Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Sep. 30, 2019 | Nov. 01, 2019 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000842023 | |
Entity Registrant Name | BIO-TECHNE Corp | |
Amendment Flag | false | |
Current Fiscal Year End Date | --06-30 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2020 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2019 | |
Document Transition Report | false | |
Entity File Number | 0-17272 | |
Entity Incorporation, State or Country Code | MN | |
Entity Tax Identification Number | 41-1427402 | |
Entity Address, Address Line One | 614 McKinley Place N.E. | |
Entity Address, City or Town | Minneapolis | |
Entity Address, State or Province | MN | |
Entity Address, Postal Zip Code | 55413 | |
City Area Code | 612 | |
Local Phone Number | 379-8854 | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Trading Symbol | TECH | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 38,112,184 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Earnings and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Net sales | $ 183,243 | $ 162,970 |
Cost of sales | 64,829 | 55,367 |
Gross margin | 118,414 | 107,603 |
Operating expenses: | ||
Selling, general and administrative | 69,010 | 67,051 |
Research and development | 16,077 | 14,789 |
Total operating expenses | 85,087 | 81,840 |
Operating income | 33,327 | 25,763 |
Other (expense) income | (15,521) | (8,177) |
Earnings before income taxes | 17,806 | 17,586 |
Income taxes | 3,408 | 183 |
Net earnings | 14,398 | 17,403 |
Other comprehensive (loss) income: | ||
Foreign currency translation adjustments | (7,602) | (1,136) |
Unrealized gains (losses) on derivative instruments - cash flow hedges, net of tax of $154 in FY20 | (504) | 0 |
Other comprehensive (loss) income | (8,106) | (1,136) |
Comprehensive income | $ 6,292 | $ 16,267 |
Earnings per share: | ||
Basic (in dollars per share) | $ 0.38 | $ 0.46 |
Diluted (in dollars per share) | $ 0.37 | $ 0.45 |
Weighted average common shares outstanding: | ||
Basic (in shares) | 38,032 | 37,697 |
Diluted (in shares) | 39,253 | 38,813 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Earnings and Comprehensive Income (Unaudited) (Parentheticals) $ in Thousands | 3 Months Ended |
Sep. 30, 2019USD ($) | |
Unrealized gains (losses) on derivative instruments - cash flow hedges, tax | $ 154 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 99,891 | $ 100,886 |
Short-term available-for-sale investments | 58,520 | 65,147 |
Accounts receivable, less allowance for doubtful accounts of $1,007 and $980, respectively | 122,724 | 137,466 |
Inventories | 90,855 | 91,050 |
Other current assets | 19,955 | 18,058 |
Total current assets | 391,945 | 412,607 |
Property and equipment, net | 156,783 | 154,039 |
Right of use asset | 76,962 | 0 |
Goodwill | 730,412 | 732,667 |
Intangible assets, net | 563,338 | 579,429 |
Other assets | 5,588 | 5,668 |
Total assets | 1,925,028 | 1,884,410 |
Current liabilities: | ||
Trade accounts payable | 14,106 | 16,210 |
Salaries, wages and related accruals | 17,543 | 28,638 |
Accrued expenses | 11,048 | 26,389 |
Contract liabilities | 9,108 | 9,084 |
Income taxes payable | 6,533 | 5,764 |
Operating lease liabilities - current | 9,260 | 0 |
Contingent consideration payable | 8,170 | 3,400 |
Current portion of long-term debt obligations | 12,500 | 12,500 |
Total current liabilities | 88,268 | 101,985 |
Deferred income taxes | 88,530 | 89,754 |
Long-term debt obligations | 473,556 | 492,660 |
Long-term contingent consideration payable | 5,130 | 9,200 |
Operating lease liabilities | 72,870 | 0 |
Other long-term liabilities | 22,450 | 25,222 |
Shareholders' equity: | ||
Undesignated capital stock, no par; authorized 5,000,000 shares; none issued or outstanding | 0 | 0 |
Common stock, par value $.01 per share; authorized 100,000,000; issued and outstanding 38,084,292 and 37,934,040, respectively | 381 | 379 |
Additional paid-in capital | 334,112 | 316,797 |
Retained earnings | 931,358 | 931,934 |
Accumulated other comprehensive loss | (91,627) | (83,521) |
Total shareholders' equity | 1,174,224 | 1,165,589 |
Total liabilities and shareholders’ equity | $ 1,925,028 | $ 1,884,410 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 |
Accounts receivable, allowance for doubtful accounts | $ 1,007 | $ 980 |
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) | 38,084,292 | 37,934,040 |
Common stock, shares outstanding (in shares) | 38,084,292 | 37,934,040 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net earnings | $ 14,398 | $ 17,403 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 20,085 | 19,052 |
Costs recognized on sale of acquired inventory | 0 | 935 |
Deferred income taxes | (607) | (3,768) |
Stock-based compensation expense | 8,366 | 11,565 |
Fair value adjustment to contingent consideration payable | 700 | (200) |
Fair value adjustment on available for sale investments | 10,401 | 2,202 |
Other operating activity | 164 | 2,217 |
Change in operating assets and operating liabilities, net of acquisition: | ||
Trade accounts and other receivables, net | (1,405) | 8,307 |
Inventories | (720) | (6,678) |
Other current assets | (2,549) | (1,354) |
Trade accounts payable, accrued expenses, contract liabilities, and other | 1,456 | 3,107 |
Salaries, wages and related accruals | (10,983) | (8,476) |
Income taxes payable | 1,233 | (4,864) |
Net cash provided by operating activities | 40,539 | 39,448 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from maturities of available-for-sale investments | 11,311 | 0 |
Purchases of available-for-sale investments | (15,871) | (11,694) |
Additions to property and equipment | (10,525) | (4,190) |
Acquisitions, net of cash acquired | 0 | (272,229) |
Net cash used in investing activities | (15,085) | (288,113) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Cash dividends | (12,169) | (12,066) |
Proceeds from stock option exercises | 8,952 | 16,453 |
Proceeds from long-term debt | 0 | 580,000 |
Repayments of long-term debt | (19,125) | (357,125) |
Debt issuance costs | 0 | (3,004) |
Other financing activity | (1,927) | (1,727) |
Net cash provided by (used in) financing activities | (24,269) | 222,531 |
Effect of exchange rate changes on cash and cash equivalents | (2,180) | (1,182) |
Net decrease in cash and cash equivalents | (995) | (27,316) |
Cash and cash equivalents at beginning of period | 100,886 | 121,990 |
Cash and cash equivalents at end of period | 99,891 | 94,674 |
Supplemental disclosure of cash flow information: | ||
Cash paid for income taxes | 2,452 | 8,447 |
Cash paid for interest | $ 5,092 | $ 3,229 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation and Summary of Significant Accounting Policies | 3 Months Ended |
Sep. 30, 2019 | |
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, 2019, 10 2019. 10 2019. During the first 2020, two 10 2019. Recently Adopted Accounting Pronouncements In February 2016, 2016 02, 842 842 No. 2018 10 2019 01. 2018 11, not 2018 11 842 July 1, 2019 $4.0 840 842. 842, 842, not 12 7 Pronouncements Issued But 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 | 3 Months Ended |
Sep. 30, 2019 | |
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 elected the exemption to not one not September 30, 2019. 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 September 30, 2019 not Con tract liabilities include billings in excess of revenues recognized, such as those resulting from customer advances and deposits and unearned revenue on warranty contracts. Contract liabilities as of September 30, 2019 June 30, 2019 June 30, 2019 September 30, 2019 3.8 million. Contract liabilities in excess of 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 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 September 30, 2019 2018 Consumables $ 151,445 $ 135,653 Instruments 16,993 15,346 Services 10,623 8,301 Total product and services revenue, net $ 179,061 $ 159,299 Royalty revenues 4,182 3,671 Total revenues, net $ 183,243 $ 162,970 Revenue by geography is as follows: Quarter Ended September 30, 2019 2018 United States $ 102,352 $ 90,455 EMEA, excluding United Kingdom 38,804 35,233 United Kingdom 7,589 7,128 APAC, excluding Greater China 14,005 11,629 Greater China 16,080 13,422 Rest of World 4,413 5,103 Total revenues, net $ 183,243 $ 162,970 |
Note 3 - Selected Balance Sheet
Note 3 - Selected Balance Sheet Data | 3 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | Note 3. Inventories: Inventories consist of (in thousands): September 30, June 30, 2019 201 9 Raw materials $ 41,178 $ 40,913 Finished goods (1) 53,044 53,376 Inventories, net $ 94,222 $ 94,289 ( 1 September 30, 2019 June 30, 2019, 12 Property and Equipment: Property and equipment consist of (in thousands): September 30, June 30, 2019 201 9 Land $ 7,561 $ 7,065 Buildings and improvements 175,493 175,019 Machinery and equipment 130,682 124,233 Property and equipment, cost 313,736 306,317 Accumulated depreciation and amortization (156,953 ) (152,278 ) Property and equipment, net $ 156,783 $ 154,039 Intangible Assets: Intangible assets consist of (in thousands): September 30, June 30, 2019 201 9 Developed technology $ 434,901 $ 435,679 Trade names 146,950 147,296 Customer relationships 212,913 214,320 Patents 2,242 2,133 Intangible assets 797,006 799,428 Accumulated amortization (233,668 ) (219,999 ) Intangible assets, net $ 563,338 $ 579,429 Changes to the carrying amount of net intangible assets for the quarter ended September 30, 2019 Beginning balance $ 579,429 Acquisitions - Other additions 72 Amortization expense (14,949 ) Currency translation (1,214 ) Ending balance $ 563,338 The estimated future amortization expense for intangible assets as of September 30, 2019 2020 remainder $ 44,807 2021 59,403 2022 57,804 2023 55,938 2024 53,409 Thereafter 291,977 Total $ 563,338 Goodwill: Changes to the carrying amount of goodwill for the quarter ended September 30, 2019 Protein Sciences Diagnostics and Genomics Total Beginning balance $ 377,407 355,260 $ 732,667 Acquisitions (Note 4) - - - Currency translation (2,150 ) (105 ) (2,255 ) Ending balance $ 375,257 $ 355,155 $ 730,412 We evaluate the carrying value of goodwill in the fourth fourth 2019. No No September 30, 2019. no 350 July 1, 2002. |
Note 4 - Acquisitions
Note 4 - Acquisitions | 3 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | Note 4. We periodically complete business combinations that align with our business strategy. Acquisitions are accounted for using the acquisition method of accounting, which requires, among other things, that assets acquired and liabilities assumed be recognized at fair value as of the acquisition date and the results of operations of each acquired business are included in our consolidated statements of comprehensive income from their respective dates of acquisition. Acquisition costs are recorded in selling, general and administrative expenses as incurred. B-MoGen Biotechnologies On June 4, 2019, 10K/A. not fourth 2019. Certain estimated fair values are not second 2020 Preliminary Allocation at Acquisition Date Current assets, net of cash $ 504 Equipment and other long-term assets 269 Intangible assets: Developed technology 14,000 Customer relationships 400 Goodwill 16,457 Total assets acquired 31,630 Liabilities 211 Deferred income taxes, net 3,377 Net assets acquired $ 28,042 Cash paid, net of cash acquired $ 17,448 Fair value of contingent consideration 5,500 Fair value of historical investment in B-MoGen 5,094 Net assets acquired $ 28,042 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 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 amortization period for developed technology is estimated to be 14 years. The net deferred income tax liability represents the net amount of the estimated future impact of adjustments for costs to be recognized as intangible asset amortization, which is not |
Note 5 - Fair Value Measurement
Note 5 - Fair Value Measurements | 3 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | Note 5. The Company’s financial instruments include cash and cash equivalents, available for sale investments, derivative instruments, 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 as of Fair Value Measurements Using Inputs Considered as September 30, 2019 Level 1 Level 2 Level 3 Assets Equity securities (1) $ 27,819 $ 27,819 $ - $ - Certificates of deposit (2) 30,701 30,701 - - Total assets $ 58,520 $ 58,520 $ - $ - Liabilities Contingent consideration $ 13,300 $ - $ - $ 13,300 Derivative instruments - cash flow hedges 13,116 - 13,116 - Total liabilities $ 26,416 $ - $ 13,116 $ 13,300 Total carrying value as of Fair Value Measurements Using Inputs Considered as June 30, 2019 Level 1 Level 2 Level 3 Assets Equity securities (1) $ 38,219 $ 38,219 $ - $ - Certificates of deposit (2) 26,928 26,928 - - Total assets $ 65,147 $ 65,147 $ - $ - Liabilities Contingent consideration $ 12,600 $ - $ - $ 12,600 Derivative instruments - cash flow hedges 12,458 - 12,458 - Total liabilities $ 25,058 $ - $ 12,458 $ 12,600 ( 1 Included in available-for-sale investments on the balance sheet. The cost basis in the Company's investment in ChemoCentryx Inc (CCXI) at September 30, 2019 June 30, 2019 ( 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 no September 30, 2019. 2 Fair value measurements of contingent consideration In connection with the Exosome Diagnostics, Inc. (Exosome), QT Holdings Corporation (Quad), and B-MoGen acquisitions the Company is required to make contingent consideration payments of up to $325.0 million, $51.0 million and $38.0 million, respectively. The contingent consideration payments are subject to Exosome achieving certain EBITA thresholds, Quad meeting certain product development milestones and revenue thresholds, and B-Mogen meeting certain product development milestones and revenue thresholds. The preliminary fair value of the liabilities for the contingent payments recognized upon the acquisition as part of the purchase accounting opening balance sheet totaled $14.6 million ($3.8 million for Exosome, $5.3 million for Quad, and $5.5 million for B-MoGen). The preliminary fair value of the development milestone payments was estimated by discounting to present value the probability-weighted contingent payments expected to be made. Assumptions used in these calculations were probability of success, duration of the earn-out, and discount rate. The preliminary fair value for the EBITA and revenue milestone payments was determined using a Monte Carlo simulation based model discounted to present value. Assumptions used in these calculation included units sold, expected revenue, expected expenses, discount rate and various probability factors. The ultimate settlement of contingent consideration could deviate from current estimates based on the actual results of these financial measures. This liability is considered to be a Level 3 The following table presents a reconciliation of the liability measured at fair value on a recurring basis using significant unobservable inputs (Level 3 September 30, 2019 ( Quarter Ended September 30, 2019 Fair value at the beginning of period $ 12,600 Purchase price contingent consideration (Note 4) - Change in fair value of contingent consideration 700 Payments - Fair value at the end of period $ 13,300 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 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 6 - Debt and Other Financi
Note 6 - Debt and Other Financing Arrangements | 3 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 6. On August 1, 2018, may The Credit Agreement matures on August 1, 2023 September 30, 2019, |
Note 7 - Leases
Note 7 - Leases | 3 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | Note 7. As a lessee, the company leases offices, labs, and manufacturing facilities, as well as vehicles, copiers, and other equipment. The Company adopted ASU No. 2016 02 842, Leases July 1, 2019. The Company recognizes operating lease expense on a straight-line basis over the lease term. Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The discount rate used to calculate present value is Bio-Techne’s incremental borrowing rate or, if available, the rate implicit in the lease. Bio-Techne determines the incremental borrowing rate for each lease based primarily on its lease term and the economic environment of the applicable country or region. During the three September 30, 2019, The following table summarizes the balance sheet classification of the Company’s operating leases and amounts of right of use assets and lease liabilities and the weighted average remaining lease term and weighted average discount rate for the Company’s operating leases (asset and liability amounts are in thousands): Balance Sheet Classification As of: September 30, 2019 Operating leases: Operating lease right of use assets Right of Use Asset $ 76,962 Current operating lease liabilities Operating lease liabilities current $ 9,260 Noncurrent operating lease liabilities Operating lease liabilities 72,870 Total operating lease liabilities $ 82,130 Weighted average remaining lease term (in years): 9.33 Weighted average discount rate: 4.40 % The following table summarizes the cash paid for amounts included in the measurement of operating lease liabilities and right of use assets obtained in exchange for new operating lease liabilities for the three Three months ended September 30, 2019 Cash amounts paid on operating lease liabilities $ 3,144 Right of use assets obtained in exchange for lease liabilities 25 The following table summarizes the fair value of the lease liability by payment date for the Company’s operating leases by fiscal year (in thousands): Operating Leases Remainder of 2020 $ 6,856 2021 9,017 2022 8,893 2023 8,616 2024 8,170 Thereafter 40,578 Total $ 82,130 Certain leases include one five not Disclosures related to periods prior to adoption of new lease standard: At June 30, 2019, one Operating Leases 2020 $ 13,707 2021 13,469 2022 13,154 2023 12,716 2024 11,392 Thereafter 51,895 Total $ 116,333 Total rent expense was approximately $12.9 million, $10.8 million, and $9.8 million for the years ended June 30, 2019, 2018, 2017, |
Note 8 - Supplemental Equity an
Note 8 - Supplemental Equity and Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | Note 8. Supplemental Equity and Accumulated Other Comprehensive Income (Loss): Supplemental Equity The Company has declared cash dividends per share of $0.32 in both the three September 30, 2019 2018. Consolidated Changes in Equity (amounts in thousands) Accumulated Additional Other Common Stock Paid-in Retained Comprehensive Shares Amount Capital Earnings Income(Loss) Total Balances at June 30, 2019 37,934 $ 379 $ 316,797 $ 931,934 $ (83,521 ) $ 1,165,589 Cumulative effect adjustments due to adoption of new accounting standards and other (879 ) (879 ) Net earnings 14,398 14,398 Other comprehensive loss (8,106 ) (8,106 ) Common stock issued for exercise of options 94 1 7,854 7,855 Common stock issued for restricted stock awards 50 0 (0 ) (1,926 ) (1,926 ) Cash dividends (12,169 ) (12,169 ) Stock-based compensation expense 8,267 8,267 Common stock issued to employee stock purchase plan 6 0 1,096 1,096 Employee stock purchase plan expense 99 99 Balances at September 30, 2019 38,084 $ 381 $ 334,112 $ 931,358 $ (91,627 ) $ 1,174,224 Accumulated Additional Other Common Stock Paid-in Retained 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 and other 25,276 (24,682 ) 594 Net earnings 17,403 17,403 Other comprehensive loss (1,136 ) (1,136 ) Common stock issued for exercise of options 166 2 15,609 15,611 Common stock issued for restricted stock awards 24 0 (2,405 ) (2,405 ) Cash dividends (12,066 ) (12,066 ) Stock-based compensation expense 11,327 11,327 Common stock issued to employee stock purchase plan 5 0 842 842 Employee stock purchase plan expense 238 238 Balances at September 30, 2018 37,803 $ 378 $ 274,584 $ 905,139 $ (70,632 ) $ 1,109,469 Accumulated Other Comprehensive Income The components of other comprehensive income (loss) consist of changes in foreign currency translation adjustments and changes in net unrealized gains (losses) on derivative instruments designated as cash flow hedges entered into in the second 2019. three September 30, 2019 2018. The accumulated balances related to each component of other comprehensive income (loss), net of tax, are summarized as follows: Unrealized Gains (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Total Balance as of June 30, 2019 $ (9,537 ) $ (73,983 ) $ (83,521 ) Other comprehensive income (loss), net of tax before reclassifications (504 ) (7,602 ) (8,106 ) Balance as of September 30, 2019 (1) $ (10,041 ) $ (81,585 ) $ (91,627 ) Unrealized Gains (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Total Balance as of June 30, 2018 (2) $ - $ (69,496 ) $ (69,496 ) Other comprehensive income (loss), net of tax before reclassifications - (1,136 ) (1,136 ) Balance as of September 30, 2018 $ - $ (70,632 ) $ (70,632 ) ( 1 October 31, 2019. 12 September 30, 2019. ( 2 10 June 30, 2018 2019 2016 01 2018 02. June 30, 2018 |
Note 9 - Earnings Per Share
Note 9 - Earnings Per Share | 3 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 9. Earnings Per Share: The following table reflects the calculation of basic and diluted earnings per share (in thousands, except per share amounts): Quarter Ended September 30, 2019 2018 Earnings per share – basic: Net Income $ 14,398 $ 17,403 Income allocated to participating securities (11 ) (16 ) Income available to common shareholders $ 14,387 $ 17,387 Weighted-average shares outstanding 38,032 37,697 Earnings per share-basic $ 0.38 $ 0.46 Earnings per share – diluted: Net Income $ 14,398 $ 17,403 Income allocated to participating securities (11 ) (16 ) Income available to common shareholders $ 14,387 $ 17,387 Weighted average common shares outstanding-basic 38,032 37,697 Dilutive effect of stock options and restricted stock units 1,221 1,116 Weighted average common shares outstanding-diluted 39,253 38,813 Earnings per share-diluted $ 0.37 $ 0.45 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 1.2 million and 1.3 million for the first September 30, 2019 2018, |
Note 10 - Share-based Compensat
Note 10 - Share-based Compensation | 3 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | Note 10. During the quarter ended September 30, 2019 2018, September 30, 2019 2018, September 30, 2019 2018, Stock options for 93,596 and 166,577 shares of common stock with total intrinsic values of $11.6 million and $14.9 million were exercised during the quarter ended September 30, 2019 2018, Stock-based compensation expense of $8.4 million and $11.6 million was included in selling, general and administrative expenses for the quarter ended September 30, 2019 2018, September 30, 2019, |
Note 11 - Other Income _ (Expen
Note 11 - Other Income / (Expense) | 3 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Other Income and Other Expense Disclosure [Text Block] | Note 11. The components of other income (expense) in the accompanying Statement of Earnings and Comprehensive Income are as follows: Quarter Ended September 30, 2019 2018 Interest expense $ (5,222 ) $ (5,239 ) Interest income 111 102 Other non-operating income (expense), net (10,410 ) (3,040 ) Total other income (expense) $ (15,521 ) $ (8,177 ) |
Note 12 - Income Taxes
Note 12 - Income Taxes | 3 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 12. The Company’s effective income tax rate for the first 2020 2019 first 2020 first 2019 The Company recognized total net benefits related to discrete tax items of $1.3 million during the three September 30, 2019 three September 30, 2018. three September 30, 2019 2018, three September 30, 2018. The Company continues to monitor changes in interpretations, assumptions guidance, and additional regulations regarding the Tax Cuts and Jobs Act (the “Tax Act”), which was enacted on December 22, 2017. |
Note 13 - Segment Information
Note 13 - Segment Information | 3 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 13. The Company's management evaluates segment operating performance based on operating income before certain charges to cost of sales and selling, general and administrative expenses, principally associated with acquisition accounting related to inventory, amortization of acquisition-related intangible assets and other acquisition-related expenses. The Protein Sciences and Diagnostics and Genomics 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 September 30, 2019 2018 Net sales: Protein Sciences $ 140,995 $ 126,391 Diagnostics and Genomics 42,552 36,747 Intersegment (304 ) (168 ) Consolidated net sales $ 183,243 $ 162,970 Operating income: Protein Sciences $ 59,538 $ 54,614 Diagnostics and Genomics 900 2,536 Segment operating income 60,438 57,150 Costs recognized on sale of acquired inventory - (935 ) Amortization of acquisition related intangible assets (14,901 ) (14,276 ) Acquisition related expenses (1,310 ) (2,631 ) Stock-based compensation, inclusive of employer taxes (8,800 ) (11,565 ) Corporate general, selling, and administrative expenses (2,100 ) (1,980 ) Consolidated operating income $ 33,327 $ 25,763 |
Note 14 - Subsequent Events
Note 14 - Subsequent Events | 3 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 1 4 . Subsequent Events : None. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements In February 2016, 2016 02, 842 842 No. 2018 10 2019 01. 2018 11, not 2018 11 842 July 1, 2019 $4.0 840 842. 842, 842, not 12 7 Pronouncements Issued But 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 (T
Note 2 - Revenue Recognition (Tables) | 3 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Quarter Ended September 30, 2019 2018 Consumables $ 151,445 $ 135,653 Instruments 16,993 15,346 Services 10,623 8,301 Total product and services revenue, net $ 179,061 $ 159,299 Royalty revenues 4,182 3,671 Total revenues, net $ 183,243 $ 162,970 Quarter Ended September 30, 2019 2018 United States $ 102,352 $ 90,455 EMEA, excluding United Kingdom 38,804 35,233 United Kingdom 7,589 7,128 APAC, excluding Greater China 14,005 11,629 Greater China 16,080 13,422 Rest of World 4,413 5,103 Total revenues, net $ 183,243 $ 162,970 |
Note 3 - Selected Balance She_2
Note 3 - Selected Balance Sheet Data (Tables) | 3 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | September 30, June 30, 2019 201 9 Raw materials $ 41,178 $ 40,913 Finished goods (1) 53,044 53,376 Inventories, net $ 94,222 $ 94,289 |
Property, Plant and Equipment [Table Text Block] | September 30, June 30, 2019 201 9 Land $ 7,561 $ 7,065 Buildings and improvements 175,493 175,019 Machinery and equipment 130,682 124,233 Property and equipment, cost 313,736 306,317 Accumulated depreciation and amortization (156,953 ) (152,278 ) Property and equipment, net $ 156,783 $ 154,039 |
Schedule of Intangible Assets and Goodwill [Table Text Block] | September 30, June 30, 2019 201 9 Developed technology $ 434,901 $ 435,679 Trade names 146,950 147,296 Customer relationships 212,913 214,320 Patents 2,242 2,133 Intangible assets 797,006 799,428 Accumulated amortization (233,668 ) (219,999 ) Intangible assets, net $ 563,338 $ 579,429 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Beginning balance $ 579,429 Acquisitions - Other additions 72 Amortization expense (14,949 ) Currency translation (1,214 ) Ending balance $ 563,338 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2020 remainder $ 44,807 2021 59,403 2022 57,804 2023 55,938 2024 53,409 Thereafter 291,977 Total $ 563,338 |
Schedule of Goodwill [Table Text Block] | Protein Sciences Diagnostics and Genomics Total Beginning balance $ 377,407 355,260 $ 732,667 Acquisitions (Note 4) - - - Currency translation (2,150 ) (105 ) (2,255 ) Ending balance $ 375,257 $ 355,155 $ 730,412 |
Note 4 - Acquisitions (Tables)
Note 4 - Acquisitions (Tables) | 3 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Preliminary Allocation at Acquisition Date Current assets, net of cash $ 504 Equipment and other long-term assets 269 Intangible assets: Developed technology 14,000 Customer relationships 400 Goodwill 16,457 Total assets acquired 31,630 Liabilities 211 Deferred income taxes, net 3,377 Net assets acquired $ 28,042 Cash paid, net of cash acquired $ 17,448 Fair value of contingent consideration 5,500 Fair value of historical investment in B-MoGen 5,094 Net assets acquired $ 28,042 |
Note 5 - Fair Value Measureme_2
Note 5 - Fair Value Measurements (Tables) | 3 Months Ended |
Sep. 30, 2019 | |
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 September 30, 2019 Level 1 Level 2 Level 3 Assets Equity securities (1) $ 27,819 $ 27,819 $ - $ - Certificates of deposit (2) 30,701 30,701 - - Total assets $ 58,520 $ 58,520 $ - $ - Liabilities Contingent consideration $ 13,300 $ - $ - $ 13,300 Derivative instruments - cash flow hedges 13,116 - 13,116 - Total liabilities $ 26,416 $ - $ 13,116 $ 13,300 Total carrying value as of Fair Value Measurements Using Inputs Considered as June 30, 2019 Level 1 Level 2 Level 3 Assets Equity securities (1) $ 38,219 $ 38,219 $ - $ - Certificates of deposit (2) 26,928 26,928 - - Total assets $ 65,147 $ 65,147 $ - $ - Liabilities Contingent consideration $ 12,600 $ - $ - $ 12,600 Derivative instruments - cash flow hedges 12,458 - 12,458 - Total liabilities $ 25,058 $ - $ 12,458 $ 12,600 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Quarter Ended September 30, 2019 Fair value at the beginning of period $ 12,600 Purchase price contingent consideration (Note 4) - Change in fair value of contingent consideration 700 Payments - Fair value at the end of period $ 13,300 |
Note 7 - Leases (Tables)
Note 7 - Leases (Tables) | 3 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Lessee, Operating Lease, Asset and Liabilities [Table Text Block] | Balance Sheet Classification As of: September 30, 2019 Operating leases: Operating lease right of use assets Right of Use Asset $ 76,962 Current operating lease liabilities Operating lease liabilities current $ 9,260 Noncurrent operating lease liabilities Operating lease liabilities 72,870 Total operating lease liabilities $ 82,130 Weighted average remaining lease term (in years): 9.33 Weighted average discount rate: 4.40 % |
Lessee, Operating Lease, Cash Flow Information [Table Text Block] | Three months ended September 30, 2019 Cash amounts paid on operating lease liabilities $ 3,144 Right of use assets obtained in exchange for lease liabilities 25 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Operating Leases Remainder of 2020 $ 6,856 2021 9,017 2022 8,893 2023 8,616 2024 8,170 Thereafter 40,578 Total $ 82,130 |
Lessee, Operating Lease, Disclosure [Table Text Block] | Operating Leases 2020 $ 13,707 2021 13,469 2022 13,154 2023 12,716 2024 11,392 Thereafter 51,895 Total $ 116,333 |
Note 8 - Supplemental Equity _2
Note 8 - Supplemental Equity and Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Consolidated Stockholders' Equity Statement [Table Text Block] | Accumulated Additional Other Common Stock Paid-in Retained Comprehensive Shares Amount Capital Earnings Income(Loss) Total Balances at June 30, 2019 37,934 $ 379 $ 316,797 $ 931,934 $ (83,521 ) $ 1,165,589 Cumulative effect adjustments due to adoption of new accounting standards and other (879 ) (879 ) Net earnings 14,398 14,398 Other comprehensive loss (8,106 ) (8,106 ) Common stock issued for exercise of options 94 1 7,854 7,855 Common stock issued for restricted stock awards 50 0 (0 ) (1,926 ) (1,926 ) Cash dividends (12,169 ) (12,169 ) Stock-based compensation expense 8,267 8,267 Common stock issued to employee stock purchase plan 6 0 1,096 1,096 Employee stock purchase plan expense 99 99 Balances at September 30, 2019 38,084 $ 381 $ 334,112 $ 931,358 $ (91,627 ) $ 1,174,224 Accumulated Additional Other Common Stock Paid-in Retained 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 and other 25,276 (24,682 ) 594 Net earnings 17,403 17,403 Other comprehensive loss (1,136 ) (1,136 ) Common stock issued for exercise of options 166 2 15,609 15,611 Common stock issued for restricted stock awards 24 0 (2,405 ) (2,405 ) Cash dividends (12,066 ) (12,066 ) Stock-based compensation expense 11,327 11,327 Common stock issued to employee stock purchase plan 5 0 842 842 Employee stock purchase plan expense 238 238 Balances at September 30, 2018 37,803 $ 378 $ 274,584 $ 905,139 $ (70,632 ) $ 1,109,469 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Unrealized Gains (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Total Balance as of June 30, 2019 $ (9,537 ) $ (73,983 ) $ (83,521 ) Other comprehensive income (loss), net of tax before reclassifications (504 ) (7,602 ) (8,106 ) Balance as of September 30, 2019 (1) $ (10,041 ) $ (81,585 ) $ (91,627 ) Unrealized Gains (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Total Balance as of June 30, 2018 (2) $ - $ (69,496 ) $ (69,496 ) Other comprehensive income (loss), net of tax before reclassifications - (1,136 ) (1,136 ) Balance as of September 30, 2018 $ - $ (70,632 ) $ (70,632 ) |
Note 9 - Earnings Per Share (Ta
Note 9 - Earnings Per Share (Tables) | 3 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Quarter Ended September 30, 2019 2018 Earnings per share – basic: Net Income $ 14,398 $ 17,403 Income allocated to participating securities (11 ) (16 ) Income available to common shareholders $ 14,387 $ 17,387 Weighted-average shares outstanding 38,032 37,697 Earnings per share-basic $ 0.38 $ 0.46 Earnings per share – diluted: Net Income $ 14,398 $ 17,403 Income allocated to participating securities (11 ) (16 ) Income available to common shareholders $ 14,387 $ 17,387 Weighted average common shares outstanding-basic 38,032 37,697 Dilutive effect of stock options and restricted stock units 1,221 1,116 Weighted average common shares outstanding-diluted 39,253 38,813 Earnings per share-diluted $ 0.37 $ 0.45 |
Note 11 - Other Income _ (Exp_2
Note 11 - Other Income / (Expense) (Tables) | 3 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | Quarter Ended September 30, 2019 2018 Interest expense $ (5,222 ) $ (5,239 ) Interest income 111 102 Other non-operating income (expense), net (10,410 ) (3,040 ) Total other income (expense) $ (15,521 ) $ (8,177 ) |
Note 13 - Segment Information (
Note 13 - Segment Information (Tables) | 3 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Quarter Ended September 30, 2019 2018 Net sales: Protein Sciences $ 140,995 $ 126,391 Diagnostics and Genomics 42,552 36,747 Intersegment (304 ) (168 ) Consolidated net sales $ 183,243 $ 162,970 Operating income: Protein Sciences $ 59,538 $ 54,614 Diagnostics and Genomics 900 2,536 Segment operating income 60,438 57,150 Costs recognized on sale of acquired inventory - (935 ) Amortization of acquisition related intangible assets (14,901 ) (14,276 ) Acquisition related expenses (1,310 ) (2,631 ) Stock-based compensation, inclusive of employer taxes (8,800 ) (11,565 ) Corporate general, selling, and administrative expenses (2,100 ) (1,980 ) Consolidated operating income $ 33,327 $ 25,763 |
Note 1 - Basis of Presentatio_2
Note 1 - Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | Jul. 01, 2019 | Sep. 30, 2019 | Jun. 30, 2019 |
Operating Lease, Liability, Total | $ 82,130 | ||
Operating Lease, Right-of-Use Asset | 76,962 | $ 0 | |
Retained Earnings (Accumulated Deficit), Ending Balance | 931,358 | 931,934 | |
Deferred Tax Liabilities, Net, Noncurrent | $ 88,530 | $ 89,754 | |
Accounting Standards Update 2016-02 [Member] | |||
Operating Lease, Liability, Total | $ 80,600 | ||
Operating Lease, Right-of-Use Asset | 79,500 | ||
Retained Earnings (Accumulated Deficit), Ending Balance | 800 | ||
Deferred Tax Liabilities, Net, Noncurrent | 300 | ||
Reclassification from Deferred Rent Recorded Within Accrued Expenses to Operating Lease Liabilities [Member] | |||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 4,000 |
Note 2 - Revenue Recognition (D
Note 2 - Revenue Recognition (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2019 | Jun. 30, 2019 | |
Contract with Customer, Liability, Total | $ 10.5 | $ 10.4 |
Contract with Customer, Liability, Revenue Recognized | $ 3.8 |
Note 2 - Revenue Recognition -
Note 2 - Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Revenues, net | $ 183,243 | $ 162,970 |
UNITED STATES | ||
Revenues, net | 102,352 | 90,455 |
EMEA, excluding U.K. [Member] | ||
Revenues, net | 38,804 | 35,233 |
UNITED KINGDOM | ||
Revenues, net | 7,589 | 7,128 |
APAC, excluding Greater China [Member] | ||
Revenues, net | 14,005 | 11,629 |
CHINA | ||
Revenues, net | 16,080 | 13,422 |
Rest of World [Member] | ||
Revenues, net | 4,413 | 5,103 |
Consumables [Member] | ||
Revenues, net | 151,445 | 135,653 |
Instruments [Member] | ||
Revenues, net | 16,993 | 15,346 |
Service [Member] | ||
Revenues, net | 10,623 | 8,301 |
Product and Services [Member] | ||
Revenues, net | 179,061 | 159,299 |
Royalty [Member] | ||
Revenues, net | $ 4,182 | $ 3,671 |
Note 3 - Selected Balance She_3
Note 3 - Selected Balance Sheet Data (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 |
Other Noncurrent Assets [Member] | ||
Inventory, Finished Goods, Net of Reserves, Non-current | $ 3,367 | $ 3,239 |
Note 3 - Selected Balance She_4
Note 3 - Selected Balance Sheet Data - Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 | |
Raw materials | $ 41,178 | $ 40,913 | |
Finished goods | [1] | 53,044 | 53,376 |
Inventories, net | $ 94,222 | $ 94,289 | |
[1] | Finished goods inventory of $3,367 and $3,239 is included within other long-term assets in the respective September 30, 2019 and June 30, 2019, consolidated balance sheet. The inventory is included in long-term assets as it forecasted to be sold after the 12 months subsequent to the consolidated balance sheet date. |
Note 3 - Selected Balance She_5
Note 3 - Selected Balance Sheet Data - Property and Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 |
Property and equipment, cost | $ 313,736 | $ 306,317 |
Accumulated depreciation and amortization | (156,953) | (152,278) |
Property and equipment, net | 156,783 | 154,039 |
Land [Member] | ||
Property and equipment, cost | 7,561 | 7,065 |
Building and Building Improvements [Member] | ||
Property and equipment, cost | 175,493 | 175,019 |
Machinery and Equipment [Member] | ||
Property and equipment, cost | $ 130,682 | $ 124,233 |
Note 3 - Selected Balance She_6
Note 3 - Selected Balance Sheet Data - Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 |
Intangible assets | $ 797,006 | $ 799,428 |
Accumulated amortization | (233,668) | (219,999) |
Intangible assets, net | 563,338 | 579,429 |
Developed Technology Rights [Member] | ||
Intangible assets | 434,901 | 435,679 |
Trade Names [Member] | ||
Intangible assets | 146,950 | 147,296 |
Customer Relationships [Member] | ||
Intangible assets | 212,913 | 214,320 |
Patents [Member] | ||
Intangible assets | $ 2,242 | $ 2,133 |
Note 3 - Selected Balance She_7
Note 3 - Selected Balance Sheet Data - Changes to Carrying Amount of Net Intangible Assets (Details) $ in Thousands | 3 Months Ended |
Sep. 30, 2019USD ($) | |
Beginning balance | $ 579,429 |
Acquisitions | 0 |
Other additions | 72 |
Amortization expense | (14,949) |
Currency translation | (1,214) |
Ending balance | $ 563,338 |
Note 3 - Selected Balance She_8
Note 3 - Selected Balance Sheet Data - Estimated Future Amortization Expense for Intangible Assets (Details) $ in Thousands | Sep. 30, 2019USD ($) |
2020 remainder | $ 44,807 |
2021 | 59,403 |
2022 | 57,804 |
2023 | 55,938 |
2024 | 53,409 |
Thereafter | 291,977 |
Total | $ 563,338 |
Note 3 - Selected Balance She_9
Note 3 - Selected Balance Sheet Data - Changes in Carrying Amount of Goodwill (Details) $ in Thousands | 3 Months Ended |
Sep. 30, 2019USD ($) | |
Balance | $ 732,667 |
Acquisitions (Note 4) | 0 |
Currency translation | (2,255) |
Balance | 730,412 |
Protein Sciences [Member] | |
Balance | 377,407 |
Acquisitions (Note 4) | 0 |
Currency translation | (2,150) |
Balance | 375,257 |
Diagnostics and Genomics [Member] | |
Balance | 355,260 |
Acquisitions (Note 4) | 0 |
Currency translation | (105) |
Balance | $ 355,155 |
Note 4 - Acquisitions (Details
Note 4 - Acquisitions (Details Textual) - USD ($) $ in Thousands | Jun. 04, 2019 | Sep. 30, 2019 | Sep. 30, 2018 |
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 0 | $ 272,229 | |
B-MoGen [Member] | |||
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 17,448 | ||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 38,000 | $ 38,000 | |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Before Remeasurement to Fair Value | 1,400 | ||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | $ 3,700 | ||
B-MoGen [Member] | Developed Technology Rights [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 14 years |
Note 4 - Acquisitions - Prelimi
Note 4 - Acquisitions - Preliminary and Final Fair Value of Assets and Liabilities Assumed (Details) - USD ($) $ in Thousands | Jun. 04, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2019 |
Goodwill | $ 730,412 | $ 732,667 | ||
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 0 | $ 272,229 | ||
B-MoGen [Member] | ||||
Current assets, net of cash | $ 504 | |||
Equipment and other long-term assets | 269 | |||
Goodwill | 16,457 | |||
Total assets acquired | 31,630 | |||
Liabilities | 211 | |||
Deferred income taxes, net | 3,377 | |||
Net assets acquired | 28,042 | |||
Payments to Acquire Businesses, Net of Cash Acquired, Total | 17,448 | |||
Fair value of contingent consideration | 5,500 | |||
Fair value of historical investment in B-MoGen | 5,094 | |||
Net assets acquired | 28,042 | |||
B-MoGen [Member] | Developed Technology Rights [Member] | ||||
Intangible assets | 14,000 | |||
B-MoGen [Member] | Customer Relationships [Member] | ||||
Intangible assets | $ 400 |
Note 5 - Fair Value Measureme_3
Note 5 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |||||
Sep. 30, 2019 | Jun. 30, 2019 | Jun. 04, 2019 | Oct. 31, 2018 | Aug. 01, 2018 | Jul. 02, 2018 | |
Business Combination, Liabilities Arising from Contingencies, Amount Recognized | $ 14,600 | |||||
Exosome Diagnostics, Inc [Member] | ||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 325,000 | |||||
Business Combination, Liabilities Arising from Contingencies, Amount Recognized | $ 3,800 | |||||
QT Holdings Corporation [Member] | ||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 51,000 | |||||
Business Combination, Liabilities Arising from Contingencies, Amount Recognized | $ 5,300 | |||||
B-MoGen [Member] | ||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 38,000 | 38,000 | ||||
Business Combination, Liabilities Arising from Contingencies, Amount Recognized | $ 5,500 | |||||
Embedded Derivative Financial Instruments [Member] | ||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | 0 | |||||
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 | Sep. 30, 2019 | Jun. 30, 2019 | |
Total assets | $ 58,520 | $ 65,147 | |
Contingent consideration | 13,300 | 12,600 | |
Derivative instruments - cash flow hedges | 13,116 | 12,458 | |
Total liabilities | 26,416 | 25,058 | |
Fair Value, Inputs, Level 1 [Member] | |||
Total assets | 58,520 | 65,147 | |
Contingent consideration | 0 | 0 | |
Derivative instruments - cash flow hedges | 0 | 0 | |
Total liabilities | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | |||
Total assets | 0 | 0 | |
Contingent consideration | 0 | 0 | |
Derivative instruments - cash flow hedges | 13,116 | 12,458 | |
Total liabilities | 13,116 | 12,458 | |
Fair Value, Inputs, Level 3 [Member] | |||
Total assets | 0 | 0 | |
Contingent consideration | 13,300 | 12,600 | |
Derivative instruments - cash flow hedges | 0 | 0 | |
Total liabilities | 13,300 | 12,600 | |
Equity Securities [Member] | |||
Investments, Fair Value Disclosure | [1] | 27,819 | 38,219 |
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Investments, Fair Value Disclosure | [1] | 27,819 | 38,219 |
Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Investments, Fair Value Disclosure | [1] | 0 | 0 |
Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Investments, Fair Value Disclosure | [1] | 0 | 0 |
Certificates of Deposit [Member] | |||
Investments, Fair Value Disclosure | [2] | 30,701 | 26,928 |
Certificates of Deposit [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Investments, Fair Value Disclosure | [2] | 30,701 | 26,928 |
Certificates of Deposit [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Investments, Fair Value Disclosure | [2] | 0 | 0 |
Certificates of Deposit [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Investments, Fair Value Disclosure | [2] | $ 0 | $ 0 |
[1] | Included in available-for-sale investments on the balance sheet. The cost basis in the Company's investment in ChemoCentryx Inc (CCXI) at September 30, 2019 and June 30, 2019 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] $ in Thousands | 3 Months Ended |
Sep. 30, 2019USD ($) | |
Fair value at the beginning of period | $ 12,600 |
Purchase price contingent consideration (Note 4) | 0 |
Change in fair value of contingent consideration | 700 |
Payments | 0 |
Fair value at the end of period | $ 13,300 |
Note 6 - Debt and Other Finan_2
Note 6 - Debt and Other Financing Arrangements (Details Textual) - Credit Agreement [Member] - USD ($) $ in Millions | Aug. 01, 2018 | Sep. 30, 2019 |
Long-term Debt, Total | $ 486.4 | |
Term Loan [Member] | ||
Debt Instrument, Face Amount | $ 250 | |
Revolving Credit Facility [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 600 | |
Line of Credit Facility, Additional Borrowing Capacity | $ 200 | |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.20% |
Note 7 - Leases (Details Textua
Note 7 - Leases (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Variable Lease, Cost | $ 1 | |||
Fixed Lease, Cost | $ 3.2 | |||
Operating Lease, Expense | $ 12.9 | $ 10.8 | $ 9.8 | |
Maximum [Member] | ||||
Lessee, Operating Lease, Renewal Term | 5 years |
Note 7 - Leases - Balance Sheet
Note 7 - Leases - Balance Sheet Classification (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 |
Operating Lease, Right-of-Use Asset | $ 76,962 | $ 0 |
Current operating lease liabilities | 9,260 | 0 |
Noncurrent operating lease liabilities | 72,870 | $ 0 |
Total operating lease liabilities | $ 82,130 | |
Weighted average remaining lease term (in years): (Year) | 9 years 3 months 29 days | |
Weighted average discount rate: | 4.40% |
Note 7 - Leases - Cash Paid (De
Note 7 - Leases - Cash Paid (Details) $ in Thousands | 3 Months Ended |
Sep. 30, 2019USD ($) | |
Cash amounts paid on operating lease liabilities | $ 3,144 |
Right of use assets obtained in exchange for lease liabilities | $ 25 |
Note 7 - Leases - Fair Value of
Note 7 - Leases - Fair Value of the Lease Liability by Payment Date (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Remainder of 2020 | $ 6,856 |
2021 | 9,017 |
2022 | 8,893 |
2023 | 8,616 |
2024 | 8,170 |
Thereafter | 40,578 |
Total | $ 82,130 |
Note 7 - Leases - Aggregate Net
Note 7 - Leases - Aggregate Net Minimum Rental Commitments (Details) $ in Thousands | Jun. 30, 2019USD ($) |
2020 | $ 13,707 |
2021 | 13,469 |
2022 | 13,154 |
2023 | 12,716 |
2024 | 11,392 |
Thereafter | 51,895 |
Total | $ 116,333 |
Note 8 - Supplemental Equity _3
Note 8 - Supplemental Equity and Accumulated Other Comprehensive Income (Loss) (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2020 | Jun. 30, 2019 | Jul. 01, 2018 | Jun. 30, 2018 | |||
Common Stock, Dividends, Per Share, Declared | $ 0.32 | $ 0.32 | ||||||
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | $ 0 | $ 0 | ||||||
Stockholders' Equity Attributable to Parent, Ending Balance | 1,174,224 | 1,109,469 | $ 1,165,589 | $ 1,079,061 | ||||
Cumulative Effect of New Accounting Principle in Period of Adoption | (879) | 594 | ||||||
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | ||||||||
Stockholders' Equity Attributable to Parent, Ending Balance | (10,041) | [1] | 0 | (9,537) | 0 | [2] | ||
AOCI Attributable to Parent [Member] | ||||||||
Stockholders' Equity Attributable to Parent, Ending Balance | $ (91,627) | $ (70,632) | $ (83,521) | (44,814) | ||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (24,682) | |||||||
AOCI Attributable to Parent [Member] | Accounting Standards Update 2016-01 [Member] | ||||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (24,682) | |||||||
AOCI Attributable to Parent [Member] | Accounting Standards Update 2018-02 [Member] | ||||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (24,682) | |||||||
Forecast [Member] | ||||||||
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | $ 3,907 | |||||||
[1] | The gain (loss) on the forward starting interest rate swap will be reclassified into earnings beginning October 31, 2019. Approximately ($3,907) of the ($10,041) will be reclassified into earnings in the 12 months subsequent to September 30, 2019. | |||||||
[2] | As previously disclosed in our 10-K/A, unrealized gains of $24,682 on available-for-sale investments with readily determinable fair vales were included in the June 30, 2018 Consolidated Balance Sheet and were reclassified into retained earnings at the beginning of fiscal 2019 upon our adoption of ASU 2016-01 and ASU 2018-02. The amounts presented in accumulated other comprehensive income as of June 30, 2018 exclude these unrealized gains subsequently reclassified into retained earnings. |
Note 8 - Supplemental Equity _4
Note 8 - Supplemental Equity and Accumulated Other Comprehensive Income (Loss) - Consolidated Changes in Equity (Details) - USD ($) | 3 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Balance (in shares) | 37,934,040 | |
Balance | $ 1,165,589,000 | $ 1,079,061,000 |
Cumulative effect adjustments due to adoption of new accounting standards and other | (879,000) | 594,000 |
Net earnings | 14,398,000 | 17,403,000 |
Other comprehensive income (loss) | $ (8,106,000) | $ (1,136,000) |
Common stock issued for exercise of options (in shares) | 93,596 | 166,577 |
Common stock issued for exercise of options | $ 7,855,000 | $ 15,611,000 |
Common stock issued for restricted stock awards | (1,926,000) | (2,405,000) |
Cash dividends | (12,169,000) | (12,066,000) |
Stock-based compensation expense | 8,267,000 | 11,327,000 |
Common stock issued to employee stock purchase plan | 1,096,000 | 842,000 |
Employee stock purchase plan expense | $ 99,000 | 238,000 |
Balance (in shares) | 38,084,292 | |
Balance | $ 1,174,224,000 | $ 1,109,469,000 |
Common Stock [Member] | ||
Balance (in shares) | 37,934,000 | 37,608,000 |
Balance | $ 379,000 | $ 376,000 |
Common stock issued for exercise of options (in shares) | 94,000 | 166,000 |
Common stock issued for exercise of options | $ 1,000 | $ 2,000 |
Common stock issued for restricted stock awards (in shares) | 50,000 | 24,000 |
Common stock issued for restricted stock awards | $ 0 | $ 0 |
Common stock issued to employee stock purchase plan (in shares) | 6,000 | 5,000 |
Common stock issued to employee stock purchase plan | $ 0 | $ 0 |
Balance (in shares) | 38,084,000 | 37,803,000 |
Balance | $ 381,000 | $ 378,000 |
Additional Paid-in Capital [Member] | ||
Balance | 316,797,000 | 246,568,000 |
Common stock issued for exercise of options | 7,854,000 | 15,609,000 |
Common stock issued for restricted stock awards | 0 | |
Stock-based compensation expense | 8,267,000 | 11,327,000 |
Common stock issued to employee stock purchase plan | 1,096,000 | 842,000 |
Employee stock purchase plan expense | 99,000 | 238,000 |
Balance | 334,112,000 | 274,584,000 |
Retained Earnings [Member] | ||
Balance | 931,934,000 | 876,931,000 |
Cumulative effect adjustments due to adoption of new accounting standards and other | (879,000) | 25,276,000 |
Net earnings | 14,398,000 | 17,403,000 |
Common stock issued for restricted stock awards | (1,926,000) | (2,405,000) |
Cash dividends | (12,169,000) | (12,066,000) |
Balance | 931,358,000 | 905,139,000 |
AOCI Attributable to Parent [Member] | ||
Balance | (83,521,000) | (44,814,000) |
Cumulative effect adjustments due to adoption of new accounting standards and other | (24,682,000) | |
Other comprehensive income (loss) | (8,106,000) | (1,136,000) |
Balance | $ (91,627,000) | $ (70,632,000) |
Note 8 - Supplemental Equity _5
Note 8 - Supplemental Equity and Accumulated Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | |||
Balance | $ 1,165,589 | $ 1,079,061 | ||
Balance | 1,174,224 | 1,109,469 | ||
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | ||||
Balance | (9,537) | 0 | [1] | |
Other comprehensive income (loss), net of tax before reclassifications | (504) | 0 | ||
Balance | (10,041) | [2] | 0 | |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||
Balance | (73,983) | (69,496) | [1] | |
Other comprehensive income (loss), net of tax before reclassifications | (7,602) | (1,136) | ||
Balance | (81,585) | [2] | (70,632) | |
Accumulated Other Comprehensive Income (Loss), Derivative Qualifying as Hedge, Excluded Component, Including Portion Attributable to Noncontrolling Interest [Member] | ||||
Balance | (83,521) | (69,496) | [1] | |
Other comprehensive income (loss), net of tax before reclassifications | (8,106) | (1,136) | ||
Balance | $ (91,627) | [2] | $ (70,632) | |
[1] | As previously disclosed in our 10-K/A, unrealized gains of $24,682 on available-for-sale investments with readily determinable fair vales were included in the June 30, 2018 Consolidated Balance Sheet and were reclassified into retained earnings at the beginning of fiscal 2019 upon our adoption of ASU 2016-01 and ASU 2018-02. The amounts presented in accumulated other comprehensive income as of June 30, 2018 exclude these unrealized gains subsequently reclassified into retained earnings. | |||
[2] | The gain (loss) on the forward starting interest rate swap will be reclassified into earnings beginning October 31, 2019. Approximately ($3,907) of the ($10,041) will be reclassified into earnings in the 12 months subsequent to September 30, 2019. |
Note 9 - Earnings Per Share (De
Note 9 - Earnings Per Share (Details Textual) - shares shares in Millions | 3 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1.2 | 1.3 |
Note 9 - Earnings Per Share - S
Note 9 - Earnings Per Share - Shares Used in the Earnings Per Share Computations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Net earnings | $ 14,398 | $ 17,403 |
Income allocated to participating securities | (11) | (16) |
Income available to common shareholders | $ 14,387 | $ 17,387 |
Basic (in shares) | 38,032 | 37,697 |
Basic (in dollars per share) | $ 0.38 | $ 0.46 |
Net Income | $ 14,398 | $ 17,403 |
Income available to common shareholders | $ 14,387 | $ 17,387 |
Weighted average common shares outstanding-basic (in shares) | 38,032 | 37,697 |
Dilutive effect of stock options and restricted stock units (in shares) | 1,221 | 1,116 |
Diluted (in shares) | 39,253 | 38,813 |
Diluted (in dollars per share) | $ 0.37 | $ 0.45 |
Note 10 - Share-based Compens_2
Note 10 - Share-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 700,000 | 900,000 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 190.39 | $ 173.33 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 36.72 | $ 34.30 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 93,596 | 166,577 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 11,600 | $ 14,900 |
Share-based Payment Arrangement, Expense | 8,800 | 11,565 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 45,700 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years 1 month 6 days | |
Selling, General and Administrative Expenses [Member] | ||
Share-based Payment Arrangement, Expense | $ 8,400 | $ 11,600 |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 30,858 | 53,903 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 192.08 | $ 170.74 |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 11,438 | 11,279 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 190.65 | $ 177.32 |
Note 11 - Other Income _ (Exp_3
Note 11 - Other Income / (Expense) - Schedule of Components of Other Income (Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Interest expense | $ (5,222) | $ (5,239) |
Interest income | 111 | 102 |
Other non-operating income (expense), net | (10,410) | (3,040) |
Total other income (expense) | $ (15,521) | $ (8,177) |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 19.10% | 1.00% |
Income Tax Expense (Benefit), Discrete Tax Items | $ (1.3) | $ 4.2 |
Excess Tax Benefit from Share-based Compensation, Operating Activities | 3.2 | 3.4 |
Income Tax Expense (Benefit), Other Immaterial Discrete Tax Items, Net | $ 1.9 | $ (0.8) |
Note 13 - Segment Information -
Note 13 - Segment Information - Financial Information Relating to Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Revenues, net | $ 183,243 | $ 162,970 |
Operating income | 33,327 | 25,763 |
Costs recognized on sale of acquired inventory | 0 | (935) |
Amortization of acquisition related intangible assets | (14,901) | (14,276) |
Stock-based compensation, inclusive of employer taxes | (8,800) | (11,565) |
Corporate general, selling, and administrative expenses | (69,010) | (67,051) |
Operating Segments [Member] | ||
Operating income | 60,438 | 57,150 |
Operating Segments [Member] | Protein Sciences [Member] | ||
Revenues, net | 140,995 | 126,391 |
Operating income | 59,538 | 54,614 |
Operating Segments [Member] | Diagnostics and Genomics [Member] | ||
Revenues, net | 42,552 | 36,747 |
Operating income | 900 | 2,536 |
Intersegment Eliminations [Member] | ||
Revenues, net | (304) | (168) |
Segment Reconciling Items [Member] | ||
Acquisition related expenses | (1,310) | (2,631) |
Corporate, Non-Segment [Member] | ||
Corporate general, selling, and administrative expenses | $ (2,100) | $ (1,980) |