Document And Entity Information
Document And Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Jun. 30, 2016 | Aug. 26, 2016 | Dec. 31, 2015 | |
Document Information [Line Items] | |||
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) | 37,296,323 | ||
Entity Public Float | $ 3.3 | ||
Document Type | 10-K | ||
Document Period End Date | Jun. 30, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Statements of Earn
Consolidated Statements of Earnings and Comprehensive Income - USD ($) shares in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Net sales | $ 499,023,000 | $ 452,246,000 | $ 357,763,000 |
Cost of sales | 162,364,000 | 144,969,000 | 106,352,000 |
Gross margin | 336,659,000 | 307,277,000 | 251,411,000 |
Operating expenses: | |||
Selling, general and administrative | 140,879,000 | 119,401,000 | 60,716,000 |
Research and development | 45,187,000 | 40,853,000 | 30,945,000 |
Total operating expenses | 186,066,000 | 160,254,000 | 91,661,000 |
Operating income | 150,593,000 | 147,023,000 | 159,750,000 |
Other income (expense): | |||
Interest expense | (1,748,000) | (1,544,000) | 0 |
Interest income | 249,000 | 634,000 | 2,684,000 |
Other non-operating income (expense), net | (1,613,000) | 8,049,000 | (1,042,000) |
Total other income (expense) | (3,112,000) | 7,139,000 | 1,642,000 |
Earnings before income taxes | 147,481,000 | 154,162,000 | 161,392,000 |
Income taxes | 43,005,000 | 46,427,000 | 50,444,000 |
Net earnings | 104,476,000 | 107,735,000 | 110,948,000 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | (19,932,000) | (36,513,000) | 15,819,000 |
Unrealized (losses) gains on available-for-sale investments, net of tax of ($3,794), $3,895, and ($17,110) respectively | (19,924,000) | 11,308,000 | (35,760,000) |
Other comprehensive (loss) income | (39,812,000) | (25,205,000) | (19,941,000) |
Comprehensive income | $ 64,664,000 | $ 82,530,000 | $ 91,007,000 |
Earnings per share: | |||
Basic (in dollars per share) | $ 2.81 | $ 2.90 | $ 3.01 |
Diluted (in dollars per share) | 2.80 | 2.89 | 3 |
Cash dividends per common share: (in dollars per share) | $ 1.28 | $ 1.27 | $ 1.23 |
Weighted average common shares outstanding: | |||
Basic (in shares) | 37,194 | 37,096 | 36,890 |
Diluted (in shares) | 37,326 | 37,231 | 37,005 |
Consolidated Statements of Ear3
Consolidated Statements of Earnings and Comprehensive Income (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Unrealized (losses) gains on available-for-sale investments, tax | $ (3,794) | $ 3,895 | $ (17,110) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jun. 30, 2016 | Jun. 30, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 64,237,000 | $ 54,532,000 |
Short-term available-for-sale investments | 31,598,000 | 56,389,000 |
Accounts receivable, less allowance for doubtful accounts of $555 and $487, respectively | 93,393,000 | 70,034,000 |
Deferred income taxes | 0 | 11,511,000 |
Inventories | 57,102,000 | 49,577,000 |
Other current assets | 7,561,000 | 6,240,000 |
Total current assets | 253,891,000 | 248,283,000 |
Property and equipment, net | 132,362,000 | 129,749,000 |
Goodwill | 430,882,000 | 390,638,000 |
Intangible assets, net | 303,124,000 | 292,839,000 |
Other assets | 1,922,000 | 1,851,000 |
1,129,581,000 | 1,063,360,000 | |
Current liabilities: | ||
Trade accounts payable | 20,653,000 | 13,443,000 |
Salaries, wages and related accruals | 14,868,000 | 10,344,000 |
Accrued expenses | 8,371,000 | 6,604,000 |
Deferred revenue | 4,717,000 | 3,380,000 |
Income taxes payable | 1,779,000 | 1,972,000 |
Related party note payable, current | 3,759,000 | 4,024,000 |
Total current liabilities | 54,147,000 | 39,768,000 |
Deferred income taxes | 62,837,000 | 61,429,000 |
Long-term debt obligations | (91,500,000) | (73,000,000) |
Contingent consideration payable | 38,500,000 | 39,024,000 |
Other long-term liabilities | 3,317,000 | 3,204,000 |
Shareholders’ equity: | ||
Undesignated capital stock, no par; authorized 5,000,000 shares; none issued or outstanding | 0 | 0 |
Common stock, par value $.01 a share; authorized 100,000,000 shares; issued and outstanding 37,253,771 and 37,152,979 shares, respectively | 372,000 | 371,000 |
Additional paid-in capital | 178,760,000 | 163,306,000 |
Retained earnings | (770,553,000) | (713,851,000) |
Accumulated other comprehensive (loss) income | 70,405,000 | 30,593,000 |
Total shareholders’ equity | 879,280,000 | 846,935,000 |
$ 1,129,581,000 | $ 1,063,360,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Allowance for doubtful accounts | $ 555 | $ 487 |
Undesignated capital stock, no par (in dollars per share) | $ 0 | $ 0 |
Undesignated capital stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Undesignated capital stock, shares issued (in shares) | 0 | 0 |
Undesignated capital stock, shares outstanding (in shares) | 0 | 0 |
Common stock authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock issued (in shares) | 37,253,771 | 37,152,979 |
Common stock outstanding (in shares) | 37,253,771 | 37,152,979 |
Common stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balances (in shares) at Jun. 30, 2013 | 36,835,000 | ||||
Balances at Jun. 30, 2013 | $ 368,000 | $ 134,895,000 | $ 587,725,000 | $ 14,553,000 | $ 737,541,000 |
Net earnings | 110,948,000 | 110,948,000 | |||
Other comprehensive loss | (19,941,000) | (19,941,000) | |||
Surrender and retirement of stock to exercise options (in shares) | (1,000) | ||||
Surrender and retirement of stock to exercise options | $ 0 | (56,000) | $ (56,000) | ||
Common stock issued for exercise of options (in shares) | 142,000 | 142 | |||
Common stock issued for exercise of options | $ 2,000 | 8,380,000 | $ 8,382,000 | ||
Common stock issued for restricted stock awards (in shares) | 26,000 | ||||
Common stock issued for restricted stock awards | $ 0 | 0 | |||
Cash dividends | (45,394,000) | (45,394,000) | |||
Stock-based compensation expense | 3,523,000 | 3,523,000 | |||
Tax benefit from exercise of stock options | 262,000 | 262,000 | |||
Balances (in shares) at Jun. 30, 2014 | 37,002,000 | ||||
Balances at Jun. 30, 2014 | $ 370,000 | 147,004,000 | 653,279,000 | (5,388,000) | 795,265,000 |
Net earnings | 107,735,000 | 107,735,000 | |||
Other comprehensive loss | (25,205,000) | (25,205,000) | |||
Surrender and retirement of stock to exercise options (in shares) | 0 | ||||
Surrender and retirement of stock to exercise options | $ 0 | (31,000) | $ (31,000) | ||
Common stock issued for exercise of options (in shares) | 141,000 | 141 | |||
Common stock issued for exercise of options | $ 1,000 | 9,761,000 | $ 9,762,000 | ||
Common stock issued for restricted stock awards (in shares) | 10,000 | ||||
Common stock issued for restricted stock awards | $ 0 | (57,000) | (57,000) | ||
Cash dividends | (47,106,000) | (47,106,000) | |||
Stock-based compensation expense | 5,918,000 | 5,918,000 | |||
Tax benefit from exercise of stock options | 615,000 | $ 615,000 | |||
Balances (in shares) at Jun. 30, 2015 | 37,153,000 | 37,152,979 | |||
Balances at Jun. 30, 2015 | $ 371,000 | 163,306,000 | 713,851,000 | (30,593,000) | $ 846,935,000 |
Employee stock purchase plan expense | 39,000 | 39,000 | |||
Net earnings | 104,476,000 | 104,476,000 | |||
Other comprehensive loss | (39,812,000) | (39,812,000) | |||
Surrender and retirement of stock to exercise options (in shares) | 0 | ||||
Surrender and retirement of stock to exercise options | $ 0 | (31,000) | $ (31,000) | ||
Common stock issued for exercise of options (in shares) | 69,000 | 69 | |||
Common stock issued for exercise of options | $ 1,000 | 4,796,000 | $ 4,797,000 | ||
Common stock issued for restricted stock awards (in shares) | 23,000 | ||||
Common stock issued for restricted stock awards | $ 0 | (167,000) | (167,000) | ||
Cash dividends | (47,607,000) | (47,607,000) | |||
Stock-based compensation expense | 9,287,000 | 9,287,000 | |||
Tax benefit from exercise of stock options | 566,000 | $ 566,000 | |||
Balances (in shares) at Jun. 30, 2016 | 37,254,000 | 37,253,771 | |||
Balances at Jun. 30, 2016 | $ 372,000 | 178,760,000 | 770,553,000 | (70,405,000) | $ 879,280,000 |
Employee stock purchase plan expense | 144,000 | 144,000 | |||
Common stock issued to employee stock purchase plan (in shares) | 9,000 | ||||
Common stock issued to employee stock purchase plan | $ 692,000 | $ 692,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flows from operating activities: | |||
Net earnings | $ 104,476,000 | $ 107,735,000 | $ 110,948,000 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 42,764,000 | 37,226,000 | 19,175,000 |
Costs recognized on sale of acquired inventory | 5,431,000 | 6,961,000 | 7,480,000 |
Deferred income taxes | (2,624,000) | 1,304,000 | (2,853,000) |
Stock-based compensation expense | 9,430,000 | 5,957,000 | 3,523,000 |
Gain on sale of CyVek | 0 | (8,300,000) | 0 |
Excess tax benefit from stock option exercises | (566,000) | (615,000) | (262,000) |
Other | 0 | 458,000 | 592,000 |
Change in operating assets and liabilities, net of acquisitions: | |||
Trade accounts and other receivables | (22,981,000) | (11,747,000) | 1,145,000 |
Inventories | (6,626,000) | (4,714,000) | (2,895,000) |
Prepaid expenses | (381,000) | (620,000) | (554,000) |
Trade accounts payable and accrued expenses | 8,924,000 | 2,154,000 | 1,368,000 |
Salaries, wages and related accruals | 5,725,000 | 1,679,000 | 1,034,000 |
Income taxes payable | 298,000 | 1,881,000 | (1,939,000) |
Net cash provided by operating activities | 143,870,000 | 139,359,000 | 136,762,000 |
Cash flows from investing activities: | |||
Purchase of available-for-sale investments | 0 | 0 | (106,746,000) |
Proceeds from sale and maturities of available-for-sale investments | 776,000 | 13,466,000 | 289,410,000 |
Additions to property and equipment | (16,898,000) | (19,905,000) | (13,821,000) |
Acquisitions, net of cash acquired | (91,423,000) | (420,102,000) | (109,180,000) |
Investment in unconsolidated entity | 0 | 0 | (10,000,000) |
Other | (25,000) | 48,000 | 25,000 |
Net cash used in investing activities | (107,570,000) | (426,493,000) | 49,688,000 |
Cash flows from financing activities: | |||
Cash dividends | (47,607,000) | (47,107,000) | (45,394,000) |
Proceeds from stock option exercises | 5,458,000 | 9,731,000 | 8,326,000 |
Excess tax benefit from stock option exercises | 566,000 | 615,000 | 262,000 |
Borrowings under line-of-credit agreement | 77,000,000 | 163,000,000 | 0 |
Payment on line-of-credit and other | (58,500,000) | (94,964,000) | 0 |
Net cash used in financing activities | (23,083,000) | (31,276,000) | (36,806,000) |
Effect of exchange rate changes on cash and cash equivalents | (3,512,000) | (8,178,000) | 5,138,000 |
Net change in cash and cash equivalents | 9,705,000 | (264,036,000) | 154,782,000 |
Cash and cash equivalents at beginning of year | 54,532,000 | 318,568,000 | 163,786,000 |
Cash and cash equivalents at end of year | $ 64,237,000 | $ 54,532,000 | $ 318,568,000 |
Note 1 - Description of Busines
Note 1 - Description of Business and Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Business Description and Accounting Policies [Text Block] | Note 1. Description of Business and Summary of Significant Accounting Policies: Description of business: Estimates: Principles of consolidation: Translation of foreign financial statements: Revenue recognition: Research and development: Advertising costs: Share-based compensation: Income taxes: In November 2015, the FASB issued ASU 2015-17, "Income Taxes: Balance Sheet Classification of Deferred Taxes." ASU 2015-17 requires that deferred income tax liabilities and assets be classified as non-current in a statement of financial position. The Company elected early adoption of this guidance during the quarter ended March 31, 2016, on a prospective basis. The adoption of this ASU allows the Company to simplify its presentation of deferred income tax liabilities and assets. Prior periods were not retrospectively adjusted. Financial instruments not measured at fair value: Cash and equivalents: Available-for-sale investments: Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. Level 2 Inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date. Unrealized gains and losses on available-for-sale securities are excluded from income, but are included, net of taxes, in other comprehensive income. If an “other-than-temporary” impairment is determined to exist, the difference between the value of the investment security recorded in the financial statements and the Company’s current estimate of the fair value is recognized as a charge to earnings in the period in which the impairment is determined. Inventories: Property and equipment: Goodwill: Intangible assets: Investments in unconsolidated entities: |
Note 2 - Acquisitions
Note 2 - Acquisitions | 12 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | Note 2. Acquisitions: Zephyrus Biosciences, Inc. On March 14, 2016, the Company acquired Zephyrus Biosciences, Inc. (Zephyrus) for $8 million in cash and up to $7 million in contingent consideration. Zephyrus provides research tools to enable protein analysis at the single cell level. Addressing the burgeoning single cell analysis market, Zephyrus's first product, Milo™, enables western blotting on individual cells for the first time. The acquisition was funded with cash on hand. The purchase price of Zephyrus exceeded the preliminary estimated fair value of the identifiable net assets and, accordingly, the difference was allocated to goodwill, substantially all of which is not tax deductible. Zephryus is included in the Company's Protein Platforms segment. In connection with the Zephyrus acquisition, the Company recorded $7.4 million of in process research and development which is not amortized until it is converted to developed technology which occurs once a sale of its product is completed. The intangible asset amortization for the developed technology is not deductible for income tax purposes. Of further note the purchase accounting for this acquisition is still open and has not been finalized. The Company will pay Zephyrus former shareholders and additional $3.5 million if and when 10 instruments are sold prior to the 3 year anniversary of the closing date (March 14, 2019). In addition, the Company will pay Zephyrus former shareholders an additional $3.5 million if and when $3 million in cumulative sales are generated within 4.5 yrs of the closing date (September 14, 2020). We have established an initial estimate of the fair value of these contingent consideration payments to be $3.5 million in total. The Company is still in the process of finalizing the purchase accounting related to this acquisition. The goodwill recorded as a result of the Zephyrus 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. Cliniqa Corporation On July 8, 2015, the Company acquired Cliniqa Corporation (Cliniqa) for approximately $83 million. Cliniqa specializes in the manufacturing and ommercialization of blood chemistry quality controls and calibrators as well as bulk reagents used for the clinical diagnostic market to further expand and complement our Clinical Controls solutions. The acquisition was funded with a cash on hand and with funds obtained from our revolving credit facility. The purchase price of Cliniqa exceeded the fair value of the identifiable net assets and, accordingly, the difference was allocated to goodwill. Cliniqa is included in the Company’s Clinical Controls segment. In connection with the Cliniqa acquisition, the Company recorded $18 million of developed technology intangible assets that have an estimated useful life of 14 years, $27 million of customer relationship intangible assets that have an estimated useful life of 13 years, and $1.1 million related to trade mark and trade names with a useful life of 4 years. The intangible asset amortization is not deductible for income tax purposes. The goodwill recorded as a result of the Cliniqa 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. CyVek Inc On November 3, 2014, the Company acquired CyVek, Inc. (CyVek) through a merger. CyVek has developed a transformative immunoassay technology which integrates an innovatively designed microfluidic cartridge with a state-of-the-art analyzer to deliver the most advanced and efficient bench top immunoassay system. In fiscal 2014, the Company entered into an Agreement of Investment and Merger (the Agreement) with CyVek. Pursuant to the terms of the Agreement, the Company invested $10.0 million in CyVek and received shares of Common Stock representing approximately 19.9% of the outstanding voting stock of CyVek. Between the time of the Company’s initial investment and November 3, 2014, CyVek met certain commercial milestones related to the sale of its products, which obligated the Company to acquire CyVek through a merger, with CyVek surviving as a wholly-owned subsidiary of the Company. The Company made an initial payment of approximately $62.0 million to the other stockholders of CyVek on November 3, 2014. Such purchase price was adjusted after closing based on the final levels of cash, indebtedness and transaction expenses of CyVek as of the closing. The Company will also pay CyVek’s previous stockholders up to $35.0 million based on the revenue generated by CyVek’s products before December 31, 2017. The Company will also pay CyVek’s previous stockholders 50% of the amount, if any, by which the revenue from CyVek’s products and related products exceeds $100 million in calendar year 2020. The Company has recorded the present value of these contingent payments as a long-term liability of $35.0 million at June 30, 2016 and 2015. In addition, at November 3, 2014, the Company remeasured its previous investment in CyVek to acquisition-date fair value, resulting in a gain on the investment of $8.3 million which is included in Other income on the Condensed Consolidated Statements of Earnings and Comprehensive Income. The purchase price of CyVek 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. CyVek is included in the Company’s Protein Platforms segment. In connection with the CyVek acquisition, the Company recorded $20.2 million of developed technology intangible assets that have an estimated useful life of 15 years, $0.1 million of trade name intangible assets that have an estimated useful life of 1.5 years, and $0.6 million related to customer relationships that have an estimated useful life of 10 years. The intangible asset amortization is not deductible for income tax purposes. The goodwill recorded as a result of the CyVek 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 $0.1 million were included in the Company’s selling, general and administrative costs during fiscal 2015 related to the CyVek acquisition. ProteinSimple On July 31, 2014, the Company acquired ProteinSimple. ProteinSimple expands the Company’s solutions that it can offer its customers by developing and commercializing proprietary systems and consumables for protein analysis. The Company opened a line-of-credit (Note 7) to partially fund the acquisition. The purchase price of ProteinSimple exceeded the fair value of the identifiable net assets and, accordingly, the difference was allocated to goodwill. ProteinSimple is included in the Company’s Protein Platform segment. In connection with the ProteinSimple acquisition, the Company recorded $39.2 million of developed technology intangible assets that have an estimated useful lives of 9-10 years, $36.1 million of trade name intangible assets that have an estimated useful lives of 18-20 years, $101.6 million related to customer relationships that have estimated useful lives of 14-16 years, and $0.2 million related to non-compete agreements that have an estimated useful life of 3 years. The intangible asset amortization is not deductible for income tax purposes. The goodwill recorded as a result of the ProteinSimple 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 $0.8 million were included in the Company’s selling, general and administrative costs during fiscal 2015 related to the ProteinSimple acquisition. Novus Holdings LLC On July 2, 2014, the Company acquired all of the issued and outstanding equity interests of Novus Holdings LLC (Novus). Novus broadens the Company’s antibody offerings by being a supplier of a large portfolio of both outsourced and in-house developed antibodies and other reagents for life science research. Novus is included in the Company’s Biotechnology segment. In connection with the Novus acquisition, the Company recorded $5.0 million of developed technology intangible assets that have estimated useful lives of 4-12 years, $5.3 million of trade name intangible assets that have an estimated useful life of 20 years, and $14.4 million related to customer relationships that have an estimated useful life of 15 years. The majority of the intangible asset amortization is not deductible for income tax purposes. The goodwill recorded as a result of the Novus 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 majority of the goodwill is not deductible for income tax purposes. Transaction costs of $0.1 million were included in the Company’s selling, general and administrative costs during fiscal 2015 related to the Novus acquisition. Shanghai PrimeGene Bio-Tech Co. On April 30, 2014, the Company acquired all of the ownership interest of Shanghai PrimeGene Bio-Tech Co. (PrimeGene). PrimeGene manufactures recombinant proteins and is included in the Company’s Biotechnology segment. The Company paid approximately $6.0 million at closing, with the remaining purchase price payable over fiscal years 2015 to 2017. The note payable is due to individuals who are currently employed by PrimeGene. In connection with the PrimeGene acquisition, the Company recorded $2.2 million of developed technology intangible assets that have an estimated useful life of 9 years, $3.0 million of trade name intangible assets that have an estimated useful life of 11 years, $0.3 million related to non-compete agreements that have an estimated useful life of 3 years, and $9.1 million related to customer relationships that have an estimated useful life of 9 years. The intangible asset amortization is not deductible for income tax purposes. The goodwill recorded as a result of the PrimeGene 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 $0.4 million were included in the Company’s selling, general and administrative costs during fiscal 2014, related to the PrimeGene acquisition. Bionostics Holdings, Ltd On July 22, 2013, the Company 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 $0.5 million and $0.6 million were included in the Company’s selling, general and administrative costs during fiscal 2014 and 2013, respectively, related to the Bionostics acquisition. The aggregate purchase price of the acquisitions was allocated to the assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed as a result of the acquisitions (in thousands): Zephyrus Cliniqa Novus Protein Simple CyVek Bionostics PrimeGene Current assets $ 86 $ 11,926 $ 10,739 $ 19,660 $ 1,206 $ 9,605 $ 1,272 Equipment 32 1,436 1,266 1,983 971 2,180 546 Other long-term assets 58 40 554 19 Intangible Assets: In process research and development 7,400 - - - - - - Developed technology - 18,000 5,010 39,200 20,200 14,400 2,200 Trade name - 1,100 5,300 36,100 100 2,700 3,000 Customer relationships - 27,000 14,400 101,600 600 41,000 9,100 Non-compete agreements - - - 200 - 2,400 322 Goodwill 6,878 42,669 28,408 134,074 91,658 56,349 5.518 Total assets acquired 14,396 102,189 65,163 333,371 114,754 128,634 21,958 Liabilities 54 1,508 2,166 11,644 1,965 3,007 887 Deferred income taxes, net 2,812 17,793 2,875 21,674 (438 ) 22,478 2,310 Net assets 11,530 82,888 $ 60,122 $ 300,053 $ 113,227 $ 103,149 $ 18,761 Less fair-value of previous investment - - - - 18,300 - - Net assets acquired 11,530 82,888 60,122 300,053 94,927 103,149 18,761 Cash paid, net of cash acquired $ 8,030 $ 82,888 $ 60,122 $ 300,053 $ 59,927 $ 103,149 $ 6,031 Note Payable 0 0 0 0 0 0 12,730 Contingent consideration payable 3,500 - - - 35,000 - - Net purchase price $ 11,530 $ 82,888 $ 60,122 $ 300,053 $ 94,927 $ 103,149 $ 18,761 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 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, of which are not deductible for income tax purposes, and the future tax benefit of net operating loss and tax credit carryforwards which will be deductible by the Company in future periods. |
Note 3 - Available-for-sale Inv
Note 3 - Available-for-sale Investments | 12 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 3. Available-For-Sale Investments: At June 30, 2016 and 2015, the cost and market value of the Company’s available-for-sale securities by major security type were as follows (in thousands): June 30, 201 6 201 5 Cost Market Cost Market Certificates of deposit $ 3,016 $ 3,017 $ 4,089 $ 4,089 Equity securities 29,472 28,581 29,472 52,300 $ 32,488 $ 31,598 $ 33,561 $ 56,389 At June 30, 2016 and 2015, all of the Company’s equity securities which relates to our investment in CCXI stock and warrants, were valued using Level 1 inputs. Certificates of deposit are carried at cost and are not subject to the fair value hierarchy. There were no transfers between Level 1 and Level 2 securities during fiscal 2016. Gross unrealized gains (losses) on available-for-sale investments were $(0.9) million and $22.8 million at June 30, 2016, and June 30, 2015, respectively. The unrealized loss on available-for-sale investments for the twelve months ended June 30, 2016 includes $0.9 million of unrealized gross losses related to our investment in CCXI. As of June 30, 2016, the stock price of CCXI was $4.49 per share compared to our cost basis of $4.73 per share. Based upon our analysis, we believe there is insufficient information to conclude that the impairment of our investment in CCXI is other-than-temporary. As such, we have concluded that the impairment is temporary and have classified the impairment within other comprehensive income. |
Note 4 - Inventories
Note 4 - Inventories | 12 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | Note 4. Inventories: Inventories consist of (in thousands): June 30, 201 6 201 5 Raw materials $ 22,963 $ 15,892 Finished goods 34,139 33,685 $ 57,102 $ 49,577 At June 30, 2016 and 2015, the Company had $23.4 million and $24.0 million, respectively, of excess protein, antibody and chemically-based inventory on hand which was not valued. |
Note 5 - Property and Equipment
Note 5 - Property and Equipment | 12 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 5. Property and Equipment: Property and equipment consist of (in thousands): June 30, 201 6 201 5 Cost: Land $ 6,270 $ 7,370 Buildings and improvements 157,963 156,965 Machinery, equipment and other 82,018 74,385 246,251 238,720 Accumulated depreciation and amortization (113,889 ) (108,967 ) $ 132,362 $ 129,749 |
Note 6 - Intangibles Assets and
Note 6 - Intangibles Assets and Goodwill | 12 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 6. Intangible Assets and Goodwill: Intangible assets and goodwill consist of (in thousands): June 30, Useful Life (years) 201 6 201 5 Developed technology 8 - 15 $ 120,611 $ 108,887 Trade names 5 - 16 63,706 63,867 Customer relationships 8 - 16 191,118 167,494 Non-compete agreement 3 - 5 3,284 3,298 378,719 343,546 Accumulated amortization (75,595 ) (50,707 ) Total amortizeable intagibles $ 303,124 $ 292,839 In process research and development 7,400 0 Total intangible assets 310,524 292,839 Goodwill $ 430,882 $ 390,638 Changes to the carrying amount of goodwill consists of (in thousands): Year Ended June 30, 201 6 201 5 Beginning balance $ 390,638 $ 151,473 Acquisitions 49,648 254,140 Currency translation (9,404 ) (14,975 ) Ending balance $ 430,882 $ 390,638 Changes to the carrying amount of net intangible assets consists of (in thousands): Year Ended June 30, 201 6 201 5 Beginning balance $ 292,839 $ 108,776 Acquisitions 53,500 222,710 Amortization expense (29,395 ) (26,170 ) Currency translation (6,420 ) (12,777 ) Ending balance $ 310,524 $ 292,839 Amortization expense related to technologies included in cost of sales was $11.1 million $9.5 million, and $4.2 million in fiscal 2016, 2015, and 2014, respectively. Amortization expense related to trade names, customer relationships, and the non-compete agreement included in selling, general and administrative expense was $18.3 million, $16.7 million, and $6.1 million, in fiscal 2016, 2015, and 2014 respectively. The estimated future amortization expense for intangible assets as of June 30, 2016 is as follows (in thousands): Year Ending June 30: 2017 28,326 2018 28,140 2019 27,527 2020 26,898 2021 26,534 Thereafter 165,699 $ 303,124 |
Note 7 - Debt and Other Financi
Note 7 - Debt and Other Financing Arrangements | 12 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 7. 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 would have matured on July 31, 2019 and contains customary restrictive and financial covenants and customary events of default. As of June 30, 2016, the outstanding balance under the Credit Agreement was $91.5 million. In connection with the acquisition of Advanced Cell Diagnostics on August 1, 2016, the Company entered into a new revolving credit facility governed by a Credit Agreement dated July 28, 2016. This facility replaced the revolving line-of-credit facility mentioned above. This new Credit Agreement provides for a revolving credit facility of $400 million. Borrowings under the Credit Agreement bear interest at a variable rate. |
Note 8 - Commitments and Contin
Note 8 - Commitments and Contingencies | 12 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 8. Commitments and Contingencies: The Company leases office and warehouse space, vehicles and various office equipment under operating leases. At June 30, 2016, aggregate net minimum rental commitments under non-cancelable leases having an initial or remaining term of more than one year are payable as follows (in thousands): Year Ending June 30: 2017 6,326 2018 5,801 2019 4,810 2020 4,761 2021 4,815 Thereafter 19,120 $ 45,633 Total rent expense was approximately $8.1 million, $4.9 million, and $1.6 million for the years ended June 30, 2016, 2015, and 2014, respectively. The Company is routinely subject to claims and involved in legal actions which are incidental to the business of the Company. Although it is difficult to predict the ultimate outcome of these matters, management believes that any ultimate liability will not materially affect the consolidated financial position or results of operations of the Company. |
Note 9 - Share-based Compensati
Note 9 - Share-based Compensation and Other Benefit Plans | 12 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 9. Share-based Compensation and Other Benefit Plans: Equity incentive plan: Stock option activity under the Plans for the three years ended June 30, 2016, consists of the following (shares in thousands): Shares Weighted Weighted Aggregate (millions) Outstanding at June 30, 2013 728 66.70 Granted 251 80.88 Forfeited (26 ) 76.23 Exercised (142 ) 59.07 Outstanding at June 30, 2014 811 72.11 Granted 600 93.98 Forfeited (133 ) 92.85 Exercised (141 ) 69.31 Outstanding at June 30, 2015 1,137 81.57 Granted 805 105.16 Forfeited (54 ) 99.68 Exercised (69 ) 69.82 Outstanding at June 30, 2016 1,819 $ 91.91 5.3 $ 37.9 Exercisable at June 30: 2014 534 $ 69.49 2015 547 72.72 2016 596 75.74 4.2 $ 22.1 The fair values of options granted under the Plans were estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions used: Year Ended June 30, 201 6 201 5 201 4 Dividend yield 1.2% 1.3% 1.5% Expected volatility 20% - 23% 18% - 21% 18% - 22% Risk-free interest rates 1.2% - 1.9% 1.3% - 2.2% 1.4% - 2.1% Expected lives (years) 5 5 6 The dividend yield is based on the Company’s historical annual cash dividend divided by the market value of the Company’s common stock. The expected annualized volatility is based on the Company’s historical stock price over a period equivalent to the expected life of the option granted. The risk-free interest rate is based on U.S. Treasury constant maturity interest rates with a term consistent with the expected life of the options granted. The weighted average fair value of options granted during fiscal 2016, 2015 and 2014 was $18.50, $15.01 and $14.77 respectively. The total intrinsic value of options exercised during fiscal 2016, 2015 and 2014 were $2.4 million, $3.5 million, and $3.7 million respectively. The total fair value of options vested during fiscal 2016, 2015 and 2014 were $1.6 million, $2.3 million, and $2.2 million respectively. In fiscal 2016, 2015 and fiscal 2014, 19,994, 9,000, and 26,355 restricted common stock shares were granted at weighted average grant date fair values of $99.53, $91.78, and $86.60 per share, respectively. Non-vested restricted common stock shares at June 30, 2016, 2015 and 2014 were 22,545, 19,102, and 36,355 respectively. In fiscal 2016, 2015 and 2014, 35,083, 36,192, and 5,000 restricted stock units were granted at a weighted average grant date fair value of $105.01 and $94.13, respectively. The restricted stock units vest over a three year period. In fiscal 2016, 10,000 restricted stock units were forfeited. Stock-based compensation cost of $9.4 million, $5.9 million and $3.5 million was included in selling, general and administrative expense in fiscal 2016, 2015 and 2014, respectively. As of June 30, 2016, there was $15.9 million of unrecognized compensation cost related to non-vested stock options, non-vested restricted stock units and non-vested restricted stock which will be expensed in fiscal 2017 through 2020. The weighted average period over which the compensation cost is expected to be recognized is 1.2 years. Employee stock purchase plan: Profit sharing and savings plans: Performance incentive programs: |
Note 10 - Income Taxes
Note 10 - Income Taxes | 12 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 10. Income Taxes: The provisions for income taxes consist of the following (in thousands): Year Ended June 30, 201 6 201 5 201 4 Earnings before income taxes consist of: Domestic $ 120,154 $ 121,765 $ 127,681 Foreign 27,327 32,397 33,711 $ 147,481 $ 154,162 $ 161,392 Taxes on income consist of: Currently payable: Federal $ 34,805 $ 28,220 $ 40,967 State 2,958 6,165 1,709 Foreign 7,579 10,704 10,668 Net deferred: Federal 1,906 4,401 (1,137 ) State (428 ) 292 (41 ) Foreign (3,815 ) (3,355 ) (1,722 ) $ 43,005 $ 46,427 $ 50,444 The following is a reconciliation of the federal tax calculated at the statutory rate of 35% to the actual income taxes provided (in thousands): Year Ended June 30, 201 6 201 5 201 4 Computed expected federal income tax expense $ 51,618 $ 53,957 $ 56,487 State income taxes, net of federal benefit 1,852 4,762 1,048 Qualified production activity deduction (3,932 ) (3,140 ) (3,823 ) Non-taxable gain on investment 0 (2,905 ) 0 Research and development tax credit (1,550 ) (912 ) (476 ) Tax-exempt interest 0 0 (654 ) Foreign tax rate differences (4,639 ) (4,059 ) (2,857 ) Other (344 ) (1,276 ) 719 $ 43,005 $ 46,427 $ 50,444 The effective rate for June 30, 2016 decreased by 0.9% compared to the prior year. The rate decrease was primarily driven by additional R&D credit benefit due to the retroactive reinstatement of the credit under the Protecting Americans from Tax Hikes Act of 2015, an increase in the foreign rate benefit due to the reduction in the UK income tax rate and a reduction in state tax related to the prior year. These decreases were partially offset by less of a foreign tax credit benefit than in the prior year and the non recurrence of a non-taxable gain. In the year ended June 30, 2015, as a result of the recent acquisitions, the rate reflects an increase for state tax expense as well as a resulting provision to return true up from fiscal 2014. This increase is offset by the non-taxable gain which was a result of purchasing the remaining interest in CyVek. In addition the Company‘s R&D Europe subsidiary declared and paid a dividend of £46.6 million which resulted in a tax benefit of approximately $1.7 million. Temporary differences comprising deferred taxes on the Consolidated Balance Sheets are as follows (in thousands): June 30 201 6 201 5 Inventory $ 9,768 $ 8,753 Net operating loss carryovers 26,556 34,767 Tax credit carryovers 3,197 3,872 Excess tax basis in equity investments 4,544 4,496 Deferred compensation 5,912 3,747 Net unrealized loss on available for sale investment 329 0 Other 7,421 4,712 Valuation allowance (7,201 ) (2,558 ) Net deferred tax assets 50,526 57,789 Net unrealized gain on available-for-sale investments 0 (8,446 ) Intangible asset amortization (107,200 ) (96,401 ) Depreciation (5,132 ) (2,394 ) Other (1,031 ) (466 ) Deferred tax liabilities (113,363 ) (107,707 ) Net deferred tax liabilities $ (62,837 ) $ (49,918 ) A deferred tax valuation allowance is required when it is more likely than not that all or a portion of deferred tax assets will not be realized. At June 30, 2016, a valuation allowance for potential capital loss carryovers on equity investments was $5.0 million. Approximately $2.0 million of the valuation allowance at June 30, 2016 is for certain foreign and state tax net operating loss and state credit carryforwards that existed at the date the Company acquired Novus, ProteinSimple, and CyVek. The remainder of the valuation allowance is for certain state tax credit carryovers generated in fiscal 2016 and 2015. The Company believes it is more likely than not that these tax carryovers will not be realized. At June 30, 2015, a valuation allowance for potential capital loss carryovers on equity investments was zero. Approximately $2.4 million of the valuation allowance at June 30, 2015 was for acquisition related foreign and state tax net operating loss and state credit carryforwards. The remainder of the valuation allowance was for certain state tax credit carryovers generated in fiscal 2015. The valuation allowance as of June 30, 2016 was $7.2 million which is an increase of $4.7 million over prior year. This increase included a $5.0 million change related to an investment and was recorded through other comprehensive income and was partially offset by a decrease of $0.3 million primarily related to the utilization of expiation of state net operating loss carry forwards and research and development credits. At June 30, 2016, the Company has federal and state net operating loss carryforwards of approximately $63.9 million and $71.6 million, respectively, from its fiscal 2015 acquisitions of ProteinSimple and CyVek, which are not limited under IRC Section 382. At June 30, 2016, the Company has foreign net operating loss carryforwards of $2.1 million from its fiscal 2015 acquisition of Novus. The net operating loss carryforwards expire between fiscal 2017 and 2034. The Company has a deferred tax asset of $24.9 million, net of the valuation allowance discussed above, related to the net operating loss carryovers. At June 30, 2016, the Company has federal and state tax credit carryforwards of $1.7 million and $1.3 million, respectively. The federal tax credit carryforwards expire between 2018 and 2035. The state credit carryforwards have no expiry date. The Company has a deferred tax asset of $3.6 million, net of the valuation allowance discussed above, related to the tax credit carryovers. The Company has not recognized a deferred tax liability for unremitted earnings of approximately $57.6 million from its foreign operations because its subsidiaries have invested or will invest the undistributed earnings indefinitely, or the earnings will be remitted in a tax-neutral transaction. Generally, such amounts become subject to United States taxation upon the remittance of dividends and under other circumstances. It is not practical to estimate the amount of the deferred income tax liabilities related to investments in these foreign subsidiaries. The Company’s unrecognized tax benefits at June 30, 2016, 2015 and 2014, including accrued interest and penalties, were not material. The Company does not believe it is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase in the next twelve months. The Company files income tax returns in the U.S federal and certain state tax jurisdictions, and several jurisdictions outside the U.S. The Company’s federal returns are subject to tax assessment for 2013 and subsequent years. State and foreign income tax returns are generally subject to examination for a period of three to five years after filing of the respective return. The state impact of any federal changes remains subject to examination by various states for a period of up to one year after formal notification to the states. |
Note 11 - Earnings Per Share
Note 11 - Earnings Per Share | 12 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 11. Earnings Per Share: The number of shares used to calculate earnings per share are as follows (in thousands, except per share data): Year Ended June 30, 201 6 201 5 201 4 Net earnings used for basic and diluted earnings per share $ 104,476 $ 107,735 $ 110,948 Weighted average shares used in basic computation 37,194 37,096 36,890 Dilutive stock options 132 135 115 Weighted average shares used in diluted computation 37,326 37,231 37,005 Basic EPS $ 2.81 $ 2.90 $ 3.01 Diluted EPS $ 2.80 $ 2.89 $ 3.00 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, 516,000 and 196,000 at June 30, 2016, 2015 and 2014, respectively. |
Note 12 - Segment Information
Note 12 - Segment Information | 12 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 12. Segment Information: The Company has three reportable segments based on the nature of its products; they are Biotechnology, Clinical Controls, and Protein Platforms. The Company’s Biotechnology reporting segment develops, manufactures and sells biotechnology research and diagnostic products world-wide. No customer in the Biotechnology segment accounted for more than 10% of the segments' net sales for the years ended June 30, 2016, 2015, and 2014,. The Company’s Clinical Controls reporting segment develops and manufactures controls and calibrators for sale world-wide. One customer accounted for approximately, 13%, and 14% of Clinical Controls’ net sales during fiscal 2015, and 2014 respectively. One customer did not account for net sales over 10% during 2016. The Company’s Protein Platforms segment develops and commercializes proprietary systems and consumables for protein analysis. This segment was formed from the fiscal 2015 acquisitions of ProteinSimple and CyVek. No customer in the Protein Platforms segment accounted for more than 10% of the segments net sales for the years ended June 30, 2016 and 2015. There are no concentrations of business transacted with a particular customer or supplier or concentrations of revenue from a particular product or geographic area that would severely impact the Company in the near term. Following is financial information relating to the operating segments (in thousands): Year Ended June 30, 201 6 201 5 201 4 External sales Biotechnology $ 317,340 $ 308,437 $ 285,142 Clinical Controls 104,484 77,866 72,621 Protein Platforms 77,324 66,249 0 Inter segment (125 ) (306 ) 0 Consolidated net sales $ 499,023 $ 452,246 $ 357,763 Year Ended June 30, 201 6 201 5 201 4 Operating Income Biotechnology $ 168,613 $ 165,226 $ 162,621 Clinical Controls 30,412 23,981 22,976 Protein Platforms 3,592 4,469 0 Segment operating income 202,617 193,676 185,597 Costs recognized upon sale of acquired inventory (5,431 ) (6,952 ) (7,480 ) Amortization of intangibles (29,395 ) (26,169 ) (10,276 ) Stock based compensation (9,430 ) (5,957 ) (3,523 ) Acquisition related expenses (2,761 ) (4,519 ) (2,247 ) Corporate general, selling and administrative expenses (5,007 ) (3,056 ) (2,321 ) Consolidated operating income $ 150,593 $ 147,023 $ 159,750 Goodwill Biotechnology $ 105,380 $ 115,198 $ 90,872 Clinical Controls 106,692 60,601 60,601 Protein Platforms 218,810 214,839 0 Consolidated goodwill $ 430,882 $ 390,638 $ 151,473 Intangible assets, net Biotechnology $ 57,199 $ 68,777 $ 53,778 Clinical Controls 86,736 49,130 54,998 Protein Platforms 166,589 174,932 0 Consolidated intangible assets, net $ 310,524 $ 292,839 $ 108,776 Assets Biotechnology $ 387,470 $ 430,524 $ 674,854 Clinical Controls 212,649 74,954 66,072 Protein Platforms 440,343 444,899 0 Segment assets 1,040,462 950,378 740,917 Corporate cash and available- for- sale investments 31,255 52,800 60,142 Corporate property and equipment 56,195 58,270 60,350 Corporate, other 1,669 1,912 1,082 Consolidated assets $ 1,129,581 $ 1,063,360 $ 862,491 Depreciation and amortization Biotechnology $ 14,196 $ 13,820 $ 10,879 Clinical Controls 10,462 7,963 7,205 Protein Platforms 16,027 13,364 0 Segment depreciation and amortization 40,685 35,147 18,084 Corporate 2,079 2,079 1,091 Consolidated depreciation and amortization $ 42,764 $ 37,226 $ 19,175 Capital purchases Biotechnology $ 14,295 $ 9,794 $ 4,157 Clinical Controls 1,780 1,932 5,687 Protein Platforms 823 8,179 Segment capital purchases 16,898 19,905 9,844 Corporate 0 0 3,977 Consolidated capital purchases $ 16,898 $ 19,905 $ 13,821 The other reconciling items include the results of unallocated corporate expenses and the Company’s share of gain (losses) from its equity method investees. Following is financial information relating to geographic areas (in thousands): Year Ended June 30, 201 6 201 5 201 4 External sales United States $ 283,270 $ 245,217 $ 190,359 U.K. 88,680 68,055 55,144 Other Europe 51,047 66,022 42,013 China 27,205 26,105 18,878 Other Asia 24,809 23,806 32,704 Rest of world 24,012 23,041 18,665 Total external sales $ 499,023 $ 452,246 $ 357,763 Long-lived assets United States and Canada $ 118,027 $ 119,075 $ 109,790 Europe 14,423 11,239 8,340 China 1,109 1,286 678 Total long-lived assets $ 133,559 $ 131,600 $ 118,808 External sales are attributed to countries based on the location of the customer or distributor. Long-lived assets are comprised of land, buildings and improvements and equipment, net of accumulated depreciation and other assets. |
Note 13 - Supplemental Disclosu
Note 13 - Supplemental Disclosures of Cash Flow Information and Noncash Investing and Financing Activities | 12 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | Note 13. Supplemental Disclosures of Cash Flow Information and Noncash Investing and Financing Activities: In fiscal 2016, the Company acquired Cliniqa and Zephyrus for approximately $83 million and $11.5 million, respectively. Zephyrus was acquired for approximately $8 million in cash plus additional contingent consideration with a fair value of $3.5 million. In fiscal 2015, the Company acquired Novus, ProteinSimple, and CyVek for approximately $60 million, $300 million and $95 million, respectively. CyVek was acquired for approximately $62 million in cash and the Company will also pay CyVek’s previous stockholders up to $35.0 million based on the revenue generated by CyVek’s products before May 3, 2017 (30 months from the closing of the Merger). In fiscal 2014, the Company acquired Bionostics for approximately $103 million. PrimeGene was acquired for approximately $18.7 million. Approximately $6.0 million was paid at closing with approximately $12.7 million payable over fiscal years 2015 through 2017. In fiscal 2015, 2014 and 2013, the Company paid cash for income taxes of $42.6 million, $55.2 million and $51.6 million, respectively. In fiscal 2016, stock options for 494 shares of common stock were exercised by the surrender of 306 shares of common stock at fair market value of $31,000. In fiscal 2015, stock options for 385 shares of common stock were exercised by the surrender of 309 shares of common stock at fair market value of $31,000. In fiscal 2014, stock options for 1,077 shares of common stock were exercised by the surrender of 733 shares of common stock at fair market value of $56,000. |
Note 14 - Accumulated Other Com
Note 14 - Accumulated Other Comprehensive Income | 12 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | Note 14. Accumulated Other Comprehensive Income: Changes in accumulated other comprehensive income (loss), net of tax, for the year ended June 30, 2016 consists of (in thousands): Unrealized Gains (Losses) on Available-for-Sale Investments Foreign Currency Translation Adjustments Total Beginning balance $ 14,382 (44,975 ) $ (30,593 ) Other comprehensive income (loss) (19,924 ) (19,932 ) (39,812 ) Ending balance $ (5,542 ) (64,907 ) (70,405 ) |
Note 15 - Subsequent Event
Note 15 - Subsequent Event | 12 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 15. Subsequent Events: On July 1, 2016 Bio-Techne acquired Space Import-Export Srl (Space) of Milan, Italy for approximately $11 million. Space is a long and trusted partner of Bio-Techne, distributing its products since 1985 and creating a very effective and visible presence in the Italian market. Space’s Mr. Luca Cicchetti, will remain with Bio-Techne as Managing Director and lead the Company’s southern European commercial operations. On August 1, 2016, Bio-Techne closed on the acquisition of Advanced Cell Diagnostics (ACD) for $250 million in cash plus contingent consideration of $75 million due upon the achievement of certain milestones. The transaction was financed through a combination of cash on hand and a revolving line of credit facility that Bio-Techne obtained prior to the closing of the acquisition. In connection with the acquisition of Advanced Cell Diagnostics on August 1, 2016, the Company entered into a new revolving credit facility, governed by a Credit Agreement dated July 28, 2016. The Credit Agreement provides for a revolving credit facility of $400 million. Borrowings under the Credit Agreement bear interest at a variable rate. As of August 26, 2016, the Company had drawn $250 million under the Credit Agreement. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | Estimates: |
Consolidation, Policy [Policy Text Block] | Principles of consolidation: |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Translation of foreign financial statements: |
Revenue Recognition, Policy [Policy Text Block] | Revenue recognition: |
Research and Development Expense, Policy [Policy Text Block] | Research and development: |
Advertising Costs, Policy [Policy Text Block] | Advertising costs: |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Share-based compensation: |
Income Tax, Policy [Policy Text Block] | Income taxes: In November 2015, the FASB issued ASU 2015-17, "Income Taxes: Balance Sheet Classification of Deferred Taxes." ASU 2015-17 requires that deferred income tax liabilities and assets be classified as non-current in a statement of financial position. The Company elected early adoption of this guidance during the quarter ended March 31, 2016, on a prospective basis. The adoption of this ASU allows the Company to simplify its presentation of deferred income tax liabilities and assets. Prior periods were not retrospectively adjusted. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Financial instruments not measured at fair value: |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and equivalents: |
Marketable Securities, Available-for-sale Securities, Policy [Policy Text Block] | Available-for-sale investments: Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. Level 2 Inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date. Unrealized gains and losses on available-for-sale securities are excluded from income, but are included, net of taxes, in other comprehensive income. If an “other-than-temporary” impairment is determined to exist, the difference between the value of the investment security recorded in the financial statements and the Company’s current estimate of the fair value is recognized as a charge to earnings in the period in which the impairment is determined. |
Inventory, Policy [Policy Text Block] | Inventories: |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and equipment: |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill: |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Intangible assets: |
Equity Method Investments, Policy [Policy Text Block] | Investments in unconsolidated entities: |
Note 2 - Acquisitions (Tables)
Note 2 - Acquisitions (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Zephyrus Cliniqa Novus Protein Simple CyVek Bionostics PrimeGene Current assets $ 86 $ 11,926 $ 10,739 $ 19,660 $ 1,206 $ 9,605 $ 1,272 Equipment 32 1,436 1,266 1,983 971 2,180 546 Other long-term assets 58 40 554 19 Intangible Assets: In process research and development 7,400 - - - - - - Developed technology - 18,000 5,010 39,200 20,200 14,400 2,200 Trade name - 1,100 5,300 36,100 100 2,700 3,000 Customer relationships - 27,000 14,400 101,600 600 41,000 9,100 Non-compete agreements - - - 200 - 2,400 322 Goodwill 6,878 42,669 28,408 134,074 91,658 56,349 5.518 Total assets acquired 14,396 102,189 65,163 333,371 114,754 128,634 21,958 Liabilities 54 1,508 2,166 11,644 1,965 3,007 887 Deferred income taxes, net 2,812 17,793 2,875 21,674 (438 ) 22,478 2,310 Net assets 11,530 82,888 $ 60,122 $ 300,053 $ 113,227 $ 103,149 $ 18,761 Less fair-value of previous investment - - - - 18,300 - - Net assets acquired 11,530 82,888 60,122 300,053 94,927 103,149 18,761 Cash paid, net of cash acquired $ 8,030 $ 82,888 $ 60,122 $ 300,053 $ 59,927 $ 103,149 $ 6,031 Note Payable 0 0 0 0 0 0 12,730 Contingent consideration payable 3,500 - - - 35,000 - - Net purchase price $ 11,530 $ 82,888 $ 60,122 $ 300,053 $ 94,927 $ 103,149 $ 18,761 |
Note 3 - Available-for-sale I25
Note 3 - Available-for-sale Investments (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Available-for-sale Securities [Table Text Block] | June 30, 201 6 201 5 Cost Market Cost Market Certificates of deposit $ 3,016 $ 3,017 $ 4,089 $ 4,089 Equity securities 29,472 28,581 29,472 52,300 $ 32,488 $ 31,598 $ 33,561 $ 56,389 |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 30, 201 6 201 5 Raw materials $ 22,963 $ 15,892 Finished goods 34,139 33,685 $ 57,102 $ 49,577 |
Note 5 - Property and Equipme27
Note 5 - Property and Equipment (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | June 30, 201 6 201 5 Cost: Land $ 6,270 $ 7,370 Buildings and improvements 157,963 156,965 Machinery, equipment and other 82,018 74,385 246,251 238,720 Accumulated depreciation and amortization (113,889 ) (108,967 ) $ 132,362 $ 129,749 |
Note 6 - Intangibles Assets a28
Note 6 - Intangibles Assets and Goodwill (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | June 30, Useful Life (years) 201 6 201 5 Developed technology 8 - 15 $ 120,611 $ 108,887 Trade names 5 - 16 63,706 63,867 Customer relationships 8 - 16 191,118 167,494 Non-compete agreement 3 - 5 3,284 3,298 378,719 343,546 Accumulated amortization (75,595 ) (50,707 ) Total amortizeable intagibles $ 303,124 $ 292,839 In process research and development 7,400 0 Total intangible assets 310,524 292,839 Goodwill $ 430,882 $ 390,638 |
Schedule of Goodwill [Table Text Block] | Year Ended June 30, 201 6 201 5 Beginning balance $ 390,638 $ 151,473 Acquisitions 49,648 254,140 Currency translation (9,404 ) (14,975 ) Ending balance $ 430,882 $ 390,638 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Year Ended June 30, 201 6 201 5 Beginning balance $ 292,839 $ 108,776 Acquisitions 53,500 222,710 Amortization expense (29,395 ) (26,170 ) Currency translation (6,420 ) (12,777 ) Ending balance $ 310,524 $ 292,839 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Year Ending June 30: 2017 28,326 2018 28,140 2019 27,527 2020 26,898 2021 26,534 Thereafter 165,699 $ 303,124 |
Note 8 - Commitments and Cont29
Note 8 - Commitments and Contingencies (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Operating Leases of Lessee Disclosure [Table Text Block] | Year Ending June 30: 2017 6,326 2018 5,801 2019 4,810 2020 4,761 2021 4,815 Thereafter 19,120 $ 45,633 |
Note 9 - Share-based Compensa30
Note 9 - Share-based Compensation and Other Benefit Plans (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Shares Weighted Weighted Aggregate (millions) Outstanding at June 30, 2013 728 66.70 Granted 251 80.88 Forfeited (26 ) 76.23 Exercised (142 ) 59.07 Outstanding at June 30, 2014 811 72.11 Granted 600 93.98 Forfeited (133 ) 92.85 Exercised (141 ) 69.31 Outstanding at June 30, 2015 1,137 81.57 Granted 805 105.16 Forfeited (54 ) 99.68 Exercised (69 ) 69.82 Outstanding at June 30, 2016 1,819 $ 91.91 5.3 $ 37.9 Exercisable at June 30: 2014 534 $ 69.49 2015 547 72.72 2016 596 75.74 4.2 $ 22.1 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Year Ended June 30, 201 6 201 5 201 4 Dividend yield 1.2% 1.3% 1.5% Expected volatility 20% - 23% 18% - 21% 18% - 22% Risk-free interest rates 1.2% - 1.9% 1.3% - 2.2% 1.4% - 2.1% Expected lives (years) 5 5 6 |
Note 10 - Income Taxes (Tables)
Note 10 - Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended June 30, 201 6 201 5 201 4 Earnings before income taxes consist of: Domestic $ 120,154 $ 121,765 $ 127,681 Foreign 27,327 32,397 33,711 $ 147,481 $ 154,162 $ 161,392 Taxes on income consist of: Currently payable: Federal $ 34,805 $ 28,220 $ 40,967 State 2,958 6,165 1,709 Foreign 7,579 10,704 10,668 Net deferred: Federal 1,906 4,401 (1,137 ) State (428 ) 292 (41 ) Foreign (3,815 ) (3,355 ) (1,722 ) $ 43,005 $ 46,427 $ 50,444 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended June 30, 201 6 201 5 201 4 Computed expected federal income tax expense $ 51,618 $ 53,957 $ 56,487 State income taxes, net of federal benefit 1,852 4,762 1,048 Qualified production activity deduction (3,932 ) (3,140 ) (3,823 ) Non-taxable gain on investment 0 (2,905 ) 0 Research and development tax credit (1,550 ) (912 ) (476 ) Tax-exempt interest 0 0 (654 ) Foreign tax rate differences (4,639 ) (4,059 ) (2,857 ) Other (344 ) (1,276 ) 719 $ 43,005 $ 46,427 $ 50,444 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | June 30 201 6 201 5 Inventory $ 9,768 $ 8,753 Net operating loss carryovers 26,556 34,767 Tax credit carryovers 3,197 3,872 Excess tax basis in equity investments 4,544 4,496 Deferred compensation 5,912 3,747 Net unrealized loss on available for sale investment 329 0 Other 7,421 4,712 Valuation allowance (7,201 ) (2,558 ) Net deferred tax assets 50,526 57,789 Net unrealized gain on available-for-sale investments 0 (8,446 ) Intangible asset amortization (107,200 ) (96,401 ) Depreciation (5,132 ) (2,394 ) Other (1,031 ) (466 ) Deferred tax liabilities (113,363 ) (107,707 ) Net deferred tax liabilities $ (62,837 ) $ (49,918 ) |
Note 11 - Earnings Per Share (T
Note 11 - Earnings Per Share (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended June 30, 201 6 201 5 201 4 Net earnings used for basic and diluted earnings per share $ 104,476 $ 107,735 $ 110,948 Weighted average shares used in basic computation 37,194 37,096 36,890 Dilutive stock options 132 135 115 Weighted average shares used in diluted computation 37,326 37,231 37,005 Basic EPS $ 2.81 $ 2.90 $ 3.01 Diluted EPS $ 2.80 $ 2.89 $ 3.00 |
Note 12 - Segment Information (
Note 12 - Segment Information (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Year Ended June 30, 201 6 201 5 201 4 External sales Biotechnology $ 317,340 $ 308,437 $ 285,142 Clinical Controls 104,484 77,866 72,621 Protein Platforms 77,324 66,249 0 Inter segment (125 ) (306 ) 0 Consolidated net sales $ 499,023 $ 452,246 $ 357,763 Year Ended June 30, 201 6 201 5 201 4 Operating Income Biotechnology $ 168,613 $ 165,226 $ 162,621 Clinical Controls 30,412 23,981 22,976 Protein Platforms 3,592 4,469 0 Segment operating income 202,617 193,676 185,597 Costs recognized upon sale of acquired inventory (5,431 ) (6,952 ) (7,480 ) Amortization of intangibles (29,395 ) (26,169 ) (10,276 ) Stock based compensation (9,430 ) (5,957 ) (3,523 ) Acquisition related expenses (2,761 ) (4,519 ) (2,247 ) Corporate general, selling and administrative expenses (5,007 ) (3,056 ) (2,321 ) Consolidated operating income $ 150,593 $ 147,023 $ 159,750 Goodwill Biotechnology $ 105,380 $ 115,198 $ 90,872 Clinical Controls 106,692 60,601 60,601 Protein Platforms 218,810 214,839 0 Consolidated goodwill $ 430,882 $ 390,638 $ 151,473 Intangible assets, net Biotechnology $ 57,199 $ 68,777 $ 53,778 Clinical Controls 86,736 49,130 54,998 Protein Platforms 166,589 174,932 0 Consolidated intangible assets, net $ 310,524 $ 292,839 $ 108,776 Assets Biotechnology $ 387,470 $ 430,524 $ 674,854 Clinical Controls 212,649 74,954 66,072 Protein Platforms 440,343 444,899 0 Segment assets 1,040,462 950,378 740,917 Corporate cash and available- for- sale investments 31,255 52,800 60,142 Corporate property and equipment 56,195 58,270 60,350 Corporate, other 1,669 1,912 1,082 Consolidated assets $ 1,129,581 $ 1,063,360 $ 862,491 Depreciation and amortization Biotechnology $ 14,196 $ 13,820 $ 10,879 Clinical Controls 10,462 7,963 7,205 Protein Platforms 16,027 13,364 0 Segment depreciation and amortization 40,685 35,147 18,084 Corporate 2,079 2,079 1,091 Consolidated depreciation and amortization $ 42,764 $ 37,226 $ 19,175 Capital purchases Biotechnology $ 14,295 $ 9,794 $ 4,157 Clinical Controls 1,780 1,932 5,687 Protein Platforms 823 8,179 Segment capital purchases 16,898 19,905 9,844 Corporate 0 0 3,977 Consolidated capital purchases $ 16,898 $ 19,905 $ 13,821 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Year Ended June 30, 201 6 201 5 201 4 External sales United States $ 283,270 $ 245,217 $ 190,359 U.K. 88,680 68,055 55,144 Other Europe 51,047 66,022 42,013 China 27,205 26,105 18,878 Other Asia 24,809 23,806 32,704 Rest of world 24,012 23,041 18,665 Total external sales $ 499,023 $ 452,246 $ 357,763 Long-lived assets United States and Canada $ 118,027 $ 119,075 $ 109,790 Europe 14,423 11,239 8,340 China 1,109 1,286 678 Total long-lived assets $ 133,559 $ 131,600 $ 118,808 |
Note 14 - Accumulated Other C34
Note 14 - Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Unrealized Gains (Losses) on Available-for-Sale Investments Foreign Currency Translation Adjustments Total Beginning balance $ 14,382 (44,975 ) $ (30,593 ) Other comprehensive income (loss) (19,924 ) (19,932 ) (39,812 ) Ending balance $ (5,542 ) (64,907 ) (70,405 ) |
Note 1 - Description of Busin35
Note 1 - Description of Business and Summary of Significant Accounting Policies (Details Textual) - USD ($) | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Equipment [Member] | |||
Property, Plant and Equipment, Useful Life | 5 years | ||
Building, Building Improvements and Leasehold Improvements [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life | 5 years | ||
Building, Building Improvements and Leasehold Improvements [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life | 40 years | ||
Goodwill, Impairment Loss | $ 0 | ||
Impairment of Intangible Assets (Excluding Goodwill) | 0 | ||
Advertising Expense | $ 5,200,000 | $ 4,100,000 | $ 3,400,000 |
Available-for-Sale Securities, Debt Maturities, Date Range Low | 90 days | ||
Available-for-sale Securities, Debt Maturities, Date Range High | 3 years | ||
Goodwill | $ 430,882,000 | $ 390,638,000 | $ 151,473,000 |
Note 2 - Acquisitions (Details
Note 2 - Acquisitions (Details Textual) | Mar. 14, 2016USD ($) | Jul. 08, 2015USD ($) | Nov. 03, 2014USD ($) | Jul. 31, 2014USD ($) | Jul. 02, 2014USD ($) | Apr. 30, 2014USD ($) | Jul. 22, 2013USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2013USD ($) |
Zephyrus [Member] | Developed Technology Rights [Member] | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 7,400,000 | ||||||||||
Zephyrus [Member] | Instruments Sales Contingency [Member] | |||||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 3,500,000 | $ 3,500,000 | |||||||||
Business Combination, Contingent Consideration, Liability, Number of Instruments Sold | 10 | ||||||||||
Business Combination, Contingent Consideration, Liability, Anniversary of Closing Date | 3 years | ||||||||||
Business Combination, Contingent Consideration, Liability, Cumulative Sales | $ 3,000,000 | ||||||||||
Business Combination, Contingent Consideration, Liability, Number of Years Within Closing Date | 4 years 182 days | ||||||||||
Zephyrus [Member] | |||||||||||
Payments to Acquire Businesses, Gross | $ 8,000,000 | ||||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 7,000,000 | ||||||||||
Business Combination, Contingent Consideration, Liability | $ 3,500,000 | ||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 8,030,000 | ||||||||||
Cliniqa [Member] | Developed Technology Rights [Member] | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 18,000,000 | ||||||||||
Finite-Lived Intangible Asset, Useful Life | 14 years | ||||||||||
Cliniqa [Member] | Trade Names [Member] | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 27,000,000 | ||||||||||
Finite-Lived Intangible Asset, Useful Life | 13 years | ||||||||||
Cliniqa [Member] | Trademarks and Trade Names [Member] | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 1,100,000 | ||||||||||
Finite-Lived Intangible Asset, Useful Life | 4 years | ||||||||||
Cliniqa [Member] | |||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 83,000,000 | 82,888,000 | |||||||||
CyVek, Inc. [Member] | Developed Technology Rights [Member] | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 20,200,000 | ||||||||||
Finite-Lived Intangible Asset, Useful Life | 15 years | ||||||||||
CyVek, Inc. [Member] | Trade Names [Member] | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 100,000 | ||||||||||
Finite-Lived Intangible Asset, Useful Life | 1 year 182 days | ||||||||||
CyVek, Inc. [Member] | Customer Relationships [Member] | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 600,000 | ||||||||||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||||||||||
CyVek, Inc. [Member] | Selling, General and Administrative Expenses [Member] | |||||||||||
Business Combination, Acquisition Related Costs | $ 100,000 | ||||||||||
CyVek, Inc. [Member] | |||||||||||
Payments to Acquire Businesses, Gross | $ 62,000,000 | 62,000,000 | |||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 35,000,000 | ||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 59,927,000 | ||||||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $ 10,000,000 | ||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 19.90% | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Contingent Liability | $ 35,000,000 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Contingent Liability, Percentage | 50.00% | ||||||||||
Business Combination, Milestone Payment Threshold | $ 100,000,000 | ||||||||||
Business Combination, Liabilities Arising from Contingencies, Amount Recognized | 35,000,000 | ||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | $ 8,300,000 | ||||||||||
ProteinSimple [Member] | Developed Technology Rights [Member] | Minimum [Member] | |||||||||||
Finite-Lived Intangible Asset, Useful Life | 9 years | ||||||||||
ProteinSimple [Member] | Developed Technology Rights [Member] | Maximum [Member] | |||||||||||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||||||||||
ProteinSimple [Member] | Developed Technology Rights [Member] | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 39,200,000 | ||||||||||
ProteinSimple [Member] | Trade Names [Member] | Minimum [Member] | |||||||||||
Finite-Lived Intangible Asset, Useful Life | 18 years | ||||||||||
ProteinSimple [Member] | Trade Names [Member] | Maximum [Member] | |||||||||||
Finite-Lived Intangible Asset, Useful Life | 20 years | ||||||||||
ProteinSimple [Member] | Trade Names [Member] | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 36,100,000 | ||||||||||
ProteinSimple [Member] | Customer Relationships [Member] | Minimum [Member] | |||||||||||
Finite-Lived Intangible Asset, Useful Life | 14 years | ||||||||||
ProteinSimple [Member] | Customer Relationships [Member] | Maximum [Member] | |||||||||||
Finite-Lived Intangible Asset, Useful Life | 16 years | ||||||||||
ProteinSimple [Member] | Customer Relationships [Member] | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 101,600,000 | ||||||||||
ProteinSimple [Member] | Noncompete Agreements [Member] | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 200,000 | ||||||||||
Finite-Lived Intangible Asset, Useful Life | 3 years | ||||||||||
ProteinSimple [Member] | Selling, General and Administrative Expenses [Member] | |||||||||||
Business Combination, Acquisition Related Costs | 800,000 | ||||||||||
ProteinSimple [Member] | |||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 300,053,000 | ||||||||||
Novus Holdings, LLC [Member] | Developed Technology Rights [Member] | Minimum [Member] | |||||||||||
Finite-Lived Intangible Asset, Useful Life | 4 years | ||||||||||
Novus Holdings, LLC [Member] | Developed Technology Rights [Member] | Maximum [Member] | |||||||||||
Finite-Lived Intangible Asset, Useful Life | 12 years | ||||||||||
Novus Holdings, LLC [Member] | Developed Technology Rights [Member] | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 5,000,000 | ||||||||||
Novus Holdings, LLC [Member] | Trade Names [Member] | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 5,300,000 | ||||||||||
Finite-Lived Intangible Asset, Useful Life | 20 years | ||||||||||
Novus Holdings, LLC [Member] | Customer Relationships [Member] | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 14,400,000 | ||||||||||
Finite-Lived Intangible Asset, Useful Life | 15 years | ||||||||||
Novus Holdings, LLC [Member] | |||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 60,122,000 | ||||||||||
Business Combination, Acquisition Related Costs | $ 100,000 | ||||||||||
PrimeGene [Member] | Developed Technology Rights [Member] | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 2,200,000 | ||||||||||
Finite-Lived Intangible Asset, Useful Life | 9 years | ||||||||||
PrimeGene [Member] | Trade Names [Member] | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 3,000,000 | ||||||||||
Finite-Lived Intangible Asset, Useful Life | 11 years | ||||||||||
PrimeGene [Member] | Customer Relationships [Member] | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 9,100,000 | ||||||||||
Finite-Lived Intangible Asset, Useful Life | 9 years | ||||||||||
PrimeGene [Member] | Noncompete Agreements [Member] | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 300,000 | ||||||||||
Finite-Lived Intangible Asset, Useful Life | 3 years | ||||||||||
PrimeGene [Member] | |||||||||||
Payments to Acquire Businesses, Gross | $ 6,000,000 | ||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 6,000,000 | 6,031,000 | |||||||||
Business Combination, Acquisition Related Costs | $ 400,000 | ||||||||||
Bionostics [Member] | Developed Technology Rights [Member] | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 14,400,000 | ||||||||||
Finite-Lived Intangible Asset, Useful Life | 9 years | ||||||||||
Bionostics [Member] | Trade Names [Member] | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 2,700,000 | ||||||||||
Finite-Lived Intangible Asset, Useful Life | 5 years | ||||||||||
Bionostics [Member] | Customer Relationships [Member] | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 41,000,000 | ||||||||||
Finite-Lived Intangible Asset, Useful Life | 14 years | ||||||||||
Bionostics [Member] | Noncompete Agreements [Member] | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 2,400,000 | ||||||||||
Finite-Lived Intangible Asset, Useful Life | 3 years | ||||||||||
Bionostics [Member] | Selling, General and Administrative Expenses [Member] | |||||||||||
Business Combination, Acquisition Related Costs | 500,000 | $ 600,000 | |||||||||
Bionostics [Member] | |||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 103,149,000 | ||||||||||
Developed Technology Rights [Member] | Minimum [Member] | |||||||||||
Finite-Lived Intangible Asset, Useful Life | 8 years | ||||||||||
Developed Technology Rights [Member] | Maximum [Member] | |||||||||||
Finite-Lived Intangible Asset, Useful Life | 15 years | ||||||||||
Trade Names [Member] | Minimum [Member] | |||||||||||
Finite-Lived Intangible Asset, Useful Life | 5 years | ||||||||||
Trade Names [Member] | Maximum [Member] | |||||||||||
Finite-Lived Intangible Asset, Useful Life | 16 years | ||||||||||
Customer Relationships [Member] | Minimum [Member] | |||||||||||
Finite-Lived Intangible Asset, Useful Life | 8 years | ||||||||||
Customer Relationships [Member] | Maximum [Member] | |||||||||||
Finite-Lived Intangible Asset, Useful Life | 16 years | ||||||||||
Noncompete Agreements [Member] | Minimum [Member] | |||||||||||
Finite-Lived Intangible Asset, Useful Life | 3 years | ||||||||||
Noncompete Agreements [Member] | Maximum [Member] | |||||||||||
Finite-Lived Intangible Asset, Useful Life | 5 years | ||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 91,423,000 | 420,102,000 | 109,180,000 | ||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | $ 0 | $ 8,300,000 | $ 0 |
Note 2 - Acquisitions - Prelimi
Note 2 - Acquisitions - Preliminary Estimated Fair Values of Assets Acquired and Liabilities Assumed Pending Final Valuation of Intangible Assets (Details) - USD ($) | Jul. 08, 2015 | Apr. 30, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 |
Zephyrus [Member] | In Process Research and Development [Member] | |||||
Intangible Assets: | |||||
Intangible assets | $ 7,400,000 | ||||
Zephyrus [Member] | Developed Technology Rights [Member] | |||||
Intangible Assets: | |||||
Intangible assets | |||||
Zephyrus [Member] | Trade Names [Member] | |||||
Intangible Assets: | |||||
Intangible assets | |||||
Zephyrus [Member] | Customer Relationships [Member] | |||||
Intangible Assets: | |||||
Intangible assets | |||||
Zephyrus [Member] | Noncompete Agreements [Member] | |||||
Intangible Assets: | |||||
Intangible assets | |||||
Zephyrus [Member] | |||||
Current assets | 86,000 | ||||
Equipment | 32,000 | ||||
Other long-term assets | |||||
Intangible Assets: | |||||
Goodwill | 6,878,000 | ||||
Total assets acquired | 14,396,000 | ||||
Liabilities | 54,000 | ||||
Deferred income taxes, net | 2,812,000 | ||||
Net assets | 11,530,000 | ||||
Less fair-value of previous investment | |||||
Net assets acquired | 11,530,000 | ||||
Payments to Acquire Businesses, Net of Cash Acquired | 8,030,000 | ||||
Business Combination, Consideration Transferred, Liabilities Incurred | 0 | ||||
Contingent consideration payable | 3,500,000 | ||||
Business Combination, Consideration Transferred | 11,530,000 | ||||
Cliniqa [Member] | In Process Research and Development [Member] | |||||
Intangible Assets: | |||||
Intangible assets | |||||
Cliniqa [Member] | Developed Technology Rights [Member] | |||||
Intangible Assets: | |||||
Intangible assets | 18,000,000 | ||||
Cliniqa [Member] | Trade Names [Member] | |||||
Intangible Assets: | |||||
Intangible assets | 1,100,000 | ||||
Cliniqa [Member] | Customer Relationships [Member] | |||||
Intangible Assets: | |||||
Intangible assets | 27,000,000 | ||||
Cliniqa [Member] | Noncompete Agreements [Member] | |||||
Intangible Assets: | |||||
Intangible assets | |||||
Cliniqa [Member] | |||||
Current assets | 11,926,000 | ||||
Equipment | 1,436,000 | ||||
Other long-term assets | 58,000 | ||||
Intangible Assets: | |||||
Goodwill | 42,669,000 | ||||
Total assets acquired | 102,189,000 | ||||
Liabilities | 1,508,000 | ||||
Deferred income taxes, net | 17,793,000 | ||||
Net assets | 82,888,000 | ||||
Less fair-value of previous investment | |||||
Net assets acquired | 82,888,000 | ||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 83,000,000 | 82,888,000 | |||
Business Combination, Consideration Transferred, Liabilities Incurred | 0 | ||||
Contingent consideration payable | |||||
Business Combination, Consideration Transferred | 82,888,000 | ||||
Novus Holdings, LLC [Member] | In Process Research and Development [Member] | |||||
Intangible Assets: | |||||
Intangible assets | |||||
Novus Holdings, LLC [Member] | Developed Technology Rights [Member] | |||||
Intangible Assets: | |||||
Intangible assets | 5,010,000 | ||||
Novus Holdings, LLC [Member] | Trade Names [Member] | |||||
Intangible Assets: | |||||
Intangible assets | 5,300,000 | ||||
Novus Holdings, LLC [Member] | Customer Relationships [Member] | |||||
Intangible Assets: | |||||
Intangible assets | 14,400,000 | ||||
Novus Holdings, LLC [Member] | Noncompete Agreements [Member] | |||||
Intangible Assets: | |||||
Intangible assets | |||||
Novus Holdings, LLC [Member] | |||||
Current assets | 10,739,000 | ||||
Equipment | 1,266,000 | ||||
Other long-term assets | 40,000 | ||||
Intangible Assets: | |||||
Goodwill | 28,408,000 | ||||
Total assets acquired | 65,163,000 | ||||
Liabilities | 2,166,000 | ||||
Deferred income taxes, net | 2,875,000 | ||||
Net assets | 60,122,000 | ||||
Less fair-value of previous investment | |||||
Net assets acquired | 60,122,000 | ||||
Payments to Acquire Businesses, Net of Cash Acquired | 60,122,000 | ||||
Business Combination, Consideration Transferred, Liabilities Incurred | 0 | ||||
Contingent consideration payable | |||||
Business Combination, Consideration Transferred | 60,122,000 | $ 60,000,000 | |||
ProteinSimple [Member] | In Process Research and Development [Member] | |||||
Intangible Assets: | |||||
Intangible assets | |||||
ProteinSimple [Member] | Developed Technology Rights [Member] | |||||
Intangible Assets: | |||||
Intangible assets | 39,200,000 | ||||
ProteinSimple [Member] | Trade Names [Member] | |||||
Intangible Assets: | |||||
Intangible assets | 36,100,000 | ||||
ProteinSimple [Member] | Customer Relationships [Member] | |||||
Intangible Assets: | |||||
Intangible assets | 101,600,000 | ||||
ProteinSimple [Member] | Noncompete Agreements [Member] | |||||
Intangible Assets: | |||||
Intangible assets | 200,000 | ||||
ProteinSimple [Member] | |||||
Current assets | 19,660,000 | ||||
Equipment | 1,983,000 | ||||
Other long-term assets | 554,000 | ||||
Intangible Assets: | |||||
Goodwill | 134,074,000 | ||||
Total assets acquired | 333,371,000 | ||||
Liabilities | 11,644,000 | ||||
Deferred income taxes, net | 21,674,000 | ||||
Net assets | 300,053,000 | ||||
Less fair-value of previous investment | |||||
Net assets acquired | 300,053,000 | ||||
Payments to Acquire Businesses, Net of Cash Acquired | 300,053,000 | ||||
Business Combination, Consideration Transferred, Liabilities Incurred | 0 | ||||
Contingent consideration payable | |||||
Business Combination, Consideration Transferred | 300,053,000 | 300,000,000 | |||
CyVek, Inc. [Member] | In Process Research and Development [Member] | |||||
Intangible Assets: | |||||
Intangible assets | |||||
CyVek, Inc. [Member] | Developed Technology Rights [Member] | |||||
Intangible Assets: | |||||
Intangible assets | 20,200,000 | ||||
CyVek, Inc. [Member] | Trade Names [Member] | |||||
Intangible Assets: | |||||
Intangible assets | 100,000 | ||||
CyVek, Inc. [Member] | Customer Relationships [Member] | |||||
Intangible Assets: | |||||
Intangible assets | 600,000 | ||||
CyVek, Inc. [Member] | Noncompete Agreements [Member] | |||||
Intangible Assets: | |||||
Intangible assets | |||||
CyVek, Inc. [Member] | |||||
Current assets | 1,206,000 | ||||
Equipment | 971,000 | ||||
Other long-term assets | 19,000 | ||||
Intangible Assets: | |||||
Goodwill | 91,658,000 | ||||
Total assets acquired | 114,754,000 | ||||
Liabilities | 1,965,000 | ||||
Deferred income taxes, net | (438,000) | ||||
Net assets | 113,227,000 | ||||
Less fair-value of previous investment | 18,300,000 | ||||
Net assets acquired | 94,927,000 | ||||
Payments to Acquire Businesses, Net of Cash Acquired | 59,927,000 | ||||
Business Combination, Consideration Transferred, Liabilities Incurred | 0 | ||||
Contingent consideration payable | 35,000,000 | ||||
Business Combination, Consideration Transferred | 94,927,000 | 95,000,000 | |||
Bionostics [Member] | In Process Research and Development [Member] | |||||
Intangible Assets: | |||||
Intangible assets | |||||
Bionostics [Member] | Developed Technology Rights [Member] | |||||
Intangible Assets: | |||||
Intangible assets | 14,400,000 | ||||
Bionostics [Member] | Trade Names [Member] | |||||
Intangible Assets: | |||||
Intangible assets | 2,700,000 | ||||
Bionostics [Member] | Customer Relationships [Member] | |||||
Intangible Assets: | |||||
Intangible assets | 41,000,000 | ||||
Bionostics [Member] | Noncompete Agreements [Member] | |||||
Intangible Assets: | |||||
Intangible assets | 2,400,000 | ||||
Bionostics [Member] | |||||
Current assets | 9,605,000 | ||||
Equipment | 2,180,000 | ||||
Other long-term assets | |||||
Intangible Assets: | |||||
Goodwill | 56,349,000 | ||||
Total assets acquired | 128,634,000 | ||||
Liabilities | 3,007,000 | ||||
Deferred income taxes, net | 22,478,000 | ||||
Net assets | 103,149,000 | ||||
Less fair-value of previous investment | |||||
Net assets acquired | 103,149,000 | ||||
Payments to Acquire Businesses, Net of Cash Acquired | 103,149,000 | ||||
Business Combination, Consideration Transferred, Liabilities Incurred | 0 | ||||
Contingent consideration payable | |||||
Business Combination, Consideration Transferred | 103,149,000 | $ 103,000,000 | |||
PrimeGene [Member] | In Process Research and Development [Member] | |||||
Intangible Assets: | |||||
Intangible assets | |||||
PrimeGene [Member] | Developed Technology Rights [Member] | |||||
Intangible Assets: | |||||
Intangible assets | 2,200,000 | ||||
PrimeGene [Member] | Trade Names [Member] | |||||
Intangible Assets: | |||||
Intangible assets | 3,000,000 | ||||
PrimeGene [Member] | Customer Relationships [Member] | |||||
Intangible Assets: | |||||
Intangible assets | 9,100,000 | ||||
PrimeGene [Member] | Noncompete Agreements [Member] | |||||
Intangible Assets: | |||||
Intangible assets | 322,000 | ||||
PrimeGene [Member] | |||||
Current assets | 1,272,000 | ||||
Equipment | 546,000 | ||||
Other long-term assets | |||||
Intangible Assets: | |||||
Goodwill | 5,518 | ||||
Total assets acquired | 21,958,000 | ||||
Liabilities | 887,000 | ||||
Deferred income taxes, net | 2,310,000 | ||||
Net assets | 18,761,000 | ||||
Less fair-value of previous investment | |||||
Net assets acquired | 18,761,000 | ||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 6,000,000 | 6,031,000 | |||
Business Combination, Consideration Transferred, Liabilities Incurred | 12,730,000 | 12,700,000 | |||
Contingent consideration payable | |||||
Business Combination, Consideration Transferred | 18,761,000 | 18,700,000 | |||
Goodwill | 430,882,000 | 390,638,000 | 151,473,000 | ||
Payments to Acquire Businesses, Net of Cash Acquired | 91,423,000 | 420,102,000 | $ 109,180,000 | ||
Contingent consideration payable | $ 38,500,000 | $ 39,024,000 |
Note 3 - Available-for-sale I38
Note 3 - Available-for-sale Investments (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Chemo Centryx, Inc. [Member] | ||
Available-for-sale Securities, Gross Unrealized Loss | $ 0.9 | |
Available-for-sale, Amortized Cost Basis, Price Per Share | $ 4.73 | |
Chemo Centryx, Inc. [Member] | ||
Share Price | $ 4.49 | |
Available-for-sale Securities, Gross Unrealized Gain, Accumulated InInvestments | $ 0.9 | $ 22.8 |
Note 3 - Available-for-sale - A
Note 3 - Available-for-sale - Amortized Cost and Market Value of Available-for-sale Securities by Major Security Type (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Certificates Of Deposit [Member] | ||
Cost | $ 3,016 | $ 4,089 |
Market | 3,017 | 4,089 |
Equity Securities [Member] | ||
Cost | 29,472 | 29,472 |
Market | 28,581 | 52,300 |
Cost | 32,488 | 33,561 |
Market | $ 31,598 | $ 56,389 |
Note 4 - Inventories (Details T
Note 4 - Inventories (Details Textual) - USD ($) $ in Millions | Jun. 30, 2016 | Jun. 30, 2015 |
Proteins and Antibodies [Member] | ||
Inventory Valuation Reserves | $ 23.4 | $ 24 |
Note 4 - Inventories - Inventor
Note 4 - Inventories - Inventories (Details) - USD ($) | Jun. 30, 2016 | Jun. 30, 2015 |
Raw materials | $ 22,963,000 | $ 15,892,000 |
Finished goods | 34,139,000 | 33,685,000 |
$ 57,102,000 | $ 49,577,000 |
Note 5 - Property and Equipme42
Note 5 - Property and Equipment - Property and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Cost: | ||
Land | $ 6,270 | $ 7,370 |
Buildings and improvements | 157,963 | 156,965 |
Machinery, equipment and other | 82,018 | 74,385 |
246,251 | 238,720 | |
Accumulated depreciation and amortization | (113,889) | (108,967) |
$ 132,362 | $ 129,749 |
Note 6 - Intangibles Assets a43
Note 6 - Intangibles Assets and Goodwill (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Developed Technology Rights [Member] | Cost of Sales [Member] | |||
Amortization of Intangible Assets | $ 11.1 | $ 9.5 | $ 4.2 |
Trade Names, Customer Relationships, and Non-compete Agreement [Member] | Selling, General and Administrative Expense [Member] | |||
Amortization of Intangible Assets | $ 18.3 | $ 16.7 | $ 6.1 |
Note 6 - Intangible Assets and
Note 6 - Intangible Assets and Goodwill - Intangible Assets (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Minimum [Member] | Developed Technology Rights [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 8 years | ||
Minimum [Member] | Trade Names [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 5 years | ||
Minimum [Member] | Customer Relationships [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 8 years | ||
Minimum [Member] | Noncompete Agreements [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 3 years | ||
Maximum [Member] | Developed Technology Rights [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 15 years | ||
Maximum [Member] | Trade Names [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 16 years | ||
Maximum [Member] | Customer Relationships [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 16 years | ||
Maximum [Member] | Noncompete Agreements [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 5 years | ||
Developed Technology Rights [Member] | |||
Gross | $ 120,611,000 | $ 108,887,000 | |
Trade Names [Member] | |||
Gross | 63,706,000 | 63,867,000 | |
Customer Relationships [Member] | |||
Gross | 191,118,000 | 167,494,000 | |
Noncompete Agreements [Member] | |||
Gross | 3,284,000 | 3,298,000 | |
In Process Research and Development [Member] | |||
Gross | 7,400,000 | 0 | |
Gross | 378,719,000 | 343,546,000 | |
Accumulated amortization | (75,595,000) | (50,707,000) | |
Total amortizeable intagibles | 303,124,000 | 292,839,000 | $ 108,776,000 |
Total intangible assets | 310,524,000 | 292,839,000 | |
Goodwill | $ 430,882,000 | $ 390,638,000 | $ 151,473,000 |
Note 6 - Intangible Assets an45
Note 6 - Intangible Assets and Goodwill - Changes in Carrying Amount of Goodwill (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Beginning balance | $ 390,638,000 | $ 151,473,000 |
Acquisitions | 49,648,000 | 254,140,000 |
Currency translation | (9,404,000) | (14,975,000) |
Ending balance | $ 430,882,000 | $ 390,638,000 |
Note 6 - Intangible Assets an46
Note 6 - Intangible Assets and Goodwill - Changes in Carrying Amount of Intangible Assets (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Beginning balance | $ 292,839,000 | $ 108,776,000 |
Acquisitions | 53,500,000 | 222,710,000 |
Amortization expense | (29,395,000) | (26,170,000) |
Currency translation | (6,420,000) | (12,777,000) |
Ending balance | $ 303,124,000 | $ 292,839,000 |
Note 6 - Intangible Assets an47
Note 6 - Intangible Assets and Goodwill - Estimated Future Amortization for Intangible Assets (Details) - USD ($) | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 |
2,017 | $ 28,326,000 | ||
2,018 | 28,140,000 | ||
2,019 | 27,527,000 | ||
2,020 | 26,898,000 | ||
2,021 | 26,534,000 | ||
Thereafter | 165,699,000 | ||
$ 303,124,000 | $ 292,839,000 | $ 108,776,000 |
Note 7 - Debt and Other Finan48
Note 7 - Debt and Other Financing Arrangements (Details Textual) - USD ($) $ in Millions | Jul. 28, 2014 | Mar. 31, 2016 | Jul. 28, 2016 | Jun. 30, 2016 |
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] | Subsequent Event [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 400 | |||
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 | $ 91.5 |
Note 8 - Commitments and Cont49
Note 8 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Operating Leases, Rent Expense, Net | $ 8.1 | $ 4.9 | $ 1.6 |
Note 8 - Commitments and Cont50
Note 8 - Commitments and Contingencies - Aggregate Net Minimum Rental Commitments (Details) $ in Thousands | Jun. 30, 2016USD ($) |
2,017 | $ 6,326 |
2,018 | 5,801 |
2,019 | 4,810 |
2,020 | 4,761 |
2,021 | 4,815 |
Thereafter | 19,120 |
$ 45,633 |
Note 9 - Share-based Compensa51
Note 9 - Share-based Compensation and Other Benefit Plans (Details Textual) - USD ($) | 12 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Equity Incentive Plan 2010 [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||
Equity Incentive Plan 2010 [Member] | Selling, General and Administrative Expenses [Member] | ||||
Stock or Unit Option Plan Expense | $ 9,400,000 | $ 5,900,000 | $ 3,500,000 | |
Equity Incentive Plan 2010 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 3,800,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,800,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,800,000 | |||
Nonqualified Stock Options Plan 1998 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 98,000 | |||
Incentive Stock Options Plan 1997 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 9,000 | |||
Employee Stock Purchase Plan 2014 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 200,000 | |||
Allocated Share-based Compensation Expense | $ 144,000 | |||
Performance Incentive Programs [Member] | Restricted Stock [Member] | Executive Officer [Member] | ||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 11,522 | 17,855 | ||
Performance Incentive Programs [Member] | Restricted Stock Units (RSUs) [Member] | Executive Officer [Member] | ||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 26,583 | 5,000 | ||
Performance Incentive Programs [Member] | Executive Officer [Member] | ||||
Officers' Compensation | $ 4,200,000 | $ 1,900,000 | $ 900,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 621,000 | 322,000 | 216,000 | |
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 19,994 | 9,000 | 26,355 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 91.78 | $ 86.60 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 22,545 | 19,102 | 36,355 | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 10,000 | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 35,083 | 36,192 | 5,000 | |
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 | $ 94.13 | ||
Selling, General and Administrative Expenses [Member] | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 15,900,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 73 days | |||
Profit Sharing and Savings Plan [Member] | UNITED STATES | ||||
Pension and Other Postretirement Benefit Expense | $ 1,200,000 | $ 1,100,000 | $ 700,000 | |
Profit Sharing and Savings Plan [Member] | UNITED KINGDOM | ||||
Pension and Other Postretirement Benefit Expense | $ 800,000 | $ 700,000 | $ 600,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,819 | 1,137 | 811 | 728 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 18.50 | $ 15.01 | $ 14.77 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 2,400,000 | $ 3,500,000 | $ 3,700,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 1,600,000 | $ 2,300,000 | $ 2,200,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 99.53 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 805 | 600 | 251 |
Note 9 - Share-based Compensa52
Note 9 - Share-based Compensation and Other Benefit Plans - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Outstanding, shares (in shares) | 1,137 | 811 | 728 |
Outstanding, weighted average exercise price (in dollars per share) | $ 81.57 | $ 72.11 | $ 66.70 |
Outstanding, aggregate intrinsic value | |||
Granted, shares (in shares) | 805 | 600 | 251 |
Granted, weighted average exercise price (in dollars per share) | $ 105.16 | $ 93.98 | $ 80.88 |
Forfeited, shares (in shares) | (54) | (133) | (26) |
Forfeited, weighted average exercise price (in dollars per share) | $ 99.68 | $ 92.85 | $ 76.23 |
Exercised, shares (in shares) | (69) | (141) | (142) |
Exercised, weighted average exercise price (in dollars per share) | $ 69.82 | $ 69.31 | $ 59.07 |
Outstanding, shares (in shares) | 1,819 | 1,137 | 811 |
Outstanding, weighted average exercise price (in dollars per share) | $ 91.91 | $ 81.57 | $ 72.11 |
Outstanding, aggregate intrinsic value | $ 37.9 | ||
Outstanding, weighted average contractual life | 5 years 109 days | ||
Exercisable, shares (in shares) | 596 | 547 | 534 |
Exercisable, weighted average exercise price (in dollars per share) | $ 75.74 | $ 72.72 | $ 69.49 |
Exercisable, shares (in shares) | 596 | 547 | 534 |
Exercisable, weighted average exercise price (in dollars per share) | $ 75.74 | $ 72.72 | $ 69.49 |
Exercisable, shares (in shares) | 596 | 547 | 534 |
Exercisable, weighted average exercise price (in dollars per share) | $ 75.74 | $ 72.72 | $ 69.49 |
Exercisable, weighted average contractual life | 4 years 73 days | ||
Exercisable, aggregate intrinsic value | $ 22.1 |
Note 9 - Share-based Compensa53
Note 9 - Share-based Compensation and Other Benefit Plan - Assumptions Used in Black-Scholes Option-Pricing Model (Details) | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Minimum [Member] | |||
Expected volatility | 20.00% | 18.00% | 18.00% |
Risk-free interest rates | 1.20% | 1.30% | 1.40% |
Maximum [Member] | |||
Expected volatility | 23.00% | 21.00% | 22.00% |
Risk-free interest rates | 1.90% | 2.20% | 2.10% |
Dividend yield | 1.20% | 1.30% | 1.50% |
Expected volatility | |||
Risk-free interest rates | |||
Expected lives (years) | 5 years | 5 years | 6 years |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) € in Millions | 12 Months Ended | |||
Jun. 30, 2016USD ($) | Jun. 30, 2015EUR (€) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | |
R&D Europe [Member] | ||||
Cash Dividends Paid to Parent Company by Consolidated Subsidiaries | € | € 46.6 | |||
Income Tax Expense (Benefit) | $ 1,700,000 | |||
Capital Loss Carryforward [Member] | ||||
Deferred Tax Assets, Valuation Allowance | $ 5,000,000 | 0 | ||
Operating Loss and Credit Carryforwards [Member] | ||||
Deferred Tax Assets, Valuation Allowance | 2,000,000 | 2,400,000 | ||
Deferred Tax Assets, Investment [Member] | ||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 5,000,000 | |||
Deferred Tax Asset, Operating Loss Carry Forwards [Member] | ||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | (300,000) | |||
Operating Loss Carryforwards [Member] | ||||
Deferred Tax Assets, Net of Valuation Allowance | 24,900,000 | |||
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||||
Operating Loss Carryforwards | 63,900,000 | |||
Tax Credit Carryforward, Amount | 1,700,000 | |||
State and Local Jurisdiction [Member] | ||||
Operating Loss Carryforwards | 71,600,000 | |||
Tax Credit Carryforward, Amount | 1,300,000 | |||
Foreign Tax Authority [Member] | ||||
Operating Loss Carryforwards | $ 2,100,000 | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | |||
Change in Effective Income Tax Rate, Percentage | (0.90%) | |||
Income Tax Expense (Benefit) | $ 43,005,000 | 46,427,000 | $ 50,444,000 | |
Deferred Tax Assets, Valuation Allowance | 7,201,000 | 2,558,000 | ||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 4,700,000 | |||
Deferred Tax Assets, Net of Valuation Allowance | 50,526,000 | 57,789,000 | ||
Deferred Tax Assets, Tax Credit Carryforwards | 3,197,000 | $ 3,872,000 | ||
Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability, Undistributed Earnings of Foreign Subsidiaries | $ 57,600,000 |
Note 10 - Income Taxes - Compon
Note 10 - Income Taxes - Components of Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings before income taxes consist of: | |||
Domestic | $ 120,154 | $ 121,765 | $ 127,681 |
Foreign | 27,327 | 32,397 | 33,711 |
147,481 | 154,162 | 161,392 | |
Currently payable: | |||
Federal | 34,805 | 28,220 | 40,967 |
State | 2,958 | 6,165 | 1,709 |
Foreign | 7,579 | 10,704 | 10,668 |
Net deferred: | |||
Federal | 1,906 | 4,401 | (1,137) |
State | (428) | 292 | (41) |
Foreign | (3,815) | (3,355) | (1,722) |
$ 43,005 | $ 46,427 | $ 50,444 |
Note 10 - Income Taxes - Reconc
Note 10 - Income Taxes - Reconciliation of Federal Tax Calculated at Statutory Rate (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Computed expected federal income tax expense | $ 51,618,000 | $ 53,957,000 | $ 56,487,000 |
State income taxes, net of federal benefit | 1,852,000 | 4,762,000 | 1,048,000 |
Qualified production activity deduction | (3,932,000) | (3,140,000) | (3,823,000) |
Non-taxable gain on investment | 0 | (2,905,000) | 0 |
Research and development tax credit | (1,550,000) | (912,000) | (476,000) |
Tax-exempt interest | 0 | 0 | (654,000) |
Foreign tax rate differences | (4,639,000) | (4,059,000) | (2,857,000) |
Other | (344,000) | (1,276,000) | 719,000 |
$ 43,005,000 | $ 46,427,000 | $ 50,444,000 |
Note 10 - Income Taxes - Tempor
Note 10 - Income Taxes - Temporary Differences Comprising Deferred Taxes on Consolidated Balance Sheets (Details) - USD ($) | Jun. 30, 2016 | Jun. 30, 2015 |
Inventory | $ 9,768,000 | $ 8,753,000 |
Net operating loss carryovers | 26,556,000 | 34,767,000 |
Tax credit carryovers | 3,197,000 | 3,872,000 |
Excess tax basis in equity investments | 4,544,000 | 4,496,000 |
Deferred compensation | 5,912,000 | 3,747,000 |
Net unrealized loss on available for sale investment | 329,000 | 0 |
Other | 7,421,000 | 4,712,000 |
Valuation allowance | (7,201,000) | (2,558,000) |
Net deferred tax assets | 50,526,000 | 57,789,000 |
Net unrealized gain on available-for-sale investments | 0 | (8,446,000) |
Intangible asset amortization | (107,200,000) | (96,401,000) |
Depreciation | (5,132,000) | (2,394,000) |
Other | 1,031,000 | 466,000 |
Deferred tax liabilities | (113,363,000) | (107,707,000) |
Net deferred tax liabilities | $ (62,837,000) | $ (49,918,000) |
Note 11 - Earnings Per Share (D
Note 11 - Earnings Per Share (Details Textual) - shares | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,200,000 | 516,000 | 196,000 |
Note 11 - Earnings Per Share -
Note 11 - Earnings Per Share - Shares Used in the Earnings Per Share Computations (Details) - USD ($) $ / shares in Units, shares in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Net earnings used for basic and diluted earnings per share | $ 104,476,000 | $ 107,735,000 | $ 110,948,000 |
Basic (in shares) | 37,194 | 37,096 | 36,890 |
Dilutive stock options (in shares) | 132 | 135 | 115 |
Weighted average shares used in diluted computation (in shares) | 37,326 | 37,231 | 37,005 |
Basic (in dollars per share) | $ 2.81 | $ 2.90 | $ 3.01 |
Diluted (in dollars per share) | $ 2.80 | $ 2.89 | $ 3 |
Note 12 - Segment Information60
Note 12 - Segment Information (Details Textual) | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Clinical Controls [Member] | Sales Revenue, Segment [Member] | Customer Concentration Risk [Member] | One Customer [Member] | |||
Concentration Risk, Percentage | 13.00% | 14.00% | |
Number of Reportable Segments | 3 |
Note 12 - Segment Information -
Note 12 - Segment Information - Financial Information Relating to Operating Segments (Details) - USD ($) | 12 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Operating Segments [Member] | Biotechnology [Member] | ||||
External sales | $ 317,340,000 | $ 308,437,000 | $ 285,142,000 | |
Operating Income | 168,613,000 | 165,226,000 | 162,621,000 | |
Consolidated operating income | 168,613,000 | 165,226,000 | 162,621,000 | |
Goodwill | 105,380,000 | 115,198,000 | 90,872,000 | |
Total amortizeable intagibles | 57,199,000 | 68,777,000 | 53,778,000 | |
Assets | 387,470,000 | 430,524,000 | 674,854,000 | |
Depreciation and amortization | 14,196,000 | 13,820,000 | 10,879,000 | |
Capital purchases | 14,295,000 | 9,794,000 | 4,157,000 | |
Operating Segments [Member] | Clinical Controls [Member] | ||||
External sales | 104,484,000 | 77,866,000 | 72,621,000 | |
Operating Income | 30,412,000 | 23,981,000 | 22,976,000 | |
Consolidated operating income | 30,412,000 | 23,981,000 | 22,976,000 | |
Goodwill | 106,692,000 | 60,601,000 | 60,601,000 | |
Total amortizeable intagibles | 86,736,000 | 49,130,000 | 54,998,000 | |
Assets | 212,649,000 | 74,954,000 | 66,072,000 | |
Depreciation and amortization | 10,462,000 | 7,963,000 | 7,205,000 | |
Capital purchases | 1,780,000 | 1,932,000 | 5,687,000 | |
Operating Segments [Member] | Protein Platforms [Member] | ||||
External sales | 77,324,000 | 66,249,000 | 0 | |
Operating Income | 3,592,000 | 4,469,000 | 0 | |
Consolidated operating income | 3,592,000 | 4,469,000 | 0 | |
Goodwill | 218,810,000 | 214,839,000 | 0 | |
Total amortizeable intagibles | 166,589,000 | 174,932,000 | 0 | |
Assets | 440,343,000 | 444,899,000 | 0 | |
Depreciation and amortization | 16,027,000 | 13,364,000 | 0 | |
Capital purchases | 823,000 | 8,179,000 | ||
Operating Segments [Member] | ||||
Operating Income | 202,617,000 | 193,676,000 | 185,597,000 | |
Consolidated operating income | 202,617,000 | 193,676,000 | 185,597,000 | |
Assets | 1,040,462,000 | 950,378,000 | 740,917,000 | |
Depreciation and amortization | 40,685,000 | 35,147,000 | 18,084,000 | |
Capital purchases | 16,898,000 | 19,905,000 | 9,844,000 | |
Intersegment Eliminations [Member] | ||||
External sales | (125,000) | (306,000) | 0 | |
Segment Reconciling Items [Member] | ||||
Costs recognized upon sale of acquired inventory | (5,431,000) | (6,952,000) | (7,480,000) | |
Amortization of intangibles | (29,395,000) | (26,169,000) | (10,276,000) | |
Stock based compensation | (9,430,000) | (5,957,000) | (3,523,000) | |
Acquisition related expenses | (2,761,000) | (4,519,000) | (2,247,000) | |
Corporate, Non-Segment [Member] | ||||
Corporate general, selling and administrative expenses | (5,007,000) | (3,056,000) | (2,321,000) | |
Corporate cash and available- for- sale investments | 31,255,000 | 52,800,000 | 60,142,000 | |
Corporate property and equipment | 56,195,000 | 58,270,000 | 60,350,000 | |
Corporate, other | 1,669,000 | 1,912,000 | 1,082,000 | |
Depreciation and amortization | 2,079,000 | 2,079,000 | 1,091,000 | |
Capital purchases | 0 | 0 | 3,977,000 | |
External sales | 499,023,000 | 452,246,000 | 357,763,000 | |
Operating Income | 150,593,000 | 147,023,000 | 159,750,000 | |
Corporate general, selling and administrative expenses | 140,879,000 | 119,401,000 | 60,716,000 | |
Consolidated operating income | 150,593,000 | 147,023,000 | 159,750,000 | |
Goodwill | 430,882,000 | 390,638,000 | 151,473,000 | |
Total amortizeable intagibles | 303,124,000 | 292,839,000 | 108,776,000 | |
Assets | 1,129,581,000 | 1,063,360,000 | 862,491,000 | |
Corporate cash and available- for- sale investments | 64,237,000 | 54,532,000 | 318,568,000 | $ 163,786,000 |
Corporate property and equipment | 132,362,000 | 129,749,000 | ||
Depreciation and amortization | 42,764,000 | 37,226,000 | 19,175,000 | |
Capital purchases | $ 16,898,000 | $ 19,905,000 | $ 13,821,000 |
Note 12 - Segment Information62
Note 12 - Segment Information - Financial Information Relating to Geographic Areas (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
UNITED STATES | |||
External sales | $ 283,270,000 | $ 245,217,000 | $ 190,359,000 |
UNITED KINGDOM | |||
External sales | 88,680,000 | 68,055,000 | 55,144,000 |
Europe Other than U.K. [Member] | |||
External sales | 51,047,000 | 66,022,000 | 42,013,000 |
CHINA | |||
External sales | 27,205,000 | 26,105,000 | 18,878,000 |
Long-lived assets | 1,109,000 | 1,286,000 | 678,000 |
Other Asia [Member] | |||
External sales | 24,809,000 | 23,806,000 | 32,704,000 |
Rest of World [Member] | |||
External sales | 24,012,000 | 23,041,000 | 18,665,000 |
United States and Canada [Member] | |||
Long-lived assets | 118,027,000 | 119,075,000 | 109,790,000 |
Europe [Member] | |||
Long-lived assets | 14,423,000 | 11,239,000 | 8,340,000 |
External sales | 499,023,000 | 452,246,000 | 357,763,000 |
Long-lived assets | $ 133,559,000 | $ 131,600,000 | $ 118,808,000 |
Note 13 - Supplemental Disclo63
Note 13 - Supplemental Disclosures of Cash Flow Information and Noncash Investing and Financing Activities (Details Textual) - USD ($) | Mar. 14, 2016 | Jul. 08, 2015 | Nov. 03, 2014 | Apr. 30, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 |
Cliniqa [Member] | ||||||||
Business Combination, Consideration Transferred | $ 82,888,000 | |||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 83,000,000 | 82,888,000 | ||||||
Business Combination, Consideration Transferred, Liabilities Incurred | 0 | |||||||
Zephyrus [Member] | Instruments Sales Contingency [Member] | ||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 3,500,000 | 3,500,000 | ||||||
Zephyrus [Member] | ||||||||
Business Combination, Consideration Transferred | 11,530,000 | |||||||
Payments to Acquire Businesses, Net of Cash Acquired | 8,030,000 | |||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 7,000,000 | |||||||
Payments to Acquire Businesses, Gross | $ 8,000,000 | |||||||
Business Combination, Consideration Transferred, Liabilities Incurred | 0 | |||||||
Novus Holdings, LLC [Member] | ||||||||
Business Combination, Consideration Transferred | 60,122,000 | $ 60,000,000 | ||||||
Payments to Acquire Businesses, Net of Cash Acquired | 60,122,000 | |||||||
Business Combination, Consideration Transferred, Liabilities Incurred | 0 | |||||||
ProteinSimple [Member] | ||||||||
Business Combination, Consideration Transferred | 300,053,000 | 300,000,000 | ||||||
Payments to Acquire Businesses, Net of Cash Acquired | 300,053,000 | |||||||
Business Combination, Consideration Transferred, Liabilities Incurred | 0 | |||||||
CyVek, Inc. [Member] | ||||||||
Business Combination, Consideration Transferred | 94,927,000 | 95,000,000 | ||||||
Payments to Acquire Businesses, Net of Cash Acquired | 59,927,000 | |||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 35,000,000 | |||||||
Payments to Acquire Businesses, Gross | $ 62,000,000 | $ 62,000,000 | ||||||
Business Combination, Consideration Transferred, Liabilities Incurred | 0 | |||||||
Bionostics [Member] | ||||||||
Business Combination, Consideration Transferred | 103,149,000 | $ 103,000,000 | ||||||
Payments to Acquire Businesses, Net of Cash Acquired | 103,149,000 | |||||||
Business Combination, Consideration Transferred, Liabilities Incurred | 0 | |||||||
PrimeGene [Member] | ||||||||
Business Combination, Consideration Transferred | 18,761,000 | 18,700,000 | ||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 6,000,000 | 6,031,000 | ||||||
Payments to Acquire Businesses, Gross | 6,000,000 | |||||||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 12,730,000 | 12,700,000 | ||||||
Surrender of Common Stock [Member] | ||||||||
Conversion of Stock, Shares Issued | 306 | 309 | ||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 91,423,000 | $ 420,102,000 | 109,180,000 | |||||
Income Taxes Paid, Net | $ 42,600,000 | $ 55,200,000 | $ 51,600,000 | |||||
Conversion of Stock, Shares Issued | 494 | 385 | 1,077 | |||||
Conversion of Stock, Amount Converted | $ 31,000 | $ 31,000 | $ 56,000 | |||||
Conversion of Stock, Shares Converted | 733 |
Note 14 - Changes in Accumulate
Note 14 - Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | |||
Beginning balance | $ 14,382,000 | ||
Other comprehensive income (loss) | (19,924,000) | ||
Ending balance | (5,542,000) | $ 14,382,000 | |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||
Beginning balance | (44,975,000) | ||
Other comprehensive income (loss) | (19,932,000) | ||
Ending balance | (64,907,000) | (44,975,000) | |
Beginning balance | (30,593,000) | ||
Other comprehensive income (loss) | (39,812,000) | (25,205,000) | $ (19,941,000) |
Ending balance | $ (70,405,000) | $ (30,593,000) |
Note 15 - Subsequent Event (Det
Note 15 - Subsequent Event (Details Textual) - Subsequent Event [Member] - USD ($) $ in Millions | Aug. 01, 2016 | Jul. 01, 2016 | Aug. 26, 2016 | Jul. 28, 2016 |
Space [Member] | ||||
Payments to Acquire Businesses, Gross | $ 11 | |||
Advanced Cell Diagnostics (ACD) [Member] | Upon the Achievement of Certain Milestones [Member] | ||||
Business Combination, Contingent Consideration, Liability | $ 75 | |||
Advanced Cell Diagnostics (ACD) [Member] | ||||
Payments to Acquire Businesses, Gross | $ 250 | |||
Revolving Credit Facility [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 400 | |||
Proceeds from Lines of Credit | $ 250 |