j) | Research and Development Costs - Research and development costs are charged to expense as incurred. Research and development costs include, among other things, salaries and wages for research scientists, materials and supplies used in the development of new products, costs for development of instrumentation equipment, costs for clinical trials, and costs for facilities and equipment. | ||||||||||||||||
(k) | Income Taxes - The provision for income taxes includes federal, foreign, state and local income taxes currently payable and those deferred because of temporary differences between income for financial reporting and income for tax purposes. We prepare estimates of permanent and temporary differences between income for financial reporting purposes and income for tax purposes. These differences are adjusted to actual upon filing of our tax returns, typically occurring in the third and fourth quarters of the current fiscal year for the preceding fiscal year’s estimates. | ||||||||||||||||
We account for uncertain tax positions using a benefit recognition model with a two-step approach: (i) a more-likely-than-not recognition criterion; and (ii) a measurement attribute that measures the position as the largest amount of tax benefit that is greater than 50% likely of being ultimately realized upon ultimate settlement. If it is not more likely than not that the benefit will be sustained on its technical merits, no benefit is recorded. We recognize accrued interest related to unrecognized tax benefits as a portion of our income tax provision in the consolidated statements of operations. See Note 4. | |||||||||||||||||
(l) | Stock-Based Compensation - We recognize compensation expense for all share-based awards made to employees, based upon the fair value of the share-based award on the date of the grant. See Note 5(b). | ||||||||||||||||
(m) | Comprehensive Income (Loss) - Comprehensive income (loss) represents the net change in shareholders’ equity during a period from sources other than transactions with shareholders. As reflected in the accompanying consolidated statements of comprehensive income, our comprehensive income or loss is comprised of net earnings and foreign currency translation. | ||||||||||||||||
(n) | Shipping and Handling Costs - Shipping and handling costs invoiced to customers are included in net revenues. Costs to distribute products to customers, including freight costs, warehousing costs, and other shipping and handling activities are included in cost of sales. | ||||||||||||||||
(o) | Non-Income Government-Assessed Taxes - We classify all non-income, government-assessed taxes (sales, use and value-added) collected from customers and remitted by us to appropriate revenue authorities, on a net basis (excluded from net revenues) in the accompanying consolidated statements of operations. | ||||||||||||||||
(p) | Recent Accounting Pronouncements - In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which supersedes and replaces nearly all currently-existing U.S. GAAP revenue recognition guidance including related disclosure requirements. This guidance will be effective for the Company beginning October 1, 2017. The Company has not yet completed its assessment of the impact that adoption of this guidance will have on its financial statements. | ||||||||||||||||
(q) | Reclassifications - Certain reclassifications have been made to the prior fiscal year financial statements to conform to the current year presentation. Such reclassifications had no impact on net earnings or shareholders’ equity. |
Inventories
Inventories | 12 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
(2) Inventories | |||||||||
Inventories are comprised of the following: | |||||||||
As of September 30, | 2014 | 2013 | |||||||
Raw materials | $ | 5,674 | $ | 7,170 | |||||
Work-in-process | 10,591 | 8,585 | |||||||
Finished goods—illumigene instruments | 1,710 | 1,980 | |||||||
Finished goods—kits and reagents | 17,520 | 17,100 | |||||||
Total | $ | 35,495 | $ | 34,835 | |||||
Bank_Credit_Arrangements
Bank Credit Arrangements | 12 Months Ended |
Sep. 30, 2014 | |
Debt Disclosure [Abstract] | ' |
Bank Credit Arrangements | ' |
(3) Bank Credit Arrangements | |
We have a $30,000 credit facility with a commercial bank, which expires in September 2015. This credit facility is collateralized by our business assets, except for those of non-U.S. subsidiaries, which totaled approximately $147,000 at September 30, 2014. There were no borrowings outstanding on this credit facility at September 30, 2014 or September 30, 2013. Available borrowings under this credit facility were $30,000 at September 30, 2014 and September 30, 2013. In connection with this bank credit facility, we are required to comply with financial covenants that limit the amount of debt obligations and require a minimum amount of tangible net worth. We are in compliance with all covenants. We are also required to maintain a cash compensating balance with the bank in the amount of $1,000, pursuant to this bank credit facility and are in compliance with this requirement. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Income Taxes | ' | ||||||||||||||||||||||||
(4) Income Taxes | |||||||||||||||||||||||||
(a) | Earnings before income taxes, and the related provision for income taxes for the years ended September 30, 2014, 2013 and 2012 were as follows: | ||||||||||||||||||||||||
Year Ended September 30, | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Domestic | $ | 48,350 | $ | 53,963 | $ | 44,774 | |||||||||||||||||||
Foreign | 3,758 | 3,399 | 4,942 | ||||||||||||||||||||||
Total earnings before income taxes | $ | 52,108 | $ | 57,362 | $ | 49,716 | |||||||||||||||||||
Provision (credit) for income taxes— | |||||||||||||||||||||||||
Federal— | |||||||||||||||||||||||||
Current | $ | 15,021 | $ | 18,311 | $ | 15,077 | |||||||||||||||||||
Temporary differences | |||||||||||||||||||||||||
Fixed asset basis differences and depreciation | 108 | 121 | 2 | ||||||||||||||||||||||
Intangible asset basis differences and amortization | (210 | ) | (339 | ) | (354 | ) | |||||||||||||||||||
Currently non-deductible expenses and reserves | 50 | (425 | ) | (397 | ) | ||||||||||||||||||||
Stock-based compensation | 59 | (282 | ) | (599 | ) | ||||||||||||||||||||
Tax credit carryforwards | 225 | (717 | ) | — | |||||||||||||||||||||
Other, net | 66 | 43 | 74 | ||||||||||||||||||||||
Subtotal | 15,319 | 16,712 | 13,803 | ||||||||||||||||||||||
State and local | 1,762 | 2,013 | 1,521 | ||||||||||||||||||||||
Foreign | 284 | 605 | 1,021 | ||||||||||||||||||||||
Total income tax provision | $ | 17,365 | $ | 19,330 | $ | 16,345 | |||||||||||||||||||
(b) | The following is a reconciliation between the statutory U.S. income tax rate and the effective rate derived by dividing the provision for income taxes by earnings before income taxes: | ||||||||||||||||||||||||
Year Ended September 30, | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Computed income taxes at statutory rate | $ | 18,238 | 35 | % | $ | 20,078 | 35 | % | $ | 17,398 | 35 | % | |||||||||||||
Increase (decrease) in taxes resulting from— | |||||||||||||||||||||||||
State and local income taxes | 1,061 | 2 | 1,270 | 2.2 | 994 | 2 | |||||||||||||||||||
Net benefit on foreign dividend | (274 | ) | (0.5 | ) | (84 | ) | (0.2 | ) | (373 | ) | (0.8 | ) | |||||||||||||
Foreign tax rate differences | (430 | ) | (0.8 | ) | (18 | ) | — | (114 | ) | (0.2 | ) | ||||||||||||||
Qualified domestic production incentives | (1,175 | ) | (2.3 | ) | (1,621 | ) | (2.8 | ) | (1,226 | ) | (2.5 | ) | |||||||||||||
Uncertain tax position activity | 164 | 0.3 | (80 | ) | (0.1 | ) | (71 | ) | (0.1 | ) | |||||||||||||||
Other, net | (219 | ) | (0.4 | ) | (215 | ) | (0.4 | ) | (263 | ) | (0.5 | ) | |||||||||||||
$ | 17,365 | 33.3 | % | $ | 19,330 | 33.7 | % | $ | 16,345 | 32.9 | % | ||||||||||||||
(c) | The components of net deferred tax assets were as follows: | ||||||||||||||||||||||||
As of September 30, | 2014 | 2013 | |||||||||||||||||||||||
Deferred tax assets— | |||||||||||||||||||||||||
Valuation reserves and non-deductible expenses | $ | 1,984 | $ | 1,784 | |||||||||||||||||||||
Stock compensation expense not deductible | 3,328 | 3,381 | |||||||||||||||||||||||
Net operating loss carryforwards | 536 | 734 | |||||||||||||||||||||||
Tax credit carryforwards | 492 | 717 | |||||||||||||||||||||||
Inventory basis differences | 1,340 | 1,626 | |||||||||||||||||||||||
Other | 8 | 33 | |||||||||||||||||||||||
Subtotal | 7,688 | 8,275 | |||||||||||||||||||||||
Less valuation allowance | — | (296 | ) | ||||||||||||||||||||||
Deferred tax assets | 7,688 | 7,979 | |||||||||||||||||||||||
Deferred tax liabilities— | |||||||||||||||||||||||||
Fixed asset basis differences and depreciation | (951 | ) | (862 | ) | |||||||||||||||||||||
Intangible asset basis differences and amortization | (1,338 | ) | (1,924 | ) | |||||||||||||||||||||
Other | — | (225 | ) | ||||||||||||||||||||||
Deferred tax liabilities | (2,289 | ) | (3,011 | ) | |||||||||||||||||||||
Net deferred tax assets | $ | 5,399 | $ | 4,968 | |||||||||||||||||||||
For income tax purposes, we have tax benefits related to operating loss carryforwards in the countries of Australia and Belgium, which have no expiration date. We have recorded deferred tax assets for these carryforwards totaling $536 and $734 at September 30, 2014 and September 30, 2013, respectively, excluding valuation allowances for Australia as of September 30, 2013. For income tax purposes, we also have tax benefits related to tax credit carryforwards in the U.S., which expire in fiscal 2022. We have recorded deferred tax assets for these carryforwards totaling $492 and $717 at September 30, 2014 and September 30, 2013, respectively. | |||||||||||||||||||||||||
The realization of deferred tax assets in foreign jurisdictions is dependent upon the generation of future taxable income in these countries. We have considered the levels of currently anticipated pre-tax income in foreign jurisdictions in assessing the required level of the deferred tax asset valuation allowance. Taking into consideration historical and current operating results, and other factors, we believe that it is more likely than not that the net deferred tax asset for foreign jurisdictions will be realized. The amount of the net deferred tax asset considered realizable in foreign jurisdictions, however, could be reduced in future years if estimates of future taxable income during the carryforward period are reduced. | |||||||||||||||||||||||||
Undistributed earnings reinvested indefinitely in our non-U.S. operations were approximately $8,000 and $14,000 at September 30, 2014 and September 30, 2013, respectively. U.S. deferred tax liabilities of approximately $1,300 and $1,000 on such earnings, after consideration of foreign tax credits, have not been recorded as of September 30, 2014 and September 30, 2013, respectively. | |||||||||||||||||||||||||
As described in Note 1, we utilize a comprehensive model for the recognition, measurement, presentation and disclosure of uncertain tax positions, assuming full knowledge of all relevant facts by the applicable tax authorities. The total amount of unrecognized tax benefits at September 30, 2014 and September 30, 2013 related to such positions was $372 and $208, respectively, of which the full amounts would favorably affect the effective tax rate if recognized. We recognize interest and penalties related to uncertain tax positions as a component of our income tax provision. During fiscal 2014 we increased our tax provision by approximately $26 for such interest and penalties, while during fiscal 2013 they resulted in an approximate $72 decrease in our tax provision. We had approximately $56 accrued for the payment of interest and penalties at September 30, 2014 compared to $30 accrued at September 30, 2013. The amount of our liability for uncertain tax positions expected to be paid or settled in the next 12 months is uncertain. | |||||||||||||||||||||||||
A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows: | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Unrecognized income tax benefits beginning of year | $ | 208 | $ | 471 | |||||||||||||||||||||
Additions for tax positions related to the current year | 11 | — | |||||||||||||||||||||||
Additions for tax positions of prior years | 153 | 61 | |||||||||||||||||||||||
Reductions for tax positions of prior years | — | (103 | ) | ||||||||||||||||||||||
Tax examination and other settlements | — | (183 | ) | ||||||||||||||||||||||
Expirations of statute of limitations | — | (38 | ) | ||||||||||||||||||||||
Unrecognized income tax benefits at end of year | $ | 372 | $ | 208 | |||||||||||||||||||||
We are subject to examination by the tax authorities in the U.S. (both federal and state) and the countries of Australia, Belgium, England, France, Germany, Holland and Italy. In the U.S., open tax years are for fiscal 2011, fiscal 2012 and fiscal 2013, with the IRS having completed its examination of our federal return for fiscal 2011 and, therefore, leaving only the states open for this year. In countries outside the U.S., open tax years generally range from fiscal 2009 and forward. However, in Australia and Belgium, the utilization of local net operating loss carryforwards extends the statute of limitations for examination well into the foreseeable future. |
Employee_Benefits
Employee Benefits | 12 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Employee Benefits | ' | ||||||||||||||||
(5) Employee Benefits | |||||||||||||||||
(a) | Savings and Investment Plan - We have a profit sharing and retirement savings plan covering substantially all full-time U.S. employees. Profit sharing contributions to the plan, which are discretionary, are approved by the board of directors. The plan permits participants to contribute to the plan through salary reduction. Under terms of the plan, we match 50% of an employee’s contributions, up to a maximum match of 3% of eligible compensation. Our discretionary and matching contributions to the plan amounted to approximately $1,542, $1,539 and $2,033, during fiscal 2014, 2013 and 2012, respectively. | ||||||||||||||||
(b) | Stock-Based Compensation Plans - During fiscal 2014, we had two active stock-based compensation plans, the 2004 Equity Compensation Plan, which became effective December 7, 2004, as amended (the “2004 Plan”) and the 2012 Stock Incentive Plan, which became effective January 25, 2012 (the “2012 Plan”). In addition, we have an Employee Stock Purchase Plan (the “ESP Plan”), which became effective October 1, 1997. Under the ESP Plan, we sell shares of stock to our full-time and part-time employees up to the number of shares equivalent to a 1% to 15% payroll deduction from an employee’s base salary plus an additional 5% dollar match of this deduction by Meridian. | ||||||||||||||||
Each of the 2004 Plan and 2012 Plan authorized the granting of new shares for options, restricted shares or restricted share units for up to 3,000 shares, with the non-granted portion of the 2004 Plan permitted to be carried forward and added to the 2012 Plan authorized limit. As of September 30, 2014, we have granted 1,882 and 415 shares under the 2004 Plan and 2012 Plan, respectively, thereby resulting in a remaining authorized limit of 3,703 shares. Options may be granted at exercise prices not less than 100% of the closing market value of the underlying common shares on the date of grant and have maximum terms up to ten years. Vesting schedules for options, restricted shares and restricted share units are established at the time of grant and may be set based on future service periods, achievement of performance targets, or a combination thereof. All options contain provisions restricting their transferability and limiting their exercise in the event of termination of employment or the disability or death of the optionee. We recognize compensation expense for all share-based payments made to employees, based upon the fair value of the share-based payment on the date of the grant. | |||||||||||||||||
During fiscal 2012, we granted approximately 210 restricted share units (with a weighted-average grant date fair value of $17.99 per share) to certain employees, generally with half of each employee’s grant being time-vested restricted share units vesting in total on the fourth anniversary of the grant date, and the remaining half being subject to attainment of a specified earnings target for fiscal 2012. While dividend equivalents were paid on these units throughout fiscal 2012, the target for fiscal 2012 was not met and the performance-based portion of the restricted share units granted during fiscal 2012 were cancelled. Additionally, during fiscal 2012, we granted approximately 110 restricted share units (with a grant date fair value of $17.57 per share) and 1,035 options (with a weighted-average grant date fair value of $4.66 per option, as included in the options table below) to certain executive management employees to incentivize the achievement of Company revenue targets in advance of planned expectations. These awards can only be earned if specified cumulative revenue thresholds are achieved, with the three measurement dates for ratably earning one-third of the grant being (i) the 21-month period ended June 30, 2013; (ii) the 33-month period ended June 30, 2014; and (iii) the 45-month period ending June 30, 2015. As a result of the cumulative thresholds for the 21-month and 33-month periods ended June 30, 2014 and June 30, 2013, respectively, not having been met, two-thirds of the restricted share units and options granted have been cancelled accordingly. | |||||||||||||||||
During fiscal 2013, we granted approximately 204 restricted share units (with a weighted-average grant date fair value of $19.38 per share) to certain employees, generally with half of each employee’s grant being time-vested restricted share units vesting in total on the fourth anniversary of the grant date, and the remaining half being subject to attainment of a specified earnings target for fiscal 2013. While dividend equivalents were paid on these units throughout fiscal 2013, the target for fiscal 2013 was not met and the performance-based portion of the restricted share units granted during fiscal 2013 have been cancelled. | |||||||||||||||||
Similar to previous years, during fiscal 2014, we granted approximately 270 restricted share units (with a weighted-average grant date fair value of $24.82 per share) to certain employees, generally with half of each employee’s grant being time-vested restricted share units vesting in total on the fourth anniversary of the grant date, and the remaining half being subject to attainment of a specified earnings target for fiscal 2014. While dividend equivalents were paid on these units throughout fiscal 2014, the target for fiscal 2014 was not met and the performance-based portion of the restricted share units granted during fiscal 2014 have been cancelled. | |||||||||||||||||
Giving effect to these grants, cancellations and certain other activities for restricted shares and restricted share units throughout the years, including conversions to common shares, forfeitures, and new hire and employee promotion grants, approximately 400 restricted shares and restricted share units remain outstanding as of September 30, 2014, with a weighted-average grant date fair value of $21.01 per share, a weighted-average remaining vesting period of 1.74 years and an aggregate intrinsic value of $7,071. The weighted-average grant date fair value of the approximate 145 restricted share units that vested during fiscal 2014 was $22.04 per share. | |||||||||||||||||
The amount of stock-based compensation expense reported was $3,557, $2,502 and $1,987 in fiscal 2014, 2013 and 2012, respectively. The fiscal 2014 expense is comprised of $486 related to stock options and $3,071 related to restricted shares and units; the fiscal 2013 expense is comprised of $336 related to stock options, $2,069 related to restricted shares and units, and $97 related to the granting of unrestricted common shares to two executive officers; and the fiscal 2012 expense is comprised of $426 related to stock options and $1,561 related to restricted shares and units. The total income tax benefit recognized in the income statement for these stock-based compensation arrangements was $1,185, $850 and $588, for fiscal 2014, 2013 and 2012, respectively. As of September 30, 2014, we expect future stock compensation expense for unvested options and unvested restricted stock and units to total $185 and $2,105, respectively, which will be recognized during fiscal years 2015 through 2018. | |||||||||||||||||
We recognize compensation expense only for the portion of shares that we expect to vest. As such, we apply estimated forfeiture rates to our compensation expense calculations. These rates have been derived using historical forfeiture data, stratified by several employee groups. During fiscal 2014, 2013 and 2012, we recorded $108, $93 and $73, respectively, in stock compensation expense to adjust estimated forfeiture rates to actual. | |||||||||||||||||
We have elected to use the Black-Scholes option pricing model to determine grant-date fair value for stock options, with the following assumptions: (i) expected share price volatility based on the average of Meridian’s historical volatility over the options’ expected lives and implied volatility based on the value of tradable call options; (ii) expected life of options based on contractual lives, employees’ historical exercise behavior and employees’ historical post-vesting employment termination behavior; (iii) risk-free interest rates based on treasury rates that correspond to the expected lives of the options; and (iv) dividend yield based on the expected yield on underlying Meridian common stock. | |||||||||||||||||
Year ended September 30, | 2014 | 2013 | 2012 | ||||||||||||||
Risk-free interest rates | 1.80% | 0.88% | 1.24% | ||||||||||||||
Dividend yield | 3.50% | 4.10% | 3.42% | ||||||||||||||
Life of option | 6.29 yrs. | 6.23 yrs. | 6.22 yrs. | ||||||||||||||
Share price volatility | 33% | 36 % | 39% | ||||||||||||||
Forfeitures (by employee group) | 0%-14% | 0%-10% | 0%-10% | ||||||||||||||
A summary of the status of our stock option plans at September 30, 2014 and changes during the year is presented in the table and narrative below: | |||||||||||||||||
Options | Wtd Avg | Wtd Avg | Aggregate | ||||||||||||||
Exercise | Remaining | Intrinsic | |||||||||||||||
Price | Life (Yrs) | Value | |||||||||||||||
Outstanding beginning of period | 1,508 | $ | 17.93 | ||||||||||||||
Grants | 70 | 24.2 | |||||||||||||||
Exercises | (78 | ) | 7.27 | ||||||||||||||
Forfeitures | (13 | ) | 21.5 | ||||||||||||||
Cancellations | (345 | ) | 17.57 | ||||||||||||||
Outstanding end of period | 1,142 | $ | 19.11 | 5.08 | $ | 1,261 | |||||||||||
Exercisable end of period | 782 | $ | 19.27 | 3.97 | $ | 1,219 | |||||||||||
A summary of the status of our nonvested options as of September 30, 2014, and changes during the year ended September 30, 2014, is presented below: | |||||||||||||||||
Options | Weighted- | ||||||||||||||||
Average | |||||||||||||||||
Grant Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Nonvested beginning of period | 787 | $ | 4.66 | ||||||||||||||
Granted | 70 | 5.48 | |||||||||||||||
Vested | (144 | ) | 4.88 | ||||||||||||||
Forfeitures | (8 | ) | 4.94 | ||||||||||||||
Cancelled | (345 | ) | 4.66 | ||||||||||||||
Nonvested end of period | 360 | $ | 4.78 | ||||||||||||||
The weighted average grant-date fair value of options granted was $5.48, $4.19 and $4.68 for fiscal 2014, 2013 and 2012, respectively. The total intrinsic value of options exercised was $1,110, $2,483 and $452, for fiscal 2014, 2013 and 2012, respectively. The total grant-date fair value of options that vested during fiscal 2014, 2013 and 2012 was $701, $712 and $361, respectively. | |||||||||||||||||
Cash received from options exercised was $567, $2,258 and $431 for fiscal 2014, 2013 and 2012, respectively. Tax benefits realized and recorded to additional paid-in capital from option exercises totaled $315, $306 and $15 for fiscal 2014, 2013 and 2012, respectively. |
NonCurrent_Liabilities
Non-Current Liabilities | 12 Months Ended |
Sep. 30, 2014 | |
Other Liabilities Disclosure [Abstract] | ' |
Non-Current Liabilities | ' |
(6) Non-Current Liabilities | |
The Company and its Chairman and Chief Executive Officer are parties to an employment agreement and a supplemental benefit agreement, under which we are obligated to provide certain post-retirement and insurance benefits. These obligations total $1,247 and $1,056 at September 30, 2014 and September 30, 2013, respectively. In addition, we are required by the governments of certain of the foreign countries in which we operate to maintain a level of reserves for potential future severance indemnity. These reserves total $831 and $827 at September 30, 2014 and September 30, 2013, respectively. |
Reportable_Segments_and_Major_
Reportable Segments and Major Concentration Data | 12 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||
Reportable Segments and Major Concentration Data | ' | ||||||||||||||||||||||||
(7) Reportable Segments and Major Concentration Data | |||||||||||||||||||||||||
Our reportable segments are Diagnostics and Life Science, with segmentation between the two determined based upon the nature of products and the types of customers. The Diagnostics segment consists of manufacturing operations in Cincinnati, Ohio, and the sale and distribution of diagnostic test kits domestically and abroad. The Life Science segment consists of manufacturing operations in Memphis, Tennessee; Boca Raton, Florida; London, England; Luckenwalde, Germany; and Sydney, Australia, and the sale and distribution of bulk antigens, antibodies, PCR/qPCR reagents, nucleotides, competent cells and bioresearch reagents domestically and abroad. The Life Science segment also includes the contract development and manufacture of cGMP clinical grade proteins and other biologicals for use by biopharmaceutical and biotechnology companies engaged in research for new drugs and vaccines. | |||||||||||||||||||||||||
Revenues from individual customers constituting 10% or more of consolidated net revenues are as follows: | |||||||||||||||||||||||||
Year Ended September 30, | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Customer A | $ | 28,278 | (15 | )% | $ | 35,082 | (19 | )% | $ | 32,771 | (19 | )% | |||||||||||||
Customer B | $ | 22,729 | (12 | )% | $ | 25,457 | (13 | )% | $ | 19,903 | (12 | )% | |||||||||||||
Accounts receivable from these two Diagnostics distributor customers accounted for 15% and 17% of consolidated accounts receivable at September 30, 2014 and September 30, 2013, respectively. In addition, approximately 14% of the consolidated accounts receivable balance at September 30, 2014 is largely dependent upon funds from the Italian government. The Company’s international revenues totaled $57,051, $56,224, and $54,909 in fiscal years 2014, 2013 and 2012, respectively. Our diagnostic focus product families – C. difficile, foodborne and H. pylori – accounted for 46%, 47% and 47% of consolidated net revenues in fiscal 2014, 2013 and 2012, respectively. We currently sole-source from a U.S. manufacturer the illumipro-10™ instrument on which our illumigene molecular testing platform operates. Additionally, two of our foodborne products sourced from another vendor accounted for 14%, 14% and 13% of third-party revenues for our Diagnostics segment in fiscal 2014, 2013 and 2012, respectively. | |||||||||||||||||||||||||
Significant revenue information by country for the Diagnostics and Life Science segments is as follows. Revenues are attributed to the geographic area based on the location to which the product is delivered. | |||||||||||||||||||||||||
Year Ended September 30, | 2014 | 2013 | 2012 | ||||||||||||||||||||||
United States | $ | 112,917 | $ | 114,935 | $ | 99,998 | |||||||||||||||||||
Italy | 8,469 | 7,427 | 7,473 | ||||||||||||||||||||||
Japan | 2,097 | 3,937 | 3,922 | ||||||||||||||||||||||
United Kingdom | 1,942 | 2,141 | 2,441 | ||||||||||||||||||||||
France | 1,841 | 1,936 | 2,149 | ||||||||||||||||||||||
Holland | 1,613 | 1,764 | 1,818 | ||||||||||||||||||||||
Canada | 1,359 | 1,248 | 941 | ||||||||||||||||||||||
Belgium | 1,241 | 1,285 | 1,271 | ||||||||||||||||||||||
Other countries | 10,021 | 9,956 | 10,167 | ||||||||||||||||||||||
Total Diagnostics | $ | 141,500 | $ | 144,629 | $ | 130,180 | |||||||||||||||||||
Year Ended September 30, | 2014 | 2013 | 2012 | ||||||||||||||||||||||
United States | $ | 18,864 | $ | 17,527 | $ | 17,805 | |||||||||||||||||||
Germany | 7,232 | 6,465 | 4,872 | ||||||||||||||||||||||
United Kingdom | 5,647 | 5,590 | 5,251 | ||||||||||||||||||||||
Australia | 4,063 | 3,454 | 3,423 | ||||||||||||||||||||||
France | 1,633 | 1,440 | 1,282 | ||||||||||||||||||||||
Other countries | 9,893 | 9,581 | 9,899 | ||||||||||||||||||||||
Total Life Science | $ | 47,332 | $ | 44,057 | $ | 42,532 | |||||||||||||||||||
Identifiable assets for our Italian distribution organization were $10,861 and $10,760 at September 30, 2014 and 2013, respectively. At September 30, 2014, identifiable assets for the Bioline Group’s operations in the U.K., Germany and Australia totaled approximately $14,985, $7,713 and $4,171, respectively; and totaled $14,220, $7,965 and $4,239, respectively, at September 30, 2013. | |||||||||||||||||||||||||
Segment information for the years ended September 30, 2014, 2013 and 2012 is as follows: | |||||||||||||||||||||||||
Diagnostics | Life Science | Elim (1) | Total | ||||||||||||||||||||||
Fiscal Year 2014— | |||||||||||||||||||||||||
Net revenues – | |||||||||||||||||||||||||
Third-party | $ | 141,500 | $ | 47,332 | $ | — | $ | 188,832 | |||||||||||||||||
Inter-segment | 432 | 1,009 | (1,441 | ) | — | ||||||||||||||||||||
Operating income | 41,629 | 10,861 | (98 | ) | 52,392 | ||||||||||||||||||||
Depreciation and amortization | 4,283 | 2,981 | — | 7,264 | |||||||||||||||||||||
Capital expenditures | 4,176 | 1,130 | — | 5,306 | |||||||||||||||||||||
Goodwill | 1,250 | 21,943 | — | 23,193 | |||||||||||||||||||||
Other intangible assets | 2,756 | 5,057 | — | 7,813 | |||||||||||||||||||||
Total assets | 109,086 | 67,790 | 53 | 176,929 | |||||||||||||||||||||
Fiscal Year 2013— | |||||||||||||||||||||||||
Net revenues – | |||||||||||||||||||||||||
Third-party | $ | 144,629 | $ | 44,057 | $ | — | $ | 188,686 | |||||||||||||||||
Inter-segment | 533 | 1,223 | (1,756 | ) | — | ||||||||||||||||||||
Operating income | 46,735 | 10,627 | (48 | ) | 57,314 | ||||||||||||||||||||
Depreciation and amortization | 4,328 | 2,824 | — | 7,152 | |||||||||||||||||||||
Capital expenditures | 2,031 | 1,203 | — | 3,234 | |||||||||||||||||||||
Goodwill | 1,250 | 21,865 | — | 23,115 | |||||||||||||||||||||
Other intangible assets | 1,561 | 6,496 | — | 8,057 | |||||||||||||||||||||
Total assets | 111,719 | 65,393 | (364 | ) | 176,748 | ||||||||||||||||||||
Fiscal Year 2012— | |||||||||||||||||||||||||
Net revenues – | |||||||||||||||||||||||||
Third-party | $ | 130,180 | $ | 42,532 | $ | — | $ | 172,712 | |||||||||||||||||
Inter-segment | 599 | 1,097 | (1,696 | ) | — | ||||||||||||||||||||
Operating income (2) | 40,648 | 8,473 | 175 | 49,296 | |||||||||||||||||||||
Depreciation and amortization | 3,732 | 2,865 | — | 6,597 | |||||||||||||||||||||
Capital expenditures | 2,341 | 1,189 | — | 3,530 | |||||||||||||||||||||
Goodwill | 1,250 | 21,896 | — | 23,146 | |||||||||||||||||||||
Other intangible assets | 2,239 | 8,025 | — | 10,264 | |||||||||||||||||||||
Total assets | 96,620 | 59,019 | 5,742 | 161,381 | |||||||||||||||||||||
-1 | Eliminations consist of intersegment transactions. | ||||||||||||||||||||||||
-2 | Life Science includes $1,013 related to consolidation of the Maine operations into the Tennessee facility. | ||||||||||||||||||||||||
A reconciliation of segment operating expenses to consolidated earnings before income taxes for the years ended September 30, 2014, 2013 and 2012 is as follows: | |||||||||||||||||||||||||
Year Ended September 30, | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Segment operating income | $ | 52,392 | $ | 57,314 | $ | 49,296 | |||||||||||||||||||
Interest income | 25 | 44 | 42 | ||||||||||||||||||||||
Other, net | (309 | ) | 4 | 378 | |||||||||||||||||||||
Consolidated earnings before income taxes | $ | 52,108 | $ | 57,362 | $ | 49,716 | |||||||||||||||||||
Transactions between segments are accounted for at established intercompany prices for internal and management purposes with all intercompany amounts eliminated in consolidation. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |
Sep. 30, 2014 | ||
Commitments and Contingencies Disclosure [Abstract] | ' | |
Commitments and Contingencies | ' | |
(8) Commitments and Contingencies | ||
(a) | Royalty Commitments - We have entered into various license agreements that require payment of royalties based on a specified percentage of the sales of licensed products (1% to 14%). These royalty expenses are recognized on an as-earned basis and recorded in the year earned as a component of cost of sales. Annual royalty expenses associated with these agreements were approximately $3,482, $3,611 and $3,040, respectively, for the fiscal years ended September 30, 2014, 2013 and 2012. | |
(b) | Purchase Commitments - Excluding the operating lease commitments reflected in Note 8 (c) below, we have purchase commitments primarily for inventory and service items as part of the normal course of business. Commitments made under these obligations are $9,557, $67 and $18 for fiscal 2015, 2016 and 2017, respectively. No purchase commitments have been made beyond fiscal 2017. | |
(c) | Operating Lease Commitments - Meridian and its subsidiaries are lessees of (i) certain office and warehouse buildings in the U.S., Europe, Australia, Singapore and China; (ii) automobiles for use by the direct sales forces in the U.S. and Europe; and (iii) certain office equipment such as facsimile and copier machines across all business units, under operating lease agreements that expire at various dates. Amounts charged to expense under operating leases were $1,951, $1,744 and $1,524 for fiscal 2014, 2013 and 2012, respectively. Operating lease commitments for each of the five succeeding fiscal years are as follows: fiscal 2015—$1,661, fiscal 2016—$1,389, fiscal 2017—$830, fiscal 2018—$692, and fiscal 2019—$422. | |
(d) | Litigation - We are a party to various litigation matters from time to time that we believe are in the normal course of business. The ultimate resolution of these matters is not expected to have a material adverse effect on our financial position, results of operations or cash flows. | |
(e) | Indemnifications - In conjunction with certain contracts and agreements, we provide routine indemnifications whose terms range in duration and in some circumstances are not explicitly defined. The maximum obligation under some such indemnifications is not explicitly stated and, as a result of our having no history of paying such indemnifications, cannot be reasonably estimated. We have not made any payments for these indemnifications and no liability is recorded at September 30, 2014 or September 30, 2013. We believe that if we were to incur a loss on any of these matters, the loss would not have a material effect on our financial condition. |
Quarterly_Financial_Data
Quarterly Financial Data | 12 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Quarterly Financial Data | ' | ||||||||||||||||
(9) Quarterly Financial Data (Unaudited) | |||||||||||||||||
The sum of the earnings per common share may not equal the corresponding annual amounts due to interim quarter rounding. | |||||||||||||||||
For the Quarter Ended in Fiscal 2014 | December 31 | March 31 | June 30 | September 30 | |||||||||||||
Net revenues | $ | 44,794 | $ | 50,134 | $ | 47,212 | $ | 46,692 | |||||||||
Gross profit | 28,007 | 31,593 | 29,242 | 28,401 | |||||||||||||
Net earnings | 7,426 | 10,300 | 8,835 | 8,182 | |||||||||||||
Basic earnings per common share | 0.18 | 0.25 | 0.21 | 0.2 | |||||||||||||
Diluted earnings per common share | 0.18 | 0.24 | 0.21 | 0.2 | |||||||||||||
Cash dividends per common share | 0.19 | 0.2 | 0.2 | 0.2 | |||||||||||||
For the Quarter Ended in Fiscal 2013 | 31-Dec | 31-Mar | 30-Jun | 30-Sep | |||||||||||||
Net revenues | $ | 45,351 | $ | 47,265 | $ | 47,108 | $ | 48,962 | |||||||||
Gross profit | 28,796 | 30,743 | 30,631 | 30,874 | |||||||||||||
Net earnings | 8,474 | 10,249 | 10,159 | 9,150 | |||||||||||||
Basic earnings per common share | 0.21 | 0.25 | 0.25 | 0.22 | |||||||||||||
Diluted earnings per common share | 0.2 | 0.24 | 0.24 | 0.22 | |||||||||||||
Cash dividends per common share | 0.38 | * | — | * | 0.19 | 0.19 | |||||||||||
* | As a result of accelerating the declaration and payment of the quarterly cash dividend historically declared and paid during the second quarter of the fiscal year, two quarterly cash dividends were declared and paid during the three months ended December 31, 2012, with none occurring during the three months ended March 31, 2013. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Sep. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
(10) Subsequent Events | |
We evaluated subsequent events after the balance sheet date of September 30, 2014 and there were no material subsequent events that required recognition or additional disclosure in these financial statements. |
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||||||||||
Valuation and Qualifying Accounts | ' | ||||||||||||||||||||
SCHEDULE II | |||||||||||||||||||||
Meridian Bioscience, Inc. | |||||||||||||||||||||
and Subsidiaries | |||||||||||||||||||||
Valuation and Qualifying Accounts | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Years Ended September 30, 2014, 2013 and 2012 | |||||||||||||||||||||
Description | Balance at | Charged to | Deductions | Other (a) | Balance at | ||||||||||||||||
Beginning | Costs and | End of | |||||||||||||||||||
of Period | Expenses | Period | |||||||||||||||||||
Year Ended September 30, 2014: | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 233 | $ | 116 | $ | (68 | ) | $ | (9 | ) | $ | 272 | |||||||||
Inventory realizability reserves | 2,499 | 1,325 | (834 | ) | (48 | ) | 2,942 | ||||||||||||||
Valuation allowances – deferred taxes | 296 | — | (296 | ) | — | — | |||||||||||||||
Year Ended September 30, 2013: | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 574 | $ | (116 | ) | $ | (239 | ) | $ | 14 | $ | 233 | |||||||||
Inventory realizability reserves | 2,271 | 1,132 | (938 | ) | 34 | 2,499 | |||||||||||||||
Valuation allowances – deferred taxes | 450 | 150 | (289 | ) | (15 | ) | 296 | ||||||||||||||
Year Ended September 30, 2012: | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 310 | $ | 370 | $ | (89 | ) | $ | (17 | ) | $ | 574 | |||||||||
Inventory realizability reserves | 3,175 | 198 | (1,024 | ) | (78 | ) | 2,271 | ||||||||||||||
Valuation allowances – deferred taxes | 603 | — | (140 | ) | (13 | ) | 450 | ||||||||||||||
(a) | Balances reflect the effects of currency translation. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Nature of Business | ' | ||||||||||||||||
(a) | Nature of Business - Meridian is a fully-integrated life science company whose principal businesses are (i) the development, manufacture and distribution of diagnostic test kits primarily for certain gastrointestinal, viral, respiratory and parasitic infectious diseases; (ii) the manufacture and distribution of bulk antigens, antibodies, PCR/qPCR reagents, nucleotides, competent cells and bioresearch reagents used by researchers and other diagnostic manufacturers; and (iii) the contract development and manufacture of proteins and other biologicals for use by biopharmaceutical and biotechnology companies engaged in research for new drugs and vaccines. | ||||||||||||||||
Principles of Consolidation | ' | ||||||||||||||||
(b) | Principles of Consolidation - The consolidated financial statements include the accounts of Meridian Bioscience, Inc. and its subsidiaries. All intercompany accounts and transactions have been eliminated. Unless the context requires otherwise, references to “Meridian,” “we,” “us,” “our” or “our company” refer to Meridian Bioscience, Inc. and its subsidiaries. | ||||||||||||||||
Use of Estimates | ' | ||||||||||||||||
(c) | Use of Estimates - The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||||||||||||||||
Foreign Currency Translation | ' | ||||||||||||||||
(d) | Foreign Currency Translation - Assets and liabilities of foreign operations are translated using year-end exchange rates with gains or losses resulting from translation included as a separate component of accumulated other comprehensive income or loss. Revenues and expenses are translated using exchange rates prevailing during the year. We also recognize foreign currency transaction gains and losses on certain assets and liabilities that are denominated in the Australian dollar, British pound, Euro and Singapore dollar currencies. These gains and losses are included in other income and expense in the accompanying consolidated statements of operations. | ||||||||||||||||
Cash, Cash Equivalents and Investments | ' | ||||||||||||||||
(e) | Cash, Cash Equivalents and Investments - The primary objectives of our investment activities are to preserve capital and provide sufficient liquidity to meet operating requirements and fund strategic initiatives such as acquisitions. We maintain a written investment policy that governs the management of our investments in fixed income securities. This policy, among other things, provides that we may purchase only high credit-quality securities, that have short-term ratings of at least A-2, P-2 and F-2 or better, and long-term ratings of at least A, Baa1 and A or better, by Standard & Poor’s, Moody’s and Fitch, respectively, at the time of purchase. We consider short-term investments with original maturities of 90 days or less to be cash equivalents, including overnight repurchase agreements and institutional money market funds. At times our investments of cash and equivalents with various high credit quality financial institutions may be in excess of the Federal Deposit Insurance Corporation (FDIC) insurance limit. | ||||||||||||||||
Our investment portfolio includes the following components: | |||||||||||||||||
September 30, 2014 | September 30, 2013 | ||||||||||||||||
Cash and | Other | Cash and | Other | ||||||||||||||
Equivalents | Equivalents | ||||||||||||||||
Overnight repurchase agreements | $ | 26,407 | $ | — | $ | 32,103 | $ | — | |||||||||
Cash on hand – | |||||||||||||||||
Restricted | — | 1,000 | — | 1,000 | |||||||||||||
Unrestricted | 16,640 | — | 12,179 | — | |||||||||||||
Total | $ | 43,047 | $ | 1,000 | $ | 44,282 | $ | 1,000 | |||||||||
Inventories | ' | ||||||||||||||||
(f) | Inventories - Inventories are stated at the lower of cost or market. Cost is determined on a first-in, first-out basis (FIFO). illumigene® instruments are carried in inventory until customer placement, at which time they are transferred to deferred illumigene instrument costs, unless sold outright. | ||||||||||||||||
We establish reserves against cost for excess and obsolete materials, finished goods whose shelf life may expire before sale to customers, and other identified exposures. Such reserves were $2,942 and $2,499 at September 30, 2014 and 2013, respectively. We estimate these reserves based on assumptions about future demand and market conditions. If actual demand and market conditions were to be less favorable than such estimates, additional inventory write-downs would be required and recorded in the period known. Such adjustments would negatively affect gross profit margin and overall results of operations. | |||||||||||||||||
Property, Plant and Equipment | ' | ||||||||||||||||
(g) | Property, Plant and Equipment - Property, plant and equipment are stated at cost. Upon retirement or other disposition of property, plant and equipment, the cost and related accumulated depreciation are removed from the accounts and the resulting gain or loss is reflected in earnings. Maintenance and repairs are expensed as incurred. Depreciation is computed on the straight-line method in amounts sufficient to write-off the cost over the estimated useful lives, generally as follows: | ||||||||||||||||
Buildings and improvements—18 to 40 years | |||||||||||||||||
Machinery, equipment and furniture—3 to 10 years | |||||||||||||||||
Computer equipment and software—3 to 5 years | |||||||||||||||||
In connection with the fiscal 2012 consolidation of our Maine facility with our Tennessee facility, the carrying value of certain property, plant and equipment, including the building, was determined to be impaired and a write-down of approximately $210 was recorded as a component of plant consolidation costs during the fiscal year ended September 30, 2012 in the accompanying consolidated statements of operations. The building and the property on which it sits have been written down to fair value, less selling costs, as determined by an independent outside appraisal. | |||||||||||||||||
Intangible Assets | ' | ||||||||||||||||
(h) | Intangible Assets - Goodwill is subject to an annual impairment review (or more frequently if impairment indicators arise) by first performing a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. In the event that a reporting unit does not pass the qualitative assessment, the reporting unit’s carrying value is compared to its fair value, with fair value of the reporting unit estimated using market and discounted cash flow approaches. Goodwill is considered impaired if the carrying value of the reporting unit exceeds its fair value. We perform our annual impairment review as of June 30, the end of our third fiscal quarter. We have no intangible assets with indefinite lives other than goodwill. There have been no impairments from these analyses for fiscal 2014, 2013 or 2012. | ||||||||||||||||
The change in goodwill was an increase of $78 in fiscal 2014 and a decrease of $31 in fiscal 2013. Both years reflect the effect of the Life Science segment’s Bioline Group and the currency translation adjustments thereon. | |||||||||||||||||
A summary of Meridian’s acquired intangible assets subject to amortization, as of September 30, 2014 and 2013 is as follows. | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
As of September 30, | Gross | Accum. | Gross | Accum. | |||||||||||||
Carrying | Amort. | Carrying | Amort. | ||||||||||||||
Value | Value | ||||||||||||||||
Manufacturing technologies, core products and cell lines | $ | 11,685 | $ | 10,568 | $ | 11,676 | $ | 10,097 | |||||||||
Trademarks, licenses and patents | 6,463 | 2,766 | 4,748 | 2,130 | |||||||||||||
Customer lists and supply agreements | 12,378 | 9,379 | 12,353 | 8,493 | |||||||||||||
$ | 30,526 | $ | 22,713 | $ | 28,777 | $ | 20,720 | ||||||||||
During fiscal 2014, we acquired the remaining licensing rights related to patents that are part of our illumigene molecular technology for $1,638. These rights are being amortized over a weighted average period of approximately 8.5 years. | |||||||||||||||||
The actual aggregate amortization expense for these intangible assets for fiscal 2014, 2013 and 2012 was $2,039, $2,269 and $2,165, respectively. The estimated aggregate amortization expense for these intangible assets for each of the five succeeding fiscal years is as follows: fiscal 2015—$1,737, fiscal 2016—$1,394, fiscal 2017—$1,158, fiscal 2018—$1,138 and fiscal 2019—$1,097. | |||||||||||||||||
Long-lived assets, excluding goodwill, are reviewed for impairment when events or circumstances indicate that such assets may not be recoverable at their carrying value. Whether an event or circumstance triggers an impairment is determined by comparing an estimate of the asset’s future undiscounted cash flows to its carrying value. If impairment has occurred, it is measured by a fair-value based test. | |||||||||||||||||
Our ability to recover the carrying value of our intangible assets, both identifiable intangibles and goodwill, is dependent upon the future cash flows of the related acquired businesses and assets. We make judgments and assumptions regarding future cash flows, including sales levels, gross profit margins, operating expense levels, working capital levels, and capital expenditures. With respect to identifiable intangibles and fixed assets, we also make judgments and assumptions regarding useful lives. | |||||||||||||||||
We consider the following factors in evaluating events and circumstances for possible impairment: (i) significant under-performance relative to historical or projected operating results; (ii) negative industry trends; (iii) sales levels of specific groups of products (related to specific identifiable intangibles); (iv) changes in overall business strategies; and (v) other factors. | |||||||||||||||||
If actual cash flows are less favorable than projections, this could trigger impairment of intangible assets and other long-lived assets. If impairment were to occur, this would negatively affect overall results of operations. | |||||||||||||||||
Revenue Recognition and Accounts Receivable | ' | ||||||||||||||||
(i) | Revenue Recognition and Accounts Receivable - Revenue is generally recognized from sales when product is shipped and title has passed to the customer. Revenue for the Diagnostics segment is reduced at the date of sale for product price adjustments due certain distributors under local contracts. Management estimates accruals for distributor price adjustments based on local contract terms, sales data provided by distributors, estimates of inventories of certain of our products held by distributors, historical statistics, current trends, and other factors. Changes to the accruals are recorded in the period that they become known. Such accruals were $4,220 at September 30, 2014 and $3,866 at September 30, 2013, and have been netted against accounts receivable. | ||||||||||||||||
Revenue for our Diagnostics segment includes revenue for our illumigene molecular test system. This system includes an instrument, instrument accessories and test kits. In markets where the test system is sold via multiple deliverable arrangements (i.e., the United States, Australia, Belgium, France, Holland and Italy), the cost of the instrument and instrument accessories is deferred upon placement at a customer and amortized on a straight-line basis into cost of sales over the expected utilization period, generally three years. | |||||||||||||||||
We evaluate whether each deliverable in the arrangement is a separate unit of accounting. The significant deliverables are an instrument, instrument accessories (e.g., printer) and test kits. An instrument and instrument accessories are delivered to the customer prior to the start of the customer utilization period, in order to accommodate customer set-up and installation. There is de minimis consideration received from the customer at the time of instrument placement. We have determined that the instrument and instrument accessories are not a separate unit of accounting because such equipment can only be used to process and read the results from our illumigene diagnostic tests (i.e., our instrument and test kits function together to deliver a diagnostic test result), and therefore the instrument and instrument accessories do not have standalone value to the customer. Consequently, there is no revenue allocated to the placement of the instrument and instrument accessories. Test kits are delivered to the customer over the utilization period of the instrument, which we estimate has a useful life of three years. Our average customer contract period, including estimated renewals, is at least equal to the estimated three-year utilization period. Revenue for the sale of test kits is recognized upon shipment and transfer of title to the customers. | |||||||||||||||||
In markets where the test system is not sold via multiple deliverable arrangements (i.e., countries other than the United States, Australia, Belgium, France, Holland and Italy), the cost of the instrument and instrument accessories is charged to cost of sales at the time of shipment and transfer of title to the customer. Revenue for the sales of instruments and instrument accessories and test kits is recognized upon shipment and transfer of title to the customers. In these markets, our illumigene molecular test system is sold to independent distributors who inventory the instruments, instrument accessories and test kits for resale to end-users. | |||||||||||||||||
Our products are generally not subject to a customer right of return except for product recall events under the rules and regulations of the Food and Drug Administration or equivalent agencies outside the United States. In this circumstance, the costs to replace affected products would be accrued at the time a loss was probable and estimable. | |||||||||||||||||
Life Science revenue for contract services may come from research and development services or manufacturing services, including process development work, or a combination of both. Revenue is recognized based on each of the deliverables in a given arrangement having distinct and separate customer pricing. Depending on the nature of the arrangement, revenue is recognized as services are performed and billed, upon completion and acceptance by the customer, or upon delivery of product and acceptance by the customer. | |||||||||||||||||
Trade accounts receivable are recorded in the accompanying consolidated balance sheets at invoiced amounts less provisions for distributor price adjustments under local contracts and doubtful accounts. The allowance for doubtful accounts represents our estimate of probable credit losses and is based on historical write-off experience and known conditions that would likely lead to non-payment. The allowance for doubtful accounts and related metrics, such as days’ sales outstanding, are reviewed monthly. Accounts with past due balances over 90 days are reviewed individually for collectibility. Customer invoices are charged off against the allowance when we believe it is probable that the invoices will not be paid. | |||||||||||||||||
Research and Development Costs | ' | ||||||||||||||||
(j) | Research and Development Costs - Research and development costs are charged to expense as incurred. Research and development costs include, among other things, salaries and wages for research scientists, materials and supplies used in the development of new products, costs for development of instrumentation equipment, costs for clinical trials, and costs for facilities and equipment. | ||||||||||||||||
Income Taxes | ' | ||||||||||||||||
(k) | Income Taxes - The provision for income taxes includes federal, foreign, state and local income taxes currently payable and those deferred because of temporary differences between income for financial reporting and income for tax purposes. We prepare estimates of permanent and temporary differences between income for financial reporting purposes and income for tax purposes. These differences are adjusted to actual upon filing of our tax returns, typically occurring in the third and fourth quarters of the current fiscal year for the preceding fiscal year’s estimates. | ||||||||||||||||
We account for uncertain tax positions using a benefit recognition model with a two-step approach: (i) a more-likely-than-not recognition criterion; and (ii) a measurement attribute that measures the position as the largest amount of tax benefit that is greater than 50% likely of being ultimately realized upon ultimate settlement. If it is not more likely than not that the benefit will be sustained on its technical merits, no benefit is recorded. We recognize accrued interest related to unrecognized tax benefits as a portion of our income tax provision in the consolidated statements of operations. See Note 4. | |||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||
(l) | Stock-Based Compensation - We recognize compensation expense for all share-based awards made to employees, based upon the fair value of the share-based award on the date of the grant. See Note 5(b). | ||||||||||||||||
Comprehensive Income (Loss) | ' | ||||||||||||||||
(m) | Comprehensive Income (Loss) - Comprehensive income (loss) represents the net change in shareholders’ equity during a period from sources other than transactions with shareholders. As reflected in the accompanying consolidated statements of comprehensive income, our comprehensive income or loss is comprised of net earnings and foreign currency translation. | ||||||||||||||||
Shipping and Handling Costs | ' | ||||||||||||||||
(n) | Shipping and Handling Costs - Shipping and handling costs invoiced to customers are included in net revenues. Costs to distribute products to customers, including freight costs, warehousing costs, and other shipping and handling activities are included in cost of sales. | ||||||||||||||||
Non-Income Government-Assessed Taxes | ' | ||||||||||||||||
(o) | Non-Income Government-Assessed Taxes - We classify all non-income, government-assessed taxes (sales, use and value-added) collected from customers and remitted by us to appropriate revenue authorities, on a net basis (excluded from net revenues) in the accompanying consolidated statements of operations. | ||||||||||||||||
Recent Accounting Pronouncements | ' | ||||||||||||||||
(p) | Recent Accounting Pronouncements - In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which supersedes and replaces nearly all currently-existing U.S. GAAP revenue recognition guidance including related disclosure requirements. This guidance will be effective for the Company beginning October 1, 2017. The Company has not yet completed its assessment of the impact that adoption of this guidance will have on its financial statements. | ||||||||||||||||
Reclassifications | ' | ||||||||||||||||
(q) | Reclassifications - Certain reclassifications have been made to the prior fiscal year financial statements to conform to the current year presentation. Such reclassifications had no impact on net earnings or shareholders’ equity. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Components of Cash and Cash Equivalents | ' | ||||||||||||||||
Our investment portfolio includes the following components: | |||||||||||||||||
September 30, 2014 | September 30, 2013 | ||||||||||||||||
Cash and | Other | Cash and | Other | ||||||||||||||
Equivalents | Equivalents | ||||||||||||||||
Overnight repurchase agreements | $ | 26,407 | $ | — | $ | 32,103 | $ | — | |||||||||
Cash on hand – | |||||||||||||||||
Restricted | — | 1,000 | — | 1,000 | |||||||||||||
Unrestricted | 16,640 | — | 12,179 | — | |||||||||||||
Total | $ | 43,047 | $ | 1,000 | $ | 44,282 | $ | 1,000 | |||||||||
Summary of Acquired Intangible Assets Subject to Amortization | ' | ||||||||||||||||
A summary of Meridian’s acquired intangible assets subject to amortization, as of September 30, 2014 and 2013 is as follows. | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
As of September 30, | Gross | Accum. | Gross | Accum. | |||||||||||||
Carrying | Amort. | Carrying | Amort. | ||||||||||||||
Value | Value | ||||||||||||||||
Manufacturing technologies, core products and cell lines | $ | 11,685 | $ | 10,568 | $ | 11,676 | $ | 10,097 | |||||||||
Trademarks, licenses and patents | 6,463 | 2,766 | 4,748 | 2,130 | |||||||||||||
Customer lists and supply agreements | 12,378 | 9,379 | 12,353 | 8,493 | |||||||||||||
$ | 30,526 | $ | 22,713 | $ | 28,777 | $ | 20,720 | ||||||||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Components of Inventories | ' | ||||||||
Inventories are comprised of the following: | |||||||||
As of September 30, | 2014 | 2013 | |||||||
Raw materials | $ | 5,674 | $ | 7,170 | |||||
Work-in-process | 10,591 | 8,585 | |||||||
Finished goods—illumigene instruments | 1,710 | 1,980 | |||||||
Finished goods—kits and reagents | 17,520 | 17,100 | |||||||
Total | $ | 35,495 | $ | 34,835 | |||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Earnings Before Income Taxes, and Related Provision for Income Taxes | ' | ||||||||||||||||||||||||
(a) | Earnings before income taxes, and the related provision for income taxes for the years ended September 30, 2014, 2013 and 2012 were as follows: | ||||||||||||||||||||||||
Year Ended September 30, | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Domestic | $ | 48,350 | $ | 53,963 | $ | 44,774 | |||||||||||||||||||
Foreign | 3,758 | 3,399 | 4,942 | ||||||||||||||||||||||
Total earnings before income taxes | $ | 52,108 | $ | 57,362 | $ | 49,716 | |||||||||||||||||||
Provision (credit) for income taxes— | |||||||||||||||||||||||||
Federal— | |||||||||||||||||||||||||
Current | $ | 15,021 | $ | 18,311 | $ | 15,077 | |||||||||||||||||||
Temporary differences | |||||||||||||||||||||||||
Fixed asset basis differences and depreciation | 108 | 121 | 2 | ||||||||||||||||||||||
Intangible asset basis differences and amortization | (210 | ) | (339 | ) | (354 | ) | |||||||||||||||||||
Currently non-deductible expenses and reserves | 50 | (425 | ) | (397 | ) | ||||||||||||||||||||
Stock-based compensation | 59 | (282 | ) | (599 | ) | ||||||||||||||||||||
Tax credit carryforwards | 225 | (717 | ) | — | |||||||||||||||||||||
Other, net | 66 | 43 | 74 | ||||||||||||||||||||||
Subtotal | 15,319 | 16,712 | 13,803 | ||||||||||||||||||||||
State and local | 1,762 | 2,013 | 1,521 | ||||||||||||||||||||||
Foreign | 284 | 605 | 1,021 | ||||||||||||||||||||||
Total income tax provision | $ | 17,365 | $ | 19,330 | $ | 16,345 | |||||||||||||||||||
Reconciliation Between the Statutory U.S. Income Tax Rate and Effective Rate Derived by Dividing the Provision for Income Taxes by Earnings Before Income Taxes | ' | ||||||||||||||||||||||||
(b) | The following is a reconciliation between the statutory U.S. income tax rate and the effective rate derived by dividing the provision for income taxes by earnings before income taxes: | ||||||||||||||||||||||||
Year Ended September 30, | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Computed income taxes at statutory rate | $ | 18,238 | 35 | % | $ | 20,078 | 35 | % | $ | 17,398 | 35 | % | |||||||||||||
Increase (decrease) in taxes resulting from— | |||||||||||||||||||||||||
State and local income taxes | 1,061 | 2 | 1,270 | 2.2 | 994 | 2 | |||||||||||||||||||
Net benefit on foreign dividend | (274 | ) | (0.5 | ) | (84 | ) | (0.2 | ) | (373 | ) | (0.8 | ) | |||||||||||||
Foreign tax rate differences | (430 | ) | (0.8 | ) | (18 | ) | — | (114 | ) | (0.2 | ) | ||||||||||||||
Qualified domestic production incentives | (1,175 | ) | (2.3 | ) | (1,621 | ) | (2.8 | ) | (1,226 | ) | (2.5 | ) | |||||||||||||
Uncertain tax position activity | 164 | 0.3 | (80 | ) | (0.1 | ) | (71 | ) | (0.1 | ) | |||||||||||||||
Other, net | (219 | ) | (0.4 | ) | (215 | ) | (0.4 | ) | (263 | ) | (0.5 | ) | |||||||||||||
$ | 17,365 | 33.3 | % | $ | 19,330 | 33.7 | % | $ | 16,345 | 32.9 | % | ||||||||||||||
Components of Net Deferred Tax Assets | ' | ||||||||||||||||||||||||
(c) | The components of net deferred tax assets were as follows: | ||||||||||||||||||||||||
As of September 30, | 2014 | 2013 | |||||||||||||||||||||||
Deferred tax assets— | |||||||||||||||||||||||||
Valuation reserves and non-deductible expenses | $ | 1,984 | $ | 1,784 | |||||||||||||||||||||
Stock compensation expense not deductible | 3,328 | 3,381 | |||||||||||||||||||||||
Net operating loss carryforwards | 536 | 734 | |||||||||||||||||||||||
Tax credit carryforwards | 492 | 717 | |||||||||||||||||||||||
Inventory basis differences | 1,340 | 1,626 | |||||||||||||||||||||||
Other | 8 | 33 | |||||||||||||||||||||||
Subtotal | 7,688 | 8,275 | |||||||||||||||||||||||
Less valuation allowance | — | (296 | ) | ||||||||||||||||||||||
Deferred tax assets | 7,688 | 7,979 | |||||||||||||||||||||||
Deferred tax liabilities— | |||||||||||||||||||||||||
Fixed asset basis differences and depreciation | (951 | ) | (862 | ) | |||||||||||||||||||||
Intangible asset basis differences and amortization | (1,338 | ) | (1,924 | ) | |||||||||||||||||||||
Other | — | (225 | ) | ||||||||||||||||||||||
Deferred tax liabilities | (2,289 | ) | (3,011 | ) | |||||||||||||||||||||
Net deferred tax assets | $ | 5,399 | $ | 4,968 | |||||||||||||||||||||
Unrecognized Tax Benefits | ' | ||||||||||||||||||||||||
A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows: | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Unrecognized income tax benefits beginning of year | $ | 208 | $ | 471 | |||||||||||||||||||||
Additions for tax positions related to the current year | 11 | — | |||||||||||||||||||||||
Additions for tax positions of prior years | 153 | 61 | |||||||||||||||||||||||
Reductions for tax positions of prior years | — | (103 | ) | ||||||||||||||||||||||
Tax examination and other settlements | — | (183 | ) | ||||||||||||||||||||||
Expirations of statute of limitations | — | (38 | ) | ||||||||||||||||||||||
Unrecognized income tax benefits at end of year | $ | 372 | $ | 208 | |||||||||||||||||||||
Employee_Benefits_Tables
Employee Benefits (Tables) | 12 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Black-Scholes Option Pricing Model to Determine Grant-date Fair Value for Stock Options | ' | ||||||||||||||||
We have elected to use the Black-Scholes option pricing model to determine grant-date fair value for stock options, with the following assumptions: (i) expected share price volatility based on the average of Meridian’s historical volatility over the options’ expected lives and implied volatility based on the value of tradable call options; (ii) expected life of options based on contractual lives, employees’ historical exercise behavior and employees’ historical post-vesting employment termination behavior; (iii) risk-free interest rates based on treasury rates that correspond to the expected lives of the options; and (iv) dividend yield based on the expected yield on underlying Meridian common stock. | |||||||||||||||||
Year ended September 30, | 2014 | 2013 | 2012 | ||||||||||||||
Risk-free interest rates | 1.80% | 0.88% | 1.24% | ||||||||||||||
Dividend yield | 3.50% | 4.10% | 3.42% | ||||||||||||||
Life of option | 6.29 yrs. | 6.23 yrs. | 6.22 yrs. | ||||||||||||||
Share price volatility | 33% | 36 % | 39% | ||||||||||||||
Forfeitures (by employee group) | 0%-14% | 0%-10% | 0%-10% | ||||||||||||||
Summary of Stock Option Plans | ' | ||||||||||||||||
A summary of the status of our stock option plans at September 30, 2014 and changes during the year is presented in the table and narrative below: | |||||||||||||||||
Options | Wtd Avg | Wtd Avg | Aggregate | ||||||||||||||
Exercise | Remaining | Intrinsic | |||||||||||||||
Price | Life (Yrs) | Value | |||||||||||||||
Outstanding beginning of period | 1,508 | $ | 17.93 | ||||||||||||||
Grants | 70 | 24.2 | |||||||||||||||
Exercises | (78 | ) | 7.27 | ||||||||||||||
Forfeitures | (13 | ) | 21.5 | ||||||||||||||
Cancellations | (345 | ) | 17.57 | ||||||||||||||
Outstanding end of period | 1,142 | $ | 19.11 | 5.08 | $ | 1,261 | |||||||||||
Exercisable end of period | 782 | $ | 19.27 | 3.97 | $ | 1,219 | |||||||||||
Summary of Nonvested Options | ' | ||||||||||||||||
A summary of the status of our nonvested options as of September 30, 2014, and changes during the year ended September 30, 2014, is presented below: | |||||||||||||||||
Options | Weighted- | ||||||||||||||||
Average | |||||||||||||||||
Grant Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Nonvested beginning of period | 787 | $ | 4.66 | ||||||||||||||
Granted | 70 | 5.48 | |||||||||||||||
Vested | (144 | ) | 4.88 | ||||||||||||||
Forfeitures | (8 | ) | 4.94 | ||||||||||||||
Cancelled | (345 | ) | 4.66 | ||||||||||||||
Nonvested end of period | 360 | $ | 4.78 | ||||||||||||||
Reportable_Segments_and_Major_1
Reportable Segments and Major Concentration Data (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||
Consolidated Net Revenues | ' | ||||||||||||||||||||||||
Revenues from individual customers constituting 10% or more of consolidated net revenues are as follows: | |||||||||||||||||||||||||
Year Ended September 30, | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Customer A | $ | 28,278 | (15 | )% | $ | 35,082 | (19 | )% | $ | 32,771 | (19 | )% | |||||||||||||
Customer B | $ | 22,729 | (12 | )% | $ | 25,457 | (13 | )% | $ | 19,903 | (12 | )% | |||||||||||||
Significant Revenue Information by Country for Diagnostics and Life Science Reportable Segments | ' | ||||||||||||||||||||||||
Significant revenue information by country for the Diagnostics and Life Science segments is as follows. Revenues are attributed to the geographic area based on the location to which the product is delivered. | |||||||||||||||||||||||||
Year Ended September 30, | 2014 | 2013 | 2012 | ||||||||||||||||||||||
United States | $ | 112,917 | $ | 114,935 | $ | 99,998 | |||||||||||||||||||
Italy | 8,469 | 7,427 | 7,473 | ||||||||||||||||||||||
Japan | 2,097 | 3,937 | 3,922 | ||||||||||||||||||||||
United Kingdom | 1,942 | 2,141 | 2,441 | ||||||||||||||||||||||
France | 1,841 | 1,936 | 2,149 | ||||||||||||||||||||||
Holland | 1,613 | 1,764 | 1,818 | ||||||||||||||||||||||
Canada | 1,359 | 1,248 | 941 | ||||||||||||||||||||||
Belgium | 1,241 | 1,285 | 1,271 | ||||||||||||||||||||||
Other countries | 10,021 | 9,956 | 10,167 | ||||||||||||||||||||||
Total Diagnostics | $ | 141,500 | $ | 144,629 | $ | 130,180 | |||||||||||||||||||
Year Ended September 30, | 2014 | 2013 | 2012 | ||||||||||||||||||||||
United States | $ | 18,864 | $ | 17,527 | $ | 17,805 | |||||||||||||||||||
Germany | 7,232 | 6,465 | 4,872 | ||||||||||||||||||||||
United Kingdom | 5,647 | 5,590 | 5,251 | ||||||||||||||||||||||
Australia | 4,063 | 3,454 | 3,423 | ||||||||||||||||||||||
France | 1,633 | 1,440 | 1,282 | ||||||||||||||||||||||
Other countries | 9,893 | 9,581 | 9,899 | ||||||||||||||||||||||
Total Life Science | $ | 47,332 | $ | 44,057 | $ | 42,532 | |||||||||||||||||||
Segment Information | ' | ||||||||||||||||||||||||
Segment information for the years ended September 30, 2014, 2013 and 2012 is as follows: | |||||||||||||||||||||||||
Diagnostics | Life Science | Elim (1) | Total | ||||||||||||||||||||||
Fiscal Year 2014— | |||||||||||||||||||||||||
Net revenues – | |||||||||||||||||||||||||
Third-party | $ | 141,500 | $ | 47,332 | $ | — | $ | 188,832 | |||||||||||||||||
Inter-segment | 432 | 1,009 | (1,441 | ) | — | ||||||||||||||||||||
Operating income | 41,629 | 10,861 | (98 | ) | 52,392 | ||||||||||||||||||||
Depreciation and amortization | 4,283 | 2,981 | — | 7,264 | |||||||||||||||||||||
Capital expenditures | 4,176 | 1,130 | — | 5,306 | |||||||||||||||||||||
Goodwill | 1,250 | 21,943 | — | 23,193 | |||||||||||||||||||||
Other intangible assets | 2,756 | 5,057 | — | 7,813 | |||||||||||||||||||||
Total assets | 109,086 | 67,790 | 53 | 176,929 | |||||||||||||||||||||
Fiscal Year 2013— | |||||||||||||||||||||||||
Net revenues – | |||||||||||||||||||||||||
Third-party | $ | 144,629 | $ | 44,057 | $ | — | $ | 188,686 | |||||||||||||||||
Inter-segment | 533 | 1,223 | (1,756 | ) | — | ||||||||||||||||||||
Operating income | 46,735 | 10,627 | (48 | ) | 57,314 | ||||||||||||||||||||
Depreciation and amortization | 4,328 | 2,824 | — | 7,152 | |||||||||||||||||||||
Capital expenditures | 2,031 | 1,203 | — | 3,234 | |||||||||||||||||||||
Goodwill | 1,250 | 21,865 | — | 23,115 | |||||||||||||||||||||
Other intangible assets | 1,561 | 6,496 | — | 8,057 | |||||||||||||||||||||
Total assets | 111,719 | 65,393 | (364 | ) | 176,748 | ||||||||||||||||||||
Fiscal Year 2012— | |||||||||||||||||||||||||
Net revenues – | |||||||||||||||||||||||||
Third-party | $ | 130,180 | $ | 42,532 | $ | — | $ | 172,712 | |||||||||||||||||
Inter-segment | 599 | 1,097 | (1,696 | ) | — | ||||||||||||||||||||
Operating income (2) | 40,648 | 8,473 | 175 | 49,296 | |||||||||||||||||||||
Depreciation and amortization | 3,732 | 2,865 | — | 6,597 | |||||||||||||||||||||
Capital expenditures | 2,341 | 1,189 | — | 3,530 | |||||||||||||||||||||
Goodwill | 1,250 | 21,896 | — | 23,146 | |||||||||||||||||||||
Other intangible assets | 2,239 | 8,025 | — | 10,264 | |||||||||||||||||||||
Total assets | 96,620 | 59,019 | 5,742 | 161,381 | |||||||||||||||||||||
-1 | Eliminations consist of intersegment transactions. | ||||||||||||||||||||||||
-2 | Life Science includes $1,013 related to consolidation of the Maine operations into the Tennessee facility. | ||||||||||||||||||||||||
Pre-tax Earnings Table | ' | ||||||||||||||||||||||||
A reconciliation of segment operating expenses to consolidated earnings before income taxes for the years ended September 30, 2014, 2013 and 2012 is as follows: | |||||||||||||||||||||||||
Year Ended September 30, | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Segment operating income | $ | 52,392 | $ | 57,314 | $ | 49,296 | |||||||||||||||||||
Interest income | 25 | 44 | 42 | ||||||||||||||||||||||
Other, net | (309 | ) | 4 | 378 | |||||||||||||||||||||
Consolidated earnings before income taxes | $ | 52,108 | $ | 57,362 | $ | 49,716 | |||||||||||||||||||
Quarterly_Financial_Data_Table
Quarterly Financial Data (Tables) | 12 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Summary of Quarterly Financial Data | ' | ||||||||||||||||
For the Quarter Ended in Fiscal 2014 | December 31 | March 31 | June 30 | September 30 | |||||||||||||
Net revenues | $ | 44,794 | $ | 50,134 | $ | 47,212 | $ | 46,692 | |||||||||
Gross profit | 28,007 | 31,593 | 29,242 | 28,401 | |||||||||||||
Net earnings | 7,426 | 10,300 | 8,835 | 8,182 | |||||||||||||
Basic earnings per common share | 0.18 | 0.25 | 0.21 | 0.2 | |||||||||||||
Diluted earnings per common share | 0.18 | 0.24 | 0.21 | 0.2 | |||||||||||||
Cash dividends per common share | 0.19 | 0.2 | 0.2 | 0.2 | |||||||||||||
For the Quarter Ended in Fiscal 2013 | 31-Dec | 31-Mar | 30-Jun | 30-Sep | |||||||||||||
Net revenues | $ | 45,351 | $ | 47,265 | $ | 47,108 | $ | 48,962 | |||||||||
Gross profit | 28,796 | 30,743 | 30,631 | 30,874 | |||||||||||||
Net earnings | 8,474 | 10,249 | 10,159 | 9,150 | |||||||||||||
Basic earnings per common share | 0.21 | 0.25 | 0.25 | 0.22 | |||||||||||||
Diluted earnings per common share | 0.2 | 0.24 | 0.24 | 0.22 | |||||||||||||
Cash dividends per common share | 0.38 | * | — | * | 0.19 | 0.19 | |||||||||||
* | As a result of accelerating the declaration and payment of the quarterly cash dividend historically declared and paid during the second quarter of the fiscal year, two quarterly cash dividends were declared and paid during the three months ended December 31, 2012, with none occurring during the three months ended March 31, 2013. |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Components of Cash and Cash Equivalents (Detail) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
In Thousands, unless otherwise specified | ||||
Cash, Cash Equivalents, and Short-term Investments [Abstract] | ' | ' | ' | ' |
Overnight repurchase agreements | $26,407 | $32,103 | ' | ' |
Cash on hand - Restricted | 1,000 | 1,000 | ' | ' |
Cash on hand - Unrestricted | 16,640 | 12,179 | ' | ' |
Total | $43,047 | $44,282 | $31,593 | $23,626 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Inventory Valuation Reserves | $2,942,000 | $2,499,000 | ' |
Building impaired and write-down | ' | ' | 210,000 |
Intangible Assets Impairments | 0 | 0 | 0 |
Indefinite-Lived intangible assets other than goodwill | 0 | ' | ' |
Changes in Goodwill | 78,000 | -31,000 | ' |
Amortization of intangible assets | 2,039,000 | 2,269,000 | 2,165,000 |
2015 | 1,737,000 | ' | ' |
2016 | 1,394,000 | ' | ' |
2017 | 1,158,000 | ' | ' |
2018 | 1,138,000 | ' | ' |
2019 | 1,097,000 | ' | ' |
Accrued distributor price adjustments | 4,220,000 | 3,866,000 | ' |
Expected instrument utilization period | '3 years | ' | ' |
Period of review of accounts individually | '90 days | ' | ' |
Likelihood percentage of tax benefit being recognized upon ultimate settlement | 50.00% | ' | ' |
Tax benefits recognized from uncertain tax positions measurement | 'We account for uncertain tax positions using a benefit recognition model with a two-step approach: (i) a more-likely-than-not recognition criterion; and (ii) a measurement attribute that measures the position as the largest amount of tax benefit that is greater than 50% likely of being ultimately realized upon ultimate settlement. | ' | ' |
Licensing Rights [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Licensing rights acquired | $1,638,000 | ' | ' |
Weighted average amortization period | '8 years 6 months | ' | ' |
Buildings and Improvements [Member] | Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful life | '18 years | ' | ' |
Buildings and Improvements [Member] | Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful life | '40 years | ' | ' |
Machinery, Equipment and Furniture [Member] | Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful life | '3 years | ' | ' |
Machinery, Equipment and Furniture [Member] | Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful life | '10 years | ' | ' |
Computer Equipment and Software [Member] | Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful life | '3 years | ' | ' |
Computer Equipment and Software [Member] | Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful life | '5 years | ' | ' |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Summary of Acquired Intangible Assets Subject to Amortization (Detail) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Value | $30,526 | $28,777 |
Accumulated Amortization | 22,713 | 20,720 |
Manufacturing Technologies, Core Products and Cell Lines [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Value | 11,685 | 11,676 |
Accumulated Amortization | 10,568 | 10,097 |
Trademarks, Licenses and Patents [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Value | 6,463 | 4,748 |
Accumulated Amortization | 2,766 | 2,130 |
Customer Lists and Supply Agreements [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Value | 12,378 | 12,353 |
Accumulated Amortization | $9,379 | $8,493 |
Inventories_Components_of_Inve
Inventories - Components of Inventories (Detail) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Inventory [Line Items] | ' | ' |
Raw materials | $5,674 | $7,170 |
Work-in-process | 10,591 | 8,585 |
Total | 35,495 | 34,835 |
Illumigene Instruments [Member] | ' | ' |
Inventory [Line Items] | ' | ' |
Finished goods | 1,710 | 1,980 |
Kits and Reagents [Member] | ' | ' |
Inventory [Line Items] | ' | ' |
Finished goods | $17,520 | $17,100 |
Bank_Credit_Arrangements_Addit
Bank Credit Arrangements - Additional Information (Detail) (USD $) | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Debt Disclosure [Abstract] | ' | ' |
Credit facility with a commercial bank | $30,000,000 | ' |
Expiration date of credit facility | 30-Sep-15 | ' |
Credit facility, collateralized | 147,000,000 | ' |
Borrowings outstanding under credit facility | 0 | 0 |
Available borrowings under credit facility | 30,000,000 | 30,000,000 |
Cash compensating balance | $1,000,000 | ' |
Income_Taxes_Earnings_Before_I
Income Taxes - Earnings Before Income Taxes and Related Provision for Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Domestic | $48,350 | $53,963 | $44,774 |
Foreign | 3,758 | 3,399 | 4,942 |
Earnings Before Income Taxes | 52,108 | 57,362 | 49,716 |
Federal- | ' | ' | ' |
Current | 15,021 | 18,311 | 15,077 |
Temporary differences | ' | ' | ' |
Fixed asset basis differences and depreciation | 108 | 121 | 2 |
Intangible asset basis differences and amortization | -210 | -339 | -354 |
Currently non-deductible expenses and reserves | 50 | -425 | -397 |
Stock-based compensation | 59 | -282 | -599 |
Tax credit carryforwards | 225 | -717 | 0 |
Other, net | 66 | 43 | 74 |
Subtotal | 15,319 | 16,712 | 13,803 |
State and local | 1,762 | 2,013 | 1,521 |
Foreign | 284 | 605 | 1,021 |
Income Tax Provision | $17,365 | $19,330 | $16,345 |
Income_Taxes_Reconciliation_Be
Income Taxes - Reconciliation Between the Statutory U.S. Income Tax Rate and Effective Rate Derived by Dividing the Provision for Income Taxes by Earnings Before Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Computed income taxes at statutory rate | $18,238 | $20,078 | $17,398 |
Increase (decrease) in taxes resulting from- | ' | ' | ' |
State and local income taxes | 1,061 | 1,270 | 994 |
Net benefit on foreign dividend | -274 | -84 | -373 |
Foreign tax rate differences | -430 | -18 | -114 |
Qualified domestic production incentives | -1,175 | -1,621 | -1,226 |
Uncertain tax position activity | 164 | -80 | -71 |
Other, net | -219 | -215 | -263 |
Income Tax Provision | $17,365 | $19,330 | $16,345 |
Computed income taxes at statutory rate | 35.00% | 35.00% | 35.00% |
State and local income taxes, rate | 2.00% | 2.20% | 2.00% |
Net benefit on foreign dividend, rate | -0.50% | -0.20% | -0.80% |
Foreign tax rate differences, rate | -0.80% | 0.00% | -0.20% |
Qualified domestic production incentives, rate | -2.30% | -2.80% | -2.50% |
Uncertain tax position activity, rate | 0.30% | -0.10% | -0.10% |
Other, net, rate | -0.40% | -0.40% | -0.50% |
Total, rate | 33.30% | 33.70% | 32.90% |
Income_Taxes_Components_of_Net
Income Taxes - Components of Net Deferred Tax Assets (Detail) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets- | ' | ' |
Valuation reserves and non-deductible expenses | $1,984 | $1,784 |
Stock compensation expense not deductible | 3,328 | 3,381 |
Net operating loss carryforwards | 536 | 734 |
Tax credit carryforwards | 492 | 717 |
Inventory basis differences | 1,340 | 1,626 |
Other | 8 | 33 |
Subtotal | 7,688 | 8,275 |
Less valuation allowance | 0 | -296 |
Deferred tax assets | 7,688 | 7,979 |
Deferred tax liabilities- | ' | ' |
Fixed asset basis differences and depreciation | -951 | -862 |
Intangible asset basis differences and amortization | -1,338 | -1,924 |
Other | 0 | -225 |
Deferred tax liabilities | -2,289 | -3,011 |
Net deferred tax assets | $5,399 | $4,968 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Income Tax Examination [Line Items] | ' | ' |
Deferred tax assets operating loss carry forwards totaling | $536 | $734 |
Tax credit carryforwards | 492 | 717 |
Undistributed earnings | 8,000 | 14,000 |
Deferred tax liabilities | 1,300 | 1,000 |
Amount unrecognized tax that affect income tax rate if recognized | 372 | 208 |
Increase (decrease) in tax provision for interest and penalties | 26 | -72 |
Payment of interest and penalties, accrued | $56 | $30 |
Uncertain tax positions expected to be paid or settled | '12 months | ' |
Internal Revenue Service (IRS) [Member] | ' | ' |
Income Tax Examination [Line Items] | ' | ' |
Fiscal year with IRS examination completed | '2011 | ' |
Domestic [Member] | ' | ' |
Income Tax Examination [Line Items] | ' | ' |
Open Tax Years | '2011, 2012 and 2013 | ' |
Foreign [Member] | ' | ' |
Income Tax Examination [Line Items] | ' | ' |
Open Tax Years | '2009 and forward | ' |
Income_Taxes_Unrecognized_Tax_
Income Taxes - Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Income Tax Disclosure [Abstract] | ' | ' |
Unrecognized income tax benefits beginning of year | $208 | $471 |
Additions for tax positions related to the current year | 11 | 0 |
Additions for tax positions of prior years | 153 | 61 |
Reductions for tax positions of prior years | 0 | -103 |
Tax examination and other settlements | 0 | -183 |
Expirations of statute of limitations | 0 | -38 |
Unrecognized income tax benefits at end of year | $372 | $208 |
Employee_Benefits_Additional_I
Employee Benefits - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Officers | |||
Stock_Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Percentage of employers contribution as percentage of employees contribution | 50.00% | ' | ' |
Maximum percentage of employers contribution on eligible compensation | 3.00% | ' | ' |
Discretionary and matching contributions to plan | $1,542 | $1,539 | $2,033 |
Number of active stock-based compensation plan | 2 | ' | ' |
Minimum rate of payroll deduction | 1.00% | ' | ' |
Maximum rate of payroll deduction | 15.00% | ' | ' |
Additional rate of match by Meridian | 5.00% | ' | ' |
Granted, Shares | 70,000 | ' | ' |
Options granted, authorizing limit | 3,703,000 | ' | ' |
Rate of exercise price of underlying common shares | 100.00% | ' | ' |
Weighted average grant-date fair value of options granted | $5.48 | $4.19 | $4.68 |
Measurement dates for ratably earning one-third of the grant | ' | ' | '21 months |
Measurement dates for ratably earning one-third of the grant, period two | ' | ' | '33 months |
Measurement dates for ratably earning one-third of the grant, period three | ' | ' | '45 months |
Weighted average remaining vesting period | '1 year 8 months 27 days | ' | ' |
Number of restricted share units vested | 145 | ' | ' |
Stock based compensation | 3,557 | 2,502 | 1,987 |
Total income tax benefit recognized in stock-based compensation arrangements | 1,185 | 850 | 588 |
Stock Compensation Expense expected period for recognition | '2015 through 2018 | ' | ' |
Number of executive officers granted unrestricted common shares | 2 | ' | ' |
Stock compensation expense to adjust estimated forfeiture rates to actual | 108 | 93 | 73 |
Total intrinsic value of options exercised | 1,110 | 2,483 | 452 |
Total grant-date fair value of options that vested | 701 | 712 | 361 |
Cash received from options exercised | 567 | 2,258 | 431 |
Tax benefits realized and recorded to additional paid-in capital from option exercises | 315 | 306 | 15 |
Restricted Stock Units and Restricted Stock Shares [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Restricted share units granted | 270,000 | 204,000 | 210,000 |
Weighted-average grant date fair value of restricted share units granted | $24.82 | $19.38 | $17.99 |
Weighted-average grant date fair value of restricted share units | $22.04 | ' | ' |
Ratable earnings in equal installments, percentage | 33.33% | ' | ' |
Restricted shares and restricted share units outstanding | 400,000 | ' | ' |
Weighted average grant date fair value of outstanding restricted shares and restricted share units | $21.01 | ' | ' |
Intrinsic value of restricted shares and restricted share units | 7,071 | ' | ' |
Stock based compensation | 3,071 | 2,069 | 1,561 |
Stock based compensation | 2,105 | ' | ' |
Restricted Stock Units and Restricted Stock Shares [Member] | Certain Executive Management Employees [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Restricted share units granted | ' | ' | 110,000 |
Weighted-average grant date fair value of restricted share units | ' | ' | $17.57 |
Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock based compensation | 486 | 336 | 426 |
Stock based compensation | 185 | ' | ' |
Stock Options [Member] | Certain Executive Management Employees [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Granted, Shares | ' | ' | 1,035,000 |
Weighted average grant-date fair value of options granted | ' | ' | $4.66 |
2004 Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares authorized for grant | 3,000,000 | ' | ' |
Granted, Shares | 1,882,000 | ' | ' |
Maximum terms | '10 years | ' | ' |
2012 Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares authorized for grant | 3,000,000 | ' | ' |
Granted, Shares | 415,000 | ' | ' |
Unrestricted Common Shares [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock based compensation | ' | $97 | ' |
Employee_Benefits_BlackScholes
Employee Benefits - Black-Scholes Option Pricing Model to Determine Grant-date Fair Value for Stock Options (Detail) | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' |
Risk-free interest rates | 1.80% | 0.88% | 1.24% |
Dividend yield | 3.50% | 4.10% | 3.42% |
Life of option | '6 years 3 months 15 days | '6 years 2 months 23 days | '6 years 2 months 19 days |
Share price volatility | 33.00% | 36.00% | 39.00% |
Forfeitures (by employee group) Minimum | 0.00% | 0.00% | 0.00% |
Forfeitures (by employee group) Maximum | 14.00% | 10.00% | 10.00% |
Employee_Benefits_Summary_of_S
Employee Benefits - Summary of Stock Option Plans (Detail) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Outstanding beginning of period, Options | 1,508 |
Grants, Options | 70 |
Exercises, Options | -78 |
Forfeitures, Options | -13 |
Cancellations, Options | -345 |
Outstanding end of period, Options | 1,142 |
Exercisable end of period, Options | 782 |
Outstanding beginning of period, Weighted Average Exercise Price | $17.93 |
Grants, Weighted Average Exercise Price | $24.20 |
Exercises, Weighted average exercise price | $7.27 |
Forfeitures, Weighted average exercise price | $21.50 |
Cancellations, Weighted average exercise price | $17.57 |
Outstanding end of period, Weighted Average Exercise Price | $19.11 |
Exercisable end of period, Weighted average exercise price | $19.27 |
Outstanding end of period, Weighted Average remaining life | '5 years 29 days |
Exercisable end of period, Weighted Average remaining life | '3 years 11 months 19 days |
Outstanding end of period, Aggregate intrinsic value | $1,261 |
Exercisable end of period, Aggregate intrinsic value | $1,219 |
Employee_Benefits_Summary_of_N
Employee Benefits - Summary of Nonvested Options (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' |
Nonvested beginning of period, Options | 787 | ' | ' |
Granted, Options | 70 | ' | ' |
Vested, Options | -144 | ' | ' |
Forfeitures, Options | -8 | ' | ' |
Cancelled, Options | -345 | ' | ' |
Nonvested end of period, Options | 360 | 787 | ' |
Nonvested beginning of period, Weighted Average Grant Date Fair Value | $4.66 | ' | ' |
Granted, Weighted Average Grant Date Fair Value | $5.48 | $4.19 | $4.68 |
Vested, Weighted Average Grant Date Fair Value | $4.88 | ' | ' |
Forfeitures, Weighted Average Grant Date Fair Value | $4.94 | ' | ' |
Cancelled, Weighted Average Grant Date Fair Value | $4.66 | ' | ' |
Nonvested end of period, Weighted Average Grant Date Fair Value | $4.78 | ' | ' |
NonCurrent_Liabilities_Additio
Non-Current Liabilities - Additional Information (Detail) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Other Non Current Liabilities [Line Items] | ' | ' |
Reserves for potential future severance indemnity | $831 | $827 |
Non Qualified Defined Benefit Plan [Member] | ' | ' |
Other Non Current Liabilities [Line Items] | ' | ' |
Post-retirement and insurance benefits obligations | $1,247 | $1,056 |
Reportable_Segments_and_Major_2
Reportable Segments and Major Concentration Data - Consolidated Net Revenues (Detail) (Customer Concentration Risk [Member], Revenues [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Customer A [Member] | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Revenues | $28,278 | $35,082 | $32,771 |
Concentration percentage | 15.00% | 19.00% | 19.00% |
Customer B [Member] | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Revenues | $22,729 | $25,457 | $19,903 |
Concentration percentage | 12.00% | 13.00% | 12.00% |
Reportable_Segments_and_Major_3
Reportable Segments and Major Concentration Data - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Product | |||
Customer | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Identifiable assets | $176,929 | $176,748 | $161,381 |
Diagnostics [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Number of customers | 2 | ' | ' |
Revenues | 141,500 | 144,629 | 130,180 |
Number of foodborne products sourced from another vendor | 2 | ' | ' |
Italy [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Identifiable assets | 10,861 | 10,760 | ' |
Italy [Member] | Diagnostics [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Revenues | 8,469 | 7,427 | 7,473 |
United Kingdom [Member] | Bioline Group [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Identifiable assets | 14,985 | 14,220 | ' |
United Kingdom [Member] | Diagnostics [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Revenues | 1,942 | 2,141 | 2,441 |
Germany [Member] | Bioline Group [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Identifiable assets | 7,713 | 7,965 | ' |
Australia [Member] | Bioline Group [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Identifiable assets | 4,171 | 4,239 | ' |
Customer Concentration Risk [Member] | Diagnostics [Member] | Accounts Receivable [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Concentration percentage | 15.00% | 17.00% | ' |
Italian Government [Member] | Accounts Receivable [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Concentration percentage | 14.00% | ' | ' |
Foreign Customers, Combined International for Diagnostics and Life Science [Member] | Revenues [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Revenues | $57,051 | $56,224 | $54,909 |
Product Concentration Risk [Member] | Revenues [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Concentration percentage | 46.00% | 47.00% | 47.00% |
Third-Party Vendor [Member] | Revenues [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Concentration percentage | 14.00% | 14.00% | 13.00% |
Reportable_Segments_and_Major_4
Reportable Segments and Major Concentration Data - Significant Revenue Information by Country for Diagnostics and Life Science Reportable Segments (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Diagnostics [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Revenues | $141,500 | $144,629 | $130,180 |
Diagnostics [Member] | United States [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Revenues | 112,917 | 114,935 | 99,998 |
Diagnostics [Member] | Italy [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Revenues | 8,469 | 7,427 | 7,473 |
Diagnostics [Member] | Japan [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Revenues | 2,097 | 3,937 | 3,922 |
Diagnostics [Member] | United Kingdom [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Revenues | 1,942 | 2,141 | 2,441 |
Diagnostics [Member] | France [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Revenues | 1,841 | 1,936 | 2,149 |
Diagnostics [Member] | Holland [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Revenues | 1,613 | 1,764 | 1,818 |
Diagnostics [Member] | Canada [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Revenues | 1,359 | 1,248 | 941 |
Diagnostics [Member] | Belgium [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Revenues | 1,241 | 1,285 | 1,271 |
Diagnostics [Member] | Other Countries [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Revenues | 10,021 | 9,956 | 10,167 |
Life Science [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Revenues | 47,332 | 44,057 | 42,532 |
Life Science [Member] | United States [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Revenues | 18,864 | 17,527 | 17,805 |
Life Science [Member] | United Kingdom [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Revenues | 5,647 | 5,590 | 5,251 |
Life Science [Member] | France [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Revenues | 1,633 | 1,440 | 1,282 |
Life Science [Member] | Other Countries [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Revenues | 9,893 | 9,581 | 9,899 |
Life Science [Member] | Germany [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Revenues | 7,232 | 6,465 | 4,872 |
Life Science [Member] | Australia [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Revenues | $4,063 | $3,454 | $3,423 |
Reportable_Segments_and_Major_5
Reportable Segments and Major Concentration Data - Segment Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenues - Third-party | $46,692 | $47,212 | $50,134 | $44,794 | $48,962 | $47,108 | $47,265 | $45,351 | $188,832 | $188,686 | $172,712 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 52,392 | 57,314 | 49,296 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 7,264 | 7,152 | 6,597 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 5,306 | 3,234 | 3,530 |
Goodwill | 23,193 | ' | ' | ' | 23,115 | ' | ' | ' | 23,193 | 23,115 | 23,146 |
Other intangible assets | 7,813 | ' | ' | ' | 8,057 | ' | ' | ' | 7,813 | 8,057 | 10,264 |
Total assets | 176,929 | ' | ' | ' | 176,748 | ' | ' | ' | 176,929 | 176,748 | 161,381 |
Diagnostics [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenues - Inter-segment | ' | ' | ' | ' | ' | ' | ' | ' | 141,500 | 144,629 | 130,180 |
Life Science [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenues - Inter-segment | ' | ' | ' | ' | ' | ' | ' | ' | 47,332 | 44,057 | 42,532 |
Operating Segments [Member] | Diagnostics [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenues - Third-party | ' | ' | ' | ' | ' | ' | ' | ' | 141,500 | 144,629 | 130,180 |
Net revenues - Inter-segment | ' | ' | ' | ' | ' | ' | ' | ' | 432 | 533 | 599 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 41,629 | 46,735 | 40,648 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 4,283 | 4,328 | 3,732 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 4,176 | 2,031 | 2,341 |
Goodwill | 1,250 | ' | ' | ' | 1,250 | ' | ' | ' | 1,250 | 1,250 | 1,250 |
Other intangible assets | 2,756 | ' | ' | ' | 1,561 | ' | ' | ' | 2,756 | 1,561 | 2,239 |
Total assets | 109,086 | ' | ' | ' | 111,719 | ' | ' | ' | 109,086 | 111,719 | 96,620 |
Operating Segments [Member] | Life Science [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenues - Third-party | ' | ' | ' | ' | ' | ' | ' | ' | 47,332 | 44,057 | 42,532 |
Net revenues - Inter-segment | ' | ' | ' | ' | ' | ' | ' | ' | 1,009 | 1,223 | 1,097 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 10,861 | 10,627 | 8,473 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 2,981 | 2,824 | 2,865 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 1,130 | 1,203 | 1,189 |
Goodwill | 21,943 | ' | ' | ' | 21,865 | ' | ' | ' | 21,943 | 21,865 | 21,896 |
Other intangible assets | 5,057 | ' | ' | ' | 6,496 | ' | ' | ' | 5,057 | 6,496 | 8,025 |
Total assets | 67,790 | ' | ' | ' | 65,393 | ' | ' | ' | 67,790 | 65,393 | 59,019 |
Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenues - Inter-segment | ' | ' | ' | ' | ' | ' | ' | ' | -1,441 | -1,756 | -1,696 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | -98 | -48 | 175 |
Total assets | $53 | ' | ' | ' | ($364) | ' | ' | ' | $53 | ($364) | $5,742 |
Reportable_Segments_and_Major_6
Reportable Segments and Major Concentration Data - Segment Information (Parenthetical) (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2012 |
Segment Reporting [Abstract] | ' |
Plant consolidation costs | $1,013 |
Reportable_Segments_and_Major_7
Reportable Segments and Major Concentration Data - Pre-tax Earnings Table (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting [Abstract] | ' | ' | ' |
Segment operating income | $52,392 | $57,314 | $49,296 |
Interest income | 25 | 44 | 42 |
Other, net | -309 | 4 | 378 |
Earnings Before Income Taxes | $52,108 | $57,362 | $49,716 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' |
Royalty percentage of the sales of licensed products, Minimum | 1.00% | ' | ' |
Royalty percentage of the sales of licensed products, Maximum | 14.00% | ' | ' |
Annual royalty expenses | $3,482 | $3,611 | $3,040 |
2015 | 9,557 | ' | ' |
2016 | 67 | ' | ' |
2017 | 18 | ' | ' |
Thereafter | 0 | ' | ' |
Expenses under operating leases | 1,951 | 1,744 | 1,524 |
2015 | 1,661 | ' | ' |
2016 | 1,389 | ' | ' |
2017 | 830 | ' | ' |
2018 | 692 | ' | ' |
2019 | 422 | ' | ' |
Payments for indemnifications | 0 | 0 | ' |
Liabilities for indemnifications | $0 | $0 | ' |
Quarterly_Financial_Data_Summa
Quarterly Financial Data - Summary of Quarterly Financial Data (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Revenues | $46,692 | $47,212 | $50,134 | $44,794 | $48,962 | $47,108 | $47,265 | $45,351 | $188,832 | $188,686 | $172,712 |
Gross profit | 28,401 | 29,242 | 31,593 | 28,007 | 30,874 | 30,631 | 30,743 | 28,796 | 117,243 | 121,044 | 109,048 |
Net earnings | $8,182 | $8,835 | $10,300 | $7,426 | $9,150 | $10,159 | $10,249 | $8,474 | $34,743 | $38,032 | $33,371 |
Basic earnings per common share | $0.20 | $0.21 | $0.25 | $0.18 | $0.22 | $0.25 | $0.25 | $0.21 | $0.84 | $0.92 | $0.81 |
Diluted earnings per common share | $0.20 | $0.21 | $0.24 | $0.18 | $0.22 | $0.24 | $0.24 | $0.20 | $0.83 | $0.91 | $0.80 |
Cash dividends per common share | $0.20 | $0.20 | $0.20 | $0.19 | $0.19 | $0.19 | $0 | $0.38 | $0.79 | $0.76 | $0.76 |
Quarterly_Financial_Data_Summa1
Quarterly Financial Data - Summary of Quarterly Financial Data (Parenthetical) (Detail) | 3 Months Ended | |
Mar. 31, 2013 | Dec. 31, 2012 | |
Dividends | Dividends | |
Quarterly Financial Information Disclosure [Abstract] | ' | ' |
Number of quarterly cash dividends declared and paid | 0 | 2 |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Allowance for Doubtful Accounts [Member] | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance at Beginning of Period | $233 | $574 | $310 |
Charged to Costs and Expenses | 116 | -116 | 370 |
Deductions | -68 | -239 | -89 |
Other | -9 | 14 | -17 |
Balance at End of Period | 272 | 233 | 574 |
Inventory Realizability Reserves [Member] | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance at Beginning of Period | 2,499 | 2,271 | 3,175 |
Charged to Costs and Expenses | 1,325 | 1,132 | 198 |
Deductions | -834 | -938 | -1,024 |
Other | -48 | 34 | -78 |
Balance at End of Period | 2,942 | 2,499 | 2,271 |
Valuation Allowances - Deferred Taxes [Member] | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance at Beginning of Period | 296 | 450 | 603 |
Charged to Costs and Expenses | ' | 150 | ' |
Deductions | -296 | -289 | -140 |
Other | ' | -15 | -13 |
Balance at End of Period | $0 | $296 | $450 |