Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Sep. 30, 2018 | Oct. 31, 2018 | Mar. 31, 2018 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Sep. 30, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | VIVO | ||
Entity Registrant Name | MERIDIAN BIOSCIENCE INC | ||
Entity Central Index Key | 794,172 | ||
Current Fiscal Year End Date | --09-30 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Common Stock, Shares Outstanding | 42,402,912 | ||
Entity Public Float | $ 592,033,599 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Statement [Abstract] | |||
Net revenues | $ 213,571 | $ 200,771 | $ 196,082 |
Cost of Sales | 83,110 | 76,479 | 68,870 |
Gross Profit | 130,461 | 124,292 | 127,212 |
Operating Expenses: | |||
Research and development | 16,870 | 16,036 | 14,191 |
Selling and marketing | 34,468 | 32,388 | 30,056 |
General and administrative | 34,488 | 31,096 | 29,429 |
Restructuring costs | 8,706 | 134 | 677 |
Litigations costs | 4,345 | 628 | |
Goodwill impairment charge | 6,628 | ||
Acquisition-related costs | 1,481 | ||
Total operating expenses | 98,877 | 86,910 | 75,834 |
Operating Income | 31,584 | 37,382 | 51,378 |
Other Income (Expense): | |||
Interest income | 418 | 171 | 67 |
Interest expense | (1,520) | (1,642) | (897) |
Other, net | (102) | 518 | 96 |
Total other expense | (1,204) | (953) | (734) |
Earnings Before Income Taxes | 30,380 | 36,429 | 50,644 |
Income Tax Provision | 6,531 | 14,872 | 18,415 |
Net Earnings | $ 23,849 | $ 21,557 | $ 32,229 |
Earnings Per Share Data: | |||
Basic earnings per common share | $ 0.56 | $ 0.51 | $ 0.77 |
Diluted earnings per common share | $ 0.56 | $ 0.51 | $ 0.76 |
Common shares used for basic earnings per common share | 42,325 | 42,188 | 42,010 |
Effect of dilutive stock options and restricted share units | 429 | 383 | 383 |
Common shares used for diluted earnings per common share | 42,754 | 42,571 | 42,393 |
Dividends declared per common share | $ 0.500 | $ 0.575 | $ 0.800 |
Anti-dilutive Securities: | |||
Common share options and restricted share units | 1,007 | 873 | 462 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Net earnings | $ 23,849 | $ 21,557 | $ 32,229 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustment | (1,075) | 1,616 | (2,732) |
Unrealized gain (loss) on cash flow hedge | 907 | 1,544 | (729) |
Income taxes related to items of other comprehensive income | (263) | (590) | 275 |
Other comprehensive income (loss), net of tax | (431) | 2,570 | (3,186) |
Comprehensive Income | $ 23,418 | $ 24,127 | $ 29,043 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Cash Flows From Operating Activities | |||
NET EARNINGS | $ 23,849 | $ 21,557 | $ 32,229 |
Non-cash items included in net earnings: | |||
Depreciation of property, plant and equipment | 4,491 | 4,342 | 3,937 |
Amortization of intangible assets | 3,433 | 3,776 | 2,690 |
Amortization of deferred instrument costs | 764 | 972 | 1,091 |
Stock-based compensation | 3,402 | 3,381 | 2,911 |
Goodwill impairment charge | 6,628 | ||
Deferred income taxes | (300) | 1,474 | (233) |
Losses on long-lived assets | 659 | ||
Change in: | |||
Accounts receivable | (4,447) | (1,211) | 119 |
Inventories | (1,142) | 3,467 | (8,225) |
Prepaid expenses and other current assets | 323 | 1,225 | (9) |
Accounts payable and accrued expenses | 4,124 | (3,151) | 1,773 |
Income taxes payable | (524) | (384) | 464 |
Other, net | 810 | (721) | (183) |
Net cash provided by operating activities | 34,783 | 41,355 | 37,223 |
Cash Flows From Investing Activities | |||
Purchase of property, plant and equipment | (4,201) | (4,467) | (4,004) |
Purchase of equity method investment | (600) | ||
Acquisition of Magellan, net of cash acquired | (62,091) | ||
Net cash used for investing activities | (4,201) | (4,467) | (66,695) |
Cash Flows From Financing Activities | |||
Dividends paid | (21,170) | (24,266) | (33,649) |
Proceeds from term loan, net of issuance costs | 59,860 | ||
Payments on term loan | (4,500) | (3,750) | (1,500) |
Proceeds and tax benefits from exercises of stock options | 187 | 303 | 2,494 |
Payment of acquisition consideration | (2,110) | ||
Net cash provided by (used for) financing activities | (27,593) | (27,713) | 27,205 |
Effect of Exchange Rate Changes on Cash and Equivalents | (298) | 671 | (480) |
Net Increase (Decrease) in Cash and Equivalents | 2,691 | 9,846 | (2,747) |
Cash and Equivalents at Beginning of Period | 57,072 | 47,226 | 49,973 |
Cash and Equivalents at End of Period | 59,763 | 57,072 | 47,226 |
Supplemental Cash Flow Information | |||
Cash paid for interest | 1,487 | 1,605 | 879 |
Cash paid for income taxes | $ 6,555 | $ 12,613 | $ 17,915 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2018 | Sep. 30, 2017 |
Current Assets: | ||
Cash and equivalents | $ 59,763 | $ 57,072 |
Accounts receivable, less allowances of $310 and $307, respectively | 32,336 | 29,106 |
Inventories | 41,993 | 41,493 |
Prepaid expenses and other current assets | 4,961 | 6,204 |
Total current assets | 139,053 | 133,875 |
Property, Plant and Equipment, at Cost: | ||
Land | 1,160 | 1,162 |
Buildings and improvements | 32,444 | 32,207 |
Machinery, equipment and furniture | 50,606 | 48,836 |
Construction in progress | 1,631 | 1,895 |
Subtotal | 85,841 | 84,100 |
Less: accumulated depreciation and amortization | 55,846 | 53,590 |
Net property, plant and equipment | 29,995 | 30,510 |
Other Assets: | ||
Goodwill | 54,637 | 54,926 |
Other intangible assets, net | 23,113 | 26,704 |
Restricted cash | 1,000 | 1,000 |
Deferred instrument costs, net | 1,239 | 1,368 |
Fair value of interest rate swap | 1,722 | 815 |
Deferred income taxes | 130 | 158 |
Other assets | 488 | 421 |
Total other assets | 82,329 | 85,392 |
Total assets | 251,377 | 249,777 |
Current Liabilities: | ||
Accounts payable | 6,260 | 7,719 |
Accrued employee compensation costs | 7,263 | 4,536 |
Current portion of acquisition consideration | 2,095 | |
Other accrued expenses | 5,065 | 2,789 |
Current portion of long-term debt | 5,250 | 4,500 |
Income taxes payable | 335 | 1,248 |
Total current liabilities | 24,173 | 22,887 |
Non-Current Liabilities | ||
Acquisition consideration | 235 | |
Post-employment benefits | 2,646 | 2,468 |
Long-term debt | 44,930 | 50,147 |
Long-term income taxes payable | 441 | |
Deferred income taxes | 3,769 | 4,455 |
Total non-current liabilities | 51,786 | 57,305 |
Commitments and Contingencies | ||
Shareholders' Equity: | ||
Preferred stock, no par value; 1,000,000 shares authorized; none issued | ||
Common shares, no par value; 71,000,000 shares authorized, 42,399,962 and 42,207,317 issued, respectively | 0 | 0 |
Additional paid-in capital | 129,193 | 125,608 |
Retained earnings | 49,602 | 46,923 |
Accumulated other comprehensive loss | (3,377) | (2,946) |
Total shareholders' equity | 175,418 | 169,585 |
Total liabilities and shareholders' equity | $ 251,377 | $ 249,777 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2018 | Sep. 30, 2017 |
Statement of Financial Position [Abstract] | ||
Allowances for accounts receivable | $ 310 | $ 307 |
Preferred stock, par value | ||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | ||
Common stock, shares authorized | 71,000,000 | 71,000,000 |
Common stock, shares issued | 42,399,962 | 42,207,317 |
Consolidated Statement of Share
Consolidated Statement of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Shares Issued [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comp Income (Loss) [Member] |
Beginning balance at Sep. 30, 2015 | $ 165,873 | $ 117,151 | $ 51,052 | $ (2,330) | |
Beginning balance, Shares at Sep. 30, 2015 | 41,838 | ||||
Cash dividends paid | (33,649) | (33,649) | |||
Exercise of stock options | 2,294 | 2,294 | |||
Exercise of stock options, Share | 152 | ||||
Conversion of restricted share units | 0 | $ 0 | 0 | 0 | 0 |
Conversion of restricted share units, Shares | 117 | ||||
Stock compensation expense | 2,911 | 2,911 | |||
Net earnings | 32,229 | 32,229 | |||
Foreign currency translation adjustment | (2,732) | (2,732) | |||
Hedging activity, net of tax | (454) | (454) | |||
Ending balance at Sep. 30, 2016 | 166,472 | 122,356 | 49,632 | (5,516) | |
Ending balance, Shares at Sep. 30, 2016 | 42,107 | ||||
Cash dividends paid | (24,266) | (24,266) | |||
Exercise of stock options | (129) | (129) | |||
Exercise of stock options, Share | 18 | ||||
Conversion of restricted share units | 0 | $ 0 | 0 | 0 | 0 |
Conversion of restricted share units, Shares | 82 | ||||
Stock compensation expense | 3,381 | 3,381 | |||
Net earnings | 21,557 | 21,557 | |||
Foreign currency translation adjustment | 1,616 | 1,616 | |||
Hedging activity, net of tax | 954 | 954 | |||
Ending balance at Sep. 30, 2017 | 169,585 | 125,608 | 46,923 | (2,946) | |
Ending balance, Shares at Sep. 30, 2017 | 42,207 | ||||
Cash dividends paid | (21,170) | (21,170) | |||
Exercise of stock options | $ 183 | 183 | |||
Exercise of stock options, Share | 12 | 13 | |||
Conversion of restricted share units | $ 0 | $ 0 | 0 | 0 | 0 |
Conversion of restricted share units, Shares | 180 | ||||
Stock compensation expense | 3,402 | 3,402 | |||
Net earnings | 23,849 | 23,849 | |||
Foreign currency translation adjustment | (1,075) | (1,075) | |||
Hedging activity, net of tax | 644 | 644 | |||
Ending balance at Sep. 30, 2018 | $ 175,418 | $ 129,193 | $ 49,602 | $ (3,377) | |
Ending balance, Shares at Sep. 30, 2018 | 42,400 |
Consolidated Statement of Sha_2
Consolidated Statement of Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Statement of Stockholders' Equity [Abstract] | |||||||||||
Cash dividends per common share | $ 0.125 | $ 0.125 | $ 0.125 | $ 0.125 | $ 0.125 | $ 0.125 | $ 0.125 | $ 0.200 | $ 0.500 | $ 0.575 | $ 0.800 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Meridian Bioscience, Inc. and Subsidiaries (dollar and share amounts in thousands, except per share data) (1) Summary of Significant Accounting Policies (a) Nature of Business - (b) Principles of Consolidation - (c) Use of Estimates - (d) Foreign Currency Translation year-end (e) Cash, Cash Equivalents and Investments - A-2, P-2 F-2, Our investment portfolio includes the following components: September 30, 2018 September 30, 2017 Cash and Other Cash and Other Institutional money market funds $ 20,421 $ — $ 20,104 $ — Cash on hand – Restricted — 1,000 — 1,000 Unrestricted 39,342 — 36,968 — Total $ 59,763 $ 1,000 $ 57,072 $ 1,000 (f) Inventories first-in, first-out 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 $1,971 and $2,059 at September 30, 2018 and 2017, 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 write-off Buildings and improvements - 18 to 40 years Leasehold improvements - life of the lease Machinery, equipment and furniture - 3 to 10 years Computer equipment and software - 3 to 5 years Instruments under customer reagent rental arrangements - 5 years (h) Intangible Assets - separately-run During fiscal 2018, we performed quantitative assessments as of June 30, 2018 for each of our Diagnostics and Life Science reporting units. As part of this assessment, fair value, as determined through a valuation performed by a third party, was calculated via both market (comparable company) and income (discounted cash flows) approaches. Based upon these approaches, the fair value of each reporting unit exceeded its carrying value; therefore, each of the Diagnostics and Life Science reporting units satisfied the quantitative assessment for fiscal 2018. Similarly, during fiscal 2017, we performed quantitative assessments as of June 30, 2017 for each of our Americas Diagnostics, Bioline and Life Science-U.S. Science-U.S. During the quarter ended June 30, 2017, the events described below occurred, indicating that impairment of the goodwill recorded as part of the Magellan acquisition had occurred. On May 17, 2017, the FDA issued a field safety notice advising customers to discontinue use of Magellan’s lead testing systems with venous blood samples. This field safety notice was followed by product recall notices on May 25 th th In light of these factors and their impacts, during the third quarter of fiscal 2017, it was determined that a potential impairment of goodwill recorded in connection with the acquisition of Magellan had occurred (i.e., a “triggering event”). With the assistance of an independent valuation firm, Magellan’s fair value was calculated via both market (comparable company) and income (discounted cash flows) approaches. Based upon these approaches, it was determined that the carrying value of the Magellan reporting unit did, in fact, exceed its fair value. As a result, an impairment charge of $6,628, on both a pre-tax after-tax No impairments were indicated or recorded from the analyses performed for fiscal 2018 or 2016. During fiscal 2018, goodwill decreased $289, resulting solely from currency translation adjustments on the goodwill of the Life Science reporting unit. The decrease of $7,056 in fiscal 2017 reflects: (i) a $767 acquisition measurement period adjustment downward related to Magellan (Diagnostics segment; see Note 3); (ii) the $6,628 impairment charge related to Magellan; and (iii) a $339 increase from the currency translation adjustment on the goodwill of the Life Science segment. A summary of Meridian’s acquired intangible assets subject to amortization, as of September 30, 2018 and 2017 is as follows. 2018 2017 As of September 30, Gross Accum. Gross Accum. Manufacturing technologies, core products and cell lines $ 22,297 $ 13,974 $ 22,332 $ 12,807 Tradenames, licenses and patents 8,647 5,267 8,689 4,398 Customer lists, customer relationships and supply agreements 24,461 13,051 24,562 11,854 Non-compete 720 720 720 540 $ 56,125 $ 33,012 $ 56,303 $ 29,599 The actual aggregate amortization expense for these intangible assets for fiscal 2018, 2017 and 2016 was $3,433, $3,776 and $2,690, respectively. The estimated aggregate amortization expense for these intangible assets for each of the five succeeding fiscal years is as follows: fiscal 2019 - $3,328, fiscal 2020 - $3,165, fiscal 2021 - $2,560, fiscal 2022 - $2,182 and fiscal 2023 - $2,170. 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 calculation. 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. Aside from the Magellan matter noted above, no triggering events have been identified by the Company for fiscal 2018, 2017 or 2016. (i) Revenue Recognition and Accounts Receivable Revenue for the Diagnostics segment is reduced at the date of sale for product price adjustments due to certain distributors under local contracts. Management estimates accruals for distributor price adjustments based on local contract terms, sales data provided 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 $4,303 at September 30, 2018 and $4,190 at September 30, 2017, and have been netted against accounts receivable. Revenue for our Diagnostics segment includes revenue for our Alethia 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, 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 de minimis In markets where the test system is not sold via multiple deliverable arrangements, 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, instrument accessories and test kits is recognized upon shipment and transfer of title to the customers. In these markets, our Alethia 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. 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 non-payment. (j) Research and Development Costs (k) Income Taxes We account for uncertain tax positions using a benefit recognition model with a two-step more-likely-than-not (l) Stock-Based Compensation (m) Comprehensive Income (Loss) (n) Shipping and Handling Costs (o) Non-Income non-income, (p) Recent Accounting Pronouncements No. 2014-09, Revenue from Contracts with Customers 2014-09 In February 2016, the FASB issued ASU 2016-02, Leases In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting paid-in 2016-09. In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments (q) Reclassifications |
Restructuring
Restructuring | 12 Months Ended |
Sep. 30, 2018 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | (2) Restructuring During the second quarter of fiscal 2018, the Company began implementation of a plan to realign its business structure into two business units, Diagnostics and Life Science, supported by a global corporate team. As part of this plan, certain functions and locations within both business units have been streamlined, including: (i) the elimination of certain executive management and commercial sales positions; (ii) the closing of Life Science locations in Taunton, Massachusetts and Singapore, the operations of which were transferred to locations in Memphis, Tennessee and London, England, respectively; and (iii) the transfer of certain functions performed in the Billerica, Massachusetts Diagnostics facility to the corporate headquarters in Cincinnati, Ohio. A summary of the restructuring costs recorded in fiscal 2018 is as follows: Fiscal 2018 Restructuring Costs Severance, other termination benefits and related costs $ 5,012 Lease and other contract termination fees 353 Loss on fixed asset disposals and inventory scrap 225 Other 742 Total $ 6,332 The above table does not include $2,374 of CEO transition costs, which primarily represents the compensation and benefits for our previous Executive Chairman and CEO, Mr. John A. Kraeutler, throughout fiscal 2018, the period during which we also have the compensation and benefits our new CEO, Mr. Jack Kenny, who began employment at the beginning of fiscal 2018. These CEO transition costs and the restructuring costs set forth in the table above comprise the $8,706 of restructuring costs set forth in the accompanying Consolidated Statement of Operations. At September 30, 2018, the accrued liability associated with the restructuring costs noted above consisted of the following: Balance as of September 30, 2018 Severance, other termination benefits and related costs $ 987 Lease and other contract termination fees 33 Other 6 Total accrued liability balance $ 1,026 |
Magellan Acquisition
Magellan Acquisition | 12 Months Ended |
Sep. 30, 2018 | |
Business Combinations [Abstract] | |
Magellan Acquisition | (3) Magellan Acquisition On March 24, 2016, we acquired all of the outstanding common stock of Magellan Biosciences, Inc., and its wholly-owned subsidiary Magellan Diagnostics, Inc. (collectively, “Magellan”), for $67,874, utilizing the proceeds from a new $60,000 five-year term loan and cash and equivalents on hand. During fiscal 2018, following the filing of our U.S. tax return and the realization of tax benefits for certain net operating loss carryforwards, the final amount of acquisition consideration totaling approximately $2,100 was paid to the sellers, resulting in no such amounts payable as of September 30, 2018. Headquartered near Boston, Massachusetts, Magellan is a leading manufacturer of FDA-cleared point-of-care As a result of the consideration paid exceeding the preliminary fair value of the net assets acquired, goodwill in the amount of $40,591 was originally recorded in connection with this acquisition, none of which is deductible for tax purposes. As of June 30, 2017, the goodwill recorded in connection with the acquisition was written down to $33,963, which remains the balance at September 30, 2018 (see Note 1(h) for a discussion of the $6,628 impairment write-down). This goodwill results largely from the addition of Magellan’s complementary customer base and distribution channels, and its industry reputation in the U.S. as a leader in lead testing. |
Inventories
Inventories | 12 Months Ended |
Sep. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | (4) Inventories Inventories are comprised of the following: As of September 30, 2018 2017 Raw materials $ 6,689 $ 6,575 Work-in-process 12,098 11,559 Finished goods - instruments 1,191 1,460 Finished goods - kits and reagents 22,015 21,899 Total $ 41,993 $ 41,493 |
Bank Credit Arrangements
Bank Credit Arrangements | 12 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Bank Credit Arrangements | (5) Bank Credit Arrangements In connection with the acquisition of Magellan (see Note 3), on March 22, 2016 the Company entered into a $60,000 five-year term loan with a commercial bank. The term loan requires quarterly principal and interest payments, with interest at a variable rate tied to LIBOR, and a balloon principal payment due March 31, 2021. The required principal payments on the term loan for each of the remaining fiscal years are as follows: fiscal 2019 - $5,250, fiscal 2020 - $6,000, and fiscal 2021 - $39,000. In light of the term loan’s interest being determined on a variable rate basis, the fair value of the term loan at September 30, 2018 approximates the current carrying value reflected in the accompanying Consolidated Balance Sheet. In order to limit exposure to volatility in the LIBOR interest rate, the Company and the commercial bank also entered into an interest rate swap that effectively converts the variable interest rate on the term loan to a fixed rate of 2.76%. With an initial notional balance of $60,000, the interest rate swap was established with critical terms identical to those of the term loan, including: (i) notional reduction amounts and dates; (ii) LIBOR settlement rates; (iii) rate reset dates; and (iv) term/maturity. Due to this, the interest swap has been designated as an effective cash flow hedge, with changes in fair value reflected as a separate component of other comprehensive income in the accompanying Consolidated Statements of Comprehensive Income. At September 30, 2018 and 2017, the fair value of the interest rate swap was an asset of $1,722 and $815, respectively, and is reflected as a non-current In addition, the Company maintains a $30,000 revolving credit facility with a commercial bank, which expires March 31, 2021. There were no borrowings outstanding on this revolving credit facility at September 30, 2018 or September 30, 2017. The term loan and revolving credit facility are collateralized by the business assets of the Company’s U.S. subsidiaries and require compliance with financial covenants that limit the amount of debt obligations and require a minimum level of coverage of fixed charges, as defined in the borrowing agreement. As of September 30, 2018, the Company is in compliance with all covenants. The Company is also required to maintain a cash compensating balance with the bank in the amount of $1,000, and is in compliance with this requirement. |
Income Taxes
Income Taxes | 12 Months Ended |
Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (6) Income Taxes (a) Earnings before income taxes, and the related provision for income taxes for the years ended September 30, 2018, 2017 and 2016 were as follows: Year Ended September 30, 2018 2017 2016 Domestic $ 27,787 $ 31,885 $ 44,795 Foreign 2,593 4,544 5,849 Total earnings before income taxes $ 30,380 $ 36,429 $ 50,644 Provision (credit) for income taxes - Federal - Current $ 6,030 $ 11,262 $ 16,178 Temporary differences Fixed asset basis differences and depreciation 410 (181 ) (45 ) Intangible asset basis differences and amortization (4,052 ) (1,158 ) (744 ) Currently non-deductible 1,206 884 (694 ) Stock-based compensation 1,379 (635 ) 129 Net operating loss carryforwards utilized 61 1,831 — Tax credit carryforwards utilized 181 67 41 Other, net (148 ) 99 181 Subtotal 5,067 12,169 15,046 State and local 1,066 1,900 2,421 Foreign 398 803 948 Total income tax provision $ 6,531 $ 14,872 $ 18,415 (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, 2018 2017 2016 Computed income taxes at statutory rate $ 7,443 24.5 % $ 12,750 35.0 % $ 17,719 35.0 % Increase (decrease) in taxes resulting from - State and local income taxes 982 3.2 1,093 3.0 1,329 2.6 U.S. tax law change (2,655 ) (8.7 ) — — — — One-time 876 2.9 — — — — Foreign tax rate differences (104 ) (0.3 ) (281 ) (0.8 ) (337 ) (0.7 ) Qualified domestic production incentives (550 ) (1.8 ) (1,012 ) (2.8 ) (1,290 ) (2.5 ) Acquisition-related costs — — — — 215 0.4 Uncertain tax position activity (62 ) (0.2 ) 134 0.4 122 0.2 Goodwill impairment charge — — 2,320 6.4 — — Valuation allowance (40 ) (0.1 ) — — 327 0.7 Stock-based compensation 447 1.4 — — — — Other, net 194 0.6 (132 ) (0.4 ) 330 0.7 $ 6,531 21.5 % $ 14,872 40.8 % $ 18,415 36.4 % On December 22, 2017, the United States enacted tax reform legislation commonly known as the Tax Cuts and Jobs Act (the “tax reform act”). We have completed the accounting for the tax reform act and the following effects are reflected within the consolidated financial statements for the year ended September 30, 2018: (i) a tax benefit of $2,655, primarily from the re-measurement re-measurement re-measured (c) The components of net deferred tax liabilities were as follows: As of September 30, 2018 2017 Deferred tax assets - Valuation reserves and non-deductible $ 1,473 $ 1,762 Stock compensation expense not deductible 2,033 3,367 Net operating loss and tax credit carryforwards 433 743 Basis difference in equity-method investee 302 302 Inventory basis differences 383 1,269 Other (530 ) (289 ) Subtotal 4,094 7,154 Less valuation allowance (302 ) (342 ) Deferred tax assets 3,792 6,812 Deferred tax liabilities - Fixed asset basis differences and depreciation (1,913 ) (1,325 ) Intangible asset basis differences and amortization (5,518 ) (9,784 ) Deferred tax liabilities (7,431 ) (11,109 ) Net deferred tax liabilities $ (3,639 ) $ (4,297 ) For income tax purposes, we have recorded deferred tax assets related to operating loss and tax credit carryforwards in both U.S. and foreign jurisdictions totaling $303 and $130, respectively, as of September 30, 2018. At September 30, 2017, such deferred tax assets totaled $546 and $197, respectively. The operating loss carryforwards in foreign jurisdictions have no expiration date. The operating loss carryforwards in the U.S. expire between 2023 and 2036 at the federal level, and between 2028 and 2036 at the state level. The aggregate amount of federal, state and foreign operating loss carryforwards totaled $490, $2,186 and $381, respectively, at September 30, 2018. The use of the federal and state losses is limited by the change of ownership provisions of the Internal Revenue Code. The realization of deferred tax assets is dependent upon the generation of future taxable income in the applicable jurisdictions. We have considered the levels of currently anticipated pre-tax 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, 2018 and September 30, 2017 related to such positions was $262 and $517, respectively, of which $150 would favorably impact the effective tax rate if recognized. We generally recognize interest and penalties related to uncertain tax positions as a component of our income tax provision. During fiscal 2018 and 2017, such penalties and interest totaled approximately $84 and $35, respectively. We had approximately $162 accrued for the payment of interest and penalties at September 30, 2018 compared to $165 accrued at September 30, 2017. 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: 2018 2017 Unrecognized income tax benefits beginning of year $ 517 $ 502 Additions for tax positions of prior years — 144 Tax examination and other settlements (161 ) (129 ) Expiration of statute of limitations (94 ) — Unrecognized income tax benefits at end of year $ 262 $ 517 We are subject to examination by the tax authorities in the U.S. (both federal and state) and the countries of Australia, Belgium, China, England, France, Germany, Holland, Italy and Singapore. In the U.S., open tax years are fiscal 2015, fiscal 2016 and fiscal 2017. In countries outside the U.S., open tax years generally range from fiscal 2013 and forward. However, in Australia, Belgium and Singapore, the utilization of local net operating loss carryforwards extends the statute of limitations for examination well into the foreseeable future. To the extent that adjustments result from the completion of these examinations or the lapsing of statutes of limitation, they will affect tax liabilities in the period known. We believe that the results of any tax authority examinations would not have a significant adverse impact on our financial condition or results of operations. |
Employee Benefits
Employee Benefits | 12 Months Ended |
Sep. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Employee Benefits | (7) Employee Benefits (a) Savings and Investment Plan (b) Stock-Based Compensation Plans 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 During fiscal years 2016 through 2018, we granted, in the aggregate for the three-year period, approximately 1,220 restricted share units (with a weighted-average grant date fair values of $19.38 per share in fiscal 2016, $16.93 per share in fiscal 2017 and $14.65 per share in fiscal 2018) 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 each fiscal period. While dividend equivalents were paid on these units throughout each fiscal period, the targets for each fiscal period were not met and the performance-based portion of these restricted share units granted were cancelled. During each of fiscal 2016 and fiscal 2017 in connection with his Amended and Restated Employment Agreement, we also granted to our Chairman and Chief Executive Officer at that time, Mr. John A. Kraeutler, 25 restricted share units (with a grant date fair value of $17.03 per share in fiscal 2016 and $19.09 per share in fiscal 2017), with each respective grant to be earned only if specified revenue and earnings per share targets were achieved for each of fiscal 2016 and fiscal 2017. As a result of the performance targets not being achieved in either fiscal 2016 or fiscal 2017, the restricted share units related to both grants have been cancelled. Additionally, during fiscal 2018 in connection with the October 9, 2017 employment of the Company’s new Chief Executive Officer, Mr. Jack Kenny, we granted to Mr. Kenny: (i) options to purchase 100 shares of common stock of the Company (with a grant date fair value of $3.19 per share) vesting on a pro rata basis over four years; and (ii) 13 restricted share units (with a grant date fair value of $14.50 per share) vesting 100% on the second anniversary of the grant. Also during fiscal 2018 in connection with his Amended and Restated Employment Agreement, we granted to our Chairman and Chief Executive Officer at that time, Mr. John A. Kraeutler, 25 restricted share units (with a grant date fair value of $15.30 per share) to be earned only if specified revenue and earnings per share targets were achieved for fiscal 2018. As a result of the fiscal 2018 performance targets related to this grant being achieved, these restricted share units have fully vested. 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 555 restricted share units remain outstanding as of September 30, 2018, with a weighted-average grant date fair value of $16.69 per share, a weighted-average remaining vesting period of 1.63 years and an aggregate intrinsic value of $8,272. The weighted-average grant date fair value of the approximate 175 restricted share units that vested during fiscal 2018 was $21.32 per share. The amount of stock-based compensation expense reported was $3,402, $3,381 and $2,911 in fiscal 2018, 2017 and 2016, respectively. The fiscal 2018 expense is comprised of $793 related to stock options and $2,609 related to restricted share units; the fiscal 2017 expense is comprised of $662 related to stock options and $2,719 related to restricted share units; and the fiscal 2016 expense is comprised of $560 related to stock options and $2,351 related to restricted share units. The total income tax benefit recognized in the income statement for these stock-based compensation arrangements was $303, $861 and $1,100, for fiscal 2018, 2017 and 2016, respectively. As of September 30, 2018, we expect future stock compensation expense for unvested options and unvested restricted share units to total $571 and $2,317, respectively, which will be recognized during fiscal years 2019 through 2023. 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 2018, 2017 and 2016, we recorded $106, $106 and $76, respectively, in stock compensation expense to adjust estimated forfeiture rates to actual, noting that total fiscal 2018 stock compensation expense reflects the effect of terminations made in connection with the restructuring activities discussed in Note 2. 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, 2018 2017 2016 Risk-free interest rates 2.10 % 1.34 % 1.63 % Dividend yield 3.3 % 4.1 % 4.4 % Life of option 6.47 yrs. 6.44 yrs. 6.39 yrs. Share price volatility 30 % 27 % 31 % Forfeitures (by employee group) 0%-16 % 0%-19 % 0%-16 % A summary of the status of our stock option plans as of September 30, 2018, and changes during the year ended September 30, 2018, is presented in the table and narrative below: Options Wtd Avg Wtd Avg Aggregate Outstanding beginning of period 942 $ 19.98 Grants 479 14.85 Exercises (12 ) 14.65 Forfeitures (184 ) 15.38 Cancellations (130 ) 28.36 Outstanding end of period 1,095 $ 17.56 7.02 $ 249 Exercisable end of period 706 $ 18.70 5.98 $ 147 A summary of the status of our nonvested options as of September 30, 2018, and changes during the year ended September 30, 2018, is presented below: Options Weighted- Nonvested beginning of period 281 $ 3.00 Granted 479 3.27 Vested (188 ) 3.09 Forfeitures (83 ) 2.99 Cancelled (100 ) 3.22 Nonvested end of period 389 $ 3.24 The weighted average grant-date fair value of options granted was $3.27, $2.65 and $3.46 for fiscal 2018, 2017 and 2016, respectively. The total intrinsic value of options exercised was $2, $9 and $616 for fiscal 2018, 2017 and 2016, respectively. The total grant-date fair value of options that vested during fiscal 2018, 2017 and 2016 was $580, $494 and $474, respectively. Cash received from options exercised was $183, $302 and $2,364 for fiscal 2018, 2017 and 2016, respectively. Tax expense recorded to additional paid-in |
Non-Current Liabilities
Non-Current Liabilities | 12 Months Ended |
Sep. 30, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Non-Current Liabilities | (8) Non-Current The Company has provided certain post-employment benefits to its former Executive Chairman (formerly Chairman and Chief Executive Officer), and these obligations total $1,864 and $1,613 at September 30, 2018 and 2017, respectively. In addition, we are required by the governments of certain foreign countries in which we operate to maintain a level of reserves for potential future severance indemnity. These reserves total $713 and $652 at September 30, 2018 and 2017, respectively. |
Reportable Segments and Major C
Reportable Segments and Major Concentration Data | 12 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Reportable Segments and Major Concentration Data | (9) Reportable Segments and Major Concentration Data Our reportable segments are Diagnostics and Life Science. The Diagnostics segment consists of manufacturing operations for infectious disease products in Cincinnati, Ohio, and manufacturing operations for products detecting elevated lead levels in blood in Billerica, Massachusetts (near Boston), and the sale and distribution of diagnostics products domestically and abroad. The Life Science segment consists of manufacturing operations in Memphis, Tennessee; Boca Raton, Florida; London, England; and Luckenwalde, Germany, and the sale and distribution of bulk antigens, antibodies, PCR/qPCR reagents, nucleotides, competent cells, and bioresearch reagents domestically and abroad, including a sales and business development facility in Beijing, China to further pursue growing revenue opportunities in Asia. Revenues from individual customers constituting 10% or more of consolidated net revenues are as follows: Year Ended September 30, 2018 2017 2016 Customer A $ 22,490 (11 )% $ 22,397 (11 )% $ 20,246 (10 )% Customer B $ 22,040 (10 )% $ 17,825 (9 )% $ 19,585 (10 )% Accounts receivable from these two Diagnostics customers accounted for 12% and 11% of consolidated accounts receivable at September 30, 2018 and September 30, 2017, respectively. The Company’s international revenues totaled approximately $67,170, $61,812 and $54,606 in fiscal 2018, 2017 and 2016, respectively, and our three major product families – gastrointestinal, respiratory illnesses and blood chemistry – accounted for 59%, 60% and 66% of consolidated net revenues in fiscal 2018, 2017 and 2016, respectively. We currently purchase on a sole-source basis from a U.S. and an Italian manufacturer, respectively, the instruments on which our Alethia molecular testing platform operates and the LeadCare instruments used to test for blood lead levels. Additionally, two of our foodborne products sourced from another vendor accounted for 9%, 10% and 11% of third-party revenues for our Diagnostics segment in fiscal 2018, 2017 and 2016, 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, 2018 2017 2016 United States $ 125,959 $ 119,332 $ 122,264 Italy 7,648 6,601 6,717 France 2,363 1,856 1,619 United Kingdom 2,337 1,789 2,018 Belgium 1,719 1,517 1,471 Holland 1,460 1,297 1,215 Japan 1,263 2,209 1,665 Other countries 7,705 8,920 8,145 Total Diagnostics $ 150,454 $ 143,521 $ 145,114 Year Ended September 30, 2018 2017 2016 United States $ 20,442 $ 19,627 $ 19,212 China 8,329 5,893 4,077 Germany 8,198 7,400 6,999 United Kingdom 5,190 5,574 5,581 Spain 4,179 3,206 2,917 Australia 3,617 3,999 3,163 South Korea 2,040 2,306 1,043 France 2,037 1,791 1,054 Japan 1,928 1,374 1,542 Other countries 7,157 6,080 5,380 Total Life Science $ 63,117 $ 57,250 $ 50,968 In locations outside the U.S., the Company’s identifiable assets were concentrated as follows at the end of most recent fiscal years: As of September 30, 2018 As of September 30, 2017 Segment information for the years ended September 30, 2018, 2017 and 2016 is as follows: Diagnostics Life Science Unallocated Total Fiscal Year 2018 - Net revenues – Third-party $ 150,454 $ 63,117 $ — $ 213,571 Inter-segment 392 397 (789 ) — Operating income 29,701 14,912 (13,029 ) 31,584 Depreciation and amortization 6,557 2,131 — 8,688 Capital expenditures 2,477 1,724 — 4,201 Goodwill 35,213 19,424 — 54,637 Other intangible assets 22,068 1,045 — 23,113 Total assets 180,978 70,341 58 251,377 Fiscal Year 2017 - Net revenues – Third-party $ 143,521 $ 57,250 $ — $ 200,771 Inter-segment 389 537 (926 ) — Operating income 23,848 14,086 (552 ) 37,382 Depreciation and amortization 7,037 2,053 — 9,090 Capital expenditures 2,554 1,913 — 4,467 Goodwill 35,213 19,713 — 54,926 Other intangible assets 24,973 1,731 — 26,704 Total assets 180,226 69,938 (387 ) 249,777 Fiscal Year 2016 - Net revenues – Third-party $ 145,114 $ 50,968 $ — $ 196,082 Inter-segment 289 893 (1,182 ) — Operating income 38,202 12,997 179 51,378 Depreciation and amortization 5,471 2,247 — 7,718 Capital expenditures 2,690 1,314 — 4,004 Goodwill 42,608 19,374 — 61,982 Other intangible assets 27,534 2,321 — 29,855 Total assets 185,446 66,624 (42 ) 252,028 (1) Unallocated costs for the fiscal years 2018 and 2017 total $13,051 and $762, respectively, and are comprised of Restructuring and Litigation Costs, as set forth within the accompanying Condensed Consolidated Statements of Operations. Eliminations consist of inter-segment transactions. A reconciliation of segment operating expenses to consolidated earnings before income taxes for the years ended September 30, 2018, 2017 and 2016 is as follows: Year Ended September 30, 2018 2017 2016 Segment operating income $ 44,635 $ 38,144 $ 51,378 Restructuring and litigation costs (13,051 ) (762 ) — Interest income 418 171 67 Interest expense (1,520 ) (1,642 ) (897 ) Other, net (102 ) 518 96 Consolidated earnings before income taxes $ 30,380 $ 36,429 $ 50,644 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, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (10) Commitments and Contingencies (a) Royalty Commitments - as-earned (b) Purchase Commitments - (c) Operating Lease Commitments - (d) Litigation - (e) Indemnifications - |
Quarterly Financial Data
Quarterly Financial Data | 12 Months Ended |
Sep. 30, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data | (11) 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 2018 December 31 March 31 June 30 September 30 Net revenues $ 52,283 $ 56,451 $ 51,737 $ 53,100 Gross profit 31,786 34,569 31,956 32,150 Net earnings 6,302 5,288 6,825 5,434 Basic earnings per common share 0.15 0.12 0.16 0.13 Diluted earnings per common share 0.15 0.12 0.16 0.13 Cash dividends per common share 0.125 0.125 0.125 0.125 For the Quarter Ended in Fiscal 2017 December 31 March 31 June 30 September 30 Net revenues $ 46,809 $ 54,125 $ 50,140 $ 49,697 Gross profit 29,039 33,477 31,146 30,630 Net earnings 6,279 9,312 240 5,726 Basic earnings per common share 0.15 0.22 0.01 0.14 Diluted earnings per common share 0.15 0.22 0.01 0.13 Cash dividends per common share 0.200 0.125 0.125 0.125 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Sep. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | (12) Subsequent Events On October 9, 2018, the Company and DiaSorin Inc. entered into a strategic collaboration to sell DiaSorin’s Helicobacter pylori H. pylori co-developed |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Sep. 30, 2018 | |
SEC Schedule, 12-09, 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, 2018, 2017 and 2016 Description Balance at Charged to Deductions Other (a) Balance at Year Ended September 30, 2018: Allowance for doubtful accounts $ 307 $ 39 $ (32 ) $ (4 ) $ 310 Inventory realizability reserves 2,059 321 (405 ) (4 ) 1,971 Valuation allowances – deferred taxes 342 — (40 ) — 302 Year Ended September 30, 2017: Allowance for doubtful accounts $ 334 $ 90 $ (134 ) $ 17 $ 307 Inventory realizability reserves 2,680 35 (661 ) 5 2,059 Valuation allowances – deferred taxes 342 — — — 342 Year Ended September 30, 2016: Allowance for doubtful accounts $ 248 $ 139 $ (69 ) $ 16 $ 334 Inventory realizability reserves 2,456 1,285 (1,072 ) 11 2,680 Valuation allowances – deferred taxes 15 327 — — 342 (a) Balances reflect the effects of currency translation and in 2016, the acquisition of Magellan. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Nature of Business | (a) Nature of Business - |
Principles of Consolidation | (b) Principles of Consolidation - |
Use of Estimates | (c) Use of Estimates - |
Foreign Currency Translation | (d) Foreign Currency Translation year-end |
Cash, Cash Equivalents and Investments | (e) Cash, Cash Equivalents and Investments - A-2, P-2 F-2, Our investment portfolio includes the following components: September 30, 2018 September 30, 2017 Cash and Other Cash and Other Institutional money market funds $ 20,421 $ — $ 20,104 $ — Cash on hand – Restricted — 1,000 — 1,000 Unrestricted 39,342 — 36,968 — Total $ 59,763 $ 1,000 $ 57,072 $ 1,000 |
Inventories | (f) Inventories first-in, first-out 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 $1,971 and $2,059 at September 30, 2018 and 2017, 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 write-off Buildings and improvements - 18 to 40 years Leasehold improvements - life of the lease Machinery, equipment and furniture - 3 to 10 years Computer equipment and software - 3 to 5 years Instruments under customer reagent rental arrangements - 5 years |
Intangible Assets | (h) Intangible Assets - separately-run During fiscal 2018, we performed quantitative assessments as of June 30, 2018 for each of our Diagnostics and Life Science reporting units. As part of this assessment, fair value, as determined through a valuation performed by a third party, was calculated via both market (comparable company) and income (discounted cash flows) approaches. Based upon these approaches, the fair value of each reporting unit exceeded its carrying value; therefore, each of the Diagnostics and Life Science reporting units satisfied the quantitative assessment for fiscal 2018. Similarly, during fiscal 2017, we performed quantitative assessments as of June 30, 2017 for each of our Americas Diagnostics, Bioline and Life Science-U.S. Science-U.S. During the quarter ended June 30, 2017, the events described below occurred, indicating that impairment of the goodwill recorded as part of the Magellan acquisition had occurred. On May 17, 2017, the FDA issued a field safety notice advising customers to discontinue use of Magellan’s lead testing systems with venous blood samples. This field safety notice was followed by product recall notices on May 25 th th In light of these factors and their impacts, during the third quarter of fiscal 2017, it was determined that a potential impairment of goodwill recorded in connection with the acquisition of Magellan had occurred (i.e., a “triggering event”). With the assistance of an independent valuation firm, Magellan’s fair value was calculated via both market (comparable company) and income (discounted cash flows) approaches. Based upon these approaches, it was determined that the carrying value of the Magellan reporting unit did, in fact, exceed its fair value. As a result, an impairment charge of $6,628, on both a pre-tax after-tax No impairments were indicated or recorded from the analyses performed for fiscal 2018 or 2016. During fiscal 2018, goodwill decreased $289, resulting solely from currency translation adjustments on the goodwill of the Life Science reporting unit. The decrease of $7,056 in fiscal 2017 reflects: (i) a $767 acquisition measurement period adjustment downward related to Magellan (Diagnostics segment; see Note 3); (ii) the $6,628 impairment charge related to Magellan; and (iii) a $339 increase from the currency translation adjustment on the goodwill of the Life Science segment. A summary of Meridian’s acquired intangible assets subject to amortization, as of September 30, 2018 and 2017 is as follows. 2018 2017 As of September 30, Gross Accum. Gross Accum. Manufacturing technologies, core products and cell lines $ 22,297 $ 13,974 $ 22,332 $ 12,807 Tradenames, licenses and patents 8,647 5,267 8,689 4,398 Customer lists, customer relationships and supply agreements 24,461 13,051 24,562 11,854 Non-compete 720 720 720 540 $ 56,125 $ 33,012 $ 56,303 $ 29,599 The actual aggregate amortization expense for these intangible assets for fiscal 2018, 2017 and 2016 was $3,433, $3,776 and $2,690, respectively. The estimated aggregate amortization expense for these intangible assets for each of the five succeeding fiscal years is as follows: fiscal 2019 - $3,328, fiscal 2020 - $3,165, fiscal 2021 - $2,560, fiscal 2022 - $2,182 and fiscal 2023 - $2,170. 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 calculation. 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. Aside from the Magellan matter noted above, no triggering events have been identified by the Company for fiscal 2018, 2017 or 2016. |
Revenue Recognition and Accounts Receivable | (i) Revenue Recognition and Accounts Receivable Revenue for the Diagnostics segment is reduced at the date of sale for product price adjustments due to certain distributors under local contracts. Management estimates accruals for distributor price adjustments based on local contract terms, sales data provided 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 $4,303 at September 30, 2018 and $4,190 at September 30, 2017, and have been netted against accounts receivable. Revenue for our Diagnostics segment includes revenue for our Alethia 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, 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 de minimis In markets where the test system is not sold via multiple deliverable arrangements, 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, instrument accessories and test kits is recognized upon shipment and transfer of title to the customers. In these markets, our Alethia 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. 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 non-payment. |
Research and Development Costs | (j) Research and Development Costs |
Income Taxes | (k) Income Taxes |
Accounting For Income Tax Uncertainties | We account for uncertain tax positions using a benefit recognition model with a two-step more-likely-than-not |
Stock-Based Compensation | (l) Stock-Based Compensation |
Comprehensive Income (Loss) | (m) Comprehensive Income (Loss) |
Shipping and Handling Costs | (n) Shipping and Handling Costs |
Non-Income Government-Assessed Taxes | (o) Non-Income non-income, |
Recent Accounting Pronouncements | (p) Recent Accounting Pronouncements No. 2014-09, Revenue from Contracts with Customers 2014-09 In February 2016, the FASB issued ASU 2016-02, Leases In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting paid-in 2016-09. In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments |
Reclassifications | (q) Reclassifications |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Components of Cash and Cash Equivalents | Our investment portfolio includes the following components: September 30, 2018 September 30, 2017 Cash and Other Cash and Other Institutional money market funds $ 20,421 $ — $ 20,104 $ — Cash on hand – Restricted — 1,000 — 1,000 Unrestricted 39,342 — 36,968 — Total $ 59,763 $ 1,000 $ 57,072 $ 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, 2018 and 2017 is as follows. 2018 2017 As of September 30, Gross Accum. Gross Accum. Manufacturing technologies, core products and cell lines $ 22,297 $ 13,974 $ 22,332 $ 12,807 Tradenames, licenses and patents 8,647 5,267 8,689 4,398 Customer lists, customer relationships and supply agreements 24,461 13,051 24,562 11,854 Non-compete 720 720 720 540 $ 56,125 $ 33,012 $ 56,303 $ 29,599 |
Restructuring (Tables)
Restructuring (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Restructuring and Related Activities [Abstract] | |
Summary of Restructuring Costs | A summary of the restructuring costs recorded in fiscal 2018 is as follows: Fiscal 2018 Restructuring Costs Severance, other termination benefits and related costs $ 5,012 Lease and other contract termination fees 353 Loss on fixed asset disposals and inventory scrap 225 Other 742 Total $ 6,332 |
Schedule of Accrued Liability Associated With Restructuring Costs | At September 30, 2018, the accrued liability associated with the restructuring costs noted above consisted of the following: Balance as of September 30, 2018 Severance, other termination benefits and related costs $ 987 Lease and other contract termination fees 33 Other 6 Total accrued liability balance $ 1,026 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | Inventories are comprised of the following: As of September 30, 2018 2017 Raw materials $ 6,689 $ 6,575 Work-in-process 12,098 11,559 Finished goods - instruments 1,191 1,460 Finished goods - kits and reagents 22,015 21,899 Total $ 41,993 $ 41,493 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
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, 2018, 2017 and 2016 were as follows: Year Ended September 30, 2018 2017 2016 Domestic $ 27,787 $ 31,885 $ 44,795 Foreign 2,593 4,544 5,849 Total earnings before income taxes $ 30,380 $ 36,429 $ 50,644 Provision (credit) for income taxes - Federal - Current $ 6,030 $ 11,262 $ 16,178 Temporary differences Fixed asset basis differences and depreciation 410 (181 ) (45 ) Intangible asset basis differences and amortization (4,052 ) (1,158 ) (744 ) Currently non-deductible 1,206 884 (694 ) Stock-based compensation 1,379 (635 ) 129 Net operating loss carryforwards utilized 61 1,831 — Tax credit carryforwards utilized 181 67 41 Other, net (148 ) 99 181 Subtotal 5,067 12,169 15,046 State and local 1,066 1,900 2,421 Foreign 398 803 948 Total income tax provision $ 6,531 $ 14,872 $ 18,415 |
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, 2018 2017 2016 Computed income taxes at statutory rate $ 7,443 24.5 % $ 12,750 35.0 % $ 17,719 35.0 % Increase (decrease) in taxes resulting from - State and local income taxes 982 3.2 1,093 3.0 1,329 2.6 U.S. tax law change (2,655 ) (8.7 ) — — — — One-time 876 2.9 — — — — Foreign tax rate differences (104 ) (0.3 ) (281 ) (0.8 ) (337 ) (0.7 ) Qualified domestic production incentives (550 ) (1.8 ) (1,012 ) (2.8 ) (1,290 ) (2.5 ) Acquisition-related costs — — — — 215 0.4 Uncertain tax position activity (62 ) (0.2 ) 134 0.4 122 0.2 Goodwill impairment charge — — 2,320 6.4 — — Valuation allowance (40 ) (0.1 ) — — 327 0.7 Stock-based compensation 447 1.4 — — — — Other, net 194 0.6 (132 ) (0.4 ) 330 0.7 $ 6,531 21.5 % $ 14,872 40.8 % $ 18,415 36.4 % |
Components of Net Deferred Tax Liabilities | (c) The components of net deferred tax liabilities were as follows: As of September 30, 2018 2017 Deferred tax assets - Valuation reserves and non-deductible $ 1,473 $ 1,762 Stock compensation expense not deductible 2,033 3,367 Net operating loss and tax credit carryforwards 433 743 Basis difference in equity-method investee 302 302 Inventory basis differences 383 1,269 Other (530 ) (289 ) Subtotal 4,094 7,154 Less valuation allowance (302 ) (342 ) Deferred tax assets 3,792 6,812 Deferred tax liabilities - Fixed asset basis differences and depreciation (1,913 ) (1,325 ) Intangible asset basis differences and amortization (5,518 ) (9,784 ) Deferred tax liabilities (7,431 ) (11,109 ) Net deferred tax liabilities $ (3,639 ) $ (4,297 ) |
Unrecognized Tax Benefits | A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows: 2018 2017 Unrecognized income tax benefits beginning of year $ 517 $ 502 Additions for tax positions of prior years — 144 Tax examination and other settlements (161 ) (129 ) Expiration of statute of limitations (94 ) — Unrecognized income tax benefits at end of year $ 262 $ 517 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
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, 2018 2017 2016 Risk-free interest rates 2.10 % 1.34 % 1.63 % Dividend yield 3.3 % 4.1 % 4.4 % Life of option 6.47 yrs. 6.44 yrs. 6.39 yrs. Share price volatility 30 % 27 % 31 % Forfeitures (by employee group) 0%-16 % 0%-19 % 0%-16 % |
Summary of Stock Option Plans | A summary of the status of our stock option plans as of September 30, 2018, and changes during the year ended September 30, 2018, is presented in the table and narrative below: Options Wtd Avg Wtd Avg Aggregate Outstanding beginning of period 942 $ 19.98 Grants 479 14.85 Exercises (12 ) 14.65 Forfeitures (184 ) 15.38 Cancellations (130 ) 28.36 Outstanding end of period 1,095 $ 17.56 7.02 $ 249 Exercisable end of period 706 $ 18.70 5.98 $ 147 |
Summary of Nonvested Options | A summary of the status of our nonvested options as of September 30, 2018, and changes during the year ended September 30, 2018, is presented below: Options Weighted- Nonvested beginning of period 281 $ 3.00 Granted 479 3.27 Vested (188 ) 3.09 Forfeitures (83 ) 2.99 Cancelled (100 ) 3.22 Nonvested end of period 389 $ 3.24 |
Reportable Segments and Major_2
Reportable Segments and Major Concentration Data (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
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, 2018 2017 2016 Customer A $ 22,490 (11 )% $ 22,397 (11 )% $ 20,246 (10 )% Customer B $ 22,040 (10 )% $ 17,825 (9 )% $ 19,585 (10 )% |
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, 2018 2017 2016 United States $ 125,959 $ 119,332 $ 122,264 Italy 7,648 6,601 6,717 France 2,363 1,856 1,619 United Kingdom 2,337 1,789 2,018 Belgium 1,719 1,517 1,471 Holland 1,460 1,297 1,215 Japan 1,263 2,209 1,665 Other countries 7,705 8,920 8,145 Total Diagnostics $ 150,454 $ 143,521 $ 145,114 Year Ended September 30, 2018 2017 2016 United States $ 20,442 $ 19,627 $ 19,212 China 8,329 5,893 4,077 Germany 8,198 7,400 6,999 United Kingdom 5,190 5,574 5,581 Spain 4,179 3,206 2,917 Australia 3,617 3,999 3,163 South Korea 2,040 2,306 1,043 France 2,037 1,791 1,054 Japan 1,928 1,374 1,542 Other countries 7,157 6,080 5,380 Total Life Science $ 63,117 $ 57,250 $ 50,968 |
Segment Information | Segment information for the years ended September 30, 2018, 2017 and 2016 is as follows: Diagnostics Life Science Unallocated Total Fiscal Year 2018 - Net revenues – Third-party $ 150,454 $ 63,117 $ — $ 213,571 Inter-segment 392 397 (789 ) — Operating income 29,701 14,912 (13,029 ) 31,584 Depreciation and amortization 6,557 2,131 — 8,688 Capital expenditures 2,477 1,724 — 4,201 Goodwill 35,213 19,424 — 54,637 Other intangible assets 22,068 1,045 — 23,113 Total assets 180,978 70,341 58 251,377 Fiscal Year 2017 - Net revenues – Third-party $ 143,521 $ 57,250 $ — $ 200,771 Inter-segment 389 537 (926 ) — Operating income 23,848 14,086 (552 ) 37,382 Depreciation and amortization 7,037 2,053 — 9,090 Capital expenditures 2,554 1,913 — 4,467 Goodwill 35,213 19,713 — 54,926 Other intangible assets 24,973 1,731 — 26,704 Total assets 180,226 69,938 (387 ) 249,777 Fiscal Year 2016 - Net revenues – Third-party $ 145,114 $ 50,968 $ — $ 196,082 Inter-segment 289 893 (1,182 ) — Operating income 38,202 12,997 179 51,378 Depreciation and amortization 5,471 2,247 — 7,718 Capital expenditures 2,690 1,314 — 4,004 Goodwill 42,608 19,374 — 61,982 Other intangible assets 27,534 2,321 — 29,855 Total assets 185,446 66,624 (42 ) 252,028 (1) Unallocated costs for the fiscal years 2018 and 2017 total $13,051 and $762, respectively, and are comprised of Restructuring and Litigation Costs, as set forth within the accompanying Condensed Consolidated Statements of Operations. Eliminations consist of inter-segment transactions. |
Pre-tax Earnings Table | A reconciliation of segment operating expenses to consolidated earnings before income taxes for the years ended September 30, 2018, 2017 and 2016 is as follows: Year Ended September 30, 2018 2017 2016 Segment operating income $ 44,635 $ 38,144 $ 51,378 Restructuring and litigation costs (13,051 ) (762 ) — Interest income 418 171 67 Interest expense (1,520 ) (1,642 ) (897 ) Other, net (102 ) 518 96 Consolidated earnings before income taxes $ 30,380 $ 36,429 $ 50,644 |
Quarterly Financial Data (Table
Quarterly Financial Data (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Quarterly Financial Data | For the Quarter Ended in Fiscal 2018 December 31 March 31 June 30 September 30 Net revenues $ 52,283 $ 56,451 $ 51,737 $ 53,100 Gross profit 31,786 34,569 31,956 32,150 Net earnings 6,302 5,288 6,825 5,434 Basic earnings per common share 0.15 0.12 0.16 0.13 Diluted earnings per common share 0.15 0.12 0.16 0.13 Cash dividends per common share 0.125 0.125 0.125 0.125 For the Quarter Ended in Fiscal 2017 December 31 March 31 June 30 September 30 Net revenues $ 46,809 $ 54,125 $ 50,140 $ 49,697 Gross profit 29,039 33,477 31,146 30,630 Net earnings 6,279 9,312 240 5,726 Basic earnings per common share 0.15 0.22 0.01 0.14 Diluted earnings per common share 0.15 0.22 0.01 0.13 Cash dividends per common share 0.200 0.125 0.125 0.125 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Components of Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 |
Cash and Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | $ 59,763 | $ 57,072 | $ 47,226 | $ 49,973 |
Institutional Money Market Funds [Member] | ||||
Cash and Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | 20,421 | 20,104 | ||
Cash [Member] | ||||
Cash and Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | 39,342 | 36,968 | ||
Cash and Equivalents [Member] | ||||
Cash and Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | 1,000 | 1,000 | ||
Cash and Equivalents [Member] | Other Restricted Cash [Member] | ||||
Cash and Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | $ 1,000 | $ 1,000 |
Significant Accounting Policies
Significant Accounting Policies - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Schedule Of Accounting Policies [Line Items] | ||||||
Indefinite-Lived intangible assets other than goodwill | $ 0 | |||||
Goodwill impairment charge | $ 6,628,000 | |||||
Intangible Assets Impairments | 0 | $ 0 | ||||
Changes in Goodwill | (7,056,000) | |||||
Amortization of intangible assets | 3,433,000 | 3,776,000 | 2,690,000 | |||
2,019 | 3,328,000 | |||||
2,020 | 3,165,000 | |||||
2,021 | 2,560,000 | |||||
2,022 | 2,182,000 | |||||
2,023 | 2,170,000 | |||||
Distributor fees | 1,453,000 | 787,000 | 339,000 | |||
Accrued distributor price adjustments | $ 4,303,000 | 4,190,000 | ||||
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% | |||||
Income Tax Provision | $ 6,531,000 | 14,872,000 | 18,415,000 | |||
ASU 2016-09 [Member] | ||||||
Schedule Of Accounting Policies [Line Items] | ||||||
Income Tax Provision | $ 160,000 | 180,000 | ||||
Currency Translation Adjustment [Member] | ||||||
Schedule Of Accounting Policies [Line Items] | ||||||
Changes in Goodwill | $ (289,000) | 339,000 | ||||
Magellan [Member] | ||||||
Schedule Of Accounting Policies [Line Items] | ||||||
Goodwill impairment charge | 6,628,000 | |||||
Changes in Goodwill | (767,000) | |||||
Scenario, Forecast [Member] | Accounting Standards Update 2014-09 [Member] | ||||||
Schedule Of Accounting Policies [Line Items] | ||||||
New accounting pronouncements, effect on retained earnings | $ 150,000 | |||||
Buildings and Improvements [Member] | Minimum [Member] | ||||||
Schedule Of Accounting Policies [Line Items] | ||||||
Estimated useful life | 18 years | |||||
Buildings and Improvements [Member] | Maximum [Member] | ||||||
Schedule Of Accounting Policies [Line Items] | ||||||
Estimated useful life | 40 years | |||||
Machinery, Equipment and Furniture [Member] | Minimum [Member] | ||||||
Schedule Of Accounting Policies [Line Items] | ||||||
Estimated useful life | 3 years | |||||
Machinery, Equipment and Furniture [Member] | Maximum [Member] | ||||||
Schedule Of Accounting Policies [Line Items] | ||||||
Estimated useful life | 10 years | |||||
Computer Equipment and Software [Member] | Minimum [Member] | ||||||
Schedule Of Accounting Policies [Line Items] | ||||||
Estimated useful life | 3 years | |||||
Computer Equipment and Software [Member] | Maximum [Member] | ||||||
Schedule Of Accounting Policies [Line Items] | ||||||
Estimated useful life | 5 years | |||||
Instruments Under Customer Reagent Rental Arrangements [Member] | ||||||
Schedule Of Accounting Policies [Line Items] | ||||||
Estimated useful life | 5 years | |||||
Leasehold Improvements [Member] | ||||||
Schedule Of Accounting Policies [Line Items] | ||||||
Estimated useful lives | Life of the lease | |||||
Inventory Realizability Reserves [Member] | ||||||
Schedule Of Accounting Policies [Line Items] | ||||||
Inventory Valuation Reserves | $ 1,971,000 | $ 2,059,000 | $ 2,680,000 | $ 2,456,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Acquired Intangible Assets Subject to Amortization (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Sep. 30, 2017 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 56,125 | $ 56,303 |
Accumulated Amortization | 33,012 | 29,599 |
Manufacturing Technologies, Core Products and Cell Lines [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 22,297 | 22,332 |
Accumulated Amortization | 13,974 | 12,807 |
Tradenames, Licenses and Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 8,647 | 8,689 |
Accumulated Amortization | 5,267 | 4,398 |
Customer Lists, Customer Relationships, and Supply Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 24,461 | 24,562 |
Accumulated Amortization | 13,051 | 11,854 |
Non-Compete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 720 | 720 |
Accumulated Amortization | $ 720 | $ 540 |
Restructuring - Summary of Rest
Restructuring - Summary of Restructuring Costs (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | $ 8,706 | $ 134 | $ 677 |
Restructuring Charges Excluding CEO Transition Costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | 6,332 | ||
Restructuring Charges Excluding CEO Transition Costs [Member] | Severance, Other Termination Benefits and Related Costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | 5,012 | ||
Restructuring Charges Excluding CEO Transition Costs [Member] | Lease and Other Contract Termination Fees [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | 353 | ||
Restructuring Charges Excluding CEO Transition Costs [Member] | Loss on Fixed Asset Disposals and Inventory Scrap [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | 225 | ||
Restructuring Charges Excluding CEO Transition Costs [Member] | Other [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | $ 742 |
Restructuring - Additional Info
Restructuring - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | $ 8,706 | $ 134 | $ 677 |
CEO Transition Cost [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | $ 2,374 |
Restructuring - Schedule of Acc
Restructuring - Schedule of Accrued Liability Associated With Restructuring Costs (Detail) - Diagnostics and Life Science Restructuring [Member] $ in Thousands | Sep. 30, 2018USD ($) |
Restructuring Cost and Reserve [Line Items] | |
Accrued liability associated with the restructuring costs | $ 1,026 |
Severance, Other Termination Benefits and Related Costs [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Accrued liability associated with the restructuring costs | 987 |
Lease and Other Contract Termination Fees [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Accrued liability associated with the restructuring costs | 33 |
Other [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Accrued liability associated with the restructuring costs | $ 6 |
Magellan Acquisition - Addition
Magellan Acquisition - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 24, 2016 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | Jun. 30, 2017 |
Acquisition Date [Line Items] | |||||
Proceeds from term loan | $ 59,860 | ||||
Cash consideration paid | $ 2,110 | ||||
Goodwill | 54,637 | $ 54,926 | $ 61,982 | ||
Goodwill impairment charge | 6,628 | ||||
Magellan [Member] | |||||
Acquisition Date [Line Items] | |||||
Total consideration paid | $ 67,874 | ||||
Goodwill | 40,591 | $ 33,963 | |||
Goodwill impairment charge | $ 6,628 | ||||
Magellan [Member] | Five - Year Term Loan [Member] | |||||
Acquisition Date [Line Items] | |||||
Proceeds from term loan | $ 60,000 | ||||
Cash consideration paid | $ 2,100 |
Inventories - Components of Inv
Inventories - Components of Inventories (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Sep. 30, 2017 |
Inventory [Line Items] | ||
Raw materials | $ 6,689 | $ 6,575 |
Work-in-process | 12,098 | 11,559 |
Total | 41,993 | 41,493 |
Instruments [Member] | ||
Inventory [Line Items] | ||
Finished goods | 1,191 | 1,460 |
Kits and Reagents [Member] | ||
Inventory [Line Items] | ||
Finished goods | $ 22,015 | $ 21,899 |
Bank Credit Arrangements - Addi
Bank Credit Arrangements - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Mar. 22, 2016 | |
Debt Instrument [Line Items] | |||
Notional balance | $ 60,000,000 | ||
Interest rate swap description | (i) notional reduction amounts and dates; (ii) LIBOR settlement rates; (iii) rate reset dates; and (iv) term/maturity. | ||
Interest rate swap asset | $ 1,722,000 | $ 815,000 | |
Bank credit arrangement, fixed interest rate percentage | 2.76% | ||
Credit facility with a commercial bank | $ 30,000,000 | ||
Expiration date of credit facility | Mar. 31, 2021 | ||
Borrowings outstanding under credit facility | $ 0 | $ 0 | |
Cash compensating balance | 1,000,000 | ||
Magellan [Member] | |||
Debt Instrument [Line Items] | |||
2,019 | 5,250,000 | ||
2,020 | 6,000,000 | ||
2,021 | $ 39,000,000 | ||
Five - Year Term Loan [Member] | Magellan [Member] | |||
Debt Instrument [Line Items] | |||
Term loan | $ 60,000,000 |
Income Taxes - Earnings Before
Income Taxes - Earnings Before Income Taxes and Related Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 27,787 | $ 31,885 | $ 44,795 |
Foreign | 2,593 | 4,544 | 5,849 |
Earnings Before Income Taxes | 30,380 | 36,429 | 50,644 |
Federal | |||
Current | 6,030 | 11,262 | 16,178 |
Income Tax Provision | 6,531 | 14,872 | 18,415 |
Fixed asset basis differences and depreciation | 410 | (181) | (45) |
Intangible asset basis differences and amortization | (4,052) | (1,158) | (744) |
Currently non-deductible expenses and reserves | 1,206 | 884 | (694) |
Stock-based compensation | 1,379 | (635) | 129 |
Net operating loss carryforwards utilized | 61 | 1,831 | |
Tax credit carryforwards utilized | 181 | 67 | 41 |
Other, net | (148) | 99 | 181 |
Subtotal | 5,067 | 12,169 | 15,046 |
State and local | 1,066 | 1,900 | 2,421 |
Foreign | $ 398 | $ 803 | $ 948 |
Income Taxes - Reconciliation B
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 ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |||
Computed income taxes at statutory rate | $ 7,443 | $ 12,750 | $ 17,719 |
Increase (decrease) in taxes resulting from - | |||
State and local income taxes | 982 | 1,093 | 1,329 |
U.S. tax law change | (2,655) | ||
One-time repatriation tax | 876 | ||
Foreign tax rate differences | (104) | (281) | (337) |
Qualified domestic production incentives | (550) | (1,012) | (1,290) |
Acquisition-related costs | 215 | ||
Uncertain tax position activity | (62) | 134 | 122 |
Goodwill impairment charge | 2,320 | ||
Valuation allowance | (40) | 327 | |
Stock-based compensation | 447 | ||
Other, net | 194 | (132) | 330 |
Income Tax Provision | $ 6,531 | $ 14,872 | $ 18,415 |
Computed income taxes at statutory rate | 24.50% | 35.00% | 35.00% |
State and local income taxes, rate | 3.20% | 3.00% | 2.60% |
U.S. tax law change, rate | (8.70%) | ||
One-time repatriation tax, rate | 2.90% | ||
Foreign tax rate differences, rate | (0.30%) | (0.80%) | (0.70%) |
Qualified domestic production incentives, rate | (1.80%) | (2.80%) | (2.50%) |
Acquisition-related costs, rate | 0.40% | ||
Uncertain tax position activity, rate | (0.20%) | 0.40% | 0.20% |
Goodwill impairment charge, rate | 6.40% | ||
Valuation allowance, rate | (0.10%) | 0.70% | |
Stock-based compensation | 1.40% | ||
Other, net, rate | 0.60% | (0.40%) | 0.70% |
Total, rate | 21.50% | 40.80% | 36.40% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Taxes Disclosure [Line Items] | ||||
Tax benefit from tax reform act | $ (2,655) | |||
Tax rate used for re-measurement of temporary differences expected to be realized during fiscal 2018 | 24.50% | |||
Tax rate used for re-measurement of remaining temporary differences | 21.00% | |||
Tax expense for mandatory US repatriation transition tax | $ 876 | |||
Deferred tax assets operating loss and tax credit carryforwards | 433 | $ 743 | ||
Deferred tax assets | 3,792 | 6,812 | ||
Unrecognized income tax benefits | 262 | 517 | $ 517 | $ 502 |
Amount of unrecognized tax benefits which would favorably affect the effective tax rate if recognized | 150 | |||
Penalties and interest | 84 | 35 | ||
Accrued for the payment of interest and penalties | $ 162 | 165 | ||
Uncertain tax positions expected to be paid or settled | 12 months | |||
Domestic [Member] | ||||
Income Taxes Disclosure [Line Items] | ||||
Deferred tax assets operating loss and tax credit carryforwards | $ 303 | 546 | ||
Operating loss carryforwards, expiration period start year | 2,023 | |||
Operating loss carryforwards, expiration period end year | 2,036 | |||
Aggregate amount of federal, state and foreign operating loss carryforwards | $ 490 | |||
Open Tax Years | 2015, fiscal 2016 and fiscal 2017 | |||
Foreign [Member] | ||||
Income Taxes Disclosure [Line Items] | ||||
Deferred tax assets operating loss and tax credit carryforwards | $ 130 | $ 197 | ||
Aggregate amount of federal, state and foreign operating loss carryforwards | $ 381 | |||
Open Tax Years | 2013 and forward | |||
State [Member] | ||||
Income Taxes Disclosure [Line Items] | ||||
Operating loss carryforwards, expiration period start year | 2,028 | |||
Operating loss carryforwards, expiration period end year | 2,036 | |||
Aggregate amount of federal, state and foreign operating loss carryforwards | $ 2,186 |
Income Taxes - Components of Ne
Income Taxes - Components of Net Deferred Tax Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Sep. 30, 2017 |
Deferred tax assets - | ||
Valuation reserves and non-deductible expenses | $ 1,473 | $ 1,762 |
Stock compensation expense not deductible | 2,033 | 3,367 |
Net operating loss and tax credit carryforwards | 433 | 743 |
Basis difference in equity-method investee | 302 | 302 |
Inventory basis differences | 383 | 1,269 |
Other | (530) | (289) |
Subtotal | 4,094 | 7,154 |
Less valuation allowance | (302) | (342) |
Deferred tax assets | 3,792 | 6,812 |
Deferred tax liabilities - | ||
Fixed asset basis differences and depreciation | (1,913) | (1,325) |
Intangible asset basis differences and amortization | (5,518) | (9,784) |
Deferred tax liabilities | (7,431) | (11,109) |
Net deferred tax liabilities | $ (3,639) | $ (4,297) |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||
Unrecognized income tax benefits beginning of year | $ 517 | $ 502 |
Additions for tax positions of prior years | 144 | |
Tax examination and other settlements | (161) | (129) |
Expiration of statute of limitations | (94) | |
Unrecognized income tax benefits at end of year | $ 262 | $ 517 |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) $ / shares in Units, $ in Thousands | 12 Months Ended | 15 Months Ended | 36 Months Ended | ||
Sep. 30, 2018USD ($)Stock_Plan$ / sharesshares | Sep. 30, 2017USD ($)$ / sharesshares | Sep. 30, 2016USD ($)$ / sharesshares | Dec. 31, 2016 | Sep. 30, 2018USD ($)Stock_Plan$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percentage of employers contribution as percentage of employees contribution | 100.00% | ||||
Maximum percentage of employers contribution on eligible compensation | 4.00% | 3.00% | |||
Discretionary and matching contributions to plan | $ 2,118 | $ 1,912 | $ 1,631 | ||
Number of active stock-based compensation plan | Stock_Plan | 2 | 2 | |||
Options granted, authorizing limit | shares | 2,707,000 | 2,707,000 | |||
Rate of exercise price of underlying common shares | 100.00% | ||||
Weighted average grant-date fair value | $ / shares | $ 3.27 | $ 2.65 | $ 3.46 | ||
Weighted average remaining vesting period | 1 year 7 months 17 days | ||||
Number of restricted share units vested | shares | 175,000 | ||||
Stock-based compensation | $ 3,402 | $ 3,381 | $ 2,911 | ||
Total income tax benefit recognized in stock-based compensation arrangements | $ 303 | 861 | 1,100 | ||
Stock compensation expense expected period for recognition | 2019 through 2023 | ||||
Stock compensation expense to adjust estimated forfeiture rates to actual | $ 106 | 106 | 76 | ||
Total intrinsic value of options exercised | 2 | 9 | 616 | ||
Total grant-date fair value of options that vested | 580 | 494 | 474 | ||
Cash received from options exercised | 183 | 302 | 2,364 | ||
Tax expense recorded to additional paid-in capital from option exercises | $ 0 | $ 431 | $ 70 | ||
Restricted Stock Units and Restricted Stock Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted share units granted | shares | 1,220 | ||||
Weighted-average grant date fair value of restricted share units granted | $ / shares | $ 14.65 | $ 16.93 | $ 19.38 | ||
Weighted-average grant date fair value | $ / shares | $ 21.32 | ||||
Restricted share units outstanding | shares | 555,000 | 555,000 | |||
Weighted average grant date fair value of outstanding restricted share units | $ / shares | $ 16.69 | $ 16.69 | |||
Intrinsic value of restricted share units | $ 8,272 | $ 8,272 | |||
Stock-based compensation | 2,609 | $ 2,719 | $ 2,351 | ||
Stock-based compensation | $ 2,317 | $ 2,317 | |||
Restricted Stock Units and Restricted Stock Shares [Member] | Chief Executive Officer [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted share units granted | shares | 13,000 | ||||
Weighted-average grant date fair value | $ / shares | $ 14.50 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100.00% | ||||
Restricted Stock Units and Restricted Stock Shares [Member] | Chief Executive Officer [Member] | Amended and Restated Employment Agreement [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted share units granted | shares | 25,000 | 25,000 | |||
Weighted-average grant date fair value | $ / shares | $ 19.09 | $ 17.03 | |||
Restricted Stock Units and Restricted Stock Shares [Member] | Former Chief Executive Officer [Member] | Amended and Restated Employment Agreement [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted share units granted | shares | 25,000 | ||||
Weighted-average grant date fair value | $ / shares | $ 15.30 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | If specified revenue and earnings per share targets were achieved for fiscal 2018. As a result of the fiscal 2018 performance targets related to this grant being achieved, these restricted share units have fully vested. | ||||
2004 Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares authorized for grant | shares | 3,000,000 | 3,000,000 | |||
Granted, Shares | shares | 1,338,000 | ||||
Maximum terms | 10 years | ||||
2012 Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares authorized for grant | shares | 3,000,000 | 3,000,000 | |||
Granted, Shares | shares | 1,955,000 | ||||
Maximum terms | 10 years | ||||
Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation | $ 793 | $ 662 | $ 560 | ||
Stock-based compensation | $ 571 | $ 571 | |||
Stock Options [Member] | Chief Executive Officer [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted, Shares | shares | 100,000 | ||||
Weighted average grant-date fair value | $ / shares | $ 3.19 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years |
Employee Benefits - Black-Schol
Employee Benefits - Black-Scholes Option Pricing Model to Determine Grant-date Fair Value for Stock Options (Detail) | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Risk-free interest rates | 2.10% | 1.34% | 1.63% |
Dividend yield | 3.30% | 4.10% | 4.40% |
Life of option | 6 years 5 months 19 days | 6 years 5 months 8 days | 6 years 4 months 20 days |
Share price volatility | 30.00% | 27.00% | 31.00% |
Forfeitures (by employee group) Minimum | 0.00% | 0.00% | 0.00% |
Forfeitures (by employee group) Maximum | 16.00% | 19.00% | 16.00% |
Employee Benefits - Summary of
Employee Benefits - Summary of Stock Option Plans (Detail) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended |
Sep. 30, 2018USD ($)$ / sharesshares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Outstanding beginning of period, Options | shares | 942 |
Grants, Options | shares | 479 |
Exercises, Options | shares | (12) |
Forfeitures, Options | shares | (184) |
Cancellations, Options | shares | (130) |
Outstanding end of period, Options | shares | 1,095 |
Exercisable end of period, Options | shares | 706 |
Outstanding beginning of period, Weighted Average Exercise Price | $ / shares | $ 19.98 |
Grants, Weighted Average Exercise Price | $ / shares | 14.85 |
Exercises, Weighted average exercise price | $ / shares | 14.65 |
Forfeitures, Weighted average exercise price | $ / shares | 15.38 |
Cancellations, Weighted average exercise price | $ / shares | 28.36 |
Outstanding end of period, Weighted Average Exercise Price | $ / shares | 17.56 |
Exercisable end of period, Weighted average exercise price | $ / shares | $ 18.70 |
Outstanding end of period, Weighted Average remaining life | 7 years 7 days |
Exercisable end of period, Weighted Average remaining life | 5 years 11 months 23 days |
Outstanding end of period, Aggregate intrinsic value | $ | $ 249 |
Exercisable end of period, Aggregate intrinsic value | $ | $ 147 |
Employee Benefits - Summary o_2
Employee Benefits - Summary of Nonvested Options (Detail) - $ / shares shares in Thousands | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Nonvested beginning of period, Options | 281 | ||
Granted, Options | 479 | ||
Vested, Options | (188) | ||
Forfeitures, Options | (83) | ||
Cancelled, Options | (100) | ||
Nonvested end of period, Options | 389 | 281 | |
Nonvested beginning of period, Weighted Average Grant Date Fair Value | $ 3 | ||
Granted, Weighted Average Grant Date Fair Value | 3.27 | $ 2.65 | $ 3.46 |
Vested, Weighted Average Grant Date Fair Value | 3.09 | ||
Forfeitures, Weighted Average Grant Date Fair Value | 2.99 | ||
Cancelled, Weighted Average Grant Date Fair Value | 3.22 | ||
Nonvested end of period, Weighted Average Grant Date Fair Value | $ 3.24 |
Non-Current Liabilities - Addit
Non-Current Liabilities - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Sep. 30, 2017 |
Liabilities, Noncurrent [Abstract] | ||
Post-retirement benefits obligations | $ 1,864 | $ 1,613 |
Reserves for potential future severance indemnity | $ 713 | $ 652 |
Reportable Segments and Major_3
Reportable Segments and Major Concentration Data - Consolidated Net Revenues (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Entity Wide Portfolio Carrying Amount, Major Customer [Line Items] | |||||||||||
Revenues | $ 53,100 | $ 51,737 | $ 56,451 | $ 52,283 | $ 49,697 | $ 50,140 | $ 54,125 | $ 46,809 | $ 213,571 | $ 200,771 | $ 196,082 |
Customer A [Member] | Customer Concentration Risk [Member] | Revenues [Member] | |||||||||||
Entity Wide Portfolio Carrying Amount, Major Customer [Line Items] | |||||||||||
Revenues | $ 22,490 | $ 22,397 | $ 20,246 | ||||||||
Concentration percentage | 11.00% | 11.00% | 10.00% | ||||||||
Customer B [Member] | Customer Concentration Risk [Member] | Revenues [Member] | |||||||||||
Entity Wide Portfolio Carrying Amount, Major Customer [Line Items] | |||||||||||
Revenues | $ 22,040 | $ 17,825 | $ 19,585 | ||||||||
Concentration percentage | 10.00% | 9.00% | 10.00% |
Reportable Segments and Major_4
Reportable Segments and Major Concentration Data - Additional Information (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2018USD ($)Customer | Sep. 30, 2017USD ($)Customer | Sep. 30, 2016USD ($) | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | $ 53,100 | $ 51,737 | $ 56,451 | $ 52,283 | $ 49,697 | $ 50,140 | $ 54,125 | $ 46,809 | $ 213,571 | $ 200,771 | $ 196,082 |
Identifiable assets | 251,377 | 249,777 | 251,377 | 249,777 | 252,028 | ||||||
Diagnostics [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | $ 150,454 | $ 143,521 | $ 145,114 | ||||||||
Customer Concentration Risk [Member] | Two Diagnostic Distributor Customers [Member] | Consolidated Accounts Receivable [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Number of major customers | Customer | 2 | 2 | |||||||||
Concentration risk percentage | 12.00% | 11.00% | |||||||||
Third-Party Vendor [Member] | Segment, Third-Party Sales Revenue [Member] | Diagnostics [Member] | Two Foodborne Products [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Concentration risk percentage | 9.00% | 10.00% | 11.00% | ||||||||
Foreign Customers, Combined International for Diagnostics and Life Science [Member] | Segment, Third-Party Sales Revenue [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | $ 67,170 | $ 61,812 | $ 54,606 | ||||||||
Product Concentration Risk [Member] | Segment, Third-Party Sales Revenue [Member] | Three Product Families [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Concentration risk percentage | 59.00% | 60.00% | 66.00% | ||||||||
United Kingdom [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Identifiable assets | 14,816 | 15,755 | $ 14,816 | $ 15,755 | |||||||
United Kingdom [Member] | Diagnostics [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 2,337 | 1,789 | $ 2,018 | ||||||||
Germany [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Identifiable assets | 7,706 | 6,915 | 7,706 | 6,915 | |||||||
Italy [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Identifiable assets | 7,334 | 7,712 | 7,334 | 7,712 | |||||||
Italy [Member] | Diagnostics [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 7,648 | 6,601 | $ 6,717 | ||||||||
Australia [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Identifiable assets | $ 3,543 | $ 4,376 | $ 3,543 | $ 4,376 |
Reportable Segments and Major_5
Reportable Segments and Major Concentration Data - Significant Revenue Information by Country for Diagnostics and Life Science Reportable Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | $ 53,100 | $ 51,737 | $ 56,451 | $ 52,283 | $ 49,697 | $ 50,140 | $ 54,125 | $ 46,809 | $ 213,571 | $ 200,771 | $ 196,082 |
Diagnostics [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 150,454 | 143,521 | 145,114 | ||||||||
Diagnostics [Member] | United States [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 125,959 | 119,332 | 122,264 | ||||||||
Diagnostics [Member] | Italy [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 7,648 | 6,601 | 6,717 | ||||||||
Diagnostics [Member] | France [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 2,363 | 1,856 | 1,619 | ||||||||
Diagnostics [Member] | United Kingdom [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 2,337 | 1,789 | 2,018 | ||||||||
Diagnostics [Member] | Belgium [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 1,719 | 1,517 | 1,471 | ||||||||
Diagnostics [Member] | Holland [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 1,460 | 1,297 | 1,215 | ||||||||
Diagnostics [Member] | Japan [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 1,263 | 2,209 | 1,665 | ||||||||
Diagnostics [Member] | Other Countries [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 7,705 | 8,920 | 8,145 | ||||||||
Life Science [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 63,117 | 57,250 | 50,968 | ||||||||
Life Science [Member] | United States [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 20,442 | 19,627 | 19,212 | ||||||||
Life Science [Member] | France [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 2,037 | 1,791 | 1,054 | ||||||||
Life Science [Member] | United Kingdom [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 5,190 | 5,574 | 5,581 | ||||||||
Life Science [Member] | Japan [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 1,928 | 1,374 | 1,542 | ||||||||
Life Science [Member] | Other Countries [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 7,157 | 6,080 | 5,380 | ||||||||
Life Science [Member] | China [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 8,329 | 5,893 | 4,077 | ||||||||
Life Science [Member] | Germany [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 8,198 | 7,400 | 6,999 | ||||||||
Life Science [Member] | Spain [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 4,179 | 3,206 | 2,917 | ||||||||
Life Science [Member] | Australia [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 3,617 | 3,999 | 3,163 | ||||||||
Life Science [Member] | South Korea [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | $ 2,040 | $ 2,306 | $ 1,043 |
Reportable Segments and Major_6
Reportable Segments and Major Concentration Data - Segment Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | $ 53,100 | $ 51,737 | $ 56,451 | $ 52,283 | $ 49,697 | $ 50,140 | $ 54,125 | $ 46,809 | $ 213,571 | $ 200,771 | $ 196,082 |
Operating income | 31,584 | 37,382 | 51,378 | ||||||||
Depreciation and amortization | 8,688 | 9,090 | 7,718 | ||||||||
Capital expenditures | 4,201 | 4,467 | 4,004 | ||||||||
Goodwill | 54,637 | 54,926 | 54,637 | 54,926 | 61,982 | ||||||
Other intangible assets | 23,113 | 26,704 | 23,113 | 26,704 | 29,855 | ||||||
Total assets | 251,377 | 249,777 | 251,377 | 249,777 | 252,028 | ||||||
Restructuring and litigation costs | 13,051 | 762 | |||||||||
Diagnostics [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 150,454 | 143,521 | 145,114 | ||||||||
Life Science [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 63,117 | 57,250 | 50,968 | ||||||||
Operating Segments [Member] | Diagnostics [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 150,454 | 143,521 | 145,114 | ||||||||
Operating income | 29,701 | 23,848 | 38,202 | ||||||||
Depreciation and amortization | 6,557 | 7,037 | 5,471 | ||||||||
Capital expenditures | 2,477 | 2,554 | 2,690 | ||||||||
Goodwill | 35,213 | 35,213 | 35,213 | 35,213 | 42,608 | ||||||
Other intangible assets | 22,068 | 24,973 | 22,068 | 24,973 | 27,534 | ||||||
Total assets | 180,978 | 180,226 | 180,978 | 180,226 | 185,446 | ||||||
Net revenues | 392 | 389 | 289 | ||||||||
Operating Segments [Member] | Life Science [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 63,117 | 57,250 | 50,968 | ||||||||
Operating income | 14,912 | 14,086 | 12,997 | ||||||||
Depreciation and amortization | 2,131 | 2,053 | 2,247 | ||||||||
Capital expenditures | 1,724 | 1,913 | 1,314 | ||||||||
Goodwill | 19,424 | 19,713 | 19,424 | 19,713 | 19,374 | ||||||
Other intangible assets | 1,045 | 1,731 | 1,045 | 1,731 | 2,321 | ||||||
Total assets | 70,341 | 69,938 | 70,341 | 69,938 | 66,624 | ||||||
Net revenues | 397 | 537 | 893 | ||||||||
Unallocated Costs and Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating income | (13,029) | (552) | 179 | ||||||||
Total assets | $ 58 | $ (387) | 58 | (387) | (42) | ||||||
Net revenues | (789) | (926) | $ (1,182) | ||||||||
Unallocated Costs [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Restructuring and litigation costs | $ 13,051 | $ 762 |
Reportable Segments and Major_7
Reportable Segments and Major Concentration Data - Pre-tax Earnings Table (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Segment Reporting [Abstract] | |||
Segment operating income | $ 44,635 | $ 38,144 | $ 51,378 |
Restructuring and litigation costs | (13,051) | (762) | |
Interest income | 418 | 171 | 67 |
Interest expense | (1,520) | (1,642) | (897) |
Other, net | (102) | 518 | 96 |
Earnings Before Income Taxes | $ 30,380 | $ 36,429 | $ 50,644 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Commitments Contingencies And Litigation [Line Items] | |||
Annual royalty expenses | $ 2,579,000 | $ 2,600,000 | $ 3,134,000 |
2,019 | 11,271,000 | ||
2020 - 2023 | 127,000 | ||
Thereafter | 0 | ||
Expenses under operating leases | 2,457,000 | 2,140,000 | $ 1,966,000 |
2,019 | 1,866,000 | ||
2,020 | 1,700,000 | ||
2,021 | 1,461,000 | ||
2,022 | 978,000 | ||
2,023 | 876,000 | ||
Payments for indemnifications | 0 | 0 | |
Liabilities for indemnifications | $ 0 | $ 0 | |
Diagnostics [Member] | |||
Commitments Contingencies And Litigation [Line Items] | |||
Percentage of total royalty expense | 86.00% | ||
Diagnostics [Member] | Minimum [Member] | |||
Commitments Contingencies And Litigation [Line Items] | |||
Percentage of royalty payable | 4.00% | ||
Diagnostics [Member] | Maximum [Member] | |||
Commitments Contingencies And Litigation [Line Items] | |||
Percentage of royalty payable | 8.00% |
Quarterly Financial Data - Summ
Quarterly Financial Data - Summary of Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net revenues | $ 53,100 | $ 51,737 | $ 56,451 | $ 52,283 | $ 49,697 | $ 50,140 | $ 54,125 | $ 46,809 | $ 213,571 | $ 200,771 | $ 196,082 |
Gross profit | 32,150 | 31,956 | 34,569 | 31,786 | 30,630 | 31,146 | 33,477 | 29,039 | 130,461 | 124,292 | 127,212 |
Net earnings | $ 5,434 | $ 6,825 | $ 5,288 | $ 6,302 | $ 5,726 | $ 240 | $ 9,312 | $ 6,279 | $ 23,849 | $ 21,557 | $ 32,229 |
Basic earnings per common share | $ 0.13 | $ 0.16 | $ 0.12 | $ 0.15 | $ 0.14 | $ 0.01 | $ 0.22 | $ 0.15 | $ 0.56 | $ 0.51 | $ 0.77 |
Diluted earnings per common share | 0.13 | 0.16 | 0.12 | 0.15 | 0.13 | 0.01 | 0.22 | 0.15 | 0.56 | 0.51 | 0.76 |
Cash dividends per common share | $ 0.125 | $ 0.125 | $ 0.125 | $ 0.125 | $ 0.125 | $ 0.125 | $ 0.125 | $ 0.200 | $ 0.500 | $ 0.575 | $ 0.800 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Allowance for Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | $ 307 | $ 334 | $ 248 |
Charged to Costs and Expenses | 39 | 90 | 139 |
Deductions | (32) | (134) | (69) |
Other | (4) | 17 | 16 |
Balance at End of Period | 310 | 307 | 334 |
Inventory Realizability Reserves [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | 2,059 | 2,680 | 2,456 |
Charged to Costs and Expenses | 321 | 35 | 1,285 |
Deductions | (405) | (661) | (1,072) |
Other | (4) | 5 | 11 |
Balance at End of Period | 1,971 | 2,059 | 2,680 |
Valuation Allowances - Deferred Taxes [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | 342 | 342 | 15 |
Charged to Costs and Expenses | 327 | ||
Deductions | (40) | ||
Balance at End of Period | $ 302 | $ 342 | $ 342 |