Document And Entity Information
Document And Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Jun. 30, 2018 | Aug. 23, 2018 | Dec. 31, 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) | 37,731,348 | ||
Entity Public Float | $ 3.4 | ||
Document Type | 10-K | ||
Document Period End Date | Jun. 30, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Statements of Earn
Consolidated Statements of Earnings and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Net sales | $ 642,993 | $ 563,003 | $ 499,023 |
Cost of sales | 210,850 | 188,462 | 162,364 |
Gross margin | 432,143 | 374,541 | 336,659 |
Operating expenses: | |||
Selling, general and administrative | 240,636 | 200,443 | 140,879 |
Research and development | 55,329 | 53,514 | 45,187 |
Total operating expenses | 295,965 | 253,957 | 186,066 |
Operating income | 136,178 | 120,584 | 150,593 |
Other income (expense): | |||
Interest expense | (10,188) | (7,361) | (1,748) |
Interest income | 409 | 304 | 249 |
Other non-operating income (expense), net | (447) | (1,566) | (1,613) |
Total other income (expense) | (10,226) | (8,623) | (3,112) |
Earnings before income taxes | 125,952 | 111,961 | 147,481 |
Income taxes | (198) | 35,875 | 43,005 |
Net earnings | 126,150 | 76,086 | 104,476 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | (1,572) | (3,061) | (19,888) |
Unrealized gains (losses) on available-for-sale investments, net of tax of $398, $(6,501), and $3,794, respectively | 5,693 | 24,531 | (19,924) |
Other comprehensive income (loss) | 4,121 | 21,470 | (39,812) |
Comprehensive income | $ 130,271 | $ 97,556 | $ 64,664 |
Earnings per share: | |||
Basic (in dollars per share) | $ 3.36 | $ 2.04 | $ 2.81 |
Diluted (in dollars per share) | 3.31 | 2.03 | 2.80 |
Cash dividends per common share: (in dollars per share) | $ 1.28 | $ 1.28 | $ 1.28 |
Weighted average common shares outstanding: | |||
Basic (in shares) | 37,476 | 37,313 | 37,194 |
Diluted (in shares) | 38,055 | 37,500 | 37,326 |
Consolidated Statements of Ear3
Consolidated Statements of Earnings and Comprehensive Income (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Unrealized (losses) gains on available-for-sale investments, tax | $ 398 | $ (6,501) | $ 3,794 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 121,990 | $ 91,612 |
Short-term available-for-sale investments | 59,764 | 66,102 |
Accounts receivable, less allowance for doubtful accounts of $839 and $696, respectively | 120,296 | 116,830 |
Inventories | 85,648 | 60,151 |
Other current assets | 10,668 | 13,330 |
Total current assets | 398,366 | 348,025 |
Property and equipment, net | 145,348 | 135,124 |
Goodwill | 597,890 | 579,026 |
Intangible assets, net | 446,332 | 452,042 |
Other assets | 5,266 | 44,002 |
Total assets | 1,593,202 | 1,558,219 |
Current liabilities: | ||
Trade accounts payable | 18,452 | 16,856 |
Salaries, wages and related accruals | 23,710 | 26,602 |
Accrued expenses | 21,403 | 18,518 |
Deferred revenue, current | 7,067 | 5,968 |
Income taxes payable | 8,878 | 2,478 |
Contingent consideration payable | 65,100 | |
Total current liabilities | 79,510 | 135,522 |
Deferred income taxes | 86,293 | 120,596 |
Long-term debt obligations | 339,000 | 343,771 |
Contingent consideration payable | 3,300 | |
Other long-term liabilities | 9,338 | 5,403 |
Shareholders' equity: | ||
Undesignated capital stock, no par; authorized 5,000,000 shares; none issued or outstanding | ||
Common stock, par value $.01 a share; authorized 100,000,000 shares; issued and outstanding 37,607,500 and 37,356,041 shares, respectively | 376 | 374 |
Additional paid-in capital | 246,568 | 199,161 |
Retained earnings | 876,931 | 799,027 |
Accumulated other comprehensive loss | (44,814) | (48,935) |
Total shareholders' equity | 1,079,061 | 949,627 |
Total liabilities and shareholders’ equity | $ 1,593,202 | $ 1,558,219 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Accounts receivable, allowance for doubtful accounts | $ 839 | $ 696 |
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, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 37,607,500 | 37,356,041 |
Common stock, shares outstanding (in shares) | 37,607,500 | 37,356,041 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balances (in shares) at Jun. 30, 2015 | 37,153,000 | ||||
Balance at Jun. 30, 2015 | $ 371 | $ 163,306 | $ 713,851 | $ (30,593) | $ 846,935 |
Net earnings | 104,476 | 104,476 | |||
Other comprehensive loss | (39,812) | (39,812) | |||
Surrender and retirement of stock to exercise options (in shares) | |||||
Surrender and retirement of stock to exercise options | (31) | $ (31) | |||
Common stock issued for exercise of options (in shares) | 69,000 | 69,000 | |||
Common stock issued for exercise of options | $ 1 | 4,796 | $ 4,797 | ||
Common stock issued for restricted stock awards (in shares) | 23,000 | ||||
Common stock issued for restricted stock awards | (167) | (167) | |||
Cash dividends | (47,607) | (47,607) | |||
Stock-based compensation expense | 9,287 | 9,287 | |||
Tax benefit from exercise of stock options | 566 | 566 | |||
Common stock issued to employee stock purchase plan (in shares) | 9,000 | ||||
Common stock issued to employee stock purchase plan | 692 | 692 | |||
Employee stock purchase plan expense | 144 | 144 | |||
Balances (in shares) at Jun. 30, 2016 | 37,254,000 | ||||
Balance at Jun. 30, 2016 | $ 372 | 178,760 | 770,553 | (70,405) | 879,280 |
Net earnings | 76,086 | 76,086 | |||
Other comprehensive loss | 21,470 | 21,470 | |||
Surrender and retirement of stock to exercise options (in shares) | (3,000) | ||||
Surrender and retirement of stock to exercise options | (275) | $ (275) | |||
Common stock issued for exercise of options (in shares) | 63,000 | 63,000 | |||
Common stock issued for exercise of options | $ 2 | 4,509 | $ 4,511 | ||
Common stock issued for restricted stock awards (in shares) | 31,000 | ||||
Common stock issued for restricted stock awards | (287) | (287) | |||
Cash dividends | (47,325) | (47,325) | |||
Stock-based compensation expense | 14,418 | 14,418 | |||
Tax benefit from exercise of stock options | 514 | 514 | |||
Common stock issued to employee stock purchase plan (in shares) | 11,000 | ||||
Common stock issued to employee stock purchase plan | 1,022 | 1,022 | |||
Employee stock purchase plan expense | 213 | $ 213 | |||
Balances (in shares) at Jun. 30, 2017 | 37,356,000 | 37,356,041 | |||
Balance at Jun. 30, 2017 | $ 374 | 199,161 | 799,027 | (48,935) | $ 949,627 |
Net earnings | 126,150 | 126,150 | |||
Other comprehensive loss | 4,121 | $ 4,121 | |||
Common stock issued for exercise of options (in shares) | 204,000 | 204,000 | |||
Common stock issued for exercise of options | $ 2 | 17,661 | $ 17,663 | ||
Common stock issued for restricted stock awards (in shares) | 34,000 | ||||
Common stock issued for restricted stock awards | (273) | (273) | |||
Cash dividends | (47,973) | (47,973) | |||
Stock-based compensation expense | 27,959 | 27,959 | |||
Common stock issued to employee stock purchase plan (in shares) | 14,000 | ||||
Common stock issued to employee stock purchase plan | 1,506 | 1,506 | |||
Employee stock purchase plan expense | 281 | $ 281 | |||
Balances (in shares) at Jun. 30, 2018 | 37,608,000 | 37,607,500 | |||
Balance at Jun. 30, 2018 | $ 376 | $ 246,568 | $ 876,931 | $ (44,814) | $ 1,079,061 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Cash flows from operating activities: | |||
Net earnings | $ 126,150 | $ 76,086 | $ 104,476 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 64,463 | 60,036 | 42,764 |
Costs recognized on sale of acquired inventory | 2,455 | 3,037 | 5,431 |
Deferred income taxes | (46,716) | (3,433) | (2,624) |
Stock-based compensation expense | 28,240 | 14,631 | 9,430 |
Fair value adjustment to contingent consideration payable | 20,100 | 18,400 | |
Contingent consideration | (26,600) | (11,800) | |
Gain on investment, net | (397) | ||
Other operating activity | 776 | 2,215 | (279) |
Change in operating assets and liabilities, net of acquisitions: | |||
Trade accounts and other receivables | (2,700) | (19,686) | (22,981) |
Inventories | (13,327) | (732) | (6,626) |
Prepaid expenses | 2,782 | (2,088) | (381) |
Trade accounts payable and accrued expenses | 5,026 | 5,695 | 8,924 |
Salaries, wages and related accruals | (89) | 661 | 5,725 |
Income taxes payable | 10,204 | 699 | 298 |
Net cash provided by operating activities | 170,367 | 143,721 | 144,157 |
Cash flows from investing activities: | |||
Proceeds from sale and maturities of available-for-sale investments | 36,390 | 6,079 | 776 |
Purchase of available-for-sale investments | (8,571) | (3,069) | |
Additions to property and equipment | (20,934) | (15,179) | (16,898) |
Acquisitions, net of cash acquired | (67,851) | (253,785) | (91,423) |
Investment in unconsolidated entity | 21,574 | (40,000) | |
Other investing activities | 680 | (25) | |
Net cash used in investing activities | (38,712) | (305,954) | (107,570) |
Cash flows from financing activities: | |||
Cash dividends | (47,973) | (47,325) | (47,607) |
Proceeds from stock option exercises | 19,170 | 5,257 | 5,458 |
Excess tax benefit from stock option exercises | 514 | 566 | |
Borrowings under line-of-credit agreement | 55,000 | 368,500 | 77,000 |
Payments on line-of-credit | (59,500) | (116,500) | (58,500) |
Contingent consideration | (61,900) | (20,316) | |
Other financing activities | (3,985) | (1,017) | (287) |
Net cash provided by (used in) financing activities | (99,188) | 189,113 | (23,370) |
Effect of exchange rate changes on cash and cash equivalents | (2,089) | 495 | (3,512) |
Net change in cash and cash equivalents | 30,378 | 27,375 | 9,705 |
Cash and cash equivalents at beginning of year | 91,612 | 64,237 | 54,532 |
Cash and cash equivalents at end of year | $ 121,990 | $ 91,612 | $ 64,237 |
Note 1 - Description of Busines
Note 1 - Description of Business and Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Business Description and Accounting Policies [Text Block] | Note 1. Description of business: Use of e stimates: Principles of consolidation: Translation of foreign financial statements: Revenue recognition: 30 may 30 90 10 not For contracts with multiple element arrangements, the Company allocates the contract’s transaction price to each element on a relative standalone selling price basis using the Company’s best estimate of the standalone selling price of each distinct product or service in the contract. The primary method used to estimate standalone selling price is the list price of each distinct product or service as this represents the best estimate of selling price. Allocation of the transaction price is determined at the contracts’ inception. Royalty revenues are based on net sales of the Company’s licensed products by a third third Deferred revenues include billings in excess of revenues recognized, such as those resulting from customer advances and deposits and unearned revenue on service contracts. Research and development: Advertising costs: $3.8 $4.5 $5.2 2018, 2017, 2016 Income taxes: not fifty See Note 10 Comprehensive income: not Cash and cash equivalents: three Available-for-sale investments: three six Trade accounts receivable: not Inventories: first first not two five not The company records a lower of cost or net realizable value adjustment to cost of sales for those quantities that are in excess of the manufactured protein and antibody two five June 30, 2018, 2017, 2016 not not Property and equipment: five 5 40 Intangibles assets: 1 20 no Impairment of long-lived assets and amortizable intangibles: may not not 1 2 3 not The evaluation of asset impairment requires us to make assumptions about future cash flows over the life of the asset being evaluated. These assumptions require significant judgment and actual results may No no 2018. Impairment of goodwill: fourth not 1 2 3 4 To analyze goodwill for impairment, we must assign our goodwill to individual reporting units. Identification of reporting units includes an analysis of the components that comprise each of our operating segments, which considers, among other things, the manner in which we operate our business and the availability of discrete financial information. Components of an operating segment are aggregated to form one 2018 2017 In completing our 2018 2017 2017 04, Because our 2018 2017 The quantitative assessment completed as of June 30, 2018 2017 2016 The Company used a qualitative test for all reporting units during the fourth 2016 2016 2016 not no not no There has been no 350 July 1, 2002. Investments in unconsolidated entities: not Other Significant Accounting Policies The following table includes a reference to additional significant accounting policies that are described in other notes to the financial statements, including the note number: Policy Note Fair value measurements 4 Earnings per share 8 Share-based compensation 9 Reportable segments 11 Recently Adopted Accounting Pronouncements In July 2015, 2015 11, Simplifying the Measurement of Inventory first first July 1, 2017. not In March 2016, 2016 09, Improvements to Employee Share-Based Payment Accounting July 1, 2017. In March 2018, No. 2018 05, Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin (SAB) No. 118 December 2017 No. 118 June 30, 2018. 2018 1986 In May 2017, No. 2017 09, Scope of Modification Accounting may December 15, 2017, July 1, 2018. April 1, 2018 fourth not Pronouncements Issued but Not In May 2014, No. 2014 09, Revenue from Contracts with Customers July 1, 2018. March 2016, No. 2016 08, Principal versus Agent Considerations (Reporting Revenue Gross versus Net) April 2016, No. 2016 10, Identifying Performance Obligations and Licensing May 2016, No. 2016 12, Narrow-Scope Improvements and Practical Expedients No. 2014 09 No. 2014 09. The Company’s approach to implementing the new standard includes performing a detailed review of key contracts representative of its different businesses and comparing historical accounting policies and practices to the new standard. The guidance permits two A majority of the Company’s revenue arrangements are routine sales transactions, which generally consist of a single performance obligation to transfer promised goods or service. Therefore, the application of the new guidance including the cumulative effect of the change in the first 2019 not In January 2016, No. 2016 01, Recognition and Measurement of Financial Assets and Financial Liabilities no December 15, 2017, July 1, 2018. In February 2016, 2016 02, Leases (Topic 842 December 15, 2018, July 1, 2019. July 2018, No. 2018 10, Codification Improvements to Topic 842, No. 2016 02. not In June 2016, 2016 13, Financial Instruments - Credit Losses (Topic 326 December 15, 2019, July 1, 2020. may December 15, 2018. 2016 13 In January 2017, No. 2017 01, Clarifying the Definition of a Business December 15, 2018, July 1, 2019 In February 2018, No. 2018 02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income 2017. December 15, 2018, July 1, 2019. not |
Note 2 - Acquisitions
Note 2 - Acquisitions | 12 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | Note 2. 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 that the results of operations of each acquired business be included in our consolidated statements of comprehensive income from their respective dates of acquisitions. Acquisition costs are recorded in selling, general and administrative expenses as incurred. 2018 Trevigen On September 5, 2017 $10.6 not first 2018. fourth Preliminary Allocation at Acquisition Date Adjustments to Fair Value Final Opening Balance Sheet Allocation Current assets, net of cash $ 1,662 $ 1,662 Equipment and other long-term assets 154 (101 ) 53 Intangible assets: Developed technology 3,800 1,300 5,100 Trade name 1,400 (1,240 ) 160 Customer relationships 1,900 (1,640 ) 260 Goodwill 4,595 1,396 5,991 Total assets acquired 13,511 (285 ) 13,226 Liabilities 92 295 387 Deferred income taxes, net 2,785 (590 ) 2,195 Net assets acquired $ 10,634 $ 10 $ 10,644 Cash paid, net of cash acquired $ 10,634 $ 10 $ 10,644 As summarized in the table, there were adjustments totaling $1.4 December 31, 2017 Tangible assets acquired, net of liabilities assumed, were recorded at fair value on the date of close 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 Consolidated Statement of Earnings and Comprehensive Income. Amortization expense related to trade names, and customer relationships is reflected in selling, general and administrative expenses in the Consolidated Statement of Earnings and Comprehensive Income. The amortization periods for intangible assets acquired in fiscal 2018 13 11 1.5 not Atlanta Biologicals On January 2, 2018 $51.3 not third 2018. fourth Preliminary Allocation at Acquisition Date Adjustments to Fair Value Final Opening Balance Sheet Allocation Current assets, net of cash $ 18,678 $ (2,956 ) $ 15,722 Equipment and other long-term assets 4,348 553 4,901 Intangible assets: Developed technology 9,000 14,700 23,000 Trade name 1,000 1,300 2,300 Customer relationships 1,500 1,400 3,600 Goodwill 21,695 (11,500 ) 10,195 Total assets acquired 56,221 3,497 59,718 Liabilities 90 - 90 Deferred income taxes, net 4,845 3,509 8,354 Net assets acquired $ 51,286 $ (12 ) $ 51,274 Cash paid, net of cash acquired $ 51,286 $ (12 ) $ 51,274 As summarized in the table, there were adjustments totaling $11.5 Tangible assets acquired, net of liabilities assumed, were recorded at fair value on the date of close 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 Consolidated Statement of Earnings and Comprehensive Income. Amortization expense related to trade names, and customer relationships is reflected in selling, general and administrative expenses in the Consolidated Statement of Earnings and Comprehensive Income. The amortization periods for intangible assets acquired in fiscal 2018 13 12 15 not Eurocell Diagnostics On February 1, 2018, the Company $7.3 $6.0 $1.3 February 1, 2019. not third 2018. fourth Preliminary Allocation at Acquisition Date Adjustments to Fair Value Final Opening Balance Sheet Allocation Current assets, net of cash $ 512 $ - $ 512 Equipment and other long-term assets 188 - 188 Intangible assets: Customer relationships 6,272 - 6,272 Goodwill 113 2,797 2,910 Total assets acquired 7,085 2,797 9,882 Liabilities 483 - 483 Deferred income taxes, net 2,070 - 2,070 Net assets acquired $ 4,532 $ 2,797 $ 7,329 Cash paid, net of cash acquired $ 3,136 $ 2,797 $ 5,933 Consideration payable $ 1,396 $ - $ 1,396 As summarized in the table, there were adjustments totaling $2.8 Tangible assets acquired, net of liabilities assumed, were recorded at fair value on the date of close based on management's assessment. The purchase price allocated to customer relationships was based on management's forecasted cash inflows and outflows using a multi-period excess earnings method to calculate the fair value of assets purchased. Amortization expense related customer relationships is reflected in selling, general and administrative expenses in the Consolidated Statement of Earnings and Comprehensive Income. The amortization period for customer relationships acquired in fiscal 2018 7 not 2017 Advanced Cell Diagnostics (ACD) On August 1, 2016, $258.0 $75.0 â—Ź $25.0 2016 $30.0 â—Ź an additional $50.0 2017 $45.0 The Company paid approximately $247.0 $11.0 18 March 31, 2018. $3.6 $11.0 $7.4 June 30, 2017. During the third 2017, 2016 third 2018, 2017 4 June 30, 2018 2017. 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 first 2017. As previously disclosed, ACD was acquired on August 1, 2016. 2016. not not 2016. Year Ended June 30, 2017 2016 Net sales $ 564,220 $ 523,840 Net income 99,380 110,536 Space Import-Export, Srl On July 1, 2016, $9.0 $6.7 $2.3 first 2018. not first 2017. 2016 Zephyrus Biosciences, Inc. On March 14, 2016, $8.0 $7.0 first first not In connection with the Zephyrus acquisition, the Company recorded $7.4 not first 2017, first not The acquisition included contingent payments up to $7.0 $3.5 10 3 March 14, 2019) $3.5 $3.0 4.5 September 14, 2020). $3.5 third 2017 tenth $3.5 fourth 2018 $3.0 4 June 30, 2018 2017. 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 Cliniqa Corporation On July 8, 2015, $82.9 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 The aggregate purchase price of the acquisitions was allocated to the assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed as a result of the fiscal year 2017 2016 ACD Space Zephyrus Cliniqa Current assets, net of cash $ 15,824 $ 2,128 56 11,926 Equipment 2,757 159 32 1,436 Other long-term assets 3,812 - - 58 Intangible Assets: Developed technology 150,000 - 8,300 18,000 Trade name 21,900 - - 1,100 Customer relationships 6,300 6,769 - 27,000 Goodwill 143,967 3,517 8,686 42,669 Total assets acquired 344,560 12,573 17,074 102,189 Liabilities 4,179 1,445 53 1,508 Deferred income taxes, net 52,743 2,125 2,521 17,793 Net assets acquired $ 287,638 $ 9,003 $ 14,500 $ 82,888 Cash paid, net of cash acquired $ 247,038 $ 6,747 8,000 82,888 Consideration payable 3,600 2,256 - - Contingent consideration payable 37,000 - 6,500 - Net assets acquired $ 287,638 $ 9,003 $ 14,500 $ 82,888 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 Statements 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 Statements of Earnings and Comprehensive Income. The deferred income tax liability represents the estimated future impact of adjustments for the cost to be recognized upon the sale of acquired inventory that was written up to fair value and intangible asset amortization, both of which are not |
Note 3 - Supplemental Balance S
Note 3 - Supplemental Balance Sheet and Cash Flow Information | 12 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | Note 3. Available-For-Sale Investments: The fair value of the Company's available-for-sale investments as of June 30, 2018 June 30, 2017 $59.8 $66.1 $26.9 fourth 2018 $2.1 $9.36 June 30, 2017 $13.17 June 30, 2018 $15.7 June 30, 2018 2017 $18.8 $29.5 The unrealized gain (loss) on available-for-sale investments for fiscal 2018 $35.4 June 30, 2018, $13.17 $4.73 Inventories: Inventories consist of (in thousands): June 30, 201 8 201 7 Raw materials $ 30,956 $ 22,074 Finished goods 54,692 38,077 Inventories, net $ 85,648 $ 60,151 Property and Equipment: Property and equipment consist of (in thousands): June 30, 2018 2017 Cost: Land $ 7,065 $ 6,270 Buildings and improvements 170,110 158,495 Machinery, equipment and other 107,625 98,596 Property and equipment 284,800 263,361 Accumulated depreciation and amortization (139,452 ) (128,237 ) Property and equipment, net $ 145,348 $ 135,124 Intangibles assets were comprised of the following (in thousands): June 30, Useful Life (years) 2018 201 7 Developed technology 9 - 15 $ 305,303 $ 276,959 Trade names 2 - 20 89,608 87,092 Customer relationships 7 - 16 212,228 204,243 Non-compete agreements 3 - 5 - 3,264 Patents 10 1,401 633 Intangible assets 608,540 572,191 Accumulated amortization (162,208 ) (120,149 ) Intangibles assets, net $ 446,332 $ 452,042 Changes to the carrying amount of net intangible assets consist of (in thousands): June 30, 2018 2017 Beginning balance $ 452,042 $ 310,524 Acquisitions 40,673 185,869 Other additions 908 976 Amortization expense (47,076 ) (44,393 ) Currency translation (215 ) (934 ) Ending balance $ 446,332 $ 452,042 Amortization expense related to technologies included in cost of sales was $25.3 $23.1 $11.1 2018, 2017, 2016, $21.6 $21.3 $18.3 2018, 2017, 2016 The estimated future amortization expense for intangible assets as of June 30, 2018 2019 $ 47,841 2020 47,137 2021 46,772 2022 45,060 2023 43,176 Thereafter 216,346 Total $ 446,332 Changes in goodwill by reportable segment and in total consist of (in thousands): Biotechnology Protein Platforms Diagnostics Total June 30, 2016 $ 108,723 $ 218,889 $ 103,270 $ 430,882 Acquisitions (Note 2) 147,484 - - 147,484 Prior year acquisitions - 1,809 - 1,809 Currency translation (1,277 ) 128 - (1,149 ) June 30, 2017 $ 254,930 $ 220,826 $ 103,270 $ 579,026 Acquisitions (Note 2) 16,186 - 2,910 19,096 Currency translation 759 (815 ) (176 ) (232 ) June 30, 2018 $ 271,875 $ 220,011 $ 106,004 $ 597,890 Other Assets: Other assets consist of (in thousands): June 30, 2018 2017 Investments $ 2,606 $ 40,385 Other 2,660 3,617 Other long-term assets $ 5,266 $ 44,002 As of June 30, 2018, $5.3 $44.0 June 30, 2017. 2018. 16.4% third 2018, third $16.2 fourth 2018, $22.5 June 30, 2018, $1.3 Supplemental C ash F low I nformation : Supplemental cash flow information was as follows (in thousands): Year Ended June 30, 2018 2017 2016 Income taxes paid $ 35,076 $ 42,900 $ 44,900 Interest paid 9,844 7,452 1,661 Non-cash activities: Acquisition-related liabilities (1) 1,396 32,856 42,259 ( 1 4. |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurements | 12 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [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 not 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 a s of Fair Value Measurements Using Inputs Considered as June 30, 2018 Level 1 Level 2 Level 3 Assets Equity securities (1) $ 54,286 $ 54,286 $ - $ - Certificates of deposit (1) 5,478 5,478 - - Total Assets $ 59,764 $ 59,764 $ - $ - Liabilities Contingent Consideration $ - $ - $ - $ - Total carrying value a s of Fair Value Measurements Using Inputs Considered as June 30, 201 7 Level 1 Level 2 Level 3 Assets Equity securities (1) $ 59,616 $ 59,616 $ - $ - Certificates of deposit (1) 4,429 4,429 - - Corporate bond securities (1) 2,057 - 2,057 - Total Assets $ 66,102 $ 64,045 $ 2,057 $ - Liabilities Contingent Consideration $ 68,400 $ - $ - $ 68,400 ( 1 Included in available-for-sale investments 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 June 30, 2017 one 2018. 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 (ACD) acquisition discussed in Note 2, $35.0 $7.0 $75.0 $78.5 $35.0 $6.5 $37.0 3 In fiscal 2018, $88.5 $88.5 $61.9 $26.6 no June 30, 2018. In fiscal 2017, $28.5 $3.5 $25.0 $28.5 $16.7 $11.8 The following table presents a reconciliation of the liability measured at fair value on a recurring basis using significant unobservable inputs (Level 3 June 30, 2018 2017 Fair value at the beginning of period $ 68,400 $ 38,500 Purchase price contingent consideration (Note 2) - 40,000 Payments (88,500 ) (28,500 ) Change in fair value of contingent consideration 20,100 18,400 Contingent consideration payable $ - $ 68,400 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 | 12 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 5 . Debt and Other Financing Arrangements: The Company entered into revolving line-of-credit facility governed by a Credit Agreement (the Credit Agreement) on July 28, 2016. $400 $200 may 0.5%, 1.00% 1.75% 25 The Credit Agreement would have matured on July 28, 2021 June 30, 2018, $339.0 In connection with the acquisition of Exosome Diagnostics, Inc. on August 1, 2018, $600 $200 $250 August 1, 2018 and matures on August 1, 2023. |
Note 6 - Commitments and Contin
Note 6 - Commitments and Contingencies | 12 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 6. The Company leases office and warehouse space, vehicles and various office equipment under operating leases. At June 30, 2018, one 2019 $ 10,654 2020 10,527 2021 10,281 2022 10,524 2023 10,411 Thereafter 37,900 Total $ 90,297 Total rent expense was approximately $10.8 $9.8 $8.1 June 30, 2018, 2017, 2016, 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 |
Note 7 - Accumulated Other Comp
Note 7 - Accumulated Other Comprehensive Income | 12 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | Note 7. Changes in accumulated other comprehensive income (loss), net of tax, at June 30 Unrealized Gains (Losses) on Available- for-Sale Investments Foreign Currency Translation Adjustments Total Balance June 30, 2015 $ 14,382 (44,975 ) $ (30,593 ) Other comprehensive income (loss) before reclassifications (19,924 ) (19,888 ) (39,812 ) Balance June 30, 2016 $ (5,542 ) (64,863 ) $ (70,405 ) Other comprehensive income (loss) before reclassifications 24,531 (3,061 ) 21,470 Balance June 30, 2017 $ 18,989 (67,924 ) $ (48,935 ) Other comprehensive income (loss) before reclassifications 18,108 (1,572 ) 16,536 Amounts reclassified from accumulated other comprehensive loss to income (12,415 ) - (12,415 ) Balance June 30, 2018 $ 24,682 (69,496 ) $ (44,814 ) |
Note 8 - Earnings Per Share
Note 8 - Earnings Per Share | 12 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 8. The following table reflects the calculation of basic and diluted earnings per share (in thousands, except per share amounts): Year Ended June 30, 2018 2017 2016 Earnings per share – basic: Net income $ 126,150 $ 76,086 $ 104,476 Income allocated to participating securities (108 ) (65 ) (52 ) Income available to common shareholders $ 126,042 $ 76,021 $ 104,424 Weighted-average shares outstanding – basic 37,476 37,313 37,194 Earnings per share – basic $ 3.36 $ 2.04 $ 2.81 Earnings per share – diluted: Net income $ 126,150 $ 76,086 $ 104,476 Income allocated to participating securities (108 ) (65 ) (52 ) Income available to common shareholders $ 126,042 $ 76,021 $ 104,424 Weighted-average shares outstanding – basic 37,476 37,313 37,194 Dilutive effect of stock options and restricted stock units 579 187 132 Weighted-average common shares outstanding – diluted 38,055 37,500 37,326 Earnings per share – diluted $ 3.31 $ 2.03 $ 2.80 Basic net income per common share is calculated based on the weighted average number of common shares outstanding during the period. Diluted net income per common share is computed by dividing net income by the weighted average number of common and potentially dilutive common shares outstanding during the period. Potentially dilutive common shares of our stock result from dilutive common stock options and restricted stock units. We use the treasury stock method to calculate the weighted-average shares used in the diluted earnings per share computation. Under the treasury stock method, the proceeds from exercise of an option, the amount of compensation cost, if any, for future service that we have not 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 0.9 2.0 1.2 June 30, 2018, 2017 2016, |
Note 9 - Share-based Compensati
Note 9 - Share-based Compensation and Other Benefit Plans | 12 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 9. The cost of employee services received in exchange for the award of equity instruments is based on the fair value of the award at the date of grant. Compensation cost is recognized using a straight-line method over the vesting period and is net of estimated forfeitures. Stock option exercises and stock awards are satisfied through the issuance of new shares. Equity incentive plan: 2010 2010 6.6 2010 June 30, 2018, 2.4 2010 2010 ten 2010 2010 2010 2010 1998 1998 2010 1998 June 30, 2018 2010 1998 3.4 35,000, April 26, 2018 $8.3 2018 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, 2018 2017 2016 Dividend yield 1.1% 1.2% 1.2% Expected volatility 20% - 21% 21% - 24% 20% - 23% Risk-free interest rates 1.7% - 2.8% 1.0% - 1.9% 1.2% - 1.9% Expected lives (years) 4.7 4.7 4.8 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. Stock option activity under the Plans for the three June 30, 2018, Number of Shares (in thousands) Weighted Aggregate (millions) Weighted Average Contractual Life (years) 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 Granted 1,135 107.42 Forfeited (70 ) 99.11 Exercised (63 ) 71.81 Outstanding at June 30, 2017 2,821 $ 98.42 Granted 1,087 120.67 Forfeited (252 ) 86.62 Exercised (204 ) 111.51 Outstanding at June 30, 2018 3,452 $ 105.17 $ 144.7 4.8 Exercisable at June 30, 2016: 596 75.74 Exercisable at June 30, 2017: 843 82.93 Exercisable at June 30, 2018: 1,151 90.75 $ 65.8 3.8 The weighted average fair value of options granted during fiscal 2018, 2017 2016 $22.07, $18.21, $18.50 2018, 2017 2016 $10.6 $2.3 $2.4 2018, 2017 2016 $8.8 $5.0 $2.0 Restricted common stock activity under the Plans for the three June 30, 2018, Number of Shares (in thousands) Weighted Average Grant Date Fair Value Weighted Average R emaining Contractual Term (years) Unvested at June 30, 2015 19 $ 83.94 Granted 20 99.53 Vested (16 ) 83.58 Forfeited - - Unvested at June 30, 2016 23 $ 98.03 Granted 24 104.94 Vested (15 ) 92.62 Forfeited - - Unvested at June 30, 2017 32 $ 105.80 Granted 20 125.05 Vested (17 ) 104.66 Forfeited - - Unvested at June 30, 2018 35 $ 117.39 6.2 The total fair value of restricted shares that vested was $1.7 2018, $1.4 2017 $1.4 2016. Restricted stock unit activity under the Plans for the three June 30, 2018, Number of Units (in thousands) Weighted Average Grant Date Fair Value Weighted Average R emaining Contractual Term (years) Outstanding at June 30, 2015 29 $ 93.51 Granted 35 105.01 Vested (5 ) 92.15 Forfeited - - Outstanding at June 30, 2016 59 $ 100.40 Granted 65 109.36 Vested (9 ) 92.94 Forfeited (4 ) 98.04 Outstanding at June 30, 2017 111 $ 106.39 Granted 71 129.99 Vested (16 ) 95.46 Forfeited (18 ) 115.01 Outstanding at June 30, 2018 148 $ 117.95 5.5 The total fair value of restricted stock units that vested was $1.6 2018, $0.9 2017 $0.5 2016. three Stock-based compensation cost of $28.2 $14.6 $9.4 2018, 2017 2016, $0.5 $0.6 2017, 2016, June 30, 2018, $26.7 2019 2022 3% 2.1 Employee stock purchase plan: 2015, 2014 October 30, 2014, 200,000 $281,000, $213,000 $144,000 2018, 2017 2016, Profit sharing and savings plans: 401 $2.5 $2.2 $1.2 June 30, 2018, 2017, 2016, $1.4 $0.8, $0.8 June 30, 2018, 2017 2016, Performance incentive programs: 2018, $7.2 553,750 14,194 35,174 2017 2016, $4.7 $4.2 896,778 620,917 16,653 11,522 39,931 26,583 |
Note 10 - Income Taxes
Note 10 - Income Taxes | 12 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 10. Income before income taxes was comprised of the following (in thousands): Year Ended June 30, 2018 2017 2016 Domestic $ 81,557 $ 81,721 $ 120,154 Foreign 44,395 30,240 27,327 Income before income taxes $ 125,952 $ 111,961 $ 147,481 The provision for income taxes consisted of the following (in thousands): Year Ended June 30, 2018 2017 2016 Taxes on income consist of: Currently tax provision: Federal $ 28,416 $ 28,462 $ 34,805 State 5,315 4,051 2,958 Foreign 11,983 8,212 7,579 Total current tax provision 45,714 40,725 45,342 Deferred tax provision: Federal (40,378 ) (901 ) 1,906 State (1,381 ) (968 ) (428 ) Foreign (4,154 ) (2,981 ) (3,815 ) Total deferred tax provision (45,912 ) (4,850 ) (2,337 ) Total income tax provision $ (198 ) $ 35,875 $ 43,005 On December 22, 2017, June 30, 2018. These impacts include, but are not 1 2 one may eight 3 first 35% 21% January 1, 2018. 15 June 30, 2018 28.1%, 21% 2019 The Tax Act also puts in place new tax laws that will impact our taxable income beginning in fiscal 2019, not 1 2 3 4 5 6 7 Shortly after the Tax Act was enacted, the SEC staff issued Staff Accounting Bulletin No. 118, 118 118 no one may 740. 118, 740 2018, No. 2018 05, Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin (SAB) No. 118 December 2017. To the extent that a company’s accounting for certain income tax effects of the Tax Act is incomplete, the Company can determine a reasonable estimate for those effects and record a provisional estimate in the financial statements in the first 740 first We complied with SAB No. 118 June 30, 2018. 2018 1986 Transition Tax: The transition tax is a tax on the previously untaxed accumulated and current earnings and profits (E&P) of certain of our foreign subsidiaries as of December 22, 2017. 1986 $3.3 eight 2019. $0.3 $3.0 June 30, 2018 104226 18 August 9, 2018 The following is a reconciliation of the federal tax calculated at the statutory rate of 28.1% Year Ended June 30, 2018 2017 2016 Income tax expense at federal statutory rate 28.1 % 35.0 % 35.0 % State income taxes, net of federal benefit 2.5 % 1.9 % 1.3 % Qualified production activity deduction (2.4 )% (3.4 )% (2.7 )% Research and development tax credit (1.4 )% (1.4 )% (1.1 )% Contingent consideration adjustment 3.3 % 4.1 % - % Foreign tax rate differences (3.5 )% (4.6 )% (3.1 )% Option exercises (1.8) % - % - % Domestic tax legislation changes (26.2 )% - % - % Other, net 1.2 % 0.4 % (0.2 )% Effective tax rate (0.2 )% 32.0 % 29.2 % The effective tax rate for the year ended June 30, 2018 32.2% 2018 $33.0 $36.5 $3.3 2018 $2.2 $4.2 not The effective tax rate for the year ended June 30, 2017 2.8% 2017 not $3.8 2017, $4.5 not Deferred taxes on the Consolidated Balance Sheets consisted of the following temporary differences (in thousands): June 30 2018 2017 Inventory $ 5,873 $ 9,415 Net operating loss carryovers 15,938 24,617 Tax credit carryovers 7,029 6,386 Excess tax basis in equity investments 2,813 4,381 Deferred compensation 7,806 9,052 Other 3,864 9,937 Valuation allowance (2,978 ) (3,341 ) Deferred tax assets 40,345 60,447 Net unrealized gain on available-for-sale investments (8,384 ) (11,153 ) Intangible asset amortization (111,247 ) (162,460 ) Depreciation (6,349 ) (5,628 ) Other (658 ) (1,802 ) Deferred tax liabilities (126,638 ) (181,043 ) Net deferred tax liabilities $ (86,293 ) $ (120,596 ) A deferred tax valuation allowance is required when it is more likely than not not June 30, 2018 $3.0 $0.3 As of June 30, 2018, $3.0 not not As of June 30, 2018, $38.4 $72.8 not 382. June 30, 2018, $3.2 2019 2035. $14.0 June 30, 2018, $3.5 $4.4 2019 2035. no $6.0 The Company has not $124.6 2018 not The following is a reconciliation of the beginning and ending balance of unrecognized tax benefits (in thousands): Year Ended June 30, 2018 2017 2016 Beginning balance $ 1,747 $ 1,480 $ 1,688 Additions due to acquisitions 628 Additions for tax positions of current year 35 13 36 Closure of tax years (374 ) (244 ) Tax Reform 165 Ending balance $ 1,947 $ 1,747 $ 1,480 The Company does not twelve 2015 three five one |
Note 11 - Segment Information
Note 11 - Segment Information | 12 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 11. The Company has three The Company's Biotechnology segment is comprised of the legacy biotechnology business and ACD. These businesses manufacture consumables used for conducting laboratory experiments by both industry and academic scientists within the biotechnology and biomedical life science fields Our protein, antibodies, immunoassays, and small molecules products in the legacy biotechnology business are tools to help our customers analyze the protein component of cells, and the ACD technology allows our customers to analyze the genetic changes within cells. When used together, our customers have a more complete set of tools to study normal and abnormal cell behavior. No 10% June 30, 2018, 2017, 2016. The Company's Protein Platforms segment develops and commercializes proprietary systems and consumables for protein analysis. No 10% June 30, 2018, 2017, 2016. The Company's Diagnostics reporting segment develops and manufactures a range of controls and calibrators used with diagnostic equipment and as proficiency testing tools, as well as other reagents incorporated into diagnostic kits. One customer accounted for approximately 12% June 30, 2017. No 10% June 30, 2018 2016. There are no Following is financial information relating to the operating segments (in thousands): Year Ended June 30, 201 8 201 7 201 6 Net sales: Biotechnology $ 421,536 $ 364,504 $ 317,340 Protein Platforms 111,885 91,464 77,324 Diagnostics 110,108 107,139 104,484 Intersegment (536 ) (104 ) (125 ) Consolidated net sales $ 642,993 $ 563,003 $ 499,023 Operating Income: Biotechnology $ 199,100 $ 175,163 $ 168,613 Protein Platforms 17,996 9,648 3,592 Diagnostics 28,280 28,575 30,412 Segment operating income 245,376 213,386 202,617 Costs recognized upon sale of acquired inventory (2,455 ) (3,037 ) (5,431 ) Amortization of intangibles (46,983 ) (44,393 ) (29,395 ) Acquisition related expenses (24,429 ) (25,789 ) (2,761 ) Restructuring costs (376 ) - - Stock-based compensation (28,240 ) (14,631 ) (9,430 ) Corporate general, selling and administrative expenses (6,715 ) (4,952 ) (5,007 ) Consolidated operating income $ 136,178 $ 120,584 $ 150,593 The Company has some integrated facilities that serve multiple segments. As such, asset and capital expenditure information by reportable segment has not not not not The revenues from external customers within each of our segments represent a similar group of products. Following is financial information relating to geographic areas (in thousands): Year Ended June 30, 2018 2017 2016 Net sales: United States $ 346,293 $ 313,195 $ 275,859 EMEA, excluding U.K. 148,599 125,126 103,060 U.K. 33,704 28,401 28,307 APAC, excluding Greater China 48,392 41,463 38,137 Greater China 47,950 39,078 36,199 Rest of world 18,055 15,740 17,461 Total external sales $ 642,993 $ 563,003 $ 499,023 Long-lived assets: United States and Canada $ 129,360 $ 119,859 $ 116,830 Europe 14,597 14,100 14,423 China 1,391 1,165 1,109 Total long-lived assets $ 145,348 $ 135,124 $ 132,362 External sales are attributed to countries based on the location of the customer or distributor. Year ended June 30, Long-lived assets: 2018 2017 United States and Canada $ 129,360 $ 119,859 Europe 14,597 14,100 China 1,391 1,165 Total long-lived assets $ 145,348 $ 135,124 Intangible assets: United States and Canada $ 417,430 $ 424,579 Europe 21,386 18,710 China 7,516 8,753 Total intangible assets $ 446,332 $ 452,042 Long-lived assets are comprised of land, buildings and improvements and equipment, net of accumulated depreciation and other assets. |
Note 12 - Quarterly Financial D
Note 12 - Quarterly Financial Data (Unaudited) | 12 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | Note 12. (in thousands, except per share data) 2018 First Quarter Second Quarter Third Quarter Fourth Quarter Year Net sales $ 144,613 $ 154,153 $ 163,973 $ 180,254 $ 642,993 Cost of sales 46,745 52,319 53,712 58,074 210,850 Net earnings (1) $ 15,863 $ 48,847 $ 19,738 $ 41,701 $ 126,150 Earnings per common share: Basic $ 0.42 $ 1.30 $ 0.53 $ 1.11 $ 3.36 Diluted $ 0.42 $ 1.29 $ 0.52 $ 1.08 $ 3.31 Weighted average common shares outstanding: Basic 37,376 37,449 37,503 37,585 37,476 Diluted 37,705 37,926 38,142 38,347 38,055 (in thousands, except per share data) 2017 First Quarter Second Quarter Third Quarter Fourth Quarter Year Net sales $ 130,581 $ 131,807 $ 144,037 $ 156,578 $ 563,003 Cost of sales 43,236 43,664 47,355 54,207 188,462 Net earnings $ 18,843 $ 7,467 $ 22,167 $ 27,609 $ 76,086 Earnings per common share: Basic $ 0.51 $ 0.20 $ 0.59 $ 0.74 $ 2.04 Diluted $ 0.50 $ 0.20 $ 0.59 $ 0.74 $ 2.03 Weighted average common shares outstanding: Basic 37,281 37,308 37,320 37,344 37,313 Diluted 37,473 37,478 37,494 37,546 37,500 ( 1 not |
Note 13 - Subsequent Events
Note 13 - Subsequent Events | 12 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 13. On July 2, 2018, $20 $51 August 1, 2018, $250 $325 In connection with the acquisition of Exosome Diagnostics, Inc. on August 1, 2018, $600 $200 $250 August 1, 2018 August 1, 2023. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | Use of e stimates: |
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: 30 may 30 90 10 not For contracts with multiple element arrangements, the Company allocates the contract’s transaction price to each element on a relative standalone selling price basis using the Company’s best estimate of the standalone selling price of each distinct product or service in the contract. The primary method used to estimate standalone selling price is the list price of each distinct product or service as this represents the best estimate of selling price. Allocation of the transaction price is determined at the contracts’ inception. Royalty revenues are based on net sales of the Company’s licensed products by a third third Deferred revenues include billings in excess of revenues recognized, such as those resulting from customer advances and deposits and unearned revenue on service contracts. |
Research and Development Expense, Policy [Policy Text Block] | Research and development: |
Advertising Costs, Policy [Policy Text Block] | Advertising costs: $3.8 $4.5 $5.2 2018, 2017, 2016 |
Income Tax, Policy [Policy Text Block] | Income taxes: not fifty See Note 10 |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive income: not |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents: three |
Marketable Securities, Policy [Policy Text Block] | Available-for-sale investments: three six |
Trade and Other Accounts Receivable, Policy [Policy Text Block] | Trade accounts receivable: not |
Inventory, Policy [Policy Text Block] | Inventories: first first not two five not The company records a lower of cost or net realizable value adjustment to cost of sales for those quantities that are in excess of the manufactured protein and antibody two five June 30, 2018, 2017, 2016 not not |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and equipment: five 5 40 |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Intangibles assets: 1 20 no |
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block] | Impairment of long-lived assets and amortizable intangibles: may not not 1 2 3 not The evaluation of asset impairment requires us to make assumptions about future cash flows over the life of the asset being evaluated. These assumptions require significant judgment and actual results may No no 2018. Impairment of goodwill: fourth not 1 2 3 4 To analyze goodwill for impairment, we must assign our goodwill to individual reporting units. Identification of reporting units includes an analysis of the components that comprise each of our operating segments, which considers, among other things, the manner in which we operate our business and the availability of discrete financial information. Components of an operating segment are aggregated to form one 2018 2017 In completing our 2018 2017 2017 04, Because our 2018 2017 The quantitative assessment completed as of June 30, 2018 2017 2016 The Company used a qualitative test for all reporting units during the fourth 2016 2016 2016 not no not no There has been no 350 July 1, 2002. |
Equity Method Investments [Policy Text Block] | Investments in unconsolidated entities: not |
Other Significant Accounting Policies [Policy Text Block] | Other Significant Accounting Policies The following table includes a reference to additional significant accounting policies that are described in other notes to the financial statements, including the note number: Policy Note Fair value measurements 4 Earnings per share 8 Share-based compensation 9 Reportable segments 11 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements In July 2015, 2015 11, Simplifying the Measurement of Inventory first first July 1, 2017. not In March 2016, 2016 09, Improvements to Employee Share-Based Payment Accounting July 1, 2017. In March 2018, No. 2018 05, Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin (SAB) No. 118 December 2017 No. 118 June 30, 2018. 2018 1986 In May 2017, No. 2017 09, Scope of Modification Accounting may December 15, 2017, July 1, 2018. April 1, 2018 fourth not Pronouncements Issued but Not In May 2014, No. 2014 09, Revenue from Contracts with Customers July 1, 2018. March 2016, No. 2016 08, Principal versus Agent Considerations (Reporting Revenue Gross versus Net) April 2016, No. 2016 10, Identifying Performance Obligations and Licensing May 2016, No. 2016 12, Narrow-Scope Improvements and Practical Expedients No. 2014 09 No. 2014 09. The Company’s approach to implementing the new standard includes performing a detailed review of key contracts representative of its different businesses and comparing historical accounting policies and practices to the new standard. The guidance permits two A majority of the Company’s revenue arrangements are routine sales transactions, which generally consist of a single performance obligation to transfer promised goods or service. Therefore, the application of the new guidance including the cumulative effect of the change in the first 2019 not In January 2016, No. 2016 01, Recognition and Measurement of Financial Assets and Financial Liabilities no December 15, 2017, July 1, 2018. In February 2016, 2016 02, Leases (Topic 842 December 15, 2018, July 1, 2019. July 2018, No. 2018 10, Codification Improvements to Topic 842, No. 2016 02. not In June 2016, 2016 13, Financial Instruments - Credit Losses (Topic 326 December 15, 2019, July 1, 2020. may December 15, 2018. 2016 13 In January 2017, No. 2017 01, Clarifying the Definition of a Business December 15, 2018, July 1, 2019 In February 2018, No. 2018 02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income 2017. December 15, 2018, July 1, 2019. not |
Note 2 - Acquisitions (Tables)
Note 2 - Acquisitions (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Preliminary Allocation at Acquisition Date Adjustments to Fair Value Final Opening Balance Sheet Allocation Current assets, net of cash $ 1,662 $ 1,662 Equipment and other long-term assets 154 (101 ) 53 Intangible assets: Developed technology 3,800 1,300 5,100 Trade name 1,400 (1,240 ) 160 Customer relationships 1,900 (1,640 ) 260 Goodwill 4,595 1,396 5,991 Total assets acquired 13,511 (285 ) 13,226 Liabilities 92 295 387 Deferred income taxes, net 2,785 (590 ) 2,195 Net assets acquired $ 10,634 $ 10 $ 10,644 Cash paid, net of cash acquired $ 10,634 $ 10 $ 10,644 Preliminary Allocation at Acquisition Date Adjustments to Fair Value Final Opening Balance Sheet Allocation Current assets, net of cash $ 18,678 $ (2,956 ) $ 15,722 Equipment and other long-term assets 4,348 553 4,901 Intangible assets: Developed technology 9,000 14,700 23,000 Trade name 1,000 1,300 2,300 Customer relationships 1,500 1,400 3,600 Goodwill 21,695 (11,500 ) 10,195 Total assets acquired 56,221 3,497 59,718 Liabilities 90 - 90 Deferred income taxes, net 4,845 3,509 8,354 Net assets acquired $ 51,286 $ (12 ) $ 51,274 Cash paid, net of cash acquired $ 51,286 $ (12 ) $ 51,274 Preliminary Allocation at Acquisition Date Adjustments to Fair Value Final Opening Balance Sheet Allocation Current assets, net of cash $ 512 $ - $ 512 Equipment and other long-term assets 188 - 188 Intangible assets: Customer relationships 6,272 - 6,272 Goodwill 113 2,797 2,910 Total assets acquired 7,085 2,797 9,882 Liabilities 483 - 483 Deferred income taxes, net 2,070 - 2,070 Net assets acquired $ 4,532 $ 2,797 $ 7,329 Cash paid, net of cash acquired $ 3,136 $ 2,797 $ 5,933 Consideration payable $ 1,396 $ - $ 1,396 |
Business Acquisition, Pro Forma Information [Table Text Block] | Year Ended June 30, 2017 2016 Net sales $ 564,220 $ 523,840 Net income 99,380 110,536 |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | ACD Space Zephyrus Cliniqa Current assets, net of cash $ 15,824 $ 2,128 56 11,926 Equipment 2,757 159 32 1,436 Other long-term assets 3,812 - - 58 Intangible Assets: Developed technology 150,000 - 8,300 18,000 Trade name 21,900 - - 1,100 Customer relationships 6,300 6,769 - 27,000 Goodwill 143,967 3,517 8,686 42,669 Total assets acquired 344,560 12,573 17,074 102,189 Liabilities 4,179 1,445 53 1,508 Deferred income taxes, net 52,743 2,125 2,521 17,793 Net assets acquired $ 287,638 $ 9,003 $ 14,500 $ 82,888 Cash paid, net of cash acquired $ 247,038 $ 6,747 8,000 82,888 Consideration payable 3,600 2,256 - - Contingent consideration payable 37,000 - 6,500 - Net assets acquired $ 287,638 $ 9,003 $ 14,500 $ 82,888 |
Note 3 - Supplemental Balance23
Note 3 - Supplemental Balance Sheet and Cash Flow Information (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 30, 201 8 201 7 Raw materials $ 30,956 $ 22,074 Finished goods 54,692 38,077 Inventories, net $ 85,648 $ 60,151 |
Property, Plant and Equipment [Table Text Block] | June 30, 2018 2017 Cost: Land $ 7,065 $ 6,270 Buildings and improvements 170,110 158,495 Machinery, equipment and other 107,625 98,596 Property and equipment 284,800 263,361 Accumulated depreciation and amortization (139,452 ) (128,237 ) Property and equipment, net $ 145,348 $ 135,124 |
Schedule of Intangible Assets and Goodwill [Table Text Block] | June 30, Useful Life (years) 2018 201 7 Developed technology 9 - 15 $ 305,303 $ 276,959 Trade names 2 - 20 89,608 87,092 Customer relationships 7 - 16 212,228 204,243 Non-compete agreements 3 - 5 - 3,264 Patents 10 1,401 633 Intangible assets 608,540 572,191 Accumulated amortization (162,208 ) (120,149 ) Intangibles assets, net $ 446,332 $ 452,042 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | June 30, 2018 2017 Beginning balance $ 452,042 $ 310,524 Acquisitions 40,673 185,869 Other additions 908 976 Amortization expense (47,076 ) (44,393 ) Currency translation (215 ) (934 ) Ending balance $ 446,332 $ 452,042 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2019 $ 47,841 2020 47,137 2021 46,772 2022 45,060 2023 43,176 Thereafter 216,346 Total $ 446,332 |
Schedule of Goodwill [Table Text Block] | Biotechnology Protein Platforms Diagnostics Total June 30, 2016 $ 108,723 $ 218,889 $ 103,270 $ 430,882 Acquisitions (Note 2) 147,484 - - 147,484 Prior year acquisitions - 1,809 - 1,809 Currency translation (1,277 ) 128 - (1,149 ) June 30, 2017 $ 254,930 $ 220,826 $ 103,270 $ 579,026 Acquisitions (Note 2) 16,186 - 2,910 19,096 Currency translation 759 (815 ) (176 ) (232 ) June 30, 2018 $ 271,875 $ 220,011 $ 106,004 $ 597,890 |
Schedule of Other Assets, Noncurrent [Table Text Block] | June 30, 2018 2017 Investments $ 2,606 $ 40,385 Other 2,660 3,617 Other long-term assets $ 5,266 $ 44,002 |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Year Ended June 30, 2018 2017 2016 Income taxes paid $ 35,076 $ 42,900 $ 44,900 Interest paid 9,844 7,452 1,661 Non-cash activities: Acquisition-related liabilities (1) 1,396 32,856 42,259 |
Note 4 - Fair Value Measureme24
Note 4 - Fair Value Measurements (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Total carrying value a s of Fair Value Measurements Using Inputs Considered as June 30, 2018 Level 1 Level 2 Level 3 Assets Equity securities (1) $ 54,286 $ 54,286 $ - $ - Certificates of deposit (1) 5,478 5,478 - - Total Assets $ 59,764 $ 59,764 $ - $ - Liabilities Contingent Consideration $ - $ - $ - $ - Total carrying value a s of Fair Value Measurements Using Inputs Considered as June 30, 201 7 Level 1 Level 2 Level 3 Assets Equity securities (1) $ 59,616 $ 59,616 $ - $ - Certificates of deposit (1) 4,429 4,429 - - Corporate bond securities (1) 2,057 - 2,057 - Total Assets $ 66,102 $ 64,045 $ 2,057 $ - Liabilities Contingent Consideration $ 68,400 $ - $ - $ 68,400 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | June 30, 2018 2017 Fair value at the beginning of period $ 68,400 $ 38,500 Purchase price contingent consideration (Note 2) - 40,000 Payments (88,500 ) (28,500 ) Change in fair value of contingent consideration 20,100 18,400 Contingent consideration payable $ - $ 68,400 |
Note 6 - Commitments and Cont25
Note 6 - Commitments and Contingencies (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Lessee, Operating Lease, Disclosure [Table Text Block] | 2019 $ 10,654 2020 10,527 2021 10,281 2022 10,524 2023 10,411 Thereafter 37,900 Total $ 90,297 |
Note 7 - Accumulated Other Co26
Note 7 - Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
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 Balance June 30, 2015 $ 14,382 (44,975 ) $ (30,593 ) Other comprehensive income (loss) before reclassifications (19,924 ) (19,888 ) (39,812 ) Balance June 30, 2016 $ (5,542 ) (64,863 ) $ (70,405 ) Other comprehensive income (loss) before reclassifications 24,531 (3,061 ) 21,470 Balance June 30, 2017 $ 18,989 (67,924 ) $ (48,935 ) Other comprehensive income (loss) before reclassifications 18,108 (1,572 ) 16,536 Amounts reclassified from accumulated other comprehensive loss to income (12,415 ) - (12,415 ) Balance June 30, 2018 $ 24,682 (69,496 ) $ (44,814 ) |
Note 8 - Earnings Per Share (Ta
Note 8 - Earnings Per Share (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended June 30, 2018 2017 2016 Earnings per share – basic: Net income $ 126,150 $ 76,086 $ 104,476 Income allocated to participating securities (108 ) (65 ) (52 ) Income available to common shareholders $ 126,042 $ 76,021 $ 104,424 Weighted-average shares outstanding – basic 37,476 37,313 37,194 Earnings per share – basic $ 3.36 $ 2.04 $ 2.81 Earnings per share – diluted: Net income $ 126,150 $ 76,086 $ 104,476 Income allocated to participating securities (108 ) (65 ) (52 ) Income available to common shareholders $ 126,042 $ 76,021 $ 104,424 Weighted-average shares outstanding – basic 37,476 37,313 37,194 Dilutive effect of stock options and restricted stock units 579 187 132 Weighted-average common shares outstanding – diluted 38,055 37,500 37,326 Earnings per share – diluted $ 3.31 $ 2.03 $ 2.80 |
Note 9 - Share-based Compensa28
Note 9 - Share-based Compensation and Other Benefit Plans (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Year Ended June 30, 2018 2017 2016 Dividend yield 1.1% 1.2% 1.2% Expected volatility 20% - 21% 21% - 24% 20% - 23% Risk-free interest rates 1.7% - 2.8% 1.0% - 1.9% 1.2% - 1.9% Expected lives (years) 4.7 4.7 4.8 |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Number of Shares (in thousands) Weighted Aggregate (millions) Weighted Average Contractual Life (years) 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 Granted 1,135 107.42 Forfeited (70 ) 99.11 Exercised (63 ) 71.81 Outstanding at June 30, 2017 2,821 $ 98.42 Granted 1,087 120.67 Forfeited (252 ) 86.62 Exercised (204 ) 111.51 Outstanding at June 30, 2018 3,452 $ 105.17 $ 144.7 4.8 Exercisable at June 30, 2016: 596 75.74 Exercisable at June 30, 2017: 843 82.93 Exercisable at June 30, 2018: 1,151 90.75 $ 65.8 3.8 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Number of Shares (in thousands) Weighted Average Grant Date Fair Value Weighted Average R emaining Contractual Term (years) Unvested at June 30, 2015 19 $ 83.94 Granted 20 99.53 Vested (16 ) 83.58 Forfeited - - Unvested at June 30, 2016 23 $ 98.03 Granted 24 104.94 Vested (15 ) 92.62 Forfeited - - Unvested at June 30, 2017 32 $ 105.80 Granted 20 125.05 Vested (17 ) 104.66 Forfeited - - Unvested at June 30, 2018 35 $ 117.39 6.2 Number of Units (in thousands) Weighted Average Grant Date Fair Value Weighted Average R emaining Contractual Term (years) Outstanding at June 30, 2015 29 $ 93.51 Granted 35 105.01 Vested (5 ) 92.15 Forfeited - - Outstanding at June 30, 2016 59 $ 100.40 Granted 65 109.36 Vested (9 ) 92.94 Forfeited (4 ) 98.04 Outstanding at June 30, 2017 111 $ 106.39 Granted 71 129.99 Vested (16 ) 95.46 Forfeited (18 ) 115.01 Outstanding at June 30, 2018 148 $ 117.95 5.5 |
Note 10 - Income Taxes (Tables)
Note 10 - Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended June 30, 2018 2017 2016 Domestic $ 81,557 $ 81,721 $ 120,154 Foreign 44,395 30,240 27,327 Income before income taxes $ 125,952 $ 111,961 $ 147,481 Year Ended June 30, 2018 2017 2016 Taxes on income consist of: Currently tax provision: Federal $ 28,416 $ 28,462 $ 34,805 State 5,315 4,051 2,958 Foreign 11,983 8,212 7,579 Total current tax provision 45,714 40,725 45,342 Deferred tax provision: Federal (40,378 ) (901 ) 1,906 State (1,381 ) (968 ) (428 ) Foreign (4,154 ) (2,981 ) (3,815 ) Total deferred tax provision (45,912 ) (4,850 ) (2,337 ) Total income tax provision $ (198 ) $ 35,875 $ 43,005 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended June 30, 2018 2017 2016 Income tax expense at federal statutory rate 28.1 % 35.0 % 35.0 % State income taxes, net of federal benefit 2.5 % 1.9 % 1.3 % Qualified production activity deduction (2.4 )% (3.4 )% (2.7 )% Research and development tax credit (1.4 )% (1.4 )% (1.1 )% Contingent consideration adjustment 3.3 % 4.1 % - % Foreign tax rate differences (3.5 )% (4.6 )% (3.1 )% Option exercises (1.8) % - % - % Domestic tax legislation changes (26.2 )% - % - % Other, net 1.2 % 0.4 % (0.2 )% Effective tax rate (0.2 )% 32.0 % 29.2 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | June 30 2018 2017 Inventory $ 5,873 $ 9,415 Net operating loss carryovers 15,938 24,617 Tax credit carryovers 7,029 6,386 Excess tax basis in equity investments 2,813 4,381 Deferred compensation 7,806 9,052 Other 3,864 9,937 Valuation allowance (2,978 ) (3,341 ) Deferred tax assets 40,345 60,447 Net unrealized gain on available-for-sale investments (8,384 ) (11,153 ) Intangible asset amortization (111,247 ) (162,460 ) Depreciation (6,349 ) (5,628 ) Other (658 ) (1,802 ) Deferred tax liabilities (126,638 ) (181,043 ) Net deferred tax liabilities $ (86,293 ) $ (120,596 ) |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | Year Ended June 30, 2018 2017 2016 Beginning balance $ 1,747 $ 1,480 $ 1,688 Additions due to acquisitions 628 Additions for tax positions of current year 35 13 36 Closure of tax years (374 ) (244 ) Tax Reform 165 Ending balance $ 1,947 $ 1,747 $ 1,480 |
Note 11 - Segment Information (
Note 11 - Segment Information (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Year Ended June 30, 201 8 201 7 201 6 Net sales: Biotechnology $ 421,536 $ 364,504 $ 317,340 Protein Platforms 111,885 91,464 77,324 Diagnostics 110,108 107,139 104,484 Intersegment (536 ) (104 ) (125 ) Consolidated net sales $ 642,993 $ 563,003 $ 499,023 Operating Income: Biotechnology $ 199,100 $ 175,163 $ 168,613 Protein Platforms 17,996 9,648 3,592 Diagnostics 28,280 28,575 30,412 Segment operating income 245,376 213,386 202,617 Costs recognized upon sale of acquired inventory (2,455 ) (3,037 ) (5,431 ) Amortization of intangibles (46,983 ) (44,393 ) (29,395 ) Acquisition related expenses (24,429 ) (25,789 ) (2,761 ) Restructuring costs (376 ) - - Stock-based compensation (28,240 ) (14,631 ) (9,430 ) Corporate general, selling and administrative expenses (6,715 ) (4,952 ) (5,007 ) Consolidated operating income $ 136,178 $ 120,584 $ 150,593 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Year Ended June 30, 2018 2017 2016 Net sales: United States $ 346,293 $ 313,195 $ 275,859 EMEA, excluding U.K. 148,599 125,126 103,060 U.K. 33,704 28,401 28,307 APAC, excluding Greater China 48,392 41,463 38,137 Greater China 47,950 39,078 36,199 Rest of world 18,055 15,740 17,461 Total external sales $ 642,993 $ 563,003 $ 499,023 Long-lived assets: United States and Canada $ 129,360 $ 119,859 $ 116,830 Europe 14,597 14,100 14,423 China 1,391 1,165 1,109 Total long-lived assets $ 145,348 $ 135,124 $ 132,362 Year ended June 30, Long-lived assets: 2018 2017 United States and Canada $ 129,360 $ 119,859 Europe 14,597 14,100 China 1,391 1,165 Total long-lived assets $ 145,348 $ 135,124 Intangible assets: United States and Canada $ 417,430 $ 424,579 Europe 21,386 18,710 China 7,516 8,753 Total intangible assets $ 446,332 $ 452,042 |
Note 12 - Quarterly Financial31
Note 12 - Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | (in thousands, except per share data) 2018 First Quarter Second Quarter Third Quarter Fourth Quarter Year Net sales $ 144,613 $ 154,153 $ 163,973 $ 180,254 $ 642,993 Cost of sales 46,745 52,319 53,712 58,074 210,850 Net earnings (1) $ 15,863 $ 48,847 $ 19,738 $ 41,701 $ 126,150 Earnings per common share: Basic $ 0.42 $ 1.30 $ 0.53 $ 1.11 $ 3.36 Diluted $ 0.42 $ 1.29 $ 0.52 $ 1.08 $ 3.31 Weighted average common shares outstanding: Basic 37,376 37,449 37,503 37,585 37,476 Diluted 37,705 37,926 38,142 38,347 38,055 (in thousands, except per share data) 2017 First Quarter Second Quarter Third Quarter Fourth Quarter Year Net sales $ 130,581 $ 131,807 $ 144,037 $ 156,578 $ 563,003 Cost of sales 43,236 43,664 47,355 54,207 188,462 Net earnings $ 18,843 $ 7,467 $ 22,167 $ 27,609 $ 76,086 Earnings per common share: Basic $ 0.51 $ 0.20 $ 0.59 $ 0.74 $ 2.04 Diluted $ 0.50 $ 0.20 $ 0.59 $ 0.74 $ 2.03 Weighted average common shares outstanding: Basic 37,281 37,308 37,320 37,344 37,313 Diluted 37,473 37,478 37,494 37,546 37,500 |
Note 1 - Description of Busin32
Note 1 - Description of Business and Summary of Significant Accounting Policies (Details Textual) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | |
Advertising Expense | $ 3,800 | $ 4,500 | $ 5,200 |
Available-for-Sale Securities, Debt Maturities, Date Range Low | 90 days | ||
Available-for-sale Securities, Debt Maturities, Date Range High | 6 years | ||
Impairment of Long-Lived Assets Held-for-use | $ 0 | ||
Number of Reporting Units | 1 | ||
Goodwill, Impairment Loss | $ 0 | ||
Minimum [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 1 year | ||
Maximum [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 20 years | ||
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 |
Note 2 - Acquisitions (Details
Note 2 - Acquisitions (Details Textual) $ in Thousands | Jun. 30, 2018USD ($) | Feb. 01, 2018USD ($) | Jan. 02, 2018USD ($) | Sep. 05, 2017USD ($) | Aug. 01, 2016USD ($) | Jul. 01, 2016USD ($) | Mar. 14, 2016USD ($) | Jul. 08, 2015USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2017USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) |
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 67,851 | $ 253,785 | $ 91,423 | |||||||||||||
Goodwill, Purchase Accounting Adjustments | 1,809 | |||||||||||||||
Business Combination, Contingent Consideration, Liability, Total | 68,400 | |||||||||||||||
Payment for Contingent Consideration Liability, Financing Activities | 61,900 | $ 20,316 | ||||||||||||||
Trevigen Inc. [Member] | ||||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | 10,644 | $ 10,634 | ||||||||||||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | $ 0 | |||||||||||||||
Goodwill, Purchase Accounting Adjustments | 1,396 | |||||||||||||||
Trevigen Inc. [Member] | Developed Technology Rights [Member] | ||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 13 years | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 5,100 | $ 3,800 | 5,100 | 5,100 | 5,100 | 5,100 | 5,100 | |||||||||
Trevigen Inc. [Member] | Customer Relationships [Member] | ||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 11 years | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 260 | $ 1,900 | 260 | 260 | 260 | 260 | 260 | |||||||||
Trevigen Inc. [Member] | Trade Names [Member] | ||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 1 year 182 days | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 160 | $ 1,400 | 160 | 160 | 160 | 160 | 160 | |||||||||
Atlanta Biologicals [Member] | ||||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | 51,274 | $ 51,286 | ||||||||||||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 0 | |||||||||||||||
Goodwill, Purchase Accounting Adjustments | (11,500) | |||||||||||||||
Business Combination, Consideration Transferred, Total | $ 51,300 | |||||||||||||||
Atlanta Biologicals [Member] | Developed Technology Rights [Member] | ||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 13 years | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 23,000 | $ 9,000 | 23,000 | 23,000 | 23,000 | 23,000 | 23,000 | |||||||||
Atlanta Biologicals [Member] | Customer Relationships [Member] | ||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 12 years | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 3,600 | $ 1,500 | 3,600 | 3,600 | 3,600 | 3,600 | 3,600 | |||||||||
Atlanta Biologicals [Member] | Trade Names [Member] | ||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 15 years | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 2,300 | $ 1,000 | 2,300 | 2,300 | 2,300 | 2,300 | 2,300 | |||||||||
Eurocell Diagnostics, SAS [Member] | ||||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | 5,933 | $ 3,136 | ||||||||||||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 0 | |||||||||||||||
Goodwill, Purchase Accounting Adjustments | 2,797 | |||||||||||||||
Business Combination, Consideration Transferred, Total | 7,300 | |||||||||||||||
Payments to Acquire Businesses, Gross | 6,000 | |||||||||||||||
Business Combination, Consideration Transferred, Liabilities Incurred | 1,396 | $ 1,396 | ||||||||||||||
Eurocell Diagnostics, SAS [Member] | Customer Relationships [Member] | ||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 7 years | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 6,272 | $ 6,272 | 6,272 | 6,272 | 6,272 | 6,272 | 6,272 | |||||||||
Advanced Cell Diagnostics (ACD) [Member] | ||||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 247,000 | 247,038 | ||||||||||||||
Business Combination, Consideration Transferred, Total | 287,638 | |||||||||||||||
Payments to Acquire Businesses, Gross | 258,000 | |||||||||||||||
Business Combination, Consideration Transferred, Liabilities Incurred | 11,000 | 3,600 | ||||||||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 75,000 | $ 75,000 | 75,000 | 75,000 | 75,000 | 75,000 | 75,000 | |||||||||
Business Combination, Consideration Transferred, Employee Vesting Period | 1 year 180 days | |||||||||||||||
Advanced Cell Diagnostics (ACD) [Member] | Pre-acquisition Services [Member] | ||||||||||||||||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 3,600 | |||||||||||||||
Advanced Cell Diagnostics (ACD) [Member] | Future Services [Member] | ||||||||||||||||
Business Combination, Consideration Transferred, Liabilities Incurred | 7,400 | |||||||||||||||
Advanced Cell Diagnostics (ACD) [Member] | The 2016 Revenue Equal or Exceed $30 Milliom [Member] | ||||||||||||||||
Business Combination, Contingent Consideration, Liability, Total | 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, Total | 50,000 | |||||||||||||||
Business Combination, Contingent Consideration, Liability, Trigger Amount of Revenue | $ 45,000 | |||||||||||||||
Space [Member] | ||||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 6,700 | 6,747 | ||||||||||||||
Business Combination, Consideration Transferred, Total | 9,003 | |||||||||||||||
Payments to Acquire Businesses, Gross | 9,000 | |||||||||||||||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 2,300 | 2,256 | ||||||||||||||
Zephyrus [Member] | ||||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | 8,000 | |||||||||||||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | $ 0 | |||||||||||||||
Business Combination, Consideration Transferred, Total | 14,500 | |||||||||||||||
Payments to Acquire Businesses, Gross | 8,000 | |||||||||||||||
Business Combination, Consideration Transferred, Liabilities Incurred | ||||||||||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 7,000 | 7,000 | 7,000 | $ 7,000 | $ 7,000 | $ 7,000 | 7,000 | |||||||||
Payment for Contingent Consideration Liability, Financing Activities | $ 3,500 | $ 3,500 | ||||||||||||||
Zephyrus [Member] | Instruments Sales Contingency [Member] | ||||||||||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 3,500 | |||||||||||||||
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 | |||||||||||||||
Business Combination, Contingent Consideration, Liability, Number of Years Within Closing Date | 4 years 182 days | |||||||||||||||
Zephyrus [Member] | Developed Technology Rights [Member] | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 7,400 | |||||||||||||||
Cliniqa [Member] | ||||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 82,900 | 82,888 | ||||||||||||||
Business Combination, Consideration Transferred, Total | 82,888 | |||||||||||||||
Business Combination, Consideration Transferred, Liabilities Incurred |
Note 2 - Acquisitions - Prelimi
Note 2 - Acquisitions - Preliminary and Final Fair Value of Assets and Liabilities Assumed (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Feb. 01, 2018 | Jan. 02, 2018 | Sep. 05, 2017 | Jun. 30, 2018 | Jun. 30, 2018 | Jun. 30, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 |
Goodwill | $ 597,890 | $ 597,890 | $ 597,890 | $ 597,890 | $ 597,890 | $ 579,026 | $ 430,882 | |||
Goodwill, Purchase Accounting Adjustments | 1,809 | |||||||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | 67,851 | 253,785 | 91,423 | |||||||
Cash paid, net of cash acquired | 67,851 | $ 253,785 | $ 91,423 | |||||||
Trevigen Inc. [Member] | ||||||||||
Current assets, net of cash | 1,662 | $ 1,662 | 1,662 | 1,662 | 1,662 | 1,662 | ||||
Adjustments to fair value, current assets, net of cash | ||||||||||
Equipment and other long-term assets | 53 | 154 | 53 | 53 | 53 | 53 | ||||
Adjustments to fair value, equipment and other long-term assets | (101) | |||||||||
Goodwill | 5,991 | 4,595 | 5,991 | 5,991 | 5,991 | 5,991 | ||||
Goodwill, Purchase Accounting Adjustments | 1,396 | |||||||||
Total assets acquired | 13,226 | 13,511 | 13,226 | 13,226 | 13,226 | 13,226 | ||||
Adjustments to fair value, total assets acquired | (285) | |||||||||
Liabilities | 387 | 92 | 387 | 387 | 387 | 387 | ||||
Adjustments to fair value, liabilities | 295 | |||||||||
Deferred income taxes, net | 2,195 | 2,785 | 2,195 | 2,195 | 2,195 | 2,195 | ||||
Adjustments to fair value, deferred income taxes, net | (590) | |||||||||
Net assets acquired | 10,644 | 10,634 | 10,644 | 10,644 | 10,644 | 10,644 | ||||
Adjustments to fair value, net assets acquired | 10 | |||||||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | 10,644 | 10,634 | ||||||||
Adjustments to fair value, cash paid, net of cash acquired | 10 | |||||||||
Cash paid, net of cash acquired | 10,644 | 10,634 | ||||||||
Trevigen Inc. [Member] | Developed Technology Rights [Member] | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 5,100 | 3,800 | 5,100 | 5,100 | 5,100 | 5,100 | ||||
Adjustments to fair value, intangible assets | 1,300 | |||||||||
Trevigen Inc. [Member] | Customer Relationships [Member] | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 260 | 1,900 | 260 | 260 | 260 | 260 | ||||
Adjustments to fair value, intangible assets | (1,640) | |||||||||
Trevigen Inc. [Member] | Trade Names [Member] | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 160 | $ 1,400 | 160 | 160 | 160 | 160 | ||||
Adjustments to fair value, intangible assets | (1,240) | |||||||||
Atlanta Biologicals [Member] | ||||||||||
Current assets, net of cash | 15,722 | $ 18,678 | 15,722 | 15,722 | 15,722 | 15,722 | ||||
Adjustments to fair value, current assets, net of cash | (2,956) | |||||||||
Equipment and other long-term assets | 4,901 | 4,348 | 4,901 | 4,901 | 4,901 | 4,901 | ||||
Adjustments to fair value, equipment and other long-term assets | 553 | |||||||||
Goodwill | 10,195 | 21,695 | 10,195 | 10,195 | 10,195 | 10,195 | ||||
Goodwill, Purchase Accounting Adjustments | (11,500) | |||||||||
Total assets acquired | 59,718 | 56,221 | 59,718 | 59,718 | 59,718 | 59,718 | ||||
Adjustments to fair value, total assets acquired | 3,497 | |||||||||
Liabilities | 90 | 90 | 90 | 90 | 90 | 90 | ||||
Adjustments to fair value, liabilities | ||||||||||
Deferred income taxes, net | 8,354 | 4,845 | 8,354 | 8,354 | 8,354 | 8,354 | ||||
Adjustments to fair value, deferred income taxes, net | 3,509 | |||||||||
Net assets acquired | 51,274 | 51,286 | 51,274 | 51,274 | 51,274 | 51,274 | ||||
Adjustments to fair value, net assets acquired | (12) | |||||||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | 51,274 | 51,286 | ||||||||
Adjustments to fair value, cash paid, net of cash acquired | (12) | |||||||||
Cash paid, net of cash acquired | 51,274 | 51,286 | ||||||||
Atlanta Biologicals [Member] | Developed Technology Rights [Member] | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 23,000 | 9,000 | 23,000 | 23,000 | 23,000 | 23,000 | ||||
Adjustments to fair value, intangible assets | 14,700 | |||||||||
Atlanta Biologicals [Member] | Customer Relationships [Member] | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 3,600 | 1,500 | 3,600 | 3,600 | 3,600 | 3,600 | ||||
Adjustments to fair value, intangible assets | 1,400 | |||||||||
Atlanta Biologicals [Member] | Trade Names [Member] | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 2,300 | $ 1,000 | 2,300 | 2,300 | 2,300 | 2,300 | ||||
Adjustments to fair value, intangible assets | 1,300 | |||||||||
Eurocell Diagnostics, SAS [Member] | ||||||||||
Current assets, net of cash | 512 | $ 512 | 512 | 512 | 512 | 512 | ||||
Adjustments to fair value, current assets, net of cash | ||||||||||
Equipment and other long-term assets | 188 | 188 | 188 | 188 | 188 | 188 | ||||
Adjustments to fair value, equipment and other long-term assets | ||||||||||
Goodwill | 2,910 | 113 | 2,910 | 2,910 | 2,910 | 2,910 | ||||
Goodwill, Purchase Accounting Adjustments | 2,797 | |||||||||
Total assets acquired | 9,882 | 7,085 | 9,882 | 9,882 | 9,882 | 9,882 | ||||
Adjustments to fair value, total assets acquired | 2,797 | |||||||||
Liabilities | 483 | 483 | 483 | 483 | 483 | 483 | ||||
Adjustments to fair value, liabilities | ||||||||||
Deferred income taxes, net | 2,070 | 2,070 | 2,070 | 2,070 | 2,070 | 2,070 | ||||
Adjustments to fair value, deferred income taxes, net | ||||||||||
Net assets acquired | 7,329 | 4,532 | 7,329 | 7,329 | 7,329 | 7,329 | ||||
Adjustments to fair value, net assets acquired | 2,797 | |||||||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | 5,933 | 3,136 | ||||||||
Adjustments to fair value, cash paid, net of cash acquired | 2,797 | |||||||||
Cash paid, net of cash acquired | 5,933 | 3,136 | ||||||||
Business Combination, Consideration Transferred, Liabilities Incurred | 1,396 | 1,396 | ||||||||
Adjustments to fair value, Consideration payable | ||||||||||
Eurocell Diagnostics, SAS [Member] | Customer Relationships [Member] | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 6,272 | $ 6,272 | 6,272 | $ 6,272 | $ 6,272 | $ 6,272 | ||||
Adjustments to fair value, intangible assets |
Note 2 - Acquisitions - Pro For
Note 2 - Acquisitions - Pro Forma Financial Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Net sales | $ 564,220 | $ 523,840 |
Net income | $ 99,380 | $ 110,536 |
Note 2 - Acquisitions - Estimat
Note 2 - Acquisitions - Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Aug. 01, 2016 | Jul. 01, 2016 | Jul. 08, 2015 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 |
us-gaap_FiniteLivedIntangibleAssetsNetAbstract | ||||||
Goodwill | $ 597,890 | $ 579,026 | $ 430,882 | |||
Payments to Acquire Businesses, Net of Cash Acquired, Total | 67,851 | 253,785 | $ 91,423 | |||
Contingent consideration payable | $ 3,300 | |||||
Advanced Cell Diagnostics (ACD) [Member] | ||||||
Current assets, net of cash | 15,824 | |||||
Equipment and other long-term assets | 2,757 | |||||
Other long-term assets | 3,812 | |||||
us-gaap_FiniteLivedIntangibleAssetsNetAbstract | ||||||
Goodwill | 143,967 | |||||
Total assets acquired | 344,560 | |||||
Liabilities | 4,179 | |||||
Deferred income taxes, net | 52,743 | |||||
Net assets acquired | 287,638 | |||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 247,000 | 247,038 | ||||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 11,000 | 3,600 | ||||
Contingent consideration payable | 37,000 | |||||
Net assets acquired | 287,638 | |||||
Advanced Cell Diagnostics (ACD) [Member] | Developed Technology Rights [Member] | ||||||
us-gaap_FiniteLivedIntangibleAssetsNetAbstract | ||||||
Intangible assets | 150,000 | |||||
Advanced Cell Diagnostics (ACD) [Member] | Trade Names [Member] | ||||||
us-gaap_FiniteLivedIntangibleAssetsNetAbstract | ||||||
Intangible assets | 21,900 | |||||
Advanced Cell Diagnostics (ACD) [Member] | Customer Relationships [Member] | ||||||
us-gaap_FiniteLivedIntangibleAssetsNetAbstract | ||||||
Intangible assets | 6,300 | |||||
Space [Member] | ||||||
Current assets, net of cash | 2,128 | |||||
Equipment and other long-term assets | 159 | |||||
Other long-term assets | ||||||
us-gaap_FiniteLivedIntangibleAssetsNetAbstract | ||||||
Goodwill | 3,517 | |||||
Total assets acquired | 12,573 | |||||
Liabilities | 1,445 | |||||
Deferred income taxes, net | 2,125 | |||||
Net assets acquired | 9,003 | |||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 6,700 | 6,747 | ||||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 2,300 | 2,256 | ||||
Contingent consideration payable | ||||||
Net assets acquired | 9,003 | |||||
Space [Member] | Developed Technology Rights [Member] | ||||||
us-gaap_FiniteLivedIntangibleAssetsNetAbstract | ||||||
Intangible assets | ||||||
Space [Member] | Trade Names [Member] | ||||||
us-gaap_FiniteLivedIntangibleAssetsNetAbstract | ||||||
Intangible assets | ||||||
Space [Member] | Customer Relationships [Member] | ||||||
us-gaap_FiniteLivedIntangibleAssetsNetAbstract | ||||||
Intangible assets | 6,769 | |||||
Zephyrus [Member] | ||||||
Current assets, net of cash | 56 | |||||
Equipment and other long-term assets | 32 | |||||
Other long-term assets | ||||||
us-gaap_FiniteLivedIntangibleAssetsNetAbstract | ||||||
Goodwill | 8,686 | |||||
Total assets acquired | 17,074 | |||||
Liabilities | 53 | |||||
Deferred income taxes, net | 2,521 | |||||
Net assets acquired | 14,500 | |||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | 8,000 | |||||
Business Combination, Consideration Transferred, Liabilities Incurred | ||||||
Contingent consideration payable | 6,500 | |||||
Net assets acquired | 14,500 | |||||
Zephyrus [Member] | Developed Technology Rights [Member] | ||||||
us-gaap_FiniteLivedIntangibleAssetsNetAbstract | ||||||
Intangible assets | 8,300 | |||||
Zephyrus [Member] | Trade Names [Member] | ||||||
us-gaap_FiniteLivedIntangibleAssetsNetAbstract | ||||||
Intangible assets | ||||||
Zephyrus [Member] | Customer Relationships [Member] | ||||||
us-gaap_FiniteLivedIntangibleAssetsNetAbstract | ||||||
Intangible assets | ||||||
Cliniqa [Member] | ||||||
Current assets, net of cash | 11,926 | |||||
Equipment and other long-term assets | 1,436 | |||||
Other long-term assets | 58 | |||||
us-gaap_FiniteLivedIntangibleAssetsNetAbstract | ||||||
Goodwill | 42,669 | |||||
Total assets acquired | 102,189 | |||||
Liabilities | 1,508 | |||||
Deferred income taxes, net | 17,793 | |||||
Net assets acquired | 82,888 | |||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 82,900 | 82,888 | ||||
Business Combination, Consideration Transferred, Liabilities Incurred | ||||||
Contingent consideration payable | ||||||
Net assets acquired | 82,888 | |||||
Cliniqa [Member] | Developed Technology Rights [Member] | ||||||
us-gaap_FiniteLivedIntangibleAssetsNetAbstract | ||||||
Intangible assets | 18,000 | |||||
Cliniqa [Member] | Trade Names [Member] | ||||||
us-gaap_FiniteLivedIntangibleAssetsNetAbstract | ||||||
Intangible assets | 1,100 | |||||
Cliniqa [Member] | Customer Relationships [Member] | ||||||
us-gaap_FiniteLivedIntangibleAssetsNetAbstract | ||||||
Intangible assets | $ 27,000 |
Note 3 - Supplemental Balance37
Note 3 - Supplemental Balance Sheet and Cash Flow Information (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Available-for-sale Securities, Total | $ 59,800 | $ 59,800 | $ 66,100 | |
Amortization of Intangible Assets, Total | 47,076 | 44,393 | $ 29,395 | |
Other Assets, Noncurrent, Total | 5,266 | 5,266 | 44,002 | |
Cost Method Investments | 2,606 | $ 2,606 | 40,385 | |
Astute Medical, Inc. [Member] | ||||
Payments to Acquire Investments, Total | $ 22,500 | |||
Astute Medical, Inc. [Member] | ||||
Percentage of Ownership Interests | 16.40% | 16.40% | ||
Asset Impairment Charges, Total | $ 16,200 | |||
Cost Method Investments | $ 1,300 | 1,300 | ||
Developed Technology Rights [Member] | Cost of Sales [Member] | ||||
Amortization of Intangible Assets, Total | 25,300 | 23,100 | 11,100 | |
Trade Names, Customer Relationships, Non-Compete Agreements, and Patents [Member] | Selling, General and Administrative Expenses [Member] | ||||
Amortization of Intangible Assets, Total | $ 21,600 | $ 21,300 | $ 18,300 | |
ChemoCentryx, Inc (CCXI) [Member] | ||||
Share Price | $ 13.17 | $ 13.17 | $ 9.36 | |
Advanced Cell Diagnostics (ACD) [Member] | Available-for-sale Securities [Member] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Marketable Securities | $ 2,100 | $ 2,100 | ||
ChemoCentryx, Inc (CCXI) [Member] | ||||
Proceeds from Sale of Available-for-sale Securities, Total | $ 26,900 | |||
Share Price | $ 13.17 | $ 13.17 | ||
Available-for-sale Securities, Gross Realized Gain (Loss), Total | $ 15,700 | |||
Available-for-sale Equity Securities, Amortized Cost Basis, Total | $ 18,800 | 18,800 | $ 29,500 | |
Available-for-sale Equity Securities, Gross Unrealized Gain | $ 35,400 | |||
Available-for-sale, Amortized Cost Basis, Price Per Share | $ 4.73 | $ 4.73 |
Note 3 - Supplemental Balance38
Note 3 - Supplemental Balance Sheet and Cash Flow Information - Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Raw materials | $ 30,956 | $ 22,074 |
Finished goods | 54,692 | 38,077 |
Inventories, net | $ 85,648 | $ 60,151 |
Note 3 - Supplemental Balance39
Note 3 - Supplemental Balance Sheet and Cash Flow Information - Property and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Property and equipment, cost | $ 284,800 | $ 263,361 |
Accumulated depreciation and amortization | (139,452) | (128,237) |
Property and equipment, net | 145,348 | 135,124 |
Land [Member] | ||
Property and equipment, cost | 7,065 | 6,270 |
Building and Building Improvements [Member] | ||
Property and equipment, cost | 170,110 | 158,495 |
Machinery and Equipment [Member] | ||
Property and equipment, cost | $ 107,625 | $ 98,596 |
Note 3 - Supplemental Balance40
Note 3 - Supplemental Balance Sheet and Cash Flow Information - Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Intangible assets | $ 608,540 | $ 572,191 | |
Accumulated amortization | (162,208) | (120,149) | |
Intangibles assets, net | $ 446,332 | 452,042 | $ 310,524 |
Minimum [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 1 year | ||
Maximum [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 20 years | ||
Developed Technology Rights [Member] | |||
Intangible assets | $ 305,303 | 276,959 | |
Developed Technology Rights [Member] | Minimum [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 9 years | ||
Developed Technology Rights [Member] | Maximum [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 15 years | ||
Trade Names [Member] | |||
Intangible assets | $ 89,608 | 87,092 | |
Trade Names [Member] | Minimum [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 2 years | ||
Trade Names [Member] | Maximum [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 20 years | ||
Customer Relationships [Member] | |||
Intangible assets | $ 212,228 | 204,243 | |
Customer Relationships [Member] | Minimum [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 7 years | ||
Customer Relationships [Member] | Maximum [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 16 years | ||
Noncompete Agreements [Member] | |||
Intangible assets | 3,264 | ||
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 | ||
Patents [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||
Intangible assets | $ 1,401 | $ 633 |
Note 3 - Supplemental Balance41
Note 3 - Supplemental Balance Sheet and Cash Flow Information - Changes to Carrying Amount of Net Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Beginning balance | $ 452,042 | $ 310,524 | |
Acquisitions | 40,673 | 185,869 | |
Other additions | 908 | 976 | |
Amortization expense | (47,076) | (44,393) | $ (29,395) |
Currency translation | (215) | (934) | |
Ending balance | $ 446,332 | $ 452,042 | $ 310,524 |
Note 3- Supplemental Balance Sh
Note 3- Supplemental Balance Sheet and Cash Flow Information - Estimated Future Amortization Expense for Intangible Assets (Details) $ in Thousands | Jun. 30, 2018USD ($) |
2,019 | $ 47,841 |
2,020 | 47,137 |
2,021 | 46,772 |
2,022 | 45,060 |
2,023 | 43,176 |
Thereafter | 216,346 |
Total | $ 446,332 |
Note 3 - Supplemental Balance43
Note 3 - Supplemental Balance Sheet and Cash Flow Information - Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Balance | $ 579,026 | $ 430,882 |
Acquisitions (Note 2) | 19,096 | 147,484 |
Prior year acquisitions | 1,809 | |
Currency translation | (232) | (1,149) |
Balance | 597,890 | 579,026 |
Biotechnology [Member] | ||
Balance | 254,930 | 108,723 |
Acquisitions (Note 2) | 16,186 | 147,484 |
Prior year acquisitions | ||
Currency translation | 759 | (1,277) |
Balance | 271,875 | 254,930 |
Protein Platforms [Member] | ||
Balance | 220,826 | 218,889 |
Acquisitions (Note 2) | ||
Prior year acquisitions | 1,809 | |
Currency translation | (815) | 128 |
Balance | 220,011 | 220,826 |
Diagnostics [Member] | ||
Balance | 103,270 | 103,270 |
Acquisitions (Note 2) | 2,910 | |
Prior year acquisitions | ||
Currency translation | (176) | |
Balance | $ 106,004 | $ 103,270 |
Note 3 - Supplemental Balance44
Note 3 - Supplemental Balance Sheet and Cash Flow Information - Other Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Cost Method Investments | $ 2,606 | $ 40,385 |
Other | 2,660 | 3,617 |
Other long-term assets | $ 5,266 | $ 44,002 |
Note 3 - Supplemental Balance45
Note 3 - Supplemental Balance Sheet and Cash Flow Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Income taxes paid | $ 35,076 | $ 42,900 | $ 44,900 | |
Interest paid | 9,844 | 7,452 | 1,661 | |
Acquisition-related liabilities | [1] | $ 1,396 | $ 32,856 | $ 42,259 |
[1] | Consists of holdback payments due at future dates and liabilities for contingent consideration. Further information regarding liabilities for contingent consideration can be found in Note 4. |
Note 4 - Fair Value Measureme46
Note 4 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Jun. 30, 2018 | Mar. 31, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | Aug. 01, 2016 | Mar. 14, 2016 | |
Business Combination, Liabilities Arising from Contingencies, Amount Recognized | $ 0 | $ 0 | |||||
Payment for Contingent Consideration Liability | 88,500 | $ 28,500 | |||||
Payment for Contingent Consideration Liability, Financing Activities | 61,900 | 20,316 | |||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | (26,600) | (11,800) | |||||
Payment for Contingent Consideration Liability, Operating Activities | 11,800 | ||||||
CyVek, Inc. [Member] | |||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 35,000 | 35,000 | |||||
Business Combination, Liabilities Arising from Contingencies, Amount Recognized | 35,000 | 35,000 | |||||
Zephyrus [Member] | |||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 7,000 | 7,000 | $ 7,000 | ||||
Business Combination, Liabilities Arising from Contingencies, Amount Recognized | 6,500 | 6,500 | |||||
Payment for Contingent Consideration Liability | 3,500 | ||||||
Payment for Contingent Consideration Liability, Financing Activities | 3,500 | $ 3,500 | |||||
Advanced Cell Diagnostics (ACD) [Member] | |||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 75,000 | 75,000 | $ 75,000 | ||||
Business Combination, Liabilities Arising from Contingencies, Amount Recognized | 37,000 | 37,000 | |||||
Payment for Contingent Consideration Liability | $ 25,000 | ||||||
Advance Cell Diagnostics (ACD), Zephyrus, and CyVek Inc.[Member] | |||||||
Business Combination, Liabilities Arising from Contingencies, Amount Recognized | $ 78,500 | $ 78,500 |
Note 4 - Fair Value Measureme47
Note 4 - Fair Value Measurements - Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 | |
Total Assets | $ 59,764 | $ 66,102 | |
Business Combination, Contingent Consideration, Liability, Total | 68,400 | ||
Fair Value, Inputs, Level 1 [Member] | |||
Total Assets | 59,764 | 64,045 | |
Business Combination, Contingent Consideration, Liability, Total | |||
Fair Value, Inputs, Level 2 [Member] | |||
Total Assets | 2,057 | ||
Business Combination, Contingent Consideration, Liability, Total | |||
Fair Value, Inputs, Level 3 [Member] | |||
Total Assets | |||
Business Combination, Contingent Consideration, Liability, Total | 68,400 | ||
Equity Securities [Member] | |||
Investments, Fair Value Disclosure | [1] | 54,286 | 59,616 |
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Investments, Fair Value Disclosure | [1] | 54,286 | 59,616 |
Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Investments, Fair Value Disclosure | [1] | ||
Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Investments, Fair Value Disclosure | [1] | ||
Certificates of Deposit [Member] | |||
Investments, Fair Value Disclosure | [1] | 5,478 | 4,429 |
Certificates of Deposit [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Investments, Fair Value Disclosure | [1] | 5,478 | 4,429 |
Certificates of Deposit [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Investments, Fair Value Disclosure | [1] | ||
Certificates of Deposit [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Investments, Fair Value Disclosure | [1] | ||
Corporate Debt Securities [Member] | |||
Investments, Fair Value Disclosure | [1] | 2,057 | |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Investments, Fair Value Disclosure | [1] | ||
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Investments, Fair Value Disclosure | [1] | 2,057 | |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Investments, Fair Value Disclosure | [1] | ||
[1] | Included in available-for-sale investments on the balance sheet |
Note 4 - Fair Value Measureme48
Note 4 - Fair Value Measurements - Liability Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Details) - Contingent Consideration [Member] - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Fair value at the beginning of period | $ 68.4 | $ 38.5 |
Purchase price contingent consideration (Note 2) | 40 | |
Payments | (88.5) | (28.5) |
Change in fair value of contingent consideration | 20.1 | 18.4 |
Contingent consideration payable | $ 68.4 |
Note 5 - Debt and Other Finan49
Note 5 - Debt and Other Financing Arrangements (Details Textual) - USD ($) $ in Millions | Jul. 28, 2016 | Aug. 01, 2018 | Jun. 30, 2018 |
New Credit Facility [Member] | Subsequent Event [Member] | Term Loan [Member] | |||
Long-term Debt, Total | $ 250 | ||
Revolving Credit Facility [Member] | |||
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 | 0.25% | ||
Line of Credit Facility, Expiration Date | Jul. 28, 2021 | ||
Long-term Line of Credit, Total | $ 339 | ||
Revolving Credit Facility [Member] | New Credit Facility [Member] | Subsequent Event [Member] | |||
Line of Credit Facility, Additional Borrowing Capacity | 200 | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 600 | ||
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% |
Note 6 - Commitments and Cont50
Note 6 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Operating Leases, Rent Expense, Net, Total | $ 10.8 | $ 9.8 | $ 8.1 |
Note 6 - Commitments and Cont51
Note 6 - Commitments and Contingencies - Aggregate Net Minimum Rental Commitments (Details) $ in Thousands | Jun. 30, 2018USD ($) |
2,019 | $ 10,654 |
2,020 | 10,527 |
2,021 | 10,281 |
2,022 | 10,524 |
2,023 | 10,411 |
Thereafter | 37,900 |
Total | $ 90,297 |
Note 7 - Accumulated Other Co52
Note 7 - Accumulated Other Comprehensive Income - Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Balance | $ 949,627 | $ 879,280 | $ 846,935 |
Balance | 1,079,061 | 949,627 | 879,280 |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | |||
Balance | 18,989 | (5,542) | 14,382 |
Other comprehensive income (loss) before reclassifications | 18,108 | 24,531 | (19,924) |
Amounts reclassified from accumulated other comprehensive loss to income | (12,415) | ||
Balance | 24,682 | 18,989 | (5,542) |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||
Balance | (67,924) | (64,863) | (44,975) |
Other comprehensive income (loss) before reclassifications | (1,572) | (3,061) | (19,888) |
Amounts reclassified from accumulated other comprehensive loss to income | |||
Balance | (69,496) | (67,924) | (64,863) |
AOCI Attributable to Parent [Member] | |||
Balance | (48,935) | (70,405) | (30,593) |
Other comprehensive income (loss) before reclassifications | 16,536 | 21,470 | (39,812) |
Amounts reclassified from accumulated other comprehensive loss to income | (12,415) | ||
Balance | $ (44,814) | $ (48,935) | $ (70,405) |
Note 8 - Earnings Per Share (De
Note 8 - Earnings Per Share (Details Textual) - shares shares in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0.9 | 2 | 1.2 |
Note 8 - Earnings Per Share - S
Note 8 - Earnings Per Share - Shares Used in the Earnings Per Share Computations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Net earnings | $ 41,701 | $ 19,738 | $ 48,847 | $ 15,863 | $ 27,609 | $ 22,167 | $ 7,467 | $ 18,843 | $ 126,150 | $ 76,086 | $ 104,476 |
Income allocated to participating securities | (108) | (65) | (52) | ||||||||
Income available to common shareholders | $ 126,042 | $ 76,021 | $ 104,424 | ||||||||
Basic (in shares) | 37,585 | 37,503 | 37,449 | 37,376 | 37,344 | 37,320 | 37,308 | 37,281 | 37,476 | 37,313 | 37,194 |
Basic (in dollars per share) | $ 1.11 | $ 0.53 | $ 1.30 | $ 0.42 | $ 0.74 | $ 0.59 | $ 0.20 | $ 0.51 | $ 3.36 | $ 2.04 | $ 2.81 |
Net income | $ 41,701 | $ 19,738 | $ 48,847 | $ 15,863 | $ 27,609 | $ 22,167 | $ 7,467 | $ 18,843 | $ 126,150 | $ 76,086 | $ 104,476 |
Income available to common shareholders | $ 126,042 | $ 76,021 | $ 104,424 | ||||||||
Weighted-average shares outstanding – basic (in shares) | 37,585 | 37,503 | 37,449 | 37,376 | 37,344 | 37,320 | 37,308 | 37,281 | 37,476 | 37,313 | 37,194 |
Dilutive effect of stock options and restricted stock units (in shares) | 579 | 187 | 132 | ||||||||
Weighted-average common shares outstanding – diluted (in shares) | 38,347 | 38,142 | 37,926 | 37,705 | 37,546 | 37,494 | 37,478 | 37,473 | 38,055 | 37,500 | 37,326 |
Diluted (in dollars per share) | $ 1.08 | $ 0.52 | $ 1.29 | $ 0.42 | $ 0.74 | $ 0.59 | $ 0.20 | $ 0.50 | $ 3.31 | $ 2.03 | $ 2.80 |
Note 9 - Share-based Compensa55
Note 9 - Share-based Compensation and Other Benefit Plans (Details Textual) - USD ($) | 12 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 3,452,000 | 2,821,000 | 1,819,000 | 1,137,000 |
Share-based Compensation Arrangement by Share-based Payment Award Accelerated Compensation Cost | $ 8,300,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 22.07 | $ 18.21 | $ 18.50 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 10,600,000 | $ 2,300,000 | $ 2,400,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | 8,800,000 | 5,000,000 | 2,000,000 | |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 500,000 | $ 600,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 26,700,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-vested, Forfeiture Rate | 3.00% | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 36 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures, Total | 1,087,000 | 1,135,000 | 805,000 | |
Profit Sharing and Savings Plan [Member] | UNITED STATES | ||||
Defined Contribution Plan, Cost | $ 2,500,000 | $ 2,200,000 | $ 1,200,000 | |
Profit Sharing and Savings Plan [Member] | UNITED KINGDOM | ||||
Defined Contribution Plan, Cost | 1,400,000 | 800,000 | 800,000 | |
Selling, General and Administrative Expenses [Member] | ||||
Allocated Share-based Compensation Expense, Total | 28,200,000 | 14,600,000 | 9,400,000 | |
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | 1,700,000 | 1,400,000 | 1,400,000 | |
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 1,600,000 | 900,000 | 500,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
Equity Incentive Plan 2010 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 6,600,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 2,400,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 3,400,000 | |||
Equity Incentive Plan 2010 [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||
Nonqualified Stock Options Plan 1998 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 35,000 | |||
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, Total | $ 281,000 | 213,000 | 144,000 | |
Performance Incentive Programs [Member] | Executive Officer [Member] | ||||
Salary and Wage, Officer, Excluding Cost of Good and Service Sold | $ 7,200,000 | $ 4,700,000 | $ 4,200,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures, Total | 553,750 | 896,778 | 620,917 | |
Performance Incentive Programs [Member] | Restricted Stock [Member] | Executive Officer [Member] | ||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 14,194 | 16,653 | 39,931 | |
Performance Incentive Programs [Member] | Restricted Stock Units (RSUs) [Member] | Executive Officer [Member] | ||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 35,174 | 11,522 | 26,583 |
Note 9 - Share-based Compensa56
Note 9 - Share-based Compensation and Other Benefit Plans - Assumptions Used in Black-Scholes Option-Pricing Model (Details) | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Dividend yield | 1.10% | 1.20% | 1.20% |
Expected volatility | |||
Risk-free interest rates | |||
Expected lives (years) (Year) | 4 years 255 days | 4 years 255 days | 4 years 292 days |
Minimum [Member] | |||
Expected volatility | 20.00% | 21.00% | 20.00% |
Risk-free interest rates | 1.70% | 1.00% | 1.20% |
Maximum [Member] | |||
Expected volatility | 21.00% | 24.00% | 23.00% |
Risk-free interest rates | 2.80% | 1.90% | 1.90% |
Note 9 - Share-based Compensa57
Note 9 - Share-based Compensation and Other Benefit Plans - Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Outstanding, shares (in shares) | 2,821 | 1,819 | 1,137 |
Outstanding, weighted average exercise price (in dollars per share) | $ 98.42 | $ 91.91 | $ 81.57 |
Granted, shares (in shares) | 1,087 | 1,135 | 805 |
Granted, weighted average exercise price (in dollars per share) | $ 120.67 | $ 107.42 | $ 105.16 |
Forfeited, shares (in shares) | (252) | (70) | (54) |
Forfeited, weighted average exercise price (in dollars per share) | $ 86.62 | $ 99.11 | $ 99.68 |
Exercised, shares (in shares) | (204) | (63) | (69) |
Exercised, weighted average exercise price (in dollars per share) | $ 111.51 | $ 71.81 | $ 69.82 |
Outstanding, shares (in shares) | 3,452 | 2,821 | 1,819 |
Outstanding, weighted average exercise price (in dollars per share) | $ 105.17 | $ 98.42 | $ 91.91 |
Outstanding, weighted average contractual life (Year) | 144 years 255 days | ||
Outstanding, aggregate intrinsic value | $ 4.8 | ||
Exercisable, shares (in shares) | 1,151 | 843 | 596 |
Exercisable, weighted average exercise price (in dollars per share) | $ 90.75 | $ 82.93 | $ 75.74 |
Exercisable, weighted average contractual life (Year) | 65 years 292 days | ||
Exercisable, aggregate intrinsic value | $ 3.8 |
Note 9 - Share-based Compensa58
Note 9 - Share-based Compensation and Other Benefit Plans - Restricted Stock and Restricted Stock Units Activity (Details) - $ / shares shares in Thousands | 12 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Restricted Stock [Member] | ||||
Balance, shares (in shares) | 32 | 23 | 19 | |
Balance, weighted average exercise price (in dollars per share) | $ 105.80 | $ 98.03 | $ 83.94 | |
Balance, weighted average contractual life (Year) | 6 years 73 days | |||
Granted, shares (in shares) | 20 | 24 | 20 | |
Granted, weighted average exercise price (in dollars per share) | $ 125.05 | $ 104.94 | $ 99.53 | |
Vested, shares (in shares) | (17) | (15) | (16) | |
Vested, weighted average exercise price (in dollars per share) | $ 104.66 | $ 92.62 | $ 83.58 | |
Forfeited, shares (in shares) | ||||
Forfeited, weighted average exercise price (in dollars per share) | ||||
Balance, shares (in shares) | 35 | 32 | 23 | 19 |
Balance, weighted average exercise price (in dollars per share) | $ 117.39 | $ 105.80 | $ 98.03 | $ 83.94 |
Forfeited, shares (in shares) | ||||
Forfeited, shares (in shares) | ||||
Restricted Stock Units (RSUs) [Member] | ||||
Balance, shares (in shares) | 111 | 59 | 29 | |
Balance, weighted average exercise price (in dollars per share) | $ 106.39 | $ 100.40 | $ 93.51 | |
Balance, weighted average contractual life (Year) | 5 years 182 days | |||
Granted, shares (in shares) | 71 | 65 | 35 | |
Granted, weighted average exercise price (in dollars per share) | $ 129.99 | $ 109.36 | $ 105.01 | |
Vested, shares (in shares) | (16) | (9) | (5) | |
Vested, weighted average exercise price (in dollars per share) | $ 95.46 | $ 92.94 | $ 92.15 | |
Forfeited, shares (in shares) | 18 | 4 | ||
Forfeited, weighted average exercise price (in dollars per share) | $ 115.01 | $ 98.04 | ||
Balance, shares (in shares) | 148 | 111 | 59 | 29 |
Balance, weighted average exercise price (in dollars per share) | $ 117.95 | $ 106.39 | $ 100.40 | $ 93.51 |
Forfeited, shares (in shares) | (18) | (4) | ||
Forfeited, shares (in shares) | (18) | (4) |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 28.10% | 35.00% | 35.00% | |
Income Tax Expense (Benefit), Continuing Operations, Adjustments, New Legislation | $ 3,300 | ||||
Accrued Income Taxes, Current | $ 8,878 | $ 2,478 | |||
Change in Effective Income Tax Rate, Percentage | 32.20% | 2.80% | |||
Income Tax Expense (Benefit), Discrete Tax Items | $ (33,000) | ||||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | (36,500) | ||||
Income Tax Expense (Benefit), Federal Translation Tax | 3,300 | ||||
Income Tax Expense (Benefit), Stock Options Exercises | (2,200) | ||||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Revaluation of Contingent Consideration | 4,200 | $ 4,500 | |||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Discrete Tax Items | 3,800 | ||||
Deferred Tax Assets, Valuation Allowance, Total | 2,978 | 3,341 | |||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | (300) | ||||
Deferred Tax Assets, Net of Valuation Allowance, Total | 40,345 | $ 60,447 | |||
Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability, Undistributed Earnings of Foreign Subsidiaries | 124,600 | ||||
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |||||
Operating Loss Carryforwards, Total | 38,400 | ||||
Tax Credit Carryforward, Amount | 3,500 | ||||
State and Local Jurisdiction [Member] | |||||
Operating Loss Carryforwards, Total | 72,800 | ||||
Tax Credit Carryforward, Amount | 4,400 | ||||
Foreign Tax Authority [Member] | |||||
Operating Loss Carryforwards, Total | 3,200 | ||||
Operating Loss and Credit Carryforwards [Member] | |||||
Deferred Tax Assets, Valuation Allowance, Total | 3,000 | ||||
Operating Loss Carryforwards [Member] | |||||
Deferred Tax Assets, Net of Valuation Allowance, Total | 14,000 | ||||
Tax Credit Carryforwards [Member] | |||||
Deferred Tax Assets, Net of Valuation Allowance, Total | 6,000 | ||||
Transition Tax [Member] | |||||
Accrued Income Taxes, Current | 300 | ||||
Accrued Income Taxes, Noncurrent | $ 3,000 | ||||
Scenario, Forecast [Member] | |||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
Note 10 - Income Taxes - Compon
Note 10 - Income Taxes - Components of Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Domestic | $ 81,557 | $ 81,721 | $ 120,154 |
Foreign | 44,395 | 30,240 | 27,327 |
Income before income taxes | 125,952 | 111,961 | 147,481 |
Federal | 28,416 | 28,462 | 34,805 |
State | 5,315 | 4,051 | 2,958 |
Foreign | 11,983 | 8,212 | 7,579 |
Total current tax provision | 45,714 | 40,725 | 45,342 |
Federal | (40,378) | (901) | 1,906 |
State | (1,381) | (968) | (428) |
Foreign | (4,154) | (2,981) | (3,815) |
Total deferred tax provision | (46,716) | (3,433) | (2,624) |
Total income tax provision | $ (198) | $ 35,875 | $ 43,005 |
Note 10 - Income Taxes - Reconc
Note 10 - Income Taxes - Reconciliation of Federal Tax Calculated at Statutory Rate (Details) | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 28.10% | 35.00% | 35.00% |
State income taxes, net of federal benefit | 2.50% | 1.90% | 1.30% | |
Qualified production activity deduction | (2.40%) | (3.40%) | (2.70%) | |
Research and development tax credit | (1.40%) | (1.40%) | (1.10%) | |
Contingent consideration adjustment | 3.30% | 4.10% | ||
Foreign tax rate differences | (3.50%) | (4.60%) | (3.10%) | |
Option exercises | (1.80%) | |||
Domestic tax legislation changes | (26.20%) | |||
Other, net | 1.20% | 0.40% | (0.20%) | |
Effective tax rate | (0.20%) | 32.00% | 29.20% |
Note 10 - Income Taxes - Tempor
Note 10 - Income Taxes - Temporary Differences Comprising Deferred Taxes on Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Inventory | $ 5,873 | $ 9,415 |
Net operating loss carryovers | 15,938 | 24,617 |
Tax credit carryovers | 7,029 | 6,386 |
Excess tax basis in equity investments | 2,813 | 4,381 |
Deferred compensation | 7,806 | 9,052 |
Other | 3,864 | 9,937 |
Valuation allowance | (2,978) | (3,341) |
Deferred tax assets | 40,345 | 60,447 |
Net unrealized gain on available-for-sale investments | (8,384) | (11,153) |
Intangible asset amortization | (111,247) | (162,460) |
Depreciation | (6,349) | (5,628) |
Other | 658 | 1,802 |
Deferred tax liabilities | (126,638) | (181,043) |
Net deferred tax liabilities | $ (86,293) | $ (120,596) |
Note 10 - Income Taxes - Reco63
Note 10 - Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Balance | $ 1,747 | $ 1,480 | $ 1,688 |
Additions due to acquisitions | 628 | ||
Additions for tax positions of current year | 35 | 13 | 36 |
Closure of tax years | (374) | (244) | |
Tax Reform | 165 | ||
Balance | $ 1,947 | $ 1,747 | $ 1,480 |
Note 11 - Segment Information64
Note 11 - Segment Information (Details Textual) | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Number of Reportable Segments | 3 | |
Customer Concentration Risk [Member] | Sales Revenue, Segment [Member] | Biotechnology [Member] | ||
Number of Major Customers | 0 | |
Customer Concentration Risk [Member] | Sales Revenue, Segment [Member] | Protein Platforms [Member] | ||
Number of Major Customers | 0 | |
Customer Concentration Risk [Member] | Sales Revenue, Segment [Member] | Diagnostics [Member] | ||
Number of Major Customers | 0 | |
Customer Concentration Risk [Member] | Sales Revenue, Segment [Member] | Diagnostics [Member] | One Customer [Member] | ||
Concentration Risk, Percentage | 12.00% |
Note 11 - Segment Information -
Note 11 - Segment Information - Financial Information Relating to Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Net sales | $ 180,254 | $ 163,973 | $ 154,153 | $ 144,613 | $ 156,578 | $ 144,037 | $ 131,807 | $ 130,581 | $ 642,993 | $ 563,003 | $ 499,023 |
Operating income | 136,178 | 120,584 | 150,593 | ||||||||
Costs recognized upon sale of acquired inventory | (2,455) | (3,037) | (5,431) | ||||||||
Amortization of intangibles | (47,076) | (44,393) | (29,395) | ||||||||
Corporate general, selling and administrative expenses | (240,636) | (200,443) | (140,879) | ||||||||
Acquisition Related [Member] | |||||||||||
Corporate general, selling and administrative expenses | (6,715) | (4,952) | (5,007) | ||||||||
Operating Segments [Member] | |||||||||||
Operating income | 245,376 | 213,386 | 202,617 | ||||||||
Intersegment Eliminations [Member] | |||||||||||
Net sales | (536) | (104) | (125) | ||||||||
Segment Reconciling Items [Member] | |||||||||||
Acquisition related expenses | (24,429) | (25,789) | (2,761) | ||||||||
Restructuring costs | (376) | ||||||||||
Stock-based compensation | (28,240) | (14,631) | (9,430) | ||||||||
Biotechnology [Member] | Operating Segments [Member] | |||||||||||
Net sales | 421,536 | 364,504 | 317,340 | ||||||||
Operating income | 199,100 | 175,163 | 168,613 | ||||||||
Protein Platforms [Member] | Operating Segments [Member] | |||||||||||
Net sales | 111,885 | 91,464 | 77,324 | ||||||||
Operating income | 17,996 | 9,648 | 3,592 | ||||||||
Diagnostics [Member] | Operating Segments [Member] | |||||||||||
Net sales | 110,108 | 107,139 | 104,484 | ||||||||
Operating income | $ 28,280 | $ 28,575 | $ 30,412 |
Note 11 - Segment Information66
Note 11 - Segment Information - Financial Information Relating to Geographic Areas (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
External sales | $ 180,254 | $ 163,973 | $ 154,153 | $ 144,613 | $ 156,578 | $ 144,037 | $ 131,807 | $ 130,581 | $ 642,993 | $ 563,003 | $ 499,023 |
Long-lived assets | 145,348 | 135,124 | 145,348 | 135,124 | 132,362 | ||||||
Intangible assets, net | 446,332 | 452,042 | 446,332 | 452,042 | 310,524 | ||||||
UNITED STATES | |||||||||||
External sales | 346,293 | 313,195 | 275,859 | ||||||||
EMEA, excluding U.K. [Member] | |||||||||||
External sales | 148,599 | 125,126 | 103,060 | ||||||||
United States and Canada [Member] | |||||||||||
Long-lived assets | 129,360 | 119,859 | 129,360 | 119,859 | 116,830 | ||||||
Intangible assets, net | 417,430 | 424,579 | 417,430 | 424,579 | |||||||
UNITED KINGDOM | |||||||||||
External sales | 33,704 | 28,401 | 28,307 | ||||||||
Europe [Member] | |||||||||||
Long-lived assets | 14,597 | 14,100 | 14,597 | 14,100 | 14,423 | ||||||
Intangible assets, net | 21,386 | 18,710 | 21,386 | 18,710 | |||||||
APAC, excluding Greater China [Member] | |||||||||||
External sales | 48,392 | 41,463 | 38,137 | ||||||||
CHINA | |||||||||||
External sales | 47,950 | 39,078 | 36,199 | ||||||||
Long-lived assets | 1,391 | 1,165 | 1,391 | 1,165 | 1,109 | ||||||
Intangible assets, net | $ 7,516 | $ 8,753 | 7,516 | 8,753 | |||||||
Rest of World [Member] | |||||||||||
External sales | $ 18,055 | $ 15,740 | $ 17,461 |
Note 12 - Quarterly Financial67
Note 12 - Quarterly Financial Data (Unaudited) - Quarterly Financial Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Net sales | $ 180,254 | $ 163,973 | $ 154,153 | $ 144,613 | $ 156,578 | $ 144,037 | $ 131,807 | $ 130,581 | $ 642,993 | $ 563,003 | $ 499,023 |
Cost of sales | 58,074 | 53,712 | 52,319 | 46,745 | 54,207 | 47,355 | 43,664 | 43,236 | 210,850 | 188,462 | 162,364 |
Net earnings(1) | $ 41,701 | $ 19,738 | $ 48,847 | $ 15,863 | $ 27,609 | $ 22,167 | $ 7,467 | $ 18,843 | $ 126,150 | $ 76,086 | $ 104,476 |
Basic (in dollars per share) | $ 1.11 | $ 0.53 | $ 1.30 | $ 0.42 | $ 0.74 | $ 0.59 | $ 0.20 | $ 0.51 | $ 3.36 | $ 2.04 | $ 2.81 |
Diluted (in dollars per share) | $ 1.08 | $ 0.52 | $ 1.29 | $ 0.42 | $ 0.74 | $ 0.59 | $ 0.20 | $ 0.50 | $ 3.31 | $ 2.03 | $ 2.80 |
Basic (in shares) | 37,585 | 37,503 | 37,449 | 37,376 | 37,344 | 37,320 | 37,308 | 37,281 | 37,476 | 37,313 | 37,194 |
Diluted (in shares) | 38,347 | 38,142 | 37,926 | 37,705 | 37,546 | 37,494 | 37,478 | 37,473 | 38,055 | 37,500 | 37,326 |
Note 13 - Subsequent Events (De
Note 13 - Subsequent Events (Details Textual) - USD ($) $ in Millions | Aug. 01, 2018 | Jul. 02, 2018 | Jul. 28, 2016 |
Revolving Credit Facility [Member] | |||
Line of Credit Facility, Additional Borrowing Capacity | $ 200 | ||
Subsequent Event [Member] | New Credit Facility [Member] | Term Loan [Member] | |||
Long-term Debt, Total | $ 250 | ||
Subsequent Event [Member] | Revolving Credit Facility [Member] | New Credit Facility [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 600 | ||
Line of Credit Facility, Additional Borrowing Capacity | 200 | ||
QT Holdings Corporation [Member] | Subsequent Event [Member] | |||
Payments to Acquire Businesses, Gross | $ 20 | ||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 51 | ||
Exosome Diagnostics, Inc [Member] | Subsequent Event [Member] | |||
Payments to Acquire Businesses, Gross | 250 | ||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 325 |