Cover Page
Cover Page - shares | 6 Months Ended | |
Mar. 31, 2021 | Apr. 30, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Entity Interactive Data Current | Yes | |
Document Transition Report | false | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Period End Date | Mar. 31, 2021 | |
Document Fiscal Period Focus | Q2 | |
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 | 43,330,038 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement [Abstract] | ||||
NET REVENUES | $ 85,264 | $ 57,296 | $ 178,181 | $ 104,717 |
COST OF SALES | 27,492 | 22,750 | 58,861 | 42,520 |
GROSS PROFIT | 57,772 | 34,546 | 119,320 | 62,197 |
OPERATING EXPENSES | ||||
Research and development | 6,065 | 5,315 | 11,716 | 10,078 |
Selling and marketing | 6,540 | 6,529 | 13,561 | 13,257 |
General and administrative | 12,925 | 10,628 | 24,863 | 19,612 |
Acquisition-related costs | 1,787 | 1,787 | ||
Change in fair value of acquisition consideration | (2,989) | (2,491) | (1,942) | (1,304) |
Restructuring costs | 252 | 527 | ||
Selected legal costs | 1,030 | 735 | 2,257 | 1,055 |
Total operating expenses | 23,571 | 22,755 | 50,455 | 45,012 |
OPERATING INCOME | 34,201 | 11,791 | 68,865 | 17,185 |
OTHER INCOME (EXPENSE) | ||||
Interest income | 6 | 23 | 15 | 134 |
Interest expense | (472) | (532) | (1,006) | (1,299) |
RADx grant income | 200 | 1,000 | ||
Other, net | (883) | 1,365 | (1,574) | 653 |
Total other income (expense) | (1,149) | 856 | (1,565) | (512) |
EARNINGS BEFORE INCOME TAXES | 33,052 | 12,647 | 67,300 | 16,673 |
INCOME TAX PROVISION | 6,750 | 3,288 | 14,219 | 4,487 |
NET EARNINGS | $ 26,302 | $ 9,359 | $ 53,081 | $ 12,186 |
Earnings Per Share Data: | ||||
BASIC EARNINGS PER COMMON SHARE | $ 0.61 | $ 0.22 | $ 1.23 | $ 0.28 |
DILUTED EARNINGS PER COMMON SHARE | $ 0.60 | $ 0.22 | $ 1.21 | $ 0.28 |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING—BASIC | 43,244 | 42,830 | 43,171 | 42,810 |
EFFECT OF DILUTIVE STOCK OPTIONS AND RESTRICTED SHARE UNITS | 878 | 138 | 789 | 143 |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING—DILUTED | 44,122 | 42,968 | 43,960 | 42,953 |
ANTI-DILUTIVE SECURITIES: | ||||
Common share options and restricted share units | 166 | 1,635 | 169 | 1,520 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
NET EARNINGS | $ 26,302 | $ 9,359 | $ 53,081 | $ 12,186 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustment | 79 | (2,786) | 3,380 | (18) |
Unrealized gain (loss) on cash flow hedge | 439 | (313) | 460 | (313) |
Reclassification of amortization of gain on cash flow hedge | (77) | (77) | (154) | (154) |
Income taxes related to items of other comprehensive income (loss) | (80) | 96 | (66) | 115 |
Other comprehensive income (loss), net of tax | 361 | (3,080) | 3,620 | (370) |
COMPREHENSIVE INCOME | $ 26,663 | $ 6,279 | $ 56,701 | $ 11,816 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net earnings | $ 53,081 | $ 12,186 |
Non-cash items included in net earnings: | ||
Depreciation of property, plant and equipment | 3,072 | 2,439 |
Amortization of intangible assets | 4,363 | 3,449 |
Stock compensation expense | 2,291 | 1,759 |
Deferred income taxes | (777) | 656 |
Change in fair value of acquisition consideration | (1,942) | (1,304) |
Change in the following: | ||
Accounts receivable | (5,267) | (4,950) |
Inventories | (12,185) | (2,511) |
Prepaid expenses and other current assets | 1,440 | 1,278 |
Accounts payable and accrued expenses | 77 | 1,621 |
Income taxes payable | (2,698) | 400 |
Other, net | 36 | 692 |
Net cash provided by operating activities | 41,491 | 15,715 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of property, plant and equipment | (11,955) | (1,543) |
Payment of acquisition consideration holdback | (5,000) | |
Net cash used in investing activities | (16,955) | (1,543) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Payment on revolving credit facility | (18,824) | (27,000) |
Payment of debt issuance costs | (116) | |
Proceeds from exercises of stock options | 2,852 | |
Net cash used in financing activities | (15,972) | (27,116) |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 1,296 | 97 |
Net Increase (Decrease) in Cash and Cash Equivalents | 9,860 | (12,847) |
Cash and Cash Equivalents at Beginning of Period | 53,514 | 62,397 |
Cash and Cash Equivalents at End of Period | $ 63,374 | $ 49,550 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Sep. 30, 2020 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 63,374 | $ 53,514 |
Accounts receivable, less allowances of $505 and $513, respectively | 44,895 | 38,512 |
Inventories, net | 72,534 | 61,264 |
Prepaid expenses and other current assets | 7,491 | 8,900 |
Total current assets | 188,294 | 162,190 |
PROPERTY, PLANT AND EQUIPMENT, at Cost | ||
Land | 991 | 991 |
Buildings and improvements | 32,326 | 32,188 |
Machinery, equipment and furniture | 74,173 | 69,854 |
Construction in progress | 10,779 | 1,200 |
Subtotal | 118,269 | 104,233 |
Less: accumulated depreciation and amortization | 76,303 | 73,113 |
Property, plant and equipment, net | 41,966 | 31,120 |
OTHER ASSETS | ||
Goodwill | 115,296 | 114,186 |
Other intangible assets, net | 78,834 | 83,197 |
Right-of-use assets, net | 6,297 | 6,336 |
Deferred income taxes | 8,017 | 7,647 |
Other assets | 465 | 585 |
Total other assets | 208,909 | 211,951 |
TOTAL ASSETS | 439,169 | 405,261 |
CURRENT LIABILITIES | ||
Accounts payable | 16,714 | 11,969 |
Accrued employee compensation costs | 12,634 | 16,661 |
Current portion of acquisition consideration | 11,296 | 12,619 |
Current operating lease obligations | 1,892 | 1,789 |
Current government grant obligations | 608 | 600 |
Other accrued expenses | 5,664 | 5,362 |
Income taxes payable | 1,502 | 3,524 |
Total current liabilities | 50,310 | 52,524 |
NON-CURRENT LIABILITIES | ||
Acquisition consideration | 7,671 | 13,290 |
Post-employment benefits | 2,429 | 2,493 |
Fair value of interest rate swaps | 254 | 713 |
Long-term operating lease obligations | 4,555 | 4,678 |
Long-term debt | 50,000 | 68,824 |
Government grant obligations | 10,537 | 10,524 |
Long-term income taxes payable | 374 | 549 |
Deferred income taxes | 3,389 | 3,804 |
Other non-current liabilities | 177 | 233 |
Total non-current liabilities | 79,386 | 105,108 |
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, 43,329,294 and 43,068,842 shares issued, respectively | ||
Additional paid-in capital | 145,338 | 140,195 |
Retained earnings | 162,375 | 109,294 |
Accumulated other comprehensive income (loss) | 1,760 | (1,860) |
Total shareholders' equity | 309,473 | 247,629 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 439,169 | $ 405,261 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2021 | Sep. 30, 2020 |
Statement of Financial Position [Abstract] | ||
Allowances for accounts receivable | $ 505 | $ 513 |
Preferred stock, par value | $ 0 | $ 0 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 0 | $ 0 |
Common stock, shares authorized | 71,000,000 | 71,000,000 |
Common stock, shares issued | 43,329,294 | 43,068,842 |
Condensed Consolidated Statem_4
Condensed 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, 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 | (9) | (9) | |||
Conversion of restricted share units and exercise of stock options, Shares | 119,000 | ||||
Stock compensation expense | 1,759 | 1,759 | |||
Net earnings | 12,186 | 12,186 | |||
Foreign currency translation adjustment | (18) | (18) | |||
Hedging activity, net of tax | (352) | (352) | |||
Ending balance at Mar. 31, 2020 | 204,533 | 134,584 | 75,294 | (5,345) | |
Ending balance, Shares at Mar. 31, 2020 | 42,831,000 | ||||
Beginning balance at Dec. 31, 2019 | 197,292 | 133,622 | 65,935 | (2,265) | |
Beginning balance, Shares at Dec. 31, 2019 | 42,828,000 | ||||
Conversion of restricted share units and exercise of stock options | (9) | (9) | |||
Conversion of restricted share units and exercise of stock options, Shares | 3,000 | ||||
Stock compensation expense | 971 | 971 | |||
Net earnings | 9,359 | 9,359 | |||
Foreign currency translation adjustment | (2,786) | (2,786) | |||
Hedging activity, net of tax | (294) | (294) | |||
Ending balance at Mar. 31, 2020 | 204,533 | 134,584 | 75,294 | (5,345) | |
Ending balance, Shares at Mar. 31, 2020 | 42,831,000 | ||||
Beginning balance at Sep. 30, 2020 | 247,629 | 140,195 | 109,294 | (1,860) | |
Beginning balance, Shares at Sep. 30, 2020 | 43,069,000 | ||||
Conversion of restricted share units and exercise of stock options | 2,852 | 2,852 | |||
Conversion of restricted share units and exercise of stock options, Shares | 260,000 | ||||
Stock compensation expense | 2,291 | 2,291 | |||
Net earnings | 53,081 | 53,081 | |||
Foreign currency translation adjustment | 3,380 | 3,380 | |||
Hedging activity, net of tax | 240 | 240 | |||
Ending balance at Mar. 31, 2021 | 309,473 | 145,338 | 162,375 | 1,760 | |
Ending balance, Shares at Mar. 31, 2021 | 43,329,000 | ||||
Beginning balance at Dec. 31, 2020 | 278,867 | 141,395 | 136,073 | 1,399 | |
Beginning balance, Shares at Dec. 31, 2020 | 43,124,000 | ||||
Conversion of restricted share units and exercise of stock options | 2,893 | 2,893 | |||
Conversion of restricted share units and exercise of stock options, Shares | 205,000 | ||||
Stock compensation expense | 1,050 | 1,050 | |||
Net earnings | 26,302 | 26,302 | |||
Foreign currency translation adjustment | 79 | 79 | |||
Hedging activity, net of tax | 282 | 282 | |||
Ending balance at Mar. 31, 2021 | $ 309,473 | $ 145,338 | $ 162,375 | $ 1,760 | |
Ending balance, Shares at Mar. 31, 2021 | 43,329,000 |
Nature of Business
Nature of Business | 6 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business | 1. Nature of Business Meridian Bioscience, Inc. (“Meridian” or “the Company”) 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 testing systems and kits, primarily for certain gastrointestinal and respiratory infectious diseases, and elevated blood lead levels; and (ii) the manufacture and distribution of bulk antigens, antibodies, immunoassay blocking reagents, various Polymerase Chain Reaction (“PCR”) master mixes, and bioresearch reagents used by other diagnostic manufacturers and researchers. Our reportable segments are Diagnostics and Life Science. The Diagnostics segment consists of: (i) manufacturing operations for infectious disease products in Cincinnati, Ohio; Quebec City, Canada; and Modi’in, Israel; (ii) manufacturing operations for blood chemistry products in Billerica, Massachusetts (near Boston); and (iii) 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: (i) manufacturing operations in Memphis, Tennessee; Boca Raton, Florida; London, England; and Luckenwalde, Germany; and (ii) 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, with outsourced distribution capabilities, in Beijing, China to pursue revenue opportunities in Asia. This segment’s products are used by manufacturers and researchers in a variety of applications (e.g., in-vitro |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 2. Basis of Presentation The Condensed Consolidated Financial Statements are unaudited and are prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) for interim financial information, and the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of Management, the Condensed Consolidated Financial Statements include all normal adjustments and disclosures necessary to present fairly the Company’s financial position as of March 31, 2021 and the results of its operations, cash flows and shareholders’ equity for the three- and six-month 10-K It should be noted that the terms revenue and/or revenues are utilized throughout these notes to the Condensed Consolidated Financial Statements to indicate net revenue and/or net revenues. The results of operations for interim periods are not necessarily indicative of the results to be expected for the year. In December 2019, the SARS-CoV-2 COVID-19 SARS-CoV-2) COVID-19. shelter-in-place non-essential While revenues within our Life Science segment have been positively impacted by the COVID-19 COVID-19 COVID-19 COVID-19 COVID-19 COVID-19 COVID-19 COVID-19 The preparation of these Condensed Consolidated Financial Statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the Condensed Consolidated Financial Statement s |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 3. 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 2020 Annual Report on Form 10-K (a) Recent Accounting Pronouncements – Pronouncements Adopted On October 1, 2020, the Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2016-13, Measurement of Credit Losses on Financial Instruments Pronouncements Issued but Not Yet Adopted as of March 31, 2021 In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes 2019-12”). 2019-12 2019-12 2019-12 (b) Reclassifications – Certain reclassifications have been made to the prior year Condensed Consolidated Financial Statements to conform to the current year presentation. Such reclassifications had no impact on net earnings or shareholders’ equity. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | 4. Revenue Recognition Overview 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 Disaggregation The following tables present our revenues disaggregated by major geographic region, major product platform and disease state (Diagnostics segment only): Revenue by Reportable Segment & Geographic Region Three Months Ended March 31, Six Months Ended March 31, 2021 2020 Inc (Dec) 2021 2020 Inc (Dec) Diagnostics- Americas $ 25,290 $ 27,670 (9 )% $ 48,824 $ 55,405 (12 )% EMEA 6,071 6,777 (10 )% 12,101 13,277 (9 )% ROW 588 495 19 % 1,345 1,051 28 % Total Diagnostics 31,949 34,942 (9 )% 62,270 69,733 (11 )% Life Science- Americas 13,550 4,612 194 % 32,296 8,623 275 % EMEA 21,773 9,946 119 % 54,066 14,907 263 % ROW 17,992 7,796 131 % 29,549 11,454 158 % Total Life Science 53,315 22,354 139 % 115,911 34,984 231 % Consolidated $ 85,264 $ 57,296 49 % $ 178,181 $ 104,717 70 % Revenue by Product Platform/Type Three Months Ended March 31, Six Months Ended March 31, 2021 2020 Inc (Dec) 2021 2020 Inc (Dec) Diagnostics- Molecular assays $ 4,395 $ 7,238 (39 )% $ 8,985 $ 14,077 (36 )% Non-molecular 27,554 27,704 (1 )% 53,285 55,656 (4 )% Total Diagnostics $ 31,949 $ 34,942 (9 )% $ 62,270 $ 69,733 (11 )% Life Science- Molecular reagents $ 37,752 $ 11,534 227 % $ 83,776 $ 16,902 396 % Immunological reagents 15,563 10,820 44 % 32,135 18,082 78 % Total Life Science $ 53,315 $ 22,354 139 % $ 115,911 $ 34,984 231 % Revenue by Disease State (Diagnostics segment only) Three Months Ended March 31, Six Months Ended March 31, 2021 2020 Inc (Dec) 2021 2020 Inc (Dec) Diagnostics- Gastrointestinal assays $ 15,666 $ 14,014 12 % $ 31,118 $ 30,060 4 % Respiratory illness assays 3,686 10,863 (66 )% 8,492 18,612 (54 )% Blood chemistry assays 4,358 4,194 4 % 8,753 9,142 (4 )% Other 8,239 5,871 40 % 13,907 11,919 17 % Total Diagnostics $ 31,949 $ 34,942 (9 )% $ 62,270 $ 69,733 (11 )% Royalty Income Royalty income received from DiaSorin, which primarily related to sales of H. pylori Non-molecular Reagent Rental Arrangements Revenue allocated to the lease elements of Reagent Rental arrangements totaled approximately $900 and $1,125 in the three months ended March 31, 2021 and 2020, respectively, and $1,780 and 2,250 in the six months ended March 31, 2021 and 2020, respectively. Such revenue is included as part of net revenues in our Condensed Consolidated Statements of Operations. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 5. Fair Value Measurements Certain asset s Fair Value Measurements and Disclosures 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 T The fair values of the interest rate swap agreements were determined by reference to a third-party valuation and is considered a Level 2 input within the fair value hierarchy of valuation techniques. As described in Note 6, we acquired Exalenz Bioscience Ltd. (“Exalenz”) in fiscal 2020. The fair values of the acquired accounts receivable, inventories, property, plant and equipment, and other current assets and the fair values of the assumed accounts payable and accrued expenses were valued using Level 2 inputs, which included data points that were observable, such as appraisals or established values of comparable assets (market approach). Intangible assets were valued using Level 3 inputs, which are unobservable by nature, and included internal estimates of future cash flows (income approach). Significant increases (decreases) in any of those unobservable inputs, as of the date of the acquisition, in isolation would result in a significantly lower (higher) fair value measurement. Management engaged a third-party valuation firm to assist in the determination of the preliminary purchase accounting fair values, and specifically those considered Level 3 measurements. Management ultimately oversees the third-party valuation firm to ensure that the transaction-specific assumptions are appropriate for the Company. In connection with the acquisition of the business of GenePOC, Inc. (“GenePOC”) in fiscal 2019 and subsequent amendments to modify certain terms of the agreement related to contingent consideration achievement levels and milestone dates, the Company is required to make contingent consideration payments of up to earn-out s significantly from The following table provides information by level for financial assets and liabilities that are measured at fair value on a recurring basis: Fair Value Measurements Using Carrying Value Level 1 Level 2 Level 3 Interest rate swaps - As of March 31, 2021 $ (254 ) $ — $ (254 ) $ — As of September 30, 2020 $ (713 ) $ — $ (713 ) $ — Contingent consideration - As of March 31, 2021 $ (18,967 ) $ — $ — $ (18,967 ) As of September 30, 2020 $ (20,909 ) $ — $ — $ (20,909 ) |
Business Combinations
Business Combinations | 6 Months Ended |
Mar. 31, 2021 | |
Business Combinations [Abstract] | |
Business Combinations | 6. Business Combinations On April 30, 2020 (“the acquisition date”), we acquired % of the outstanding common shares and voting interest of Exalenz, a Modi’in, Israel based provider of the BreathID ® Helicobacter pylori. Cash consideration totaled million New Israeli Shekels (“NIS”), which equated to $ at the date of closing. Including debt assumed and repaid shortly after closing, the total consideration transferred was $ . To finance the acquisition, the Company utilized cash and cash equivalents on hand and proceeds drawn from our revolving credit facility (see Note 11). In anticipation of the transaction, we executed forward currency contracts to acquire the NIS required for the acquisition. As a result, the net cash outlay for the transaction prior to the repayment of debt was $ . As a result of total consideration exceeding the preliminary fair value of the net assets acquired, goodwill in the amount of $24,827 was recorded in connection with this acquisition, none of which will be deductible for U.S. tax purposes. The goodwill results largely from our ability to market and sell the BreathID platform through our established customer base and distribution channels. The Company’s consolidated results for the three and six months ended March 31, 2021 include the following from Exalenz: Three March 31, Six March 31, Net revenues $ 2,784 $ 5,882 Net loss $ (947 ) $ (1,739 ) These results for the three and six months ended March 31, 2021, which are reported as part of the Diagnostics segment, include $720 and , respectively, of non-compete The recognized preliminary amounts of identifiable assets acquired and liabilities assumed in the acquisition of Exalenz are as follows: PRELIMINARY April 30, (as initially Measurement April 30, (as adjusted) Fair value of assets acquired - Cash $ 5,006 $ — $ 5,006 Accounts receivable 637 — 637 Inventories 4,329 (296 ) 4,033 Other current assets 851 1,825 2,676 Property, plant and equipment 544 (16 ) 528 Goodwill 29,288 (4,461 ) 24,827 Other intangible assets (estimated useful life): Non-compete 120 (10 ) 110 Trade name (10 years) 3,540 320 3,860 Technology (15 years) 5,590 530 6,120 Customer relationships (10 years) 19,370 1,270 20,640 Right-of-use 1,358 (47 ) 1,311 Deferred tax assets, net 5,566 1,178 6,744 76,199 293 76,492 Fair value of liabilities assumed - Accounts payable and accrued expenses (including current portion of lease and government grant obligations) 7,757 251 8,008 Long-term lease obligations 1,054 42 1,096 Long-term government grant obligations 10,792 — 10,792 Other non-current 291 — 291 19,894 293 20,187 Total consideration paid (including $8,068 to pay off long-term debt) $ 56,305 $ — $ 56,305 As indicated, the allocation of the purchase price is preliminary, pending final completion of valuations. As a result of further refining its estimates and assumptions since the date of the acquisition, the Company recorded measurement period adjustments to the initial opening balance sheet as shown in the table above. Adjustments were primarily made to other current assets, goodwill, other intangible assets, and deferred tax assets. There were no measurement period adjustments materially impacting net earnings that would have been recorded in previous reporting periods if the adjustments had been recognized as of the acquisition date. Currently, we are primarily assessing the results of the valuation of intangible assets and the tax implications thereon. Upon completion of these analyses, any required adjustments are expected to result in an amount being reclassified among goodwill, other intangible assets and deferred taxes, as applicable. Pro Forma Information The following table provides the unaudited condensed consolidated pro forma results for the periods presented as if Exalenz had been acquired as of the beginning of fiscal 2020 (October 1, 2019). Pro forma results do not include the effect of any synergies achieved or 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 March 31, Six Months Ended March 31, 2021 2020 2021 2020 Net revenues $ 85,264 $ 60,701 $ 178,181 $ 111,895 Net earnings $ 26,302 $ 8,064 $ 53,081 $ 9,246 These unaudited pro forma amounts have been calculated by including the results of Exalenz and adjusting the results to give effect to the following, as if the acquisition had been consummated on October 1, 2019, together with the consequential tax effects thereon: Three Months Six Months Ended 2021 2020 2021 2020 Adjustments to net revenues Exalenz pre-acquisition net revenues $ — $ 3,405 $ — $ 7,178 Adjustments to net earnings Exalenz pre-acquisition net loss $ — $ (752 ) $ — $ (1,504 ) Pro forma adjustments: Remove net impact of non-continuing — 490 — 591 Incremental depreciation and amortization — (911 ) — (1,824 ) Incremental interest costs, net — (381 ) — (772 ) Tax effects of pro forma adjustments and recognizing benefit on — 259 — 569 Total adjustments to net earnings $ — $ (1,295 ) $ — $ (2,940 ) |
Cash and Cash Equivalents
Cash and Cash Equivalents | 6 Months Ended |
Mar. 31, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | 7. Cash and Cash Equivalents Cash and cash equivalents include the following: March 31, September 30, Institutional money market funds $ 1,017 $ 1,017 Cash on hand, unrestricted 62,357 52,497 Total $ 63,374 $ 53,514 |
Inventories, Net
Inventories, Net | 6 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | 8. Inventories, Net Inventories, net are comprised of the following: March 31, September 30, Raw materials $ 18,706 $ 11,966 Work-in-process 22,987 19,477 Finished goods - instruments 1,933 1,594 Finished goods - kits and reagents 28,908 28,227 Total $ 72,534 $ 61,264 |
Leasing Arrangements
Leasing Arrangements | 6 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Leasing Arrangements | 9. 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-use The lease costs for these operating leases reflected in Three Months Ended March 31, Six Months Ended March 31, 2021 2020 2021 2020 Lease costs within cost of sales $ 198 $ 130 $ 356 $ 259 Lease costs within operating expenses 387 292 761 559 Right-of-use 612 222 692 222 In addition, the Company periodically enters into other short-term operating leases, generally with an initial term of twelve months or less. These leases are not recorded on the Condensed Consolidated Balance Sheets and the related lease expense is immaterial for the three and six months ended March 31, 2021 and 2020. 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 discount rate implicit within our leases is generally not determin a March 31, September 30, Weighted average remaining lease term 3.8 years 4.2 years Average discount rate 3.4 % 3.7 % Maturities of lease liabilities by fiscal year for the Company’s operating leases were 2021 (represents remainder of fiscal year) $ 1,108 2022 2,016 2023 1,482 2024 1,108 2025 806 Thereafter 331 Total lease payments 6,851 Less amount of lease payments representing interest (404 ) Total present value of lease payments $ 6,447 Supplemental cash flow information related to the Company’s operating leases are as follows: Six Months Ended March 31, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,072 $ 778 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets, Net | 6 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets, Net | 10. Goodwill and Other Intangible Assets, Net During the six A summary of other intangible assets, net subject to amortization is as follows: March 31, 2021 September 30, 2020 Gross Accumulated Gross Accumulated Manufacturing technologies, core products and cell lines $ 62,446 $ 20,756 $ 62,363 $ 18,750 Trade names, licenses and patents 18,524 8,813 18,425 7,801 Customer lists, customer relationships and supply agreements 45,287 17,944 45,071 16,210 Government grants 858 858 810 810 Non-compete 110 20 110 11 Total $ 127,225 $ 48,391 $ 126,779 $ 43,582 The aggregate amortization expense for these other intangible assets was $2,142 and $1,727 for the three months ended March 31, 2021 and 2020, respectively , and for the six months ended March 31, 2021 and 2020, respectively. The estimated aggregate amortization expense for these other intangible assets for each of the fiscal years through fiscal 2026 is as follows: remainder of fiscal 2021 – $4,210, fiscal 2022 – $8,000, fiscal 2023 – $7,975, fiscal 2024 – $7,975, fiscal 2025 – $7,950, and fiscal 2026 – $7,300. |
Bank Credit Arrangements
Bank Credit Arrangements | 6 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Bank Credit Arrangements | 11. Bank Cred i In anticipation of the acquisition of the business of GenePOC, on May 24, 2019 , , three months respectively, and on-hand, 2020, 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 revolving credit facility agreement. As of March 31, 2021, the Company was in compliance with all covenants. |
Contingent Obligations and Non-
Contingent Obligations and Non-Current Liabilities | 6 Months Ended |
Mar. 31, 2021 | |
Contingent Obligations and NonCurrent Liabilities Disclosure [Abstract] | |
Contingent Obligations and Non-Current Liabilities | 12. Contingent Obligations and Non-Current In connection with the acquisition of Exalenz (see Note 6), the Company assumed several Israeli government grant obligations. The repayment of the grants, along with interest incurred at varying stated fixed rates based on LIBOR at the time each grant was received (ranging from 0.58% to 6.60%), is not dictated by an established repayment schedule. Rather, the grants and related interest are required to be repaid using 3% of the revenues generated from the sales of BreathID products, with the timing of repayment contingent upon the level and timing of such revenues. In addition, the grants have no collateral or financial covenant provisions generally associated with traditional borrowing instruments. These obligation amounts total $11,145 and $11,124 as of March 31, 2021 and September 30, 2020, respectively, and are reflected in the Condensed Consolidated Balance Sheets as follows: March 31, 2021 September 30, Current liabilities $ 608 $ 600 Non-current $ 10,537 $ 10,524 Additionally, the Company has provided certain post-employment benefits to its former Chief Executive Officer, and these obligations total $1,748 and $1,840 at March 31, 2021 and September 30, 2020, respectively. In addition, the Company is required by the governments of certain foreign countries in which we operate to maintain a level of accrual s |
National Institutes of Health C
National Institutes of Health Contracts | 6 Months Ended |
Mar. 31, 2021 | |
Research and Development [Abstract] | |
National Institutes of Health Contracts | 13. National Institutes of Health Contracts In December 2020, the Company entered into a sub-award SARS-CoV-2 recorded i Effective February 1, 2021, the Company entered into a second grant contract under the RADx initiative, the purpose of which is to support the Company’s manufacturing production scale-up COVID-19 COVID-19 |
Reportable Segment and Major Cu
Reportable Segment and Major Customers Information | 6 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Reportable Segments and Major Customers Data | 14. Reportable Segment and Major Customers Information During the three and six months ended March 31, 2021, products related to COVID-19 respectively, of Life Science segment revenues, and 37% and 41%, respectively, of consolidated revenues. In addition, during the three and six months ended March 31, 2021 and 2020, no individual Diagnostics or Life Science segment customer accounted for Individual Diagnostics or Life Science segment customers, including their affiliates, comprising 10% or more of reportable segment revenues during any of the three- and six-month 0 Three Months Ended March 31, Six Months Ended March 31, 2021 2020 2021 2020 Diagnostics Customer A 10 % 9 % 11 % 11 % Customer B 10 % 13 % 10 % 14 % Customer C 11 % 5 % 11 % 5 % Life Science Customer D 9 % 13 % 6 % 11 % Customer E 9 % 5 % 14 % 4 % In addition, during both the three and six mo n Two Life Science segment customers accounted for the following significant percentages of consolidated accounts receivable: March 31, September 30, Customer D 10 % 8 % Customer E 3 % 15 % Reportable segment information for the inte r Diagnostics Life Science Corporate (1) Eliminations (2) Total Three Months Ended March 31, 2021 Net revenues - Third-party $ 31,949 $ 53,315 $ — $ — $ 85,264 Inter-segment 116 91 — (207 ) — Operating income 2,421 36,089 (4,325 ) 16 34,201 Goodwill (March 31, 2021) 95,283 20,013 — — 115,296 Other intangible assets, net (March 31, 2021) 78,832 2 — — 78,834 Total assets (March 31, 2021) 313,271 125,947 — (49 ) 439,169 Three Months Ended March 31, 2020 Net revenues - Third-party $ 34,942 $ 22,354 $ — $ — $ 57,296 Inter-segment 81 55 — (136 ) — Operating income 4,729 9,931 (2,896 ) 27 11,791 Goodwill (September 30, 2020) 94,855 19,331 — — 114,186 Other intangible assets, net (September 30, 2020) 83,179 18 — — 83,197 Total assets (September 30, 2020) 306,812 98,483 — (34 ) 405,261 Six Months Ended March 31, 2021 Net revenues - Third-party $ 62,270 $ 115,911 $ — $ — $ 178,181 Inter-segment 185 109 — (294 ) — Operating income 1,239 75,886 (8,288 ) 28 68,865 Six Months Ended March 31, 2020 Net revenues - Third-party $ 69,733 $ 34,984 $ — $ — $ 104,717 Inter-segment 178 120 — (298 ) — Operating income 9,870 12,259 (4,983 ) 39 17,185 (1) Includes selected legal costs of in the three and six months ended March 31, 2021, respectively, and restructuring costs and selected legal costs of in the three and six months ended March 31, 2020, respectively. (2) Eliminations consist of inter-segment transactions. A reconciliation of reportable segment operating income to consolidated earnings before income taxes for the interim periods is as follows: Three Months Ended Six Months Ended March 31, March 31, 2021 2020 2021 2020 Operating income: Diagnostics segment $ 2,421 $ 4,729 $ 1,239 $ 9,870 Life Science segment 36,089 9,931 75,886 12,259 Eliminations 16 27 28 39 Total operating income 38,526 14,687 77,153 22,168 Corporate operating expenses (4,325 ) (2,896 ) (8,288 ) (4,983 ) Interest income 6 23 15 134 Interest expense (472 ) (532 ) (1,006 ) (1,299 ) RADx initiative grant income 200 — 1,000 — Other, net (883 ) 1,365 (1,574 ) 653 Consolidated earnings before income taxes $ 33,052 $ 12,647 $ 67,300 $ 16,673 Transactions betw e . |
Income Taxes
Income Taxes | 6 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 15. Income Taxes The effective rate for inco m for the three and six months ended March 31, 2021, respectively, and for the three and six months ended March 31, 2020. The lower fiscal 2021 effective tax rates result primarily from the combined effects of the following: (i) a significantly higher percentage of earnings before income taxes being generated in foreign jurisdictions with tax rates lower than the U.S., particularly the United Kingdom (“U.K.”); (ii) the non-deductibility of a significant portion of the acquisition-related costs related to Exalenz; and (iii) the tax impact of restricted share unit lapses and stock option exercises occurring on dates when the share price of Company stock was significantly higher than the share price on the date such equity awards were granted. |
Litigation Matters
Litigation Matters | 6 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation Matters | 16. Litigation Matters On April 17, 2018, Magellan r e of expense for attorneys’ fees related to this matter is included within the Condensed Consolidated Statements of Operations for the three months ended March 31, 2021 and 2020, respectively, and approximately for the six months ended March 31, 2021 and 2020, respectively. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 6 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | (a) Recent Accounting Pronouncements – Pronouncements Adopted On October 1, 2020, the Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2016-13, Measurement of Credit Losses on Financial Instruments Pronouncements Issued but Not Yet Adopted as of March 31, 2021 In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes 2019-12”). 2019-12 2019-12 2019-12 |
Reclassifications | (b) Reclassifications – Certain reclassifications have been made to the prior year Condensed Consolidated Financial Statements to conform to the current year presentation. Such reclassifications had no impact on net earnings or shareholders’ equity. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Revenue Recognition [Abstract] | |
Summary of Disaggregation of Revenue | Revenue by Reportable Segment & Geographic Region Three Months Ended March 31, Six Months Ended March 31, 2021 2020 Inc (Dec) 2021 2020 Inc (Dec) Diagnostics- Americas $ 25,290 $ 27,670 (9 )% $ 48,824 $ 55,405 (12 )% EMEA 6,071 6,777 (10 )% 12,101 13,277 (9 )% ROW 588 495 19 % 1,345 1,051 28 % Total Diagnostics 31,949 34,942 (9 )% 62,270 69,733 (11 )% Life Science- Americas 13,550 4,612 194 % 32,296 8,623 275 % EMEA 21,773 9,946 119 % 54,066 14,907 263 % ROW 17,992 7,796 131 % 29,549 11,454 158 % Total Life Science 53,315 22,354 139 % 115,911 34,984 231 % Consolidated $ 85,264 $ 57,296 49 % $ 178,181 $ 104,717 70 % Revenue by Product Platform/Type Three Months Ended March 31, Six Months Ended March 31, 2021 2020 Inc (Dec) 2021 2020 Inc (Dec) Diagnostics- Molecular assays $ 4,395 $ 7,238 (39 )% $ 8,985 $ 14,077 (36 )% Non-molecular 27,554 27,704 (1 )% 53,285 55,656 (4 )% Total Diagnostics $ 31,949 $ 34,942 (9 )% $ 62,270 $ 69,733 (11 )% Life Science- Molecular reagents $ 37,752 $ 11,534 227 % $ 83,776 $ 16,902 396 % Immunological reagents 15,563 10,820 44 % 32,135 18,082 78 % Total Life Science $ 53,315 $ 22,354 139 % $ 115,911 $ 34,984 231 % Revenue by Disease State (Diagnostics segment only) Three Months Ended March 31, Six Months Ended March 31, 2021 2020 Inc (Dec) 2021 2020 Inc (Dec) Diagnostics- Gastrointestinal assays $ 15,666 $ 14,014 12 % $ 31,118 $ 30,060 4 % Respiratory illness assays 3,686 10,863 (66 )% 8,492 18,612 (54 )% Blood chemistry assays 4,358 4,194 4 % 8,753 9,142 (4 )% Other 8,239 5,871 40 % 13,907 11,919 17 % Total Diagnostics $ 31,949 $ 34,942 (9 )% $ 62,270 $ 69,733 (11 )% |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
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: Fair Value Measurements Using Carrying Value Level 1 Level 2 Level 3 Interest rate swaps - As of March 31, 2021 $ (254 ) $ — $ (254 ) $ — As of September 30, 2020 $ (713 ) $ — $ (713 ) $ — Contingent consideration - As of March 31, 2021 $ (18,967 ) $ — $ — $ (18,967 ) As of September 30, 2020 $ (20,909 ) $ — $ — $ (20,909 ) |
Business Combinations (Tables)
Business Combinations (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Business Acquisition [Line Items] | |
Business Acquisition, Pro Forma Information | Three Months Ended March 31, Six Months Ended March 31, 2021 2020 2021 2020 Net revenues $ 85,264 $ 60,701 $ 178,181 $ 111,895 Net earnings $ 26,302 $ 8,064 $ 53,081 $ 9,246 |
Business Acquisition Proforma Adjustments | Three Months Six Months Ended 2021 2020 2021 2020 Adjustments to net revenues Exalenz pre-acquisition net revenues $ — $ 3,405 $ — $ 7,178 Adjustments to net earnings Exalenz pre-acquisition net loss $ — $ (752 ) $ — $ (1,504 ) Pro forma adjustments: Remove net impact of non-continuing — 490 — 591 Incremental depreciation and amortization — (911 ) — (1,824 ) Incremental interest costs, net — (381 ) — (772 ) Tax effects of pro forma adjustments and recognizing benefit on — 259 — 569 Total adjustments to net earnings $ — $ (1,295 ) $ — $ (2,940 ) |
Exalenz [Member] | |
Business Acquisition [Line Items] | |
Summary of Business Acquisitions, by Acquisition | The Company’s consolidated results for the three and six months ended March 31, 2021 include the following from Exalenz: Three March 31, Six March 31, Net revenues $ 2,784 $ 5,882 Net loss $ (947 ) $ (1,739 ) |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The recognized preliminary amounts of identifiable assets acquired and liabilities assumed in the acquisition of Exalenz are as follows: PRELIMINARY April 30, (as initially Measurement April 30, (as adjusted) Fair value of assets acquired - Cash $ 5,006 $ — $ 5,006 Accounts receivable 637 — 637 Inventories 4,329 (296 ) 4,033 Other current assets 851 1,825 2,676 Property, plant and equipment 544 (16 ) 528 Goodwill 29,288 (4,461 ) 24,827 Other intangible assets (estimated useful life): Non-compete 120 (10 ) 110 Trade name (10 years) 3,540 320 3,860 Technology (15 years) 5,590 530 6,120 Customer relationships (10 years) 19,370 1,270 20,640 Right-of-use 1,358 (47 ) 1,311 Deferred tax assets, net 5,566 1,178 6,744 76,199 293 76,492 Fair value of liabilities assumed - Accounts payable and accrued expenses (including current portion of lease and government grant obligations) 7,757 251 8,008 Long-term lease obligations 1,054 42 1,096 Long-term government grant obligations 10,792 — 10,792 Other non-current 291 — 291 19,894 293 20,187 Total consideration paid (including $8,068 to pay off long-term debt) $ 56,305 $ — $ 56,305 |
Cash and Equivalents (Tables)
Cash and Equivalents (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Components of Cash and Cash Equivalents | Cash and cash equivalents include the following: March 31, September 30, Institutional money market funds $ 1,017 $ 1,017 Cash on hand, unrestricted 62,357 52,497 Total $ 63,374 $ 53,514 |
Inventories, Net (Tables)
Inventories, Net (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | Inventories, net are comprised of the following: March 31, September 30, Raw materials $ 18,706 $ 11,966 Work-in-process 22,987 19,477 Finished goods - instruments 1,933 1,594 Finished goods - kits and reagents 28,908 28,227 Total $ 72,534 $ 61,264 |
Leasing Arrangements (Tables)
Leasing Arrangements (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Schedule of condensed income statement of operation | The lease costs for these operating leases reflected in Three Months Ended March 31, Six Months Ended March 31, 2021 2020 2021 2020 Lease costs within cost of sales $ 198 $ 130 $ 356 $ 259 Lease costs within operating expenses 387 292 761 559 Right-of-use 612 222 692 222 |
Schedule of maturities of lease liabilities | Maturities of lease liabilities by fiscal year for the Company’s operating leases were 2021 (represents remainder of fiscal year) $ 1,108 2022 2,016 2023 1,482 2024 1,108 2025 806 Thereafter 331 Total lease payments 6,851 Less amount of lease payments representing interest (404 ) Total present value of lease payments $ 6,447 |
Schedule of weighted average remaining lease term and discount rate | The weighted average remaining lease term for our operating leases and the weighted average discount rate used to measure our operating leases as of March 31, 2021 and September 30, 2020 were as follows: March 31, September 30, Weighted average remaining lease term 3.8 years 4.2 years Average discount rate 3.4 % 3.7 % |
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: Six Months Ended March 31, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,072 $ 778 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets, Net (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of acquired intangible assets subject to amortization | A summary of other intangible assets, net subject to amortization is as follows: March 31, 2021 September 30, 2020 Gross Accumulated Gross Accumulated Manufacturing technologies, core products and cell lines $ 62,446 $ 20,756 $ 62,363 $ 18,750 Trade names, licenses and patents 18,524 8,813 18,425 7,801 Customer lists, customer relationships and supply agreements 45,287 17,944 45,071 16,210 Government grants 858 858 810 810 Non-compete 110 20 110 11 Total $ 127,225 $ 48,391 $ 126,779 $ 43,582 |
Contingent Obligations and No_2
Contingent Obligations and Non-Current Liabilities (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Contingent Obligations and NonCurrent Liabilities Disclosure [Abstract] | |
Schedule of Government Grant Obligations Reflected in Condensed Consolidated Balance Sheet | These obligation amounts total $11,145 and $11,124 as of March 31, 2021 and September 30, 2020, respectively, and are reflected in the Condensed Consolidated Balance Sheets as follows: March 31, 2021 September 30, Current liabilities $ 608 $ 600 Non-current $ 10,537 $ 10,524 |
Reportable Segment and Major _2
Reportable Segment and Major Customers Information (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Consolidated Net Revenues | Individual Diagnostics or Life Science segment customers, including their affiliates, comprising 10% or more of reportable segment revenues during any of the three- and six-month 0 Three Months Ended March 31, Six Months Ended March 31, 2021 2020 2021 2020 Diagnostics Customer A 10 % 9 % 11 % 11 % Customer B 10 % 13 % 10 % 14 % Customer C 11 % 5 % 11 % 5 % Life Science Customer D 9 % 13 % 6 % 11 % Customer E 9 % 5 % 14 % 4 % In addition, during both the three and six mo n Two Life Science segment customers accounted for the following significant percentages of consolidated accounts receivable: March 31, September 30, Customer D 10 % 8 % Customer E 3 % 15 % |
Reportable segment Information | Reportable segment information for the inte r Diagnostics Life Science Corporate (1) Eliminations (2) Total Three Months Ended March 31, 2021 Net revenues - Third-party $ 31,949 $ 53,315 $ — $ — $ 85,264 Inter-segment 116 91 — (207 ) — Operating income 2,421 36,089 (4,325 ) 16 34,201 Goodwill (March 31, 2021) 95,283 20,013 — — 115,296 Other intangible assets, net (March 31, 2021) 78,832 2 — — 78,834 Total assets (March 31, 2021) 313,271 125,947 — (49 ) 439,169 Three Months Ended March 31, 2020 Net revenues - Third-party $ 34,942 $ 22,354 $ — $ — $ 57,296 Inter-segment 81 55 — (136 ) — Operating income 4,729 9,931 (2,896 ) 27 11,791 Goodwill (September 30, 2020) 94,855 19,331 — — 114,186 Other intangible assets, net (September 30, 2020) 83,179 18 — — 83,197 Total assets (September 30, 2020) 306,812 98,483 — (34 ) 405,261 Six Months Ended March 31, 2021 Net revenues - Third-party $ 62,270 $ 115,911 $ — $ — $ 178,181 Inter-segment 185 109 — (294 ) — Operating income 1,239 75,886 (8,288 ) 28 68,865 Six Months Ended March 31, 2020 Net revenues - Third-party $ 69,733 $ 34,984 $ — $ — $ 104,717 Inter-segment 178 120 — (298 ) — Operating income 9,870 12,259 (4,983 ) 39 17,185 (1) Includes selected legal costs of in the three and six months ended March 31, 2021, respectively, and restructuring costs and selected legal costs of in the three and six months ended March 31, 2020, respectively. (2) Eliminations consist of inter-segment transactions. |
Pre-tax Earnings Table | A reconciliation of reportable segment operating income to consolidated earnings before income taxes for the interim periods is as follows: Three Months Ended Six Months Ended March 31, March 31, 2021 2020 2021 2020 Operating income: Diagnostics segment $ 2,421 $ 4,729 $ 1,239 $ 9,870 Life Science segment 36,089 9,931 75,886 12,259 Eliminations 16 27 28 39 Total operating income 38,526 14,687 77,153 22,168 Corporate operating expenses (4,325 ) (2,896 ) (8,288 ) (4,983 ) Interest income 6 23 15 134 Interest expense (472 ) (532 ) (1,006 ) (1,299 ) RADx initiative grant income 200 — 1,000 — Other, net (883 ) 1,365 (1,574 ) 653 Consolidated earnings before income taxes $ 33,052 $ 12,647 $ 67,300 $ 16,673 |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Disaggregation of Revenue by Reportable Segment and Geographic Region (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | $ 85,264 | $ 57,296 | $ 178,181 | $ 104,717 |
Revenue, % change | 49.00% | 70.00% | ||
Diagnostics [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | $ 31,949 | 34,942 | $ 62,270 | 69,733 |
Revenue, % change | (9.00%) | (11.00%) | ||
Diagnostics [Member] | Americas [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | $ 25,290 | 27,670 | $ 48,824 | 55,405 |
Revenue, % change | (9.00%) | (12.00%) | ||
Diagnostics [Member] | EMEA [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | $ 6,071 | 6,777 | $ 12,101 | 13,277 |
Revenue, % change | (10.00%) | (9.00%) | ||
Diagnostics [Member] | ROW [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | $ 588 | 495 | $ 1,345 | 1,051 |
Revenue, % change | 19.00% | 28.00% | ||
Life Science [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | $ 53,315 | 22,354 | $ 115,911 | 34,984 |
Revenue, % change | 139.00% | 231.00% | ||
Life Science [Member] | Americas [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | $ 13,550 | 4,612 | $ 32,296 | 8,623 |
Revenue, % change | 194.00% | 275.00% | ||
Life Science [Member] | EMEA [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | $ 21,773 | 9,946 | $ 54,066 | 14,907 |
Revenue, % change | 119.00% | 263.00% | ||
Life Science [Member] | ROW [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | $ 17,992 | $ 7,796 | $ 29,549 | $ 11,454 |
Revenue, % change | 131.00% | 158.00% |
Revenue Recognition - Summary_2
Revenue Recognition - Summary of Disaggregation of Revenue by Product Platform/Type (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 85,264 | $ 57,296 | $ 178,181 | $ 104,717 |
Revenue, % change | 49.00% | 70.00% | ||
Diagnostics [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 31,949 | 34,942 | $ 62,270 | 69,733 |
Revenue, % change | (9.00%) | (11.00%) | ||
Diagnostics [Member] | Molecular Assays [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 4,395 | 7,238 | $ 8,985 | 14,077 |
Revenue, % change | (39.00%) | (36.00%) | ||
Diagnostics [Member] | Non-molecular assays | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 27,554 | 27,704 | $ 53,285 | 55,656 |
Revenue, % change | (1.00%) | (4.00%) | ||
Life Science [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 53,315 | 22,354 | $ 115,911 | 34,984 |
Revenue, % change | 139.00% | 231.00% | ||
Life Science [Member] | Molecular Reagents [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 37,752 | 11,534 | $ 83,776 | 16,902 |
Revenue, % change | 227.00% | 396.00% | ||
Life Science [Member] | Immunological Reagents [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 15,563 | $ 10,820 | $ 32,135 | $ 18,082 |
Revenue, % change | 44.00% | 78.00% |
Revenue Recognition - Summary_3
Revenue Recognition - Summary of Disaggregation of Revenue by Disease State (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 85,264 | $ 57,296 | $ 178,181 | $ 104,717 |
Revenue, % change | 49.00% | 70.00% | ||
Diagnostics [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 31,949 | 34,942 | $ 62,270 | 69,733 |
Revenue, % change | (9.00%) | (11.00%) | ||
Diagnostics [Member] | Gastrointestinal Assays [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 15,666 | 14,014 | $ 31,118 | 30,060 |
Revenue, % change | 12.00% | 4.00% | ||
Diagnostics [Member] | Respiratory Illness Assays [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 3,686 | 10,863 | $ 8,492 | 18,612 |
Revenue, % change | (66.00%) | (54.00%) | ||
Diagnostics [Member] | Blood Chemistry Assays [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 4,358 | 4,194 | $ 8,753 | 9,142 |
Revenue, % change | 4.00% | (4.00%) | ||
Diagnostics [Member] | Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 8,239 | $ 5,871 | $ 13,907 | $ 11,919 |
Revenue, % change | 40.00% | 17.00% |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 85,264 | $ 57,296 | $ 178,181 | $ 104,717 |
Royalty income | 2,845 | 1,280 | 3,705 | 2,205 |
Lease Elements [Member] | Product Concentration Risk [Member] | Revenues [Member] | Reagent Rental Arrangements [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 900 | $ 1,125 | $ 1,780 | $ 2,250 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Fair Value, Assets and Liabilities Measured on Recurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Sep. 30, 2020 |
Derivative Liability, Noncurrent | $ 254 | $ 713 |
Interest Rate Swap [Member] | ||
Derivative Liability, Noncurrent | (254) | (713) |
Commitments [Member] | ||
Business Combination, Contingent Consideration, Liability | (18,967) | (20,909) |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Interest Rate Swap [Member] | ||
Derivative Liability, Noncurrent | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Commitments [Member] | ||
Business Combination, Contingent Consideration, Liability | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Interest Rate Swap [Member] | ||
Derivative Liability, Noncurrent | (254) | (713) |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Commitments [Member] | ||
Business Combination, Contingent Consideration, Liability | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Interest Rate Swap [Member] | ||
Derivative Liability, Noncurrent | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Commitments [Member] | ||
Business Combination, Contingent Consideration, Liability | $ (18,967) | $ (20,909) |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Jun. 03, 2019 |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Measurements [Line Items] | ||
Notional amount of the swaps | $ 50,000 | |
GenePOC | ||
Fair Value Measurements [Line Items] | ||
Contingent consideration liability | $ 27,202 | |
GenePOC | Maximum [Member] | Product Development Milestones [Member] | ||
Fair Value Measurements [Line Items] | ||
Potential milestone payment | 14,000 | |
GenePOC | Maximum [Member] | Product Development Milestones [Member] | On Acquisition Date [Member] | ||
Fair Value Measurements [Line Items] | ||
Potential milestone payment | 20,000 | |
GenePOC | Maximum [Member] | Financial Performance Targets [Member] | ||
Fair Value Measurements [Line Items] | ||
Potential milestone payment | 50,000 | |
GenePOC | Maximum [Member] | Product Development Milestones And Financial Performance Targets [Member] | ||
Fair Value Measurements [Line Items] | ||
Potential milestone payment | 64,000 | |
GenePOC | Maximum [Member] | Product Development Milestones And Financial Performance Targets [Member] | On Acquisition Date [Member] | ||
Fair Value Measurements [Line Items] | ||
Potential milestone payment | $ 70,000 |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) $ in Thousands, ₪ in Millions | Apr. 30, 2020USD ($) | Apr. 30, 2020ILS (₪) | Apr. 30, 2020USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Sep. 30, 2020USD ($) |
Goodwill | $ 115,296 | $ 115,296 | $ 114,186 | |||||
Amortization of identifiable assets | 2,142 | $ 1,727 | 4,363 | $ 3,449 | ||||
Exalenz [Member] | ||||||||
Cash payment to acquire business | $ 48,237 | ₪ 168.6 | ||||||
Goodwill | 24,827 | $ 24,827 | ||||||
Amortization of identifiable assets | $ 720 | $ 1,520 | ||||||
Percentage of Voting Interest | 100.00% | 100.00% | ||||||
Business Combination Consideration Transferred | $ 56,305 | |||||||
Net Cash Outlay To Acquire Businesses | $ 47,392 |
Business Combinations - Summary
Business Combinations - Summary of Business Acquisitions, by Acquisition (Detail) - Exalenz [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Mar. 31, 2021 | Mar. 31, 2021 | |
Net revenues | $ 2,784 | $ 5,882 |
Net loss | $ (947) | $ (1,739) |
Business Combinations - Schedul
Business Combinations - Schedule Of Assets Acquired And Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Sep. 30, 2020 | Apr. 30, 2020 |
Fair value of assets acquired - | |||
Goodwill | $ 115,296 | $ 114,186 | |
Exalenz [Member] | |||
Fair value of assets acquired - | |||
Cash | $ 5,006 | ||
Accounts receivable | 637 | ||
Inventories | 4,033 | ||
Other current assets | 2,676 | ||
Property, plant and equipment | 528 | ||
Goodwill | 24,827 | ||
Other intangible assets (estimated useful life): | |||
Right-of-use assets | 1,311 | ||
Deferred tax assets, net | 6,744 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 76,492 | ||
Fair value of liabilities assumed - | |||
Accounts payable and accrued expenses | 8,008 | ||
Long-term lease obligations | 1,096 | ||
Long-term government grant obligations | 10,792 | ||
Other non-current liabilities | 291 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | 20,187 | ||
Total consideration | 56,305 | ||
Exalenz [Member] | Previously Reported [Member] | |||
Fair value of assets acquired - | |||
Cash | 5,006 | ||
Accounts receivable | 637 | ||
Inventories | 4,329 | ||
Other current assets | 851 | ||
Property, plant and equipment | 544 | ||
Goodwill | 29,288 | ||
Other intangible assets (estimated useful life): | |||
Right-of-use assets | 1,358 | ||
Deferred tax assets, net | 5,566 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 76,199 | ||
Fair value of liabilities assumed - | |||
Accounts payable and accrued expenses | 7,757 | ||
Long-term lease obligations | 1,054 | ||
Long-term government grant obligations | 10,792 | ||
Other non-current liabilities | 291 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | 19,894 | ||
Total consideration | 56,305 | ||
Exalenz [Member] | Measurement Period Adjustments [Member] | |||
Fair value of assets acquired - | |||
Inventories | (296) | ||
Other current assets | 1,825 | ||
Property, plant and equipment | (16) | ||
Goodwill | (4,461) | ||
Other intangible assets (estimated useful life): | |||
Right-of-use assets | (47) | ||
Deferred tax assets, net | 1,178 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 293 | ||
Fair value of liabilities assumed - | |||
Accounts payable and accrued expenses | 251 | ||
Long-term lease obligations | 42 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | 293 | ||
Exalenz [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 | 6,120 | ||
Exalenz [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 | 5,590 | ||
Exalenz [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 | 530 | ||
Exalenz [Member] | Noncompete Agreements [Member] | |||
Other intangible assets (estimated useful life): | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 110 | ||
Exalenz [Member] | Noncompete 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 | 120 | ||
Exalenz [Member] | Noncompete Agreements [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 | (10) | ||
Exalenz [Member] | Trade Names [Member] | |||
Other intangible assets (estimated useful life): | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 3,860 | ||
Exalenz [Member] | Trade Names [Member] | Previously Reported [Member] | |||
Other intangible assets (estimated useful life): | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 3,540 | ||
Exalenz [Member] | Trade Names [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 | 320 | ||
Exalenz [Member] | Customer Relationships [Member] | |||
Other intangible assets (estimated useful life): | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 20,640 | ||
Exalenz [Member] | Customer Relationships [Member] | Previously Reported [Member] | |||
Other intangible assets (estimated useful life): | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 19,370 | ||
Exalenz [Member] | Customer Relationships [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 | $ 1,270 |
Business Combinations - Sched_2
Business Combinations - Schedule Of Assets Acquired And Liabilities (Parenthetical) (Detail) $ in Thousands | Apr. 30, 2020USD ($) |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Paid to the sellers to payoff debt | $ 8,068 |
Technology-Based Intangible Assets [Member] | Exalenz [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years |
Noncompete Agreements [Member] | Exalenz [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years |
Trade Names [Member] | Exalenz [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years |
Customer Relationships [Member] | Exalenz [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years |
Business Combinations - Consoli
Business Combinations - Consolidated Pro Forma Results Of The Combined Entities (Detail) - Exalenz [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Business Acquisition, Pro Forma Information [Abstract] | ||||
Net revenues | $ 85,264 | $ 60,701 | $ 178,181 | $ 111,895 |
Net earnings | $ 26,302 | $ 8,064 | $ 53,081 | $ 9,246 |
Business Combinations - Busines
Business Combinations - Business Acquisition, Pro Forma Adjustments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Adjustments to net revenues | ||||
Exalenz pre-acquisition net revenues | $ 0 | $ 3,405 | $ 0 | $ 7,178 |
Adjustments to net earnings | ||||
Exalenz pre-acquisition net loss | 0 | (752) | 0 | (1,504) |
Pro forma adjustments: | ||||
Expenses related to non-continuing personnel, locations or activities | 0 | 490 | 0 | 591 |
Incremental depreciation and amortization | 0 | (911) | 0 | (1,824) |
Incremental interest costs | 0 | (381) | 0 | (772) |
Tax effects of pro forma adjustments | 0 | 259 | 0 | 569 |
Total adjustments to net earnings | $ 0 | $ (1,295) | $ 0 | $ (2,940) |
Cash and Cash Equivalents - Com
Cash and Cash Equivalents - Components of Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Sep. 30, 2020 |
Cash and Cash Equivalents [Line Items] | ||
Cash and cash equivalents | $ 63,374 | $ 53,514 |
Institutional Money Market Funds [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Cash and cash equivalents | 1,017 | 1,017 |
Cash on hand, unrestricted [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Cash and cash equivalents | $ 62,357 | $ 52,497 |
Inventories, Net - Components o
Inventories, Net - Components of Inventories (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Sep. 30, 2020 |
Inventory [Line Items] | ||
Raw materials | $ 18,706 | $ 11,966 |
Work-in-process | 22,987 | 19,477 |
Total | 72,534 | 61,264 |
Instruments [Member] | ||
Inventory [Line Items] | ||
Finished goods | 1,933 | 1,594 |
Kits and Reagents [Member] | ||
Inventory [Line Items] | ||
Finished goods | $ 28,908 | $ 28,227 |
Leasing Arrangements - Schedule
Leasing Arrangements - Schedule of Condensed Income Statement Of Operation (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Condensed Income Statements, Captions [Line Items] | ||||
Right-of-use assets, net obtained in exchange for operating lease liabilities | $ 612 | $ 222 | $ 692 | $ 222 |
Lease costs within cost of sales | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Operating lease cost | 198 | 130 | 356 | 259 |
Lease costs within operating expenses | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Operating lease cost | $ 387 | $ 292 | $ 761 | $ 559 |
Leasing Arrangements - Schedu_2
Leasing Arrangements - Schedule of Weighted Average Remaining Lease Term and Discount Rate (Detail) | Mar. 31, 2021 | Sep. 30, 2020 |
Weighted Average Remaining Lease Term And Weighted Average Discount rate Used To Measure Operating Lease [Abstract] | ||
Weighted average remaining lease term | 3 years 9 months 18 days | 4 years 2 months 12 days |
Average discount rate | 3.40% | 3.70% |
Leasing Arrangements - Schedu_3
Leasing Arrangements - Schedule of maturities of lease liabilities (Detail) $ in Thousands | Mar. 31, 2021USD ($) |
Operating lease liabilities | |
2021 (represents remainder of fiscal year) | $ 1,108 |
2022 | 2,016 |
2023 | 1,482 |
2024 | 1,108 |
2025 | 806 |
Thereafter | 331 |
Total lease payments | 6,851 |
Less amount of lease payments representing interest | (404) |
Total present value of lease payments | $ 6,447 |
Leasing Arrangements - Schedu_4
Leasing Arrangements - Schedule Of Supplemental Cash Flow Information Related To The CompanyS Operating Lease Liabilities (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 1,072 | $ 778 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets, Net - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Amortization of Intangible Assets | $ 2,142 | $ 1,727 | $ 4,363 | $ 3,449 |
2021 | 4,210 | 4,210 | ||
2022 | 8,000 | 8,000 | ||
2023 | 7,975 | 7,975 | ||
2024 | 7,975 | 7,975 | ||
2025 | 7,950 | 7,950 | ||
2026 | 7,300 | 7,300 | ||
Increase decrease in goodwill during the period | 1,110 | |||
Exalenz [Member] | ||||
Amortization of Intangible Assets | $ 720 | 1,520 | ||
Diagnostics [Member] | ||||
Increase decrease in goodwill foreign currency translation adjustment | 67 | |||
Diagnostics [Member] | Exalenz [Member] | ||||
Increase decrease in goodwill acquisition measurement period adjustment | 361 | |||
Life Science [Member] | ||||
Increase decrease in goodwill foreign currency translation adjustment | $ 682 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets, Net - Summary of Acquired Intangible Assets Subject to Amortization (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Sep. 30, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 127,225 | $ 126,779 |
Accumulated Amortization | 48,391 | 43,582 |
Manufacturing Technologies, Core Products and Cell Lines [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 62,446 | 62,363 |
Accumulated Amortization | 20,756 | 18,750 |
Tradenames, Licenses and Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 18,524 | 18,425 |
Accumulated Amortization | 8,813 | 7,801 |
Customer Lists, Customer Relationships, and Supply Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 45,287 | 45,071 |
Accumulated Amortization | 17,944 | 16,210 |
Government Grants [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 858 | 810 |
Accumulated Amortization | 858 | 810 |
Non-Compete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 110 | 110 |
Accumulated Amortization | $ 20 | $ 11 |
Bank Credit Arrangements - Addi
Bank Credit Arrangements - Additional Information (Detail) - USD ($) $ in Thousands | May 24, 2019 | Feb. 28, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jan. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Feb. 19, 2020 | Dec. 31, 2019 | Mar. 22, 2016 |
Debt Instrument [Line Items] | ||||||||||
Line of credit facility borrowing Capacity | $ 160,000 | |||||||||
Revolving Credit Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument effective interest rate | 2.60% | 2.57% | 4.04% | 4.15% | ||||||
Line of credit facility borrowing Capacity | $ 125,000 | |||||||||
Draws on credit facility | $ 68,824 | $ 50,000 | ||||||||
Expiration of credit facility | May 2024 | |||||||||
Proceeds from Lines of Credit | $ 125,824 | |||||||||
Debt instrument principal repayment | $ 8,824 | $ 10,000 | $ 30,000 | $ 27,000 | ||||||
Five - Year Term Loan [Member] | Magellan [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Debt | $ 60,000 | |||||||||
Long-term Debt, Term | 5 years |
Contingent Obligations and No_3
Contingent Obligations and Non-Current Liabilities - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Sep. 30, 2020 | |
Potential Future Severance Indemnity [Member] | ||
Liability for potential severance indemnity | $ 853 | $ 814 |
Former Chief Executive Officer [Member] | ||
Post employment benefit obligations | 1,748 | 1,840 |
Exalenz [Member] | Long Term Government Grant Obligations [Member] | ||
Long term government grant obligations assumed payable | $ 11,145 | $ 11,124 |
Percentage of revenue generated to be applied towards repayment of grant obligations | 3.00% | |
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Exalenz [Member] | Long Term Government Grant Obligations [Member] | ||
Long term debt stated rate of interest | 6.60% | |
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Exalenz [Member] | Long Term Government Grant Obligations [Member] | ||
Long term debt stated rate of interest | 0.58% |
Contingent Obligations and No_4
Contingent Obligations and Non-Current Liabilities - Schedule of Government Grant Obligations Reflected in Condensed Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Sep. 30, 2020 |
Contingent Obligations and NonCurrent Liabilities Disclosure [Abstract] | ||
Current liabilities | $ 608 | $ 600 |
Non-current liabilities | $ 10,537 | $ 10,524 |
National Institutes of Health_2
National Institutes of Health Contracts - Additional information (Detail) - USD ($) $ in Thousands | Feb. 01, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Health contracts relating to research and development [Line Items] | |||
Grant Receipts Upon Milestone Achievement | $ 5,500 | ||
Grant Contract Lease Term | 12 months | ||
National Institute Of Health [Member] | Reimbursement Of Research And Development Expenditure Accrued [Member] | |||
Health contracts relating to research and development [Line Items] | |||
Reimbursement of research and development expenditure | $ 1,000 | $ 200 |
Reportable Segments and Major C
Reportable Segments and Major Concentration Data - Consolidated Net Revenues (Detail) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Sep. 30, 2020 | |
Customer A [Member] | Revenues [Member] | Diagnostics [Member] | Segment Level [Member] | |||||
Entity Wide Portfolio Carrying Amount, Major Customer [Line Items] | |||||
Concentration percentage | 10.00% | 9.00% | 11.00% | 11.00% | |
Customer B [Member] | Revenues [Member] | Diagnostics [Member] | Segment Level [Member] | |||||
Entity Wide Portfolio Carrying Amount, Major Customer [Line Items] | |||||
Concentration percentage | 10.00% | 13.00% | 10.00% | 14.00% | |
Customer C [Member] | Revenues [Member] | Diagnostics [Member] | Segment Level [Member] | |||||
Entity Wide Portfolio Carrying Amount, Major Customer [Line Items] | |||||
Concentration percentage | 11.00% | 5.00% | 11.00% | 5.00% | |
Customer D [Member] | Revenues [Member] | Life Science [Member] | Segment Level [Member] | |||||
Entity Wide Portfolio Carrying Amount, Major Customer [Line Items] | |||||
Concentration percentage | 9.00% | 13.00% | 6.00% | 11.00% | |
Customer D [Member] | Customer Concentration Risk [Member] | Life Science [Member] | Consolidated Level [Member] | |||||
Entity Wide Portfolio Carrying Amount, Major Customer [Line Items] | |||||
Concentration percentage | 10.00% | 8.00% | |||
Customer E [Member] | Revenues [Member] | Life Science [Member] | Segment Level [Member] | |||||
Entity Wide Portfolio Carrying Amount, Major Customer [Line Items] | |||||
Concentration percentage | 9.00% | 5.00% | 14.00% | 4.00% | |
Customer E [Member] | Customer Concentration Risk [Member] | Life Science [Member] | Consolidated Level [Member] | |||||
Entity Wide Portfolio Carrying Amount, Major Customer [Line Items] | |||||
Concentration percentage | 3.00% | 15.00% |
Reportable Segment and Major _3
Reportable Segment and Major Customers Information - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
COVID-19 Revenue [Member] | Operating Segments [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Concentration risk percentage | 37.00% | 41.00% | ||
Life Science [Member] | COVID-19 Revenue [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Concentration risk percentage | 58.00% | 64.00% | ||
One Single Customer [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Concentration risk percentage | 10.00% | 10.00% | 10.00% | 10.00% |
Individual Diagnostics or Life Science Segment Customers [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Concentration risk percentage | 10.00% | 10.00% | 10.00% | 10.00% |
Life Science Segment Ten Largest Customer [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Concentration risk percentage | 48.00% | 30.00% |
Reportable Segment and Major _4
Reportable Segment and Major Customers Information - Reportable Segment Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Sep. 30, 2020 | |
Segment Reporting Information [Line Items] | |||||
Net revenues | $ 85,264 | $ 57,296 | $ 178,181 | $ 104,717 | |
Operating income (loss) | 34,201 | 11,791 | 68,865 | 17,185 | |
Goodwill | 115,296 | 115,296 | $ 114,186 | ||
Other intangible assets | 78,834 | 78,834 | 83,197 | ||
Total assets | 439,169 | 439,169 | 405,261 | ||
Restructuring and litigation costs | 1,030 | 685 | 2,257 | 1,055 | |
Corporate [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating income (loss) | (4,325) | (2,896) | (8,288) | (4,983) | |
Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating income (loss) | 16 | 27 | 28 | 39 | |
Total assets | (49) | (49) | (34) | ||
Net revenues | (207) | (136) | (294) | (298) | |
Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating income (loss) | 38,526 | 14,687 | 77,153 | 22,168 | |
Operating Segments [Member] | Diagnostics [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net revenues | 31,949 | 34,942 | 62,270 | 69,733 | |
Operating income (loss) | 2,421 | 4,729 | 1,239 | 9,870 | |
Goodwill | 95,283 | 95,283 | 94,855 | ||
Other intangible assets | 78,832 | 78,832 | 83,179 | ||
Total assets | 313,271 | 313,271 | 306,812 | ||
Net revenues | 116 | 81 | 185 | 178 | |
Operating Segments [Member] | Life Science [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net revenues | 53,315 | 22,354 | 115,911 | 34,984 | |
Operating income (loss) | 36,089 | 9,931 | 75,886 | 12,259 | |
Goodwill | 20,013 | 20,013 | 19,331 | ||
Other intangible assets | 2 | 2 | 18 | ||
Total assets | 125,947 | 125,947 | $ 98,483 | ||
Net revenues | $ 91 | $ 55 | $ 109 | $ 120 |
Reportable Segment and Major _5
Reportable Segment and Major Customers Information - Pre-tax Earnings Table (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Corporate operating expenses | $ (4,325) | $ (2,896) | $ (8,288) | $ (4,983) |
Interest income | 6 | 23 | 15 | 134 |
Interest expense | (472) | (532) | (1,006) | (1,299) |
Other, net | (883) | 1,365 | (1,574) | 653 |
EARNINGS BEFORE INCOME TAXES | 33,052 | 12,647 | 67,300 | 16,673 |
RADx initiative grant income | 200 | 1,000 | ||
Operating income | 34,201 | 11,791 | 68,865 | 17,185 |
Operating Segments [Member] | ||||
Operating income | 38,526 | 14,687 | 77,153 | 22,168 |
Operating Segments [Member] | Diagnostics [Member] | ||||
Operating income | 2,421 | 4,729 | 1,239 | 9,870 |
Operating Segments [Member] | Life Science [Member] | ||||
Operating income | 36,089 | 9,931 | 75,886 | 12,259 |
Eliminations [Member] | ||||
Operating income | $ 16 | $ 27 | $ 28 | $ 39 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Income Taxes Disclosure [Line Items] | ||||
Effective income tax rate continuing operations | 20.00% | 26.00% | 21.00% | 27.00% |
Litigation Matters - Additional
Litigation Matters - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Litigation costs [Abstract] | ||||
Litigation costs | $ 1,030 | $ 735 | $ 2,257 | $ 1,055 |
DOJ Subpoena [Member] | ||||
Litigation costs [Abstract] | ||||
Litigation filing date | April 17, 2018 | |||
Litigation costs | $ 1,030 | $ 725 | $ 2,257 | $ 1,005 |