Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Dec. 31, 2018 | Feb. 01, 2019 | |
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 Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding (in shares) | 37,766,000 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2018 | |
Document Fiscal Year Focus | 2,019 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Earnings and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net sales | $ 174,510 | $ 154,153 | $ 337,480 | $ 298,766 |
Cost of sales | 61,492 | 52,319 | 116,859 | 99,064 |
Gross margin | 113,018 | 101,834 | 220,621 | 199,702 |
Operating expenses: | ||||
Selling, general and administrative | 63,603 | 63,775 | 130,655 | 122,064 |
Research and development | 15,812 | 13,911 | 30,602 | 27,459 |
Total operating expenses | 79,415 | 77,686 | 161,257 | 149,523 |
Operating income | 33,603 | 24,148 | 59,364 | 50,179 |
Other income (expense) | (11,836) | (2,417) | (20,012) | (5,480) |
Earnings before income taxes | 21,767 | 21,731 | 39,352 | 44,699 |
Income tax expense (benefit) | 4,211 | (27,116) | 4,394 | (20,011) |
Net earnings | 17,556 | 48,847 | 34,958 | 64,710 |
Other comprehensive income: | ||||
Foreign currency translation adjustments | (8,464) | 1,524 | (9,600) | 8,492 |
Unrealized gain (loss) on derivative instruments - cash flow hedges | (3,915) | (3,915) | ||
Unrealized gain (loss) on available-for-sale investments | (8,582) | (16,374) | ||
Other comprehensive (loss) income | (12,379) | (7,058) | (13,515) | (7,882) |
Comprehensive income | $ 5,177 | $ 41,789 | $ 21,443 | $ 56,828 |
Earnings per share: | ||||
Basic (in dollars per share) | $ 0.46 | $ 1.30 | $ 0.93 | $ 1.73 |
Diluted (in dollars per share) | 0.45 | 1.29 | 0.90 | 1.71 |
Cash dividends per common share: (in dollars per share) | $ 0.32 | $ 0.32 | $ 0.64 | $ 0.64 |
Weighted average common shares outstanding: | ||||
Basic (in shares) | 37,766 | 37,449 | 37,732 | 37,412 |
Diluted (in shares) | 38,748 | 37,926 | 38,782 | 37,816 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Dec. 31, 2018 | Jun. 30, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 85,886 | $ 121,990 |
Short-term available-for-sale investments | 70,647 | 59,764 |
Accounts receivable, less allowance for doubtful accounts of $1,012 and $839, respectively | 113,283 | 120,296 |
Inventories | 90,905 | 85,648 |
Other current assets | 19,213 | 10,668 |
Total current assets | 379,934 | 398,366 |
Property and equipment, net | 145,262 | 145,348 |
Goodwill | 706,355 | 597,890 |
Intangible assets, net | 608,273 | 446,332 |
Other assets | 5,008 | 5,266 |
Total assets | 1,844,832 | 1,593,202 |
Current liabilities: | ||
Trade accounts payable | 16,013 | 18,452 |
Salaries, wages and related accruals | 19,677 | 23,710 |
Accrued expenses | 25,862 | 20,361 |
Contract liabilities | 8,396 | 8,109 |
Income taxes payable | 4,984 | 8,878 |
Contingent portion of long-term debt obligations | 12,500 | |
Total current liabilities | 87,432 | 79,510 |
Deferred income taxes | 104,113 | 86,293 |
Long-term debt obligations, net of deferred financing costs of $388 and $0 respectively | 532,869 | 339,000 |
Long-term contingent consideration payable | 6,000 | |
Other long-term liabilities | 17,993 | 9,338 |
Shareholders' equity: | ||
Common stock, par value $.01 per share; authorized 100,000,000; issued and outstanding 37,734,646 and 37,607,500, respectively | 377 | 376 |
Additional paid-in capital | 283,854 | 246,568 |
Retained earnings | 895,205 | 876,931 |
Accumulated other comprehensive loss | (83,011) | (44,814) |
Total shareholders' equity | 1,096,425 | 1,079,061 |
Total liabilities and shareholders’ equity | $ 1,844,832 | $ 1,593,202 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2018 | Jun. 30, 2018 |
Accounts receivable, allowance for doubtful accounts | $ 1,012 | $ 839 |
Deferred financing costs | $ 388 | $ 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) | 37,734,646 | 37,607,500 |
Common stock, shares outstanding (in shares) | 37,734,646 | 37,607,500 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net earnings | $ 34,958 | $ 64,710 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 38,930 | 31,038 |
Costs recognized on sale of acquired inventory | 1,869 | 582 |
Deferred income taxes | (9,106) | (43,537) |
Stock-based compensation expense | 18,426 | 8,839 |
Fair value adjustment to contingent consideration payable | (700) | 19,900 |
Fair value adjustment on available for sale investments | 9,366 | |
Other operating activity | 2,340 | 1,556 |
Change in operating assets and operating liabilities, net of acquisition: | ||
Accounts receivable | 7,848 | 18,636 |
Inventories | (8,212) | (7,513) |
Prepaid expenses | (2,258) | 1,321 |
Trade accounts payable and accrued expenses | 5,385 | (4,736) |
Salaries, wages and related accruals | (3,937) | 454 |
Income taxes payable | (8,898) | (7,372) |
Net cash provided by operating activities | 86,011 | 83,878 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Acquisitions, net of cash acquired | (272,287) | (10,644) |
Proceeds from maturities of available-for-sale investments | 5,334 | 6,563 |
Purchases of available-for-sale investments | (26,000) | (3,061) |
Purchases of property and equipment | (8,794) | (11,608) |
Net cash used in investing activities | (301,747) | (18,750) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Cash dividends | (24,151) | (23,946) |
Proceeds from stock option exercises | 18,860 | 6,699 |
Re-purchases of common stock | (15,404) | |
Borrowings under credit agreement | 580,000 | 25,000 |
Payments on credit agreement | (373,250) | (6,000) |
Payments of contingent consideration | (35,000) | |
Other financing | (4,731) | (2,157) |
Net cash provided by (used in) financing activities | 181,324 | (35,404) |
Effect of exchange rate changes on cash and cash equivalents | (1,692) | 122 |
Net increase (decrease) in cash and cash equivalents | (36,104) | 29,846 |
Cash and cash equivalents at beginning of period | 121,990 | 91,612 |
Cash and cash equivalents at end of period | 85,886 | 121,458 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 10,812 | 3,630 |
Cash paid for income taxes | $ 19,135 | $ 27,873 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation and Summary of Significant Accounting Policies | 6 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Business Description and Accounting Policies [Text Block] | Note 1. The interim consolidated financial statements of Bio-Techne Corporation and subsidiaries, (the Company) presented here have been prepared by the Company and are unaudited. They have been prepared in accordance with accounting principles generally accepted in the United States of America and with instructions to Form 10 10 X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. These interim unaudited condensed consolidated financial statements should be read in conjunction with the Company's Consolidated Financial Statements and Notes thereto for the fiscal year ended June 30, 2018, 10 2018. 10 2018. Effective in the first 2019, not 2019. five two ● “Diagnostics and Genomics” will consist of the ACD operating segment, the Diagnostics operating segment, and the ExosomeDx operating segment. As part of the realignment, ACD will now be referred to as the Genomics operating segment. ● “Protein Sciences” will consist of the Core Biotechnology operating segment and the Protein Platforms operating segment. As part of the realignment, Protein Platforms will now be referred to as the Analytical Solutions Division (ASD) operating segment and Core Biotechnology will now be referred to as the Reagent Solutions Division (RSD) operating segment. Recently Adopted Accounting Pronouncements In May 2014, No. 2014 09, 606 On July 1, 2018, 606 July 1, 2018 606, not 605, Revenue Recognition The Company recorded a net increase to beginning retained earnings of $98,000 July 1, 2018 606. 606 not six December 31, 2018 not 2 606. In January 2016, No. 2016 01 Recognition and Measurement of Financial Assets and Financial Liabilities no 2016 01 July 1, 2018 ustment to opening retained earnings to be recorded for equity investments with readily determinable fair values. As of the adoption date, we held publicly traded equity investments with a fair value of $54.3 $35.4 $8.3 $ 27.1 2019. 2016 01, July 1, 2018 $7.2 $9.4 six December 31, 2018 2016 01 In February 2018, No. 2018 02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income 2017. December 15, 2018, July 1, 2019. 2018 02 July 1, 2018. $ 2.4 2018 02 2016 01 The following table presents a summary of cumulative effect adjustments to retained earnings due to the adoption of new accounting standards on July 1, 2018 Cumulative Effect Adjustments to Retained Earnings on July 1, 2018 Increase / (Decrease) Cumulative effect adjustment to retained earnings due to the adoption of the following new accounting standards: ASU 2014-09 $ 98 ASU 2016-01 27,053 ASU 2018-02 (2,371 ) Net cumulative effect adjustments to retained earnings on July 1, 2018 due to the adoption of new accounting standards $ 24,780 In January 2017, No. 2017 01, Clarifying the Definition of a Business July 1, 2018, In August 2017, No. 2017 12, December 15, 2018, July 1, 2019. 2017 12 October 1, 2018, 5. not Pronouncements Issued But Not In February 2016, 2016 02, Leases (Topic 842 December 15, 2018, July 1, 2019. July 2018, No. 2018 10, Codification Improvements to Topic 842, Leases 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 August 2018, No. 2018 15, Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract not December 15, 2019, July 1, 2020 may first 2018 15 |
Note 2 - Revenue Recognition
Note 2 - Revenue Recognition | 6 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | Note 2. Consumables revenues consist of single-use products and are recognized at a point in time following the transfer of control of such products to the customer, which generally occurs upon shipment. Instruments revenues typically consist of longer-lived assets that, for the substantial majority of sales, are recognized at a point in time in a manner similar to consumables. The vast majority of service revenues consist of extended warranty contracts, post contract support (“PCS”), and custom development projects that are recognized over time as either the customers receive and consume the benefits of such services simultaneously or the underlying asset being developed has no not not not not not third third The Company has elected the exemption to not one not December 31, 2018. Contracts with customers that contain instruments may Payment terms for shipments to end-users are generally net 30 may 30 90 Contract assets include revenues recognized in advance of billings. Contract assets are included within other current assets in the accompanying balance sheet as the amount of time expected to lapse until the company's right to consideration becomes unconditional is less than one one December 31, 2018 not Contract liabilities include billings in excess of revenues recognized, such as those resulting from customer advances and deposits and unearned revenue on warranty contracts. December 31, 2018 June 30, 2018 $9.7 $9.3 Contract liabilities as of June 30, 2018 six December 31, 2018 $2.0 $5.6 one Any claims for credit or return of goods must be made within 10 not Taxes collected from customers relating to product sales and remitted to governmental authorities are excluded from revenue. Amounts billed to customers for shipping and handling are included in revenue, while the related shipping and handling costs are reflected in cost of products. We have elected the practical expedient that allows us to account for shipping and handling activities that occur after the customer has obtained control of a good as a fulfillment cost, and we accrue costs of shipping and handling when the related revenue is recognized. The following tables present our disaggregated revenue for the periods presented. Revenue by type is as follows: Quarter Ended December 31, Six Months Ended December 31 , 2018 2017 2018 2017 Consumables $ 139,904 $ 125,646 $ 275,557 $ 245,748 Instruments 19,666 17,565 35,012 30,850 Services 9,162 8,660 17,462 17,038 Total product and services revenue, net 168,732 151,871 $ 328,031 $ 293,636 Royalty revenues 5,778 2,282 9,449 5,130 Total revenues, net $ 174,510 $ 154,153 $ 337,480 $ 298,766 Revenue by geography is as follows: Quarter Ended December 31 , Six Months Ended December 31 , 2018 2017 2018 2017 United States $ 92,902 $ 80,600 $ 183,358 $ 160,411 EMEA, excluding United Kingdom 38,446 36,374 73,677 67,764 United Kingdom 8,838 8,188 15,967 15,112 APAC, excluding Greater China 13,418 11,843 25,047 23,332 Greater China 16,312 13,192 29,734 23,909 Rest of World 4,594 3,956 9,697 8,238 Total revenues, net $ 174,510 $ 154,153 $ 337,480 $ 298,766 |
Note 3 - Selected Balance Sheet
Note 3 - Selected Balance Sheet Data | 6 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | N ote 3 . Selected Balance Sheet Data : Inventories: Inventories consist of (in thousands): December 31, 2018 June 30, 2018 Raw materials $ 35,253 $ 30,956 Finished goods 55,652 54,692 Inventories, net $ 90,905 $ 85,648 Property and Equipment: Property and equipment consist of (in thousands): December 31, June 30, 2018 2018 Land $ 7,065 $ 7,065 Buildings and improvements 170,772 170,110 Machinery and equipment 118,487 107,625 Property and equipment, cost 296,324 284,800 Accumulated depreciation and amortization (151,062 ) (139,452 ) Property and equipment, net $ 145,262 $ 145,348 Intangible Assets: Intangible assets consist of (in thousands): December 31, June 30, 2018 2018 Developed technology $ 497,546 $ 305,303 Trade names 88,988 89,608 Customer relationships 209,674 212,228 Patents 1,850 1,401 Intangible assets 798,058 608,540 Accumulated amortization (189,785 ) (162,208 ) Intangible assets, net $ 608,273 $ 446,332 Changes to the carrying amount of net intangible assets for the six December 31, 2018 Beginning balance $ 446,332 Acquisitions 193,400 Other additions 409 Amortization expense (29,354 ) Currency translation (2,514 ) Ending balance $ 608,273 The estimated future amortization expense for intangible assets as of December 31, 2018 2019 (remainder) $ 30,193 2020 59,752 2021 59,406 2022 57,746 2023 55,871 Thereafter 345,305 Total $ 608,273 Goodwill: Changes to the carrying amount of goodwill for the six December 31, 2018 Protein Sciences Diagnostics and Genomics Total Beginning balance $ 347,918 $ 249,972 $ 597,890 Acquisitions (Note 4) 13,554 99,027 112,581 Currency translation (4,061 ) (55 ) (4,116 ) Ending balance $ 357,411 $ 348,944 $ 706,355 We evaluate the carrying value of goodwill in the fourth fourth 2018. June 30, 2018. No six December 31, 2018. no 350 July 1, 2002. |
Note 4 - Acquisitions
Note 4 - Acquisitions | 6 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | Note 4 . Acquisitions: We periodically complete business combinations that align with our business strategy. Acquisitions are accounted for using the acquisition method of accounting, which requires, among other things, that assets acquired and liabilities assumed be recognized at fair value as of the acquisition date and the results of operations of each acquired business are included in our Condensed Consolidated Statement of Earnings and Comprehensive Income from their respective dates of acquisition. Acquisition costs are recorded in selling, general and administrative expenses as incurred. Quad Technologies On July 2, 2018, $20.5 $51.0 not first 2019. Certain estimated fair values are not fourth 2019 Preliminary Allocation at Acquisition Date Adjustments to Fair Value Adjusted Preliminary Allocation at December 31, 2018 Current assets, net of cash $ 36 $ - $ 36 Equipment and other long-term assets 284 - 284 Intangible assets: Developed technology 20,000 (6,600 ) 13,400 Goodwill 9,790 3,764 13,554 Total assets acquired 30,110 (2,836 ) 27,274 Liabilities 765 - 765 Deferred income taxes, net 3,741 (2,593 ) 1,148 Net assets acquired $ 25,604 $ (243 ) $ 25,361 Cash paid, net of cash acquired $ 20,404 $ 57 $ 20,461 Fair value of contingent consideration 5,200 (300 ) 4,900 Net assets acquired $ 25,604 $ (243 ) $ 25,361 As summarized in the table, there were adjustments totaling $3.8 Tangible assets and liabilities acquired were recorded at fair value on the date of close based on management's assessment. The purchase price allocated to developed technology was estimated based on management's forecasted cash inflows and outflows using a multi-period excess earnings method to calculate the fair value of assets purchased. The preliminary amount recorded for developed technology is being amortized with the expense reflected in cost of goods sold in the Condensed Consolidated Statement of Earnings and Comprehensive Income. The preliminary amortization periods for intangible assets acquired in fiscal 2019 15 not Exosome Diagnostics On August 1, 2018, $251.8 $325.0 ● Up to $250 2020 $45 $58 ● Up to $45 2022 $54 $70 ● Up to $30 2022 $150 $190 The goodwill recorded as a result of the acquisition represents the strategic benefits of growing the Company’s product portfolio and the expected revenue growth from increased market penetration. The goodwill is not first 2019. Certain estimated fair values are not fourth 2019 Preliminary Allocation at Acquisition Date Adjustments to Fair Value Adjusted Preliminary Allocation at December 31, 2018 Current assets, net of cash $ 5,118 $ (2,561 ) $ 2,557 Equipment and other long-term assets 2,212 - 2,212 Intangible assets: Developed technology 180,000 - 180,000 Goodwill 96,592 2,435 99,027 Total assets acquired 283,922 (126 ) 283,796 Liabilities 2,624 (126 ) 2,498 Deferred income taxes, net 27,673 - 27,673 Net assets acquired $ 253,625 $ - $ 253,625 Cash paid, net of cash acquired $ 251,825 $ - $ 251,825 Fair value of contingent consideration 1,800 - 1,800 Net assets acquired $ 253,625 $ - $ 253,625 As summarized in the table, there were adjustments totaling $2.4 Tangible assets and liabilities acquired were recorded at fair value on the date of close based on management's assessment. The purchase price allocated to developed technology was estimated based on management's forecasted cash inflows and outflows and using a multi-period excess earnings method to calculate the fair value of assets purchased. The preliminary amount recorded for developed technology is being amortized with the expense reflected in cost of goods sold in the Condensed Consolidated Statement of Earnings and Comprehensive Income. The preliminary amortization periods for intangible assets acquired in fiscal 2019 15 not |
Note 5 - Fair Value Measurement
Note 5 - Fair Value Measurements | 6 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | Not e 5 . Fair Value Measurements: The Company’s financial instruments include cash and cash equivalents, available for sale investments, accounts receivable, accounts payable, contingent consideration obligations, derivative instruments, 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 as of Fair Value Measurements Using Inputs Considered as December 31, 2018 Level 1 Level 2 Level 3 Assets Equity securities (1) $ 44,920 $ 44,920 $ - $ - Corporate bond securities (2) 25,727 25,727 - - Total Assets $ 70,647 $ 70,647 $ - $ - Liabilities Contingent Consideration $ 6,000 $ - $ - $ 6,000 Derivative Instruments - Cash Flow Hedges 5,131 - 5,131 - Total Liabilities $ 11,131 $ - $ 5,131 $ 6,000 Total carrying value as 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 $ - $ - Corporate bond securities (2) 5,478 5,478 - - Total Assets $ 59,764 $ 59,764 $ - $ - Liabilities Contingent Consideration $ - $ - $ - $ - Derivative Instruments - Cash Flow Hedges - - - - Total Liabilities $ - $ - $ - $ - ( 1 Included in available-for-sale investments on the balance sheet. The cost basis in the Company's investment in CCXI at December 31, 2018 June 30, 2018 $ 18.8 ( 2 Included in available-for-sale investments on the balance sheet. The certificate of deposits have contractual maturity dates within one Fair value measurements of available for sale securities 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 Fair value measurements of derivative instruments In October 2018, 6 $380 not six December 31, 2018. 2 Fair value measurements of contingent consideration In connection with the ExosomeDx and Quad acquisitions the Company is required to make contingent consideration payments of up to $325.0 $51.0 ed $6.7 $1.8 $4.9 4 3 The following table presents a reconciliation of the liability measured at fair value on a recurring basis using significant unobservable inputs (Level 3 six December 31, 2018 ( Quarter Ended Six Months Ended December 31, 2018 December 31, 2018 Fair value at the beginning of period $ 6,800 $ - Purchase price contingent consideration (Note 4) (300 ) 6,700 Change in fair value of contingent consideration (500 ) (700 ) Payments - - Fair value at the end of period $ 6,000 $ 6,000 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 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 Condensed Consolidated Balance Sheet approximate fair value because of the short-term nature of these items. Long-term debt – The carrying amounts reported in the Condensed Consolidated Balance Sheet for the amount drawn on our line-of-credit facility and borrowed under our term loan approximate fair value because our interest rate is variable and reflects current market rates. |
Note 6 - Debt and Other Financi
Note 6 - Debt and Other Financing Arrangements | 6 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 6 . Debt and Other Financing Arrangements: On August 1, 2018, $600.0 $200.0 $250.0 may 20 The Credit Agreement matures on August 1, 2023 August 1, 2018, $250.0 $330.0 December 31, 2018, $545.8 |
Note 7 - Supplemental Equity an
Note 7 - Supplemental Equity and Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | Note 7 . Supplemental Equity and Accumulated Other Comprehensive Income (loss) : Consolidated Changes in Equity (amounts in thousands) Common Stock Additional Paid-in Retained Accumulated Other Comprehensive Shares Amount Capital Earnings Income(Loss) Total Balances at June 30, 2018 37,608 $ 376 $ 246,568 $ 876,931 $ (44,814 ) $ 1,079,061 Cumulative effect adjustments due to adoption of new accounting standards 24,780 (24,682 ) 98 Net earnings 17,403 17,403 Other comprehensive loss (1,136 ) (1,136 ) Share repurchases - Surrender and retirement of stock to exercise options - Common stock issued for exercise of options 166 2 15,609 15,611 Common stock issued for restricted stock awards 24 0 (1,909 ) (1,909 ) Cash dividends (12,066 ) (12,066 ) Stock-based compensation expense 11,327 11,327 Common stock issued to employee stock purchase plan 5 - 842 842 Employee stock purchase plan expense 238 238 Balances at September 30, 2018 37,803 $ 378 $ 274,584 $ 905,139 $ (70,632 ) $ 1,109,469 Net earnings 17,556 17,556 Other comprehensive loss (12,379 ) (12,379 ) Share repurchases (95 ) (1 ) (15,404 ) (15,404 ) Surrender and retirement of stock to exercise options - Common stock issued for exercise of options 24 0 2,408 2,408 Common stock issued for restricted stock awards 3 0 0 - Cash dividends (12,086 ) (12,086 ) Stock-based compensation expense 6,784 6,784 Common stock issued to employee stock purchase plan 0 0 - Employee stock purchase plan expense 77 77 Balances at December 31, 2018 37,735 $ 377 $ 283,854 $ 895,205 $ (83,011 ) $ 1,096,425 Common Stock Additional Paid-in Retained Accumulated Other Comprehensive Shares Amount Capital Earnings Income(Loss) Total Balances at June 30, 2017 37,356 $ 374 $ 199,161 $ 799,027 $ (48,935 ) $ 949,627 Net earnings 15,863 15,863 Other comprehensive loss (824 ) (824 ) Surrender and retirement of stock to exercise options 0 Common stock issued for exercise of options 33 0 3,051 3,051 Common stock issued for restricted stock awards 13 0 (227 ) (227 ) Cash dividends (11,958 ) (11,958 ) Stock-based compensation expense 3,718 3,718 Common stock issued to employee stock purchase plan 7 0 755 755 Employee stock purchase plan expense 77 77 Balances at September 30, 2017 37,409 $ 374 $ 206,762 $ 802,705 $ (49,759 ) $ 960,082 Net earnings 48,847 48,847 Other comprehensive loss (7,058 ) (7,058 ) Surrender and retirement of stock to exercise options - Common stock issued for exercise of options 38 1 2,892 2,893 Common stock issued for restricted stock awards 22 - - - Cash dividends (11,988 ) (11,988 ) Stock-based compensation expense 4,985 4,985 Common stock issued to employee stock purchase plan - - - Employee stock purchase plan expense 59 59 Balances at December 31, 2017 37,470 $ 375 $ 214,697 $ 839,564 $ (56,817 ) $ 997,819 Accumulated Other Comprehensive Income The components of other comprehensive income (loss) consist of changes in net unrealized gains (losses) on available for sale investments with readily determinable fair values in fiscal 2018, 2019. no six December 31, 2018 2017. The accumulated balances related to each component of other comprehensive income (loss), net of tax, are summarized as follows (in thousands): Unrealized Gains Unrealized (Losses) on Foreign Gains Available- Currency (Losses) on for-Sale Translation Derivatives Investments Adjustments Instruments Total Beginning balance as of June 30, 2018 $ 24,682 $ (69,496 ) $ - $ (44,814 ) Cumulative effect adjustment for adoption for ASU 2018-02 (1) 2,371 - - 2,371 Cumulative effect adjustment for adoption for ASU 2016-01 (1) (27,053 ) - - (27,053 ) Other comprehensive income (loss), net of tax benefit of $1,216 on derivative instruments (2) - (9,600 ) (3,915 ) (13,515 ) Ending balance as of December 31, 2018 $ - $ (79,096 ) $ (3,915 ) $ (83,011 ) ( 1 1 2016 01 2018 02. ( 2 October 31, 2019. $250 $3,915 12 December 31, 2018. Unrealized Gains Unrealized (Losses) on Foreign Gains Available- Currency (Losses) on for-Sale Translation Derivative Investments Adjustments Instruments Total Beginning balance as of June 30, 2017 $ 18,989 $ (67,924 ) $ - $ (48,935 ) Other comprehensive income (loss), net of tax benefit of $4,576 before reclassifications (16,374 ) 8,492 - (7,882 ) Ending balance as of December 31.2017 $ 2,615 (59,432 ) $ - $ (56,817 ) |
Note 8 - Earnings Per Share
Note 8 - Earnings Per Share | 6 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 8 . Earnings Per Share: The following table reflects the calculation of basic and diluted earnings per share (in thousands, except per share amounts): Quarter Ended Six Months Ended December 31, December 31, 2018 2017 2018 2017 Earnings per share – basic: Net income $ 17,556 $ 48,847 $ 34,958 $ 64,710 Income allocated to participating securities (18 ) (41 ) (34 ) (50 ) Income available to common shareholders $ 17,538 $ 48,806 $ 34,924 $ 64,660 Weighted-average shares outstanding – basic 37,766 37,449 37,732 37,412 Earnings per share – basic $ 0.46 $ 1.30 $ 0.93 $ 1.73 Earnings per share – diluted: Net income $ 17,556 $ 48,847 $ 34,958 $ 64,710 Income allocated to participating securities (18 ) (41 ) (34 ) (50 ) Income available to common shareholders $ 17,538 $ 48,806 $ 34,924 $ 64,660 Weighted-average shares outstanding – basic 37,766 37,449 37,732 37,412 Dilutive effect of stock options and restricted stock units 982 477 1,050 404 Weighted-average common shares outstanding – diluted 38,748 37,926 38,782 37,816 Earnings per share – diluted $ 0.45 $ 1.29 $ 0.90 $ 1.71 The dilutive effect of stock options and restricted stock units in the above table excludes all options for which the aggregate exercise proceeds exceeded the average market price for the period. The number of potentially dilutive option shares excluded from the calculation was 1.3 1.6 December 31, 2018 2017, 1.3 1 .7 six December 31, 2018 2017, |
Note 9 - Share-based Compensati
Note 9 - Share-based Compensation | 6 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 9. During the six December 31, 2018 2017, 0.9 1.0 $174.10 $118.97 $34.69 $21.58, six December 31, 2018 2017, 53,903 35,674 $170.74 $125.02, six December 31, 2018 2017, 14,887 20,106 $177.93 $125.05, Stock options for 189,627 70,069 $16.3 $2.8 six December 31, 2018 2017, Stock-based compensation expense of $6.9 $5.0 December 31, 2018 2017, $18.4 $8.8 six December 31, 2018 2017, December 31, 2018, $37.8 2.2 |
Note 10 - Other Income (Expense
Note 10 - Other Income (Expense) | 6 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Other Income and Other Expense Disclosure [Text Block] | Note 10 . Other Income / (Expense): The components of other income (expense) in the accompanying Statement of Earnings and Comprehensive Income are as follows: Quarter Ended Six Months December 31, December 31, 2018 2017 2018 2017 Interest expense $ (5,759 ) $ (2,331 ) (10,997 ) $ (4,574 ) Interest income 114 68 216 144 Other non-operating income (expense), net (6,191 ) (154 ) (9,231 ) (1,050 ) Total other income (expense) $ (11,836 ) $ (2,417 ) (20,012 ) $ (5,480 ) |
Note 11 - Income Taxes
Note 11 - Income Taxes | 6 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 1 1 . Income Taxes: The Company’s effective income tax rate for the second 2019 2018 19.3% 124.8 11.2 44.8 first six 2019 2018, second first six 2019 second first six 2018 The Company recognized total net benefits related to discrete tax items of $1.1 second $5.3 first six 2019. $0.6 second first six 2019. $0.3 $3.7 second first six 2019, The Company recognized total net benefits related to discrete tax items of $31.0 second $31.5 first six 2018. $33.5 second first six 2018. $2.9 $3.8 second first six 2018 not On December 22, 2017, 35% 21%, one ccounting Bulletin (“SAB 118” 2018 05 Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin (SAB) No. 118 , which provides a measurement period of up to one During the quarter, the Company recorded a net discrete benefit of $0.6 may $4.3 Measurement period adjustments recorded during the second first six 2019 $ 2.1 2018 05, may The Company made the accounting policy election to treat taxes due on U.S. inclusions in taxable income related to GILTI as a current period expense when incurred. |
Note 12 - Segment Information
Note 12 - Segment Information | 6 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 12. The Company's management evaluates segment operating performance based on operating income before certain charges to cost of sales and selling, general and administrative expenses, principally associated with acquisition accounting related to inventory, stock based compensation, amortization of acquisition-related intangible assets and other acquisition-related expenses. The Protein Sciences and Diagnostics and Genomics reportable segments both include consumables, instruments, services and royalty revenue. The following is financial information relating to the Company's reportable segments (in thousands): Quarter Ended Six Months Ended December 31, December 31, 2018 2017 2018 2017 Net sales: Protein Sciences $ 135,462 $ 117,142 $ 261,852 $ 225,255 Diagnostics and Genomics 39,263 37,086 76,010 73,675 Intersegment (215 ) (75 ) (382 ) (164 ) Consolidated net sales $ 174,510 $ 154,153 $ 337,480 $ 298,766 Operating income: Protein Sciences $ 58,951 $ 50,218 $ 113,565 $ 96,427 Diagnostics and Genomics (1,054 ) 5,888 1,482 13,167 Segment operating income $ 57,897 $ 56,106 $ 115,047 $ 109,594 Costs recognized on sale of acquired inventory (935 ) (264 ) (1,869 ) (582 ) Amortization of acquisition related intangible assets (15,002 ) (11,296 ) (29,278 ) (22,675 ) Acquisition related expenses (348 ) (13,150 ) (2,973 ) (22,683 ) Stock based compensation (6,861 ) (5,044 ) (18,426 ) (8,839 ) Corporate general, selling, and administrative expenses (1,148 ) (2,204 ) (3,137 ) (4,636 ) Consolidated operating income $ 33,603 $ 24,148 $ 59,364 $ 50,179 |
Note 13 - Subsequent Events
Note 13 - Subsequent Events | 6 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 13. None. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements In May 2014, No. 2014 09, 606 On July 1, 2018, 606 July 1, 2018 606, not 605, Revenue Recognition The Company recorded a net increase to beginning retained earnings of $98,000 July 1, 2018 606. 606 not six December 31, 2018 not 2 606. In January 2016, No. 2016 01 Recognition and Measurement of Financial Assets and Financial Liabilities no 2016 01 July 1, 2018 ustment to opening retained earnings to be recorded for equity investments with readily determinable fair values. As of the adoption date, we held publicly traded equity investments with a fair value of $54.3 $35.4 $8.3 $27.1 2019. 2016 01, July 1, 2018 $7.2 $9.4 six December 31, 2018 2016 01 In February 2018, No. 2018 02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income 2017. December 15, 2018, July 1, 2019. 2018 02 July 1, 2018. $2.4 2018 02 2016 01 The following table presents a summary of cumulative effect adjustments to retained earnings due to the adoption of new accounting standards on July 1, 2018 Cumulative Effect Adjustments to Retained Earnings on July 1, 2018 Increase / (Decrease) Cumulative effect adjustment to retained earnings due to the adoption of the following new accounting standards: ASU 2014-09 $ 98 ASU 2016-01 27,053 ASU 2018-02 (2,371 ) Net cumulative effect adjustments to retained earnings on July 1, 2018 due to the adoption of new accounting standards $ 24,780 In January 2017, No. 2017 01, Clarifying the Definition of a Business July 1, 2018, In August 2017, No. 2017 12, December 15, 2018, July 1, 2019. 2017 12 October 1, 2018, 5. not Pronouncements Issued But Not In February 2016, 2016 02, Leases (Topic 842 December 15, 2018, July 1, 2019. July 2018, No. 2018 10, Codification Improvements to Topic 842, Leases 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 August 2018, No. 2018 15, Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract not December 15, 2019, July 1, 2020 may first 2018 15 |
Note 1 - Basis of Presentatio_2
Note 1 - Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | Cumulative Effect Adjustments to Retained Earnings on July 1, 2018 Increase / (Decrease) Cumulative effect adjustment to retained earnings due to the adoption of the following new accounting standards: ASU 2014-09 $ 98 ASU 2016-01 27,053 ASU 2018-02 (2,371 ) Net cumulative effect adjustments to retained earnings on July 1, 2018 due to the adoption of new accounting standards $ 24,780 |
Note 2 - Revenue Recognition (T
Note 2 - Revenue Recognition (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Quarter Ended December 31, Six Months Ended December 31 , 2018 2017 2018 2017 Consumables $ 139,904 $ 125,646 $ 275,557 $ 245,748 Instruments 19,666 17,565 35,012 30,850 Services 9,162 8,660 17,462 17,038 Total product and services revenue, net 168,732 151,871 $ 328,031 $ 293,636 Royalty revenues 5,778 2,282 9,449 5,130 Total revenues, net $ 174,510 $ 154,153 $ 337,480 $ 298,766 Quarter Ended December 31 , Six Months Ended December 31 , 2018 2017 2018 2017 United States $ 92,902 $ 80,600 $ 183,358 $ 160,411 EMEA, excluding United Kingdom 38,446 36,374 73,677 67,764 United Kingdom 8,838 8,188 15,967 15,112 APAC, excluding Greater China 13,418 11,843 25,047 23,332 Greater China 16,312 13,192 29,734 23,909 Rest of World 4,594 3,956 9,697 8,238 Total revenues, net $ 174,510 $ 154,153 $ 337,480 $ 298,766 |
Note 3 - Selected Balance She_2
Note 3 - Selected Balance Sheet Data (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, 2018 June 30, 2018 Raw materials $ 35,253 $ 30,956 Finished goods 55,652 54,692 Inventories, net $ 90,905 $ 85,648 |
Property, Plant and Equipment [Table Text Block] | December 31, June 30, 2018 2018 Land $ 7,065 $ 7,065 Buildings and improvements 170,772 170,110 Machinery and equipment 118,487 107,625 Property and equipment, cost 296,324 284,800 Accumulated depreciation and amortization (151,062 ) (139,452 ) Property and equipment, net $ 145,262 $ 145,348 |
Schedule of Intangible Assets and Goodwill [Table Text Block] | December 31, June 30, 2018 2018 Developed technology $ 497,546 $ 305,303 Trade names 88,988 89,608 Customer relationships 209,674 212,228 Patents 1,850 1,401 Intangible assets 798,058 608,540 Accumulated amortization (189,785 ) (162,208 ) Intangible assets, net $ 608,273 $ 446,332 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Beginning balance $ 446,332 Acquisitions 193,400 Other additions 409 Amortization expense (29,354 ) Currency translation (2,514 ) Ending balance $ 608,273 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2019 (remainder) $ 30,193 2020 59,752 2021 59,406 2022 57,746 2023 55,871 Thereafter 345,305 Total $ 608,273 |
Schedule of Goodwill [Table Text Block] | Protein Sciences Diagnostics and Genomics Total Beginning balance $ 347,918 $ 249,972 $ 597,890 Acquisitions (Note 4) 13,554 99,027 112,581 Currency translation (4,061 ) (55 ) (4,116 ) Ending balance $ 357,411 $ 348,944 $ 706,355 |
Note 4 - Acquisitions (Tables)
Note 4 - Acquisitions (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Preliminary Allocation at Acquisition Date Adjustments to Fair Value Adjusted Preliminary Allocation at December 31, 2018 Current assets, net of cash $ 36 $ - $ 36 Equipment and other long-term assets 284 - 284 Intangible assets: Developed technology 20,000 (6,600 ) 13,400 Goodwill 9,790 3,764 13,554 Total assets acquired 30,110 (2,836 ) 27,274 Liabilities 765 - 765 Deferred income taxes, net 3,741 (2,593 ) 1,148 Net assets acquired $ 25,604 $ (243 ) $ 25,361 Cash paid, net of cash acquired $ 20,404 $ 57 $ 20,461 Fair value of contingent consideration 5,200 (300 ) 4,900 Net assets acquired $ 25,604 $ (243 ) $ 25,361 Preliminary Allocation at Acquisition Date Adjustments to Fair Value Adjusted Preliminary Allocation at December 31, 2018 Current assets, net of cash $ 5,118 $ (2,561 ) $ 2,557 Equipment and other long-term assets 2,212 - 2,212 Intangible assets: Developed technology 180,000 - 180,000 Goodwill 96,592 2,435 99,027 Total assets acquired 283,922 (126 ) 283,796 Liabilities 2,624 (126 ) 2,498 Deferred income taxes, net 27,673 - 27,673 Net assets acquired $ 253,625 $ - $ 253,625 Cash paid, net of cash acquired $ 251,825 $ - $ 251,825 Fair value of contingent consideration 1,800 - 1,800 Net assets acquired $ 253,625 $ - $ 253,625 |
Note 5 - Fair Value Measureme_2
Note 5 - Fair Value Measurements (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Total carrying value as of Fair Value Measurements Using Inputs Considered as December 31, 2018 Level 1 Level 2 Level 3 Assets Equity securities (1) $ 44,920 $ 44,920 $ - $ - Corporate bond securities (2) 25,727 25,727 - - Total Assets $ 70,647 $ 70,647 $ - $ - Liabilities Contingent Consideration $ 6,000 $ - $ - $ 6,000 Derivative Instruments - Cash Flow Hedges 5,131 - 5,131 - Total Liabilities $ 11,131 $ - $ 5,131 $ 6,000 Total carrying value as 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 $ - $ - Corporate bond securities (2) 5,478 5,478 - - Total Assets $ 59,764 $ 59,764 $ - $ - Liabilities Contingent Consideration $ - $ - $ - $ - Derivative Instruments - Cash Flow Hedges - - - - Total Liabilities $ - $ - $ - $ - |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Quarter Ended Six Months Ended December 31, 2018 December 31, 2018 Fair value at the beginning of period $ 6,800 $ - Purchase price contingent consideration (Note 4) (300 ) 6,700 Change in fair value of contingent consideration (500 ) (700 ) Payments - - Fair value at the end of period $ 6,000 $ 6,000 |
Note 7 - Supplemental Equity _2
Note 7 - Supplemental Equity and Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Consolidated Stockholders' Equity Statement [Table Text Block] | Common Stock Additional Paid-in Retained Accumulated Other Comprehensive Shares Amount Capital Earnings Income(Loss) Total Balances at June 30, 2018 37,608 $ 376 $ 246,568 $ 876,931 $ (44,814 ) $ 1,079,061 Cumulative effect adjustments due to adoption of new accounting standards 24,780 (24,682 ) 98 Net earnings 17,403 17,403 Other comprehensive loss (1,136 ) (1,136 ) Share repurchases - Surrender and retirement of stock to exercise options - Common stock issued for exercise of options 166 2 15,609 15,611 Common stock issued for restricted stock awards 24 0 (1,909 ) (1,909 ) Cash dividends (12,066 ) (12,066 ) Stock-based compensation expense 11,327 11,327 Common stock issued to employee stock purchase plan 5 - 842 842 Employee stock purchase plan expense 238 238 Balances at September 30, 2018 37,803 $ 378 $ 274,584 $ 905,139 $ (70,632 ) $ 1,109,469 Net earnings 17,556 17,556 Other comprehensive loss (12,379 ) (12,379 ) Share repurchases (95 ) (1 ) (15,404 ) (15,404 ) Surrender and retirement of stock to exercise options - Common stock issued for exercise of options 24 0 2,408 2,408 Common stock issued for restricted stock awards 3 0 0 - Cash dividends (12,086 ) (12,086 ) Stock-based compensation expense 6,784 6,784 Common stock issued to employee stock purchase plan 0 0 - Employee stock purchase plan expense 77 77 Balances at December 31, 2018 37,735 $ 377 $ 283,854 $ 895,205 $ (83,011 ) $ 1,096,425 Common Stock Additional Paid-in Retained Accumulated Other Comprehensive Shares Amount Capital Earnings Income(Loss) Total Balances at June 30, 2017 37,356 $ 374 $ 199,161 $ 799,027 $ (48,935 ) $ 949,627 Net earnings 15,863 15,863 Other comprehensive loss (824 ) (824 ) Surrender and retirement of stock to exercise options 0 Common stock issued for exercise of options 33 0 3,051 3,051 Common stock issued for restricted stock awards 13 0 (227 ) (227 ) Cash dividends (11,958 ) (11,958 ) Stock-based compensation expense 3,718 3,718 Common stock issued to employee stock purchase plan 7 0 755 755 Employee stock purchase plan expense 77 77 Balances at September 30, 2017 37,409 $ 374 $ 206,762 $ 802,705 $ (49,759 ) $ 960,082 Net earnings 48,847 48,847 Other comprehensive loss (7,058 ) (7,058 ) Surrender and retirement of stock to exercise options - Common stock issued for exercise of options 38 1 2,892 2,893 Common stock issued for restricted stock awards 22 - - - Cash dividends (11,988 ) (11,988 ) Stock-based compensation expense 4,985 4,985 Common stock issued to employee stock purchase plan - - - Employee stock purchase plan expense 59 59 Balances at December 31, 2017 37,470 $ 375 $ 214,697 $ 839,564 $ (56,817 ) $ 997,819 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Unrealized Gains Unrealized (Losses) on Foreign Gains Available- Currency (Losses) on for-Sale Translation Derivatives Investments Adjustments Instruments Total Beginning balance as of June 30, 2018 $ 24,682 $ (69,496 ) $ - $ (44,814 ) Cumulative effect adjustment for adoption for ASU 2018-02 (1) 2,371 - - 2,371 Cumulative effect adjustment for adoption for ASU 2016-01 (1) (27,053 ) - - (27,053 ) Other comprehensive income (loss), net of tax benefit of $1,216 on derivative instruments (2) - (9,600 ) (3,915 ) (13,515 ) Ending balance as of December 31, 2018 $ - $ (79,096 ) $ (3,915 ) $ (83,011 ) Unrealized Gains Unrealized (Losses) on Foreign Gains Available- Currency (Losses) on for-Sale Translation Derivative Investments Adjustments Instruments Total Beginning balance as of June 30, 2017 $ 18,989 $ (67,924 ) $ - $ (48,935 ) Other comprehensive income (loss), net of tax benefit of $4,576 before reclassifications (16,374 ) 8,492 - (7,882 ) Ending balance as of December 31.2017 $ 2,615 (59,432 ) $ - $ (56,817 ) |
Note 8 - Earnings Per Share (Ta
Note 8 - Earnings Per Share (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Quarter Ended Six Months Ended December 31, December 31, 2018 2017 2018 2017 Earnings per share – basic: Net income $ 17,556 $ 48,847 $ 34,958 $ 64,710 Income allocated to participating securities (18 ) (41 ) (34 ) (50 ) Income available to common shareholders $ 17,538 $ 48,806 $ 34,924 $ 64,660 Weighted-average shares outstanding – basic 37,766 37,449 37,732 37,412 Earnings per share – basic $ 0.46 $ 1.30 $ 0.93 $ 1.73 Earnings per share – diluted: Net income $ 17,556 $ 48,847 $ 34,958 $ 64,710 Income allocated to participating securities (18 ) (41 ) (34 ) (50 ) Income available to common shareholders $ 17,538 $ 48,806 $ 34,924 $ 64,660 Weighted-average shares outstanding – basic 37,766 37,449 37,732 37,412 Dilutive effect of stock options and restricted stock units 982 477 1,050 404 Weighted-average common shares outstanding – diluted 38,748 37,926 38,782 37,816 Earnings per share – diluted $ 0.45 $ 1.29 $ 0.90 $ 1.71 |
Note 10 - Other Income (Expen_2
Note 10 - Other Income (Expense) (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | Quarter Ended Six Months December 31, December 31, 2018 2017 2018 2017 Interest expense $ (5,759 ) $ (2,331 ) (10,997 ) $ (4,574 ) Interest income 114 68 216 144 Other non-operating income (expense), net (6,191 ) (154 ) (9,231 ) (1,050 ) Total other income (expense) $ (11,836 ) $ (2,417 ) (20,012 ) $ (5,480 ) |
Note 12 - Segment Information (
Note 12 - Segment Information (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Quarter Ended Six Months Ended December 31, December 31, 2018 2017 2018 2017 Net sales: Protein Sciences $ 135,462 $ 117,142 $ 261,852 $ 225,255 Diagnostics and Genomics 39,263 37,086 76,010 73,675 Intersegment (215 ) (75 ) (382 ) (164 ) Consolidated net sales $ 174,510 $ 154,153 $ 337,480 $ 298,766 Operating income: Protein Sciences $ 58,951 $ 50,218 $ 113,565 $ 96,427 Diagnostics and Genomics (1,054 ) 5,888 1,482 13,167 Segment operating income $ 57,897 $ 56,106 $ 115,047 $ 109,594 Costs recognized on sale of acquired inventory (935 ) (264 ) (1,869 ) (582 ) Amortization of acquisition related intangible assets (15,002 ) (11,296 ) (29,278 ) (22,675 ) Acquisition related expenses (348 ) (13,150 ) (2,973 ) (22,683 ) Stock based compensation (6,861 ) (5,044 ) (18,426 ) (8,839 ) Corporate general, selling, and administrative expenses (1,148 ) (2,204 ) (3,137 ) (4,636 ) Consolidated operating income $ 33,603 $ 24,148 $ 59,364 $ 50,179 |
Note 1 - Basis of Presentatio_3
Note 1 - Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2018USD ($) | Jul. 01, 2018USD ($) | Jun. 30, 2018USD ($) | |
Number of Operating Segments | 5 | |||
Number of Reportable Segments | 2 | |||
Retained Earnings (Accumulated Deficit), Ending Balance | $ 895,205,000 | $ 895,205,000 | $ 876,931,000 | |
Available-for-sale Securities, Total | 54,300,000 | |||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax, Total | 35,400,000 | |||
Deferred Tax Liabilities, Other Comprehensive Income | 8,300,000 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Total | (83,011,000) | (83,011,000) | $ (44,814,000) | |
Accounting Standards Update 2014-09 [Member] | ||||
Retained Earnings (Accumulated Deficit), Ending Balance | $ 98,000 | |||
Accounting Standards Update 2016-01 [Member] | ||||
Retained Earnings (Accumulated Deficit), Ending Balance | 27,100,000 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Total | (27,100,000) | |||
Accounting Standards Update 2016-01 [Member] | Other Nonoperating Income (Expense) [Member] | ||||
Equity Securities, FV-NI, Gain (Loss), Total | $ 7,200,000 | $ 9,400,000 | ||
Accounting Standards Update 2018-02 [Member] | ||||
Retained Earnings (Accumulated Deficit), Ending Balance | (2,400,000) | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Total | $ 2,400,000 |
Note 1 - Basis of Presentatio_4
Note 1 - Basis of Presentation and Summary of Significant Accounting Policies - Cumulative Effect Adjustments to Retained Earnings (Details) - USD ($) $ in Thousands | Jul. 01, 2018 | Jun. 30, 2018 |
Net cumulative effect adjustments to Retained earnings on July 1, 2018 due to the adoption of new accounting standards | $ 98 | |
Retained Earnings [Member] | ||
Net cumulative effect adjustments to Retained earnings on July 1, 2018 due to the adoption of new accounting standards | $ 24,780 | $ 24,780 |
Accounting Standards Update 2014-09 [Member] | Retained Earnings [Member] | ||
Net cumulative effect adjustments to Retained earnings on July 1, 2018 due to the adoption of new accounting standards | 98 | |
Accounting Standards Update 2016-01 [Member] | Retained Earnings [Member] | ||
Net cumulative effect adjustments to Retained earnings on July 1, 2018 due to the adoption of new accounting standards | 27,053 | |
Accounting Standards Update 2018-02 [Member] | Retained Earnings [Member] | ||
Net cumulative effect adjustments to Retained earnings on July 1, 2018 due to the adoption of new accounting standards | $ (2,371) |
Note 2 - Revenue Recognition (D
Note 2 - Revenue Recognition (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2018 | Jun. 30, 2018 | |
Contract with Customer, Liability, Total | $ 9.7 | $ 9.7 | $ 9.3 |
Contract with Customer, Liability, Revenue Recognized | $ 2 | $ 5.6 |
Note 2 - Revenue Recognition -
Note 2 - Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues, net | $ 174,510 | $ 154,153 | $ 337,480 | $ 298,766 |
UNITED STATES | ||||
Revenues, net | 92,902 | 80,600 | 183,358 | 160,411 |
EMEA, excluding U.K. [Member] | ||||
Revenues, net | 38,446 | 36,374 | 73,677 | 67,764 |
UNITED KINGDOM | ||||
Revenues, net | 8,838 | 8,188 | 15,967 | 15,112 |
APAC, excluding Greater China [Member] | ||||
Revenues, net | 13,418 | 11,843 | 25,047 | 23,332 |
CHINA | ||||
Revenues, net | 16,312 | 13,192 | 29,734 | 23,909 |
Rest of World [Member] | ||||
Revenues, net | 4,594 | 3,956 | 9,697 | 8,238 |
Consumables [Member] | ||||
Revenues, net | 139,904 | 125,646 | 275,557 | 245,748 |
Instruments [Member] | ||||
Revenues, net | 19,666 | 17,565 | 35,012 | 30,850 |
Service [Member] | ||||
Revenues, net | 9,162 | 8,660 | 17,462 | 17,038 |
Product and Services [Member] | ||||
Revenues, net | 168,732 | 151,871 | 328,031 | 293,636 |
Royalty [Member] | ||||
Revenues, net | $ 5,778 | $ 2,282 | $ 9,449 | $ 5,130 |
Note 3 - Selected Balance She_3
Note 3 - Selected Balance Sheet Data - Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Jun. 30, 2018 |
Raw materials | $ 35,253 | $ 30,956 |
Finished goods | 55,652 | 54,692 |
Inventories, net | $ 90,905 | $ 85,648 |
Note 3 - Selected Balance She_4
Note 3 - Selected Balance Sheet Data - Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Jun. 30, 2018 |
Property and equipment, cost | $ 296,324 | $ 284,800 |
Accumulated depreciation and amortization | (151,062) | (139,452) |
Property and equipment, net | 145,262 | 145,348 |
Land [Member] | ||
Property and equipment, cost | 7,065 | 7,065 |
Building and Building Improvements [Member] | ||
Property and equipment, cost | 170,772 | 170,110 |
Machinery and Equipment [Member] | ||
Property and equipment, cost | $ 118,487 | $ 107,625 |
Note 3 - Selected Balance She_5
Note 3 - Selected Balance Sheet Data - Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Jun. 30, 2018 |
Intangible assets | $ 798,058 | $ 608,540 |
Accumulated amortization | (189,785) | (162,208) |
Intangible assets, net | 608,273 | 446,332 |
Developed Technology Rights [Member] | ||
Intangible assets | 497,546 | 305,303 |
Trade Names [Member] | ||
Intangible assets | 88,988 | 89,608 |
Customer Relationships [Member] | ||
Intangible assets | 209,674 | 212,228 |
Patents [Member] | ||
Intangible assets | $ 1,850 | $ 1,401 |
Note 3 - Selected Balance She_6
Note 3 - Selected Balance Sheet Data - Changes to Carrying Amount of Net Intangible Assets (Details) $ in Thousands | 6 Months Ended |
Dec. 31, 2018USD ($) | |
Beginning balance | $ 446,332 |
Acquisitions | 193,400 |
Other additions | 409 |
Amortization expense | (29,354) |
Currency translation | (2,514) |
Ending balance | $ 608,273 |
Note 3 - Selected Balance She_7
Note 3 - Selected Balance Sheet Data - Estimated Future Amortization Expense for Intangible Assets (Details) $ in Thousands | Dec. 31, 2018USD ($) |
2019 (remainder) | $ 30,193 |
2,020 | 59,752 |
2,021 | 59,406 |
2,022 | 57,746 |
2,023 | 55,871 |
Thereafter | 345,305 |
Total | $ 608,273 |
Note 3 - Selected Balance She_8
Note 3 - Selected Balance Sheet Data - Changes in Carrying Amount of Goodwill (Details) $ in Thousands | 6 Months Ended |
Dec. 31, 2018USD ($) | |
Beginning balance | $ 597,890 |
Acquisitions (Note 4) | 112,581 |
Currency translation | (4,116) |
Ending balance | 706,355 |
Protein Sciences [Member] | |
Beginning balance | 347,918 |
Acquisitions (Note 4) | 13,554 |
Currency translation | (4,061) |
Ending balance | 357,411 |
Diagnostics and Genomics [Member] | |
Beginning balance | 249,972 |
Acquisitions (Note 4) | 99,027 |
Currency translation | (55) |
Ending balance | $ 348,944 |
Note 4 - Acquisitions (Details
Note 4 - Acquisitions (Details Textual) - USD ($) $ in Thousands | Aug. 01, 2018 | Jul. 02, 2018 | Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 |
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 272,287 | $ 10,644 | |||||
QT Holdings Corporation [Member] | |||||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 20,404 | $ 20,461 | |||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 51,000 | $ 51,000 | 51,000 | $ 51,000 | 51,000 | ||
Goodwill, Purchase Accounting Adjustments | 3,764 | ||||||
QT Holdings Corporation [Member] | Developed Technology Rights [Member] | |||||||
Finite-Lived Intangible Asset, Useful Life | 15 years | ||||||
Exosome Diagnostics, Inc [Member] | |||||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 251,825 | 251,825 | |||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 325,000 | 325,000 | $ 325,000 | $ 325,000 | $ 325,000 | ||
Goodwill, Purchase Accounting Adjustments | $ 2,435 | ||||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 0 | ||||||
Exosome Diagnostics, Inc [Member] | Calendar Year 2020 EBITA Between $45 Million and $58 Million or Greater [Member] | |||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 250,000 | ||||||
Exosome Diagnostics, Inc [Member] | Calendar Year 2022 EBITA for A New Instrument Product Between $54 Million and $70 Million or Greater [Member] | |||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 45,000 | ||||||
Exosome Diagnostics, Inc [Member] | Calendar Year 2022 EBITA for Remaining Business Between $150 Million and $190 Million or Greater [Member] | |||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 30,000 | ||||||
Exosome Diagnostics, Inc [Member] | Developed Technology Rights [Member] | |||||||
Finite-Lived Intangible Asset, Useful Life | 15 years |
Note 4 - Acquisitions - Prelimi
Note 4 - Acquisitions - Preliminary and Final Fair Value of Assets and Liabilities Assumed (Details) - USD ($) $ in Thousands | Aug. 01, 2018 | Jul. 02, 2018 | Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2018 |
Goodwill | $ 706,355 | $ 706,355 | $ 706,355 | $ 706,355 | $ 597,890 | |||
Payments to Acquire Businesses, Net of Cash Acquired, Total | 272,287 | $ 10,644 | ||||||
QT Holdings Corporation [Member] | ||||||||
Current assets, net of cash | $ 36 | 36 | 36 | 36 | 36 | |||
Equipment and other long-term assets | 284 | 284 | 284 | 284 | 284 | |||
Intangible assets | 20,000 | 13,400 | 13,400 | 13,400 | 13,400 | |||
Intangible assets, adjustments | (6,600) | |||||||
Goodwill | 9,790 | 13,554 | 13,554 | 13,554 | 13,554 | |||
Goodwill, Purchase Accounting Adjustments | 3,764 | |||||||
Total assets acquired | 30,110 | 27,274 | 27,274 | 27,274 | 27,274 | |||
Total assets acquired, adjustments | (2,836) | |||||||
Liabilities | 765 | 765 | 765 | 765 | 765 | |||
Deferred income taxes, net | 3,741 | 1,148 | 1,148 | 1,148 | 1,148 | |||
Deferred income taxes, net, adjustments | (2,593) | |||||||
Net assets acquired | 25,604 | 25,361 | 25,361 | 25,361 | 25,361 | |||
Net assets acquired, adjustments | (243) | (243) | ||||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | 20,404 | 20,461 | ||||||
Cash paid, net of cash acquired, adjustments | 57 | |||||||
Fair value of contingent consideration | 5,200 | 4,900 | ||||||
Fair value of contingent consideration, adjustments | (300) | |||||||
Net assets acquired | $ 25,604 | 25,361 | ||||||
Exosome Diagnostics, Inc [Member] | ||||||||
Current assets, net of cash | $ 5,118 | 2,557 | 2,557 | 2,557 | 2,557 | |||
Equipment and other long-term assets | 2,212 | 2,212 | 2,212 | 2,212 | 2,212 | |||
Intangible assets | 180,000 | 180,000 | 180,000 | 180,000 | 180,000 | |||
Goodwill | 96,592 | 99,027 | 99,027 | 99,027 | 99,027 | |||
Goodwill, Purchase Accounting Adjustments | 2,435 | |||||||
Total assets acquired | 283,922 | 283,796 | 283,796 | 283,796 | 283,796 | |||
Liabilities | 2,624 | 2,498 | 2,498 | 2,498 | 2,498 | |||
Deferred income taxes, net | 27,673 | 27,673 | 27,673 | 27,673 | 27,673 | |||
Net assets acquired | 253,625 | 253,625 | $ 253,625 | $ 253,625 | $ 253,625 | |||
Payments to Acquire Businesses, Net of Cash Acquired, Total | 251,825 | 251,825 | ||||||
Fair value of contingent consideration | 1,800 | 1,800 | ||||||
Net assets acquired | $ 253,625 | 253,625 | ||||||
Current assets, net of cash, adjustment | (2,561) | |||||||
Total assets acquired, adjustment | (126) | |||||||
Liabilities, adjustment | $ (126) |
Note 5 - Fair Value Measureme_3
Note 5 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2018 | Oct. 31, 2018 | Aug. 01, 2018 | Jul. 02, 2018 | Jun. 30, 2018 |
Business Combination, Liabilities Arising from Contingencies, Amount Recognized | $ 6,700 | ||||
Exosome Diagnostics, Inc [Member] | |||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 325,000 | $ 325,000 | |||
Business Combination, Liabilities Arising from Contingencies, Amount Recognized | 1,800 | ||||
QT Holdings Corporation [Member] | |||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 51,000 | $ 51,000 | |||
Business Combination, Liabilities Arising from Contingencies, Amount Recognized | 4,900 | ||||
Embedded Derivative Financial Instruments [Member] | Cash Flow Hedging [Member] | |||||
Derivative, Notional Amount | $ 380,000 | ||||
CCXI [Member] | |||||
Investments, Total | $ 18,800 | $ 18,800 |
Note 5 - Fair Value Measureme_4
Note 5 - Fair Value Measurements - Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Jun. 30, 2018 | |
Total Assets | $ 70,647 | $ 59,764 | |
Contingent Consideration | 6,000 | ||
Derivative Instruments - Cash Flow Hedges | 5,131 | ||
Total Liabilities | 11,131 | ||
Fair Value, Inputs, Level 1 [Member] | |||
Total Assets | 70,647 | 59,764 | |
Contingent Consideration | |||
Derivative Instruments - Cash Flow Hedges | |||
Total Liabilities | |||
Fair Value, Inputs, Level 2 [Member] | |||
Total Assets | |||
Contingent Consideration | |||
Derivative Instruments - Cash Flow Hedges | 5,131 | ||
Total Liabilities | 5,131 | ||
Fair Value, Inputs, Level 3 [Member] | |||
Total Assets | |||
Contingent Consideration | 6,000 | ||
Derivative Instruments - Cash Flow Hedges | |||
Total Liabilities | 6,000 | ||
Equity Securities [Member] | |||
Investments, Fair Value Disclosure | 44,920 | [1] | 54,286 |
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Investments, Fair Value Disclosure | 44,920 | [1] | 54,286 |
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] | ||
Corporate Debt Securities [Member] | |||
Investments, Fair Value Disclosure | 25,727 | [2] | 5,478 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Investments, Fair Value Disclosure | 25,727 | [2] | 5,478 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Investments, Fair Value Disclosure | [2] | ||
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Investments, Fair Value Disclosure | [2] | ||
[1] | Included in available-for-sale investments on the balance sheet. The cost basis in the Company's investment in CCXI at December 31, 2018 and June 30, 2018 was $18.8 million | ||
[2] | Included in available-for-sale investments on the balance sheet. The certificate of deposits have contractual maturity dates within one year. |
Note 5 - Fair Value Measureme_5
Note 5 - Fair Value Measurements - Liability Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Details) - Contingent Consideration [Member] - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Dec. 31, 2018 | Dec. 31, 2018 | |
Fair value at the beginning of period | $ 6.8 | |
Purchase price contingent consideration (Note 4) | (0.3) | 6.7 |
Change in fair value of contingent consideration | (0.5) | (0.7) |
Payments | ||
Fair value at the end of period | $ 6 | $ 6 |
Note 6 - Debt and Other Finan_2
Note 6 - Debt and Other Financing Arrangements (Details Textual) - USD ($) $ in Thousands | Aug. 01, 2018 | Dec. 31, 2018 | Dec. 31, 2017 |
Proceeds from Long-term Lines of Credit | $ 580,000 | $ 25,000 | |
Credit Agreement [Member] | |||
Long-term Debt, Total | $ 545,800 | ||
Credit Agreement [Member] | Term Loan [Member] | |||
Debt Instrument, Face Amount | $ 250,000 | ||
Proceeds from Issuance of Long-term Debt, Total | 250,000 | ||
Revolving Credit Facility [Member] | Credit Agreement [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 600,000 | ||
Line of Credit Facility, Additional Borrowing Capacity | $ 200,000 | ||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.20% | ||
Proceeds from Long-term Lines of Credit | $ 330,000 |
Note 7 - Supplemental Equity _3
Note 7 - Supplemental Equity and Accumulated Other Comprehensive Income (Loss) (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2017 | |
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | $ 0 | $ 0 | |||||
Stockholders' Equity Attributable to Parent, Ending Balance | 1,096,425 | 997,819 | $ 1,109,469 | $ 1,079,061 | $ 960,082 | $ 949,627 | |
Accumulated Other Comprehensive Income (Loss), Derivative Qualifying as Hedge, Excluded Component, Including Portion Attributable to Noncontrolling Interest [Member] | |||||||
Stockholders' Equity Attributable to Parent, Ending Balance | $ (3,915) | ||||||
Scenario, Forecast [Member] | |||||||
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | $ 250 |
Note 7 - Supplemental Equity _4
Note 7 - Supplemental Equity and Accumulated Other Comprehensive Income (Loss) - Consolidated Changes in Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Balance (in shares) | 37,607,500 | 37,607,500 | ||||
Balance | $ 1,109,469 | $ 1,079,061 | $ 960,082 | $ 949,627 | $ 1,079,061 | $ 949,627 |
Cumulative effect adjustments due to adoption of new accounting standards | 98 | 98 | ||||
Net earnings | 17,556 | 17,403 | 48,847 | 15,863 | 34,958 | 64,710 |
Other comprehensive loss | (12,379) | (1,136) | (7,058) | (824) | $ (13,515) | $ (7,882) |
Share repurchases | (15,404) | |||||
Surrender and retirement of stock to exercise options | 0 | |||||
Common stock issued for exercise of options (in shares) | 189,627 | 70,069 | ||||
Common stock issued for exercise of options | 2,408 | 15,611 | 2,893 | 3,051 | ||
Common stock issued for restricted stock awards | (1,909) | (227) | ||||
Cash dividends | (12,086) | (12,066) | (11,988) | (11,958) | ||
Stock-based compensation expense | 6,784 | 11,327 | 4,985 | 3,718 | ||
Common stock issued to employee stock purchase plan | 842 | 755 | ||||
Employee stock purchase plan expense | $ 77 | 238 | 59 | 77 | ||
Balance (in shares) | 37,734,646 | 37,734,646 | ||||
Balance | $ 1,096,425 | $ 1,109,469 | $ 997,819 | $ 960,082 | $ 1,096,425 | $ 997,819 |
Common Stock [Member] | ||||||
Balance (in shares) | 37,803,000 | 37,608,000 | 37,409,000 | 37,356,000 | 37,608,000 | 37,356,000 |
Balance | $ 378 | $ 376 | $ 374 | $ 374 | $ 376 | $ 374 |
Cumulative effect adjustments due to adoption of new accounting standards | ||||||
Net earnings | ||||||
Other comprehensive loss | ||||||
Share repurchases | (1) | |||||
Surrender and retirement of stock to exercise options | ||||||
Common stock issued for exercise of options (in shares) | 24,000 | 166,000 | 38,000 | 33,000 | ||
Common stock issued for exercise of options | $ 0 | $ 2 | $ 1 | $ 0 | ||
Common stock issued for restricted stock awards (in shares) | 3,000 | 24,000 | 22,000 | 13,000 | ||
Common stock issued for restricted stock awards | $ 0 | $ 0 | $ 0 | |||
Cash dividends | ||||||
Stock-based compensation expense | ||||||
Common stock issued to employee stock purchase plan (in shares) | 0 | 5,000 | 7,000 | |||
Common stock issued to employee stock purchase plan | $ 0 | $ 0 | ||||
Employee stock purchase plan expense | ||||||
Share repurchases (in shares) | (95,000) | |||||
Balance (in shares) | 37,735,000 | 37,803,000 | 37,470,000 | 37,409,000 | 37,735,000 | 37,470,000 |
Balance | $ 377 | $ 378 | $ 375 | $ 374 | $ 377 | $ 375 |
Additional Paid-in Capital [Member] | ||||||
Balance | 274,584 | 246,568 | 206,762 | 199,161 | 246,568 | 199,161 |
Cumulative effect adjustments due to adoption of new accounting standards | ||||||
Net earnings | ||||||
Other comprehensive loss | ||||||
Share repurchases | ||||||
Surrender and retirement of stock to exercise options | ||||||
Common stock issued for exercise of options | 2,408 | 15,609 | 2,892 | 3,051 | ||
Common stock issued for restricted stock awards | ||||||
Cash dividends | ||||||
Stock-based compensation expense | 6,784 | 11,327 | 4,985 | 3,718 | ||
Common stock issued to employee stock purchase plan | 842 | 755 | ||||
Employee stock purchase plan expense | 77 | 238 | 59 | 77 | ||
Balance | 283,854 | 274,584 | 214,697 | 206,762 | 283,854 | 214,697 |
Retained Earnings [Member] | ||||||
Balance | 905,139 | 876,931 | 802,705 | 799,027 | 876,931 | 799,027 |
Cumulative effect adjustments due to adoption of new accounting standards | 24,780 | 24,780 | ||||
Net earnings | 17,556 | 17,403 | 48,847 | 15,863 | ||
Other comprehensive loss | ||||||
Share repurchases | (15,404) | |||||
Surrender and retirement of stock to exercise options | ||||||
Common stock issued for exercise of options | ||||||
Common stock issued for restricted stock awards | 0 | (1,909) | (227) | |||
Cash dividends | (12,086) | (12,066) | (11,988) | (11,958) | ||
Stock-based compensation expense | ||||||
Common stock issued to employee stock purchase plan | ||||||
Employee stock purchase plan expense | ||||||
Balance | 895,205 | 905,139 | 839,564 | 802,705 | 895,205 | 839,564 |
AOCI Attributable to Parent [Member] | ||||||
Balance | (70,632) | (44,814) | (49,759) | (48,935) | (44,814) | (48,935) |
Cumulative effect adjustments due to adoption of new accounting standards | (24,682) | (24,682) | ||||
Net earnings | ||||||
Other comprehensive loss | (12,379) | (1,136) | (7,058) | (824) | ||
Share repurchases | ||||||
Surrender and retirement of stock to exercise options | ||||||
Common stock issued for exercise of options | ||||||
Common stock issued for restricted stock awards | ||||||
Cash dividends | ||||||
Stock-based compensation expense | ||||||
Common stock issued to employee stock purchase plan | ||||||
Employee stock purchase plan expense | ||||||
Balance | $ (83,011) | $ (70,632) | $ (56,817) | $ (49,759) | $ (83,011) | $ (56,817) |
Note 7 - Supplemental Equity _5
Note 7 - Supplemental Equity and Accumulated Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) $ in Thousands | 6 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2018 | |||
Balance | $ 1,079,061 | $ 949,627 | |||
Net cumulative effect adjustments to Retained earnings on July 1, 2018 due to the adoption of new accounting standards | $ 98 | ||||
Balance | 1,096,425 | 997,819 | |||
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | |||||
Balance | 24,682 | 18,989 | |||
Other comprehensive income (loss), net of tax benefit of $1,216 on derivative instruments (2) | [1] | (16,374) | |||
Balance | 2,615 | ||||
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | Accounting Standards Update 2018-02 [Member] | |||||
Net cumulative effect adjustments to Retained earnings on July 1, 2018 due to the adoption of new accounting standards | [2] | 2,371 | |||
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | Accounting Standards Update 2016-01 [Member] | |||||
Net cumulative effect adjustments to Retained earnings on July 1, 2018 due to the adoption of new accounting standards | [2] | (27,053) | |||
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||||
Balance | (69,496) | (67,924) | |||
Other comprehensive income (loss), net of tax benefit of $1,216 on derivative instruments (2) | (9,600) | [1] | 8,492 | ||
Balance | (79,096) | (59,432) | |||
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | Accounting Standards Update 2018-02 [Member] | |||||
Net cumulative effect adjustments to Retained earnings on July 1, 2018 due to the adoption of new accounting standards | [2] | ||||
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | Accounting Standards Update 2016-01 [Member] | |||||
Net cumulative effect adjustments to Retained earnings on July 1, 2018 due to the adoption of new accounting standards | [2] | ||||
Accumulated Other Comprehensive Income (Loss), Derivative Qualifying as Hedge, Excluded Component, Including Portion Attributable to Noncontrolling Interest [Member] | |||||
Balance | |||||
Other comprehensive income (loss), net of tax benefit of $1,216 on derivative instruments (2) | (3,915) | [1] | |||
Balance | (3,915) | ||||
Accumulated Other Comprehensive Income (Loss), Derivative Qualifying as Hedge, Excluded Component, Including Portion Attributable to Noncontrolling Interest [Member] | Accounting Standards Update 2018-02 [Member] | |||||
Net cumulative effect adjustments to Retained earnings on July 1, 2018 due to the adoption of new accounting standards | [2] | ||||
Accumulated Other Comprehensive Income (Loss), Derivative Qualifying as Hedge, Excluded Component, Including Portion Attributable to Noncontrolling Interest [Member] | Accounting Standards Update 2016-01 [Member] | |||||
Net cumulative effect adjustments to Retained earnings on July 1, 2018 due to the adoption of new accounting standards | [2] | ||||
AOCI Attributable to Parent [Member] | |||||
Balance | (44,814) | (48,935) | |||
Net cumulative effect adjustments to Retained earnings on July 1, 2018 due to the adoption of new accounting standards | $ (24,682) | ||||
Other comprehensive income (loss), net of tax benefit of $1,216 on derivative instruments (2) | (13,515) | [1] | (7,882) | ||
Balance | (83,011) | $ (56,817) | |||
AOCI Attributable to Parent [Member] | Accounting Standards Update 2018-02 [Member] | |||||
Net cumulative effect adjustments to Retained earnings on July 1, 2018 due to the adoption of new accounting standards | [2] | 2,371 | |||
AOCI Attributable to Parent [Member] | Accounting Standards Update 2016-01 [Member] | |||||
Net cumulative effect adjustments to Retained earnings on July 1, 2018 due to the adoption of new accounting standards | [2] | $ (27,053) | |||
[1] | Approximately ($873) of the ($3,915) will be reclassified into earnings in the 12 months subsequent to December 31, 2018. | ||||
[2] | See Note 1 for further information related to the adoption of ASU 2016-01 and 2018-02. |
Note 7 - Supplemental Equity _6
Note 7 - Supplemental Equity and Accumulated Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) (Parentheticals) - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Tax benefit on derivative instruments | $ 1,216 | |
Tax benefit | $ 4,576 |
Note 8 - Earnings Per Share (De
Note 8 - Earnings Per Share (Details Textual) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1.3 | 1.6 | 1.3 | 1.7 |
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 | 6 Months Ended | ||||
Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net earnings | $ 17,556 | $ 17,403 | $ 48,847 | $ 15,863 | $ 34,958 | $ 64,710 |
Income allocated to participating securities | (18) | (41) | (34) | (50) | ||
Income available to common shareholders | $ 17,538 | $ 48,806 | $ 34,924 | $ 64,660 | ||
Basic (in shares) | 37,766 | 37,449 | 37,732 | 37,412 | ||
Basic (in dollars per share) | $ 0.46 | $ 1.30 | $ 0.93 | $ 1.73 | ||
Net income | $ 17,556 | $ 17,403 | $ 48,847 | $ 15,863 | $ 34,958 | $ 64,710 |
Income available to common shareholders | $ 17,538 | $ 48,806 | $ 34,924 | $ 64,660 | ||
Dilutive effect of stock options and restricted stock units (in shares) | 982 | 477 | 1,050 | 404 | ||
Weighted-average common shares outstanding – diluted (in shares) | 38,748 | 37,926 | 38,782 | 37,816 | ||
Diluted (in dollars per share) | $ 0.45 | $ 1.29 | $ 0.90 | $ 1.71 |
Note 9 - Share-based Compensa_2
Note 9 - Share-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 900,000 | 1,000,000 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 174.10 | $ 118.97 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 34.69 | $ 21.58 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 189,627 | 70,069 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 16.3 | $ 2.8 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 37.8 | $ 37.8 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 73 days | |||
Selling, General and Administrative Expenses [Member] | ||||
Allocated Share-based Compensation Expense, Total | $ 6.9 | $ 5 | $ 18.4 | $ 8.8 |
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 53,903 | 35,674 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 170.74 | $ 125.02 | ||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 14,887 | 20,106 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 177.93 | $ 125.05 |
Note 10 - Other Income (Expen_3
Note 10 - Other Income (Expense) - Schedule of Components of Other Income (Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Interest expense | $ (5,759) | $ (2,331) | $ (10,997) | $ (4,574) |
Interest income | 114 | 68 | 216 | 144 |
Other non-operating income (expense), net | (6,191) | (154) | (9,231) | (1,050) |
Total other income (expense) | $ (11,836) | $ (2,417) | $ (20,012) | $ (5,480) |
Note 11 - Income Taxes (Details
Note 11 - Income Taxes (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Effective Income Tax Rate Reconciliation, Percent, Total | (19.30%) | (124.80%) | (11.20%) | (44.80%) |
Income Tax Expense (Benefit), Discrete Tax Items | $ (1.1) | $ (31) | $ (5.3) | $ (31.5) |
Income Tax Expense (Benefit), Continuing Operations, Adjustments, New Legislation | (0.6) | (33.5) | (0.6) | (33.5) |
Excess Tax Benefit from Share-based Compensation, Operating Activities | 0.3 | 3.7 | ||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Revaluation of Contingent Consideration | $ 2.9 | $ 3.8 | ||
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount | $ 2.1 | $ 2.1 |
Note 12 - Segment Information -
Note 12 - Segment Information - Financial Information Relating to Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net sales | $ 174,510 | $ 154,153 | $ 337,480 | $ 298,766 |
Operating income | 33,603 | 24,148 | 59,364 | 50,179 |
Costs recognized on sale of acquired inventory | (1,869) | (582) | ||
Amortization of acquisition related intangible assets | (29,354) | |||
Corporate general, selling, and administrative expenses | (63,603) | (63,775) | (130,655) | (122,064) |
Operating Segments [Member] | ||||
Operating income | 57,897 | 56,106 | 115,047 | 109,594 |
Operating Segments [Member] | Protein Sciences [Member] | ||||
Net sales | 135,462 | 117,142 | 261,852 | 225,255 |
Operating income | 58,951 | 50,218 | 113,565 | 96,427 |
Operating Segments [Member] | Diagnostics and Genomics [Member] | ||||
Net sales | 39,263 | 37,086 | 76,010 | 73,675 |
Operating income | (1,054) | 5,888 | 1,482 | 13,167 |
Intersegment Eliminations [Member] | ||||
Net sales | (215) | (75) | (382) | (164) |
Segment Reconciling Items [Member] | ||||
Costs recognized on sale of acquired inventory | (935) | (264) | (1,869) | (582) |
Amortization of acquisition related intangible assets | (15,002) | (11,296) | (29,278) | (22,675) |
Acquisition related expenses | (348) | (13,150) | (2,973) | (22,683) |
Stock based compensation | (6,861) | (5,044) | (18,426) | (8,839) |
Corporate, Non-Segment [Member] | ||||
Corporate general, selling, and administrative expenses | $ (1,148) | $ (2,204) | $ (3,137) | $ (4,636) |