Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Dec. 31, 2016 | Feb. 06, 2017 | |
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) | 37,311,809 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2016 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Earnings and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net sales | $ 131,807 | $ 120,907 | $ 262,388 | $ 233,288 |
Cost of sales | 46,725 | 39,320 | 92,837 | 76,310 |
Gross margin | 85,082 | 81,587 | 169,551 | 156,978 |
Operating expenses: | ||||
Selling, general and administrative | 55,655 | 34,585 | 101,918 | 67,625 |
Research and development | 13,281 | 10,977 | 26,046 | 22,299 |
Total operating expenses | 68,936 | 45,562 | 127,964 | 89,924 |
Operating income | 16,146 | 36,025 | 41,587 | 67,054 |
Other income (expense) | (2,607) | (651) | (3,921) | 167 |
Earnings before income taxes | 13,539 | 35,374 | 37,666 | 67,221 |
Income taxes | 7,226 | 9,523 | 15,071 | 18,662 |
Net earnings | 6,313 | 25,851 | 22,595 | 48,559 |
Other comprehensive (loss) income: | ||||
Foreign currency translation adjustments | (10,066) | (7,514) | (13,301) | (20,410) |
Unrealized gain (loss) on available-for-sale investments, net of tax of $(1,889), $(3,466), $(2,060), and $306, respectively | 6,778 | 9,602 | 16,486 | (523) |
Other comprehensive (loss) income | (3,288) | 2,088 | 3,185 | (20,933) |
Comprehensive income (loss) | $ 3,025 | $ 27,939 | $ 25,780 | $ 27,626 |
Earnings per share: | ||||
Basic (in dollars per share) | $ 0.17 | $ 0.70 | $ 0.61 | $ 1.31 |
Diluted (in dollars per share) | 0.17 | 0.69 | 0.60 | 1.30 |
Cash dividends per common share: (in dollars per share) | $ 0.32 | $ 0.32 | $ 0.64 | $ 0.64 |
Weighted average common shares outstanding: | ||||
Basic (in shares) | 37,308 | 37,189 | 37,294 | 37,179 |
Diluted (in shares) | 37,478 | 37,301 | 37,475 | 37,309 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Earnings and Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Unrealized losses on availiable-for-sale investments, net of tax | $ (1,889) | $ (3,466) | $ (2,060) | $ 306 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Dec. 31, 2016 | Jun. 30, 2016 |
ASSETS | ||
Cash and cash equivalents | $ 58,936 | $ 64,237 |
Short-term available-for-sale investments | 56,559 | 31,598 |
Trade accounts receivable, less allowance for doubtful accounts of $614 and $555, respectively | 104,368 | 93,393 |
Inventories | 66,089 | 57,102 |
Prepaid expenses | 8,154 | 7,561 |
Total current assets | 294,106 | 253,891 |
Property and equipment, net | 131,952 | 132,362 |
Intangible assets, net | 493,542 | 310,524 |
Goodwill | 557,731 | 430,882 |
Other assets | 42,694 | 1,922 |
Total Assets | 1,520,025 | 1,129,581 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Trade accounts payable | 12,908 | 20,653 |
Salaries, wages and related accruals | 15,610 | 14,868 |
Accrued expenses | 19,861 | 8,371 |
Contingent consideration payable | 63,500 | |
Income taxes payable | 1,779 | |
Deferred revenue, current | 4,852 | 4,717 |
Related party note payable, current | 3,595 | 3,759 |
Total current liabilities | 120,326 | 54,147 |
Deferred income taxes | 133,239 | 62,837 |
Long-term debt obligations | 343,659 | 91,500 |
Long-term contingent consideration payable | 28,600 | 38,500 |
Other long-term liabilities | 3,628 | 3,317 |
Shareholders' equity: | ||
Common stock, par value $.01 per share; authorized 100,000,000; issued and outstanding 37,310,142 and 37,253,771, respectively | 373 | 372 |
Additional paid-in capital | 188,415 | 178,760 |
Retained earnings | 769,005 | 770,553 |
Accumulated other comprehensive loss | (67,220) | (70,405) |
Total shareholders' equity | 890,573 | 879,280 |
Total Liabilities and Shareholders' Equity | $ 1,520,025 | $ 1,129,581 |
Condensed Consolidated Balance5
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2016 | Jun. 30, 2016 |
Allowance for doubtful accounts | $ 614 | $ 555 |
Common stock authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock issued (in shares) | 37,310,142 | 37,253,771 |
Common stock outstanding (in shares) | 37,310,142 | 37,253,771 |
Common stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net earnings | $ 22,595 | $ 48,559 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 29,250 | 21,275 |
Costs recognized on sale of acquired inventory | 8,069 | 2,357 |
Deferred income taxes | (4,384) | (1,436) |
Stock-based compensation expense | 7,245 | 4,359 |
Fair value adjustment to contingent consideration payable | 12,400 | |
Other | 123 | 204 |
Change in operating assets and operating liabilities, net of acquisition: | ||
Trade accounts and other receivables | (6,406) | 5,413 |
Inventories | (2,497) | (4,559) |
Prepaid expenses | 235 | (1,510) |
Trade accounts payable and accrued expenses | 5,248 | (2,071) |
Salaries, wages and related accruals | (2,466) | (987) |
Income taxes payable | (1,730) | (1,232) |
Net cash provided by operating activities | 67,682 | 70,372 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Acquisitions, net of cash acquired | (255,929) | (82,888) |
Proceeds from maturities of available-for-sale investments | 1,592 | 3,930 |
Purchase of available-for-sale investments | (1,625) | |
Additions to property and equipment | (5,295) | (11,008) |
Purchase of equity investment | (40,000) | |
Net cash used in investing activities | (301,257) | (89,966) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Cash dividends | (23,871) | (23,796) |
Proceeds from stock option exercises | 2,105 | 1,175 |
Excess tax benefit from stock option exercises | 305 | 120 |
Borrowings under line-of-credit agreement | 368,410 | 77,000 |
Payments on line-of-credit | (116,500) | (26,000) |
Net cash provided by (used in) financing activities | 230,449 | 28,499 |
Effect of exchange rate changes on cash and cash equivalents | (2,175) | (985) |
Net increase (decrease) in cash and cash equivalents | (5,301) | 7,920 |
Cash and cash equivalents at beginning of period | 64,237 | 54,532 |
Cash and cash equivalents at end of period | $ 58,936 | $ 62,452 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation and Summary of Significant Accounting Policies | 6 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Business Description and Accounting Policies [Text Block] | Note 1. Basis of Presentation and Summary of Significant Accounting Policies: The interim consolidated financial statements of Bio-Techne Corporation and subsidiaries, (the Company) presented here have been prepared by the Company and are unaudited. They have been prepared in accordance with accounting principles generally accepted in the United States of America and with instructions to Form 10 10 Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. These interim unaudited condensed consolidated financial statements should be read in conjunction with the Company's Consolidated Financial Statements and Notes thereto for the fiscal year ended June 30, 2016, 10 2016. 10 2016. Recently Adopted Accounting Pronouncements In April 2015, 2015 05, Customer's Accounting for Fees Paid in a Cloud Computing Arrangement July 1, 2016, July 1, 2016. In September 2015, 2015 16, Simplifying the Accounting for Measurement-Period Adjustments. may July 1, 2016, In August 2016, 2016 15, Classification of Certain Cash Receipts and Cash Payments July 1, 2016. Pronouncements Issued But Not Yet Adopted In May 2014, 2014 09, Revenue from Contracts with Customers July 1, 2018. March 2016, 2016 08, Principal versus Agent Considerations (Reporting Revenue Gross versus Net) April 2016, 2016 10, Identifying Performance Obligations and Licensing, May 2016, 2016 12, Narrow-Scope Improvements and Practical Expedients 2014 09 2014 09. In July 2015, 2015 11, Simplifying the Measurement of Inventory first first December 15, 2016 July 1, 2017. 2015 11 In January 2016, 2016 01, Recognition and Measurement of Financial Assets and Financial Liabilities December 15, 2017, July 1, 2018. In February, 2016, 2016 02, Leases (Topic 842 December 15, 2018, July 1, 2019. 2016 02 In March 2016, 2016 09, Improvements to Employee Share-Based Payment Accounting December 15, 2016, July 1, 2017. 2016 09 In June 2016, 2016 13, Financial Instruments - Credit Losses (Topic 326), December 15, 2019, July 1, 2019. may December 15, 2018. 2016 13 |
Note 2 - Selected Balance Sheet
Note 2 - Selected Balance Sheet Data | 6 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | N ote 2. : Available-For-Sale Investments: The fair value of the Company's available-for-sale investments at December 31 , 2016 June 30, 2016 $56.6 $31.6 $5.1 $1.3 $17 .7 December 31, 2016 June 30, 2016 $29.5 Inventories: Inventories consist of (in thousands): December 31, June 30, 2016 2016 Raw materials $ 22,201 $ 22,963 Finished goods 43,888 34,139 Inventories, net $ 66,089 $ 57,102 At December 31, 2016, $66.1 $57.1 June 30, 2016. June 30 $9.6 August 1, 2016. December 31, 2016 June 30, 2016, $24 Property and Equipment: Property and equipment consist of (in thousands): December 31, June 30, 2016 2016 Land $ 6,270 $ 6,270 Buildings and improvements 157,337 157,963 Machinery and equipment 90,033 82,018 Property and equipment, cost 253,640 246,251 Accumulated depreciation and amortization (121,688 ) (113,889 ) Property and equipment, net $ 131,952 $ 132,362 Intangible Assets: Intangible assets consist of (in thousands): December 31, June 30, 2016 2016 Developed technology $ 232,557 $ 120,611 Trade names 81,554 63,706 Customer relationships 272,082 191,118 Non-compete agreements 3,455 3,284 Intangible assets 589,648 378,719 Accumulated amortization (96,106 ) (75,595 ) Net amortizable intangible asset 493,542 303,124 In process research and development - 7,400 Intangible assets, net $ 493,542 $ 310,524 Changes to the carrying amount of net intangible assets for the six December 31, 2016 Beginning balance $ 310,524 Acquisitions (Note 3) 208,869 Amortization expense (21,815 ) Currency translation (4,036 ) Ending balance $ 493,542 The estimated future amortization expense for intangible assets as of December 31, 2016 2017 $ 23,193 2018 46,255 2019 45,510 2020 44,869 2021 44,528 2022 42,930 Thereafter 246,257 Total $ 493,542 G oodwill: Changes to the carrying amount of goodwill for the six December 31, 2016 Biotechnology Diagnostics Protein Platforms Total Beginning balance $ 105,181 $ 105,729 $ 219,972 $ 430,882 Acquisitions (Note 3) 130,587 130,587 Prior year acquisitions (Note 3) 1,809 1,809 Currency translation (2,580 ) (2,967 ) (5,547 ) Ending balance $ 233,188 $ 105,729 $ 218,814 $ 557,731 We evaluate the carrying value of goodwill in the fourth zero” two three fourth 2016. zero” one” one” June 30, 2016 No triggering events were identified during the six December 31, 2016. 350 July 1, 2002 . Other Assets: Other Assets consist of (in thousands): December 31, June 30, 2016 2016 Investments $ 40,000 $ - Other 2,694 1,922 $ 42,694 $ 1,922 At December 31, 2016, $42.7 $1.9 June 30, 2016. June 30 $40 .0 . during the second 2017. 20% may December 31, 2016. |
Note 3 - Acquisitions
Note 3 - Acquisitions | 6 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | Note 3. We periodically complete business combinations that align with our business strategy. Acquisitions are accounted for using the acquisition method of accounting, which requires, among other things, that assets acquired and liabilities assumed be recognized at fair value as of the acquisition date and the results of operations of each acquired business are included in our consolidated statements of comprehensive income from their respective dates of acquisition. Acquisition costs are recorded in selling, general and administrative expenses as incurred. Space Import-Export, Srl On July 1, 2016 $9 1985 The business became part of the Company’s Biotechnology reportable segment in the first 2017. Certain estimated fair values are not yet finalized and are subject to change, which could be significant. The Company expects to finalize these by the filing of the 2017 10 Space Current assets, net of cash $ 2,128 Equipment 159 Intangible assets: Customer relationships 6,769 Goodwill 3,100 Total assets acquired 12,156 Liabilities 1,884 Deferred income taxes, net 1,708 Net assets acquired $ 9,004 Cash paid, net of cash acquired $ 9,004 Advanced Cell Diagnostics (ACD) On August 1, 2016, $250 $75 ● $25 2016 $30 ● an additional $50 2017 $45 If the revenue hurdle related to the 2016 $25 2017 2016 2017 $40 $45 2017, December 31, 2016 4. The goodwill recorded as a result of the ACD 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. The business became part of the Company’s Biotechnology reportable segment in the first 2017. Certain estimated values are not yet finalized and are subject to change, which could be significant. The Company will finalize the amounts recognized as information necessary to complete the analysis is obtained. The Company expects to finalize these by the filing of the 2017 10 The following table (in thousands) summarizes the value of ACD assets acquired and liabilities assumed as of the acquisition date. Also summarized in the table, subsequent to the acquisition, net adjustments of $7.0 $0.7 working capital adjustment payment made during the second Preliminary Allocation at Acquisition Date Adjustments to Fair Value Updated Allocation at December 31, 2016 Current assets, net of cash $ 25,196 $ 25,196 Equipment 2,757 2,757 Other long-term assets 3,812 3,812 Intangible assets: Developed technology 107,000 107,000 Trade name 17,000 17,000 Customer relationships 77,000 77,000 Non-compete agreement 200 200 Goodwill 133,780 6,293 127,487 Total assets acquired 366,772 360,479 Liabilities 3,591 3,591 Deferred income taxes, net 78,761 (7,027 ) 71,734 Net assets acquired $ 284,393 $ 285,127 Cash paid, net of cash acquired $ 246,193 734 $ 246,927 Fair value contingent consideration 38,200 38,200 Net assets acquired $ 284,393 $ 285,127 Tangible assets acquired, net of liabilities assumed, were stated at fair value at the date of acquisitions based on management's assessment. The purchase price allocated to developed technology, trade names, and customer relationships was based on management's forecasted cash inflows and outflows and using a relief-from-royalty and a multi-period excess earnings method to calculate the fair value of assets purchased. The developed technology is being amortized with the expense reflected in cost of goods sold in the Condensed Consolidated Statement of Earnings and Comprehensive Income. Amortization expense related to trade names, and customer relationships is reflected in selling, general and administrative expenses in the Consolidated Statement of Earnings and Comprehensive Income. The preliminary amortization periods for intangible assets acquired in fiscal 2017 15 7.5 10 2 As previously disclosed, ACD was acquired on August 1, 2016. 2016. 2016. Quarter Ended Six Months Ended December 31, December 31, 2016 2015 2016 2015 Net sales $ 131,807 $ 127,008 $ 263,605 $ 244,698 Net income 30,170 26,918 50,161 49,470 Prior Year Acquisitions During the six December 31, 2016, March 2016 June 30, 2016. 2: 2016 10 six December 31, 2016 $3.0 $0.9 $0.3 $1.8 June 30, 2016. third |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurements | 6 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Fair Value, Measurement Inputs, Disclosure [Text Block] | Note 4. The company’s financial instruments include cash and cash equivalents, available for sale investments, accounts receivable, accounts payable, contingent consideration obligations, and long-term debt. Fair value is defined as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. This standard also establishes a hierarchy for inputs used in measuring fair value. This standard maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability based on market data obtained from independent sources. Unobservable inputs are inputs that reflect our assumptions about the factors market participants would use in valuing the asset or liability based upon the best information available in the circumstances. The categorization of financial assets and liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The hierarchy is broken down into three 1 2 3 one 3 may The following tables provide information by level for financial assets and liabilities that are measured at fair value on a recurring basis (in thousands): Total carrying value at Fair Value Measurements Using Inputs Considered as December 31, 2016 Level 1 Level 2 Level 3 Assets Corporate stocks (1) $ 47,134 $ 47,134 $ - $ - Corporate bonds (1) 5,101 5,101 - Total Assets $ 52,235 $ 47,134 $ 5,101 $ - Liabilities Contingent Consideration $ 92,100 $ - $ - $ 92,100 Total carrying value at Fair Value Measurements Using Inputs Considered as June 30, 2016 Level 1 Level 2 Level 3 Assets Corporate Stocks (1) $ 28,582 $ 28,582 $ - $ - Corporate bonds - - - - Total Assets $ 28,582 $ 28,582 $ - $ - Liabilities Contingent Consideration $ 38,500 $ - $ - $ 38,500 (1) Included in available for sale securities on the balance sheet Our available for sale securities are measured at fair value using quoted market prices in active markets for identical assets and are therefore classified as Level 1 2 2 one 2 six December, 2016. The use of different assumptions, applying different judgment to matters that inherently are subjective and changes in future market conditions could result in different estimates of fair value of our securities or contingent consideration, currently and in the future. If market conditions deteriorate, we may may In connection with the Advanced Cell Diagnostics acquisition discussed in Note 3, $35 $7 $75 The fair value of the liabilities for the contingent payments recognized upon each acquisition as part of the purchase accounting opening balance sheet totaled $79.7 ($35.0 $6.5 $38.2 3 The following table presents a reconciliation of the liability measured at fair value on a recurring basis using significant unobservable inputs (Level 3) three nine December 31, 2016 Three months ended, Six months ended December 31, 2016 December 31, 2016 Fair value at the beginning of period $ 82,000 $ 38,500 Purchase price contingent consideration (Note 3) (400 ) 41,200 Change in fair value of contingent consideration 10,500 12,400 $ 92,100 $ 92,100 Fair value measurements of other financial instruments Cash and cash equivalents, certificates of deposit, accounts receivable, and accounts payable – The carrying amounts reported in the consolidated balance sheets approximate fair value because of the short-term nature of these items. Long-term debt – The carrying amounts reported in the consolidated balance sheets for the amount drawn on our line-of-credit facility approximates fair value because our interest rate is variable and reflects current market rates. |
Note 5 - Debt and Other Financi
Note 5 - Debt and Other Financing Arrangements | 6 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 5. The Company entered into a new revolving line-of-credit facility governed by a Credit Agreement (the Credit Agreement) dated July 28, 2016. $400 $200 may 0.5%, 1.00% 1.75% 15 The Credit Agreement matures on July 28, 2021 December 31, 2016, $343.5 |
Note 6 - Accumulated Other Comp
Note 6 - Accumulated Other Comprehensive Income | 6 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | Note 6. Accumulated Other Comprehensive Income: Changes in accumulated other comprehensive income (loss), net of tax, for the six December 31, 2016 Unrealized Gains (Losses) on Available- for-Sale Investments Foreign Currency Translation Adjustments Total Beginning balance $ (5,542 ) $ (64,863 ) $ (70,405 ) Other comprehensive income (loss) 16,486 (13,301 ) 3,185 Ending balance $ 10,944 $ (78,164 ) $ (67,220 ) |
Note 7 - Earnings Per Share
Note 7 - Earnings Per Share | 6 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 7. Earnings Per Share: Shares used in the earnings per share computations are as follows (in thousands): Quarter Ended Six Months Ended December 31, December 31, 2016 2015 2016 2015 Weighted average common shares outstanding-basic 37,308 37,189 37,294 37,179 Dilutive effect of stock options and restricted stock units 170 112 181 130 Weighted average common shares outstanding-diluted 37,478 37,301 37,475 37,309 The dilutive effect of stock options and restricted stock units 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 2.0 1.2 six December 31, 2016 2015, |
Note 8 - Share-based Compensati
Note 8 - Share-based Compensation | 6 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 8. During the six December 31, 2016 2015, 1.1 777,000 $107.40 $105.67 $18.13 $18.59, six December 31, 2016 2015, 64,931 35,000 $109.36 $105.01, six December 31, 2016 2015, 23,965 19,994 $104.94 $99.53, . Stock options for 23,145 13,000 $1.0 $0.5 six December 31, 2016 2015, Stock-based compensation expense of $4.1 $2.3 three December 31, 2016 2015, $7.2 $4.4 six December 31, 2016 2015, December 31, 2016, $33.0 2.7 |
Note 9 - Other Income (Expense)
Note 9 - Other Income (Expense) | 6 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Other Income and Other Expense Disclosure [Text Block] | Note 9. The components of other income (expense) in the accompanying Statement of Earnings and Comprehensive Income are as follows: Quarter Ended Six Months Ended December 31, December 31, 2016 2015 2016 2015 Interest expense $ (1,835 ) $ (400 ) $ (3,178 ) $ (851 ) Interest income 89 51 138 112 Other non-operating income (expense), net (861 ) (302 ) (881 ) 906 Other income (expense) $ (2,607 ) $ (651 ) $ (3,921 ) $ 167 |
Note 10 - Income Taxes
Note 10 - Income Taxes | 6 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 10. The company’s tax rate was 53.4% 26.9% second 2017 2016, 40.0% 27.8% first six 2017 2016, second first six 2017 second first six 2016 The company recognized net expense related to discrete tax items of $4.5 second 2017 $4.5 first six 2017. $4.6 No material discrete tax items were recorded during the second first six 2016. |
Note 11 - Segment Information
Note 11 - Segment Information | 6 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 11. The Company's management evaluates segment operating performance based on operating income before certain charges to cost of sales and selling, general and administrative expenses, principally associated with acquisition accounting related to inventory, amortization of acquisition-related intangible assets and other acquisition-related expenses. Beginning in the first 2017, 2014 2016, The following is financial information relating to the Company's reportable segments (in thousands): Quarter Ended Six Months Ended December 31, December 31, 2016 2015 2016 2015 Net sales: Biotechnology $ 85,953 $ 75,854 $ 172,740 $ 151,597 Diagnostics 24,330 25,723 48,563 46,085 Protein Platforms 21,548 19,337 41,121 35,634 Intersegment (24 ) (7 ) (36 ) (28 ) Consolidated net sales $ 131,807 $ 120,907 $ 262,388 $ 233,288 Segment operating income: Biotechnology $ 39,474 $ 39,986 $ 81,954 $ 79,302 Diagnostics 5,801 7,297 12,104 12,010 Protein Platforms 1,843 1,528 2,052 356 Subtotal reportable segments 47,118 48,811 96,110 91,668 Costs recognized on sale of acquired inventory (3,848 ) (1,245 ) (8,069 ) (2,357 ) Amortization of acquisition related intangible assets (11,627 ) (7,361 ) (21,815 ) (14,772 ) Acquisition related expenses (10,732 ) (670 ) (15,101 ) (970 ) Stock based compensation (4,055 ) (2,321 ) (7,245 ) (4,359 ) Corporate general, selling, and administrative (710 ) (1,189 ) (2,293 ) (2,156 ) Consolidated operating income $ 16,146 $ 36,025 $ 41,587 $ 67,054 |
Note 12 - Subsequent Events
Note 12 - Subsequent Events | 6 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 12. In January 2017 first $3.5 January 17 , 2017. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements In April 2015, 2015 05, Customer's Accounting for Fees Paid in a Cloud Computing Arrangement July 1, 2016, July 1, 2016. In September 2015, 2015 16, Simplifying the Accounting for Measurement-Period Adjustments. may July 1, 2016, In August 2016, 2016 15, Classification of Certain Cash Receipts and Cash Payments July 1, 2016. Pronouncements Issued But Not Yet Adopted In May 2014, 2014 09, Revenue from Contracts with Customers July 1, 2018. March 2016, 2016 08, Principal versus Agent Considerations (Reporting Revenue Gross versus Net) April 2016, 2016 10, Identifying Performance Obligations and Licensing, May 2016, 2016 12, Narrow-Scope Improvements and Practical Expedients 2014 09 2014 09. In July 2015, 2015 11, Simplifying the Measurement of Inventory first first December 15, 2016 July 1, 2017. 2015 11 In January 2016, 2016 01, Recognition and Measurement of Financial Assets and Financial Liabilities December 15, 2017, July 1, 2018. In February, 2016, 2016 02, Leases (Topic 842 December 15, 2018, July 1, 2019. 2016 02 In March 2016, 2016 09, Improvements to Employee Share-Based Payment Accounting December 15, 2016, July 1, 2017. 2016 09 In June 2016, 2016 13, Financial Instruments - Credit Losses (Topic 326), December 15, 2019, July 1, 2019. may December 15, 2018. 2016 13 |
Note 2 - Selected Balance She20
Note 2 - Selected Balance Sheet Data (Tables) | 6 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, June 30, 2016 2016 Raw materials $ 22,201 $ 22,963 Finished goods 43,888 34,139 Inventories, net $ 66,089 $ 57,102 |
Property, Plant and Equipment [Table Text Block] | December 31, June 30, 2016 2016 Land $ 6,270 $ 6,270 Buildings and improvements 157,337 157,963 Machinery and equipment 90,033 82,018 Property and equipment, cost 253,640 246,251 Accumulated depreciation and amortization (121,688 ) (113,889 ) Property and equipment, net $ 131,952 $ 132,362 |
Schedule of Intangible Assets and Goodwill [Table Text Block] | December 31, June 30, 2016 2016 Developed technology $ 232,557 $ 120,611 Trade names 81,554 63,706 Customer relationships 272,082 191,118 Non-compete agreements 3,455 3,284 Intangible assets 589,648 378,719 Accumulated amortization (96,106 ) (75,595 ) Net amortizable intangible asset 493,542 303,124 In process research and development - 7,400 Intangible assets, net $ 493,542 $ 310,524 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Beginning balance $ 310,524 Acquisitions (Note 3) 208,869 Amortization expense (21,815 ) Currency translation (4,036 ) Ending balance $ 493,542 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2017 $ 23,193 2018 46,255 2019 45,510 2020 44,869 2021 44,528 2022 42,930 Thereafter 246,257 Total $ 493,542 |
Schedule of Goodwill [Table Text Block] | Biotechnology Diagnostics Protein Platforms Total Beginning balance $ 105,181 $ 105,729 $ 219,972 $ 430,882 Acquisitions (Note 3) 130,587 130,587 Prior year acquisitions (Note 3) 1,809 1,809 Currency translation (2,580 ) (2,967 ) (5,547 ) Ending balance $ 233,188 $ 105,729 $ 218,814 $ 557,731 |
Schedule of Other Assets, Noncurrent [Table Text Block] | December 31, June 30, 2016 2016 Investments $ 40,000 $ - Other 2,694 1,922 $ 42,694 $ 1,922 |
Note 3 - Acquisitions (Tables)
Note 3 - Acquisitions (Tables) | 6 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Business Acquisition, Pro Forma Information [Table Text Block] | Quarter Ended Six Months Ended December 31, December 31, 2016 2015 2016 2015 Net sales $ 131,807 $ 127,008 $ 263,605 $ 244,698 Net income 30,170 26,918 50,161 49,470 |
Advanced Cell Diagnostics (ACD) [Member] | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Preliminary Allocation at Acquisition Date Adjustments to Fair Value Updated Allocation at December 31, 2016 Current assets, net of cash $ 25,196 $ 25,196 Equipment 2,757 2,757 Other long-term assets 3,812 3,812 Intangible assets: Developed technology 107,000 107,000 Trade name 17,000 17,000 Customer relationships 77,000 77,000 Non-compete agreement 200 200 Goodwill 133,780 6,293 127,487 Total assets acquired 366,772 360,479 Liabilities 3,591 3,591 Deferred income taxes, net 78,761 (7,027 ) 71,734 Net assets acquired $ 284,393 $ 285,127 Cash paid, net of cash acquired $ 246,193 734 $ 246,927 Fair value contingent consideration 38,200 38,200 Net assets acquired $ 284,393 $ 285,127 |
Space [Member] | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Space Current assets, net of cash $ 2,128 Equipment 159 Intangible assets: Customer relationships 6,769 Goodwill 3,100 Total assets acquired 12,156 Liabilities 1,884 Deferred income taxes, net 1,708 Net assets acquired $ 9,004 Cash paid, net of cash acquired $ 9,004 |
Note 4 - Fair Value Measureme22
Note 4 - Fair Value Measurements (Tables) | 6 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Total carrying value at Fair Value Measurements Using Inputs Considered as December 31, 2016 Level 1 Level 2 Level 3 Assets Corporate stocks (1) $ 47,134 $ 47,134 $ - $ - Corporate bonds (1) 5,101 5,101 - Total Assets $ 52,235 $ 47,134 $ 5,101 $ - Liabilities Contingent Consideration $ 92,100 $ - $ - $ 92,100 Total carrying value at Fair Value Measurements Using Inputs Considered as June 30, 2016 Level 1 Level 2 Level 3 Assets Corporate Stocks (1) $ 28,582 $ 28,582 $ - $ - Corporate bonds - - - - Total Assets $ 28,582 $ 28,582 $ - $ - Liabilities Contingent Consideration $ 38,500 $ - $ - $ 38,500 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Three months ended, Six months ended December 31, 2016 December 31, 2016 Fair value at the beginning of period $ 82,000 $ 38,500 Purchase price contingent consideration (Note 3) (400 ) 41,200 Change in fair value of contingent consideration 10,500 12,400 $ 92,100 $ 92,100 |
Note 6 - Accumulated Other Co23
Note 6 - Accumulated Other Comprehensive Income (Tables) | 6 Months Ended |
Dec. 31, 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 $ (5,542 ) $ (64,863 ) $ (70,405 ) Other comprehensive income (loss) 16,486 (13,301 ) 3,185 Ending balance $ 10,944 $ (78,164 ) $ (67,220 ) |
Note 7 - Earnings Per Share (Ta
Note 7 - Earnings Per Share (Tables) | 6 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Quarter Ended Six Months Ended December 31, December 31, 2016 2015 2016 2015 Weighted average common shares outstanding-basic 37,308 37,189 37,294 37,179 Dilutive effect of stock options and restricted stock units 170 112 181 130 Weighted average common shares outstanding-diluted 37,478 37,301 37,475 37,309 |
Note 9 - Other Income (Expens25
Note 9 - Other Income (Expense) (Tables) | 6 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | Quarter Ended Six Months Ended December 31, December 31, 2016 2015 2016 2015 Interest expense $ (1,835 ) $ (400 ) $ (3,178 ) $ (851 ) Interest income 89 51 138 112 Other non-operating income (expense), net (861 ) (302 ) (881 ) 906 Other income (expense) $ (2,607 ) $ (651 ) $ (3,921 ) $ 167 |
Note 11 - Segment Information (
Note 11 - Segment Information (Tables) | 6 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Quarter Ended Six Months Ended December 31, December 31, 2016 2015 2016 2015 Net sales: Biotechnology $ 85,953 $ 75,854 $ 172,740 $ 151,597 Diagnostics 24,330 25,723 48,563 46,085 Protein Platforms 21,548 19,337 41,121 35,634 Intersegment (24 ) (7 ) (36 ) (28 ) Consolidated net sales $ 131,807 $ 120,907 $ 262,388 $ 233,288 Segment operating income: Biotechnology $ 39,474 $ 39,986 $ 81,954 $ 79,302 Diagnostics 5,801 7,297 12,104 12,010 Protein Platforms 1,843 1,528 2,052 356 Subtotal reportable segments 47,118 48,811 96,110 91,668 Costs recognized on sale of acquired inventory (3,848 ) (1,245 ) (8,069 ) (2,357 ) Amortization of acquisition related intangible assets (11,627 ) (7,361 ) (21,815 ) (14,772 ) Acquisition related expenses (10,732 ) (670 ) (15,101 ) (970 ) Stock based compensation (4,055 ) (2,321 ) (7,245 ) (4,359 ) Corporate general, selling, and administrative (710 ) (1,189 ) (2,293 ) (2,156 ) Consolidated operating income $ 16,146 $ 36,025 $ 41,587 $ 67,054 |
Note 2 - Selected Balance She27
Note 2 - Selected Balance Sheet Data (Details Textual) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Jun. 30, 2016USD ($) | |
Available-for-sale Securities | $ 56,600 | $ 56,600 | $ 31,600 | |
Payments to Acquire Available-for-sale Securities | 1,625 | |||
Inventory, Net | 66,089 | 66,089 | 57,102 | |
Inventory Valuation Reserves | 24,000 | 24,000 | ||
Other Assets, Noncurrent | 42,694 | 42,694 | 1,922 | |
Payments to Acquire Investments | $ 40,000 | |||
Number of Reporting Units | 3 | |||
Astute Medical, Inc. [Member] | ||||
Payments to Acquire Investments | 40,000 | |||
ChemoCentryx, Inc (CCXI) [Member] | ||||
Available-for-sale Equity Securities, Gross Unrealized Gain | $ 17,700 | |||
Available-for-sale Equity Securities, Amortized Cost Basis | 29,500 | 29,500 | 29,500 | |
Certificates of Deposit [Member] | CHINA | ||||
Payments to Acquire Available-for-sale Securities | 1,300 | |||
Advanced Cell Diagnostics (ACD) [Member] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | $ 9,600 | |||
Advanced Cell Diagnostics (ACD) [Member] | Available-for-sale Securities [Member] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Marketable Securities | $ 5,100 | $ 5,100 |
Note 2 - Selected Balance She28
Note 2 - Selected Balance Sheet Data - Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Jun. 30, 2016 |
Raw materials | $ 22,201 | $ 22,963 |
Finished goods | 43,888 | 34,139 |
Inventories, net | $ 66,089 | $ 57,102 |
Note 2 - Selected Balance She29
Note 2 - Selected Balance Sheet Data - Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Jun. 30, 2016 |
Property and equipment, cost | $ 253,640 | $ 246,251 |
Accumulated depreciation and amortization | (121,688) | (113,889) |
Property and equipment, net | 131,952 | 132,362 |
Land [Member] | ||
Property and equipment, cost | 6,270 | 6,270 |
Building and Building Improvements [Member] | ||
Property and equipment, cost | 157,337 | 157,963 |
Machinery and Equipment [Member] | ||
Property and equipment, cost | $ 90,033 | $ 82,018 |
Note 2 - Selected Balance She30
Note 2 - Selected Balance Sheet Data - Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Jun. 30, 2016 |
Intangible assets | $ 589,648 | $ 378,719 |
Accumulated amortization | (96,106) | (75,595) |
Net amortizable intangible asset | 493,542 | 303,124 |
Intangible assets, net | 493,542 | 310,524 |
In Process Research and Development, Not Amortizable [Member] | ||
In process research and development | 7,400 | |
Developed Technology Rights [Member] | ||
Intangible assets | 232,557 | 120,611 |
Trade Names [Member] | ||
Intangible assets | 81,554 | 63,706 |
Customer Relationships [Member] | ||
Intangible assets | 272,082 | 191,118 |
Noncompete Agreements [Member] | ||
Intangible assets | $ 3,455 | $ 3,284 |
Note 2 - Selected Balance She31
Note 2 - Selected Balance Sheet Data - Changes to Carrying Amount of Net Intangible Assets (Details) $ in Thousands | 6 Months Ended |
Dec. 31, 2016USD ($) | |
Beginning balance | $ 310,524 |
Acquisitions (Note 3) | 208,869 |
Amortization expense | (21,815) |
Currency translation | (4,036) |
Ending balance | $ 493,542 |
Note 2 - Selected Balance She32
Note 2 - Selected Balance Sheet Data - Estimated Future Amortization Expense for Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Jun. 30, 2016 |
2,017 | $ 23,193 | |
2,018 | 46,255 | |
2,019 | 45,510 | |
2,020 | 44,869 | |
2,021 | 44,528 | |
2,022 | 42,930 | |
Thereafter | 246,257 | |
Total | $ 493,542 | $ 303,124 |
Note 2 - Selected Balance She33
Note 2 - Selected Balance Sheet Data - Changes in Carrying Amount of Goodwill (Details) $ in Thousands | 6 Months Ended |
Dec. 31, 2016USD ($) | |
Beginning balance | $ 430,882 |
Acquisitions (Note 3) | 130,587 |
Prior year acquisitions (Note 3) | 1,809 |
Currency translation | (5,547) |
Ending balance | 557,731 |
Biotechnology [Member] | |
Beginning balance | 105,181 |
Acquisitions (Note 3) | 130,587 |
Prior year acquisitions (Note 3) | |
Currency translation | (2,580) |
Ending balance | 233,188 |
Diagnostics [Member] | |
Beginning balance | 105,729 |
Acquisitions (Note 3) | |
Prior year acquisitions (Note 3) | |
Currency translation | |
Ending balance | 105,729 |
Protein Platforms [Member] | |
Beginning balance | 219,972 |
Acquisitions (Note 3) | |
Prior year acquisitions (Note 3) | 1,809 |
Currency translation | (2,967) |
Ending balance | $ 218,814 |
Note 2 - Selected Balance She34
Note 2 - Selected Balance Sheet Data - Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Jun. 30, 2016 |
Investments | $ 40,000 | |
Other | 2,694 | 1,922 |
Other assets | $ 42,694 | $ 1,922 |
Note 3 - Acquisitions (Details
Note 3 - Acquisitions (Details Textual) - USD ($) $ in Thousands | Aug. 01, 2016 | Jul. 01, 2016 | Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2016 |
Business Combination, Contingent Consideration, Liability | $ 92,100 | $ 92,100 | $ 92,100 | $ 38,500 | |||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 12,400 | ||||||
Goodwill, Purchase Accounting Adjustments | $ 1,809 | ||||||
Developed Technology Rights [Member] | |||||||
Finite-Lived Intangible Asset, Useful Life | 15 years | ||||||
Trade Names [Member] | |||||||
Finite-Lived Intangible Asset, Useful Life | 7 years 182 days | ||||||
Customer Relationships [Member] | |||||||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||||||
Noncompete Agreements [Member] | |||||||
Finite-Lived Intangible Asset, Useful Life | 2 years | ||||||
Space [Member] | |||||||
Payments to Acquire Businesses, Gross | $ 9,000 | ||||||
Advanced Cell Diagnostics (ACD) [Member] | |||||||
Payments to Acquire Businesses, Gross | $ 250,000 | ||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 75,000 | 75,000 | 75,000 | $ 75,000 | |||
Business Combination, Purchase Price Allocation, Subsequent Adjustment | 7,000 | ||||||
Business Combination, Working Capital, Subsequent Adjustment | 700 | ||||||
Goodwill, Purchase Accounting Adjustments | (6,293) | ||||||
Advanced Cell Diagnostics (ACD) [Member] | The 2016 Revenue Equal or Exceed $30 Milliom [Member] | |||||||
Business Combination, Contingent Consideration, Liability | 25,000 | ||||||
Business Combination, Contingent Consideration, Liability, Trigger Amount of Revenue | 30,000 | ||||||
Advanced Cell Diagnostics (ACD) [Member] | The 2017 Revenues Equal or Exceed $45 Million [Member] | |||||||
Business Combination, Contingent Consideration, Liability | 50,000 | ||||||
Business Combination, Contingent Consideration, Liability, Trigger Amount of Revenue | 45,000 | ||||||
Advanced Cell Diagnostics (ACD) [Member] | The 2016 Revenue Hurdle Not Met and 2017 Revenue Hurdle Met [Member] | |||||||
Business Combination, Contingent Consideration, Liability | 25,000 | ||||||
Advanced Cell Diagnostics (ACD) [Member] | Trigger a Reduced Earn-Out Payment [Member] | Minimum [Member] | |||||||
Business Combination, Contingent Consideration, Liability, Trigger Amount of Revenue | 40,000 | ||||||
Advanced Cell Diagnostics (ACD) [Member] | Trigger a Reduced Earn-Out Payment [Member] | Maximum [Member] | |||||||
Business Combination, Contingent Consideration, Liability, Trigger Amount of Revenue | $ 45,000 | ||||||
Zephyrus [Member] | |||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 7,000 | $ 7,000 | 7,000 | ||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 3,000 | ||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | 900 | ||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Deferred Tax Assets | $ 300 | ||||||
Goodwill, Purchase Accounting Adjustments | $ 1,800 |
Note 3 - Acquisitions - Prelimi
Note 3 - Acquisitions - Preliminary Estimated Fair Values of Assets Acquired and Liabilities Assumed Pending Final Valuation of Intangible Assets (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2016 | |
Intangible assets: | |||
Goodwill | $ 557,731 | $ 430,882 | |
Cash paid, net of cash acquired | 255,929 | $ 82,888 | |
Space [Member] | |||
Current assets, net of cash | 2,128 | ||
Equipment | 159 | ||
Intangible assets: | |||
Goodwill | 3,100 | ||
Total assets acquired | 12,156 | ||
Liabilities | 1,884 | ||
Deferred income taxes, net | 1,708 | ||
Net assets acquired | 9,004 | ||
Cash paid, net of cash acquired | 9,004 | ||
Space [Member] | Customer Relationships [Member] | |||
Intangible assets: | |||
Intangible assets | $ 6,769 |
Note 3 - Acquisitions - Summari
Note 3 - Acquisitions - Summarize Fair Value of Assets and Liabilities Assumed as of Acquisition Date (Details) - USD ($) $ in Thousands | Aug. 01, 2016 | Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2016 |
Goodwill | $ 557,731 | $ 557,731 | $ 430,882 | ||
Goodwill | (1,809) | ||||
Cash paid, net of cash acquired | 255,929 | $ 82,888 | |||
Long-term contingent consideration payable | 28,600 | 28,600 | $ 38,500 | ||
Advanced Cell Diagnostics (ACD) [Member] | |||||
Current assets, net of cash | $ 25,196 | 25,196 | 25,196 | ||
Equipment | 2,757 | 2,757 | 2,757 | ||
Other long-term assets | 3,812 | 3,812 | 3,812 | ||
Goodwill | 133,780 | 127,487 | 127,487 | ||
Goodwill | 6,293 | ||||
Total assets acquired | 366,772 | 360,479 | 360,479 | ||
Liabilities | 3,591 | 3,591 | 3,591 | ||
Deferred income taxes, net | 78,761 | 71,734 | 71,734 | ||
Deferred income taxes, net | (7,027) | ||||
Net assets acquired | 284,393 | 285,127 | 285,127 | ||
Cash paid, net of cash acquired | 246,193 | 734 | 246,927 | ||
Long-term contingent consideration payable | 38,200 | 38,200 | 38,200 | ||
Advanced Cell Diagnostics (ACD) [Member] | Developed Technology Rights [Member] | |||||
Intangible assets | 107,000 | 107,000 | 107,000 | ||
Advanced Cell Diagnostics (ACD) [Member] | Trade Names [Member] | |||||
Intangible assets | 17,000 | 17,000 | 17,000 | ||
Advanced Cell Diagnostics (ACD) [Member] | Customer Relationships [Member] | |||||
Intangible assets | 77,000 | 77,000 | 77,000 | ||
Advanced Cell Diagnostics (ACD) [Member] | Noncompete Agreements [Member] | |||||
Intangible assets | $ 200 | $ 200 | $ 200 |
Note 3 - Acquisitions - Pro For
Note 3 - Acquisitions - Pro Forma Financial Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net sales | $ 131,807 | $ 127,008 | $ 263,605 | $ 244,698 |
Net income | $ 30,170 | $ 26,918 | $ 50,161 | $ 49,470 |
Note 4 - Fair Value Measureme39
Note 4 - Fair Value Measurements (Details Textual) - USD ($) $ in Millions | Dec. 31, 2016 | Aug. 01, 2016 | Mar. 14, 2016 | Nov. 03, 2014 |
CyVek, Inc. [Member] | ||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 35 | |||
Business Combination, Liabilities Arising from Contingencies, Amount Recognized | $ 35 | |||
Zephyrus [Member] | ||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 7 | |||
Business Combination, Liabilities Arising from Contingencies, Amount Recognized | $ 6.5 | |||
Advanced Cell Diagnostics (ACD) [Member] | ||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 75 | $ 75 | ||
Business Combination, Liabilities Arising from Contingencies, Amount Recognized | $ 38.2 | |||
Advance Cell Diagnostics (ACD), Zephyrus, and CyVek Inc.[Member] | ||||
Business Combination, Liabilities Arising from Contingencies, Amount Recognized | $ 79.7 |
Note 4 - Fair Value Measureme40
Note 4 - Fair Value Measurements - Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Jun. 30, 2016 | ||
Total Assets | $ 52,235 | $ 28,582 | ||
Contingent Consideration | 92,100 | 38,500 | ||
Fair Value, Inputs, Level 1 [Member] | ||||
Total Assets | 47,134 | 28,582 | ||
Contingent Consideration | ||||
Fair Value, Inputs, Level 2 [Member] | ||||
Total Assets | 5,101 | |||
Contingent Consideration | ||||
Fair Value, Inputs, Level 3 [Member] | ||||
Total Assets | ||||
Contingent Consideration | 92,100 | 38,500 | ||
Equity Securities [Member] | ||||
Corporate stocks (1) | [1] | 47,134 | 28,582 | |
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Corporate stocks (1) | [1] | 47,134 | 28,582 | |
Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Corporate stocks (1) | [1] | |||
Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Corporate stocks (1) | [1] | |||
Corporate Debt Securities [Member] | ||||
Corporate stocks (1) | 5,101 | [1] | ||
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Corporate stocks (1) | [1] | |||
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Corporate stocks (1) | 5,101 | [1] | ||
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Corporate stocks (1) | [1] | |||
[1] | Included in available for sale securities on the balance sheet |
Note 4 - Fair Value Measureme41
Note 4 - Fair Value Measurements - Liability Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Details) - Contingent Consideration [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Dec. 31, 2016 | Dec. 31, 2016 | |
Fair value at the beginning of period | $ 82 | $ 38.5 |
Purchase price contingent consideration (Note 3) | (0.4) | 41.2 |
Change in fair value of contingent consideration | 10.5 | 12.4 |
Fair value at the ending of period | $ 92.1 | $ 92.1 |
Note 5 - Debt and Other Finan42
Note 5 - Debt and Other Financing Arrangements (Details Textual) - Revolving Credit Facility [Member] - USD ($) $ in Millions | Aug. 01, 2016 | Dec. 31, 2016 |
Line of Credit Facility, Current Borrowing Capacity | $ 400 | |
Line of Credit Facility, Additional Borrowing Capacity | $ 200 | |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.15% | |
Long-term Line of Credit | $ 343.5 | |
Federal Funds Effective Swap Rate [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.75% |
Note 6 - Accumulated Other Co43
Note 6 - Accumulated Other Comprehensive Income - Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Beginning balance | $ (70,405) | |||
Other comprehensive income (loss) | $ (3,288) | $ 2,088 | 3,185 | $ (20,933) |
Ending balance | (67,220) | (67,220) | ||
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||||
Beginning balance | (5,542) | |||
Other comprehensive income (loss) | 16,486 | |||
Ending balance | 10,944 | 10,944 | ||
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||
Beginning balance | (64,863) | |||
Other comprehensive income (loss) | (13,301) | |||
Ending balance | $ (78,164) | $ (78,164) |
Note 7 - Earnings Per Share (De
Note 7 - Earnings Per Share (Details Textual) - shares shares in Millions | 6 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2 | 1.2 |
Note 7 - Earnings Per Share - S
Note 7 - Earnings Per Share - Shares Used in the Earnings Per Share Computations (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Basic (in shares) | 37,308 | 37,189 | 37,294 | 37,179 |
Dilutive effect of stock options and restricted stock units (in shares) | 170 | 112 | 181 | 130 |
Weighted average common shares outstanding-diluted (in shares) | 37,478 | 37,301 | 37,475 | 37,309 |
Note 8 - Share-based Compensa46
Note 8 - Share-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,100,000 | 777,000 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 107.40 | $ 105.67 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 18.13 | $ 18.59 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 23,145 | 13,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 1 | $ 0.5 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 33 | $ 33 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 255 days | |||
Selling, General and Administrative Expenses [Member] | ||||
Allocated Share-based Compensation Expense | $ 4.1 | $ 2.3 | $ 7.2 | $ 4.4 |
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 64,931 | 35,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 109.36 | $ 105.01 | ||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 23,965 | 19,994 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 104.94 | $ 99.53 |
Note 9 - Other Income (Expens47
Note 9 - Other Income (Expense) - Schedule of Components of Other Income (Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Interest expense | $ (1,835) | $ (400) | $ (3,178) | $ (851) |
Interest income | 89 | 51 | 138 | 112 |
Other non-operating income (expense), net | (861) | (302) | (881) | 906 |
Other income (expense) | $ (2,607) | $ (651) | $ (3,921) | $ 167 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Effective Income Tax Rate Reconciliation, Percent | 53.40% | 26.90% | 40.00% | 27.80% |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Discrete Tax Items | $ 4,500 | $ 0 | $ 4,500 | $ 0 |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Revaluation of Contingent Consideration | $ 4,600 |
Note 11 - Segment Information -
Note 11 - Segment Information - Financial Information Relating to Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net sales | $ 131,807 | $ 120,907 | $ 262,388 | $ 233,288 |
Operating income | 16,146 | 36,025 | 41,587 | 67,054 |
Costs recognized on sale of acquired inventory | (3,848) | (1,245) | (8,069) | (2,357) |
Amortization of acquisition related intangible assets | (21,815) | |||
Acquisition related expenses | (10,732) | (670) | (15,101) | (970) |
Stock based compensation | (4,055) | (2,321) | (7,245) | (4,359) |
Corporate general, selling, and administrative | (55,655) | (34,585) | (101,918) | (67,625) |
Acquisition Related [Member] | ||||
Amortization of acquisition related intangible assets | (11,627) | (7,361) | (21,815) | (14,772) |
Operating Segments [Member] | ||||
Operating income | 47,118 | 48,811 | 96,110 | 91,668 |
Intersegment Eliminations [Member] | ||||
Net sales | (24) | (7) | (36) | (28) |
Corporate, Non-Segment [Member] | ||||
Corporate general, selling, and administrative | (710) | (1,189) | (2,293) | (2,156) |
Biotechnology [Member] | Operating Segments [Member] | ||||
Net sales | 85,953 | 75,854 | 172,740 | 151,597 |
Operating income | 39,474 | 39,986 | 81,954 | 79,302 |
Diagnostics [Member] | Operating Segments [Member] | ||||
Net sales | 24,330 | 25,723 | 48,563 | 46,085 |
Operating income | 5,801 | 7,297 | 12,104 | 12,010 |
Protein Platforms [Member] | Operating Segments [Member] | ||||
Net sales | 21,548 | 19,337 | 41,121 | 35,634 |
Operating income | $ 1,843 | $ 1,528 | $ 2,052 | $ 356 |
Note 12 - Subsequent Events (De
Note 12 - Subsequent Events (Details Textual) - USD ($) $ in Thousands | Jan. 17, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ 12,400 | ||
Zephyrus [Member] | |||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ 3,000 | ||
Subsequent Event [Member] | Zephyrus [Member] | |||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ (3,500) |