Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Dec. 31, 2013 | Jan. 31, 2014 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Dec-13 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Trading Symbol | 'TECH | ' |
Entity Registrant Name | 'TECHNE CORP /MN/ | ' |
Entity Central Index Key | '0000842023 | ' |
Current Fiscal Year End Date | '--06-30 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 36,900,781 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Earnings and Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Net sales | $84,017 | $75,083 | $169,685 | $150,108 |
Cost of sales | 25,424 | 19,820 | 49,978 | 39,262 |
Gross margin | 58,593 | 55,263 | 119,707 | 110,846 |
Operating expenses: | ' | ' | ' | ' |
Selling, general and administrative | 14,926 | 10,956 | 28,947 | 21,284 |
Research and development | 7,923 | 7,403 | 15,625 | 14,855 |
Total operating expenses | 22,849 | 18,359 | 44,572 | 36,139 |
Operating income | 35,744 | 36,904 | 75,135 | 74,707 |
Other income (expense): | ' | ' | ' | ' |
Interest income | 545 | 677 | 1,112 | 1,338 |
Other non-operating expense, net | -71 | -135 | -375 | -613 |
Total other income (expense) | 474 | 542 | 737 | 725 |
Earnings before income taxes | 36,218 | 37,446 | 75,872 | 75,432 |
Income taxes | 11,163 | 12,082 | 23,389 | 24,400 |
Net earnings | 25,055 | 25,364 | 52,483 | 51,032 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Foreign currency translation adjustments | 3,344 | 1,107 | 11,246 | 5,032 |
Unrealized gains (losses) on available-for-sale investments, net of tax of $467, ($1,680), ($16,929) and ($9,269), respectively | 1,024 | -2,998 | -35,752 | -16,557 |
Other comprehensive income (loss) | 4,368 | -1,891 | -24,506 | -11,525 |
Comprehensive (loss) income | $29,423 | $23,473 | $27,977 | $39,507 |
Earnings per share: | ' | ' | ' | ' |
Basic | $0.68 | $0.69 | $1.42 | $1.39 |
Diluted | $0.68 | $0.69 | $1.42 | $1.38 |
Cash dividends per common share: | $0.31 | $0.30 | $0.61 | $0.58 |
Weighted average common shares outstanding: | ' | ' | ' | ' |
Basic | 36,882 | 36,834 | 36,862 | 36,831 |
Diluted | 37,015 | 36,900 | 36,968 | 36,897 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Earnings and Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Unrealized gains (losses) on available for sale investments, tax | $467 | ($1,680) | ($16,929) | ($9,269) |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $98,402 | $163,786 |
Short-term available-for-sale investments | 88,454 | 169,151 |
Trade accounts receivable, less allowance for doubtful accounts of $494 and $428, respectively | 38,306 | 38,183 |
Other receivables | 2,129 | 1,992 |
Deferred income taxes | 9,878 | 0 |
Inventories | 39,992 | 34,877 |
Prepaid expenses | 1,980 | 1,527 |
Total current assets | 279,141 | 409,516 |
Available-for-sale investments | 162,590 | 132,376 |
Property and equipment, net | 115,159 | 108,756 |
Goodwill | 144,361 | 84,336 |
Intangible assets, net | 98,546 | 40,552 |
Other assets | 2,368 | 2,562 |
Assets, Total | 802,165 | 778,098 |
Current liabilities: | ' | ' |
Trade accounts payable | 7,163 | 6,236 |
Salaries, wages and related accruals | 5,174 | 4,025 |
Accrued expenses | 7,954 | 9,603 |
Income taxes payable | 1,818 | 2,276 |
Deferred income taxes | 0 | 9,944 |
Total current liabilities | 22,109 | 32,084 |
Deferred income taxes | 31,528 | 8,473 |
Shareholders' equity: | ' | ' |
Common stock, par value $.01 per share; authorized 100,000,000; issued and outstanding 36,900,781 and 36,834,678, respectively | 369 | 368 |
Additional paid-in capital | 140,390 | 134,895 |
Retained earnings | 617,722 | 587,725 |
Accumulated other comprehensive income | -9,953 | 14,553 |
Total shareholders' equity | 748,528 | 737,541 |
Liabilities and Equity, Total | $802,165 | $778,098 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Jun. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Trade accounts receivable, allowance for doubtful accounts | $494 | $428 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 36,900,781 | 36,834,678 |
Common stock, shares outstanding | 36,900,781 | 36,834,678 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net earnings | $52,483 | $51,032 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 8,946 | 6,278 |
Costs recognized on sale of acquired inventory | 3,135 | 2,464 |
Deferred income taxes | -3,006 | -1,487 |
Stock-based compensation expense | 1,895 | 1,088 |
Excess tax benefit from stock option exercises | -40 | -64 |
Losses by equity method investees | 0 | 83 |
Other | 316 | 212 |
Change in operating assets and operating liabilities, net of acquisition: | ' | ' |
Trade accounts and other receivables | 2,891 | 3,645 |
Inventories | -1,243 | -1,362 |
Prepaid expenses | 31 | -193 |
Trade accounts payable and accrued expenses | -994 | 260 |
Salaries, wages and related accruals | 143 | -390 |
Income taxes payable | -650 | -1,016 |
Net cash provided by operating activities | 63,907 | 60,550 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Acquisition, net of cash acquired | -103,149 | 0 |
Purchase of available-for-sale investments | -71,877 | -42,620 |
Proceeds from sales of available-for-sale investments | 34,345 | 16,537 |
Proceeds from maturities of available-for-sale investments | 34,193 | 22,322 |
Additions to property and equipment | -7,458 | -10,735 |
Distribution from unconsolidated entity | 85 | 0 |
Increase in other long-term assets | -55 | -424 |
Net cash used in investing activities | -113,916 | -14,920 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Cash dividends | -22,485 | -21,360 |
Proceeds from stock option exercises | 3,560 | 824 |
Excess tax benefit from stock option exercises | 40 | 64 |
Purchase of common stock for stock bonus plans | 0 | -573 |
Net cash used in financing activities | -18,885 | -21,045 |
Effect of exchange rate changes on cash and cash equivalents | 3,510 | 2,026 |
Net increase in cash and cash equivalents | -65,384 | 26,611 |
Cash and cash equivalents at beginning of period | 163,786 | 116,675 |
Cash and cash equivalents at end of period | $98,402 | $143,286 |
Basis_of_Presentation
Basis of Presentation | 6 Months Ended |
Dec. 31, 2013 | |
Basis of Presentation | ' |
A. Basis of Presentation: | |
The interim unaudited condensed consolidated financial statements of Techne Corporation and Subsidiaries (the Company) have been prepared in accordance with accounting principles generally accepted in the United States of America and with instructions to Form 10-Q and Article 10 of Regulation S-X. The accompanying interim unaudited condensed consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented. All such adjustments are of a normal recurring nature. | |
A summary of significant accounting policies followed by the Company is detailed in the Company’s Annual Report on Form 10-K for fiscal 2013. The Company follows these policies in preparation of the interim unaudited condensed consolidated financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. These interim unaudited condensed consolidated financial statements should be read in conjunction with the Company’s Consolidated Financial Statements and Notes thereto for the fiscal year ended June 30, 2013, included in the Company’s Annual Report on Form 10-K for fiscal 2013. |
Acquisition
Acquisition | 6 Months Ended | ||||
Dec. 31, 2013 | |||||
Acquisition | ' | ||||
B. Acquisition | |||||
On July 22, 2013, the Company’s R&D Systems subsidiary acquired for cash all of the outstanding shares of Bionostics Holdings, Ltd. (Bionostics) and its U.S. operating subsidiary, Bionostics, Inc. Bionostics is a global leader in the development, manufacture and distribution of control solutions that verify the proper operation of in-vitro diagnostic devices primarily utilized in point of care blood glucose and blood gas testing. Bionostics is included in the Company’s Clinical Controls segment. | |||||
In connection with the Bionostics acquisition, the Company recorded $14.4 million of developed technology intangible assets that have an estimated useful life of 9 years, $2.7 million of trade name intangible assets that have an estimated useful life of 5 years, $2.4 million related to non-compete agreements that have an estimated useful life of 3 years, and $41.0 million related to customer relationships that have an estimated useful life of 14 years. The intangible asset amortization is not deductible for income tax purposes. | |||||
The goodwill recorded as a result of the Bionostics acquisition represents the strategic benefits of growing the Company’s product portfolio and the expected revenue growth from increased market penetration from future products and customers. The goodwill is not deductible for income tax purposes. | |||||
Transaction costs of $532,000 and $607,000 were included in the Company’s selling, general and administrative costs during the quarters ended September 30, 2013 and June 30, 2013, respectively. | |||||
The aggregate purchase price of the acquisition was allocated to the assets acquired and liabilities assumed based on their preliminarily estimated fair values at the date of acquisition. The preliminary estimate of the excess of purchase price over the fair value of net tangible assets acquired was allocated to identifiable intangible assets and goodwill. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed as a result of the Bionostics acquisition (in thousands): | |||||
Current assets | $ | 9,605 | |||
Intangible Assets | 60,500 | ||||
Goodwill | 56,349 | ||||
Equipment | 2,180 | ||||
Total assets acquired | 128,634 | ||||
Liabilities | 3,007 | ||||
Deferred income taxes | 22,478 | ||||
Net assets acquired | $ | 103,149 | |||
Cash paid, net of cash acquired | $ | 103,149 | |||
Tangible assets acquired, net of liabilities assumed, were stated at fair value at the date of acquisition based on management’s assessment. The purchase price allocated to developed technology, trade names, non-compete agreements and customer relationships was based on management’s forecasted cash inflows and outflows and using a relief-from-royalty and a multi-period excess earnings method to calculate the fair value of assets purchased. The developed technology is being amortized with the expense reflected in cost of goods sold in the Condensed Consolidated Statement of Earnings and Comprehensive Income. Amortization expense related to trade names, the non-compete agreement and customer relationships is reflected in selling, general and administrative expenses in the Consolidated Statement of Earnings and Comprehensive Income. The deferred income tax liability represents the estimated future impact of adjustments for the cost to be recognized upon the sale of acquired inventory that was written up to fair value and intangible asset amortization, both of which are not deductible for income tax purposes. | |||||
The Company’s condensed consolidated financial statements for the quarter and six months ended December 31, 2013, include Bionostics net sales of $8.0 million and $14.2 million, respectively, and net income of $292,000 and $276,000, respectively. Included in Bionostics results for the quarter and six months ended December 31, 2013 were amortization of intangibles of $1.5 million and $2.6 million, respectively and costs recognized on the sales of acquired inventory of $458,000 and $1.1 million, respectively. |
AvailableForSale_Investments
Available-For-Sale Investments | 6 Months Ended |
Dec. 31, 2013 | |
Available-For-Sale Investments | ' |
C. Available-For-Sale Investments: | |
The Company’s available-for-sale securities are carried at fair value using Level 1 and Level 2 inputs. The fair value of the Company’s available-for-sale investments at December 31, 2013 and June 30, 2013 were $251 million and $302 million, respectively. The amortized cost basis of the Company’s available-for-sale investments at December 31, 2013 and June 30, 2013 were $243 million and $241 million, respectively. | |
Included in the Company’s available-for-sale securities is an investment in the common stock and warrants of ChemoCentryx (CCXI). The fair value of the Company’s investment was $36.7 million and $89.6 million at December 31, 2013 and June 30, 2013, respectively. The cost basis of the Company’s investment in CCXI was $29.5 million at both December 31, 2013 and June 30, 2013. |
Inventories
Inventories | 6 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventories | ' | ||||||||
D. Inventories: | |||||||||
Inventories consist of (in thousands): | |||||||||
December 31, | June 30, | ||||||||
2013 | 2013 | ||||||||
Raw materials | $ | 9,121 | $ | 5,885 | |||||
Finished goods | 30,871 | 28,992 | |||||||
$ | 39,992 | $ | 34,877 | ||||||
Property_and_Equipment
Property and Equipment | 6 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property and Equipment | ' | ||||||||
E. Property and Equipment: | |||||||||
Property and equipment consist of (in thousands): | |||||||||
December 31, | June 30, | ||||||||
2013 | 2013 | ||||||||
Cost: | |||||||||
Land | $ | 7,429 | $ | 7,438 | |||||
Buildings and improvements | 147,652 | 142,656 | |||||||
Machinery and equipment | 50,049 | 39,706 | |||||||
205,130 | 189,800 | ||||||||
Accumulated depreciation and amortization | (89,971 | ) | (81,044 | ) | |||||
$ | 115,159 | $ | 108,756 | ||||||
Intangible_Assets_and_Goodwill
Intangible Assets and Goodwill | 6 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Intangible Assets and Goodwill | ' | ||||||||
F. Intangible Assets and Goodwill: | |||||||||
Intangible assets and goodwill consist of (in thousands): | |||||||||
December 31, | June 30, | ||||||||
2013 | 2013 | ||||||||
Developed technology | $ | 45,115 | $ | 28,656 | |||||
Trade names | 20,939 | 17,659 | |||||||
Customer relationships | 49,883 | 8,613 | |||||||
Non-compete agreement | 2,800 | 400 | |||||||
118,737 | 55,328 | ||||||||
Accumulated amortization | (20,191 | ) | (14,776 | ) | |||||
$ | 98,546 | $ | 40,552 | ||||||
Goodwill | $ | 144,361 | $ | 84,336 | |||||
Changes to the carrying amount of net intangible assets for the six months ended December 31, 2013 consists of (in thousands): | |||||||||
Beginning balance | $ | 40,552 | |||||||
Acquisition | 60,500 | ||||||||
Amortization expense | (4,775 | ) | |||||||
Currency translation | 2,269 | ||||||||
Ending balance | $ | 98,546 | |||||||
The estimated future amortization expense for intangible assets as of December 31, 2013 is as follows (in thousands): | |||||||||
Period Ending June 30: | |||||||||
2014 | $ | 5,211 | |||||||
2015 | 10,421 | ||||||||
2016 | 10,401 | ||||||||
2017 | 9,591 | ||||||||
2018 | 9,542 | ||||||||
Thereafter | 53,380 | ||||||||
$ | 98,546 | ||||||||
The change in the carrying amount of goodwill for the six months ended December 31, 2013 resulted from the Bionostics acquisition and currency translation. |
Earnings_Per_Share
Earnings Per Share | 6 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||
G. Earnings Per Share: | |||||||||||||||||
Shares used in the earnings per share computations are as follows (in thousands): | |||||||||||||||||
Quarter Ended | Six Months Ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Weighted average common shares outstanding-basic | 36,882 | 36,834 | 36,862 | 36,831 | |||||||||||||
Dilutive effect of stock options | 133 | 66 | 106 | 66 | |||||||||||||
Weighted average common shares outstanding-diluted | 37,015 | 36,900 | 36,968 | 36,897 | |||||||||||||
The dilutive effect of stock options in the above table excludes all options for which the aggregate exercise proceeds exceeded the average market price for the period. The number of potentially dilutive option shares excluded from the calculation was 167,000 and 193,000 for the quarter and six months ended December 31, 2013. The number of potentially dilutive option shares excluded from the calculation was 214,000 for both the quarter and six months ended December 31, 2012. |
Segment_Information
Segment Information | 6 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Segment Information | ' | ||||||||||||||||
H. Segment Information: | |||||||||||||||||
The Company has two reportable segments based on the nature of products (biotechnology and clinical controls). Following is financial information relating to the Company’s reportable segments (in thousands): | |||||||||||||||||
Quarter Ended | Six Months Ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
External sales | |||||||||||||||||
Biotechnology | $ | 70,557 | $ | 69,628 | $ | 143,747 | $ | 139,131 | |||||||||
Clinical Controls | 13,460 | 5,455 | 25,938 | 10,977 | |||||||||||||
Consolidated net sales | $ | 84,017 | $ | 75,083 | $ | 169,685 | $ | 150,108 | |||||||||
Earnings before income taxes | |||||||||||||||||
Biotechnology | $ | 36,618 | $ | 36,883 | $ | 75,996 | $ | 73,877 | |||||||||
Clinical Controls | 1,783 | 2,148 | 4,068 | 4,251 | |||||||||||||
Segment earnings before income taxes | 38,401 | 39,031 | 80,064 | 78,128 | |||||||||||||
Unallocated corporate expenses and equity method investee losses | (2,183 | ) | (1,585 | ) | (4,192 | ) | (2,696 | ) | |||||||||
Consolidated earnings before income taxes | $ | 36,218 | $ | 37,446 | $ | 75,872 | $ | 75,432 | |||||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 6 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accumulated Other Comprehensive Income | ' | ||||||||
I. Accumulated Other Comprehensive Income: | |||||||||
Accumulated other comprehensive income (loss) consists of (in thousands): | |||||||||
December 31, | June 30, | ||||||||
2013 | 2013 | ||||||||
Foreign currency translation adjustments | $ | (13,035 | ) | $ | (24,281 | ) | |||
Net unrealized gain on available-for-sale investments, net of tax | 3,082 | 38,834 | |||||||
$ | (9,953 | ) | $ | 14,553 | |||||
Acquisition_Tables
Acquisition (Tables) | 6 Months Ended | ||||
Dec. 31, 2013 | |||||
Estimated Fair Values of Assets Acquired and Liabilities Assumed | ' | ||||
The following table summarizes the estimated fair values of the assets acquired and liabilities assumed as a result of the Bionostics acquisition (in thousands): | |||||
Current assets | $ | 9,605 | |||
Intangible Assets | 60,500 | ||||
Goodwill | 56,349 | ||||
Equipment | 2,180 | ||||
Total assets acquired | 128,634 | ||||
Liabilities | 3,007 | ||||
Deferred income taxes | 22,478 | ||||
Net assets acquired | $ | 103,149 | |||
Cash paid, net of cash acquired | $ | 103,149 | |||
Inventories_Tables
Inventories (Tables) | 6 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventories | ' | ||||||||
Inventories consist of (in thousands): | |||||||||
December 31, | June 30, | ||||||||
2013 | 2013 | ||||||||
Raw materials | $ | 9,121 | $ | 5,885 | |||||
Finished goods | 30,871 | 28,992 | |||||||
$ | 39,992 | $ | 34,877 | ||||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 6 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property and Equipment | ' | ||||||||
Property and equipment consist of (in thousands): | |||||||||
December 31, | June 30, | ||||||||
2013 | 2013 | ||||||||
Cost: | |||||||||
Land | $ | 7,429 | $ | 7,438 | |||||
Buildings and improvements | 147,652 | 142,656 | |||||||
Machinery and equipment | 50,049 | 39,706 | |||||||
205,130 | 189,800 | ||||||||
Accumulated depreciation and amortization | (89,971 | ) | (81,044 | ) | |||||
$ | 115,159 | $ | 108,756 | ||||||
Intangible_Assets_and_Goodwill1
Intangible Assets and Goodwill (Tables) | 6 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Intangible Assets | ' | ||||||||
Intangible assets and goodwill consist of (in thousands): | |||||||||
December 31, | June 30, | ||||||||
2013 | 2013 | ||||||||
Developed technology | $ | 45,115 | $ | 28,656 | |||||
Trade names | 20,939 | 17,659 | |||||||
Customer relationships | 49,883 | 8,613 | |||||||
Non-compete agreement | 2,800 | 400 | |||||||
118,737 | 55,328 | ||||||||
Accumulated amortization | (20,191 | ) | (14,776 | ) | |||||
$ | 98,546 | $ | 40,552 | ||||||
Goodwill | $ | 144,361 | $ | 84,336 | |||||
Changes in Carrying Amount of Goodwill | ' | ||||||||
Changes to the carrying amount of net intangible assets for the six months ended December 31, 2013 consists of (in thousands): | |||||||||
Beginning balance | $ | 40,552 | |||||||
Acquisition | 60,500 | ||||||||
Amortization expense | (4,775 | ) | |||||||
Currency translation | 2,269 | ||||||||
Ending balance | $ | 98,546 | |||||||
Estimated Future Amortization Expense for Intangible Assets | ' | ||||||||
The estimated future amortization expense for intangible assets as of December 31, 2013 is as follows (in thousands): | |||||||||
Period Ending June 30: | |||||||||
2014 | $ | 5,211 | |||||||
2015 | 10,421 | ||||||||
2016 | 10,401 | ||||||||
2017 | 9,591 | ||||||||
2018 | 9,542 | ||||||||
Thereafter | 53,380 | ||||||||
$ | 98,546 | ||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 6 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Earnings per Share | ' | ||||||||||||||||
Shares used in the earnings per share computations are as follows (in thousands): | |||||||||||||||||
Quarter Ended | Six Months Ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Weighted average common shares outstanding-basic | 36,882 | 36,834 | 36,862 | 36,831 | |||||||||||||
Dilutive effect of stock options | 133 | 66 | 106 | 66 | |||||||||||||
Weighted average common shares outstanding-diluted | 37,015 | 36,900 | 36,968 | 36,897 | |||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 6 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Financial Information Relating to Reportable Segments | ' | ||||||||||||||||
Following is financial information relating to the Company’s reportable segments (in thousands): | |||||||||||||||||
Quarter Ended | Six Months Ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
External sales | |||||||||||||||||
Biotechnology | $ | 70,557 | $ | 69,628 | $ | 143,747 | $ | 139,131 | |||||||||
Clinical Controls | 13,460 | 5,455 | 25,938 | 10,977 | |||||||||||||
Consolidated net sales | $ | 84,017 | $ | 75,083 | $ | 169,685 | $ | 150,108 | |||||||||
Earnings before income taxes | |||||||||||||||||
Biotechnology | $ | 36,618 | $ | 36,883 | $ | 75,996 | $ | 73,877 | |||||||||
Clinical Controls | 1,783 | 2,148 | 4,068 | 4,251 | |||||||||||||
Segment earnings before income taxes | 38,401 | 39,031 | 80,064 | 78,128 | |||||||||||||
Unallocated corporate expenses and equity method investee losses | (2,183 | ) | (1,585 | ) | (4,192 | ) | (2,696 | ) | |||||||||
Consolidated earnings before income taxes | $ | 36,218 | $ | 37,446 | $ | 75,872 | $ | 75,432 | |||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 6 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accumulated Other Comprehensive Income (Loss) | ' | ||||||||
Accumulated other comprehensive income (loss) consists of (in thousands): | |||||||||
December 31, | June 30, | ||||||||
2013 | 2013 | ||||||||
Foreign currency translation adjustments | $ | (13,035 | ) | $ | (24,281 | ) | |||
Net unrealized gain on available-for-sale investments, net of tax | 3,082 | 38,834 | |||||||
$ | (9,953 | ) | $ | 14,553 | |||||
Acquisition_Additional_Informa
Acquisition - Additional Information (Detail) (USD $) | 6 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | ||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Jul. 22, 2013 | Jul. 22, 2013 | Jul. 22, 2013 | Jul. 22, 2013 | |
Bionostics Holdings, Ltd | Bionostics Holdings, Ltd | Bionostics Holdings, Ltd | Bionostics Holdings, Ltd | Bionostics Holdings, Ltd | Bionostics Holdings, Ltd | Bionostics Holdings, Ltd | Bionostics Holdings, Ltd | |||
Developed technology | Trade names | Non-compete agreement | Customer relationships | |||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquired intangible assets | ' | ' | ' | ' | ' | ' | $14,400,000 | $2,700,000 | $2,400,000 | $41,000,000 |
Acquired intangible assets, useful life (in years) | ' | ' | ' | ' | ' | ' | '9 years | '5 years | '3 years | '14 years |
Business acquisition, transaction costs | ' | ' | ' | 532,000 | 607,000 | ' | ' | ' | ' | ' |
Net Sales | ' | ' | 8,000,000 | ' | ' | 14,200,000 | ' | ' | ' | ' |
Net Loss | ' | ' | 292,000 | ' | ' | 276,000 | ' | ' | ' | ' |
Amortization of intangible assets | ' | ' | 1,500,000 | ' | ' | 2,600,000 | ' | ' | ' | ' |
Costs recognized on sales of acquired inventory | $3,135,000 | $2,464,000 | $458,000 | ' | ' | $1,100,000 | ' | ' | ' | ' |
Estimated_Fair_Values_of_Asset
Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) (USD $) | 6 Months Ended | 1 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Jul. 22, 2013 |
Bionostics Holdings, Ltd | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' |
Current assets | ' | ' | ' | $9,605 |
Intangible Assets | ' | ' | ' | 60,500 |
Goodwill | 144,361 | ' | 84,336 | 56,349 |
Equipment | ' | ' | ' | 2,180 |
Total assets acquired | ' | ' | ' | 128,634 |
Liabilities | ' | ' | ' | 3,007 |
Deferred income taxes | ' | ' | ' | 22,478 |
Net assets acquired | ' | ' | ' | 103,149 |
Cash paid, net of cash acquired | $103,149 | $0 | ' | $103,149 |
AvailableForSaleInvestments_Ad
Available-For-Sale-Investments - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Jun. 30, 2013 |
In Millions, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities, fair value | $251 | $302 |
Available-for-sale securities, amortized cost | 243 | 241 |
Chemo Centryx, Inc. | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities, fair value | 36.7 | 89.6 |
Available-for-sale securities, amortized cost | $29.50 | $29.50 |
Inventories_Detail
Inventories (Detail) (USD $) | Dec. 31, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Inventory [Line Items] | ' | ' |
Raw materials | $9,121 | $5,885 |
Finished goods | 30,871 | 28,992 |
Inventories | $39,992 | $34,877 |
Property_and_Equipment_Detail
Property and Equipment (Detail) (USD $) | Dec. 31, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Cost: | ' | ' |
Land | $7,429 | $7,438 |
Buildings and improvements | 147,652 | 142,656 |
Machinery and equipment | 50,049 | 39,706 |
Property, Plant and Equipment, Gross, Total | 205,130 | 189,800 |
Accumulated depreciation and amortization | -89,971 | -81,044 |
Property and equipment, net | $115,159 | $108,756 |
Intangible_Assets_and_Goodwill2
Intangible Assets and Goodwill (Detail) (USD $) | Dec. 31, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Developed technology | $45,115 | $28,656 |
Trade names | 20,939 | 17,659 |
Customer relationships | 49,883 | 8,613 |
Non-compete agreement | 2,800 | 400 |
Finite-Lived Intangible Assets, Gross, Total | 118,737 | 55,328 |
Accumulated amortization | -20,191 | -14,776 |
Intangible assets, net | 98,546 | 40,552 |
Goodwill | $144,361 | $84,336 |
Changes_in_Carrying_Amount_of_
Changes in Carrying Amount of Net Intangible Assets (Detail) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Intangible Assets [Line Items] | ' |
Beginning balance | $40,552 |
Acquisition | 60,500 |
Amortization expense | -4,775 |
Currency translation | 2,269 |
Ending balance | $98,546 |
Estimated_Future_Amortization_
Estimated Future Amortization Expense for Intangible Assets (Detail) (USD $) | Dec. 31, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
2014 | $5,211 | ' |
2015 | 10,421 | ' |
2016 | 10,401 | ' |
2017 | 9,591 | ' |
2018 | 9,542 | ' |
Thereafter | 53,380 | ' |
Intangible assets, net | $98,546 | $40,552 |
Earnings_Per_Share_Detail
Earnings Per Share (Detail) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share Disclosure [Line Items] | ' | ' | ' | ' |
Weighted average common shares outstanding-basic | 36,882 | 36,834 | 36,862 | 36,831 |
Dilutive effect of stock options | 133 | 66 | 106 | 66 |
Weighted average common shares outstanding-diluted | 37,015 | 36,900 | 36,968 | 36,897 |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Earnings Per Share Disclosure [Line Items] | ' | ' | ' | ' |
Number of potentially dilutive stock option shares excluded from the calculation of earnings per share | 167,000 | 214,000 | 193,000 | 214,000 |
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 6 Months Ended |
Dec. 31, 2013 | |
Segment | |
Segment Reporting Information [Line Items] | ' |
Number of reportable segments | 2 |
Financial_Information_Relating
Financial Information Relating to Reportable Segments (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
External sales | $84,017 | $75,083 | $169,685 | $150,108 |
Earnings before income taxes | 36,218 | 37,446 | 75,872 | 75,432 |
Reportable Segment | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
External sales | 84,017 | 75,083 | 169,685 | 150,108 |
Earnings before income taxes | 38,401 | 39,031 | 80,064 | 78,128 |
Reportable Segment | Biotechnology | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
External sales | 70,557 | 69,628 | 143,747 | 139,131 |
Earnings before income taxes | 36,618 | 36,883 | 75,996 | 73,877 |
Reportable Segment | Clinical Controls | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
External sales | 13,460 | 5,455 | 25,938 | 10,977 |
Earnings before income taxes | 1,783 | 2,148 | 4,068 | 4,251 |
Unallocated Amount to Segment | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Earnings before income taxes | ($2,183) | ($1,585) | ($4,192) | ($2,696) |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) | Dec. 31, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Foreign currency translation adjustments | ($13,035) | ($24,281) |
Net unrealized gain on available-for-sale investments, net of tax | 3,082 | 38,834 |
Accumulated other comprehensive income | ($9,953) | $14,553 |