Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Sep. 30, 2015 | Nov. 06, 2015 | |
Entity Registrant Name | BIO-TECHNE Corp | |
Entity Central Index Key | 842,023 | |
Trading Symbol | tech | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 37,191,353 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Earnings and Comprehensive Income (Unaudited) - USD ($) shares in Thousands | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Net sales | $ 112,381,000 | $ 108,477,000 |
Cost of sales | 36,990,000 | 35,411,000 |
Gross margin | 75,391,000 | 73,066,000 |
Operating expenses: | ||
Selling, general and administrative | 33,040,000 | 28,701,000 |
Research and development | 11,322,000 | 9,149,000 |
Total operating expenses | 44,362,000 | 37,850,000 |
Operating income | 31,028,000 | 35,216,000 |
Other (expense) income | 818,000 | (618,000) |
Earnings before income taxes | 31,847,000 | 34,598,000 |
Income taxes | 9,139,000 | 10,691,000 |
Net earnings | 22,707,000 | 23,907,000 |
Other comprehensive (loss) income: | ||
Foreign currency translation adjustments | (12,896,000) | (9,103,000) |
Unrealized losses on available-for-sale investments, net of tax of ($3,752) and ($100), respectively | (10,125,000) | (8,488,000) |
Other comprehensive loss | (23,021,000) | (17,591,000) |
Comprehensive income (loss) | $ (314,000) | $ 6,316,000 |
Earnings per share: | ||
Basic (in dollars per share) | $ 0.61 | $ 0.65 |
Diluted (in dollars per share) | 0.61 | 0.64 |
Cash dividends per common share: (in dollars per share) | $ 0.32 | $ 0.31 |
Weighted average common shares outstanding: | ||
Basic (in shares) | 37,169 | 37,007 |
Diluted (in shares) | 37,315 | 37,148 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Earnings and Comprehensive Income (Unaudited) (Parentheticals) - USD ($) | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Unrealized losses on available-for-sale investments, net of tax | $ (3,752) | $ (100) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Sep. 30, 2015 | Jun. 30, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 48,842,000 | $ 54,532,000 |
Short-term available-for-sale investments | 38,423,000 | 56,389,000 |
Trade accounts receivable, less allowance for doubtful accounts of $500 and $555, respectively | 70,915,000 | 70,034,000 |
Other receivables | 972,000 | 954,000 |
Inventories | 58,967,000 | 49,577,000 |
Prepaid expenses | 6,201,000 | 5,285,000 |
Deferred income taxes | 16,677,000 | 11,511,000 |
Total current assets | 240,997,000 | 248,283,000 |
Property and equipment, net | 132,852,000 | 129,749,000 |
Intangible assets, net | 325,396,000 | 292,839,000 |
Goodwill | 427,317,000 | 390,638,000 |
Other assets | 1,757,000 | 1,851,000 |
1,128,320,000 | 1,063,360,000 | |
Current liabilities: | ||
Trade accounts payable | 13,177,000 | 13,443,000 |
Salaries, wages and related accruals | 9,134,000 | 10,344,000 |
Accrued expenses | 6,537,000 | 6,604,000 |
Income taxes payable | 8,444,000 | 1,972,000 |
Deferred revenue, current | 3,839,000 | 3,380,000 |
Related party note payable, current | 3,868,000 | 4,024,000 |
Total current liabilities | 45,040,000 | 39,768,000 |
Deferred income taxes | 77,819,000 | 61,429,000 |
Long-term debt obligations | 164,368,000 | 112,024,000 |
Other long-term liabilities | 3,146,000 | 3,204,000 |
Shareholders' equity: | ||
Common stock, par value $.01 per share; authorized 100,000,000; issued and outstanding 37,182,381 and 37,152,979, respectively | 372,000 | 371,000 |
Additional paid-in capital | 166,603,000 | 163,306,000 |
Retained earnings | 724,586,000 | 713,851,000 |
Accumulated other comprehensive loss | (53,615,000) | (30,594,000) |
Total shareholders' equity | 837,947,000 | 846,935,000 |
$ 1,128,320,000 | $ 1,063,360,000 |
Condensed Consolidated Balance5
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 |
Allowance for doubtful accounts | $ 500 | $ 555 |
Common stock authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock issued (in shares) | 37,182,381 | 37,152,979 |
Common stock outstanding (in shares) | 37,182,381 | 37,152,979 |
Common stock par value (in dollars per share) | $ 0.10 | $ 0.10 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net earnings | $ 22,707,000 | $ 23,907,000 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 10,685,000 | 8,559,000 |
Costs recognized on sale of acquired inventory | 1,113,000 | 3,167,000 |
Deferred income taxes | (1,115,000) | (1,617,000) |
Stock-based compensation expense | 2,038,000 | 1,362,000 |
Other | 26,000 | 68,000 |
Change in operating assets and operating liabilities, net of acquisition: | ||
Trade accounts and other receivables | (3,763,000) | 422,000 |
Inventories | (3,176,000) | (2,326,000) |
Prepaid expenses | (766,000) | 8,000 |
Trade accounts payable and accrued expenses | (416,000) | (1,487,000) |
Salaries, wages and related accruals | (1,704,000) | 2,528,000 |
Income taxes payable | 6,204,000 | 1,127,000 |
Net cash provided by operating activities | 31,833,000 | 35,718,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Acquisitions, net of cash acquired | (82,970,000) | (360,175,000) |
Proceeds from maturities of available-for-sale investments | 3,930,000 | 9,880,000 |
Additions to property and equipment | (6,121,000) | (4,905,000) |
Distributions from unconsolidated entities | 0 | 446,000 |
Net cash used in investing activities | (85,161,000) | (354,754,000) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Cash dividends | (11,894,000) | (11,472,000) |
Proceeds from stock option exercises | 1,128,000 | 1,864,000 |
Excess tax benefit from stock option exercises | 131,000 | 78,000 |
Borrowings under line-of-credit agreement | 77,000,000 | 125,000,000 |
Payments on line-of-credit | (24,500,000) | (13,000,000) |
Net cash provided by (used in) financing activities | 41,865,000 | 102,470,000 |
Effect of exchange rate changes on cash and cash equivalents | 5,773,000 | (3,763,000) |
Net decrease in cash and cash equivalents | (5,690,000) | (220,329,000) |
Cash and cash equivalents at beginning of period | 54,532,000 | 318,568,000 |
Cash and cash equivalents at end of period | $ 48,842,000 | $ 98,239,000 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation and Summary of Significant Accounting Policies | 3 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Business Description and Accounting Policies [Text Block] | Note 1. Basis of Presentation and Summary of Significant Accounting Policies: The interim consolidated financial statements of Bio-Techne Corporation (formerly Techne Corporation) and subsidiaries, (the Company) presented here have been prepared by the Company and are unaudited. They 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. They 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. 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, 2015, included in the Company's Annual Report on Form 10-K for fiscal 2015. A summary of significant accounting policies followed by the Company is detailed in the Company's Annual Report on Form 10-K for fiscal 2015. The Company follows these policies in preparation of the interim unaudited condensed consolidated financial statements. 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 September 30, 2015 and June 30, 2015 were $38.4 million and $56.4 million, respectively. The decrease was caused by the maturity of $3.9 million of available for sale securities with the remainder due to the change in the fair value of the Company's investment in ChemoCentryx, Inc. (CCXI). The amortized cost basis of the Company's available-for-sale investments at September 30, 2015 and June 30, 2015 were $29.5 million and $33.6 million, respectively. Inventories: Inventories consist of (in thousands): September 30, June 30, 2015 2015 Raw materials $ 22,874 $ 15,892 Finished goods 36,093 33,685 Inventories, net $ 58,967 $ 49,577 At September 30, 2015, the Company had $59.0 million of inventory compared to $50.0 million as of June 30, 2015. The increase is primarily driven by the acquisition of Cliniqa Corporation in July 2015. At both September 30, 2015 and June 30, 2015, the Company had approximately $24 million of excess protein, antibody and chemically-based inventory on hand which was not valued. 4 Property and Equipment: Property and equipment consist of (in thousands): September 30, June 30, 2015 2015 Land $ 7,568 $ 7,370 Buildings and improvements 161,183 156,965 Machinery and equipment 76,281 74,385 Property and equipment, cost 245,032 238,720 Accumulated depreciation and amortization (112,180 ) (108,971 ) Property and equipment, net $ 132,852 $ 129,749 Intangible Assets: Intangible assets consist of (in thousands): September 30 June 30, 2015 2015 Developed technology $ 125,261 $ 108,887 Trade names 64,009 63,867 Customer relationships 190,340 167,494 Non-compete agreements 3,279 3,298 Intangible assets 382,890 343,546 Accumulated amortization (57,494 ) (50,707 ) Intangible assets, net $ 325,396 $ 292,839 Changes to the carrying amount of net intangible assets for the quarter ended September 30, 2015 consist of (in thousands): Beginning balance $ 292,839 Acquisitions 46,100 Amortization expense (7,411 ) Currency translation (6,132 ) Ending balance $ 325,396 The estimated future amortization expense for intangible assets as of September 30, 2015 is as follows (in thousands): 2016 $ 21,312 2017 27,532 2018 27,532 2019 26,721 2020 26,401 2021 26,401 Thereaafter 169,497 $ 325,396 5 Goodwill: Changes to the carrying amount of goodwill for the quarter ended September 30, 2015 consist of (in thousands): Beginning balance $ 390,638 Acquisitions 43,000 Currency translation (6,321 ) Ending balance $ 427,317 |
Note 2 - Acquisitions
Note 2 - Acquisitions | 3 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | Note 2. Acquisitions: The Company's acquisitions have historically been made at prices above the fair value of the acquired identifiable assets, resulting in goodwill. The goodwill is due to strategic benefits of growing the Company's product portfolio, expected revenue growth from the increased market penetration from future products and customers, and expectations of synergies that will be realized by combining the businesses. Acquisitions have been accounted for using the purchase method of accounting and the acquired companies' results have been included in the accompanying financial statements from their respective dates of acquisition. Acquisition costs are recorded in selling, general and administrative expenses as incurred. On July 8, 2015, the Company acquired all of the issued and outstanding equity interests of Cliniqa Corporation (Cliniqa). Cliniqa specializes in the manufacturing and commercialization of quality controls and calibrators as well as bulk reagents used in the clinical diagnostic market. The acquisition was mostly funded through our line-of-credit facility. The purchase price of Cliniqa exceeded the fair value of the identifiable net assets and, accordingly, the difference was allocated to goodwill, substantially all of which is not tax deductible. Cliniqa is included in the Company’s Clinical Controls segment. The preliminary estimated fair value of the assets acquired and liabilities assumed in each acquisition, pending final valuation of intangible assets, are as follows (in thousands): Cliniqa Current assets $ 11,927 Equipment 1,436 Other long-term assets 58 Intangible Assets: Developed technology 18,000 Trade name 27,000 Customer relationships 1,100 Goodwill 43,000 Total assets acquired 102,521 Liabilities 1,884 Deferred income taxes, net 17,667 Net assets acquired $ 82,970 Cash paid, net of cash acquired $ 82,970 6 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, 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, and customer relationships is reflected in selling, general and administrative expenses in the Consolidated Statement of Earnings and Comprehensive Income. The amortization periods for intangible assets acquired in fiscal 2016 are estimated to be 18 years for developed technology, 20 years for trade names and 4 years for customer relationships. The deferred income tax liability represents the net amount of the estimated future impact of adjustments for costs 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 ended September 30, 2015, include Cliniqa net sales of $3.4 million and net losses of $0.4 million. Included in these results were amortization of intangibles of $0.7 million and costs recognized on the sales of acquired inventory of $0.3 million. |
Note 3 - Segment Information
Note 3 - Segment Information | 3 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 3. Segment Information: The Company's management evaluates segment operating performance based on operating income before certain charges to cost of sales and selling, general and administrative expenses, principally associated with acquisition accounting related to inventory, amortization of acquisition-related intangible assets and other acquisition-related expenses. Prior period segment results, which reported segment earnings before income taxes, have been reclassified to reflect segment performance based on operating income. Beginning in the first quarter of fiscal 2016, the Clinical Controls segment includes the financial results of the Company’s BiosPacific business. Historically, this business was managed and reported as part of the Biotechnology segment. The recent acquisition of Cliniqa and its commonality of customer and end markets with BiosPacific influenced this management and reporting change. All comparisons to prior periods reflect the new reporting structure as if it existed in the prior reporting periods. The following is financial information relating to the Company's reportable segments (in thousands): Quarter Ended September 30, 2015 2014 Net sales Biotechnology $ 75,743 $ 76,453 Clinical Controls 20,362 19,119 Protein Platforms 16,296 12,914 Inter segment (20 ) (9 ) Consolidated net sales $ 112,381 $ 108,477 Segment operating income Biotechnology $ 39,316 $ 40,446 Clinical Controls 4,711 6,108 Protein Platforms (1,172 ) 2,604 Subtotal reportable segments 42,855 49,159 Cost recognized on sale of acquired inventory (1,112 ) (3,167 ) Amortization of acquisition related intangible assets (7,411 ) (5,728 ) Acquisition related expenses (301 ) (2,370 ) Stock-based compensation (2,038 ) (1,362 ) Corporate general and administrative (965 ) (1,316 ) Consolidated operating income $ 31,028 $ 35,216 |
Note 4 - Share-based Compensati
Note 4 - Share-based Compensation | 3 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 4. Share-based Compensation: During the quarters ended September 30, 2015 and 2014, the Company granted 736,000 and 467,000 stock options at weighted average grant prices of $106.66 and $93.95 and weighted average fair values of $18.48 and $13.93, respectively. During the quarter ended September 30, 2015 and 2014, the Company granted 35,000 and 34,000 restricted stock units at a weighted average fair value of $105.01 and $93.70, respectively. During the quarter ended September 30, 2015, the Company granted 12,000 shares of restricted common stock at a fair value of $108.49. Stock-based compensation expense of $2.0 million and $1.4 million was included in selling, general and administrative expenses for the quarters ended September 30, 2015 and 2014, respectively. As of September 30, 2015, there was $21.7 million of unrecognized compensation cost related to non-vested stock options, non-vested restricted stock units and non-vested restricted stock. The weighted average period over which the compensation cost is expected to be recognized is 2.8 years. Stock options for 12,500 and 28,000 shares of common stock with total intrinsic values of $0.5 million and $0.2 million were exercised during the quarters ended September 30, 2015 and 2014, respectively. |
Note 5 - Other (Expense)_Income
Note 5 - Other (Expense)/Income | 3 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Other Income and Other Expense Disclosure [Text Block] | Note 5. Other (Expense) / Income: The components of other (expense) income in the accompanying Statement of Earnings and Comprehensive Income are as follows: Quarter Ended September 30, 2015 2014 Interest expense $ (451 ) $ (311 ) Interest income 61 185 Other non-operating expense, net 1,208 (492 ) Other (expense) / income $ 818 $ (618 ) |
Note 6 - Earnings Per Share
Note 6 - Earnings Per Share | 3 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 6. Earnings Per Share: Shares used in the earnings per share computations are as follows (in thousands): Quarter Ended September 30, 2015 2014 Weighted average common shares outstanding-basic 37,169 37,007 Dilutive effect of stock options 146 141 Weighted average common shares outstanding-diluted 37,315 37,148 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 1.2 million and 0.6 million for the quarters ended September 30, 2015 and 2014, respectively. |
Note 7 - Accumulated Other Comp
Note 7 - Accumulated Other Comprehensive Income | 3 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | Note 7. Accumulated Other Comprehensive Income: Changes in accumulated other comprehensive income (loss), net of tax, for the quarter ended September 30, 2015 consists of (in thousands): Unrealized Foreign Total Beginning balance $ 14,381 $ (44,975 ) $ (30,594 ) Other comprehensive income (10,125 ) (12,896 ) (23,021 ) Ending balance $ 4,256 $ (57,871 ) $ (53,615 ) |
Note 8 - Debt and Other Financi
Note 8 - Debt and Other Financing Arrangements | 3 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 8. Debt and Other Financing Arrangements: On July 28, 2014, the Company entered into a revolving line-of-credit facility governed by a Credit Agreement (the Credit Agreement). The Credit Agreement provides for a revolving credit facility of $150 million, which can be increased by an additional $150 million subject to certain conditions. Borrowings under the Credit Agreement may be used for working capital and expenditures of the Company and its subsidiaries, including financing permitted acquisitions. Borrowings under the Credit Agreement for base rate loans bear interest at a variable rate equal to the greater of (i) the prime commercial rate, (ii) the per annum federal funds rate plus 0.5%, or (iii) LIBOR + 1.00% - 1.75% depending on the existing total leverage ratio of Debt to Earnings Before Interest, Taxes, Depreciation and Amortization (as defined in the Credit Agreement). The annualized fee for any unused portion of the credit facility is 15 basis points. The Credit Agreement matures on July 31, 2019 and contains customary restrictive and financial covenants and customary events of default. As of September 30, 2015, the outstanding balance under the Credit Agreement was $125.5 million. |
Note 9 - Subsequent Event
Note 9 - Subsequent Event | 3 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 9. Subsequent Event: None. |
Note 1 - Basis of Presentatio16
Note 1 - Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Sep. 30, 2015 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | September 30, June 30, 2015 2015 Raw materials $ 22,874 $ 15,892 Finished goods 36,093 33,685 Inventories, net $ 58,967 $ 49,577 |
Property, Plant and Equipment [Table Text Block] | September 30, June 30, 2015 2015 Land $ 7,568 $ 7,370 Buildings and improvements 161,183 156,965 Machinery and equipment 76,281 74,385 Property and equipment, cost 245,032 238,720 Accumulated depreciation and amortization (112,180 ) (108,971 ) Property and equipment, net $ 132,852 $ 129,749 |
Schedule of Intangible Assets and Goodwill [Table Text Block] | September 30 June 30, 2015 2015 Developed technology $ 125,261 $ 108,887 Trade names 64,009 63,867 Customer relationships 190,340 167,494 Non-compete agreements 3,279 3,298 Intangible assets 382,890 343,546 Accumulated amortization (57,494 ) (50,707 ) Intangible assets, net $ 325,396 $ 292,839 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Beginning balance $ 292,839 Acquisitions 46,100 Amortization expense (7,411 ) Currency translation (6,132 ) Ending balance $ 325,396 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2016 $ 21,312 2017 27,532 2018 27,532 2019 26,721 2020 26,401 2021 26,401 Thereaafter 169,497 $ 325,396 |
Schedule of Goodwill [Table Text Block] | Beginning balance $ 390,638 Acquisitions 43,000 Currency translation (6,321 ) Ending balance $ 427,317 |
Note 2 - Acquisitions (Tables)
Note 2 - Acquisitions (Tables) | 3 Months Ended |
Sep. 30, 2015 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Cliniqa Current assets $ 11,927 Equipment 1,436 Other long-term assets 58 Intangible Assets: Developed technology 18,000 Trade name 27,000 Customer relationships 1,100 Goodwill 43,000 Total assets acquired 102,521 Liabilities 1,884 Deferred income taxes, net 17,667 Net assets acquired $ 82,970 Cash paid, net of cash acquired $ 82,970 |
Note 3 - Segment Information (T
Note 3 - Segment Information (Tables) | 3 Months Ended |
Sep. 30, 2015 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Quarter Ended September 30, 2015 2014 Net sales Biotechnology $ 75,743 $ 76,453 Clinical Controls 20,362 19,119 Protein Platforms 16,296 12,914 Inter segment (20 ) (9 ) Consolidated net sales $ 112,381 $ 108,477 Segment operating income Biotechnology $ 39,316 $ 40,446 Clinical Controls 4,711 6,108 Protein Platforms (1,172 ) 2,604 Subtotal reportable segments 42,855 49,159 Cost recognized on sale of acquired inventory (1,112 ) (3,167 ) Amortization of acquisition related intangible assets (7,411 ) (5,728 ) Acquisition related expenses (301 ) (2,370 ) Stock-based compensation (2,038 ) (1,362 ) Corporate general and administrative (965 ) (1,316 ) Consolidated operating income $ 31,028 $ 35,216 |
Note 5 - Other (Expense)_Inco19
Note 5 - Other (Expense)/Income (Tables) | 3 Months Ended |
Sep. 30, 2015 | |
Notes Tables | |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | Quarter Ended September 30, 2015 2014 Interest expense $ (451 ) $ (311 ) Interest income 61 185 Other non-operating expense, net 1,208 (492 ) Other (expense) / income $ 818 $ (618 ) |
Note 6 - Earnings Per Share (Ta
Note 6 - Earnings Per Share (Tables) | 3 Months Ended |
Sep. 30, 2015 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Quarter Ended September 30, 2015 2014 Weighted average common shares outstanding-basic 37,169 37,007 Dilutive effect of stock options 146 141 Weighted average common shares outstanding-diluted 37,315 37,148 |
Note 7 - Accumulated Other Co21
Note 7 - Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Sep. 30, 2015 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Unrealized Foreign Total Beginning balance $ 14,381 $ (44,975 ) $ (30,594 ) Other comprehensive income (10,125 ) (12,896 ) (23,021 ) Ending balance $ 4,256 $ (57,871 ) $ (53,615 ) |
Note 1 - Basis of Presentatio22
Note 1 - Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2015 | Jun. 30, 2015 | |
Chemo Centryx, Inc. [Member] | ||
Available-for-sale Securities, Amortized Cost Basis | $ 29,500 | |
Available-for-sale Securities, Amortized Cost Basis | $ 29,500 | 33,600 |
Inventory Valuation Reserves | 24,000 | 24,000 |
Available-for-sale Securities | 38,400 | 56,400 |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | (3,900) | |
Inventory, Net | $ 58,967 | $ 49,577 |
Note 1 - Basis of Presentatio23
Note 1 - Basis of Presentation and Summary of Significant Accounting Policies - Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 |
Raw materials | $ 22,874 | $ 15,892 |
Finished goods | 36,093 | 33,685 |
Inventories, net | $ 58,967 | $ 49,577 |
Note 1 - Basis of Presentatio24
Note 1 - Basis of Presentation and Summary of Significant Accounting Policies - Property and Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 |
Land [Member] | ||
Property and equipment, cost | $ 7,568 | $ 7,370 |
Building and Building Improvements [Member] | ||
Property and equipment, cost | 161,183 | 156,965 |
Machinery and Equipment [Member] | ||
Property and equipment, cost | 76,281 | 74,385 |
Property and equipment, cost | 245,032 | 238,720 |
Accumulated depreciation and amortization | (112,180) | (108,971) |
Property and Equipment | $ 132,852 | $ 129,749 |
Note 1 - Basis of Presentatio25
Note 1 - Basis of Presentation and Summary of Significant Accounting Policies - Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 |
Developed Technology Rights [Member] | ||
Intangible Assets, Gross | $ 125,261 | $ 108,887 |
Trade Names [Member] | ||
Intangible Assets, Gross | 64,009 | 63,867 |
Customer Relationships [Member] | ||
Intangible Assets, Gross | 190,340 | 167,494 |
Noncompete Agreements [Member] | ||
Intangible Assets, Gross | 3,279 | 3,298 |
Intangible Assets, Gross | 382,890 | 343,546 |
Accumulated amortization | (57,494) | (50,707) |
Intangible assets, net | $ 325,396 | $ 292,839 |
Note 1 - Basis of Presentatio26
Note 1 - Basis of Presentation and Summary of Significant Accounting Policies - Changes to Carrying Amount of Net Intangible Assets (Details) $ in Thousands | 3 Months Ended |
Sep. 30, 2015USD ($) | |
Beginning balance | $ 292,839 |
Acquisitions (net of cash acquired) | 46,100 |
Amortization expense | (7,411) |
Currency translation | (6,132) |
Ending balance | $ 325,396 |
Note 1 - Basis of Presentatio27
Note 1 - Basis of Presentation and Summary of Significant Accounting Policies - Estimated Future Amortization Expense for Intangible Assets (Details) $ in Thousands | Sep. 30, 2015USD ($) |
2,016 | $ 21,312 |
2,017 | 27,532 |
2,018 | 27,532 |
2,019 | 26,721 |
2,020 | 26,401 |
2,021 | 26,401 |
Thereaafter | 169,497 |
$ 325,396 |
Note 1 - Basis of Presentatio28
Note 1 - Basis of Presentation and Summary of Significant Accounting Policies - Changes in Carrying Amount of Goodwill (Details) $ in Thousands | 3 Months Ended |
Sep. 30, 2015USD ($) | |
Beginning balance | $ 390,638 |
Acquisitions (net of cash acquired) | 43,000 |
Currency translation | (6,321) |
Ending balance | $ 427,317 |
Note 2 - Acquisitions (Details
Note 2 - Acquisitions (Details Textual) - USD ($) | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Developed Technology [Member] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 18 years | |
Trade Names [Member] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 20 years | |
Customer Relationships [Member] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 4 years | |
Cliniqa [Member] | ||
Revenue, Net | $ 3,400,000 | |
Net Income (Loss) Attributable to Parent | (400,000) | |
Amortization of Intangible Assets | 700,000 | |
Fair Value Write-Up of Acquired Inventory | 300,000 | |
Revenue, Net | 112,381,000 | $ 108,477,000 |
Net Income (Loss) Attributable to Parent | 22,707,000 | 23,907,000 |
Amortization of Intangible Assets | 7,411,000 | 5,728,000 |
Fair Value Write-Up of Acquired Inventory | $ 1,113,000 | $ 3,167,000 |
Note 2 - Acquisitions - Prelimi
Note 2 - Acquisitions - Preliminary Estimated Fair Values of Assets Acquired and Liabilities Assumed Pending Final Valuation of Intangible Assets (Details) | 3 Months Ended |
Sep. 30, 2015USD ($) | |
Cliniqa [Member] | Developed Technology Rights [Member] | |
Intangible Assets: | |
Intangible assets | $ 18,000,000 |
Cliniqa [Member] | Trade Names [Member] | |
Intangible Assets: | |
Intangible assets | 27,000,000 |
Cliniqa [Member] | Customer Relationships [Member] | |
Intangible Assets: | |
Intangible assets | 1,100,000 |
Cliniqa [Member] | |
Current assets | 11,927,000 |
Equipment | 1,436,000 |
Other long-term assets | 58,000 |
Intangible Assets: | |
Goodwill | 43,000,000 |
Total assets acquired | 102,521,000 |
Liabilities | 1,884,000 |
Deferred income taxes, net | 17,667,000 |
Net assets acquired | 82,970,000 |
Cash paid, net of cash acquired | 82,970,000 |
Goodwill | 427,317,000 |
Cash paid, net of cash acquired | $ 82,970,000 |
Note 3 - Segment Information -
Note 3 - Segment Information - Financial Information Relating to Reportable Segments (Details) - USD ($) | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Biotechnology [Member] | Operating Segments [Member] | ||
Net sales | $ 75,743,000 | $ 76,453,000 |
Operating income | 39,316,000 | 40,446,000 |
Consolidated operating income | 39,316,000 | 40,446,000 |
Clinical Controls [Member] | Operating Segments [Member] | ||
Net sales | 20,362,000 | 19,119,000 |
Operating income | 4,711,000 | 6,108,000 |
Consolidated operating income | 4,711,000 | 6,108,000 |
Protein Platforms [Member] | Operating Segments [Member] | ||
Net sales | 16,296,000 | 12,914,000 |
Operating income | (1,172,000) | 2,604,000 |
Consolidated operating income | (1,172,000) | 2,604,000 |
Operating Segments [Member] | ||
Operating income | 42,855,000 | 49,159,000 |
Consolidated operating income | 42,855,000 | 49,159,000 |
Intersegment Eliminations [Member] | ||
Net sales | (20,000) | (9,000) |
Corporate, Non-Segment [Member] | ||
Corporate general and administrative | (965,000) | (1,316,000) |
Net sales | 112,381,000 | 108,477,000 |
Operating income | 31,028,000 | 35,216,000 |
Cost recognized on sale of acquired inventory | (1,113,000) | (3,167,000) |
Amortization expense | (7,411,000) | (5,728,000) |
Acquisition related expenses | (301,000) | (2,370,000) |
Stock-based compensation | (2,038,000) | (1,362,000) |
Corporate general and administrative | (33,040,000) | (28,701,000) |
Consolidated operating income | $ 31,028,000 | $ 35,216,000 |
Note 4 - Share-based Compensa32
Note 4 - Share-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 35,000 | 34,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 105.01 | $ 93.70 |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 12,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 108.49 | |
Selling, General and Administrative Expenses [Member] | ||
Allocated Share-based Compensation Expense | $ 2 | $ 1.4 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 736,000 | 467,000 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 106.66 | $ 93.95 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 18.48 | $ 13.93 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 21.7 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 292 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 12,500 | 28,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 0.5 | $ 0.2 |
Note 5 - Other (Expense)_Inco33
Note 5 - Other (Expense)/Income - Schedule of Components of Other (Expense) Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Interest expense | $ (451) | $ (311) |
Interest income | 61 | 185 |
Other non-operating expense, net | 1,208 | (492) |
Other (expense) / income | $ 818 | $ (618) |
Note 6 - Earnings Per Share (De
Note 6 - Earnings Per Share (Details Textual) - shares shares in Millions | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1.2 | 0.6 |
Note 6 - Earnings Per Share - S
Note 6 - Earnings Per Share - Shares Used in the Earnings Per Share Computations (Details) - shares shares in Thousands | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Weighted average common shares outstanding-basic (in shares) | 37,169 | 37,007 |
Dilutive effect of stock options (in shares) | 146 | 141 |
Weighted average common shares outstanding-diluted (in shares) | 37,315 | 37,148 |
Note 7 - Accumulated Other Co36
Note 7 - Accumulated Other Comprehensive Income - Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) $ in Thousands | 3 Months Ended |
Sep. 30, 2015USD ($) | |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | |
Beginning balance | $ 14,381 |
Other comprehensive income | (10,125) |
Ending balance | 4,256 |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |
Beginning balance | (44,975) |
Other comprehensive income | (12,896) |
Ending balance | (57,871) |
Beginning balance | (30,594) |
Other comprehensive income | (23,021) |
Ending balance | $ (53,615) |
Note 8 - Debt and Other Finan37
Note 8 - Debt and Other Financing Arrangements (Details Textual) - USD ($) $ in Millions | Jul. 28, 2014 | Sep. 30, 2015 |
Revolving Credit Facility [Member] | Federal Funds Effective Swap Rate [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |
Revolving Credit Facility [Member] | ||
Line of Credit Facility, Expiration Date | Jul. 31, 2019 | |
Line of Credit Facility, Current Borrowing Capacity | $ 150 | |
Line of Credit Facility, Additional Borrowing Capacity | $ 150 | |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.15% | |
Long-term Line of Credit | $ 125.5 |