Cover Page
Cover Page - shares | 3 Months Ended | |
Dec. 31, 2019 | Jan. 31, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Entity Interactive Data Current | Yes | |
Document Transition Report | false | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2019 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | MERIDIAN BIOSCIENCE INC | |
Entity Central Index Key | 0000794172 | |
Entity File Number | 0-14902 | |
Entity Tax Identification Number | 31-0888197 | |
Entity Incorporation, State or Country Code | OH | |
Current Fiscal Year End Date | --09-30 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Address, Address Line One | 3471 River Hills Drive | |
Entity Address, City or Town | Cincinnati | |
Entity Address, State or Province | OH | |
Entity Address, Postal Zip Code | 45244 | |
City Area Code | 513 | |
Local Phone Number | 271-3700 | |
Trading Symbol | VIVO | |
Security Exchange Name | NASDAQ | |
Title of 12(b) Security | Common Stock | |
Entity Common Stock, Shares Outstanding | 42,829,480 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | ||
NET REVENUES | $ 47,421 | $ 51,480 |
COST OF SALES | 19,981 | 19,908 |
GROSS PROFIT | 27,440 | 31,572 |
OPERATING EXPENSES | ||
Research and development | 4,824 | 3,967 |
Selling and marketing | 6,684 | 7,563 |
General and administrative | 8,756 | 8,902 |
Change in fair value of contingent consideration obligation | 1,187 | |
Restructuring costs | 275 | |
Selected legal costs | 320 | 589 |
Total operating expenses | 22,046 | 21,021 |
OPERATING INCOME | 5,394 | 10,551 |
OTHER INCOME (EXPENSE) | ||
Interest income | 111 | 149 |
Interest expense | (767) | (363) |
Other, net | (712) | 139 |
Total other expense | (1,368) | (75) |
EARNINGS BEFORE INCOME TAXES | 4,026 | 10,476 |
INCOME TAX PROVISION | 1,199 | 2,370 |
NET EARNINGS | $ 2,827 | $ 8,106 |
Earnings Per Share Data: | ||
BASIC EARNINGS PER COMMON SHARE | $ 0.07 | $ 0.19 |
DILUTED EARNINGS PER COMMON SHARE | $ 0.07 | $ 0.19 |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC | 42,789 | 42,446 |
EFFECT OF DILUTIVE STOCK OPTIONS AND RESTRICTED SHARE UNITS | 149 | 459 |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - DILUTED | 42,938 | 42,905 |
ANTI-DILUTIVE SECURITIES: | ||
Common share options and restricted share units | 1,407 | 684 |
DIVIDENDS DECLARED PER COMMON SHARE | $ 0.125 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | ||
NET EARNINGS | $ 2,827 | $ 8,106 |
Other comprehensive income (loss): | ||
Foreign currency translation adjustment | 2,768 | (716) |
Unrealized loss on cash flow hedge | (577) | |
Reclassification of gain on cash flow hedge | (77) | |
Income taxes related to items of other comprehensive income | 19 | 145 |
Other comprehensive income (loss), net of tax | 2,710 | (1,148) |
COMPREHENSIVE INCOME | $ 5,537 | $ 6,958 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net earnings | $ 2,827 | $ 8,106 |
Non-cash items included in net earnings: | ||
Depreciation of property, plant and equipment | 1,218 | 1,253 |
Amortization of intangible assets | 1,722 | 829 |
Stock-based compensation | 788 | 1,670 |
Deferred income taxes | 419 | 96 |
Change in accrued contingent consideration | 1,187 | |
Change in the following: | ||
Accounts receivable | 550 | 317 |
Inventories | (3,526) | (37) |
Prepaid expenses and other current assets | 1,434 | 539 |
Accounts payable and accrued expenses | (664) | (4,081) |
Income taxes payable | (464) | 991 |
Other, net | (203) | (197) |
Net cash provided by operating activities | 5,288 | 9,486 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of property, plant and equipment | (340) | (1,109) |
Net cash used for investing activities | (340) | (1,109) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Dividends paid | (5,301) | |
Payments on term loan | (1,125) | |
Proceeds from exercise of stock options | 66 | |
Net cash used for financing activities | (6,360) | |
Effect of Exchange Rate Changes on Cash and Equivalents and Restricted Cash | 1,212 | (257) |
Net Increase in Cash and Equivalents and Restricted Cash | 6,160 | 1,760 |
Cash and Equivalents and Restricted Cash at Beginning of Period | 62,397 | 60,763 |
Cash and Equivalents and Restricted Cash at End of Period | 68,557 | 62,523 |
Cash and Equivalents | $ 68,557 | 61,523 |
Restricted Cash | $ 1,000 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 |
Current Assets: | ||
Cash and equivalents | $ 68,557 | $ 62,397 |
Accounts receivable, less allowances of $527 and $537, respectively | 35,318 | 35,608 |
Inventories | 42,827 | 39,617 |
Prepaid expenses and other current assets | 5,730 | 7,139 |
Total current assets | 152,432 | 144,761 |
Property, Plant and Equipment, at Cost: | ||
Land | 985 | 982 |
Buildings and improvements | 31,928 | 31,904 |
Machinery, equipment and furniture | 65,320 | 64,155 |
Construction in progress | 943 | 522 |
Subtotal | 99,176 | 97,563 |
Less: accumulated depreciation and amortization | 68,681 | 66,996 |
Net property, plant and equipment | 30,495 | 30,567 |
Other Assets: | ||
Goodwill | 89,958 | 89,241 |
Other intangible assets, net | 58,586 | 60,243 |
Right-of-use assets | 6,041 | |
Deferred income taxes | 132 | 156 |
Other assets | 484 | 510 |
Total other assets | 155,201 | 150,150 |
Total assets | 338,128 | 325,478 |
Current Liabilities: | ||
Accounts payable | 7,932 | 7,238 |
Accrued employee compensation costs | 6,401 | 7,938 |
Accrued interest expense | 958 | 498 |
Current portion of acquisition consideration | 13,653 | |
Current operating lease obligations | 1,333 | |
Other accrued expenses | 2,977 | 3,260 |
Income taxes payable | 1,599 | 1,980 |
Total current liabilities | 34,853 | 20,914 |
Non-Current Liabilities: | ||
Acquisition consideration | 19,736 | 32,202 |
Post-employment benefits | 2,484 | 2,500 |
Long-term operating lease obligations | 4,480 | |
Long-term debt | 75,824 | 75,824 |
Long-term income taxes payable | 549 | 549 |
Deferred income taxes | 2,910 | 2,522 |
Total non-current liabilities | 105,983 | 113,597 |
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, 42,827,758 and 42,712,296 shares issued, respectively | ||
Additional paid-in capital | 133,622 | 132,834 |
Retained earnings | 65,935 | 63,108 |
Accumulated other comprehensive loss | (2,265) | (4,975) |
Total shareholders' equity | 197,292 | 190,967 |
Total liabilities and shareholders' equity | $ 338,128 | $ 325,478 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 |
Statement of Financial Position [Abstract] | ||
Allowances for accounts receivable | $ 527 | $ 537 |
Preferred stock, par value | ||
Preferred stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | ||
Common stock, shares authorized | 71,000,000 | 71,000,000 |
Common stock, shares issued | 42,827,758 | 42,712,296 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Shares Issued [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Beginning balance at Sep. 30, 2018 | $ 175,418 | $ 129,193 | $ 49,602 | $ (3,377) | |
Beginning balance, Shares at Sep. 30, 2018 | 42,400,000 | ||||
Cash dividends paid | (5,301) | (5,301) | |||
Conversion of restricted share units and exercise of stock options | 13 | 13 | |||
Conversion of restricted share units and exercise of stock options, Shares | 89,000 | ||||
Stock compensation expense | 1,670 | 1,670 | |||
Net earnings | 8,106 | 8,106 | |||
Foreign currency translation adjustment | (716) | (716) | |||
Hedging activity, net of tax | (432) | (432) | |||
Adoption of ASU | Accounting Standards Update 2014-09 [Member] | (116) | (116) | |||
Ending balance at Dec. 31, 2018 | 178,642 | 130,876 | 52,291 | (4,525) | |
Ending balance, Shares at Dec. 31, 2018 | 42,489,000 | ||||
Beginning balance at Sep. 30, 2019 | 190,967 | 132,834 | 63,108 | (4,975) | |
Beginning balance, Shares at Sep. 30, 2019 | 42,712,000 | ||||
Conversion of restricted share units and exercise of stock options, Shares | 116,000 | ||||
Stock compensation expense | 788 | 788 | |||
Net earnings | 2,827 | 2,827 | |||
Foreign currency translation adjustment | 2,768 | 2,768 | |||
Hedging activity, net of tax | (58) | (58) | |||
Ending balance at Dec. 31, 2019 | $ 197,292 | $ 133,622 | $ 65,935 | $ (2,265) | |
Ending balance, Shares at Dec. 31, 2019 | 42,828,000 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parenthetical) | 3 Months Ended |
Dec. 31, 2018$ / shares | |
Statement of Stockholders' Equity [Abstract] | |
Cash dividends per common share | $ 0.125 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 1. Basis of Presentation The interim condensed consolidated financial statements are unaudited and are prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information, and the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. In the opinion of Management, the interim financial statements include all normal adjustments and disclosures necessary to present fairly the Company’s financial position as of December 31, 2019, the results of its operations for the three - - 10-K. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. Significant Accounting Policies A summary of the Company’s significant accounting policies is included in Note 1 to the audited consolidated financial statements of the Company’s fiscal 201 9 10-K (a) Revenue Recognition – Revenue Disaggregation The following tables present our revenues disaggregated by major geographic region, major product platform and disease state (Diagnostics only): Revenue by Reportable Segment & Geographic Region Three Months Ended December 31, 2019 2018 Inc (Dec) Diagnostics- Americas $ $ (9 )% EMEA 6,500 5,802 12 % ROW 556 440 26 % Total Diagnostics 34,791 36,665 (5 )% Life Science- Americas 4,019 4,521 (11 )% EMEA 4,966 7,363 (33 )% ROW 3,645 2,931 24 % Total Life Science 12,630 14,815 (15 ) Consolidated $ 47,421 $ 51,480 (8 )% Three Months Ended December 31, 2019 2018 Inc (Dec) Diagnostics- Molecular assays $ 6,887 $ 7,231 (5 )% Immunoassays & blood chemistry assays 27,904 29,434 (5 )% Total Diagnostics $ 34,791 $ 36,665 (5 )% Life Science- Molecular reagents $ 5,357 $ 6,615 (19 )% Immunological reagents 7,273 8,200 (11 )% Total Life Science $ 12,630 $ 14,815 (15 ) Revenue by Disease State (Diagnostics only) Three Months Ended December 31, 2019 2018 Inc (Dec) Diagnostics- Gastrointestinal assays $ $ (14 )% Respiratory illness assays 7,749 7,981 (3 )% Blood chemistry assays 5,150 4,430 16 % Other 5,846 5,639 4 % Total Diagnostics $ 34,791 $ 36,665 (5 )% Revenue Policies Product Sales Revenue from contracts with customers is recognized in an amount that reflects the consideration we expect to receive in exchange for products when obligations under such contracts are satisfied. Revenue is generally recognized at a point-in-time Revenue is reduced in the period of sale for fees paid to distributors, which are inseparable from the distributor’s purchase of our product and for which we receive no goods or services in return. Revenue for the Diagnostics segment is reduced at the date of sale for product price adjustments payable 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 are netted against accounts receivable. Shipping and handling costs incurred after control of the product is transferred to our customers are treated as fulfillment costs and not a separate performance obligation. Our payment terms differ by jurisdiction and customer but payment is generally required in a term ranging from 30 to 90 days from the date of shipment or satisfaction of the performance obligation. 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. Practical Expedients and Exemptions Revenue is recognized net of any taxes collected from customers (sales tax, value added tax, etc.), which are subsequently remitted to government authorities. Our diagnostic assay 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. We expense as incurred the costs to obtain contracts, as the amortization period would be one year or less. These costs, recorded within selling and marketing expense, include our internal sales force compensation programs and certain partner sales incentive programs, as we have determined that annual compensation is commensurate with annual selling activities. Reagent Rental Arrangements Certain of our Diagnostics segment’s product platforms require the use of instruments for the tests to be processed. In many cases, a customer is given use of the instrument provided they continue purchasing the associated tests, also referred to as “consumables” or “reagents”. If a customer stops purchasing the consumables, the instrument must be returned to us. Such arrangements are common practice in the diagnostics industry and are referred to as “Reagent Rentals”. Reagent Rentals may also include instrument related services such as a limited replacement warranty, training and installation. We concluded that the use of the instrument and related services (collectively known as “lease elements”) are not within the scope of Accounting Standards Update (“ASU”) No. 2014-09 2016-02, Leases non-lease non-lease For the portion of the transaction price allocated to the non-lease point-in-time Revenue allocated to the lease elements of these Reagent Rental arrangements totaled approximately $1,150 and $1,050 in the three months ended December 31, 2019 and 2018, respectively, and are included as part of net revenues in our Condensed Consolidated Statements of Operations. (b) Fair Value Measurements – Assets and liabilities are recorded at fair value in accordance with Accounting Standards Codification (“ASC”) 820-10, Fair Value Measurements and Disclosures 820-10 820-10 Assets and liabilities measured and reported at fair value are classified and disclosed in one of the following categories based on inputs: Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities Level 2 Quoted prices in markets that are not active and financial instruments for which all significant inputs are observable, either directly or indirectly Level 3 Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable As described in Note 3 The following table provides information by level for financial assets and liabilities that are measured at fair value on a recurring basis, noting that there were no such items as of September 30, 2018: Fair Value Measurements Using Inputs Considered as Carrying Value Level 1 Level 2 Level 3 Contingent consideration - As of December 31, 2019 $ 28,389 $ — $ — $ 28,389 As of September 30, 2019 $ 27,202 $ — $ — $ 27,202 In connection with the acquisition of the business of GenePOC and as described up to inclu de earn-out include re-measured period, resulting in a value of $28,389 as of December 31, 2019. (c) Recent Accounting Pronouncements – Pronouncements Adopted On October 1, 2019, the Company adopted ASC 842, Leases right-of-use “Leasing Arrangements” non-lease (d) Reclassifications – Certain reclassifications have been made to the prior year financial statements to conform to the current year presentation. Such reclassifications had no impact on net earnings or shareholders’ equity. |
Acquisition of Business of Gene
Acquisition of Business of GenePOC | 3 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Acquisition of Business of GenePOC | 3. Acquisition of Business of GenePOC On June 3, 2019, we acquired the business of GenePOC Inc. (“GenePOC”), a Quebec City, Quebec Province, Canada based provider of molecular diagnostic instruments and assays. The purchase agreement contemplates a maximum total consideration of up to $120,000, which was as of the acquisition date. Pursuant to the purchase agreement, the maximum consideration is comprised of the following (noting that the valuation values the contingent consideration identified in (ii) and (iii) below at an aggregate amount of $27,202 as of the acquisition date): (i) a $50,000 cash payment on June 3, 2019, subject to a working capital adjustment and a holdback of $5,000 to secure selling party’s performance of certain post-closing obligations; (ii) two $10,000 installments contingent upon the achievement of certain product development milestones if achieved by September 30, 2020 and March 31, 2021, respectively; and (iii) up to $50,000 of contingent consideration payable if certain financial performance targets are achieved during the twelve-month period ending September 30, 2022. The total of the holdback identified in (i) above and the currently estimated value of the contingent consideration identified in (ii) and (iii) above are reflected within the accompanying Condensed Consolidated Balance Sheets as of December 31, 2019 as follows: Current liabilities Reflects anticipated settlement of the first product milestone payment and the holdback amounts in the first quarter of fiscal 2021. Non-current liabilities Reflects anticipated settlement of the second product We utilized cash and equivalents on hand and proceeds drawn from our $125,000 revolving credit facility, to finance the acquisition. Proceeds from the credit facility were also utilized to repay and settle the outstanding principal and interest due on our term loan (see Note 9 our our Purchase Price Allocation The recognized amounts of identifiable assets acquired and liabilities assumed in the acquisition of the GenePOC business are as follows: June 3, Measurement June 3, Fair value of assets acquired - Accounts receivable $ 58 $ (1 ) $ 57 Inventories 1,617 (106 ) 1,511 Other current assets 77 7 84 Property, plant and equipment 1,520 (96 ) 1,424 Goodwill 34,482 100 34,582 Other intangible assets (estimated useful life): License agreement (10 years) 5,990 — 5,990 Technology (15 years) 34,040 96 34,136 Government grant (1.33 years) 800 — 800 78,584 — 78,584 Fair value of liabilities assumed - Accounts payable and accrued expenses 1,082 (24 ) 1,058 Total consideration paid (including contingent consideration originally estimated at $27,202) $ 77,502 $ 24 $ 77,526 Pro Forma Information The following table provides the unaudited consolidated pro forma results for the periods presented as if the business of GenePOC had been acquired as of the beginning of fiscal 2019. Pro forma results do not include the effect of any synergies anticipated to be achieved from the acquisition, and accordingly, are not necessarily indicative of the results that would have occurred if the acquisition had occurred on the date indicated or that may result in the future. Three Months Ended December 31, 2019 2018 Net Revenues $ 47,421 $ 51,552 Net Earnings $ 2,827 $ 4,379 These pro forma amounts have been calculated by including the results of GenePOC, and adjusting the combined results to give effect to the following, as if the acquisition had been consummated on October 1, 2018, together with the consequential tax effects thereon: Three Months Ended December 31, 2019 2018 Adjustments to Net Revenues GenePOC pre-acquisition $ — $ 72 Adjustments to Net Earnings GenePOC pre-acquisition $ — $ (3,203 ) Pro forma adjustments: Expenses related to non-continuing locations or activities — 568 Incremental depreciation and amortization — (876 ) Incremental interest costs — (284 ) Tax effects of pro forma adjustments — 68 Total Adjustments to Net Earnings $ — $ (3,727 ) |
Restructuring
Restructuring | 3 Months Ended |
Dec. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | 4. 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. Since that time and 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 our 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. Further restructuring costs were incurred in fiscal 2019 and the first quarter of fiscal 2020, as refinements to each business unit’s cost structure continued to be made and the Company incurred severance payment obligations relating to the transition of its previous chief financial officer. As a result of these activities, restructuring costs totaling $ 275 2,839 and the fiscal year ended September 30, 2019, respectively. A reconciliation of the changes in the liabilities associated with the restructuring charges from September 30, 2019 through December 31, 2019 is as follows: Employee Lease and Other Total Balance at September 30, 2019 $ 1,010 $ 12 114 $ 1,136 Restructuring charges 236 80 — 316 Reversal of prior period accruals (41 ) — — (41 ) Payments (1,020 ) (65 ) (114 ) (1,199 ) Balance at December 31, 2019 $ 185 $ 27 $ — $ 212 |
Cash and Equivalents
Cash and Equivalents | 3 Months Ended |
Dec. 31, 2019 | |
Cash and Cash Equivalents [Abstract] | |
Cash and cash equivalents disclosure [TextBlock] | 5. Cash and Equivalents Cash and equivalents include the following: December 31, September 30, Institutional money market funds $ 21,010 $ 20,913 Cash on hand, unrestricted 47,547 41,484 Total $ 68,557 $ 62,397 |
Inventories
Inventories | 3 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | 6. Inventories Inventories are comprised of the following: December 31, September 30, Raw materials $ 8,549 $ 7,455 Work-in-process 12,209 11,504 Finished goods - instruments 688 935 Finished goods - kits and reagents 21,381 19,723 Total $ 42,827 $ 39,617 |
Leasing Arrangements
Leasing Arrangements | 3 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leasing Arrangements | 7. Leasing Arrangements The Company is party to a number of operating leases, the majority of which are related to office, warehouse and manufacturing space. The related operating lease assets and obligations are reflected within right-of-us e operating costs In addition, the Company has periodically entered into other short-term operating leases, generally with an initial term of twelve months or less. These leases are not recorded on the balance sheet and the related lease expense is immaterial for the three months ended December 31, 2019. The Company often has options to renew lease terms, with the exercise of lease renewal options generally at the Company’s sole discretion. In addition, certain lease arrangements may be terminated prior to their original expiration date at our discretion. We evaluate renewal and termination options at the lease commencement date to determine if we are reasonably certain to exercise the option on the basis of economic factors. The weighted average remaining lease term for our operating lease s as of December 31, 2019 was 4.7 years The discount rate implicit within our leases is generally not determinable and, therefore, the Company determines the discount rate on its incremental borrowing rate. The weighted average discount rate used to measure our operating leases as of December 31, 2019 was 3.7% Supplemental cash flow information related to the Company’s operating leases are as follows: Three Months Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 387 Maturities of lease liabilities by fiscal year for the Company’s operating lease liabilities were as follows as of December 31, 2019: December 31, Remainder of 2020 $ 1,132 2021 1,456 2022 1,310 2023 967 2024 712 Thereafter 616 Total lease payments 6,193 Less amount of lease payment representing interest (380 ) Total present value of lease payments $ 5,813 As of September 30, 2019, future minimum lease payments under noncancelable operating leases were as follows: September 30, 2020 $ 1,528 2021 1,451 2022 1,293 2023 967 2024 712 Thereafter 616 Total $ 6,567 |
Intangible Assets
Intangible Assets | 3 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 8. Intangible Assets A summary of our acquired intangible assets subject to amortization is as follows: December 31, 2019 September 30, 2019 Gross Accumulated Gross Accumulated Manufacturing technologies, core products and cell lines $ 56,273 $ 16,057 $ 56,193 $ 15,096 Trade names, licenses and patents 14,596 6,566 14,494 6,094 Customer lists, customer relationships and supply agreements 24,500 14,626 24,274 14,110 Government grants 828 362 814 232 Total $ 96,197 $ 37,611 $ 95,775 $ 35,532 |
Bank Credit Arrangements
Bank Credit Arrangements | 3 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Bank Credit Arrangements | 9. Bank Credit Arrangements In anticipation of the acquisition of the business of GenePOC (see Note 3), on May 24, 2019 the Company entered into a credit facility agreement with a commercial bank. The credit facility, which expires in May 2024, makes available to the Company a revolving credit facility in an aggregate principal amount not to exceed $125,000, with outstanding principal amounts bearing interest at a fluctuating rate tied to, at the Company’s option, either the federal funds rate or LIBOR, resulting in an effective interest rate of 3.96% on the credit facility during the three months ended December 31, 2019. To date, five on-hand, The revolving credit facility is collateralized by the business assets of the Company’s U.S. subsidiaries and requires 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 credit facility agreement. As of December 31, 2019, the Company is in compliance with all covenants. In connection with the term loan repayment, the Company also settled the interest rate swap that had been entered into to limit exposure to volatility in the term loan’s LIBOR interest rate. At the time of settlement, the Company received a cash payment in an amount equal to the $563 then-current fair value of the interest rate swap. Accordingly, there is no balance for the interest rate swap reflected within assets or liabilities within the accompanying Consolidated Balance Sheet s |
Reportable Segment and Major Cu
Reportable Segment and Major Customers Information | 3 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Reportable Segments and Major Concentration Data | 10 Reportable Segment and Major Customers Information Meridian was formed in 1976 and functions as a fully-integrated life science company with principal businesses in: (i) the development, manufacture, sale and distribution of diagnostic test kits, primarily for certain gastrointestinal and respiratory infectious diseases, and elevated blood lead levels; and (ii) the manufacture and distribution of bulk antigens, antibodies, PCR/qPCR reagents, nucleotides, and bioresearch reagents used by researchers and other diagnostic manufacturers. Our reportable segments are Diagnostics and Life Science. The Diagnostics segment consists of manufacturing operations for infectious disease products in Cincinnati, Ohio and Quebec City, Canada, manufacturing operations for blood chemistry products in Billerica, Massachusetts (near Boston), and the sale and distribution of diagnostics products domestically and abroad. This segment’s products are used by hospitals, reference labs and physician offices to detect infectious diseases and elevated lead levels in blood. 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, and bioresearch reagents domestically and abroad, including a sales and business development facility in Beijing, China to further pursue revenue opportunities in Asia. This segment’s products are used by manufacturers and researchers in a variety of applications (e.g., in-vitro next-gen Amounts due from two Diagnostics distributor customers accounted for 21% and 13% of consolidated accounts receivable at December 31, 2019 and September 30, 2019, respectively. Revenues from these two distributor customers accounted for 28% and 34% of the Diagnostics segment third-party revenues during the three months ended December 31, 2019 and 2018, respectively, and represented 20% and 24% of consolidated revenues for the fiscal 2020 and 2019 first quarters, respectively. Within our Life Science segment, two IVD Segment information for the interim periods is as follows: Diagnostics Life Science Corporate (1) Eliminations (2) Total Three Months Ended December 31, 2019 Net revenues - Third- p $ 34,791 $ 12,630 $ — $ — $ 47,421 Inter-segment 97 65 — (162 ) — Operating income 4,408 3,061 (2,087 ) 12 5,394 Goodwill (December 31, 2019) 70,415 19,543 — — 89,958 Other intangible assets, net (December 31, 2019) 58,277 309 — — 58,586 Total assets (December 31, 2019) 266,514 72,081 — (467 ) 338,128 Three Months Ended December 31, 2018 Net revenues - Third- p $ 36,665 $ 14,815 $ — $ — $ 51,480 Inter-segment 163 176 — (339 ) — Operating income 8,786 5,129 (3,391 ) 27 10,551 Goodwill (September 30, 2019) 70,395 18,846 — — 89,241 Other intangible assets, net (September 30, 2019) 59,807 436 — — 60,243 Total assets (September 30, 2019) 255,169 70,392 — (83 ) 325,478 (1) Includes Restructuring Cost s (2) Eliminations consist of inter-segment transactions. A reconciliation of segment operating income to consolidated earnings before income taxes for the three months ended December 31, 2019 and 2018 is as follows: Three Months Ended December 31, 2019 2018 Segment operating income $ 7,481 $ 13,942 Corporate expenses (2,087 ) (3,391 ) Interest income 111 149 Interest expense (767 ) (363 ) Other, net (712 ) 139 Consolidated earnings before income taxes $ 4,026 $ 10,476 Transactions between segments are accounted for at established intercompany prices for internal and management purposes, with all intercompany amounts eliminated in consolidation. |
Litigation Matters
Litigation Matters | 3 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation Matters | 1 1 Litigation Matters On November 15, 2017, Barbara Forman filed a class action complaint in the United States District Court for the Southern District of Ohio (the Court) naming Meridian, its former Chief Executive Officer and former Chief Financial Officer (in their capacities as such) as defendants. An amended complaint was filed on April 16, 2018 and the Company believes the essential elements of the amended complaint are the same. On July 9, 2019, a settlement was reached with the plaintiff that provides for a $2,100 d o d o On December 6, 2017, Michael Edelson filed a derivative complaint in the United States District Court for the Southern District of Ohio naming Meridian, its former Chief Executive Officer, former Chief Financial Officer and certain members of Meridian’s Board of Directors and Audit Committee (in their capacities as such) as defendants. The complaint alleges that Meridian made false and misleading representations concerning certain of Magellan’s lead test systems at or around the time of Meridian’s acquisition of Magellan and subsequent thereto, and the complaint alleges that certain members of the Board of Directors and Audit Committee breached their fiduciary duties in their oversight of the Company’s public disclosures and corporate governance matters. The complaint sought compensatory damages, equitable relief relating to corporate governance matters and attorneys’ fees. On October 9, 2019, the On April 17, 2018, Meridian’s wholly-owned subsidiary, Magellan Diagnostics, Inc. received a subpoena from the United States Department of Justice (“DOJ”) regarding its LeadCare product line. The subpoena outlines documents to be produced, and the Company is cooperating with the DOJ in this matter. The Company maintains rigorous policies and procedures to promote compliance with applicable regulatory agencies and requirements, and is working with the DOJ to promptly respond to the subpoena, including responding to additional information requests. The Company has executed tolling agreements to extend the statute of limitations. The Company cannot predict when the investigation will be resolved, the outcome of the investigation, or its potential impact on the Company. Approximately $ 280 and $540 of expense for attorneys’ fees related to this matter is included within the accompanying Condensed Consolidated Statements of Operations for the three months ended December 31 , 2019 and December 31 , 2018 , respectively. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 3 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Revenue Recognition | (a) Revenue Recognition – Revenue Disaggregation The following tables present our revenues disaggregated by major geographic region, major product platform and disease state (Diagnostics only): Revenue by Reportable Segment & Geographic Region Three Months Ended December 31, 2019 2018 Inc (Dec) Diagnostics- Americas $ $ (9 )% EMEA 6,500 5,802 12 % ROW 556 440 26 % Total Diagnostics 34,791 36,665 (5 )% Life Science- Americas 4,019 4,521 (11 )% EMEA 4,966 7,363 (33 )% ROW 3,645 2,931 24 % Total Life Science 12,630 14,815 (15 ) Consolidated $ 47,421 $ 51,480 (8 )% Three Months Ended December 31, 2019 2018 Inc (Dec) Diagnostics- Molecular assays $ 6,887 $ 7,231 (5 )% Immunoassays & blood chemistry assays 27,904 29,434 (5 )% Total Diagnostics $ 34,791 $ 36,665 (5 )% Life Science- Molecular reagents $ 5,357 $ 6,615 (19 )% Immunological reagents 7,273 8,200 (11 )% Total Life Science $ 12,630 $ 14,815 (15 ) Revenue by Disease State (Diagnostics only) Three Months Ended December 31, 2019 2018 Inc (Dec) Diagnostics- Gastrointestinal assays $ $ (14 )% Respiratory illness assays 7,749 7,981 (3 )% Blood chemistry assays 5,150 4,430 16 % Other 5,846 5,639 4 % Total Diagnostics $ 34,791 $ 36,665 (5 )% Revenue Policies Product Sales Revenue from contracts with customers is recognized in an amount that reflects the consideration we expect to receive in exchange for products when obligations under such contracts are satisfied. Revenue is generally recognized at a point-in-time Revenue is reduced in the period of sale for fees paid to distributors, which are inseparable from the distributor’s purchase of our product and for which we receive no goods or services in return. Revenue for the Diagnostics segment is reduced at the date of sale for product price adjustments payable 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 are netted against accounts receivable. Shipping and handling costs incurred after control of the product is transferred to our customers are treated as fulfillment costs and not a separate performance obligation. Our payment terms differ by jurisdiction and customer but payment is generally required in a term ranging from 30 to 90 days from the date of shipment or satisfaction of the performance obligation. 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. Practical Expedients and Exemptions Revenue is recognized net of any taxes collected from customers (sales tax, value added tax, etc.), which are subsequently remitted to government authorities. Our diagnostic assay 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. We expense as incurred the costs to obtain contracts, as the amortization period would be one year or less. These costs, recorded within selling and marketing expense, include our internal sales force compensation programs and certain partner sales incentive programs, as we have determined that annual compensation is commensurate with annual selling activities. Reagent Rental Arrangements Certain of our Diagnostics segment’s product platforms require the use of instruments for the tests to be processed. In many cases, a customer is given use of the instrument provided they continue purchasing the associated tests, also referred to as “consumables” or “reagents”. If a customer stops purchasing the consumables, the instrument must be returned to us. Such arrangements are common practice in the diagnostics industry and are referred to as “Reagent Rentals”. Reagent Rentals may also include instrument related services such as a limited replacement warranty, training and installation. We concluded that the use of the instrument and related services (collectively known as “lease elements”) are not within the scope of Accounting Standards Update (“ASU”) No. 2014-09 2016-02, Leases non-lease non-lease For the portion of the transaction price allocated to the non-lease point-in-time Revenue allocated to the lease elements of these Reagent Rental arrangements totaled approximately $1,150 and $1,050 in the three months ended December 31, 2019 and 2018, respectively, and are included as part of net revenues in our Condensed Consolidated Statements of Operations. |
Fair Value Measurements | (b) Fair Value Measurements – Assets and liabilities are recorded at fair value in accordance with Accounting Standards Codification (“ASC”) 820-10, Fair Value Measurements and Disclosures 820-10 820-10 Assets and liabilities measured and reported at fair value are classified and disclosed in one of the following categories based on inputs: Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities Level 2 Quoted prices in markets that are not active and financial instruments for which all significant inputs are observable, either directly or indirectly Level 3 Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable As described in Note 3 The following table provides information by level for financial assets and liabilities that are measured at fair value on a recurring basis, noting that there were no such items as of September 30, 2018: Fair Value Measurements Using Inputs Considered as Carrying Value Level 1 Level 2 Level 3 Contingent consideration - As of December 31, 2019 $ 28,389 $ — $ — $ 28,389 As of September 30, 2019 $ 27,202 $ — $ — $ 27,202 In connection with the acquisition of the business of GenePOC and as described up to inclu de earn-out include re-measured period, resulting in a value of $28,389 as of December 31, 2019. |
Recent Accounting Pronouncements | (c) Recent Accounting Pronouncements – Pronouncements Adopted On October 1, 2019, the Company adopted ASC 842, Leases right-of-use “Leasing Arrangements” non-lease |
Reclassifications | (d) Reclassifications – Certain reclassifications have been made to the prior year financial statements to conform to the current year presentation. Such reclassifications had no impact on net earnings or shareholders’ equity. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Disaggregation of Revenue | The following tables present our revenues disaggregated by major geographic region, major product platform and disease state (Diagnostics only): Revenue by Reportable Segment & Geographic Region Three Months Ended December 31, 2019 2018 Inc (Dec) Diagnostics- Americas $ $ (9 )% EMEA 6,500 5,802 12 % ROW 556 440 26 % Total Diagnostics 34,791 36,665 (5 )% Life Science- Americas 4,019 4,521 (11 )% EMEA 4,966 7,363 (33 )% ROW 3,645 2,931 24 % Total Life Science 12,630 14,815 (15 ) Consolidated $ 47,421 $ 51,480 (8 )% Three Months Ended December 31, 2019 2018 Inc (Dec) Diagnostics- Molecular assays $ 6,887 $ 7,231 (5 )% Immunoassays & blood chemistry assays 27,904 29,434 (5 )% Total Diagnostics $ 34,791 $ 36,665 (5 )% Life Science- Molecular reagents $ 5,357 $ 6,615 (19 )% Immunological reagents 7,273 8,200 (11 )% Total Life Science $ 12,630 $ 14,815 (15 ) Revenue by Disease State (Diagnostics only) Three Months Ended December 31, 2019 2018 Inc (Dec) Diagnostics- Gastrointestinal assays $ $ (14 )% Respiratory illness assays 7,749 7,981 (3 )% Blood chemistry assays 5,150 4,430 16 % Other 5,846 5,639 4 % Total Diagnostics $ 34,791 $ 36,665 (5 )% |
Summary of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table provides information by level for financial assets and liabilities that are measured at fair value on a recurring basis, noting that there were no such items as of September 30, 2018: Fair Value Measurements Using Inputs Considered as Carrying Value Level 1 Level 2 Level 3 Contingent consideration - As of December 31, 2019 $ 28,389 $ — $ — $ 28,389 As of September 30, 2019 $ 27,202 $ — $ — $ 27,202 |
Acquisition of Business of Ge_2
Acquisition of Business of GenePOC (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The recognized amounts of identifiable assets acquired and liabilities assumed in the acquisition of the GenePOC business are as follows: June 3, Measurement June 3, Fair value of assets acquired - Accounts receivable $ 58 $ (1 ) $ 57 Inventories 1,617 (106 ) 1,511 Other current assets 77 7 84 Property, plant and equipment 1,520 (96 ) 1,424 Goodwill 34,482 100 34,582 Other intangible assets (estimated useful life): License agreement (10 years) 5,990 — 5,990 Technology (15 years) 34,040 96 34,136 Government grant (1.33 years) 800 — 800 78,584 — 78,584 Fair value of liabilities assumed - Accounts payable and accrued expenses 1,082 (24 ) 1,058 Total consideration paid (including contingent consideration originally estimated at $27,202) $ 77,502 $ 24 $ 77,526 |
Business Acquisition, Pro Forma Information | Three Months Ended December 31, 2019 2018 Net Revenues $ 47,421 $ 51,552 Net Earnings $ 2,827 $ 4,379 |
Business Acquisition Proforma Adjustments | These pro forma amounts have been calculated by including the results of GenePOC, and adjusting the combined results to give effect to the following, as if the acquisition had been consummated on October 1, 2018, together with the consequential tax effects thereon: Three Months Ended December 31, 2019 2018 Adjustments to Net Revenues GenePOC pre-acquisition $ — $ 72 Adjustments to Net Earnings GenePOC pre-acquisition $ — $ (3,203 ) Pro forma adjustments: Expenses related to non-continuing locations or activities — 568 Incremental depreciation and amortization — (876 ) Incremental interest costs — (284 ) Tax effects of pro forma adjustments — 68 Total Adjustments to Net Earnings $ — $ (3,727 ) |
Restructuring (Tables)
Restructuring (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |
Summary of Restructuring Costs | A reconciliation of the changes in the liabilities associated with the restructuring charges from September 30, 2019 through December 31, 2019 is as follows: Employee Lease and Other Total Balance at September 30, 2019 $ 1,010 $ 12 114 $ 1,136 Restructuring charges 236 80 — 316 Reversal of prior period accruals (41 ) — — (41 ) Payments (1,020 ) (65 ) (114 ) (1,199 ) Balance at December 31, 2019 $ 185 $ 27 $ — $ 212 |
Cash and Equivalents (Tables)
Cash and Equivalents (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Cash and Cash Equivalents [Abstract] | |
Components of Cash and Cash Equivalents | Cash and equivalents include the following: December 31, September 30, Institutional money market funds $ 21,010 $ 20,913 Cash on hand, unrestricted 47,547 41,484 Total $ 68,557 $ 62,397 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | Inventories are comprised of the following: December 31, September 30, Raw materials $ 8,549 $ 7,455 Work-in-process 12,209 11,504 Finished goods - instruments 688 935 Finished goods - kits and reagents 21,381 19,723 Total $ 42,827 $ 39,617 |
Leasing Arrangements (Tables)
Leasing Arrangements (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Schedule Of Supplemental Cash Flow Information Related To The CompanyS Operating Lease Liabilities | Supplemental cash flow information related to the Company’s operating leases are as follows: Three Months Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 387 |
Schedule of maturities of lease liabilities | Maturities of lease liabilities by fiscal year for the Company’s operating lease liabilities were as follows as of December 31, 2019: December 31, Remainder of 2020 $ 1,132 2021 1,456 2022 1,310 2023 967 2024 712 Thereafter 616 Total lease payments 6,193 Less amount of lease payment representing interest (380 ) Total present value of lease payments $ 5,813 As of September 30, 2019, future minimum lease payments under noncancelable operating leases were as follows: September 30, 2020 $ 1,528 2021 1,451 2022 1,293 2023 967 2024 712 Thereafter 616 Total $ 6,567 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Acquired Intangible Assets Subject to Amortization | A summary of our acquired intangible assets subject to amortization is as follows: December 31, 2019 September 30, 2019 Gross Accumulated Gross Accumulated Manufacturing technologies, core products and cell lines $ 56,273 $ 16,057 $ 56,193 $ 15,096 Trade names, licenses and patents 14,596 6,566 14,494 6,094 Customer lists, customer relationships and supply agreements 24,500 14,626 24,274 14,110 Government grants 828 362 814 232 Total $ 96,197 $ 37,611 $ 95,775 $ 35,532 |
Reportable Segment and Major _2
Reportable Segment and Major Customers Information (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | Segment information for the interim periods is as follows: Diagnostics Life Science Corporate (1) Eliminations (2) Total Three Months Ended December 31, 2019 Net revenues - Third- p $ 34,791 $ 12,630 $ — $ — $ 47,421 Inter-segment 97 65 — (162 ) — Operating income 4,408 3,061 (2,087 ) 12 5,394 Goodwill (December 31, 2019) 70,415 19,543 — — 89,958 Other intangible assets, net (December 31, 2019) 58,277 309 — — 58,586 Total assets (December 31, 2019) 266,514 72,081 — (467 ) 338,128 Three Months Ended December 31, 2018 Net revenues - Third- p $ 36,665 $ 14,815 $ — $ — $ 51,480 Inter-segment 163 176 — (339 ) — Operating income 8,786 5,129 (3,391 ) 27 10,551 Goodwill (September 30, 2019) 70,395 18,846 — — 89,241 Other intangible assets, net (September 30, 2019) 59,807 436 — — 60,243 Total assets (September 30, 2019) 255,169 70,392 — (83 ) 325,478 (1) Includes Restructuring Cost s (2) Eliminations consist of inter-segment transactions. |
Pre-tax Earnings Table | A reconciliation of segment operating income to consolidated earnings before income taxes for the three months ended December 31, 2019 and 2018 is as follows: Three Months Ended December 31, 2019 2018 Segment operating income $ 7,481 $ 13,942 Corporate expenses (2,087 ) (3,391 ) Interest income 111 149 Interest expense (767 ) (363 ) Other, net (712 ) 139 Consolidated earnings before income taxes $ 4,026 $ 10,476 |
Significant Accounting Polici_4
Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Oct. 01, 2019 | Jun. 03, 2019 | |
Schedule Of Accounting Policies [Line Items] | ||||
Revenue, description of payment terms | 30 to 90 days from the date of shipment or satisfaction of the performance obligation | |||
Contingent consideration liability | $ 28,389 | $ 27,202 | ||
Right-of-use assets | 6,041 | |||
Lease obligations | 5,813 | |||
Revenues | 47,421 | $ 51,480 | ||
Reagent Rental Arrangements [Member] | Lease Elements [Member] | Revenues [Member] | ||||
Schedule Of Accounting Policies [Line Items] | ||||
Revenues | $ 1,150 | $ 1,050 | ||
ASU 2016-02 [Member] | ||||
Schedule Of Accounting Policies [Line Items] | ||||
Right-of-use assets | $ 5,880 | |||
Lease obligations | $ 5,880 | |||
Maximum [Member] | ||||
Schedule Of Accounting Policies [Line Items] | ||||
Contract cost, amortization period | 1 year | |||
Maximum [Member] | Financial Performance Targets [Member] | ||||
Schedule Of Accounting Policies [Line Items] | ||||
Potential milestone payment | $ 50,000 | |||
GenePOC | ||||
Schedule Of Accounting Policies [Line Items] | ||||
Contingent consideration liability | $ 27,202 | |||
GenePOC | Maximum [Member] | Product Development Milestones [Member] | ||||
Schedule Of Accounting Policies [Line Items] | ||||
Potential milestone payment | 20,000 | |||
GenePOC | Maximum [Member] | Financial Performance Targets [Member] | ||||
Schedule Of Accounting Policies [Line Items] | ||||
Potential milestone payment | 50,000 | |||
GenePOC | Maximum [Member] | Product Development Milestones And Financial Performance Targets [Member] | ||||
Schedule Of Accounting Policies [Line Items] | ||||
Potential milestone payment | $ 70,000 |
Significant Accounting Polici_5
Significant Accounting Policies - Summary of Disaggregation of Revenue by Reportable Segment and Geographic Region (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | $ 47,421 | $ 51,480 |
Revenue, % change | (8.00%) | |
Diagnostics [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | $ 34,791 | 36,665 |
Revenue, % change | (5.00%) | |
Diagnostics [Member] | Americas [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | $ 27,735 | 30,423 |
Revenue, % change | (9.00%) | |
Diagnostics [Member] | EMEA [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | $ 6,500 | 5,802 |
Revenue, % change | 12.00% | |
Diagnostics [Member] | ROW [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | $ 556 | 440 |
Revenue, % change | 26.00% | |
Life Science [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | $ 12,630 | 14,815 |
Revenue, % change | (15.00%) | |
Life Science [Member] | Americas [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | $ 4,019 | 4,521 |
Revenue, % change | (11.00%) | |
Life Science [Member] | EMEA [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | $ 4,966 | 7,363 |
Revenue, % change | (33.00%) | |
Life Science [Member] | ROW [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | $ 3,645 | $ 2,931 |
Revenue, % change | 24.00% |
Significant Accounting Polici_6
Significant Accounting Policies - Summary of Disaggregation of Revenue by Product Platform/Type (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | ||
Revenue | $ 47,421 | $ 51,480 |
Revenue, % change | (8.00%) | |
Diagnostics [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ 34,791 | 36,665 |
Revenue, % change | (5.00%) | |
Diagnostics [Member] | Molecular Assays [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ 6,887 | 7,231 |
Revenue, % change | (5.00%) | |
Diagnostics [Member] | Immunoassays & Blood Chemistry Assays [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ 27,904 | 29,434 |
Revenue, % change | (5.00%) | |
Life Science [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ 12,630 | 14,815 |
Revenue, % change | (15.00%) | |
Life Science [Member] | Molecular Reagents [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ 5,357 | 6,615 |
Revenue, % change | (19.00%) | |
Life Science [Member] | Immunological Reagents [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ 7,273 | $ 8,200 |
Revenue, % change | (11.00%) |
Significant Accounting Polici_7
Significant Accounting Policies - Summary of Disaggregation of Revenue by Disease State (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | ||
Revenue | $ 47,421 | $ 51,480 |
Revenue, % change | (8.00%) | |
Diagnostics [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ 34,791 | 36,665 |
Revenue, % change | (5.00%) | |
Diagnostics [Member] | Gastrointestinal Assays [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ 16,046 | 18,615 |
Revenue, % change | (14.00%) | |
Diagnostics [Member] | Respiratory Illness Assays [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ 7,749 | 7,981 |
Revenue, % change | (3.00%) | |
Diagnostics [Member] | Blood Chemistry Assays [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ 5,150 | 4,430 |
Revenue, % change | 16.00% | |
Diagnostics [Member] | Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ 5,846 | $ 5,639 |
Revenue, % change | 4.00% |
Significant Accounting Polici_8
Significant Accounting Policies - Summary of Fair Value, Assets and Liabilities Measured on Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 03, 2019 |
Business Combination, Contingent Consideration, Liability | $ 28,389 | $ 27,202 | |
Commitments [Member] | |||
Business Combination, Contingent Consideration, Liability | 28,389 | $ 27,202 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Commitments [Member] | |||
Business Combination, Contingent Consideration, Liability | 0 | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Commitments [Member] | |||
Business Combination, Contingent Consideration, Liability | 0 | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Commitments [Member] | |||
Business Combination, Contingent Consideration, Liability | $ 28,389 | $ 27,202 |
Acquisition of Business of Ge_3
Acquisition of Business of GenePOC - Additional Information (Detail) - USD ($) | Jun. 03, 2019 | Jun. 30, 2019 | Dec. 31, 2019 | Sep. 30, 2019 | May 24, 2019 |
Contingent consideration liability | $ 27,202,000 | $ 28,389,000 | |||
Milestone payable current | 13,653,000 | ||||
Milestone payable due in year two and three | 19,736,000 | $ 32,202,000 | |||
Goodwill | $ 89,958,000 | $ 89,241,000 | |||
Goodwill Tax Deductable Period | 15 years | ||||
Financial Performance Targets [Member] | Maximum [Member] | |||||
Potential milestone payment | $ 50,000,000 | ||||
Product Development Milestone A [Member] | |||||
Potential milestone payment | $ 10,000,000 | ||||
Milestone measurement date | Sep. 30, 2020 | ||||
Product Development Milestone B [Member] | |||||
Potential milestone payment | $ 10,000,000 | ||||
Milestone measurement date | Mar. 31, 2021 | ||||
Revolving Credit Facility [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 125,000,000 | ||||
GenePOC Inc [Member] | |||||
Maximum Business Combination Consideration | $ 120,000,000 | ||||
Assets acquired liabilities assumed net | 77,526,000 | ||||
Contingent consideration liability | 27,202,000 | ||||
Cash payment to acquire business | 50,000,000 | ||||
Business Combination Closing Payment Holdback | 5,000,000 | ||||
Goodwill | 34,582,000 | ||||
GenePOC Inc [Member] | Financial Performance Targets [Member] | Maximum [Member] | |||||
Potential milestone payment | $ 50,000,000 | ||||
GenePOC Inc [Member] | Revolving Credit Facility [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 125,000,000 |
Acquisition of Business of Ge_4
Acquisition of Business of GenePOC - Schedule Of Assets Acquired And Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 03, 2019 |
Fair value of assets acquired - | |||
Goodwill | $ 89,958 | $ 89,241 | |
Genepoc Inc [Member] | |||
Fair value of assets acquired - | |||
Accounts receivable | $ 57 | ||
Inventories | 1,511 | ||
Other current assets | 84 | ||
Property, plant and equipment | 1,424 | ||
Goodwill | 34,582 | ||
Other intangible assets (estimated useful life): | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 78,584 | ||
Fair value of liabilities assumed - | |||
Accounts payable and accrued expenses | 1,058 | ||
Total consideration paid (including contingent consideration originally estimated at $27,202) | 77,526 | ||
Genepoc Inc [Member] | Previously Reported [Member] | |||
Fair value of assets acquired - | |||
Accounts receivable | 58 | ||
Inventories | 1,617 | ||
Other current assets | 77 | ||
Property, plant and equipment | 1,520 | ||
Goodwill | 34,482 | ||
Other intangible assets (estimated useful life): | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 78,584 | ||
Fair value of liabilities assumed - | |||
Accounts payable and accrued expenses | 1,082 | ||
Total consideration paid (including contingent consideration originally estimated at $27,202) | 77,502 | ||
Genepoc Inc [Member] | Measurement Period Adjustments [Member] | |||
Fair value of assets acquired - | |||
Accounts receivable | (1) | ||
Inventories | (106) | ||
Other current assets | 7 | ||
Property, plant and equipment | (96) | ||
Goodwill | 100 | ||
Fair value of liabilities assumed - | |||
Accounts payable and accrued expenses | (24) | ||
Total consideration paid (including contingent consideration originally estimated at $27,202) | 24 | ||
Genepoc Inc [Member] | Licensing Agreements [Member] | |||
Other intangible assets (estimated useful life): | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 5,990 | ||
Genepoc Inc [Member] | Licensing Agreements [Member] | Previously Reported [Member] | |||
Other intangible assets (estimated useful life): | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 5,990 | ||
Genepoc Inc [Member] | Technology-Based Intangible Assets [Member] | |||
Other intangible assets (estimated useful life): | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 34,136 | ||
Genepoc Inc [Member] | Technology-Based Intangible Assets [Member] | Previously Reported [Member] | |||
Other intangible assets (estimated useful life): | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 34,040 | ||
Genepoc Inc [Member] | Technology-Based Intangible Assets [Member] | Measurement Period Adjustments [Member] | |||
Other intangible assets (estimated useful life): | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 96 | ||
Genepoc Inc [Member] | Government Grants [Member] | |||
Other intangible assets (estimated useful life): | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 800 | ||
Genepoc Inc [Member] | Government Grants [Member] | Previously Reported [Member] | |||
Other intangible assets (estimated useful life): | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 800 |
Acquisition of Business of Ge_5
Acquisition of Business of GenePOC - Schedule Of Assets Acquired And Liabilities (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2019 | Jun. 03, 2019 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Business Combination, Contingent Consideration, Liability | $ 28,389 | $ 27,202 |
Licensing Agreements [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | |
Technology-Based Intangible Assets [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years | |
Government Grants [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 1 year 3 months 29 days |
Acquisition of Business of Ge_6
Acquisition of Business of GenePOC - Consolidated Pro Forma Results Of The Combined Entities (Detail) - Genepoc Inc [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Business Acquisition, Pro Forma Information [Abstract] | ||
Net Revenues | $ 47,421 | $ 51,552 |
Net Earnings | $ 2,827 | $ 4,379 |
Acquisition of Business of Ge_7
Acquisition of Business of GenePOC - Business Acquisition, Pro Forma Adjustments (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Pro forma adjustments: | ||
Expenses related to non-continuing personnel, locations or activities | $ 568 | |
Incremental depreciation and amortization | (876) | |
Incremental interest costs | (284) | |
Tax effects of pro forma adjustments | 68 | |
Total Adjustments to Net Earnings | (3,727) | |
GenePOC Inc [Member] | ||
Adjustments to Net Revenues | ||
GenePOC pre-acquisition revenues | 72 | |
Adjustments to Net Earnings | ||
GenePOC pre-acquisition net loss | $ (3,203) |
Restructuring - Summary of Rest
Restructuring - Summary of Restructuring Costs (Detail) $ in Thousands | 3 Months Ended |
Dec. 31, 2019USD ($) | |
Restructuring Cost and Reserve [Line Items] | |
Balance at September 30, 2019 | $ 1,136 |
Restructuring charges | 316 |
Reversal of prior period accruals | (41) |
Payments | (1,199) |
Balance at December 31, 2019 | 212 |
Employee Separation and Related Costs [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Balance at September 30, 2019 | 1,010 |
Restructuring charges | 236 |
Reversal of prior period accruals | (41) |
Payments | (1,020) |
Balance at December 31, 2019 | 185 |
Lease and Other Contract Termination Fees [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Balance at September 30, 2019 | 12 |
Restructuring charges | 80 |
Payments | (65) |
Balance at December 31, 2019 | 27 |
Other [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Balance at September 30, 2019 | 114 |
Payments | (114) |
Balance at December 31, 2019 |
Restructuring - Additional Info
Restructuring - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Dec. 31, 2019 | Sep. 30, 2019 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs | $ 275 | |
Restructuring Charges Excluding CEO Transition Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs | $ 275 | $ 2,839 |
Cash and Equivalents - Componen
Cash and Equivalents - Components of Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Cash and Cash Equivalents [Line Items] | |||
Cash and cash equivalents | $ 68,557 | $ 62,397 | $ 61,523 |
Institutional Money Market Funds [Member] | |||
Cash and Cash Equivalents [Line Items] | |||
Cash and cash equivalents | 21,010 | 20,913 | |
Cash [Member] | |||
Cash and Cash Equivalents [Line Items] | |||
Cash and cash equivalents | $ 47,547 | $ 41,484 |
Inventories - Components of Inv
Inventories - Components of Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 |
Inventory [Line Items] | ||
Raw materials | $ 8,549 | $ 7,455 |
Work-in-process | 12,209 | 11,504 |
Total | 42,827 | 39,617 |
Instruments [Member] | ||
Inventory [Line Items] | ||
Finished goods | 688 | 935 |
Kits and Reagents [Member] | ||
Inventory [Line Items] | ||
Finished goods | $ 21,381 | $ 19,723 |
Leasing Arrangements - Addition
Leasing Arrangements - Additional Information (Detail) $ in Thousands | 3 Months Ended |
Dec. 31, 2019USD ($) | |
Lessee, Lease, Description [Line Items] | |
Remaining lease term | 4 years 8 months 12 days |
Leases discount rate | 3.70% |
Cost of Sales [Member] | |
Lessee, Lease, Description [Line Items] | |
Operating lease cost | $ 129 |
Operating Expense [Member] | |
Lessee, Lease, Description [Line Items] | |
Operating lease cost | $ 267 |
Leasing Arrangements - Schedule
Leasing Arrangements - Schedule Of Supplemental Cash Flow Information Related To The CompanyS Operating Lease Liabilities (Detail) $ in Thousands | 3 Months Ended |
Dec. 31, 2019USD ($) | |
Cash paid for amounts included in the measurement of lease liabilities: | |
Operating cash flows from operating leases | $ 387 |
Leasing Arrangements - Schedu_2
Leasing Arrangements - Schedule of maturities of lease liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 |
Lessee, Lease, Description [Line Items] | ||
Remainder of 2020 | $ 1,132 | |
2020 | $ 1,528 | |
2021 | 1,456 | 1,451 |
2022 | 1,310 | 1,293 |
2023 | 967 | 967 |
2024 | 712 | 712 |
Thereafter | 616 | 616 |
Total lease payments | 6,193 | $ 6,567 |
Less amount of lease payment representing interest | (380) | |
Total present value of lease payments | $ 5,813 |
Intangible Assets- Additional I
Intangible Assets- Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Amortization Of Intangible Assets | $ 1,722 | $ 829 |
2020 | 5,038 | |
2021 | 5,491 | |
2022 | 5,113 | |
2023 | 5,100 | |
2024 | 5,096 | |
2025 | $ 5,096 |
Intangible Assets - Summary of
Intangible Assets - Summary of Acquired Intangible Assets Subject to Amortization (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 96,197 | $ 95,775 |
Accumulated Amortization | 37,611 | 35,532 |
Manufacturing Technologies, Core Products and Cell Lines [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 56,273 | 56,193 |
Accumulated Amortization | 16,057 | 15,096 |
Tradenames, Licenses and Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 14,596 | 14,494 |
Accumulated Amortization | 6,566 | 6,094 |
Customer Lists, Customer Relationships, and Supply Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 24,500 | 24,274 |
Accumulated Amortization | 14,626 | 14,110 |
Government Grants [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 828 | 814 |
Accumulated Amortization | $ 362 | $ 232 |
Bank Credit Arrangements - Addi
Bank Credit Arrangements - Additional Information (Detail) - USD ($) | May 24, 2019 | Dec. 31, 2019 | Sep. 30, 2019 | May 31, 2019 | Mar. 22, 2016 |
Debt Instrument [Line Items] | |||||
Fair value of interest rate swap | $ 563,000 | ||||
Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument effective interest rate | 3.96% | ||||
Line of credit facility borrowing Capacity | $ 125,000,000 | ||||
Draws on credit facility | $ 75,824,000 | $ 75,824,000 | |||
Expiration of credit facility | May 2024 | ||||
Interest Rate Swap [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate swap balance reflected within other comprehensive income | $ 384,000 | $ 461,000 | |||
Five - Year Term Loan [Member] | Magellan [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt | $ 60,000,000 | ||||
Long-term Debt, Term | 5 years |
Reportable Segment and Major _3
Reportable Segment and Major Customers Information - Additional Information (Detail) - Customer Concentration Risk [Member] - Customer | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2019 | |
Two Diagnostic Distributor Customers [Member] | Consolidated Accounts Receivable [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Number of major customers | 2 | 2 | |
Concentration risk percentage | 21.00% | 13.00% | |
Two Diagnostic Distributor Customers [Member] | Revenues [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Concentration risk percentage | 20.00% | 24.00% | |
Two Diagnostic Distributor Customers [Member] | Segment, Third-Party Sales Revenue [Member] | Diagnostics [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Concentration risk percentage | 28.00% | 34.00% | |
Two Diagnostic Manufacturing Customers [Member] | Segment, Third-Party Sales Revenue [Member] | Life Science [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Concentration risk percentage | 15.00% | 28.00% |
Reportable Segment and Major _4
Reportable Segment and Major Customers Information - Segment Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2019 | |
Segment Reporting Information [Line Items] | |||
Net revenues | $ 47,421 | $ 51,480 | |
Operating income | 5,394 | 10,551 | |
Goodwill | 89,958 | $ 89,241 | |
Other intangible assets | 58,586 | 60,243 | |
Total assets | 338,128 | 325,478 | |
Restructuring and litigation costs | 370 | 589 | |
Corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating income | (2,087) | (3,391) | |
Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating income | 12 | 27 | |
Total assets | (467) | (83) | |
Net revenues | (162) | (339) | |
Operating Segments [Member] | Diagnostics [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 34,791 | 36,665 | |
Operating income | 4,408 | 8,786 | |
Goodwill | 70,415 | 70,395 | |
Other intangible assets | 58,277 | 59,807 | |
Total assets | 266,514 | 255,169 | |
Net revenues | 97 | 163 | |
Operating Segments [Member] | Life Science [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 12,630 | 14,815 | |
Operating income | 3,061 | 5,129 | |
Goodwill | 19,543 | 18,846 | |
Other intangible assets | 309 | 436 | |
Total assets | 72,081 | $ 70,392 | |
Net revenues | $ 65 | $ 176 |
Reportable Segments and Major C
Reportable Segments and Major Concentration Data - Pre-tax Earnings Table (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting [Abstract] | ||
Segment operating income | $ 7,481 | $ 13,942 |
Corporate expenses | (2,087) | (3,391) |
Interest income | 111 | 149 |
Interest expense | (767) | (363) |
Other, net | (712) | 139 |
EARNINGS BEFORE INCOME TAXES | $ 4,026 | $ 10,476 |
Litigation Matters - Additional
Litigation Matters - Additional information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |
Jul. 09, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Loss Contingencies [Line Items] | |||
Settlement of Plaintiff Payment | $ 2,100 | ||
Litigation costs | $ 320 | $ 589 | |
DOJ Subpoena [Member] | |||
Loss Contingencies [Line Items] | |||
Litigation filing date | April 17, 2018 | ||
Litigation costs | $ 280 | $ 540 | |
Class Action Complaint One [Member] | |||
Loss Contingencies [Line Items] | |||
Litigation filing date | November 15, 2017 | ||
Class Action Complaint Two [Member] | |||
Loss Contingencies [Line Items] | |||
Litigation filing date | December 6, 2017 | ||
Amended Complaint [Member] | |||
Loss Contingencies [Line Items] | |||
Litigation filing date | April 16, 2018 |