Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Sep. 30, 2023 | Nov. 13, 2023 | Mar. 31, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Sep. 30, 2023 | ||
Document Transition Report | false | ||
Entity File Number | 0-25434 | ||
Entity Registrant Name | Azenta, Inc. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 04-3040660 | ||
Entity Address, Address Line One | 200 Summit Drive 6th Floor | ||
Entity Address, City or Town | Burlington | ||
Entity Address, State or Province | MA | ||
Entity Address, Postal Zip Code | 01803 | ||
City Area Code | 978 | ||
Local Phone Number | 262-2626 | ||
Title of 12(b) Security | Common Stock, $0.01 par value | ||
Trading Symbol | AZTA | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Listing, Par Value Per Share | $ 0.01 | ||
Entity Public Float | $ 2,382,039,057 | ||
Entity Common Stock, Shares Outstanding | 56,112,190 | ||
Entity Central Index Key | 0000933974 | ||
Current Fiscal Year End Date | --09-30 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Auditor Name | PricewaterhouseCoopers LLP | ||
Auditor Firm ID | 238 | ||
Auditor Location | Boston, Massachusetts |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2023 | Sep. 30, 2022 |
Current assets | ||
Cash and cash equivalents | $ 678,910 | $ 658,274 |
Short-term marketable securities | 338,873 | 911,764 |
Accounts receivable, net of allowance for expected credit losses ($8,057 and $5,162, respectively) | 156,535 | 163,758 |
Inventories | 128,198 | 85,544 |
Derivative asset | 13,036 | 124,789 |
Short-term restricted cash | 4,650 | 382,596 |
Prepaid expenses and other current assets | 98,754 | 132,621 |
Total current assets | 1,418,956 | 2,459,346 |
Property, plant and equipment, net | 205,744 | 154,470 |
Long-term marketable securities | 111,338 | 352,020 |
Long-term deferred tax assets | 571 | 1,169 |
Goodwill | 784,339 | 513,623 |
Intangible assets, net | 294,301 | 178,401 |
Other assets | 70,471 | 57,093 |
Total assets | 2,885,720 | 3,716,122 |
Current liabilities | ||
Accounts payable | 35,796 | 38,654 |
Deferred revenue | 34,614 | 39,748 |
Accrued warranty and retrofit costs | 10,223 | 2,890 |
Accrued compensation and benefits | 33,911 | 41,898 |
Accrued customer deposits | 17,707 | 13,447 |
Accrued VAT payable | 20,595 | 16,418 |
Accrued income taxes payable | 7,378 | 28,419 |
Accrued expenses and other current liabilities | 50,704 | 49,072 |
Total current liabilities | 210,928 | 230,546 |
Long-term tax reserves | 380 | 1,684 |
Long-term deferred tax liabilities | 67,301 | 64,555 |
Long-term operating lease liabilities | 60,436 | 49,227 |
Other long-term liabilities | 12,175 | 6,724 |
Total liabilities | 351,220 | 352,736 |
Stockholders' equity | ||
Preferred stock, $0.01 par value - 1,000,000 shares authorized, no shares issued or outstanding | ||
Common stock, $0.01 par value - 125,000,000 shares authorized, 71,294,247 shares issued and 57,832,378 shares outstanding at September 30, 2023, 88,482,125 shares issued and 75,020,256 shares outstanding at September 30, 2022 | 713 | 885 |
Additional paid-in capital | 1,156,160 | 1,992,017 |
Accumulated other comprehensive income (loss) | (62,426) | (83,916) |
Treasury stock, at cost - 13,461,869 shares at September 30, 2023 and September 30, 2022 | (200,956) | (200,956) |
Retained earnings | 1,641,009 | 1,655,356 |
Total stockholders' equity | 2,534,500 | 3,363,386 |
Total liabilities and stockholders' equity | $ 2,885,720 | $ 3,716,122 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2023 | Sep. 30, 2022 |
Accounts Receivable, after Allowance for Credit Loss, Current [Abstract] | ||
Allowance for expected credit losses | $ 8,057 | $ 5,162 |
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 125,000,000 | 125,000,000 |
Common stock, shares issued (in shares) | 71,294,247 | 88,482,125 |
Common stock, shares outstanding (in shares) | 57,832,378 | 75,020,256 |
Treasury Stock, Number of Shares and Restriction Disclosures [Abstract] | ||
Treasury stock, shares (in shares) | 13,461,869 | 13,461,869 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenue | |||
Total revenue | $ 665,072 | $ 555,498 | $ 513,703 |
Cost of revenue | |||
Total cost of revenue | 401,932 | 299,914 | 269,894 |
Gross profit | 263,140 | 255,584 | 243,809 |
Operating expenses | |||
Research and development | 33,956 | 27,542 | 22,412 |
Selling, general and administrative | 316,282 | 251,465 | 252,101 |
Contingent consideration - fair value adjustments | (18,549) | 600 | |
Restructuring charges | 4,577 | 712 | 385 |
Total operating expenses | 336,266 | 280,319 | 274,898 |
Operating loss | (73,126) | (24,735) | (31,089) |
Other income (expense) | |||
Interest income | 43,735 | 20,286 | 632 |
Interest expense | (4,589) | (2,037) | |
Loss on extinguishment of debt | (632) | ||
Other, net | (1,042) | (266) | (16,475) |
Loss before income taxes | (30,433) | (9,936) | (48,969) |
Income tax (benefit) expense | (17,550) | 1,350 | (20,100) |
Loss from continuing operations | (12,883) | (11,286) | (28,869) |
Income (loss) from discontinued operations, net of tax | (1,374) | 2,144,145 | 139,616 |
Net income (loss) | $ (14,257) | $ 2,132,859 | $ 110,747 |
Basic net income (loss) per share: | |||
Loss from continuing operations (in dollars per share) | $ (0.19) | $ (0.15) | $ (0.39) |
Income (loss) from discontinued operations, net of tax (in dollars per share) | (0.02) | 28.63 | 1.88 |
Net income (loss) per share (in dollars per share) | (0.22) | 28.48 | 1.49 |
Diluted net income (loss) per share: | |||
Loss from continuing operations (in dollars per share) | (0.19) | (0.15) | (0.39) |
Income (loss) from discontinued operations, net of tax (in dollars per share) | (0.02) | 28.63 | 1.88 |
Diluted net income (loss) per share (in dollars per share) | $ (0.22) | $ 28.48 | $ 1.49 |
Weighted average shares used in computing net income (loss) per share: | |||
Basic (in shares) | 66,253 | 74,897 | 74,229 |
Diluted (in shares) | 66,253 | 74,897 | 74,455 |
Products | |||
Revenue | |||
Total revenue | $ 277,191 | $ 180,950 | $ 181,036 |
Cost of revenue | |||
Total cost of revenue | 186,090 | 100,044 | 96,678 |
Services | |||
Revenue | |||
Total revenue | 387,881 | 374,548 | 332,667 |
Cost of revenue | |||
Total cost of revenue | $ 215,842 | $ 199,870 | $ 173,216 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income (Loss) | $ (14,257) | $ 2,132,859 | $ 110,747 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation reclassification adjustments included in income from discontinued operations | (16,567) | ||
Net investment hedge currency translation adjustment, net of tax effects of $(21,228) and $31,769 for the fiscal years 2023 and 2022, respectively | (61,533) | 93,020 | |
Foreign currency translation adjustments | 77,246 | (169,266) | (2,922) |
Changes in unrealized gains (losses) on marketable securities, net of tax effects of $1,992 and $(3,729) for the fiscal years 2023 and 2022, respectively | 5,774 | (10,908) | |
Actuarial gains, net of tax effects of $(1), $(121), and $(77) for the fiscal years 2023, 2022, and 2021, respectively | 3 | 454 | 354 |
Total other comprehensive income (loss), net of tax | 21,490 | (103,267) | (2,568) |
Comprehensive income | $ 7,233 | $ 2,029,592 | $ 108,179 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent, Parenthetical Disclosure [Abstract] | |||
Net investment hedge currency translation adjustment, tax | $ (21,228) | $ 31,769 | |
Changes in unrealized losses on marketable securities, tax | 1,992 | (3,729) | $ 2,023 |
Actuarial gains (losses), tax | $ (1) | $ (121) | $ (77) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities | |||
Net income (loss) | $ (14,257) | $ 2,132,859 | $ 110,747 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 85,584 | 53,702 | 65,333 |
Impairment of intangible assets | 13,364 | ||
Stock-based compensation | 9,376 | 10,666 | 27,456 |
Contingent consideration adjustment | (18,549) | 600 | |
Amortization and accretion on marketable securities | (7,870) | (1,894) | 225 |
Deferred income taxes | (28,654) | 24,469 | (17,265) |
Loss on extinguishment of debt | 632 | ||
Purchase accounting impact on inventory | 9,664 | ||
(Gain) loss on disposals of property, plant and equipment | 43 | (21) | 260 |
(Gain) loss on divestiture, net of tax | (2,130,265) | 948 | |
Fees paid stemming from divestiture | (52,461) | ||
Taxes paid stemming from divestiture | (431,600) | ||
Changes in operating assets and liabilities: | |||
Accounts receivable | 33,992 | (31,397) | (69,643) |
Inventories | 8,253 | (66,629) | (50,443) |
Accounts payable | (14,710) | (3,926) | 30,967 |
Deferred revenue | (7,564) | 16,599 | (3,939) |
Accrued warranty and retrofit costs | 4,560 | 303 | 54 |
Accrued compensation and tax withholdings | (15,434) | 11,404 | 7,298 |
Other current assets and liabilities | (26,944) | 913 | 34,495 |
Net cash provided by (used in) operating activities | 17,490 | (466,046) | 149,857 |
Cash flows from investing activities | |||
Purchases of property, plant and equipment | (39,436) | (73,435) | (52,805) |
Purchases of technology intangibles | (4,000) | ||
Purchases of marketable securities | (236,194) | (1,975,599) | (151) |
Sales and maturities of marketable securities | 1,064,209 | 705,384 | 121 |
Proceeds from divestiture, net of cash transferred | 2,939,116 | ||
Adjustment to proceeds from divestiture | (1,802) | ||
Net Investment hedge settlement | 29,313 | ||
Acquisitions, net of cash acquired | (386,508) | (125,876) | (93,712) |
Settlement (issuance) of note receivables | 2,000 | ||
Net cash provided by (used in) investing activities | 431,384 | 1,465,590 | (146,349) |
Cash flows from financing activities | |||
Proceeds from issuance of common stock | 5,245 | 5,812 | |
Principal payments on debt | (49,725) | (828) | |
Payments of finance leases | (578) | (388) | (1,164) |
Payment for contingent consideration related to acquisition | (10,400) | ||
Withholding tax payments on net share settlements on equity awards | (4,988) | ||
Stock repurchase | (838,514) | ||
Common stock dividends | (7,494) | (29,726) | |
Net cash used in financing activities | (844,080) | (62,762) | (25,906) |
Effects of exchange rate changes on cash and cash equivalents | 37,955 | (180,819) | 5,205 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (357,251) | 755,963 | (17,193) |
Cash, cash equivalents and restricted cash, beginning of period | 1,041,296 | 285,333 | 302,526 |
Cash, cash equivalents and restricted cash, end of period | 684,045 | 1,041,296 | 285,333 |
Supplemental disclosures: | |||
Cash paid for interest | 469 | 1,435 | |
Cash paid for income taxes, net | $ 43,073 | $ 452,461 | $ 38,020 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 |
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets | |||
Cash and cash equivalents of continuing operations | $ 678,910 | $ 658,274 | $ 227,427 |
Cash and cash equivalents included in assets held for sale | 45,000 | ||
Short-term restricted cash | 4,650 | 382,596 | 7,145 |
Long-term restricted cash included in other assets | 485 | 426 | 5,761 |
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows | $ 684,045 | $ 1,041,296 | $ 285,333 |
Restricted Cash, Noncurrent, Statement of Financial Position | Other assets | Other assets | Other assets |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock Share Repurchase Program, Accelerated Share Repurchase Programs | Common Stock Share Repurchase Program, Open Market Share Repurchase Programs | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings (Accumulated Deficit) | Treasury Stock Share Repurchase Program, Accelerated Share Repurchase Programs | Treasury Stock Share Repurchase Program, Open Market Share Repurchase Programs | Treasury Stock | Share Repurchase Program, Accelerated Share Repurchase Programs | Share Repurchase Program, Open Market Share Repurchase Programs | Total |
Beginning Balance at Sep. 30, 2020 | $ 873 | $ 1,942,850 | $ 21,919 | $ (551,072) | $ (200,956) | $ 1,213,614 | ||||||
Beginning Balance (in shares) at Sep. 30, 2020 | 87,293,710 | |||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||
Shares issued under restricted stock and purchase plans, net of shares withheld for employee taxes | $ 5 | 5,806 | 5,811 | |||||||||
Shares issued under restricted stock and purchase plans, net of shares withheld for employee taxes (in shares) | 515,212 | |||||||||||
Stock-based compensation | 27,456 | 27,456 | ||||||||||
Common stock dividends declared | (29,726) | (29,726) | ||||||||||
Foreign currency translation adjustments | (2,922) | (2,922) | ||||||||||
Actuarial gain (loss) arising in the year, net of tax | 354 | 354 | ||||||||||
Net Income (Loss) | 110,747 | 110,747 | ||||||||||
Ending Balance at Sep. 30, 2021 | $ 878 | 1,976,112 | 19,351 | (470,051) | (200,956) | 1,325,334 | ||||||
Ending Balance (in shares) at Sep. 30, 2021 | 87,808,922 | |||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||
Shares issued under restricted stock and purchase plans, net of shares withheld for employee taxes | $ 7 | 5,239 | 5,246 | |||||||||
Shares issued under restricted stock and purchase plans, net of shares withheld for employee taxes (in shares) | 673,203 | |||||||||||
Stock-based compensation | 10,666 | 10,666 | ||||||||||
Common stock dividends declared | (7,494) | (7,494) | ||||||||||
Net investment hedge currency translation adjustment, net of tax / Unrealized gain on derivative asset, net of tax | 93,020 | 93,020 | ||||||||||
Foreign currency translation reclassification adjustments included in income from discontinued operations | (16,567) | (16,567) | ||||||||||
Foreign currency translation adjustments | (169,266) | (169,266) | ||||||||||
Changes in unrealized gains (losses) on marketable securities, net of tax | (10,908) | (10,908) | ||||||||||
Actuarial gain (loss) arising in the year, net of tax | 454 | 454 | ||||||||||
Net Income (Loss) | 2,132,859 | 2,132,859 | ||||||||||
Other | 42 | 42 | ||||||||||
Ending Balance at Sep. 30, 2022 | $ 885 | 1,992,017 | (83,916) | 1,655,356 | (200,956) | $ 3,363,386 | ||||||
Ending Balance (in shares) at Sep. 30, 2022 | 88,482,125 | 75,020,256 | ||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||
Shares issued under restricted stock and purchase plans, net of shares withheld for employee taxes | $ 3 | (1,371) | $ (1,368) | |||||||||
Shares issued under restricted stock and purchase plans, net of shares withheld for employee taxes (in shares) | 267,133 | |||||||||||
Share repurchases | $ (501,637) | $ (342,400) | $ (501,637) | $ (342,400) | ||||||||
Share repurchases (in shares) | (10,072,055) | (7,382,956) | ||||||||||
Retirement of treasury shares | $ (175) | (843,862) | 844,037 | |||||||||
Stock-based compensation | 9,376 | 9,376 | ||||||||||
Net investment hedge currency translation adjustment, net of tax / Unrealized gain on derivative asset, net of tax | (61,533) | (61,533) | ||||||||||
Foreign currency translation adjustments | 77,246 | 77,246 | ||||||||||
Changes in unrealized gains (losses) on marketable securities, net of tax | 5,774 | 5,774 | ||||||||||
Actuarial gain (loss) arising in the year, net of tax | 3 | 3 | ||||||||||
Net Income (Loss) | (14,257) | (14,257) | ||||||||||
Other | (90) | (90) | ||||||||||
Ending Balance at Sep. 30, 2023 | $ 713 | $ 1,156,160 | $ (62,426) | $ 1,641,009 | $ (200,956) | $ 2,534,500 | ||||||
Ending Balance (in shares) at Sep. 30, 2023 | 71,294,247 | 57,832,378 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividend declared per share (in dollars per share) | $ 0.10 | $ 0.40 |
Nature of Operations
Nature of Operations | 12 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | 1. Nature of Operations Azenta, Inc. (“Azenta”, or the “Company”) is a leading global provider of sample exploration and management solutions for the life sciences industry. The Company supports its customers from research and clinical development to commercialization with its sample management, automated storage, vaccine cold storage and transport, as well as genomic services expertise to help bring impactful therapies to market faster. Discontinued Operations In the fourth quarter of fiscal year 2021, the Company entered into a definitive agreement to sell its semiconductor automation business to Thomas H. Lee Partners, L.P. (“THL”). The Company determined that the semiconductor automation business met the “held for sale” criteria and the “discontinued operations” criteria in accordance with Financial Accounting Standard Boards (“FASB”) Accounting Standards Codification (“ASC”) 205, Presentation of Financial Statements On February 1, 2022, the Company completed the sale of the semiconductor automation business for $2.9 billion in cash. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation The accompanying Consolidated Financial Statements include the accounts of the Company and all entities where it has a controlling financial interest and have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in accordance with GAAP requires management to make certain estimates and assumptions that affect amounts reported in the financial statements and notes thereto. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may differ from these estimates. Estimates are associated with recording accounts receivable, inventories, goodwill, intangible assets other than goodwill, contingent consideration liabilities related to business combinations, long-lived assets, derivative financial instruments, deferred income taxes, warranty obligations, revenue over time, stock-based compensation expense, and other accounts. The Company assesses the estimates on an ongoing basis and records changes in estimates in the period they occur and become known. Business Combinations The Company accounts for business acquisitions using the purchase method of accounting, in accordance with which, assets acquired (including identifiable intangible assets), and liabilities assumed are recorded at their respective fair values at the acquisition date. The fair value of the consideration paid, including contingent consideration, is assigned to the assets acquired and liabilities assumed based on their respective fair values. Goodwill represents the excess of the purchase price over the estimated fair values of the assets acquired and liabilities assumed. Significant judgment is used in determining fair values of assets acquired and liabilities assumed and contingent consideration, as well as identified intangible assets and their estimated useful lives. Fair value and useful life determinations may be based on valuations that utilize among other factors, estimates of revenue growth rates, operating expenses, integration costs, obsolescence factors, future expected cash flows and discount rates attributable to completed technology and other acquired intangible assets. When estimating the assumptions to be used in the valuation, the Company includes a consideration of current industry information, market and economic trends, historical results of the acquired business, and other relevant factors. These assumptions are forward-looking and could be affected by future economic and market conditions. Adjustments to fair values of assets and liabilities made after the end of the measurement period are recorded within our operating results. Changes in the fair value of contingent consideration resulting from a change in the underlying inputs are recognized in results of operations until the arrangement is settled. Foreign Currency Translation Certain transactions of the Company and its subsidiaries are denominated in currencies other than their functional currency. Foreign currency exchange gains (losses) generated from the settlement and remeasurement of these transactions are recognized in earnings and presented within “Other income (expense)” in the Company’s Consolidated Statements of Operations. Net foreign currency transaction and remeasurement losses totaled $4.2 million, $1.7 million and $1.8 million for the fiscal years ended September 30, 2023, 2022 and 2021, respectively. The determination of the functional currency of the Company’s subsidiaries is based on their financial and operational environment and is the local currency of the Company’s foreign subsidiaries. The subsidiaries’ assets and liabilities are translated into the reporting currency at period-end exchange rates, while revenue, expenses, gains and losses are translated at the average exchange rates during the period. Gains and losses from foreign currency translations are recorded in “Accumulated other comprehensive income (loss)” in the Company’s Consolidated Balance Sheets and presented as “Foreign currency translation adjustments” in the Company’s Consolidated Statements of Comprehensive Income. The semiconductor automation business had foreign operations which had a cumulative translation adjustment balance of $16.6 million at the date of disposal of this business. This amount was removed from “Accumulated other comprehensive income (loss)” in the Company’s Consolidated Balance Sheet during the three months ended March 31, 2022, and included within the gain on the sale of the semiconductor automation business in “Income (loss) from discontinued operations, net of tax” in the Company’s Consolidated Statement of Operations. As a result, the Company presented a $16.6 million reclassification adjustment in “Accumulated other comprehensive income (loss)” in the Company’s Consolidated Balance Sheet at September 30, 2022. Derivative Financial Instruments The Company has transactions and balances denominated in currencies other than the functional currency of the transacting entity. Most of these transactions carry foreign exchange risk in Germany, the United Kingdom and China. The Company enters into foreign exchange contracts to reduce its exposure to currency fluctuations. The arrangements typically mature in three months or less and they do not qualify for hedge accounting. Net gains and losses related to foreign exchange contracts are recorded as a component of “Other income (expense)” in the accompanying Consolidated Statements of Operations. The fair values of the forward contracts are recorded in the accompanying Consolidated Balance Sheets as “Prepaid expenses and other current assets” and “Accrued expenses and other current liabilities”. Foreign exchange contract assets and liabilities are measured and reported at fair value based on observable market inputs and classified within Level 2 of the fair value hierarchy described below due to a lack of an active market for these contracts. All derivatives, whether designated as a hedging relationship or not, are recorded in the Consolidated Balance Sheets at fair value. The accounting for changes in fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, the Company must designate the hedging instrument as a fair value hedge, cash flow hedge or a hedge of a net investment in a foreign operation based on the exposure being hedged. Certain derivatives held by the Company are not designated as hedges but are used in managing exposure to changes in foreign exchange rates. A fair value hedge is a derivative instrument designated for the purpose of hedging the exposure to changes in fair value of an asset or a liability resulting from a particular risk. If the derivative is designated as a fair value hedge, the changes in the fair value of the derivative and of the hedged item attributable to the hedged risk are both recognized in the results of operations and presented in the same caption in the Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income. A cash flow hedge is a derivative instrument designated for the purpose of hedging the exposure to variability in future cash flows resulting from a particular risk. If the derivative is designated as a cash flow hedge, the effective portions of changes in the fair value of the derivative are recorded in accumulated other comprehensive income (loss) and recognized in the results of operations when the hedged item affects earnings. Ineffective portions of changes in the fair value of cash flow hedges are recognized in the results of operations. A hedge of a net investment in a foreign operation is achieved through a derivative instrument designated for the purpose of hedging the exposure of changes in value of investments in foreign subsidiaries. If the derivative is designated as a hedge of a net investment in a foreign operation, the effective portions of changes in the fair value of the derivative are recorded in other comprehensive income (loss) as a part of the foreign currency translation adjustment. Ineffective portions of net investment hedges are recognized in the results of operations. For derivative instruments not designated as hedging instruments, changes in fair value are recognized in the Consolidated Statements of Operations as gains or losses consistent with the classification of the underlying risk. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash deposits and cash equivalents, marketable securities, derivative instruments, and accounts receivable. All of the Company’s cash and cash equivalents, restricted cash, marketable securities and derivative instruments are maintained by major financial institutions. The Company invests cash not used in operations in investment grade, high credit quality securities in accordance with the Company’s investment policy which provides guidelines and limits regarding investments type, concentration, credit quality and maturity terms aimed at maintaining liquidity and reducing risk of capital loss. The Company regularly monitors the creditworthiness of its customers and believes that it has adequately provided for exposure to potential credit losses. The Company’s ten largest customers accounted for approximately 30%, 20% and 19% of its consolidated revenue for the fiscal years ended September 30, 2023, 2022 and 2021, respectively. One customer accounted for more than 10% of the Company’s consolidated revenue for fiscal year 2023. This customer is related to the Life Science Products segment and is a distributor shipping to end users in approximately 50 countries. No customers accounted for more than 10% of the Company’s consolidated revenue for fiscal years 2022 and 2021. Marketable Securities The Company invests in marketable securities that are classified as available-for-sale and records them at fair value in the Consolidated Balance Sheets. Marketable securities reported as current assets represent investments that mature within one year from the balance sheet date. Long-term marketable securities represent investments with maturity dates greater than one year from the balance sheet date. Unrealized gains and losses are excluded from earnings and reported as a separate component of “Accumulated other comprehensive income (loss)” in the Consolidated Balance Sheets until the security is sold or matures. Gains or losses realized from sales of marketable securities are computed based on the specific identification method and recognized as a component of “Other income (expense)” in the accompanying Consolidated Statements of Operations. The Company reviews the marketable securities for impairment at each reporting date to determine if any of the securities have experienced an other-than-temporary decline in fair value. The Company considers factors, such as the length of time and extent to which the market value has been less than the cost, the financial condition and near-term prospects of the issuer, the Company’s intent to sell, or whether it is more likely than not it will be required to sell the investment before recovery of its amortized cost basis. If the Company believes that an other-than-temporary decline in fair value has occurred, it writes down the investment to its fair value and recognizes the credit loss in earnings and the non-credit loss in accumulated other comprehensive income (loss). Fair Value Measurement The Company measures certain financial assets and liabilities, including cash equivalents, available-for-sale securities, accounts receivable, accounts payable, contingent consideration liability, and derivative instruments at fair value. The Company applies a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The following levels of inputs may be used to measure fair value: ● Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that are accessible as of the reporting date. Active markets are those in which transactions for the asset and liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. The fair value hierarchy gives the highest priority to Level 1 inputs. ● Level 2: Observable inputs other than prices included in Level 1, including quoted prices for similar assets or liabilities in active markets and quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. ● Level 3: Unobservable inputs that are significant to the fair value of the assets or liabilities and reflect an entity’s own assumptions in pricing assets or liabilities since they are supported by little or no market activity. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs, as well as considering counterparty credit risk in its assessment of fair value. The Company measures certain assets, including the cost and equity method investments, at fair value on a nonrecurring basis when they are deemed to be other-than-temporarily impaired. The fair values of these investments are determined based on valuation techniques using the best information available, and may include quoted market prices, market comparable prices, and discounted cash flow projections. An impairment charge is recorded when the cost of the investment exceeds its fair value and this condition is determined to be other-than-temporary Cash and Cash Equivalents, and Restricted Cash Cash and cash equivalents consist of cash and highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash. Cash equivalents are reported at fair value. The Company classifies long-term restricted cash balances within “Other assets” on the accompanying Consolidated Balance Sheets based upon the term of the remaining restrictions. Accounts Receivable and Allowance for Expected Credit Losses Trade accounts receivable do not bear interest and are recorded at the invoiced amount. The Company maintains an allowance for expected credit losses representing its best estimate of expected credit losses related to its existing accounts receivable and their net realizable value. The Company determines the allowance based on several factors, including an evaluation of customer credit worthiness, the age of the outstanding receivables, economic trends, historical experience and other information over the payment periods. The Company reviews and adjusts the allowance for expected credit losses on a quarterly basis. Accounts receivable balances are written off against the allowance for expected credit losses when the Company determines that the balances are not recoverable. Provisions for expected credit losses are recorded in “Selling, general and administrative” expenses in the Consolidated Statements of Operations. The Company does not have any off-balance-sheet credit exposure related to its customers. Inventories Inventories are stated at the lower of cost or net realizable value determined on a first-in, first-out basis and include the cost of materials, labor and manufacturing overhead. The Company reports inventories at their net realizable value and provides reserves for excess, obsolete or damaged inventory based on changes in customer demand, technology and other economic factors. Fixed Assets, Intangible Assets and Impairment of Long-lived Assets Property, plant and equipment are stated at cost, net of accumulated depreciation. Depreciation expense is computed based on the straight-line method and charged to results of operations to allocate the cost of the assets over their estimated useful lives, as follows: Buildings 10 - 40 years Computer equipment and software 3 - 5 years Machinery and equipment 2 - 7 years Furniture and fixtures 5 years Vehicles 3 - 7 years Leasehold improvements are amortized over the shorter of their estimated useful lives or the remaining terms of the respective leases. Equipment used for demonstrations to customers is included in machinery and equipment and depreciated over its estimated useful life. Repair and maintenance costs are expensed as incurred. The Company has developed software for internal use. Internal and external labor costs incurred during the application development stage of a project are capitalized. Costs incurred prior to application development and post implementation are expensed as incurred. Training and data conversion costs are expensed as incurred. Long lived assets and their associated accumulated depreciation are derecognized upon their retirement or at the time of disposal, and the resulting gain or loss is included in the Company’s results of operations. The Company identified finite-lived intangible assets other than goodwill as a result of acquisitions. Finite-lived intangible assets are valued based on estimated future cash flows and amortized over their estimated useful lives based on methods that approximate the pattern in which the economic benefits are expected to be realized. Finite-lived intangibles assets and fixed assets are tested for impairment when indicators of impairment are present. For purposes of this test, long-lived assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. If the Company determines that indicators of potential impairment are present, it assesses the recoverability of long-lived asset group by comparing its undiscounted future cash flows to its carrying value, and an impairment loss is recognized in operating results to the extent any finite-lived intangible asset’s carrying value exceeds its calculated fair value. The future cash flow period is based on the future service life of the primary asset within the long-lived asset group. Finite-lived intangible assets are amortized over their useful lives, as follows: Trademarks 5 - 13 years Patents 8 years Completed technology 7 - 15 years Customer relationships 10 - 16 years Non-competition agreements 5 years Leases The Company has operating leases for real estate and non-real estate and finance leases for non-real estate. The classification of a lease as operating or finance and the determination of the right-of-use asset (“ROU asset”) and lease liability are determined at lease inception. The ROU asset represents the Company’s right to use an underlying asset for the lease term and the lease liability represents the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date of the lease based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, an incremental borrowing rate is used based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the option will be exercised. Lease expense is recognized on a straight-line basis over the lease term. The Company’s lease agreements may contain lease and non-lease components. Non-lease components primarily include payments for maintenance and utilities. Fixed payments for non-lease components are combined with lease payments and accounted for as a single lease component which increases the amount of the ROU asset and liability. The ROU asset for operating leases is included within “Other assets” and the ROU asset for finance leases is included within “Property, plant and equipment, net” in the Consolidated Balance Sheets. The short-term lease liabilities for both operating leases and finance leases are included within “Accrued expenses and other current liabilities” in the Consolidated Balance Sheets. The long-term lease liabilities for operating leases and finance leases are included within “Long-term operating lease liabilities”, and “Other long-term liabilities”, respectively, in the Consolidated Balance Sheets. Goodwill Goodwill represents the excess of purchase price over the fair value of net tangible and identifiable intangible assets of businesses acquired by the Company. Goodwill is tested for impairment annually or more often if impairment indicators are present at the reporting unit level. The Company elected April 1 st Application of the goodwill impairment test requires significant judgment based on market and operational conditions at the time of the evaluation, including management’s best estimate of future business activity and the related estimates of future cash flows from the reporting units that include the associated goodwill. These periodic evaluations could cause management to conclude that impairment factors exist, requiring an adjustment of these assets to their then-current fair market values. Future business conditions and/or activity could differ materially from the projections made by management which could result in impairment charges. The goodwill impairment test is performed at the reporting unit level. A reporting unit is either an operating segment or one level below it, which is referred to as a “component”. The level at which the impairment test is performed requires an assessment of whether the operations below an operating segment constitute a self-sustaining business, in which case testing is generally performed at this level. The Company first assesses qualitative factors to determine whether the existence of events or circumstances indicates that it is more likely than not that the fair value of a reporting unit is less than its carrying value. If the Company determines, based on this assessment, that it is more likely than not that the fair value of the reporting unit is less than its carrying value, management performs a quantitative goodwill impairment test by comparing the reporting unit’s fair value with its carrying value. An impairment loss is recognized for the amount by which the reporting unit’s carrying value exceeds its fair value, up to the total amount of goodwill allocated to the reporting unit. We determine fair values of our reporting units based on an income approach in accordance with the discounted cash flow method, (the “DCF Method”). The DCF Method is based on projected future cash flows and terminal value estimates discounted to their present values. Terminal value represents the present value an investor would pay on the valuation date for the rights to the cash flows of the business for the years subsequent to the discrete cash flow projection period. We consider the DCF Method to be the most appropriate valuation technique since it is based on management’s long-term financial projections. In addition to determining the fair value of our reporting units based on the DCF Method, we also compare the aggregate values of our net corporate assets and reporting unit fair values to our overall market capitalization and use certain market-based valuation techniques to assess the reasonableness of the reporting unit fair values determined in accordance with the DCF Method. Warranty Obligations The Company establishes reserves for estimated costs of product warranties based on historical information. Product warranty reserves are recorded at the time product revenue is recognized, and retrofit accruals are recorded at the time retrofit programs are established. The Company’s warranty obligation is affected by product failure rates, utilization levels, material usage, service delivery costs incurred in correcting a product failure and supplier warranties on parts delivered by the Company. Revenue Recognition The Company generates revenue from the following sources: ● Products, including sales of automated cold sample management systems, vaccine cold storage and transport systems, consumables, instruments, spare parts, and software. ● Services, including repairs, upgrades, diagnostic support, installation, as well as biological sample services such as DNA sequencing, gene synthesis, molecular biology, bioinformatics, biological sample storage, sample acquisition, and other support services. The Company recognizes revenue for the transfer of such promised products or services to customers in an amount that reflects the consideration to which the Company expects to be entitled to in exchange for those products or services. Under ASC 606, Revenue from Contracts with Customers ● Identify the contract with a customer. Contracts are accounted for when approval and commitment has been received from both parties, the rights of each party are identified, payment terms are identified, the contract has commercial substance and collectability of the consideration to which the Company is entitled is probable. Contracts are generally evidenced through receipt of an approved purchase order or execution of a binding arrangement and can be both short and long-term. Long-term contracts within the segments relate to the sale of products with attached service-type warranty contracts that generally have a stated contract term that is greater than one year. Contracts may contain acceptance provisions where the Company is required to obtain technical acceptance from the customer upon completion of installation services and evidence of the system’s functional performance within the customer’s operating environment. The Company has concluded that acceptance criteria within its contracts can be objectively evaluated and will not impact the Company’s transfer of control assessment under ASC 606. ● Identify the performance obligations in the contract. Performance obligations include the sale of products and services. Certain customer arrangements related to the sale of automated cold sample management systems generally include more than one performance obligation and may include a combination of goods and or services, such as products with installation services or service-type warranty obligations. These contracts include multiple promises and as a result, the Company is required to evaluate each promise and determine whether the promise qualifies as a performance obligation within the contract. Contracts may contain the option to acquire additional products or services at defined prices. The Company reviews the pricing of these options to determine whether the option would exist independently of the current contract. If the pricing of contract options provides a material right to the customer that it would not receive without entering into the current contract, the Company accounts for the option as a separate performance obligation. ● Determine the transaction price. The transaction price of the Company’s contracts with its customer is generally fixed, based on the amounts to be contractually billed to the customer. Although uncommon, certain contracts may contain variable consideration in the form of customer allowances and rebates that consist primarily of retrospective volume-based discounts and other incentive programs. Variable consideration is estimated at contract inception and included in the transaction price if it is probable that a subsequent change in the estimate would not result in a significant revenue reversal. The period between transfer of control of the performance obligations within a customer contract and timing of payment is generally within one year. As a result, the Company’s contracts typically do not include significant financing components. ● Allocate the transaction price to the performance obligations in the contract. For customer contracts that contain more than one performance obligation, the Company allocates the total transaction consideration to each performance obligation based on the relative stand-alone selling price of each performance obligation within the contract. The Company relies on either observable standalone sales or an expected cost-plus margin approach to determine the standalone selling price of offerings, depending on the nature of the performance obligation. Performance obligations whose standalone selling price is estimated using an expected cost-plus margin approach relate to the sale of customized automated cold sample management systems, services, and service-type warranties. ● Recognize revenue when or as the Company satisfies a performance obligation . The Company satisfies its performance obligations by transferring a product or service either at a point in time or over time, when the transfer of control of the underlying performance obligation has occurred. Control is evidenced by the customer’s ability to direct the use of and obtain substantially all the remaining benefits from the performance obligation. Revenue from third-party sales for which the Company does not meet the criteria for gross revenue recognition is recognized on a net basis. All other revenue is recognized on a gross basis. The Company excludes from the transaction price all sales taxes assessed by governmental authorities and as a result, revenue is presented net of tax. As a result of applying this five-step model under ASC 606, the Company recognizes revenues from its sale of products and services as follows: ● Products: Revenue from the sale of standard products is recognized upon their transfer of control to the customer, which is considered complete at either the time of shipment or arrival at destination, based on the agreed upon terms within the contract. The Company’s payment terms for the sale of standard products are typically 30 to 60 days . Revenue from the sales of certain products that involve significant customization, which include primarily automated cold sample management systems is recognized over time as the asset created by the Company’s performance does not have alternative use to the Company and an enforceable right to payment for performance completed to date is present. The Company recognizes revenue as work progresses based on a percentage of actual labor hours incurred on the project to-date and total estimated labor hours expected to be incurred on the project. The selection of the method to measure progress towards completion requires judgment. The Company has concluded that using the percentage of labor hours incurred to estimated labor hours needed to complete the project most appropriately depicts the Company’s efforts towards satisfaction of the performance obligation. The Company develops profit estimates for long-term contracts based on total revenue expected to be generated from the project and total costs anticipated to be incurred in the project. These estimates are based on a number of factors, including the degree of required product customization and the work required to be able to install the product in the customer’s existing environment, as well as the Company’s historical experience, project plans and an assessment of the risks and uncertainties inherent in the contract related to implementation delays or performance issues that may or may not be within the Company’s control. The Company estimates a loss on a contract by comparing total estimated contract revenue to the total estimated contract costs and recognizes a loss during the period in which it becomes probable and can be reasonably estimated. The Company reviews profit estimates for long-term contracts during each reporting period and revises the estimate based on changes in circumstances. Revenue for certain arrangements that involve significant product customization but do not provide the Company with an enforceable right to payment for performance completed to date are recognized at a point in time, upon completion or substantial completion of the project, provided transfer of control has occurred. The project is considered substantially complete when the Company receives acceptance from the customer and remaining tasks are perfunctory or inconsequential and in control of the Company. Generally, the terms of long-term contr |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Sep. 30, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | 3. Discontinued Operations Disposition of the Semiconductor Automation Business On September 20, 2021, the Company entered into a definitive agreement to sell its semiconductor automation business to Thomas H. Lee Partners, L.P. (“THL”) and the Company determined that the semiconductor automation business met the criteria to be classified as a discontinued operation and, as a result, its historical financial results are reflected in the consolidated financial statements as a discontinued operation, and assets and liabilities were classified as assets and liabilities held for sale. On February 1, 2022, the Company completed the sale of the semiconductor automation business for $2.9 billion in cash. As part of the transaction, the Company recorded an $18.1 million liability related to retention bonuses and cash settled stock-based awards for former employees of the Company that were conveyed with the transaction. The Company paid $0.6 million of these payments during the year ended September 30, 2022 and remitted the remaining payments to THL in November 2022, and THL directly paid the Company’s former employees. Following the completion of the sale, the Company no longer serves the semiconductor market. In connection with the closing of the sale, the Company and THL entered into a transition services agreement under which both the Company and THL provide each other certain transition services related to finance and accounting, information technology, human resources, compliance, facilities, legal and research and development support, for time periods ranging from three During the twelve months ended September 30, 2023, the Company recorded a $1.4 million loss on divestiture. The following table presents the financial results of automation business discontinued operations with respect to the automation business (in thousands): Year Ended September 30, 2022 2021 Revenue Products $ 244,962 $ 624,358 Services 19,468 55,698 Total revenue 264,430 680,056 Cost of revenue Products 141,165 354,786 Services 11,159 29,750 Total cost of revenue 152,324 384,536 Gross profit 112,106 295,520 Operating expenses Research and development 18,486 48,647 Selling, general and administrative 30,622 70,634 Restructuring charges - 230 Total operating expenses 49,108 119,511 Operating income 62,998 176,009 Gain on divestiture 2,561,820 133 Income before income taxes 2,624,818 176,142 Income tax expense 480,673 35,357 Net income from discontinued operations $ 2,144,145 $ 140,785 The following table presents the significant non-cash items and capital expenditures for the discontinued operations with respect to the semiconductor automation business that are included in the Consolidated Statements of Cash Flows (in thousands): Year Ended September 30, 2022 2021 Depreciation and amortization $ - $ 8,472 Capital expenditures 2,862 6,414 Stock-based compensation - 7,405 There were no significant non-cash items and or capital expenditures related to discontinued operations in 2023. |
Business Combinations
Business Combinations | 12 Months Ended |
Sep. 30, 2023 | |
Business Combinations [Abstract] | |
Business Combinations | 4. Business Combinations The Company recorded the assets acquired and liabilities assumed related to the following acquisitions at their fair values as of the acquisition date, from a market participant’s perspective. While the Company uses its best estimates and assumptions as part of the purchase price allocation process to value the assets acquired and liabilities assumed on the acquisition date, its estimates and assumptions are subject to refinement. Fair value estimates are based on a complex series of judgments about future events and uncertainties and rely heavily on estimates and assumptions. The judgments used to determine the estimated fair value assigned to each class of assets acquired and liabilities assumed, as well as asset lives, can materially impact the Company’s results of operations. The measurement period to finalize the fair values is completed within one year after the respective acquisition date. Acquisitions Completed in Fiscal Year 2023 Ziath Ltd On February 2, 2023, the Company acquired Ziath, Ltd. and its subsidiaries (“Ziath”). Based in Cambridge, United Kingdom, Ziath is a leading provider of 2D barcode readers for life science applications. Founded in 2005, Ziath’s innovative 2D barcode readers are a key component of the laboratory automation workflow serving pharmaceutical, biotechnology and academic customers worldwide. Ziath will enhance the Company’s offerings, which support the entire lifecycle of sample management from specimen collection to sample registration, storage and processing. The acquisition was completed at a purchase price of $16.0 million, net of cash acquired. The acquired business is included in the Life Sciences Products segment. The allocation of the consideration included $12.0 million of goodwill, $4.1 million of technology, $1.1 million of deferred tax liability, $0.6 million of customer relationships, $0.3 million of trademarks, and several other assets and liabilities. The weighted average life of completed technology is 10 years, customer relationships is 13 years, and trademarks is 13 years. The goodwill represents the Company’s ability to provide a differentiated technology enabling high throughput scanning of varied formats of consumables. The goodwill is not expected to be deductible for income tax purposes. The Company did not present pro forma financial information for its consolidated results of operations for the acquisition because such results are immaterial. B Medical Systems S.á. r.l. On October 3, 2022, the Company acquired B Medical Systems S.á r.l. and its subsidiaries ("B Medical"), for a purchase price of $432.2 million including contingent consideration, which the Company estimated to be $17.0 million as of the measurement date. B Medical is a market leader in temperature-controlled storage and transportation solutions that enables the delivery of life-saving treatments to more than 150 countries worldwide. B Medical’s results of operations are reported in the Company’s Life Sciences Products segment from the date of acquisition. The Company paid a total initial cash purchase price at closing of $424.0 million, as adjusted for cash acquired and other items pursuant to the acquisition agreement. B Medical Systems Holdings S.A (the “Seller”) was eligible to earn up to €50.0 million in contingent consideration based upon achievement of certain financial metrics by B Medical. The Company repaid B Medical’s outstanding debt of $43.1 million prior to September 30, 2022 which was included in the purchase price and was classified in prepaid assets as of September 30, 2022. In addition, the Company recorded $381.0 million in short-term restricted cash as of September 30, 2022, which was reserved to complete the acquisition which occurred on October 3, 2022. The contingent consideration payment from the Company to the Seller was based on achievement of certain revenue targets over the one-year period from October 3, 2022 to September 30, 2023. The Company recorded the estimated fair value of the contingent consideration liability utilizing a Monte Carlo simulation that incorporates revenue projections, revenue growth rates of comparable companies, implied volatility and a risk adjusted discount rate. Each quarter, the Company was required to remeasure the fair value of this liability as assumptions changed over time and any resulting adjustments in the fair value of this liability were recorded in “Operating expenses” in the Consolidated Statements of Operations. This fair value measurement was based on significant inputs not observable in the market and thus represented a Level 3 measurement. This fair value measurement was directly impacted by the Company’s estimate of future incremental revenue growth of the business. Accordingly, if actual revenue growth was higher or lower than the estimates within the fair value measurement, the Company would record additional charges or gains. This liability was revalued from $18.5 million as of December 31, 2022 to zero as of June 30, 2023. The purchase price was allocated to B Medical’s tangible and identifiable intangible assets acquired and liabilities assumed based on the estimated fair values as of October 3, 2022, as set forth below (in thousands): Fair Value Accounts receivable $ 19,549 Inventory 51,978 Other assets 10,769 Property plant and equipment 54,149 Identifiable Intangible Assets: Completed technology 100,600 Trademarks 5,500 Customer relationships 36,700 Backlog 600 Other liabilities (32,533) Deferred income taxes, net (43,393) Goodwill 228,241 Total purchase price, net of cash acquired $ 432,160 During the twelve months ended September 30, 2023 the Company recorded adjustments which resulted in a net increase to goodwill of $9.2 million since the initial preliminary purchase price allocation. These adjustments include a $1.0 million decrease to property, plant and equipment, a $0.4 million increase to intangible assets, a $9.6 million decrease to other assets, a $2.3 million increase to inventory, a $0.8 decrease in other liabilities, and a $0.4 million decrease to deferred taxes. In performing the purchase price allocation, the Company considered, among other factors, the intended future use of acquired assets, and historical financial performance and estimates of future performance of B Medical’s business. As part of the purchase price allocations, the Company determined the identifiable intangible assets were completed technology value, trademarks, customer relationships and backlog. The fair value of the intangible assets was estimated using the income approach, specifically the multi-period excess earnings method, and the cash flow projections were discounted using a rate of 13%. The cash flows were based on estimates used to price the transaction, and the discount rate applied was benchmarked to the implied rate of return from the transaction and the weighted average cost of capital. The weighted average life of completed technology is 10 years, customer relationships is 16 years, trademarks is five years and backlog is one year. The intangible assets acquired are amortized over their respective weighted average life using methods that approximate the pattern in which the economic benefits are expected to be realized. The calculation of the excess of the purchase price over the estimated fair value of the tangible net assets and intangible assets acquired was recorded to goodwill. Goodwill of $228.2 million largely reflects the potential expansion of the Company's cold chain capabilities in the Company’s Life Sciences Products segment by adding differentiated solutions for reliable and traceable transport of temperature-controlled specimens. The goodwill is not deductible for income tax purposes. The following financial information reflects our consolidated results from B Medical (in thousands): Year Ended September 30, 2023 Revenue $ 113,122 Net loss $ (26,463) The Company incurred $4.9 million and $4.0 million in transaction costs recognized in earnings and presented within “Selling, general and administrative” in the Company’s Consolidated Statements of Operations related to the acquisition for fiscal years ending 2023 and 2022, respectively. The following unaudited pro forma financial information reflects our consolidated results of operations as if the acquisition had taken place on October 1, 2021 (in thousands). The unaudited pro forma financial information is not necessarily indicative of the results of operations that we would have reported had the transaction occurred at the beginning of these periods nor is it necessarily indicative of future results. Year Ended September 30, 2023 2022 Revenue $ 665,072 $ 672,151 Net income (loss) $ (5,356) $ 2,111,185 To present our consolidated results of operations as if the acquisition had taken place on October 1, 2021, the unaudited pro forma earnings for the fiscal years ended 2023 and 2022 have been adjusted to exclude Acquisition Completed in Fiscal Year 2022 Barkey Holding GmbH On July 1, 2022, the Company acquired Barkey Holding GmbH and its subsidiaries (“Barkey”), a leading provider of controlled-rate thawing devices for customers in the medical, biotechonlogy and pharmaceutical industries, head quartered in Leopoldshöhe, Germany. The financial results for Barkey are included within the Life Sciences Products segment. The total cash purchase price of the acquisition was $84.8 million, net of cash acquired. The acquisition added innovative products and capabilities that extend the Company’s extensive cold chain of condition portfolio of products and services, while also expanding the Company’s customer reach in the fast-growing cell and gene therapy (“CGT”) space. The allocation of the consideration included $3.0 million of customer relationships, $29.0 million of technology, $60.5 million of goodwill, $9.8 million of deferred tax liabilities, and several other assets and liabilities. The weighted useful life of all the intangible assets acquired is 15 years. The goodwill and intangibles are not tax deductible. During the twelve months ended September 30, 2023 the Company recorded an adjustment which resulted in an increase to goodwill of $2.7 million since the initial preliminary purchase price allocation due to a $2.7 million increase to accrued liabilities. The Company did not present pro forma financial information for its consolidated results of operations for the acquisition because such results are immaterial. Acquisitions Completed in Fiscal Year 2021 Abeyatech LLC On April 2, 2021, the Company acquired Abeyatech LLC. The Company has included the financial results of the acquired operations within the Life Sciences Products segment. The purchase price includes $9.9 million cash payment and $9.4 million in contingent consideration, at present value, based on the acquired business’ performance for the twelve-month period ending December 31, 2021, subject to customary working capital adjustments and other adjustments. The acquisition enhances the breadth and depth of the Company’s offerings and expands its expertise in the Life Sciences Products segment. The allocation of the consideration included $11.9 million of technology, $4.4 million of goodwill, and several other assets and liabilities for $3.0 million. The weighted useful life of all the intangible assets acquired is 12 years. The goodwill and intangibles are tax deductible. During the three months ended March 31, 2022, the Company paid $10.0 million related to the contingent consideration recorded at the time of acquisition based on the achievement of business performance targets set forth in the purchase agreement. The Company did not present pro forma financial information for its consolidated results of operations for the acquisition because such results are immaterial. Trans-Hit Biomarkers, Inc. On December 3, 2020, the Company acquired Trans-Hit Biomarkers Inc. (“THB”), a worldwide biospecimen procurement service provider based in Montreal, Canada. THB has an extensive collection capability for biospecimens and clinical samples through a worldwide partner network of clinical sites and biobanks. The total cash purchase price of the acquisition was approximately $15.1 million, net of cash acquired. The acquisition enhances the breadth and depth of the Company’s offerings and expands its expertise in the Life Sciences Services segment. The allocation of the consideration included $7.8 million of customer relationships, $9.3 million of goodwill, $2.4 million of deferred tax liabilities, and several other assets and liabilities. The weighted useful life of all intangibles acquired is 11 years. The Company has included the financial results of the acquired operations in the Life Sciences Services segment. The goodwill The Company did not present pro forma financial information for its consolidated results of operations for the acquisition because such results are immaterial. |
Marketable Securities
Marketable Securities | 12 Months Ended |
Sep. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | 5. Marketable Securities During fiscal years 2023 and 2022, the Company had sales and maturities of marketable securities of $1.1 billion and $705.4 million, respectively. Realized losses on the sale of marketable securities were $0.8 million for the fiscal year ended September 30, 2023, and realized gains on the sale of marketable securities were $0.2 million for the fiscal year ended September 30, 2022. The following is a summary of the amortized cost and the fair value, including accrued interest receivable, as well as unrealized gains (losses) on the short-term and long-term marketable securities as of September 30, 2023 and 2022 (in thousands): Gross Gross Amortized Unrealized Unrealized Cost Losses Gains Fair Value September 30, 2023: U.S. Treasury securities and obligations of U.S. government agencies $ 227,804 $ (2,573) $ — $ 225,231 Bank certificates of deposits 8,122 (170) — 7,952 Corporate securities 221,155 (4,127) — 217,028 Municipal securities — — — — $ 457,081 $ (6,870) $ — $ 450,211 September 30, 2022: U.S. Treasury securities and obligations of U.S. government agencies $ 804,774 $ (6,163) $ 21 $ 798,632 Bank certificates of deposits 8,335 (158) 1 8,178 Corporate securities 406,270 (8,113) — 398,157 Municipal securities 59,043 (226) — 58,817 $ 1,278,422 $ (14,660) $ 22 $ 1,263,784 The fair values of the marketable securities by contractual maturities at September 30, 2023 are presented below (in thousands). Amortized Cost Fair Value Due in one year or less $ 342,901 $ 338,873 Due after one year through five years 111,121 108,279 Due after five years through ten years — — Due after ten years 3,059 3,059 Total marketable securities $ 457,081 $ 450,211 Expected maturities could differ from contractual maturities because the security issuers may have the right to prepay obligations without prepayment penalties. Unrealized losses from fixed-income securities are primarily attributable to changes in interest rates. Management does not believe any unrealized losses represent impairments based on our evaluation of the available evidence. |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | 6. Derivative Instruments Net gains and losses related to foreign exchange contracts are recorded as a component of “Other income (expense)” in the accompanying Consolidated Statements of Operations and are as follows for the fiscal years ended September 30, 2023, 2022 and 2021 (in thousands): Year Ended September 30, 2023 2022 2021 Realized gains (losses) on derivatives not designated as hedging instruments $ (1,174) $ 991 $ (7,781) The notional amounts of the Company’s derivative instruments as of September 30, 2023 and 2022 were as follows (in thousands): Year Ended September 30, Hedge Designation 2023 2022 Cross-currency swap Net Investment Hedge $ 436,360 $ 960,000 Foreign exchange contracts Undesignated 184,800 585,800 The fair value of derivative instruments are as follows at September 30, 2023 and 2022 (in thousands): Fair Value of Assets Fair Value of Liabilities As of September 30, 2023 2022 2023 2022 Derivatives not designated as hedging instruments Foreign exchange contracts $ 44 $ 634 $ (421) $ (230) Total fair value $ 44 $ 634 $ (421) $ (230) Hedging Activities On February 1, 2022, the Company entered into a cross-currency swap agreement to hedge the variability of exchange rate impacts between the U. S. dollar and the Euro. Under the terms of the cross-currency swap agreement, the Company notionally exchanged $1.0 billion for €915.0 million at a weighted average interest rate of 1.20%. The designated notional amount was $960.0 million, and the actual interest rate was 1.28%. The 1.28% rate was in the range of the market value for that day and was the true interest rate on the notional amount. The Company designated the cross-currency swap as a hedge of net investments against one of its Euro denominated subsidiaries requiring an exchange of the notional amounts at maturity. At the maturity of the cross currency-swap on February 1, 2023, the Company delivered a notional amount of €852.0 million and received a notional amount of $960.0 million at an USD/EUR exchange rate of 1.13, which included realization of a gain of $29.3 million recorded in “Accumulated other comprehensive income (loss)” in the Consolidated Balance Sheets. On February 1, 2023, the Company entered into another cross-currency swap agreement to hedge the variability of exchange rate impacts between the U.S. dollar and the Euro. Under the terms of the cross-currency swap agreement, the Company notionally exchanged $436.0 million for €400.0 million at a weighted average interest rate of 1.66%. The Company designated the cross-currency swap as a hedge of net investments against one of its Euro denominated subsidiaries, which requires an exchange of the notional amounts at maturity on February 1, 2024. Cross-currency swaps are marked to market at each reporting period, representing the fair values of the cross-currency swap and any changes in fair value are recognized as a component of “Accumulated other comprehensive income (loss)” in the Consolidated Balance Sheets. Interest earned on the cross-currency swap is recorded within “Interest income” in the Consolidated Statements of Operations. For the fiscal years ended September 30, 2023 and 2022, the Company recorded “Interest income” of $8.9 million and $8.2 million, respectively, on this instrument. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Sep. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | 7. Property, Plant and Equipment Property, plant and equipment were as follows as of September 30, 2023 and 2022 (in thousands): September 30, 2023 2022 Buildings, land, and land use right $ 41,870 $ 29,581 Computer equipment and software 38,623 35,814 Machinery and equipment 139,858 90,700 Furniture and fixtures 7,426 5,806 Leasehold improvements 52,670 37,495 Capital projects in process 33,915 36,644 Right-of-use asset 4,718 2,476 Vehicles 1,540 — Property, plant and equipment, gross 320,620 238,516 Less: accumulated depreciation and amortization (114,876) (84,046) Property, plant and equipment, net $ 205,744 $ 154,470 Depreciation expense, which includes amortization expense on finance leases, was $37.2 million, $21.9 million and $19.5 million, respectively, for the fiscal years ended September 30, 2023, 2022, and 2021. The Company recorded $13.5 million of additions to property, plant and equipment for which cash payments had not yet been made as of September 30, 2023. As of September 30, 2023 and 2022, the Company had cumulative capitalized direct costs of $30.5 million and $26.9 million, respectively, associated with the development of software for its internal use. As of September 30, 2023, this balance included $4.9 million associated with software still in the development stage included within "Property, plant and equipment, net" in the accompanying Consolidated Balance Sheets. During fiscal year 2023, the Company capitalized direct costs of $3.6 million associated with the development of software for its internal use. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 8. Goodwill and Intangible Assets On April 1, 2023, in accordance with the Company’s policy, the Company performed the annual quantitative goodwill impairment test. As of the annual impairment test date, the estimated fair value of the Life Sciences Services and Life Sciences Products reporting units exceeded their respective carrying values by approximately 24% and 17%, respectively. The Company qualitatively evaluated goodwill for impairment during the remainder of fiscal 2023 and determined that there were no events or circumstances during the period to indicate an additional quantitative goodwill impairment assessment was required. In the event of financial performance of the reporting units does not meet management’s expectations in the future, there is a change to the Company’s reportable segments, the Company experiences a prolonged macroeconomic or market downturn, declines in the Company’s stock price, or there are other negative revisions to key assumptions used in the DCF Method, the Company may be required to perform additional impairment analyses and could be required to recognize an impairment charge. The following table sets forth the changes in the carrying amount of goodwill by reportable segment since September 30, 2021 (in thousands): Life Sciences Life Sciences Products Services Total Balance - September 30, 2021 $ 110,138 $ 359,218 $ 469,356 Acquisitions 57,854 — 57,854 Currency translation adjustments (13,380) (207) (13,587) Balance - September 30, 2022 $ 154,612 $ 359,011 $ 513,623 Acquisitions 242,789 — 242,789 Currency translation adjustments 27,903 24 27,927 Balance - September 30, 2023 $ 425,304 $ 359,035 $ 784,339 The components of the Company’s identifiable intangible assets as of September 30, 2023 and 2022 are as follows (in thousands): September 30, 2023 September 30, 2022 Accumulated Net Book Accumulated Net Book Cost Amortization Value Cost Amortization Value Patents $ 1,226 $ 1,175 $ 51 $ 1,225 $ 1,106 $ 119 Completed technology 215,430 56,021 159,409 99,525 37,991 61,534 Trademarks and trade names 6,630 1,445 5,185 400 41 359 Non-competition agreements 681 568 113 681 439 242 Customer relationships 290,800 161,257 129,543 246,949 130,802 116,147 Other intangibles 869 869 — 202 202 — Total $ 515,636 $ 221,335 $ 294,301 $ 348,982 $ 170,581 $ 178,401 For further details regarding the increase in the goodwill and intangibles balances from September 30, 2022 to September 30, 2023, which were primarily a result of the B Medical and Ziath acquisitions, please refer to Note 4, Business Combinations Amortization expense for intangible assets was $48.4 million, $32.3 million, and $37.4 million, respectively, for the fiscal years ended September 30, 2023, 2022 and 2021. Estimated future amortization expense for the intangible assets as of September 30, 2023 is as follows (in thousands): 2024 $ 49,750 2025 48,308 2026 44,952 2027 36,877 2028 30,533 Thereafter 83,881 Total $ 294,301 |
Restructuring
Restructuring | 12 Months Ended |
Sep. 30, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | 9. Restructuring 2023 Cost Savings Plan In the second and third quarters of 2023, the Company announced cost savings plans to position the Company to meet the needs of their customers and accelerate growth of the business. The majority of the restructuring expenses for fiscal years 2023, 2022, and 2021 are related to severance and related costs. Additional costs to complete these cost savings plans are expected to approximate $0.6 million. Costs from these actions are expected to be fully realized by the end of calendar 2023. Restructuring Reserve Year Ended September 30, (In thousands) 2023 2022 Balance at beginning of period $ 462 $ 304 Provisions 4,577 712 Payments (4,028) (554) Balance at end of period $ 1,011 $ 462 The change in the accrual balance was primarily due to accruals offset by payments related to the separation of personnel due to reorganization and cost reduction efforts. |
Leases
Leases | 12 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
Leases | 10. Leases The Company has operating leases for real estate and non-real estate and finance leases for non-real estate in North America, Europe, and Asia. Non-real estate leases are primarily related to vehicles and office equipment. Lease expiration dates range between 2023 and 2043. The components of operating lease expense for fiscal years 2023 and 2022 were as follows (in thousands): Year Ended September 30, 2023 2022 Operating lease costs $ 12,435 $ 9,396 Finance lease costs: Amortization of assets 620 182 Interest on lease liabilities 40 5 Total finance lease costs 660 187 Total operating and finance lease costs 13,095 9,583 Variable lease costs 3,251 3 Short-term lease costs 1,920 1,411 Total lease costs $ 18,266 $ 10,997 Supplemental balance sheet information related to leases is as follows (in thousands, except lease term and discount rate): September 30, 2023 September 30, 2022 Operating Leases: Operating lease right-of-use assets $ 66,580 $ 54,059 Accrued expenses and other current liabilities $ 9,499 $ 6,924 Long-term operating lease liabilities 60,436 49,227 Total operating lease liabilities $ 69,935 $ 56,151 Finance Leases: Property, plant and equipment, at cost $ 4,718 $ 2,476 Accumulated amortization (2,780) (2,276) Property, plant and equipment, net $ 1,938 $ 200 Accrued expenses and other current liabilities $ 677 $ 96 Other long-term liabilities 1,361 98 Total finance lease liabilities $ 2,038 $ 194 Weighted average remaining lease term (in years): Operating leases 10.92 10.82 Finance leases 3.41 2.19 Weighted average discount rate: Operating leases 4.26 % 3.93 % Finance leases 2.76 % 1.29 % Supplemental cash flow information related to leases is as follows (in thousands): Year Ended September 30, 2023 2022 Cash paid for amounts included in measurement of liabilities: Operating cash flows - operating leases $ 10,949 $ 7,977 Operating cash flows - finance leases $ 40 $ 5 Financing cash flows - finance leases $ 578 $ 393 ROU assets obtained in exchange for lease liabilities: Operating leases $ 15,038 $ 10,842 Finance leases $ 1,813 $ 68 Future lease payments for operating leases as of September 30, 2023 were as follows for the subsequent five fiscal years and thereafter (in thousands): Finance Leases Operating Leases 2024 $ 724 $ 12,175 2025 635 11,838 2026 474 8,238 2027 238 7,807 2028 57 7,482 Thereafter 9 42,531 Total future lease payments 2,137 90,071 Less imputed interest (99) (20,136) Total lease liability balance $ 2,038 $ 69,935 As of September 30, 2023, in addition to the amounts disclosed above, the Company has lease commitments of approximately $4.2 million for leases where the Company has not taken possession of the underlying asset, and anticipates lease commencement in the first quarter of fiscal year 2024. As such, the related ROU assets and lease liabilities have not been recognized in the Company’s Consolidated Balance Sheet as of September 30, 2023. |
Supplementary Balance Sheet Inf
Supplementary Balance Sheet Information | 12 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Supplementary Balance Sheet Information | 11. Supplementary Balance Sheet Information The following is a summary of accounts receivable at September 30, 2023 and 2022 (in thousands): September 30, 2023 2022 Accounts receivable $ 164,592 $ 168,920 Less allowance for expected credit losses (8,057) (5,162) Accounts receivable, net $ 156,535 $ 163,758 The allowance for expected credit losses for the fiscal years ended September 30, 2023, 2022 and 2021 is as follows (in thousands): Year Ended September 30, 2023 2022 2021 Balance at beginning of period $ 5,162 $ 4,318 $ 7,146 Provisions 8,849 3,536 3,445 Payments received (5,884) (2,278) (5,481) Write-offs and adjustments (70) (414) (792) Balance at end of period $ 8,057 $ 5,162 $ 4,318 The following is a summary of inventories at September 30, 2023 and 2022 (in thousands): September 30, 2023 2022 Raw materials and purchased parts $ 59,861 $ 39,685 Work-in-process 11,400 4,816 Finished goods 56,937 41,043 Total inventories $ 128,198 $ 85,544 The activity for excess and obsolete inventory reserves is as follows for the fiscal years ended September 30, 2023, 2022 and 2021 (in thousands): Year Ended September 30, 2023 2022 2021 Balance at beginning of period $ 4,082 $ 3,681 $ 3,136 Provisions 3,324 1,752 1,522 Inventory disposals and adjustments (2,415) (1,351) (977) Balance at end of period $ 4,991 $ 4,082 $ 3,681 The activity for valuation allowance for deferred tax assets is as follows for the fiscal years ended September 30, 2023, 2022 and 2021 (in thousands): Year Ended September 30, 2023 2022 2021 Balance at beginning of period $ 5,927 $ 8,592 $ 10,623 Charge to income tax provision (benefit) 1,137 1,337 (3,247) Charged to other accounts 1,284 (4,002) 1,216 Balance at end of period $ 8,348 $ 5,927 $ 8,592 The following is a summary of product warranty and retrofit activity on a gross basis for the fiscal years ended September 30, 2023, 2022 and 2021 (in thousands): Year Ended September 30, 2023 2022 2021 Balance at beginning of period $ 2,890 $ 2,330 $ 2,211 Adjustments for acquisitions and divestitures 2,475 254 — Accruals for warranties during the year 8,198 2,438 2,300 Costs incurred during the year (3,340) (2,132) (2,181) Balance at end of period $ 10,223 $ 2,890 $ 2,330 |
Debt and Line of Credit
Debt and Line of Credit | 12 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Debt and Line of Credit | 12. Debt and Line of Credit As of September 30, 2021, the Company had approximately $49.7 million of debt outstanding on a term loan. On February 1, 2022, the Company completed the sale of its semiconductor automation business and utilized a portion of the proceeds from the sale to extinguish the outstanding balance of the term loan. The Company also terminated its revolving line of credit which had no borrowings outstanding. The Company recorded a loss on debt and line of credit extinguishment of $0.6 million. During the fiscal years ended September 30, 2022 and 2021, the weighted average stated interest rate paid on all outstanding debt was 2.7% and 2.8%, respectively. During the year ended September 30, 2022 and 2021, the Company incurred aggregate interest expense of $0.5 million and $1.7 million, respectively, in connection with the borrowings. The deferred financing costs were accreted over the term of the loan using the effective interest rate method and are included in “Interest expense” in the accompanying Consolidated Statements of Operations. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Sep. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | 13. Stockholders’ Equity Share Repurchases On November 4, 2022, the Company’s Board of Directors terminated On November 23, 2022, the Company executed an ASR agreement (the “ASR Agreement”) with JPMorgan Chase Bank, National Association (the “Dealer”) to repurchase an aggregate of up to $500.0 million of the Company’s common stock After giving effect to the ASR Agreement, $1.0 billion of the amount authorized remained available for additional repurchases of the Company’s common stock. Following the final termination of the ASR Agreement in April 2023, other arrangements commenced under which the Company expects to repurchase up to an additional $500.0 million shares of common stock in open market purchases, subject to market and business conditions, legal requirements, and other factors. As of September 30, 2023, the Company has acquired 7.4 million shares of its common stock through open market purchases totaling $338.5 million (excluding fees, commissions, and excise tax) under these other arrangements. These shares of common stock repurchased by the Company were retired, accounted for as a reduction to stockholders’ equity in the Consolidated Balance Sheets and treated as a repurchase of common stock for purposes of calculating earnings per share as of the applicable settlement dates. Effective January 1, 2023, all corporate share repurchases are subject to a one percent excise tax on the value of the repurchase, net of share issuances, subject to certain exclusions. The excise tax was part of The Inflation Reduction Act passed by the U.S. government in 2022. The Company accrued $5.0 million for excise tax related to share repurchases settled in fiscal 2023, which is considered an additional cost of the share repurchases and a reduction to stockholders’ equity in the Consolidated Balance Sheets. Preferred Stock Total number of shares of preferred stock authorized for issuance was 1,000,000 shares at September 30, 2023 and 2022. Preferred stock has a par value of $0.01 per share and may be issued at the discretion of the Board of Directors without stockholder approval with such designations, rights and preferences as the Board of Directors may determine. There were no shares of preferred stock issued or outstanding at September 30, 2023 or 2022. Accumulated Other Comprehensive Income (Loss) The following is a summary of the components of accumulated other comprehensive income (loss), net of tax, at September 30, 2023, 2022 and 2021 (in thousands): Unrealized Gains (Losses) on Available- Currency for-Sale Gains (Losses) Pension Translation Securities on Derivative asset Liability Adjustments Net of tax Net of tax Adjustments Total Balance at September 30, 2020 $ 23,061 (1) — (1,141) 21,919 Other comprehensive income (loss) before reclassifications (2,922) — — 333 (2,589) Amounts reclassified from accumulated other comprehensive income (loss) — — — 21 21 Balance at September 30, 2021 20,139 (1) — (787) 19,351 Other comprehensive income (loss) before reclassifications (169,266) (10,908) 93,020 412 (86,742) Amounts reclassified from accumulated other comprehensive income (loss) (16,567) — — 42 (16,525) Balance at September 30, 2022 (165,694) (10,909) 93,020 (333) (83,916) Other comprehensive income (loss) before reclassifications 77,246 5,774 (61,533) (104) 21,383 Amounts reclassified from accumulated other comprehensive income (loss) — — — 107 107 Balance at September 30, 2023 $ (88,448) $ (5,135) $ 31,487 $ (330) $ (62,426) Unrealized gains (losses) on available-for-sale marketable securities are reclassified from accumulated other comprehensive income (loss) into results of operations at the time of the securities’ sale, as described in Note 5, Marketable Securities recognized as reclassifications from accumulated other comprehensive income (loss) and corresponding reductions in pension liabilities and net pension cost. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 12 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | 14. Revenue from Contracts with Customers Disaggregated Revenue The Company disaggregates revenue from contracts with customers in a manner that depicts how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. The following is revenue by significant business line for the fiscal years ended September 30, 2023, 2022 and 2021 (in thousands): 2023 2022 2021 Significant Business Line Life Sciences Products, excluding B Medical $ 192,061 $ 199,230 $ 199,606 B Medical 113,122 - - Sample Repository Solutions 111,593 105,331 88,922 Genomic Services 248,296 250,937 225,175 Total revenue $ 665,072 $ 555,498 $ 513,703 Contract Balances Accounts Receivable, Net. Contract Assets. Contract Liabilities. Revenue recognized from the contract liability balance at was $34.9 million for the year ended September 30, 2023. Remaining Performance Obligations. obligations as revenue, the Company will recognize revenue associated with these performance obligations as transfer of control occurs (in thousands): As of September 30, 2023 Less than 1 Year Greater than 1 Year Total Remaining performance obligations $ 54,159 $ 24,228 $ 78,387 Cost to Obtain and Fulfill a Contract The Company capitalizes sales commissions when incurred if they are (i) incremental costs of obtaining a contract, (ii) expected to be recovered and (iii) have an expected amortization period that is greater than one year. These amounts primarily relate to sales commissions and are being amortized over a 60-month period, which represents the average period of contract performance. The Company capitalized $0.5 million and $0.7 million of sales commissions during the fiscal years ended September 30, 2023 and 2022, respectively. All other sales commissions incurred during the reporting period have been expensed as incurred. These costs are recorded within “Selling, general and administrative” expenses on the Company’s Consolidated Statement of Operations. The Company accounts for shipping and handling activities as fulfillment activities and recognize the associated expense when control of the product has transferred to the customer. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Sep. 30, 2023 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | 15. Stock Based Compensation The Company may issue options to eligible employees to purchase shares of the Company’s common stock, restricted stock units, and other equity incentives, which vest upon the satisfaction of a performance condition and/or service condition. In addition, the Company issues common stock to participating employees pursuant to an employee stock purchase plan, and also issues common stock awards and deferred restricted stock units to members of its board of directors in accordance with its board of director compensation program. 2020 Equity Incentive Plan In accordance with the 2020 Equity Incentive Plan (the “2020 Plan”), the Company may grant (i) restricted stock and other stock-based awards, (ii) nonqualified stock options, and (iii) options intended to qualify as incentive stock options under Section 422 of the Internal Revenue Code. All employees of the Company or any affiliate of the Company, independent directors, consultants and advisors are eligible to participate in the 2020 Plan. The 2020 Plan provides for the issuance of an aggregate of 2,800,000 shares of common stock, including 2,500,000 shares reserved for issuance pursuant to the 2020 Plan, and up to 300,000 additional shares which may be issued pursuant to the 2020 Plan if outstanding awards granted under the 2000 Plan or the 2015 Plan are forfeited, expire or are cancelled. The following table reflects stock-based compensation expense recorded during the fiscal years ended September 30, 2023, 2022 and 2021 (in thousands): Year Ended September 30, 2023 2022 2021 Restricted stock units $ 8,027 $ 10,597 $ 18,923 Employee stock purchase plan 1,349 1,846 1,128 Total stock-based compensation expense for continuing and discontinued operations $ 9,376 $ 12,443 $ 20,051 Income tax benefit (1,406) (1,929) (3,208) Total compensation expense included in the statement of operations 7,970 10,514 16,843 Restricted Stock Unit Activity The following table summarizes restricted stock unit activity for the fiscal year ended September 30, 2023 (in thousands, except for weighted average grant-date fair value): Weighted Average Grant-Date Shares Fair Value Outstanding as of September 30, 2022 538,238 $ 71.99 Granted 590,066 $ 57.22 Vested (267,834) $ 55.86 Forfeited (141,516) $ 72.04 Outstanding as of September 30, 2023 718,954 $ 67.40 The fair value of restricted stock units vested during fiscal years 2023, 2022 and 2021 was $14.8 million, $66.9 million, and $28.4 million, respectively. During fiscal years 2023, 2022 and 2021, the Company remitted $5.0 million, $25.2 million, and $9.8 million, respectively, collected from employees to satisfy their tax obligations as a result of share issuances. As of September 30, 2023, the future unrecognized stock-based compensation expense related to restricted stock units expected to vest is $12.1 million, and is expected to be recognized over an estimated weighted average amortization period of 1.4 years. Restricted stock units granted with performance goals may also have a required service period following the achievement of all or a portion of the performance goals. The following table reflects restricted stock units and stock awards granted during fiscal years ended September 30, 2023, 2022 and 2021 (in thousands): Year Ended September 30, 2023 2022 2021 Time-based restricted stock units 311,609 120,066 166,570 Common stock awards — 18,471 14,713 Performance-based restricted stock units 278,457 111,148 168,647 Total units 590,066 249,685 349,930 Among the total restricted stock units granted 98,783 shares were granted to the employees who belong to the discontinued operations in the year ended September 30, 2021, all of which were settled upon the sale of the discontinued operations. No shares have subsequently been granted to employees who belong to the discontinued operations. Time-Based Restricted Stock Unit Grants Restricted stock units granted with a required service period typically have three-year vesting schedules in which one-third Certain members of the Board of Directors have elected to defer receiving their annual stock awards and related quarterly dividends, if any, until they attain a certain age or cease to provide services as a member of the Company’s Board of Directors. Annual deferred stock awards granted during fiscal years 2023, 2022, and 2021 vested upon issuance. Performance-Based Restricted Stock Unit Grants Performance-based restricted stock units are earned based on the achievement of performance criteria established by the Human Resources and Compensation Committee and approved by the Board of Directors. The criteria for performance-based awards are weighted and have threshold, target and maximum performance goals. Performance-based restricted stock unit awards granted in fiscal year 2023, 2022 and 2021 allow participants to earn 100% of restricted stock units if the Company’s performance meets or exceeds its target goal for each applicable financial metric, and up to a maximum of 200% if the Company’s performance for such metrics meets or exceeds the maximum or stretch goal. Performance below the minimum threshold for each financial metric results in award forfeiture. Performance goals are measured over a three-year period for each year’s restricted stock unit awards and at the end of the period to determine the number of restricted stock units earned, if any, by recipients who continue to meet the service requirement. Upon the third anniversary of each year’s restricted stock unit awards’ grant date, the Company’s Board of Directors determines the number of restricted stock units earned for participants who continue to meet the service requirements on the vest date. Awards Granted to the Board of Directors The stock-based compensation granted to members of the Company’s Board of Directors includes common stock awards, restricted stock unit awards and deferred common stock and restricted stock unit awards. Employee Stock Purchase Plan The Company maintains an employee stock purchase plan that allows its employees to purchase shares of common stock at a price equal to 85% of the fair market value of the Company’s stock at the beginning or the end of the semi-annual offering period, whichever is lower. On February 8, 2017, the stockholders approved the 2017 Employee Stock Purchase Plan (the “2017 Plan”). The 2017 Plan allows for purchases by employees of up to 1,250,000 shares of the Company’s common stock. As of September 30, 2023, 586,421 shares of common stock remain available for purchase under the Plan. During the fiscal year ended September 30, 2023 and 2022, the Company issued 83,715 shares and 82,035 shares, respectively, under the Plan. Valuation Assumptions for an Employee Stock Purchase Plan The fair value of shares issued under the employee stock purchase plan is estimated on the commencement date of each offering period using the Black-Scholes option-pricing model with the following weighted average assumptions for the fiscal years ended September 30, 2023, 2022 and 2021: Year Ended September 30, 2023 2022 2021 Risk-free interest rate 5.2 % 1.7 % 0.3 % Volatility 57 % 49 % 53 % Expected life 6 months 6 months 6 months Dividend yield — % — % 0.6 % The risk-free rate is based on the U.S. Treasury yield curve for notes with terms approximating the expected life of the shares granted. The expected stock price volatility is determined based on the Company’s historic stock prices over a period commensurate with the expected life of the shares granted. The expected life represents the weighted average period over which the shares are expected to be purchased. Dividend yields are projected based on the Company’s history of dividend declarations and management’s intention for future dividend declarations. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 16. Fair Value Measurements Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis The following tables summarize assets and liabilities measured and recorded at fair value on a recurring basis in the accompanying Consolidated Balance Sheets as of September 30, 2023 and 2022 (in thousands): As of September 30, 2023 Description Total Fair Value Level 1 Level 2 Level 3 Assets: Cash equivalents $ 525,952 $ 525,952 $ — $ — Available-for-sale securities 450,211 85,949 364,262 — Foreign exchange contracts 44 — 44 — Net investment hedge 13,036 — 13,036 — Total assets $ 989,243 $ 611,901 $ 377,342 $ — Liabilities: Foreign exchange contracts 421 — 421 — Total liabilities $ 421 $ — $ 421 $ — As of September 30, 2022 Description Total Fair Value Level 1 Level 2 Level 3 Assets: Cash equivalents $ 374,804 $ 374,055 $ 749 $ — Available-for-sale securities 1,263,782 651,800 611,982 — Foreign exchange contracts 634 — 634 — Net investment hedge 124,789 — 124,789 — Total assets $ 1,764,009 $ 1,025,855 $ 738,154 $ — Liabilities: Foreign exchange contracts 230 $ — 230 — Total liabilities $ 230 $ — $ 230 $ — Cash Equivalents Cash equivalents consist of money market funds and are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets. The Company considers all highly liquid interest-earning investments with a maturity of three months or less at the date of purchase to be cash equivalents. The fair values of these investments approximate their carrying values. Available-For-Sale Securities Available-for-sale securities primarily consist of highly rated corporate debt securities and U.S. government backed securities which are classified as Level 1. Investments classified as Level 2 consist of debt securities that are valued using matrix pricing and benchmarking because they are not actively traded, and bank certificates of deposit. Matrix pricing is a mathematical technique used to value securities by relying on the securities’ relationship to other benchmark quoted prices. Foreign Exchange Contracts & Net Investment Hedge Our foreign exchange contract assets and liabilities, and our net investment hedge assets are measured and reported at fair value using the market method valuation technique. The inputs to this technique utilize current foreign currency exchange forward market rates published by third-party leading financial news and data providers. These are observable data that represent the rates that the financial institution uses for contracts entered into at that date; however, they are not based on actual transactions, so they are classified as Level 2. Contingent Consideration Liability The contingent consideration liability related to the acquisition of B Medical is measured and reported at fair value using the real options method based on the unobservable inputs that are significant to the fair value and classified with Level 3 of the fair value hierarchy. The contingency was based on the acquired business’ performance through September 30, 2023. Please refer to Note 4, Business Combinations Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis During fiscal year 2023 and 2022, the Company did not record any material fair value measurements for assets or liabilities on a nonrecurring basis. |
Income Taxes
Income Taxes | 12 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 17. Income Taxes The components of the income tax (benefit) expense from continuing operations for the fiscal years are as follows (in thousands): Year Ended September 30, 2023 2022 2021 Current income tax (benefit) expense Federal $ (599) $ (4,826) $ (14,247) State 1,528 607 (867) Foreign 9,757 4,627 15,484 Total current income tax (benefit) expense 10,686 408 370 Deferred income tax (benefit) expense: Federal (18,684) (815) (11,469) State (402) (180) (2,283) Foreign (9,150) 1,937 (6,718) Total deferred income tax (benefit) expense (28,236) 942 (20,470) Income tax (benefit) expense $ (17,550) $ 1,350 $ (20,100) The components of income (loss) from continuing operations before income taxes for the fiscal years are as follows (in thousands): Year Ended September 30, 2023 2022 2021 Domestic $ (58,065) $ (39,392) $ (88,763) Foreign 27,632 29,456 39,794 Loss before income taxes $ (30,433) $ (9,936) $ (48,969) The differences between the income tax (benefit) expense on income (loss) from continuing operations and income taxes computed using the applicable U.S. statutory federal tax rates for the fiscal years ended September 30, 2023, 2022 and 2021 are as follows (in thousands): Year Ended September 30, 2023 2022 2021 Income tax benefit computed at federal statutory rate $ (6,331) $ (2,086) $ (10,284) State income taxes, net of federal benefit (851) (776) (1,005) Foreign income taxed at different rates (22) (1,182) (2,594) Impact of investments in subsidiaries (6,058) — 7,128 Nontaxable gain from acquisition earn-out liability reversal (3,959) — — Change in deferred tax asset valuation allowance 1,137 1,337 (3,247) Impact of change in uncertain tax positions (1,321) (358) (10,607) Global intangible low taxed income, net of foreign tax credits — 4,060 4,051 Impact of tax rate changes (1,391) 1,531 165 Compensation 1,598 (1,199) 462 Tax credits (1,434) (2,102) (4,050) Merger costs 1,056 1,629 20 Other non-deductible expenses and other taxes 1,304 643 591 Impact of effective state tax rate change — 763 — Research and development expense deduction (1,278) (910) (730) Income tax (benefit) expense $ (17,550) $ 1,350 $ (20,100) The Company recorded net deferred tax assets in the amount of $6.1 million related to its outside basis difference in a German subsidiary. The benefit includes million related to U.S. foreign exchange losses on the future repatriation calculated at foreign exchange rates as of the balance sheet date. This benefit is offset by million of state income taxes, net of the federal benefit. During the fourth quarter of fiscal year 2023, it became apparent that the basis difference with regard to The Company has not provided deferred income taxes on the outside basis differences of any other foreign subsidiary and maintains its general assertion of indefinite reinvestment regarding those subsidiaries and the remaining earnings of its German subsidiary as of September 30, 2023. The remaining foreign earnings are expected to be reinvested in foreign operations and acquisitions. Including the expected remittance noted previously, unremitted foreign earnings total approximately $1.3 billion. The Company did not calculate estimated deferred tax liabilities on the remaining earnings because such calculations would not be practicable due to the complexity of its hypothetical calculation. The taxes on these earnings would primarily consist of foreign withholding taxes, taxes on foreign exchange gains and losses resulting from potential future distributions, and U.S. state income taxes. Substantially all of the unremitted earnings of the Company have been taxed in the U.S. based on the international tax regulations. The significant components of the net deferred tax assets and liabilities as of September 30, 2023 and 2022 are as follows (in thousands): September 30, 2023 2022 Accruals and reserves not currently deductible $ 10,426 $ 9,704 Federal, state and foreign tax credits 157 — Other assets 613 1,095 Equity compensation 2,183 3,508 Net operating loss carryforwards 9,692 7,397 Lease liabilities 17,513 14,700 Capitalized research and development 6,807 — Deferred revenue 3,672 3,609 Outside basis differences in subsidiaries 6,058 Deferred tax assets 57,121 40,013 Depreciation and intangible amortization (97,572) (56,856) Right-of-use assets (16,632) (14,146) Other liabilities (317) (402) Net unrealized gain on hedging and investments (1,574) (27,144) Deferred tax liabilities (116,095) (98,548) Valuation allowance (8,348) (5,927) Net deferred tax asset (liability) $ (67,322) $ (64,462) The deferred tax assets on the balance sheets for September 30, 2023 and 2022 also include $0.6 million and $1.1 million deferred tax charge related to the company’s intercompany profit elimination, respectively. ASC Topic 740 requires that all available evidence, both positive and negative, be considered in determining, based on the weight of that evidence, whether a valuation allowance is needed. The weight given to the potential effect of negative and positive evidence should be commensurate with the extent to which it can be objectively verified. The more negative evidence that exists, (a) the more positive evidence is necessary and (b) the more difficult it is to support a conclusion that a valuation allowance is not needed for some portion or the entire deferred tax asset. A cumulative loss in recent years is considered a significant piece of negative evidence that is difficult to overcome in assessing the need for a valuation allowance. The Company evaluates the realizability of its deferred tax assets by tax-paying component and assesses the need for a valuation allowance on an annual and quarterly basis. The Company evaluates the profitability of each tax-paying component on a historical cumulative basis and a forward-looking basis in the course of performing this analysis. After evaluating all the relevant positive and negative evidence, the Company is not recording any additional valuation allowance against deferred tax assets in the United States. The Company is in a net deferred tax liability position and has sufficient future taxable income from the reversal of taxable temporary difference to offset the deductible temporary differences. The Company continued to hold a United States valuation allowance related to the realizability of certain state tax credits and net operating loss carry-forwards. The Company also maintains valuation allowances against net deferred tax assets in certain foreign tax-paying components as of the end of fiscal year 2023. It is reasonably possible in future years that the Company may not generate sufficient taxable income to realize the benefit of the deferred assets and recording a valuation allowance may be necessary. The Company has recognized pre-tax losses in the United States from continuing operations in recent years. If the Company continues to recognize losses in the United States and uses those losses to offset the future taxable temporary differences, it may become necessary to record a valuation allowance against future losses. As of September 30, 2023, the Company has tax-effected federal, state and foreign net operating loss carry-forwards of approximately $0.4 million, $2.1 million and $7.2 million, respectively. The federal net operating loss carry-forwards expire at various dates through 2030. The state of net operating loss carry-forwards will begin to expire in 2026. The majority of the foreign net operating loss carryovers have an indefinite carry-forward in Germany. The Company has performed studies to determine if there are any annual limitations on the federal net operating losses under Section 382 of the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code. As a result of these studies, the Company has determined that ownership changes have occurred primarily in connection with acquisitions when the Company has issued stock to the sellers, as well as ownership changes in the subsidiaries acquired by the Company. The benefits of the net operating losses that will expire before utilization have not been recorded as deferred tax assets in the accompanying Consolidated Balance Sheets. Limitations on the current year use of net operating loss carryovers have also been recorded in the tax expense. The Company maintains liabilities for unrecognized tax benefits. These liabilities involve judgment and estimation, and they are monitored based on the best information available. A reconciliation of the beginning and ending amount of the consolidated liability for unrecognized income tax benefits during the fiscal years ended September 30, 2023, 2022 and 2021 is as follows (in thousands): Year Ended September 30, 2023 2022 2021 Balance at beginning of period $ 1,679 $ 2,006 $ 16,722 Reductions from lapses in statutes of limitation (1,381) (327) (14,716) Balance at end of period $ 298 $ 1,679 $ 2,006 All of the unrecognized tax benefits for the fiscal year ended September 30, 2023 The Company is subject to U.S. federal, state, local and foreign income taxes in various jurisdictions. The amount of income taxes paid is subject to the Company’s interpretation of applicable tax laws in the jurisdictions in which it files. In the normal course of business, the Company is subject to income tax audits in various global jurisdictions in which it operates. The years subject to examination vary for the United States and international jurisdictions, with the earliest tax year being 2018. Based on the outcome of these examinations or the expiration of statutes of limitations for specific jurisdictions, it is reasonably possible that the related unrecognized tax benefits could change from those recorded in the Company’s Consolidated Balance Sheets. The Company currently does not anticipate it is reasonably possible that the unrecognized tax benefits and accrued interest on those benefits will be reduced in the next 12 months. |
Net Income (Loss) per Share
Net Income (Loss) per Share | 12 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Net (Loss) Income per Share | 18. Net Income (Loss) per Share The calculations of basic and diluted net income (loss) per share and basic and diluted weighted average shares outstanding are as follows for the fiscal years ended September 30, 2023, 2022 and 2021 (in thousands, except per share data): Year Ended September 30, 2023 2022 2021 Loss from continuing operations $ (12,883) $ (11,286) $ (28,869) Income (loss) from discontinued operations, net of tax (1,374) 2,144,145 139,616 Net income (loss) (14,257) 2,132,859 110,747 Weighted average common shares outstanding used in computing basic income (loss) per share 66,253 74,897 74,229 Dilutive restricted stock units — — 226 Weighted average common shares outstanding used in computing basic and diluted income (loss) per share 66,253 74,897 74,455 Basic net income (loss) per share: Loss from continuing operations $ (0.19) $ (0.15) $ (0.39) Income (loss) from discontinued operations, net of tax (0.02) 28.63 1.88 Basic net income (loss) per share $ (0.22) $ 28.48 $ 1.49 Diluted net income (loss) per share: Loss from continuing operations $ (0.19) $ (0.15) $ (0.39) Income (loss) from discontinued operations, net of tax (0.02) 28.63 1.88 Diluted net income (loss) per share $ (0.22) $ 28.48 $ 1.49 Restricted stock units of 332,029, 64,122 and 24,012, respectively, during fiscal year 2023, 2022 and 2021 were excluded from the computation of diluted earnings per share as their effect would be anti-dilutive under the treasury stock method. |
Segment and Geographic Informat
Segment and Geographic Information | 12 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Segment and Geographic Information | 19. Segment and Geographic Information Operating segments are defined as components of an enterprise that engage in business activities for which discrete financial information is available and regularly reviewed by the chief operating decision maker in deciding how to allocate resources and to assess performance. The Company’s Chief Executive Officer is the Company’s chief operating decision maker. The Company operates in two reportable segments: the Life Sciences Products segment, and the Life Sciences Services segment. These reportable segments also represent the Company’s operating segments. The Company previously operated in three reportable segments, the Semiconductor Solutions Group segment, the Life Sciences Products segment, and the Life Sciences Services segment. As discussed in Note 3, Discontinued Operations The Company’s Life Sciences Products segment provides automated cold storage solutions for biological and chemical compound samples. The Company’s storage systems provide reliable automation and sample inventory management at temperatures down to -190°C and can store anywhere from one to millions of samples. The Company’s sample management solutions include consumable vials and tubes, polymerase chain reaction, plates, instruments for supporting workflows, and informatics. This portfolio provides customers with a high level of sample quality, security, availability, intelligence, and integrity throughout the lifecycle of samples providing customers with complete end-to-end “cold chain of custody” capabilities. The Company also provides controlled rate thawing devices and transportation solutions that enable the delivery of life-saving treatments for customers in the medical, biotechnology and pharmaceutical industries adding differentiated solutions for reliable and traceable transport of temperature-sensitive samples. The Company also provides vaccine cold storage and transport, as well as 2D barcode readers for life sciences applications. The Company’s Life Sciences Services business is a leading provider of solutions addressing the many needs of customers in genomic analysis and the management and care of biological samples used in pharmaceutical, biotechnology, healthcare, clinical, and academic research and development markets. The Company processes millions of samples annually, each containing valuable information that must be delivered or preserved with the sample. The Company’s genomic services provide a broad capability to customers for gene sequencing, synthesis, editing and related services. The Company’s sample management services include off-site storage, transport services, laboratory services, sample procurement, and interactive informatics solutions. The Company also offers expert-level consultation services to clients throughout their experimental design and implementation process. The storage services include short- and long-term sample storage and management of the “cold chain of custody” from collection, to storage, to retrieving the sample which ultimately may go back into the research workflow. Management considers operating income, which excludes charges related to amortization of intangible assets other than completed technology, restructuring and related charges, contingent consideration fair value adjustments, merger and acquisition costs and costs related to share repurchase, and other unallocated corporate expenses, as the primary performance metric when evaluating the Company’s operations. The following is the summary of the financial information for the Company’s reportable segments for the fiscal years ended September 30, 2023, 2022 and 2021 (in thousands): Year Ended September 30, 2023 2022 2021 Revenue: Life Sciences Products $ 305,184 $ 199,230 $ 199,606 Life Sciences Services 359,888 356,268 314,097 Total revenue $ 665,072 $ 555,498 $ 513,703 Operating income (loss): Life Sciences Products $ (30,321) $ 11,033 $ 23,094 Life Sciences Services (14,722) 10,784 22,659 Segment operating income (loss) (45,043) 21,817 45,753 Amortization of intangible assets other than completed technology 28,207 24,965 29,299 Restructuring and restructuring related charges 4,577 712 13,749 Contingent consideration - fair value adjustments (18,549) 600 — Merger and acquisition costs and costs related to share repurchase (1) 13,842 17,329 20,662 Other unallocated corporate expenses 6 2,946 13,132 Total operating loss (73,126) (24,735) (31,089) Interest income 43,735 20,286 632 Interest expense — (4,589) (2,037) Loss on extinguishment of debt — (632) — Other, net (1,042) (266) (16,475) Loss before income taxes $ (30,433) $ (9,936) $ (48,969) (1) Includes expenses related to governance-related matters. Assets: September 30, 2023 September 30, 2022 Life Sciences Products $ 927,033 $ 378,790 Life Sciences Services 794,752 849,603 Total assets $ 1,721,785 $ 1,228,393 Prior year amounts in the “Operating income (loss)” table above have been reclassified to conform to the current presentation. The following is a reconciliation of the Company’s reportable segments’ assets to the amounts presented in the accompanying Consolidated Balance Sheets as of September 30, 2023 and 2022 (in thousands): September 30, September 30, 2023 2022 Segment assets $ 1,721,785 $ 1,228,393 Cash and cash equivalents, restricted cash, and marketable securities 1,134,256 2,305,081 Deferred tax assets 571 1,169 Other assets 29,108 181,479 Total assets $ 2,885,720 $ 3,716,122 Revenue from external customers is attributed to geographic areas based on locations in which customer orders are placed. Revenue by geographic area for the fiscal years ended September 30, 2023, 2022 and 2021 are as follows (in thousands): Year Ended September 30, 2023 2022 2021 Geographic Location: North America $ 359,417 $ 361,105 $ 323,982 Africa 65,092 1,331 688 China 51,787 53,867 45,743 United Kingdom 26,764 30,258 31,539 Rest of Europe 109,856 79,005 77,266 Asia Pacific/ Other 52,156 29,932 34,485 Total revenue $ 665,072 $ 555,498 $ 513,703 The above table has been updated to reflect a misclassification of revenue between North America and other locations for the fiscal year ended 2022. The majority of the Company’s revenue in North America is generated in the United States which amounted to $355.1 million, $358.2 million, and $320.8 million, respectively, during fiscal years ended September 30, 2023, 2022 and 2021. Net property, plant and equipment by geographic area as of September 30, 2023 and 2022 is as follows (in thousands): September 30, 2023 2022 United States $ 78,533 $ 84,809 China 53,146 56,585 Europe 70,654 11,610 Asia Pacific/ Other 3,411 1,466 Total property, plant, and equipment, net $ 205,744 $ 154,470 Significant Customers The Company had one individual customer that accounted for 10% or more of its consolidated revenue for the fiscal year ended September 30, 2023. This customer is related to the Life Science Products segment and is a distributor shipping to end users in approximately 50 countries. The Company had no individual customer that accounted for more than 10% of its consolidated revenue for each of the fiscal years ended September 30, 2022 and 2021. There was no customer that accounted for more than 10% of the Company’s accounts receivable balance for each of the fiscal years ended September 30, 2023 and 2022. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 20. Commitments and Contingencies Contingencies The Company is subject to various legal proceedings, both asserted and unasserted, that arise in the ordinary course of business. The Company cannot predict the ultimate outcome of such legal proceedings or, in certain instances, provide reasonable ranges of potential losses. The Company may also have certain indemnification obligations pursuant to claims made under the definitive agreement it entered into with Edwards Vacuum LLC (a member of the Atlas Copco Group) in connection with the Company’s sale of its semiconductor cryogenics business in the fourth quarter of fiscal year 2018. In the third quarter of fiscal year 2020, Edwards asserted claims for indemnification under the definitive agreement relating to alleged breaches of representations and warranties relating to customer warranty claims and inventory (the “2020 Claim”). In addition, in January 2023, Edwards filed a lawsuit against the Company in the Supreme Court of the State of New York in the County of New York seeking indemnification from the Company under such definitive agreement for $1.0 million and other related damages, including interest and attorney’s fees, arising from a third-party claim that was included as part of their initial claims (the “2023 Claim”). In the second quarter of fiscal 2023, the Company accrued a liability of $2.5 million for the litigation with Edwards related to the 2020 and 2023 Claim of which $0.8 million was paid during the third quarter of 2023. In April 2023, the Company responded to and filed a counterclaim against Edwards for the 2023 Claim alleging breach of the definitive agreements by Edwards and seeking a declaratory judgment. During the third quarter of fiscal 2023, the Company and Edwards entered into a settlement agreement related to the 2023 Claim to avoid the costs and uncertainties of potential litigation. Under the settlement agreement, the Company paid Edwards $0.8 million from one of the indemnification escrows established at closing of the sale in return for the release of the 2023 Claim and any residual funds in this escrow. The 2020 Claim remains outstanding and $1.7 million remains in the balance of the accrued liability. The Company cannot determine the probability of any losses or outcome of the 2020 Claim including the amount of any indemnifiable losses, if any, resulting from these claims. However, the Company does not believe that this claim will have a material adverse effect on its consolidated financial position or results of operations. If the resolution of the 2020 Claim results in indemnifiable losses in excess of the applicable indemnification deductibles established under the definitive agreement, Edwards would be required to seek recovery under the representation and warranty insurance Edwards obtained in connection with the closing of the sale of the semiconductor cryogenics business. Management believes that any indemnifiable losses in excess of the applicable deductibles established in the definitive agreement would be covered by such insurance. For indemnifiable claims other than those arising from breaches of representations and warranties and for indemnifiable claims arising from breaches of representations and warranties exceeding the maximum coverage of the representations and warranties insurance policy, Edwards could seek recovery of such indemnifiable losses, if any, directly from the Company. In the event of unexpected subsequent developments and given the inherent unpredictability of these matters, there can be no assurance that the Company’s assessment of any claim will reflect the ultimate outcome, and an adverse outcome in certain matters could, from time to time, have a material adverse effect on the Company’s consolidated financial position or results of operations in particular quarterly or annual periods. Tariff Matter With the assistance of a third-party consultant, during the first quarter of fiscal year 2021 the Company initiated a review of the transaction value it used to calculate tariffs on inter-company imports of samples shipped from its GENEWIZ business. As a result, this review and a new interpretation surrounding the valuation method used to calculate the estimated transaction value, the Company revised its estimate of the tariffs owed and recorded a liability of $6.1 million in the second quarter of fiscal 2021. The Company submitted a payment in the amount of $5.9 million to the customs authorities during fiscal 2022, related to November 2021 and prior periods. The customs authorities are in process of reviewing the Company’s calculation of tariffs for these periods to determine if any further tariffs are owed. The company is currently in process of revising its tariff calculation methodology to align with the interpretation provided by customs authorities. The estimated amount owed to customs authorities under this revised methodology has been accrued in the Consolidated Balance Sheets. Purchase Commitments At September 30, 2023, the Company had non-cancellable commitments of $73.5 million, comprised of purchase orders for inventory of $51.3 million, and information technology related commitments of $22.2 million. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Sep. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 21. Subsequent Events Segment Change Effective October 1, 2023, the Company realigned its organizational structure from two principal business segments to three principal business segments to enhance its commercial strategy for accelerating growth and to enable additional profitability initiatives. The three new principal business segments are aligned with industry end-users and purchase decision-makers: Multiomics and Synthesis Solutions, Sample Management Solutions, and B Medical Systems. ● Multiomics and Synthesis Solutions. The Multiomics and Synthesis Solutions business resources will operate under a single structure that aligns scientists, marketing resources, and decision-making around the customer, with a full embodiment of the GENEWIZ heritage of “solid science, superior service.” ● Sample Management Solutions (SMS). Sample & Repository Solutions (SRS), Ultracold Systems and Consumables and Instruments resources will operate as a single business unit offering end-to-end sample management services and products. ● B Medical Systems (BMS). BMS will continue under its current management structure, focused on the manufacturing and distribution of temperature-controlled storage and transportation solutions in international markets to governments, health institutions, and non-government organizations. As a result of the segment change, the Company utilized a relative fair value approach to allocate goodwill to the reporting units existing under the new organizational structure as of the first quarter of fiscal 2024. The book value of the B Medical reporting unit approximates fair value and is expected to include approximately $107 million of goodwill as of October 1, 2023. Share Repurchases The Company repurchased an additional 2.1 million shares of common stock for $103.9 million (excluding fees, commissions, and excise tax) under the 2022 Repurchase Authorization subsequent to September 30, 2023 through the date of the filing of this Annual Report on Form 10-K. On November 13, 2023, the Company announced its intention in fiscal 2024 to repurchase the remaining $500 million in shares of common stock available under the 2022 Repurchase Authorization. Please refer to Note 13, Stockholders’ Equity |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Principles of Consolidation and Basis of Presentation | Principles of Consolidation and Basis of Presentation The accompanying Consolidated Financial Statements include the accounts of the Company and all entities where it has a controlling financial interest and have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). All intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of financial statements in accordance with GAAP requires management to make certain estimates and assumptions that affect amounts reported in the financial statements and notes thereto. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may differ from these estimates. Estimates are associated with recording accounts receivable, inventories, goodwill, intangible assets other than goodwill, contingent consideration liabilities related to business combinations, long-lived assets, derivative financial instruments, deferred income taxes, warranty obligations, revenue over time, stock-based compensation expense, and other accounts. The Company assesses the estimates on an ongoing basis and records changes in estimates in the period they occur and become known. |
Business Combinations | Business Combinations The Company accounts for business acquisitions using the purchase method of accounting, in accordance with which, assets acquired (including identifiable intangible assets), and liabilities assumed are recorded at their respective fair values at the acquisition date. The fair value of the consideration paid, including contingent consideration, is assigned to the assets acquired and liabilities assumed based on their respective fair values. Goodwill represents the excess of the purchase price over the estimated fair values of the assets acquired and liabilities assumed. Significant judgment is used in determining fair values of assets acquired and liabilities assumed and contingent consideration, as well as identified intangible assets and their estimated useful lives. Fair value and useful life determinations may be based on valuations that utilize among other factors, estimates of revenue growth rates, operating expenses, integration costs, obsolescence factors, future expected cash flows and discount rates attributable to completed technology and other acquired intangible assets. When estimating the assumptions to be used in the valuation, the Company includes a consideration of current industry information, market and economic trends, historical results of the acquired business, and other relevant factors. These assumptions are forward-looking and could be affected by future economic and market conditions. Adjustments to fair values of assets and liabilities made after the end of the measurement period are recorded within our operating results. Changes in the fair value of contingent consideration resulting from a change in the underlying inputs are recognized in results of operations until the arrangement is settled. |
Foreign Currency Translation | Foreign Currency Translation Certain transactions of the Company and its subsidiaries are denominated in currencies other than their functional currency. Foreign currency exchange gains (losses) generated from the settlement and remeasurement of these transactions are recognized in earnings and presented within “Other income (expense)” in the Company’s Consolidated Statements of Operations. Net foreign currency transaction and remeasurement losses totaled $4.2 million, $1.7 million and $1.8 million for the fiscal years ended September 30, 2023, 2022 and 2021, respectively. The determination of the functional currency of the Company’s subsidiaries is based on their financial and operational environment and is the local currency of the Company’s foreign subsidiaries. The subsidiaries’ assets and liabilities are translated into the reporting currency at period-end exchange rates, while revenue, expenses, gains and losses are translated at the average exchange rates during the period. Gains and losses from foreign currency translations are recorded in “Accumulated other comprehensive income (loss)” in the Company’s Consolidated Balance Sheets and presented as “Foreign currency translation adjustments” in the Company’s Consolidated Statements of Comprehensive Income. The semiconductor automation business had foreign operations which had a cumulative translation adjustment balance of $16.6 million at the date of disposal of this business. This amount was removed from “Accumulated other comprehensive income (loss)” in the Company’s Consolidated Balance Sheet during the three months ended March 31, 2022, and included within the gain on the sale of the semiconductor automation business in “Income (loss) from discontinued operations, net of tax” in the Company’s Consolidated Statement of Operations. As a result, the Company presented a $16.6 million reclassification adjustment in “Accumulated other comprehensive income (loss)” in the Company’s Consolidated Balance Sheet at September 30, 2022. |
Derivative Financial Instruments | Derivative Financial Instruments The Company has transactions and balances denominated in currencies other than the functional currency of the transacting entity. Most of these transactions carry foreign exchange risk in Germany, the United Kingdom and China. The Company enters into foreign exchange contracts to reduce its exposure to currency fluctuations. The arrangements typically mature in three months or less and they do not qualify for hedge accounting. Net gains and losses related to foreign exchange contracts are recorded as a component of “Other income (expense)” in the accompanying Consolidated Statements of Operations. The fair values of the forward contracts are recorded in the accompanying Consolidated Balance Sheets as “Prepaid expenses and other current assets” and “Accrued expenses and other current liabilities”. Foreign exchange contract assets and liabilities are measured and reported at fair value based on observable market inputs and classified within Level 2 of the fair value hierarchy described below due to a lack of an active market for these contracts. All derivatives, whether designated as a hedging relationship or not, are recorded in the Consolidated Balance Sheets at fair value. The accounting for changes in fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, the Company must designate the hedging instrument as a fair value hedge, cash flow hedge or a hedge of a net investment in a foreign operation based on the exposure being hedged. Certain derivatives held by the Company are not designated as hedges but are used in managing exposure to changes in foreign exchange rates. A fair value hedge is a derivative instrument designated for the purpose of hedging the exposure to changes in fair value of an asset or a liability resulting from a particular risk. If the derivative is designated as a fair value hedge, the changes in the fair value of the derivative and of the hedged item attributable to the hedged risk are both recognized in the results of operations and presented in the same caption in the Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income. A cash flow hedge is a derivative instrument designated for the purpose of hedging the exposure to variability in future cash flows resulting from a particular risk. If the derivative is designated as a cash flow hedge, the effective portions of changes in the fair value of the derivative are recorded in accumulated other comprehensive income (loss) and recognized in the results of operations when the hedged item affects earnings. Ineffective portions of changes in the fair value of cash flow hedges are recognized in the results of operations. A hedge of a net investment in a foreign operation is achieved through a derivative instrument designated for the purpose of hedging the exposure of changes in value of investments in foreign subsidiaries. If the derivative is designated as a hedge of a net investment in a foreign operation, the effective portions of changes in the fair value of the derivative are recorded in other comprehensive income (loss) as a part of the foreign currency translation adjustment. Ineffective portions of net investment hedges are recognized in the results of operations. For derivative instruments not designated as hedging instruments, changes in fair value are recognized in the Consolidated Statements of Operations as gains or losses consistent with the classification of the underlying risk. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash deposits and cash equivalents, marketable securities, derivative instruments, and accounts receivable. All of the Company’s cash and cash equivalents, restricted cash, marketable securities and derivative instruments are maintained by major financial institutions. The Company invests cash not used in operations in investment grade, high credit quality securities in accordance with the Company’s investment policy which provides guidelines and limits regarding investments type, concentration, credit quality and maturity terms aimed at maintaining liquidity and reducing risk of capital loss. The Company regularly monitors the creditworthiness of its customers and believes that it has adequately provided for exposure to potential credit losses. The Company’s ten largest customers accounted for approximately 30%, 20% and 19% of its consolidated revenue for the fiscal years ended September 30, 2023, 2022 and 2021, respectively. One customer accounted for more than 10% of the Company’s consolidated revenue for fiscal year 2023. This customer is related to the Life Science Products segment and is a distributor shipping to end users in approximately 50 countries. No customers accounted for more than 10% of the Company’s consolidated revenue for fiscal years 2022 and 2021. |
Marketable Securities | Marketable Securities The Company invests in marketable securities that are classified as available-for-sale and records them at fair value in the Consolidated Balance Sheets. Marketable securities reported as current assets represent investments that mature within one year from the balance sheet date. Long-term marketable securities represent investments with maturity dates greater than one year from the balance sheet date. Unrealized gains and losses are excluded from earnings and reported as a separate component of “Accumulated other comprehensive income (loss)” in the Consolidated Balance Sheets until the security is sold or matures. Gains or losses realized from sales of marketable securities are computed based on the specific identification method and recognized as a component of “Other income (expense)” in the accompanying Consolidated Statements of Operations. The Company reviews the marketable securities for impairment at each reporting date to determine if any of the securities have experienced an other-than-temporary decline in fair value. The Company considers factors, such as the length of time and extent to which the market value has been less than the cost, the financial condition and near-term prospects of the issuer, the Company’s intent to sell, or whether it is more likely than not it will be required to sell the investment before recovery of its amortized cost basis. If the Company believes that an other-than-temporary decline in fair value has occurred, it writes down the investment to its fair value and recognizes the credit loss in earnings and the non-credit loss in accumulated other comprehensive income (loss). |
Fair Value Measurement | Fair Value Measurement The Company measures certain financial assets and liabilities, including cash equivalents, available-for-sale securities, accounts receivable, accounts payable, contingent consideration liability, and derivative instruments at fair value. The Company applies a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The following levels of inputs may be used to measure fair value: ● Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that are accessible as of the reporting date. Active markets are those in which transactions for the asset and liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. The fair value hierarchy gives the highest priority to Level 1 inputs. ● Level 2: Observable inputs other than prices included in Level 1, including quoted prices for similar assets or liabilities in active markets and quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. ● Level 3: Unobservable inputs that are significant to the fair value of the assets or liabilities and reflect an entity’s own assumptions in pricing assets or liabilities since they are supported by little or no market activity. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs, as well as considering counterparty credit risk in its assessment of fair value. The Company measures certain assets, including the cost and equity method investments, at fair value on a nonrecurring basis when they are deemed to be other-than-temporarily impaired. The fair values of these investments are determined based on valuation techniques using the best information available, and may include quoted market prices, market comparable prices, and discounted cash flow projections. An impairment charge is recorded when the cost of the investment exceeds its fair value and this condition is determined to be other-than-temporary |
Cash and Cash Equivalents, and Restricted Cash | Cash and Cash Equivalents, and Restricted Cash Cash and cash equivalents consist of cash and highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash. Cash equivalents are reported at fair value. The Company classifies long-term restricted cash balances within “Other assets” on the accompanying Consolidated Balance Sheets based upon the term of the remaining restrictions. |
Accounts Receivable and Allowance for Expected Credit Losses | Accounts Receivable and Allowance for Expected Credit Losses Trade accounts receivable do not bear interest and are recorded at the invoiced amount. The Company maintains an allowance for expected credit losses representing its best estimate of expected credit losses related to its existing accounts receivable and their net realizable value. The Company determines the allowance based on several factors, including an evaluation of customer credit worthiness, the age of the outstanding receivables, economic trends, historical experience and other information over the payment periods. The Company reviews and adjusts the allowance for expected credit losses on a quarterly basis. Accounts receivable balances are written off against the allowance for expected credit losses when the Company determines that the balances are not recoverable. Provisions for expected credit losses are recorded in “Selling, general and administrative” expenses in the Consolidated Statements of Operations. The Company does not have any off-balance-sheet credit exposure related to its customers. |
Inventories | Inventories Inventories are stated at the lower of cost or net realizable value determined on a first-in, first-out basis and include the cost of materials, labor and manufacturing overhead. The Company reports inventories at their net realizable value and provides reserves for excess, obsolete or damaged inventory based on changes in customer demand, technology and other economic factors. |
Fixed Assets, Intangible Assets and Impairment of Long-lived Assets: Property, Plant and Equipment | Property, plant and equipment are stated at cost, net of accumulated depreciation. Depreciation expense is computed based on the straight-line method and charged to results of operations to allocate the cost of the assets over their estimated useful lives, as follows: Buildings 10 - 40 years Computer equipment and software 3 - 5 years Machinery and equipment 2 - 7 years Furniture and fixtures 5 years Vehicles 3 - 7 years Leasehold improvements are amortized over the shorter of their estimated useful lives or the remaining terms of the respective leases. Equipment used for demonstrations to customers is included in machinery and equipment and depreciated over its estimated useful life. Repair and maintenance costs are expensed as incurred. The Company has developed software for internal use. Internal and external labor costs incurred during the application development stage of a project are capitalized. Costs incurred prior to application development and post implementation are expensed as incurred. Training and data conversion costs are expensed as incurred. Long lived assets and their associated accumulated depreciation are derecognized upon their retirement or at the time of disposal, and the resulting gain or loss is included in the Company’s results of operations. |
Fixed Assets, Intangible Assets and Impairment of Long-lived Assets: Intangible Assets Other than Goodwill | The Company identified finite-lived intangible assets other than goodwill as a result of acquisitions. Finite-lived intangible assets are valued based on estimated future cash flows and amortized over their estimated useful lives based on methods that approximate the pattern in which the economic benefits are expected to be realized. |
Fixed Assets, Intangible Assets and Impairment of Long-lived Assets: Impairment of Long-lived Assets | Finite-lived intangibles assets and fixed assets are tested for impairment when indicators of impairment are present. For purposes of this test, long-lived assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. If the Company determines that indicators of potential impairment are present, it assesses the recoverability of long-lived asset group by comparing its undiscounted future cash flows to its carrying value, and an impairment loss is recognized in operating results to the extent any finite-lived intangible asset’s carrying value exceeds its calculated fair value. The future cash flow period is based on the future service life of the primary asset within the long-lived asset group. |
Fixed Assets, Intangible Assets and Impairment of Long-lived Assets: Finite-Lived Intangible Assets | Finite-lived intangible assets are amortized over their useful lives, as follows: Trademarks 5 - 13 years Patents 8 years Completed technology 7 - 15 years Customer relationships 10 - 16 years Non-competition agreements 5 years |
Leases | Leases The Company has operating leases for real estate and non-real estate and finance leases for non-real estate. The classification of a lease as operating or finance and the determination of the right-of-use asset (“ROU asset”) and lease liability are determined at lease inception. The ROU asset represents the Company’s right to use an underlying asset for the lease term and the lease liability represents the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date of the lease based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, an incremental borrowing rate is used based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the option will be exercised. Lease expense is recognized on a straight-line basis over the lease term. The Company’s lease agreements may contain lease and non-lease components. Non-lease components primarily include payments for maintenance and utilities. Fixed payments for non-lease components are combined with lease payments and accounted for as a single lease component which increases the amount of the ROU asset and liability. The ROU asset for operating leases is included within “Other assets” and the ROU asset for finance leases is included within “Property, plant and equipment, net” in the Consolidated Balance Sheets. The short-term lease liabilities for both operating leases and finance leases are included within “Accrued expenses and other current liabilities” in the Consolidated Balance Sheets. The long-term lease liabilities for operating leases and finance leases are included within “Long-term operating lease liabilities”, and “Other long-term liabilities”, respectively, in the Consolidated Balance Sheets. |
Goodwill | Goodwill Goodwill represents the excess of purchase price over the fair value of net tangible and identifiable intangible assets of businesses acquired by the Company. Goodwill is tested for impairment annually or more often if impairment indicators are present at the reporting unit level. The Company elected April 1 st Application of the goodwill impairment test requires significant judgment based on market and operational conditions at the time of the evaluation, including management’s best estimate of future business activity and the related estimates of future cash flows from the reporting units that include the associated goodwill. These periodic evaluations could cause management to conclude that impairment factors exist, requiring an adjustment of these assets to their then-current fair market values. Future business conditions and/or activity could differ materially from the projections made by management which could result in impairment charges. The goodwill impairment test is performed at the reporting unit level. A reporting unit is either an operating segment or one level below it, which is referred to as a “component”. The level at which the impairment test is performed requires an assessment of whether the operations below an operating segment constitute a self-sustaining business, in which case testing is generally performed at this level. The Company first assesses qualitative factors to determine whether the existence of events or circumstances indicates that it is more likely than not that the fair value of a reporting unit is less than its carrying value. If the Company determines, based on this assessment, that it is more likely than not that the fair value of the reporting unit is less than its carrying value, management performs a quantitative goodwill impairment test by comparing the reporting unit’s fair value with its carrying value. An impairment loss is recognized for the amount by which the reporting unit’s carrying value exceeds its fair value, up to the total amount of goodwill allocated to the reporting unit. We determine fair values of our reporting units based on an income approach in accordance with the discounted cash flow method, (the “DCF Method”). The DCF Method is based on projected future cash flows and terminal value estimates discounted to their present values. Terminal value represents the present value an investor would pay on the valuation date for the rights to the cash flows of the business for the years subsequent to the discrete cash flow projection period. We consider the DCF Method to be the most appropriate valuation technique since it is based on management’s long-term financial projections. In addition to determining the fair value of our reporting units based on the DCF Method, we also compare the aggregate values of our net corporate assets and reporting unit fair values to our overall market capitalization and use certain market-based valuation techniques to assess the reasonableness of the reporting unit fair values determined in accordance with the DCF Method. |
Warranty Obligations | Warranty Obligations The Company establishes reserves for estimated costs of product warranties based on historical information. Product warranty reserves are recorded at the time product revenue is recognized, and retrofit accruals are recorded at the time retrofit programs are established. The Company’s warranty obligation is affected by product failure rates, utilization levels, material usage, service delivery costs incurred in correcting a product failure and supplier warranties on parts delivered by the Company. |
Revenue Recognition | Revenue Recognition The Company generates revenue from the following sources: ● Products, including sales of automated cold sample management systems, vaccine cold storage and transport systems, consumables, instruments, spare parts, and software. ● Services, including repairs, upgrades, diagnostic support, installation, as well as biological sample services such as DNA sequencing, gene synthesis, molecular biology, bioinformatics, biological sample storage, sample acquisition, and other support services. The Company recognizes revenue for the transfer of such promised products or services to customers in an amount that reflects the consideration to which the Company expects to be entitled to in exchange for those products or services. Under ASC 606, Revenue from Contracts with Customers ● Identify the contract with a customer. Contracts are accounted for when approval and commitment has been received from both parties, the rights of each party are identified, payment terms are identified, the contract has commercial substance and collectability of the consideration to which the Company is entitled is probable. Contracts are generally evidenced through receipt of an approved purchase order or execution of a binding arrangement and can be both short and long-term. Long-term contracts within the segments relate to the sale of products with attached service-type warranty contracts that generally have a stated contract term that is greater than one year. Contracts may contain acceptance provisions where the Company is required to obtain technical acceptance from the customer upon completion of installation services and evidence of the system’s functional performance within the customer’s operating environment. The Company has concluded that acceptance criteria within its contracts can be objectively evaluated and will not impact the Company’s transfer of control assessment under ASC 606. ● Identify the performance obligations in the contract. Performance obligations include the sale of products and services. Certain customer arrangements related to the sale of automated cold sample management systems generally include more than one performance obligation and may include a combination of goods and or services, such as products with installation services or service-type warranty obligations. These contracts include multiple promises and as a result, the Company is required to evaluate each promise and determine whether the promise qualifies as a performance obligation within the contract. Contracts may contain the option to acquire additional products or services at defined prices. The Company reviews the pricing of these options to determine whether the option would exist independently of the current contract. If the pricing of contract options provides a material right to the customer that it would not receive without entering into the current contract, the Company accounts for the option as a separate performance obligation. ● Determine the transaction price. The transaction price of the Company’s contracts with its customer is generally fixed, based on the amounts to be contractually billed to the customer. Although uncommon, certain contracts may contain variable consideration in the form of customer allowances and rebates that consist primarily of retrospective volume-based discounts and other incentive programs. Variable consideration is estimated at contract inception and included in the transaction price if it is probable that a subsequent change in the estimate would not result in a significant revenue reversal. The period between transfer of control of the performance obligations within a customer contract and timing of payment is generally within one year. As a result, the Company’s contracts typically do not include significant financing components. ● Allocate the transaction price to the performance obligations in the contract. For customer contracts that contain more than one performance obligation, the Company allocates the total transaction consideration to each performance obligation based on the relative stand-alone selling price of each performance obligation within the contract. The Company relies on either observable standalone sales or an expected cost-plus margin approach to determine the standalone selling price of offerings, depending on the nature of the performance obligation. Performance obligations whose standalone selling price is estimated using an expected cost-plus margin approach relate to the sale of customized automated cold sample management systems, services, and service-type warranties. ● Recognize revenue when or as the Company satisfies a performance obligation . The Company satisfies its performance obligations by transferring a product or service either at a point in time or over time, when the transfer of control of the underlying performance obligation has occurred. Control is evidenced by the customer’s ability to direct the use of and obtain substantially all the remaining benefits from the performance obligation. Revenue from third-party sales for which the Company does not meet the criteria for gross revenue recognition is recognized on a net basis. All other revenue is recognized on a gross basis. The Company excludes from the transaction price all sales taxes assessed by governmental authorities and as a result, revenue is presented net of tax. As a result of applying this five-step model under ASC 606, the Company recognizes revenues from its sale of products and services as follows: ● Products: Revenue from the sale of standard products is recognized upon their transfer of control to the customer, which is considered complete at either the time of shipment or arrival at destination, based on the agreed upon terms within the contract. The Company’s payment terms for the sale of standard products are typically 30 to 60 days . Revenue from the sales of certain products that involve significant customization, which include primarily automated cold sample management systems is recognized over time as the asset created by the Company’s performance does not have alternative use to the Company and an enforceable right to payment for performance completed to date is present. The Company recognizes revenue as work progresses based on a percentage of actual labor hours incurred on the project to-date and total estimated labor hours expected to be incurred on the project. The selection of the method to measure progress towards completion requires judgment. The Company has concluded that using the percentage of labor hours incurred to estimated labor hours needed to complete the project most appropriately depicts the Company’s efforts towards satisfaction of the performance obligation. The Company develops profit estimates for long-term contracts based on total revenue expected to be generated from the project and total costs anticipated to be incurred in the project. These estimates are based on a number of factors, including the degree of required product customization and the work required to be able to install the product in the customer’s existing environment, as well as the Company’s historical experience, project plans and an assessment of the risks and uncertainties inherent in the contract related to implementation delays or performance issues that may or may not be within the Company’s control. The Company estimates a loss on a contract by comparing total estimated contract revenue to the total estimated contract costs and recognizes a loss during the period in which it becomes probable and can be reasonably estimated. The Company reviews profit estimates for long-term contracts during each reporting period and revises the estimate based on changes in circumstances. Revenue for certain arrangements that involve significant product customization but do not provide the Company with an enforceable right to payment for performance completed to date are recognized at a point in time, upon completion or substantial completion of the project, provided transfer of control has occurred. The project is considered substantially complete when the Company receives acceptance from the customer and remaining tasks are perfunctory or inconsequential and in control of the Company. Generally, the terms of long-term contracts provide for progress billings based on completion of milestones or other defined phases of work. In certain instances, payments collected from customers in advance of recognizing the related revenue are recorded and presented as contract liabilities within “Deferred revenue” on the Company’s Consolidated Balance Sheet. Additionally, due to certain billing constraints within contracts, the customer may retain a portion of the contract price until completion of the contract. In these contracts, an unbilled receivable is recorded when revenue recognized may exceed billings, which the Company presents as a contract asset on the balance sheet, which is included within the “Prepaid expenses and other current assets” on the Company’s Consolidated Balance Sheet. ● Services: Service revenue is generally recognized ratably over time or on an output method, as the customer simultaneously receives and consumes the benefit of these services as they are performed. Payments related to service-type warranties may be made up front or proportionally over the contract term. Revenue for sample management and storage are recognized over the period the services are rendered or samples are stored. Revenue from genomic services is recognized over time and is based upon the fact that transfer of control takes place over time as determined using the input method of costs incurred . Payment due or received from the customers prior to rendering the associated services are recorded as a contract liability. |
Government Assistance | Government Assistance The Company receives government assistance from various domestic and foreign, local, regional and national governments which vary in size and duration in the form of cash grants or refundable tax credits. The government assistance typically specifies conditions that must be met in order for it to be earned, such as employee retention targets, completion of employee training, or the construction or acquisition of property and equipment and are often time bound. If conditions are not satisfied or if the duration period for the arrangement is not met, the government assistance is often subject to reduction, repayment, or termination. The Company’s policy is to recognize a benefit in the Consolidated Statements of Operations in “Other, net” over the life of the asset or duration of the program when the Company has reasonable assurance that it will comply with the conditions under the government assistance and the government assistance will be received, refundable tax credits may also result in a reduction in “Accrued income taxes payable” in the Consolidated Balance Sheets. If government assistance is received or is probable of receipt and the amount is determinable by the Company in advance of completion of the conditions, the government assistance is recognized in “Accrued expenses and other current liabilities” or “Other long-term liabilities” in the Consolidated Balance Sheets, as appropriate. In fiscal year 2023, approximately $4.3 million of government assistance was recognized in “ Other, net Cost of Revenue – Products Prepaid expenses and other current assets |
Research and Development Expense | Research and Development Expense Research and development costs are expensed as incurred. Research and development costs consist primarily of personnel expenses related to development of new products, as well as enhancements and engineering changes to existing products and development of hardware and software components. |
Stock-Based Compensation | Stock-Based Compensation The fair value of restricted stock units is determined based on the number of shares granted and the closing price of the Company’s common stock quoted on the Nasdaq Stock Market on the date of grant. For awards that vest based on service conditions, the Company recognizes stock-based compensation expense on a straight-line basis over the requisite service period. For awards that vest subject to performance conditions, the Company recognizes stock-based compensation expense ratably over the performance period if it is probable that performance condition will be met and adjusts for the percentage of shares probable of achieving the performance goals. Each quarter, management assesses the probability of achieving the performance goals. The Company makes estimates of stock award forfeitures and the number of awards expected to vest. The Company considers many factors in developing forfeiture estimates, including award types, employee classes and historical experience. Current estimates may differ from actual results and future changes in estimates. |
Income Taxes | Income Taxes The Company records income taxes using the asset and liability method. Deferred income tax assets and liabilities are recognized for the future tax differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases, as well as operating loss and tax credit carryforwards. The Company’s Consolidated Financial Statements contain certain deferred tax assets that were recorded as a result of operating losses, as well as other temporary differences between financial and tax accounting. A valuation allowance is established against deferred tax assets if, based upon the evaluation of positive and negative evidence and the extent to which that evidence is objectively verifiable, it is more likely than not that some or all of the deferred tax assets will not be realized. Significant management judgment is required in determining the Company’s income tax (benefit) expense, the Company’s deferred tax assets and liabilities and any valuation allowance recorded against those net deferred tax assets. The Company evaluates the weight of all available evidence to determine whether it is more likely than not that some portion or all of the net deferred income tax assets will not be realized. The calculation of the Company’s income tax liabilities involves consideration of uncertainties in the application of complex tax regulations. The Company recognizes liabilities for uncertain tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained upon an audit conducted by taxing authorities, including resolution of related appeals or litigation processes, if any. If the Company determines that a tax position will more likely than not be sustained, the second step requires the Company to estimate and measure the tax benefit as the largest amount that is more likely than not to be realized upon ultimate settlement. It is inherently difficult and subjective to estimate such amounts, as the Company must determine the probability of various possible outcomes. The Company re-evaluates these uncertain tax positions on a quarterly basis. This evaluation is based on factors, such as changes in facts or circumstances, tax law, new audit activity and effectively settled issues. Determining whether an uncertain tax position is effectively settled requires judgment. A change in recognition or measurement may result in the recognition of a tax benefit or an additional charge to the tax expense. |
Net Income (Loss) per Share | Net Income (Loss) per Share Basic income or loss per share is determined by dividing net income by the weighted average common shares outstanding during the period. Diluted income or loss per share is determined by dividing net income by diluted weighted average shares outstanding during the period. Diluted weighted average shares reflect the dilutive effect, if any, of potential common shares. To the extent their effect is dilutive, employee equity awards and other commitments to be settled in common stock are included in the calculation of diluted income or loss per share based on the treasury stock method. Potential common shares are excluded from the calculation of dilutive weighted average shares outstanding if their effect would be anti-dilutive at the balance sheet date based on a treasury stock method or due to a net loss. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting . In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope. The ASUs provide temporary optional expedients and exceptions to the GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. The provisions of the ASUs were only available until December 31, 2022, when the reference rate replacement activity was expected to be completed. Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, The Company adopted this guidance for the fiscal year ended September 30, 2023. In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832) – Disclosures by Business Entities about Government Assistance . The amendment in this ASU requires disclosures to increase the transparency of transactions with a government accounted for by applying a grant or contribution accounting model by analogy, including (1) the types of transactions, (2) the accounting for those transactions, and (3) the effect of those transactions on an entity’s financial statements. This ASU is effective for annual periods beginning after December 15, 2021. The Company adopted this guidance for the fiscal year ended September 30, 2023 on a prospective basis . The adoption of the ASU did not impact the Company’s recording or reporting of such amounts in the Company’s consolidated financial statements. See “Government Assistance” for the required disclosures resulting from adoption of this ASU. In June 2020, the FASB issued ASU No. 2020-06, Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40) |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Schedule of property, plant and equipment | Buildings 10 - 40 years Computer equipment and software 3 - 5 years Machinery and equipment 2 - 7 years Furniture and fixtures 5 years Vehicles 3 - 7 years Property, plant and equipment were as follows as of September 30, 2023 and 2022 (in thousands): September 30, 2023 2022 Buildings, land, and land use right $ 41,870 $ 29,581 Computer equipment and software 38,623 35,814 Machinery and equipment 139,858 90,700 Furniture and fixtures 7,426 5,806 Leasehold improvements 52,670 37,495 Capital projects in process 33,915 36,644 Right-of-use asset 4,718 2,476 Vehicles 1,540 — Property, plant and equipment, gross 320,620 238,516 Less: accumulated depreciation and amortization (114,876) (84,046) Property, plant and equipment, net $ 205,744 $ 154,470 |
Schedule of intangible assets | Trademarks 5 - 13 years Patents 8 years Completed technology 7 - 15 years Customer relationships 10 - 16 years Non-competition agreements 5 years The components of the Company’s identifiable intangible assets as of September 30, 2023 and 2022 are as follows (in thousands): September 30, 2023 September 30, 2022 Accumulated Net Book Accumulated Net Book Cost Amortization Value Cost Amortization Value Patents $ 1,226 $ 1,175 $ 51 $ 1,225 $ 1,106 $ 119 Completed technology 215,430 56,021 159,409 99,525 37,991 61,534 Trademarks and trade names 6,630 1,445 5,185 400 41 359 Non-competition agreements 681 568 113 681 439 242 Customer relationships 290,800 161,257 129,543 246,949 130,802 116,147 Other intangibles 869 869 — 202 202 — Total $ 515,636 $ 221,335 $ 294,301 $ 348,982 $ 170,581 $ 178,401 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of discontinued operations | During the twelve months ended September 30, 2023, the Company recorded a $1.4 million loss on divestiture. The following table presents the financial results of automation business discontinued operations with respect to the automation business (in thousands): Year Ended September 30, 2022 2021 Revenue Products $ 244,962 $ 624,358 Services 19,468 55,698 Total revenue 264,430 680,056 Cost of revenue Products 141,165 354,786 Services 11,159 29,750 Total cost of revenue 152,324 384,536 Gross profit 112,106 295,520 Operating expenses Research and development 18,486 48,647 Selling, general and administrative 30,622 70,634 Restructuring charges - 230 Total operating expenses 49,108 119,511 Operating income 62,998 176,009 Gain on divestiture 2,561,820 133 Income before income taxes 2,624,818 176,142 Income tax expense 480,673 35,357 Net income from discontinued operations $ 2,144,145 $ 140,785 The following table presents the significant non-cash items and capital expenditures for the discontinued operations with respect to the semiconductor automation business that are included in the Consolidated Statements of Cash Flows (in thousands): Year Ended September 30, 2022 2021 Depreciation and amortization $ - $ 8,472 Capital expenditures 2,862 6,414 Stock-based compensation - 7,405 |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Business Combinations [Abstract] | |
Schedule of assets acquired and liabilities assumed as of the acquisition date | The purchase price was allocated to B Medical’s tangible and identifiable intangible assets acquired and liabilities assumed based on the estimated fair values as of October 3, 2022, as set forth below (in thousands): Fair Value Accounts receivable $ 19,549 Inventory 51,978 Other assets 10,769 Property plant and equipment 54,149 Identifiable Intangible Assets: Completed technology 100,600 Trademarks 5,500 Customer relationships 36,700 Backlog 600 Other liabilities (32,533) Deferred income taxes, net (43,393) Goodwill 228,241 Total purchase price, net of cash acquired $ 432,160 |
Schedule of consolidated results | The following financial information reflects our consolidated results from B Medical (in thousands): Year Ended September 30, 2023 Revenue $ 113,122 Net loss $ (26,463) |
Schedule of pro forma information | The following unaudited pro forma financial information reflects our consolidated results of operations as if the acquisition had taken place on October 1, 2021 (in thousands). The unaudited pro forma financial information is not necessarily indicative of the results of operations that we would have reported had the transaction occurred at the beginning of these periods nor is it necessarily indicative of future results. Year Ended September 30, 2023 2022 Revenue $ 665,072 $ 672,151 Net income (loss) $ (5,356) $ 2,111,185 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of amortized cost and fair value | The following is a summary of the amortized cost and the fair value, including accrued interest receivable, as well as unrealized gains (losses) on the short-term and long-term marketable securities as of September 30, 2023 and 2022 (in thousands): Gross Gross Amortized Unrealized Unrealized Cost Losses Gains Fair Value September 30, 2023: U.S. Treasury securities and obligations of U.S. government agencies $ 227,804 $ (2,573) $ — $ 225,231 Bank certificates of deposits 8,122 (170) — 7,952 Corporate securities 221,155 (4,127) — 217,028 Municipal securities — — — — $ 457,081 $ (6,870) $ — $ 450,211 September 30, 2022: U.S. Treasury securities and obligations of U.S. government agencies $ 804,774 $ (6,163) $ 21 $ 798,632 Bank certificates of deposits 8,335 (158) 1 8,178 Corporate securities 406,270 (8,113) — 398,157 Municipal securities 59,043 (226) — 58,817 $ 1,278,422 $ (14,660) $ 22 $ 1,263,784 |
Schedule of fair values of marketable securities by contractual maturities | Amortized Cost Fair Value Due in one year or less $ 342,901 $ 338,873 Due after one year through five years 111,121 108,279 Due after five years through ten years — — Due after ten years 3,059 3,059 Total marketable securities $ 457,081 $ 450,211 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of realized gains (losses) on derivatives not designated as hedging instruments | Net gains and losses related to foreign exchange contracts are recorded as a component of “Other income (expense)” in the accompanying Consolidated Statements of Operations and are as follows for the fiscal years ended September 30, 2023, 2022 and 2021 (in thousands): Year Ended September 30, 2023 2022 2021 Realized gains (losses) on derivatives not designated as hedging instruments $ (1,174) $ 991 $ (7,781) |
Schedule of notional amounts of derivative instruments | The notional amounts of the Company’s derivative instruments as of September 30, 2023 and 2022 were as follows (in thousands): Year Ended September 30, Hedge Designation 2023 2022 Cross-currency swap Net Investment Hedge $ 436,360 $ 960,000 Foreign exchange contracts Undesignated 184,800 585,800 |
Schedule of fair value of derivative instruments | The fair value of derivative instruments are as follows at September 30, 2023 and 2022 (in thousands): Fair Value of Assets Fair Value of Liabilities As of September 30, 2023 2022 2023 2022 Derivatives not designated as hedging instruments Foreign exchange contracts $ 44 $ 634 $ (421) $ (230) Total fair value $ 44 $ 634 $ (421) $ (230) |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property, plant and equipment | Buildings 10 - 40 years Computer equipment and software 3 - 5 years Machinery and equipment 2 - 7 years Furniture and fixtures 5 years Vehicles 3 - 7 years Property, plant and equipment were as follows as of September 30, 2023 and 2022 (in thousands): September 30, 2023 2022 Buildings, land, and land use right $ 41,870 $ 29,581 Computer equipment and software 38,623 35,814 Machinery and equipment 139,858 90,700 Furniture and fixtures 7,426 5,806 Leasehold improvements 52,670 37,495 Capital projects in process 33,915 36,644 Right-of-use asset 4,718 2,476 Vehicles 1,540 — Property, plant and equipment, gross 320,620 238,516 Less: accumulated depreciation and amortization (114,876) (84,046) Property, plant and equipment, net $ 205,744 $ 154,470 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Components of goodwill by business segment | The following table sets forth the changes in the carrying amount of goodwill by reportable segment since September 30, 2021 (in thousands): Life Sciences Life Sciences Products Services Total Balance - September 30, 2021 $ 110,138 $ 359,218 $ 469,356 Acquisitions 57,854 — 57,854 Currency translation adjustments (13,380) (207) (13,587) Balance - September 30, 2022 $ 154,612 $ 359,011 $ 513,623 Acquisitions 242,789 — 242,789 Currency translation adjustments 27,903 24 27,927 Balance - September 30, 2023 $ 425,304 $ 359,035 $ 784,339 |
Schedule of intangible assets | Trademarks 5 - 13 years Patents 8 years Completed technology 7 - 15 years Customer relationships 10 - 16 years Non-competition agreements 5 years The components of the Company’s identifiable intangible assets as of September 30, 2023 and 2022 are as follows (in thousands): September 30, 2023 September 30, 2022 Accumulated Net Book Accumulated Net Book Cost Amortization Value Cost Amortization Value Patents $ 1,226 $ 1,175 $ 51 $ 1,225 $ 1,106 $ 119 Completed technology 215,430 56,021 159,409 99,525 37,991 61,534 Trademarks and trade names 6,630 1,445 5,185 400 41 359 Non-competition agreements 681 568 113 681 439 242 Customer relationships 290,800 161,257 129,543 246,949 130,802 116,147 Other intangibles 869 869 — 202 202 — Total $ 515,636 $ 221,335 $ 294,301 $ 348,982 $ 170,581 $ 178,401 |
Schedule of future amortization expense | Estimated future amortization expense for the intangible assets as of September 30, 2023 is as follows (in thousands): 2024 $ 49,750 2025 48,308 2026 44,952 2027 36,877 2028 30,533 Thereafter 83,881 Total $ 294,301 |
Restructuring (Tables)
Restructuring (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Restructuring and Related Activities [Abstract] | |
Schedule of restructuring reserve | Year Ended September 30, (In thousands) 2023 2022 Balance at beginning of period $ 462 $ 304 Provisions 4,577 712 Payments (4,028) (554) Balance at end of period $ 1,011 $ 462 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
Schedule of leases | The components of operating lease expense for fiscal years 2023 and 2022 were as follows (in thousands): Year Ended September 30, 2023 2022 Operating lease costs $ 12,435 $ 9,396 Finance lease costs: Amortization of assets 620 182 Interest on lease liabilities 40 5 Total finance lease costs 660 187 Total operating and finance lease costs 13,095 9,583 Variable lease costs 3,251 3 Short-term lease costs 1,920 1,411 Total lease costs $ 18,266 $ 10,997 Supplemental balance sheet information related to leases is as follows (in thousands, except lease term and discount rate): September 30, 2023 September 30, 2022 Operating Leases: Operating lease right-of-use assets $ 66,580 $ 54,059 Accrued expenses and other current liabilities $ 9,499 $ 6,924 Long-term operating lease liabilities 60,436 49,227 Total operating lease liabilities $ 69,935 $ 56,151 Finance Leases: Property, plant and equipment, at cost $ 4,718 $ 2,476 Accumulated amortization (2,780) (2,276) Property, plant and equipment, net $ 1,938 $ 200 Accrued expenses and other current liabilities $ 677 $ 96 Other long-term liabilities 1,361 98 Total finance lease liabilities $ 2,038 $ 194 Weighted average remaining lease term (in years): Operating leases 10.92 10.82 Finance leases 3.41 2.19 Weighted average discount rate: Operating leases 4.26 % 3.93 % Finance leases 2.76 % 1.29 % Supplemental cash flow information related to leases is as follows (in thousands): Year Ended September 30, 2023 2022 Cash paid for amounts included in measurement of liabilities: Operating cash flows - operating leases $ 10,949 $ 7,977 Operating cash flows - finance leases $ 40 $ 5 Financing cash flows - finance leases $ 578 $ 393 ROU assets obtained in exchange for lease liabilities: Operating leases $ 15,038 $ 10,842 Finance leases $ 1,813 $ 68 |
Schedule of future lease payments of operating leases | Finance Leases Operating Leases 2024 $ 724 $ 12,175 2025 635 11,838 2026 474 8,238 2027 238 7,807 2028 57 7,482 Thereafter 9 42,531 Total future lease payments 2,137 90,071 Less imputed interest (99) (20,136) Total lease liability balance $ 2,038 $ 69,935 |
Schedule of future lease payments of finance leases | Finance Leases Operating Leases 2024 $ 724 $ 12,175 2025 635 11,838 2026 474 8,238 2027 238 7,807 2028 57 7,482 Thereafter 9 42,531 Total future lease payments 2,137 90,071 Less imputed interest (99) (20,136) Total lease liability balance $ 2,038 $ 69,935 |
Supplementary Balance Sheet I_2
Supplementary Balance Sheet Information (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of accounts receivable | The following is a summary of accounts receivable at September 30, 2023 and 2022 (in thousands): September 30, 2023 2022 Accounts receivable $ 164,592 $ 168,920 Less allowance for expected credit losses (8,057) (5,162) Accounts receivable, net $ 156,535 $ 163,758 |
Summary of allowance for expected credit losses | The allowance for expected credit losses for the fiscal years ended September 30, 2023, 2022 and 2021 is as follows (in thousands): Year Ended September 30, 2023 2022 2021 Balance at beginning of period $ 5,162 $ 4,318 $ 7,146 Provisions 8,849 3,536 3,445 Payments received (5,884) (2,278) (5,481) Write-offs and adjustments (70) (414) (792) Balance at end of period $ 8,057 $ 5,162 $ 4,318 |
Summary of inventories | The following is a summary of inventories at September 30, 2023 and 2022 (in thousands): September 30, 2023 2022 Raw materials and purchased parts $ 59,861 $ 39,685 Work-in-process 11,400 4,816 Finished goods 56,937 41,043 Total inventories $ 128,198 $ 85,544 The activity for excess and obsolete inventory reserves is as follows for the fiscal years ended September 30, 2023, 2022 and 2021 (in thousands): Year Ended September 30, 2023 2022 2021 Balance at beginning of period $ 4,082 $ 3,681 $ 3,136 Provisions 3,324 1,752 1,522 Inventory disposals and adjustments (2,415) (1,351) (977) Balance at end of period $ 4,991 $ 4,082 $ 3,681 |
Summary of valuation allowance for deferred tax assets | The activity for valuation allowance for deferred tax assets is as follows for the fiscal years ended September 30, 2023, 2022 and 2021 (in thousands): Year Ended September 30, 2023 2022 2021 Balance at beginning of period $ 5,927 $ 8,592 $ 10,623 Charge to income tax provision (benefit) 1,137 1,337 (3,247) Charged to other accounts 1,284 (4,002) 1,216 Balance at end of period $ 8,348 $ 5,927 $ 8,592 |
Summary of product warranty and retrofit activity | The following is a summary of product warranty and retrofit activity on a gross basis for the fiscal years ended September 30, 2023, 2022 and 2021 (in thousands): Year Ended September 30, 2023 2022 2021 Balance at beginning of period $ 2,890 $ 2,330 $ 2,211 Adjustments for acquisitions and divestitures 2,475 254 — Accruals for warranties during the year 8,198 2,438 2,300 Costs incurred during the year (3,340) (2,132) (2,181) Balance at end of period $ 10,223 $ 2,890 $ 2,330 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
Summary of accumulated other comprehensive income (loss) | The following is a summary of the components of accumulated other comprehensive income (loss), net of tax, at September 30, 2023, 2022 and 2021 (in thousands): Unrealized Gains (Losses) on Available- Currency for-Sale Gains (Losses) Pension Translation Securities on Derivative asset Liability Adjustments Net of tax Net of tax Adjustments Total Balance at September 30, 2020 $ 23,061 (1) — (1,141) 21,919 Other comprehensive income (loss) before reclassifications (2,922) — — 333 (2,589) Amounts reclassified from accumulated other comprehensive income (loss) — — — 21 21 Balance at September 30, 2021 20,139 (1) — (787) 19,351 Other comprehensive income (loss) before reclassifications (169,266) (10,908) 93,020 412 (86,742) Amounts reclassified from accumulated other comprehensive income (loss) (16,567) — — 42 (16,525) Balance at September 30, 2022 (165,694) (10,909) 93,020 (333) (83,916) Other comprehensive income (loss) before reclassifications 77,246 5,774 (61,533) (104) 21,383 Amounts reclassified from accumulated other comprehensive income (loss) — — — 107 107 Balance at September 30, 2023 $ (88,448) $ (5,135) $ 31,487 $ (330) $ (62,426) |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of disaggregated revenue by significant business line | The Company disaggregates revenue from contracts with customers in a manner that depicts how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. The following is revenue by significant business line for the fiscal years ended September 30, 2023, 2022 and 2021 (in thousands): 2023 2022 2021 Significant Business Line Life Sciences Products, excluding B Medical $ 192,061 $ 199,230 $ 199,606 B Medical 113,122 - - Sample Repository Solutions 111,593 105,331 88,922 Genomic Services 248,296 250,937 225,175 Total revenue $ 665,072 $ 555,498 $ 513,703 |
Schedule of remaining performance obligations | Remaining Performance Obligations. obligations as revenue, the Company will recognize revenue associated with these performance obligations as transfer of control occurs (in thousands): As of September 30, 2023 Less than 1 Year Greater than 1 Year Total Remaining performance obligations $ 54,159 $ 24,228 $ 78,387 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of stock-based compensation expense | The following table reflects stock-based compensation expense recorded during the fiscal years ended September 30, 2023, 2022 and 2021 (in thousands): Year Ended September 30, 2023 2022 2021 Restricted stock units $ 8,027 $ 10,597 $ 18,923 Employee stock purchase plan 1,349 1,846 1,128 Total stock-based compensation expense for continuing and discontinued operations $ 9,376 $ 12,443 $ 20,051 Income tax benefit (1,406) (1,929) (3,208) Total compensation expense included in the statement of operations 7,970 10,514 16,843 |
Summary of restricted stock unit activity | The following table summarizes restricted stock unit activity for the fiscal year ended September 30, 2023 (in thousands, except for weighted average grant-date fair value): Weighted Average Grant-Date Shares Fair Value Outstanding as of September 30, 2022 538,238 $ 71.99 Granted 590,066 $ 57.22 Vested (267,834) $ 55.86 Forfeited (141,516) $ 72.04 Outstanding as of September 30, 2023 718,954 $ 67.40 Restricted stock units granted with performance goals may also have a required service period following the achievement of all or a portion of the performance goals. The following table reflects restricted stock units and stock awards granted during fiscal years ended September 30, 2023, 2022 and 2021 (in thousands): Year Ended September 30, 2023 2022 2021 Time-based restricted stock units 311,609 120,066 166,570 Common stock awards — 18,471 14,713 Performance-based restricted stock units 278,457 111,148 168,647 Total units 590,066 249,685 349,930 |
Summary of valuation assumptions for an employee stock purchase plan | The fair value of shares issued under the employee stock purchase plan is estimated on the commencement date of each offering period using the Black-Scholes option-pricing model with the following weighted average assumptions for the fiscal years ended September 30, 2023, 2022 and 2021: Year Ended September 30, 2023 2022 2021 Risk-free interest rate 5.2 % 1.7 % 0.3 % Volatility 57 % 49 % 53 % Expected life 6 months 6 months 6 months Dividend yield — % — % 0.6 % |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Summary of assets and liabilities measured and recorded at fair value on a recurring basis | The following tables summarize assets and liabilities measured and recorded at fair value on a recurring basis in the accompanying Consolidated Balance Sheets as of September 30, 2023 and 2022 (in thousands): As of September 30, 2023 Description Total Fair Value Level 1 Level 2 Level 3 Assets: Cash equivalents $ 525,952 $ 525,952 $ — $ — Available-for-sale securities 450,211 85,949 364,262 — Foreign exchange contracts 44 — 44 — Net investment hedge 13,036 — 13,036 — Total assets $ 989,243 $ 611,901 $ 377,342 $ — Liabilities: Foreign exchange contracts 421 — 421 — Total liabilities $ 421 $ — $ 421 $ — As of September 30, 2022 Description Total Fair Value Level 1 Level 2 Level 3 Assets: Cash equivalents $ 374,804 $ 374,055 $ 749 $ — Available-for-sale securities 1,263,782 651,800 611,982 — Foreign exchange contracts 634 — 634 — Net investment hedge 124,789 — 124,789 — Total assets $ 1,764,009 $ 1,025,855 $ 738,154 $ — Liabilities: Foreign exchange contracts 230 $ — 230 — Total liabilities $ 230 $ — $ 230 $ — |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of the components of income tax (benefit) expense from continuing operations | The components of the income tax (benefit) expense from continuing operations for the fiscal years are as follows (in thousands): Year Ended September 30, 2023 2022 2021 Current income tax (benefit) expense Federal $ (599) $ (4,826) $ (14,247) State 1,528 607 (867) Foreign 9,757 4,627 15,484 Total current income tax (benefit) expense 10,686 408 370 Deferred income tax (benefit) expense: Federal (18,684) (815) (11,469) State (402) (180) (2,283) Foreign (9,150) 1,937 (6,718) Total deferred income tax (benefit) expense (28,236) 942 (20,470) Income tax (benefit) expense $ (17,550) $ 1,350 $ (20,100) |
Schedule of the components of income (loss) from continuing operations before income taxes | The components of income (loss) from continuing operations before income taxes for the fiscal years are as follows (in thousands): Year Ended September 30, 2023 2022 2021 Domestic $ (58,065) $ (39,392) $ (88,763) Foreign 27,632 29,456 39,794 Loss before income taxes $ (30,433) $ (9,936) $ (48,969) |
Schedule of the differences between the income tax (benefit) expense on income (loss) from continuing operations and income taxes | The differences between the income tax (benefit) expense on income (loss) from continuing operations and income taxes computed using the applicable U.S. statutory federal tax rates for the fiscal years ended September 30, 2023, 2022 and 2021 are as follows (in thousands): Year Ended September 30, 2023 2022 2021 Income tax benefit computed at federal statutory rate $ (6,331) $ (2,086) $ (10,284) State income taxes, net of federal benefit (851) (776) (1,005) Foreign income taxed at different rates (22) (1,182) (2,594) Impact of investments in subsidiaries (6,058) — 7,128 Nontaxable gain from acquisition earn-out liability reversal (3,959) — — Change in deferred tax asset valuation allowance 1,137 1,337 (3,247) Impact of change in uncertain tax positions (1,321) (358) (10,607) Global intangible low taxed income, net of foreign tax credits — 4,060 4,051 Impact of tax rate changes (1,391) 1,531 165 Compensation 1,598 (1,199) 462 Tax credits (1,434) (2,102) (4,050) Merger costs 1,056 1,629 20 Other non-deductible expenses and other taxes 1,304 643 591 Impact of effective state tax rate change — 763 — Research and development expense deduction (1,278) (910) (730) Income tax (benefit) expense $ (17,550) $ 1,350 $ (20,100) |
Schedule of the significant components of the net deferred tax assets and liabilities | The significant components of the net deferred tax assets and liabilities as of September 30, 2023 and 2022 are as follows (in thousands): September 30, 2023 2022 Accruals and reserves not currently deductible $ 10,426 $ 9,704 Federal, state and foreign tax credits 157 — Other assets 613 1,095 Equity compensation 2,183 3,508 Net operating loss carryforwards 9,692 7,397 Lease liabilities 17,513 14,700 Capitalized research and development 6,807 — Deferred revenue 3,672 3,609 Outside basis differences in subsidiaries 6,058 Deferred tax assets 57,121 40,013 Depreciation and intangible amortization (97,572) (56,856) Right-of-use assets (16,632) (14,146) Other liabilities (317) (402) Net unrealized gain on hedging and investments (1,574) (27,144) Deferred tax liabilities (116,095) (98,548) Valuation allowance (8,348) (5,927) Net deferred tax asset (liability) $ (67,322) $ (64,462) |
Schedule of the reconciliation of the beginning and ending amount of the consolidated liability for unrecognized income tax benefits | The Company maintains liabilities for unrecognized tax benefits. These liabilities involve judgment and estimation, and they are monitored based on the best information available. A reconciliation of the beginning and ending amount of the consolidated liability for unrecognized income tax benefits during the fiscal years ended September 30, 2023, 2022 and 2021 is as follows (in thousands): Year Ended September 30, 2023 2022 2021 Balance at beginning of period $ 1,679 $ 2,006 $ 16,722 Reductions from lapses in statutes of limitation (1,381) (327) (14,716) Balance at end of period $ 298 $ 1,679 $ 2,006 |
Net Income (Loss) per Share (Ta
Net Income (Loss) per Share (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of the calculations of basic and diluted net income (loss) per share and basic and diluted weighted average shares outstanding | The calculations of basic and diluted net income (loss) per share and basic and diluted weighted average shares outstanding are as follows for the fiscal years ended September 30, 2023, 2022 and 2021 (in thousands, except per share data): Year Ended September 30, 2023 2022 2021 Loss from continuing operations $ (12,883) $ (11,286) $ (28,869) Income (loss) from discontinued operations, net of tax (1,374) 2,144,145 139,616 Net income (loss) (14,257) 2,132,859 110,747 Weighted average common shares outstanding used in computing basic income (loss) per share 66,253 74,897 74,229 Dilutive restricted stock units — — 226 Weighted average common shares outstanding used in computing basic and diluted income (loss) per share 66,253 74,897 74,455 Basic net income (loss) per share: Loss from continuing operations $ (0.19) $ (0.15) $ (0.39) Income (loss) from discontinued operations, net of tax (0.02) 28.63 1.88 Basic net income (loss) per share $ (0.22) $ 28.48 $ 1.49 Diluted net income (loss) per share: Loss from continuing operations $ (0.19) $ (0.15) $ (0.39) Income (loss) from discontinued operations, net of tax (0.02) 28.63 1.88 Diluted net income (loss) per share $ (0.22) $ 28.48 $ 1.49 |
Segment and Geographic Inform_2
Segment and Geographic Information (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Schedule of financial information for business segments | The following is the summary of the financial information for the Company’s reportable segments for the fiscal years ended September 30, 2023, 2022 and 2021 (in thousands): Year Ended September 30, 2023 2022 2021 Revenue: Life Sciences Products $ 305,184 $ 199,230 $ 199,606 Life Sciences Services 359,888 356,268 314,097 Total revenue $ 665,072 $ 555,498 $ 513,703 Operating income (loss): Life Sciences Products $ (30,321) $ 11,033 $ 23,094 Life Sciences Services (14,722) 10,784 22,659 Segment operating income (loss) (45,043) 21,817 45,753 Amortization of intangible assets other than completed technology 28,207 24,965 29,299 Restructuring and restructuring related charges 4,577 712 13,749 Contingent consideration - fair value adjustments (18,549) 600 — Merger and acquisition costs and costs related to share repurchase (1) 13,842 17,329 20,662 Other unallocated corporate expenses 6 2,946 13,132 Total operating loss (73,126) (24,735) (31,089) Interest income 43,735 20,286 632 Interest expense — (4,589) (2,037) Loss on extinguishment of debt — (632) — Other, net (1,042) (266) (16,475) Loss before income taxes $ (30,433) $ (9,936) $ (48,969) (1) Includes expenses related to governance-related matters. Assets: September 30, 2023 September 30, 2022 Life Sciences Products $ 927,033 $ 378,790 Life Sciences Services 794,752 849,603 Total assets $ 1,721,785 $ 1,228,393 |
Schedule of reconciliation of reportable segment assets to corresponding consolidated amounts | Prior year amounts in the “Operating income (loss)” table above have been reclassified to conform to the current presentation. The following is a reconciliation of the Company’s reportable segments’ assets to the amounts presented in the accompanying Consolidated Balance Sheets as of September 30, 2023 and 2022 (in thousands): September 30, September 30, 2023 2022 Segment assets $ 1,721,785 $ 1,228,393 Cash and cash equivalents, restricted cash, and marketable securities 1,134,256 2,305,081 Deferred tax assets 571 1,169 Other assets 29,108 181,479 Total assets $ 2,885,720 $ 3,716,122 |
Schedule of revenue from external customers attributed to geographic areas | Revenue from external customers is attributed to geographic areas based on locations in which customer orders are placed. Revenue by geographic area for the fiscal years ended September 30, 2023, 2022 and 2021 are as follows (in thousands): Year Ended September 30, 2023 2022 2021 Geographic Location: North America $ 359,417 $ 361,105 $ 323,982 Africa 65,092 1,331 688 China 51,787 53,867 45,743 United Kingdom 26,764 30,258 31,539 Rest of Europe 109,856 79,005 77,266 Asia Pacific/ Other 52,156 29,932 34,485 Total revenue $ 665,072 $ 555,498 $ 513,703 |
Long-Lived Assets, Consisting of Property, Plant and Equipment by Geographic Area | Net property, plant and equipment by geographic area as of September 30, 2023 and 2022 is as follows (in thousands): September 30, 2023 2022 United States $ 78,533 $ 84,809 China 53,146 56,585 Europe 70,654 11,610 Asia Pacific/ Other 3,411 1,466 Total property, plant, and equipment, net $ 205,744 $ 154,470 |
Nature of Operations (Details)
Nature of Operations (Details) $ in Billions | Feb. 01, 2022 USD ($) |
Discontinued Operations, Disposed of by Sale | Semiconductor Automation Business | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Proceeds from divestiture | $ 2.9 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Foreign Currency Translation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Gain (Loss), Foreign Currency Transaction, before Tax [Abstract] | |||
Foreign currency transaction and remeasurement gains (losses) | $ 4,200 | $ 1,700 | $ 1,800 |
Foreign currency translation reclassification adjustments included in income from discontinued operations | $ (16,567) |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Concentration of Credit Risk (Details) - country | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Top Individual Distributor | |||
Concentration Risk [Line Items] | |||
Number of countries in which entity operates | 50 | ||
Revenue from Contract with Customer Benchmark | Customer Concentration Risk | Top Ten Largest Customers | |||
Concentration Risk [Line Items] | |||
Concentration risk (as a percent) | 30% | 20% | 19% |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Property, Plant and Equipment (Details) | Sep. 30, 2023 |
Buildings | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life of property plant and equipment | 10 years |
Buildings | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life of property plant and equipment | 40 years |
Computer Equipment and Capitalized Software | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life of property plant and equipment | 3 years |
Computer Equipment and Capitalized Software | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life of property plant and equipment | 5 years |
Machinery and Equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life of property plant and equipment | 2 years |
Machinery and Equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life of property plant and equipment | 7 years |
Furniture and Fixtures | |
Property, Plant and Equipment [Line Items] | |
Useful life of property plant and equipment | 5 years |
Vehicles | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life of property plant and equipment | 3 years |
Vehicles | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life of property plant and equipment | 7 years |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Finite-lived Intangible Assets (Details) | Sep. 30, 2023 |
Trademarks | Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Amortizable lives | 5 years |
Trademarks | Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Amortizable lives | 13 years |
Patents | |
Finite-Lived Intangible Assets [Line Items] | |
Amortizable lives | 8 years |
Completed Technology | Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Amortizable lives | 7 years |
Completed Technology | Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Amortizable lives | 15 years |
Customer Relationships | Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Amortizable lives | 10 years |
Customer Relationships | Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Amortizable lives | 16 years |
Non-competition agreements | |
Finite-Lived Intangible Assets [Line Items] | |
Amortizable lives | 5 years |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Payment Terms (Details) | 12 Months Ended |
Sep. 30, 2023 | |
Minimum | |
Disaggregation of Revenue [Line Items] | |
Payment period | 30 days |
Maximum | |
Disaggregation of Revenue [Line Items] | |
Payment period | 60 days |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Government Assistance (Details) $ in Millions | 12 Months Ended |
Sep. 30, 2023 USD ($) | |
Government Assistance [Line Items] | |
Advance in cash of government assistance received | $ 6.6 |
Government Assistance, Amount, Cumulative [Abstract] | |
Government assistance, amount, cumulative, current | $ 0.6 |
Government Assistance, Current, Statement of Financial Position | Prepaid expenses and other current assets |
Other Noncurrent Liabilities | |
Government Assistance [Line Items] | |
Advance in cash of government assistance received | $ 4.7 |
Accrued Expenses and Other Current Liabilities | |
Government Assistance [Line Items] | |
Advance in cash of government assistance received | 1.9 |
Other Nonoperating Income (Expense) | |
Government Assistance [Line Items] | |
Government assistance | $ 4.3 |
Government Assistance, Statement of Income or Comprehensive Income | Other, net |
Cost of Sales | |
Government Assistance [Line Items] | |
Government assistance | $ 0.9 |
Government Assistance, Statement of Income or Comprehensive Income | Total cost of revenue |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Recently Adopted Accounting Pronouncements (Details) | 12 Months Ended |
Sep. 30, 2023 | |
Accounting Standards Update 2021-10 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Change in Accounting Principle, Accounting Standards Update, Adopted | true |
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Oct. 01, 2022 |
Change in Accounting Principle, Accounting Standards Update, Transition Option Elected | us-gaap:AccountingStandardsUpdate202110ProspectiveMember |
Accounting Standards Update 2020-06 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Change in Accounting Principle, Accounting Standards Update, Adopted | true |
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Oct. 01, 2022 |
Discontinued Operations - Gener
Discontinued Operations - General Information (Details) $ in Millions | 3 Months Ended | ||
Feb. 01, 2022 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 lease | |
Thomas H. Lee Partners, L.P. | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Transition service agreement, term, low end of range | 3 months | ||
Transition service agreement, term, high end of range | 24 months | ||
Sale leaseback transaction, lease term | 24 months | ||
Sale leaseback transaction, termination notice period | 90 days | ||
Sale leaseback transaction, lease agreements, number | lease | 1 | ||
Lease agreements number of original leases in effect | lease | 2 | ||
Discontinued Operations, Disposed of by Sale | Semiconductor Automation Business | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Proceeds from divestiture | $ 2,900 | ||
Liability related to retention and stock compensation for former employees of the Company that were conveyed with the transaction | $ 18.1 | ||
Liability related to retention and stock compensation for former employees of the Company that were conveyed with the transaction, amount paid | $ 0.6 |
Discontinued Operations - Finan
Discontinued Operations - Financial Results (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||
Net income from discontinued operations | $ (1,374) | $ 2,144,145 | $ 139,616 |
Discontinued Operations, Disposed of by Sale | Semiconductor Automation Business | |||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||
Total revenue | 264,430 | 680,056 | |
Total cost of revenue | 152,324 | 384,536 | |
Gross profit | 112,106 | 295,520 | |
Research and development | 18,486 | 48,647 | |
Selling, general and administrative | 30,622 | 70,634 | |
Restructuring charges | 230 | ||
Total operating expenses | 49,108 | 119,511 | |
Operating income | 62,998 | 176,009 | |
Gain on divestiture | 2,561,820 | 133 | |
Income before income taxes | 2,624,818 | 176,142 | |
Income tax expense | 480,673 | 35,357 | |
Net income from discontinued operations | $ (1,400) | 2,144,145 | 140,785 |
Discontinued Operations, Disposed of by Sale | Semiconductor Automation Business | Products | |||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||
Total revenue | 244,962 | 624,358 | |
Total cost of revenue | 141,165 | 354,786 | |
Discontinued Operations, Disposed of by Sale | Semiconductor Automation Business | Services | |||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||
Total revenue | 19,468 | 55,698 | |
Total cost of revenue | $ 11,159 | $ 29,750 |
Discontinued Operations - Non-c
Discontinued Operations - Non-cash Items and Capital Expenditures (Details) - Discontinued Operations, Disposed of by Sale - Semiconductor Automation Business - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Discontinued Operation, Alternative Cash Flow Information [Abstract] | ||
Depreciation and amortization | $ 8,472 | |
Capital expenditures | $ 2,862 | 6,414 |
Stock-based compensation | $ 7,405 |
Business Combinations - General
Business Combinations - General Information (Details) - country | Feb. 02, 2023 | Oct. 03, 2022 | Jul. 01, 2022 | Apr. 02, 2021 | Dec. 03, 2020 |
Ziath Ltd and Subsidiaries | |||||
Business Acquisition, Date of Acquisition [Abstract] | |||||
Business Acquisition, Effective Date of Acquisition | Feb. 02, 2023 | ||||
B Medical Systems S.a.r.l and Subsidiaries | |||||
Business Acquisition, Date of Acquisition [Abstract] | |||||
Business Acquisition, Effective Date of Acquisition | Oct. 03, 2022 | ||||
B Medical Systems S.a.r.l and Subsidiaries | Minimum | |||||
Business Acquisition, Date of Acquisition [Abstract] | |||||
Number of countries in which entity operates | 150 | ||||
Barkey Holding GmbH and Subsidiaries | |||||
Business Acquisition, Date of Acquisition [Abstract] | |||||
Business Acquisition, Effective Date of Acquisition | Jul. 01, 2022 | ||||
Abeyatech LLC | |||||
Business Acquisition, Date of Acquisition [Abstract] | |||||
Business Acquisition, Effective Date of Acquisition | Apr. 02, 2021 | ||||
Trans-Hit Biomarkers | |||||
Business Acquisition, Date of Acquisition [Abstract] | |||||
Business Acquisition, Effective Date of Acquisition | Dec. 03, 2020 |
Business Combinations - Purchas
Business Combinations - Purchase Consideration (Details) $ in Thousands, € in Millions | 12 Months Ended | ||||||||||
Feb. 02, 2023 USD ($) | Oct. 03, 2022 USD ($) | Jul. 01, 2022 USD ($) | Apr. 02, 2021 USD ($) | Dec. 03, 2020 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | Oct. 03, 2022 EUR (€) | |
Business Acquisition [Line Items] | |||||||||||
Aggregate purchase price, net of cash acquired | $ 386,508 | $ 125,876 | $ 93,712 | ||||||||
Short-term restricted cash | 4,650 | 382,596 | $ 7,145 | ||||||||
Contingent consideration liability | $ 0 | $ 0 | $ 18,500 | ||||||||
Ziath Ltd and Subsidiaries | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Aggregate purchase price, net of cash acquired | $ 16,000 | ||||||||||
B Medical Systems S.a.r.l and Subsidiaries | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Total purchase price | $ 432,200 | ||||||||||
Contingent consideration | 17,000 | ||||||||||
Aggregate purchase price, net of cash acquired | $ 424,000 | ||||||||||
Additional contingent consideration | € | € 50 | ||||||||||
Prepaid assets | 43,100 | ||||||||||
Short-term restricted cash | $ 381,000 | ||||||||||
Contingent consideration liability, achievement of certain revenue targets, term | 1 year | ||||||||||
Contingent consideration liability | $ 0 | $ 18,500 | |||||||||
Barkey Holding GmbH and Subsidiaries | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Total purchase price | $ 84,800 | ||||||||||
Abeyatech LLC | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Total purchase price | $ 9,900 | ||||||||||
Contingent consideration liability | $ 9,400 | ||||||||||
Trans-Hit Biomarkers | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Total purchase price | $ 15,100 |
Business Combinations - Amounts
Business Combinations - Amounts of Assets and Liabilities at Fair Value as of Acquisition Date (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||||
Sep. 30, 2023 | Feb. 02, 2023 | Oct. 03, 2022 | Sep. 30, 2022 | Jul. 01, 2022 | Sep. 30, 2021 | Apr. 02, 2021 | Dec. 03, 2020 | |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||||||
Goodwill | $ 784,339 | $ 513,623 | $ 469,356 | |||||
Life Sciences Services | ||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||||||
Goodwill | 359,035 | $ 359,011 | $ 359,218 | |||||
Ziath Ltd and Subsidiaries | ||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||||||
Deferred income taxes, net | $ 1,100 | |||||||
Goodwill | 12,000 | |||||||
Ziath Ltd and Subsidiaries | Completed Technology | ||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||||||
Intangible assets | 4,100 | |||||||
Ziath Ltd and Subsidiaries | Trademarks and Trade Names | ||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||||||
Intangible assets | 300 | |||||||
Ziath Ltd and Subsidiaries | Customer Relationships | ||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||||||
Intangible assets | $ 600 | |||||||
B Medical Systems S.a.r.l and Subsidiaries | ||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||||||
Accounts receivable | $ 19,549 | |||||||
Inventory | 51,978 | |||||||
Other assets | 10,769 | |||||||
Property, plant and equipment | 54,149 | |||||||
Other liabilities | (32,533) | |||||||
Deferred income taxes, net | 43,393 | |||||||
Goodwill | 228,241 | |||||||
Total purchase price, net of cash acquired | 432,160 | |||||||
Increase (decrease) to goodwill | 9,200 | |||||||
Increase (decrease) to property, plant and equipment | (1,000) | |||||||
Increase (decrease) to intangible assets | 400 | |||||||
Increase (decrease) to other assets | (9,600) | |||||||
Increase (decrease) to inventory | 2,300 | |||||||
Increase (decrease) in other liabilities | (800) | |||||||
Increase (decrease) to deferred taxes | (400) | |||||||
B Medical Systems S.a.r.l and Subsidiaries | Completed Technology | ||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||||||
Intangible assets | 100,600 | |||||||
B Medical Systems S.a.r.l and Subsidiaries | Trademarks | ||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||||||
Intangible assets | 5,500 | |||||||
B Medical Systems S.a.r.l and Subsidiaries | Customer Relationships | ||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||||||
Intangible assets | 36,700 | |||||||
B Medical Systems S.a.r.l and Subsidiaries | Order or Production Backlog | ||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||||||
Intangible assets | $ 600 | |||||||
Barkey Holding GmbH and Subsidiaries | ||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||||||
Deferred income taxes, net | $ 9,800 | |||||||
Goodwill | 60,500 | |||||||
Increase (decrease) to goodwill | 2,700 | |||||||
Increase (decrease) to accrued liabilities | $ 2,700 | |||||||
Barkey Holding GmbH and Subsidiaries | Completed Technology | ||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||||||
Intangible assets | 29,000 | |||||||
Barkey Holding GmbH and Subsidiaries | Customer Relationships | ||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||||||
Intangible assets | $ 3,000 | |||||||
Abeyatech LLC | ||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||||||
Goodwill | $ 4,400 | |||||||
Other assets and liabilities, net | 3,000 | |||||||
Abeyatech LLC | Completed Technology | ||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||||||
Intangible assets | $ 11,900 | |||||||
Trans-Hit Biomarkers | ||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||||||
Intangible assets | $ 7,800 | |||||||
Deferred income taxes, net | 2,400 | |||||||
Goodwill | 9,300 | |||||||
Trans-Hit Biomarkers | Life Sciences Services | ||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||||||
Goodwill | $ 9,300 |
Business Combinations - Intangi
Business Combinations - Intangible Assets Acquired (Details) | Feb. 02, 2023 | Oct. 03, 2022 | Jul. 01, 2022 | Apr. 02, 2021 | Dec. 03, 2020 |
Ziath Ltd and Subsidiaries | Completed Technology | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Weighted average useful life of intangible assets | 10 years | ||||
Ziath Ltd and Subsidiaries | Customer Relationships | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Weighted average useful life of intangible assets | 13 years | ||||
Ziath Ltd and Subsidiaries | Trademarks | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Weighted average useful life of intangible assets | 13 years | ||||
B Medical Systems S.a.r.l and Subsidiaries | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-lived intangible assets, valuation technique, discounted cash flow, measurement input, discount rate, percentage (as a percent) | 13% | ||||
B Medical Systems S.a.r.l and Subsidiaries | Completed Technology | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Weighted average useful life of intangible assets | 10 years | ||||
B Medical Systems S.a.r.l and Subsidiaries | Customer Relationships | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Weighted average useful life of intangible assets | 16 years | ||||
B Medical Systems S.a.r.l and Subsidiaries | Trademarks | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Weighted average useful life of intangible assets | 5 years | ||||
B Medical Systems S.a.r.l and Subsidiaries | Order or Production Backlog | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Weighted average useful life of intangible assets | 1 year | ||||
Barkey Holding GmbH and Subsidiaries | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Weighted average useful life of intangible assets | 15 years | ||||
Abeyatech LLC | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Weighted average useful life of intangible assets | 12 years | ||||
Trans-Hit Biomarkers | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Weighted average useful life of intangible assets | 11 years |
Business Combinations - Goodwil
Business Combinations - Goodwill (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Feb. 02, 2023 | Oct. 03, 2022 | Sep. 30, 2022 | Jul. 01, 2022 | Sep. 30, 2021 | Apr. 02, 2021 | Dec. 03, 2020 |
Business Combination, Goodwill [Abstract] | ||||||||
Goodwill | $ 784,339 | $ 513,623 | $ 469,356 | |||||
Life Sciences Products | ||||||||
Business Combination, Goodwill [Abstract] | ||||||||
Goodwill | 425,304 | 154,612 | 110,138 | |||||
Life Sciences Services | ||||||||
Business Combination, Goodwill [Abstract] | ||||||||
Goodwill | $ 359,035 | $ 359,011 | $ 359,218 | |||||
Ziath Ltd and Subsidiaries | ||||||||
Business Combination, Goodwill [Abstract] | ||||||||
Goodwill | $ 12,000 | |||||||
Goodwill deductible for tax purposes | $ 0 | |||||||
B Medical Systems S.a.r.l and Subsidiaries | ||||||||
Business Combination, Goodwill [Abstract] | ||||||||
Goodwill | $ 228,241 | |||||||
Goodwill deductible for tax purposes | 0 | |||||||
B Medical Systems S.a.r.l and Subsidiaries | Life Sciences Products | ||||||||
Business Combination, Goodwill [Abstract] | ||||||||
Goodwill | $ 228,200 | |||||||
Barkey Holding GmbH and Subsidiaries | ||||||||
Business Combination, Goodwill [Abstract] | ||||||||
Goodwill | $ 60,500 | |||||||
Goodwill deductible for tax purposes | $ 0 | |||||||
Abeyatech LLC | ||||||||
Business Combination, Goodwill [Abstract] | ||||||||
Goodwill | $ 4,400 | |||||||
Goodwill deductible for tax purposes | $ 4,400 | |||||||
Trans-Hit Biomarkers | ||||||||
Business Combination, Goodwill [Abstract] | ||||||||
Goodwill | $ 9,300 | |||||||
Trans-Hit Biomarkers | Life Sciences Services | ||||||||
Business Combination, Goodwill [Abstract] | ||||||||
Goodwill | 9,300 | |||||||
Goodwill deductible for tax purposes | $ 0 |
Business Combinations - Results
Business Combinations - Results of Operations (Details) - B Medical Systems S.a.r.l and Subsidiaries - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Business Acquisition, Pro Forma Information [Abstract] | ||
Revenue | $ 113,122 | |
Net loss | (26,463) | |
Acquisition related costs | 4,900 | $ 4,000 |
Business Acquisition, Pro Forma Net Income (Loss) | $ (5,356) | $ 2,111,185 |
Business Combinations - Pro For
Business Combinations - Pro Forma Information - Tabular Disclosure (Details) - B Medical Systems S.a.r.l and Subsidiaries - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Business Acquisition, Pro Forma Information [Abstract] | ||
Revenue | $ 665,072 | $ 672,151 |
Net income (loss) | $ (5,356) | $ 2,111,185 |
Business Combinations - Pro F_2
Business Combinations - Pro Forma Information - Additional Information (Details) - B Medical Systems S.a.r.l and Subsidiaries - USD ($) $ in Millions | 12 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Business Acquisition, Pro Forma Information [Abstract] | ||
Business acquisition, pro forma information, purchase accounting adjustment, reversal of research and development expense capitalization | $ 1.1 | |
Business acquisition, pro forma information, purchase accounting adjustment, property, plant and equipment, inventory, and intangible asset step-up depreciation and amortization expense | $ 5.3 | 23.2 |
Business acquisition, pro forma information, purchase accounting adjustment, transaction costs | $ 3.6 | 4.9 |
Business acquisition, pro forma information, purchase accounting adjustment, reversal of debt interest expense | 6.1 | |
Business acquisition, pro forma information, purchase accounting adjustment, tax cost (benefit) | $ 6.4 |
Business Combinations - Conting
Business Combinations - Contingent Consideration Paid (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Sep. 30, 2022 | |
Business Acquisition [Line Items] | ||
Payment for contingent consideration related to acquisition, financing activities | $ 10,400 | |
Abeyatech LLC | ||
Business Acquisition [Line Items] | ||
Payment for contingent consideration related to acquisition, financing activities | $ 10,000 |
Marketable Securities - General
Marketable Securities - General Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |||
Sales and maturities of marketable securities | $ 1,064,209 | $ 705,384 | $ 121 |
Realized gain (loss) on marketable securities | $ (800) | $ 200 |
Marketable Securities - Summary
Marketable Securities - Summary of Amortized Cost and Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Sep. 30, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 457,081 | $ 1,278,422 |
Gross Unrealized Losses | (6,870) | (14,660) |
Gross Unrealized Gains | 22 | |
Fair Value | 450,211 | 1,263,784 |
U.S. Treasury securities and obligations of U.S. government agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 227,804 | 804,774 |
Gross Unrealized Losses | (2,573) | (6,163) |
Gross Unrealized Gains | 21 | |
Fair Value | 225,231 | 798,632 |
Bank certificates of deposits | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 8,122 | 8,335 |
Gross Unrealized Losses | (170) | (158) |
Gross Unrealized Gains | 1 | |
Fair Value | 7,952 | 8,178 |
Corporate securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 221,155 | 406,270 |
Gross Unrealized Losses | (4,127) | (8,113) |
Fair Value | $ 217,028 | 398,157 |
Municipal securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 59,043 | |
Gross Unrealized Losses | (226) | |
Fair Value | $ 58,817 |
Marketable Securities - Fair Va
Marketable Securities - Fair Value of Marketable Securities by Contractual Maturity (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | |
Amortized cost, due in one year or less | $ 342,901 |
Amortized cost, due after one year through five years | 111,121 |
Amortized cost, due after ten years | 3,059 |
Amortized cost | 457,081 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value [Abstract] | |
Fair value, due in one year or less | 338,873 |
Fair value, due after one year through five years | 108,279 |
Fair value, due after ten years | 3,059 |
Fair value | $ 450,211 |
Derivative Instruments - Realiz
Derivative Instruments - Realized Gains (Losses) on Derivatives Not Designated as Hedging Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract] | |||
Realized gains (losses) on derivatives not designated as hedging instruments | $ (1,174) | $ 991 | $ (7,781) |
Derivative Instruments - Notion
Derivative Instruments - Notional Amounts (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Sep. 30, 2022 | Feb. 01, 2022 |
Foreign Exchange Contract | Not Designated as Hedging Instrument | |||
Notional Disclosures [Abstract] | |||
Derivative, notional amount | $ 184,800 | $ 585,800 | |
Currency Swap | Designated as Hedging Instrument | |||
Notional Disclosures [Abstract] | |||
Derivative, notional amount | $ 436,360 | $ 960,000 | $ 960,000 |
Derivative Instruments - Fair V
Derivative Instruments - Fair Value of Assets (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands | Sep. 30, 2023 | Sep. 30, 2022 |
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Fair Value of Assets | $ 44 | $ 634 |
Foreign Exchange Contract | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Fair Value of Assets | $ 44 | $ 634 |
Derivative Instruments - Fair_2
Derivative Instruments - Fair Value of Liabilities (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands | Sep. 30, 2023 | Sep. 30, 2022 |
Financial Liabilities Fair Value Disclosure [Abstract] | ||
Fair Value of Liabilities | $ (421) | $ (230) |
Foreign Exchange Contract | ||
Financial Liabilities Fair Value Disclosure [Abstract] | ||
Fair Value of Liabilities | $ (421) | $ (230) |
Derivative Instruments - Hedgin
Derivative Instruments - Hedging Activities (Details) $ in Thousands, € in Millions | 12 Months Ended | ||||||
Feb. 01, 2023 USD ($) $ / € | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Feb. 01, 2023 EUR (€) $ / € | Feb. 01, 2022 USD ($) | Feb. 01, 2022 EUR (€) | |
Derivative [Line Items] | |||||||
Interest income | $ 43,735 | $ 20,286 | $ 632 | ||||
Currency Swap | Designated as Hedging Instrument | |||||||
Derivative [Line Items] | |||||||
Derivative, notional amount, cross-currency swap, exchanged | $ 436,000 | $ 1,000,000 | |||||
Derivative, notional amount, cross-currency swap, received | € | € 400 | € 915 | |||||
Derivative, notional amount | 436,360 | 960,000 | $ 960,000 | ||||
Derivative, fixed interest rate (as a percent) | 1.28% | 1.28% | |||||
Derivative, notional amount, cross-currency swap, maturity, deliver | € | € 852 | ||||||
Derivative, notional amount, cross-currency swap, maturity, receive | $ 960,000 | ||||||
Derivative, forward exchange rate | $ / € | 1.13 | 1.13 | |||||
Gain on derivative | $ 29,300 | ||||||
Interest income | $ 8,900 | $ 8,200 | |||||
Currency Swap | Designated as Hedging Instrument | Weighted Average | |||||||
Derivative [Line Items] | |||||||
Derivative, variable interest rate | 1.66% | 1.66% | 1.20% | 1.20% |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Sep. 30, 2022 |
Property, Plant and Equipment [Line Items] | ||
Right-of-use Asset | $ 4,718 | $ 2,476 |
Property, plant and equipment, at cost | 320,620 | 238,516 |
Less: accumulated depreciation and amortization | (114,876) | (84,046) |
Property, plant and equipment, net | 205,744 | 154,470 |
Buildings, land, and land use right | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 41,870 | 29,581 |
Computer Equipment and Capitalized Software | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 38,623 | 35,814 |
Machinery and Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 139,858 | 90,700 |
Furniture and Fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 7,426 | 5,806 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 52,670 | 37,495 |
Capital projects in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 33,915 | $ 36,644 |
Vehicles | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 1,540 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Depreciation Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 37.2 | $ 21.9 | $ 19.5 |
Property, Plant and Equipment_3
Property, Plant and Equipment - Expenditures Incurred but Not Yet Paid (Details) $ in Millions | 12 Months Ended |
Sep. 30, 2023 USD ($) | |
Property, Plant and Equipment [Abstract] | |
Purchases of property, plant and equipment included in accounts payable | $ 13.5 |
Property, Plant and Equipment_4
Property, Plant and Equipment - Capitalized Direct Costs (Details) - USD ($) $ in Millions | 12 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Property, Plant and Equipment [Line Items] | ||
Capitalized computer software, gross | $ 30.5 | $ 26.9 |
Software Development | ||
Property, Plant and Equipment [Line Items] | ||
Capitalized computer software, gross | 4.9 | |
Capitalized computer software costs | $ 3.6 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Goodwill Impairment Test (Details) $ in Thousands | Apr. 01, 2023 USD ($) |
Goodwill [Line Items] | |
Goodwill impairment | $ 0 |
Life Sciences Services | |
Goodwill [Line Items] | |
Goodwill impairment test, reporting unit, estimated fair value exceeded carrying value, percentage (as a percent) | 24% |
Life Sciences Products | |
Goodwill [Line Items] | |
Goodwill impairment test, reporting unit, estimated fair value exceeded carrying value, percentage (as a percent) | 17% |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Goodwill Roll Forward - Tabular Disclosure (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | $ 513,623 | $ 469,356 |
Acquisitions | 242,789 | 57,854 |
Currency translation adjustments | 27,927 | (13,587) |
Goodwill, ending balance | 784,339 | 513,623 |
Life Sciences Products | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 154,612 | 110,138 |
Acquisitions | 242,789 | 57,854 |
Currency translation adjustments | 27,903 | (13,380) |
Goodwill, ending balance | 425,304 | 154,612 |
Life Sciences Services | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 359,011 | 359,218 |
Currency translation adjustments | 24 | (207) |
Goodwill, ending balance | $ 359,035 | $ 359,011 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Components of Identifiable Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Sep. 30, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Cost | $ 515,636 | $ 348,982 |
Accumulated Amortization | 221,335 | 170,581 |
Net Book Value | 294,301 | 178,401 |
Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 1,226 | 1,225 |
Accumulated Amortization | 1,175 | 1,106 |
Net Book Value | 51 | 119 |
Completed Technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 215,430 | 99,525 |
Accumulated Amortization | 56,021 | 37,991 |
Net Book Value | 159,409 | 61,534 |
Trademarks and Trade Names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 6,630 | 400 |
Accumulated Amortization | 1,445 | 41 |
Net Book Value | 5,185 | 359 |
Non-competition agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 681 | 681 |
Accumulated Amortization | 568 | 439 |
Net Book Value | 113 | 242 |
Customer Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 290,800 | 246,949 |
Accumulated Amortization | 161,257 | 130,802 |
Net Book Value | 129,543 | 116,147 |
Other Intangible Assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 869 | 202 |
Accumulated Amortization | $ 869 | $ 202 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Amortization Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization of intangible assets | $ 48.4 | $ 32.3 | $ 37.4 |
Goodwill and Intangible Asset_6
Goodwill and Intangible Assets - Estimated Future Amortization Expense of Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Sep. 30, 2022 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2024 | $ 49,750 | |
2025 | 48,308 | |
2026 | 44,952 | |
2027 | 36,877 | |
2028 | 30,533 | |
Thereafter | 83,881 | |
Net Book Value | $ 294,301 | $ 178,401 |
Restructuring - General Informa
Restructuring - General Information (Details) $ in Millions | Sep. 30, 2023 USD ($) |
Restructuring and Related Cost, Expected Cost [Abstract] | |
Additional costs | $ 0.6 |
Restructuring - Restructuring R
Restructuring - Restructuring Reserve (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Restructuring Reserve [Roll Forward] | ||
Balance at beginning of period | $ 462 | $ 304 |
Provisions | 4,577 | 712 |
Payments | (4,028) | (554) |
Balance at end of period | $ 1,011 | $ 462 |
Leases - Lease Expense (Details
Leases - Lease Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Lease, Cost [Abstract] | ||
Operating lease costs | $ 12,435 | $ 9,396 |
Amortization of assets | 620 | 182 |
Interest on lease liabilities | 40 | 5 |
Total finance lease costs | 660 | 187 |
Total operating and finance lease costs | 13,095 | 9,583 |
Variable lease cost | 3,251 | 3 |
Short-term lease costs | 1,920 | 1,411 |
Total lease costs | $ 18,266 | $ 10,997 |
Leases - Assets and Liabilities
Leases - Assets and Liabilities - Operating Leases (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Sep. 30, 2022 |
Assets and Liabilities, Lessee [Abstract] | ||
Operating lease right-of-use assets | $ 66,580 | $ 54,059 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position | Other assets | Other assets |
Accrued expenses and other current liabilities | $ 9,499 | $ 6,924 |
Operating Lease, Liability, Current, Statement of Financial Position | Accrued expenses and other current liabilities | Accrued expenses and other current liabilities |
Long-term operating lease liabilities | $ 60,436 | $ 49,227 |
Total lease liability balance | $ 69,935 | $ 56,151 |
Leases - Assets and Liabiliti_2
Leases - Assets and Liabilities - Finance Leases (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Sep. 30, 2022 |
Finance Lease, Right-of-Use Asset, after Accumulated Amortization [Abstract] | ||
Property, plant and equipment, at cost | $ 4,718 | $ 2,476 |
Accumulated amortization | (2,780) | (2,276) |
Property, plant and equipment, net | $ 1,938 | $ 200 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position | Property, plant and equipment, net | Property, plant and equipment, net |
Finance Lease Liability [Abstract] | ||
Accrued expenses and other current liabilities | $ 677 | $ 96 |
Finance Lease, Liability, Current, Statement of Financial Position | Accrued expenses and other current liabilities | Accrued expenses and other current liabilities |
Other long-term liabilities | $ 1,361 | $ 98 |
Total finance lease liabilities | $ 2,038 | $ 194 |
Finance Lease, Liability, Statement of Financial Position | Other long-term liabilities, Accrued expenses and other current liabilities | Other long-term liabilities, Accrued expenses and other current liabilities |
Leases - Additional Information
Leases - Additional Information (Details) | Sep. 30, 2023 | Sep. 30, 2022 |
Leases [Abstract] | ||
Weighted average remaining lease term, operating leases | 10 years 11 months 1 day | 10 years 9 months 25 days |
Weighted average remaining lease term, finance leases | 3 years 4 months 28 days | 2 years 2 months 8 days |
Weighted average discount rate, operating leases (as a percent) | 4.26% | 3.93% |
Weighted average discount rate, finance leases (as a percent) | 2.76% | 1.29% |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash Flow, Operating Activities, Lessee [Abstract] | ||
Operating cash flows from operating leases | $ 10,949 | $ 7,977 |
Operating cash flows from finance leases | 40 | 5 |
Financing cash flows from finance leases | $ 578 | $ 393 |
Leases - Assets Obtained in Exc
Leases - Assets Obtained in Exchange for Lease Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Lessee Disclosure [Abstract] | ||
ROU assets obtained in exchange for lease liabilities, operating leases | $ 15,038 | $ 10,842 |
ROU assets obtained in exchange for lease liabilities, finance leases | $ 1,813 | $ 68 |
Leases - Finance Leases - Futur
Leases - Finance Leases - Future Lease Payments (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
Finance Lease, Liability, to be Paid [Abstract] | |
2024 | $ 724 |
2025 | 635 |
2026 | 474 |
2027 | 238 |
2028 | 57 |
Thereafter | 9 |
Total future lease payments | $ 2,137 |
Leases - Finance Leases - Gross
Leases - Finance Leases - Gross Difference (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Sep. 30, 2022 |
Finance Lease, Liability, to be Paid, Gross Difference [Abstract] | ||
Total future lease payments | $ 2,137 | |
Less imputed interest | (99) | |
Total finance lease liabilities | $ 2,038 | $ 194 |
Leases - Operating Leases - Fut
Leases - Operating Leases - Future Lease Payments (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |
2024 | $ 12,175 |
2025 | 11,838 |
2026 | 8,238 |
2027 | 7,807 |
2028 | 7,482 |
Thereafter | 42,531 |
Total future lease payments | $ 90,071 |
Leases - Operating Leases - Gro
Leases - Operating Leases - Gross Difference (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Sep. 30, 2022 |
Operating Lease Liabilities, Gross Difference, Amount [Abstract] | ||
Total future lease payments | $ 90,071 | |
Less imputed interest | (20,136) | |
Total lease liability balance | $ 69,935 | $ 56,151 |
Leases - Leases Not yet Commenc
Leases - Leases Not yet Commenced (Details) $ in Millions | Sep. 30, 2023 USD ($) |
Leases [Abstract] | |
Lease commitments, not taken possession of the underlying asset | $ 4.2 |
Supplementary Balance Sheet I_3
Supplementary Balance Sheet Information - Summary of Account Receivable (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Sep. 30, 2022 |
Accounts Receivable, after Allowance for Credit Loss, Current [Abstract] | ||
Accounts receivable | $ 164,592 | $ 168,920 |
Less allowance for expected credit losses | (8,057) | (5,162) |
Accounts receivable, net | $ 156,535 | $ 163,758 |
Supplementary Balance Sheet I_4
Supplementary Balance Sheet Information - Allowance for Expected Credit Losses Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | $ 5,162 | $ 4,318 | $ 7,146 |
Provisions | 8,849 | 3,536 | 3,445 |
Payments received | (5,884) | (2,278) | (5,481) |
Write-offs and adjustments | (70) | (414) | (792) |
Balance at end of period | $ 8,057 | $ 5,162 | $ 4,318 |
Supplementary Balance Sheet I_5
Supplementary Balance Sheet Information - Summary of Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Sep. 30, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Raw materials and purchased parts | $ 59,861 | $ 39,685 |
Work-in-process | 11,400 | 4,816 |
Finished goods | 56,937 | 41,043 |
Total inventories | $ 128,198 | $ 85,544 |
Supplementary Balance Sheet I_6
Supplementary Balance Sheet Information - Summary of Inventory Reserves (Details) - Reserve, Inventory - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | $ 4,082 | $ 3,681 | $ 3,136 |
Provisions | 3,324 | 1,752 | 1,522 |
Inventory disposals and adjustments | (2,415) | (1,351) | (977) |
Balance at end of period | $ 4,991 | $ 4,082 | $ 3,681 |
Supplementary Balance Sheet I_7
Supplementary Balance Sheet Information - Valuation Allowance for Deferred Tax Assets Activity (Details) - Valuation Allowance, Deferred Tax Asset - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | $ 5,927 | $ 8,592 | $ 10,623 |
Charge to income tax provision (benefit) | 1,137 | 1,337 | (3,247) |
Charged to other accounts | 1,284 | (4,002) | 1,216 |
Balance at end of period | $ 8,348 | $ 5,927 | $ 8,592 |
Supplementary Balance Sheet I_8
Supplementary Balance Sheet Information - Product Warranty and Retrofit Activity on Gross Basis (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward] | |||
Balance at beginning of period | $ 2,890 | $ 2,330 | $ 2,211 |
Adjustments for acquisitions and divestitures | 2,475 | 254 | |
Accruals for warranties during the year | 8,198 | 2,438 | 2,300 |
Costs incurred during the year | (3,340) | (2,132) | (2,181) |
Balance at end of period | $ 10,223 | $ 2,890 | $ 2,330 |
Debt and Line of Credit (Detail
Debt and Line of Credit (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 01, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | |
Debt Instrument [Line Items] | |||
Loss on extinguishment of debt | $ 632 | ||
Secured Debt | Senior Secured Term Loan Facility | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate (as a percent) | 2.70% | 2.80% | |
Interest expense | $ 500 | $ 1,700 | |
Loss on extinguishment of debt | $ 600 | ||
Outstanding debt | $ 49,700 |
Stockholders' Equity - Share Re
Stockholders' Equity - Share Repurchase (Details) - USD ($) $ in Thousands, shares in Millions | 1 Months Ended | 5 Months Ended | 12 Months Ended | ||||
Nov. 28, 2022 | Apr. 30, 2023 | Sep. 30, 2023 | Sep. 30, 2023 | May 01, 2023 | Nov. 04, 2022 | Sep. 29, 2015 | |
Equity, Class of Treasury Stock [Line Items] | |||||||
Payments for repurchase of common stock | $ 838,514 | ||||||
Exercise tax related to share repurchases | $ 5,000 | 5,000 | |||||
Share Repurchase Program, September 2015 | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Stock repurchase program, authorized amount | $ 0 | $ 50,000 | |||||
Share Repurchase Program, November 2022 | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Stock repurchase program, authorized amount | 1,500,000 | ||||||
Stock repurchase program, remaining authorized repurchase amount | 500,000 | $ 500,000 | $ 1,000,000 | ||||
Share Repurchase Program, November 2022, Accelerated Share Repurchase Agreement | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Stock repurchase program, authorized amount | $ 500,000 | ||||||
Payments for repurchase of common stock | $ 500,000 | ||||||
Stock repurchased and retired during period, shares (in shares) | 6.1 | 4 | |||||
Stock repurchase program, percentage of common stock expected to be repurchased under program (as a percent) | 70% | ||||||
Share Repurchase Program, November 2022, Other Arrangements after April 2023 | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Stock repurchase program, authorized amount | $ 500,000 | ||||||
Payments for repurchase of common stock | $ 338,500 | ||||||
Stock repurchased and retired during period, shares (in shares) | 7.4 |
Stockholders' Equity - Preferre
Stockholders' Equity - Preferred Stock (Details) - $ / shares | Sep. 30, 2023 | Sep. 30, 2022 |
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Stockholders' Equity - Accumula
Stockholders' Equity - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | |||
Beginning Balance | $ 3,363,386 | $ 1,325,334 | $ 1,213,614 |
Ending Balance | 2,534,500 | 3,363,386 | 1,325,334 |
Accumulated Other Comprehensive Income (Loss) | |||
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | |||
Beginning Balance | (83,916) | 19,351 | 21,919 |
Other comprehensive income (loss) before reclassifications | 21,383 | (86,742) | (2,589) |
Amounts reclassified from accumulated other comprehensive income (loss) | 107 | (16,525) | 21 |
Ending Balance | (62,426) | (83,916) | 19,351 |
Currency Translation Adjustments | |||
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | |||
Beginning Balance | (165,694) | 20,139 | 23,061 |
Other comprehensive income (loss) before reclassifications | 77,246 | (169,266) | (2,922) |
Amounts reclassified from accumulated other comprehensive income (loss) | (16,567) | ||
Ending Balance | (88,448) | (165,694) | 20,139 |
Unrealized Gains (Losses) on Available-for-Sale Securities | |||
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | |||
Beginning Balance | (10,909) | (1) | (1) |
Other comprehensive income (loss) before reclassifications | 5,774 | (10,908) | |
Ending Balance | (5,135) | (10,909) | (1) |
Unrealized Gain on Derivative Asset Net of Tax | |||
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | |||
Beginning Balance | 93,020 | ||
Other comprehensive income (loss) before reclassifications | (61,533) | 93,020 | |
Ending Balance | 31,487 | 93,020 | |
Pension Liability Adjustments | |||
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | |||
Beginning Balance | (333) | (787) | (1,141) |
Other comprehensive income (loss) before reclassifications | (104) | 412 | 333 |
Amounts reclassified from accumulated other comprehensive income (loss) | 107 | 42 | 21 |
Ending Balance | $ (330) | $ (333) | $ (787) |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Disaggregated By Reporting Unit (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Total revenue | $ 665,072 | $ 555,498 | $ 513,703 |
Life Sciences Products | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | $ 192,061 | $ 199,230 | $ 199,606 |
Reporting unit, name of segment | Life Sciences Products | Life Sciences Products | Life Sciences Products |
B Medical | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | $ 113,122 | ||
Reporting unit, name of segment | Life Sciences Products | ||
Sample Repository Solutions | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | $ 111,593 | $ 105,331 | $ 88,922 |
Reporting unit, name of segment | Life Sciences Services | Life Sciences Services | Life Sciences Services |
Genomic Services | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | $ 248,296 | $ 250,937 | $ 225,175 |
Reporting unit, name of segment | Life Sciences Services | Life Sciences Services | Life Sciences Services |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Contract Balances (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Accounts Receivable, after Allowance for Credit Loss, Current [Abstract] | ||
Accounts receivable, net | $ 156,535 | $ 163,758 |
Contract with Customer, Asset, after Allowance for Credit Loss, Current [Abstract] | ||
Contract assets | 24,200 | 18,200 |
Contract with Customer, Liability [Abstract] | ||
Contract liabilities | 34,600 | $ 39,700 |
Revenue recognized | $ 34,900 |
Revenue from Contracts with C_5
Revenue from Contracts with Customers - Remaining Performance Obligations (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations | $ 78,387 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations | $ 54,159 |
Unsatisfied performance obligation, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations | $ 24,228 |
Unsatisfied performance obligation, period |
Revenue from Contracts with C_6
Revenue from Contracts with Customers - Costs to Obtain and Fulfill a Contract (Details) - USD ($) $ in Millions | 12 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Capitalized Contract Cost [Abstract] | ||
Sales commission amortization period | 60 months | |
Capitalized contract cost, amount capitalized | $ 0.5 | $ 0.7 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation | $ 9,376 | $ 12,443 | $ 20,051 |
Income tax benefit | (1,406) | (1,929) | (3,208) |
Total compensation expense included in the statement of operations | 7,970 | 10,514 | 16,843 |
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation | 8,027 | 10,597 | 18,923 |
Employee Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation | $ 1,349 | $ 1,846 | $ 1,128 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock Units Granted (Details) - shares | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stocks granted (in shares) | 590,066 | 249,685 | 349,930 |
Restricted Stock, Time Based Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stocks granted (in shares) | 311,609 | 120,066 | 166,570 |
Board of Director Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stocks granted (in shares) | 18,471 | 14,713 | |
Restricted Stock, Performance Based Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stocks granted (in shares) | 278,457 | 111,148 | 168,647 |
Stock-Based Compensation - Time
Stock-Based Compensation - Time-Based Restricted Stock Unit Grants (Details) - Restricted Stock, Time Based Shares | 12 Months Ended |
Sep. 30, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting period (in years) | 3 years |
Award vesting percentage (as a percent) | 33.3333% |
Stock-Based Compensation - Perf
Stock-Based Compensation - Performance-Based Restricted Stock Unit Grants (Details) - Restricted Stock, Performance Based Shares | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance-based awards granted, percentage (as a percent) | 100% | 100% | 100% |
Performance-based awards granted, percentage, maximum threshold met (as a percent) | 200% | 200% | 200% |
Performance goal measurement period (in years) | 3 years |
Stock-Based Compensation - Re_2
Stock-Based Compensation - Restricted Stock Unit Activity - Tabular Disclosure (Details) - Restricted Stock Units (RSUs) - $ / shares | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Outstanding at beginning of period (in shares) | 538,238 | ||
Restricted stocks granted (in shares) | 590,066 | 249,685 | 349,930 |
Vested (in shares) | (267,834) | ||
Forfeited (in shares) | (141,516) | ||
Outstanding at end of period (in shares) | 718,954 | 538,238 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||
Outstanding at beginning of period (in dollars per share) | $ 71.99 | ||
Granted (in dollars per share) | 57.22 | ||
Vested (in dollars per share) | 55.86 | ||
Forfeited (in dollars per share) | 72.04 | ||
Outstanding at end of period (in dollars per share) | $ 67.40 | $ 71.99 |
Stock-Based Compensation - Re_3
Stock-Based Compensation - Restricted Stock Unit Activity - Additional Information (Details) - Restricted Stock Units (RSUs) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of restricted stock awards vested | $ 14.8 | $ 66.9 | $ 28.4 |
Withholding taxes remitted | $ 5 | $ 25.2 | $ 9.8 |
Restricted stocks granted (in shares) | 590,066 | 249,685 | 349,930 |
Discontinued Operations, Held-for-sale or Disposed of by Sale | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stocks granted (in shares) | 0 | 98,783 |
Stock-Based Compensation - Re_4
Stock-Based Compensation - Restricted Stock Unit Activity - Unrecognized Compensation Cost (Details) - Restricted Stock Units (RSUs) $ in Millions | 12 Months Ended |
Sep. 30, 2023 USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost | $ 12.1 |
Unrecognized compensation cost, estimated weighted average amortization period | 1 year 4 months 24 days |
Stock-Based Compensation - Empl
Stock-Based Compensation - Employee Stock Purchase Plan (Details) - shares | 12 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares issued under employee stock purchase plan (in shares) | 83,715 | 82,035 |
Employee Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Purchase price of common stock (as a percent) | 85% | |
Shares authorized (in shares) | 1,250,000 | |
Shares available for grant (in shares) | 586,421 |
Stock Based Compensation - Valu
Stock Based Compensation - Valuation Assumptions for an Employee Stock Purchase Plan (Details) - Employee Stock | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate (as a percent) | 5.20% | 1.70% | 0.30% |
Volatility (as a percent) | 57% | 49% | 53% |
Expected life | 6 months | 6 months | 6 months |
Dividend yield (as a percent) | 0.60% |
Stock Based Compensation - Equi
Stock Based Compensation - Equity Incentive Plans (Details) - 2020 Equity Incentive Plan | Sep. 30, 2023 shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares authorized (in shares) | 2,800,000 |
Shares authorized, plan (in shares) | 2,500,000 |
Shares authorized, may be issued if outstanding awards granted under the 2000 Plan or the 2015 Plan are forfeited, expire or are cancelled (in shares) | 300,000 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Sep. 30, 2022 |
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale securities | $ 450,211 | $ 1,263,784 |
Derivative Asset, Statement of Financial Position | Prepaid expenses and other current assets | Prepaid expenses and other current assets |
Fair Value, Recurring | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale securities | $ 450,211 | $ 1,263,782 |
Foreign exchange contracts | 44 | 634 |
Net investment hedge | 13,036 | 124,789 |
Total Assets | 989,243 | 1,764,009 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Foreign exchange contracts | 421 | 230 |
Total Liabilities | 421 | 230 |
Fair Value, Recurring | Cash Equivalents | ||
Assets, Fair Value Disclosure [Abstract] | ||
Cash equivalents | 525,952 | 374,804 |
Fair Value, Recurring | Fair Value, Inputs, Level 1 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale securities | 85,949 | 651,800 |
Total Assets | 611,901 | 1,025,855 |
Fair Value, Recurring | Fair Value, Inputs, Level 1 | Cash Equivalents | ||
Assets, Fair Value Disclosure [Abstract] | ||
Cash equivalents | 525,952 | 374,055 |
Fair Value, Recurring | Fair Value, Inputs, Level 2 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale securities | 364,262 | 611,982 |
Foreign exchange contracts | 44 | 634 |
Net investment hedge | 13,036 | 124,789 |
Total Assets | 377,342 | 738,154 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Foreign exchange contracts | 421 | 230 |
Total Liabilities | $ 421 | 230 |
Fair Value, Recurring | Fair Value, Inputs, Level 2 | Cash Equivalents | ||
Assets, Fair Value Disclosure [Abstract] | ||
Cash equivalents | $ 749 |
Fair Value Measurements - Conti
Fair Value Measurements - Contingent Consideration Liability (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 |
Business Combination, Contingent Consideration, Liability [Abstract] | |||
Contingent consideration liability | $ 0 | $ 0 | $ 18.5 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Federal | $ (599) | $ (4,826) | $ (14,247) |
State | 1,528 | 607 | (867) |
Foreign | 9,757 | 4,627 | 15,484 |
Total current income tax provision | 10,686 | 408 | 370 |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Federal | (18,684) | (815) | (11,469) |
State | (402) | (180) | (2,283) |
Foreign | (9,150) | 1,937 | (6,718) |
Total deferred income tax provision (benefit) | (28,236) | 942 | (20,470) |
Income tax (benefit) expense | $ (17,550) | $ 1,350 | $ (20,100) |
Income Taxes - Components of _2
Income Taxes - Components of Income Before Income Taxes and Equity in Earnings of Equity Method Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest [Abstract] | |||
Domestic | $ (58,065) | $ (39,392) | $ (88,763) |
Foreign | 27,632 | 29,456 | 39,794 |
Loss before income taxes | $ (30,433) | $ (9,936) | $ (48,969) |
Income Taxes - Differences Betw
Income Taxes - Differences Between Income Tax Provision (Benefit) and Income Taxes Computed using Applicable U.S. Statutory Federal Tax Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Income tax benefit computed at federal statutory rate | $ (6,331) | $ (2,086) | $ (10,284) |
State income taxes, net of federal benefit | (851) | (776) | (1,005) |
Foreign income taxed at different rates | (22) | (1,182) | (2,594) |
Impact of investments in subsidiaries | (6,058) | 7,128 | |
Nontaxable gain from acquisition earn-out liability reversal | (3,959) | ||
Change in deferred tax asset valuation allowance | 1,137 | 1,337 | (3,247) |
Impact of change in uncertain tax positions | (1,321) | (358) | (10,607) |
Global intangible low taxed income, net of foreign tax credits | 4,060 | 4,051 | |
Impact of tax rate changes | (1,391) | 1,531 | 165 |
Compensation | 1,598 | (1,199) | 462 |
Tax credits | (1,434) | (2,102) | (4,050) |
Merger costs | 1,056 | 1,629 | 20 |
Other non-deductible expenses and other taxes | 1,304 | 643 | 591 |
Impact of effective state tax rate change | 763 | ||
Research and development expense deduction | (1,278) | (910) | (730) |
Income tax (benefit) expense | $ (17,550) | $ 1,350 | $ (20,100) |
Income Taxes - Unremitted Earni
Income Taxes - Unremitted Earnings of Foreign Subsidiaries (Details) $ in Thousands | 3 Months Ended | 12 Months Ended |
Sep. 30, 2023 USD ($) | Sep. 30, 2023 USD ($) | |
Deferred Tax Liability Not Recognized, Undistributed Earnings of Foreign Subsidiaries [Abstract] | ||
Outside basis differences in subsidiaries | $ 6,058 | $ 6,058 |
Amount of foreign exchange losses on future repatriation | 8,100 | |
Amount of benefit offset by state income taxes, net of the federal benefit | 2,000 | |
Amount of foreign cash planned for repatriation | 450,000 | |
Unremitted earnings of foreign subsidiaries | $ 1,300,000 | $ 1,300,000 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Sep. 30, 2022 |
Deferred Tax Assets, Gross [Abstract] | ||
Accruals and reserves not currently deductible | $ 10,426 | $ 9,704 |
Federal, state and foreign tax credits | 157 | |
Other assets | 613 | 1,095 |
Equity compensation | 2,183 | 3,508 |
Net operating loss carryforwards | 9,692 | 7,397 |
Lease liabilities | 17,513 | 14,700 |
Mergers | 6,807 | |
Deferred revenue | 3,672 | 3,609 |
Outside basis differences in subsidiaries | 6,058 | |
Deferred tax assets | $ 57,121 | $ 40,013 |
Income Taxes - Deferred Tax Lia
Income Taxes - Deferred Tax Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Sep. 30, 2022 |
Deferred Tax Liabilities, Gross [Abstract] | ||
Depreciation and intangible amortization | $ (97,572) | $ (56,856) |
Right-of-use assets | (16,632) | (14,146) |
Other liabilities | (317) | (402) |
Net unrealized loss | (1,574) | (27,144) |
Deferred tax liabilities | $ (116,095) | $ (98,548) |
Income Taxes - Net Deferred Tax
Income Taxes - Net Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Sep. 30, 2022 |
Components of Deferred Tax Assets and Liabilities [Abstract] | ||
Deferred tax assets | $ 57,121 | $ 40,013 |
Deferred tax liabilities | (116,095) | (98,548) |
Valuation allowance | (8,348) | (5,927) |
Net deferred tax liability | $ (67,322) | $ (64,462) |
Income Taxes - Deferred Charges
Income Taxes - Deferred Charges Related to Intercompany Profit Elimination (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Sep. 30, 2022 |
Segment Reporting Information [Line Items] | ||
Deferred tax asset | $ 571 | $ 1,169 |
Intersegment Eliminations | ||
Segment Reporting Information [Line Items] | ||
Deferred tax asset | $ 600 | $ 1,100 |
Income Taxes - Net Operating Lo
Income Taxes - Net Operating Loss Carry-forwards (Details) $ in Millions | Sep. 30, 2023 USD ($) |
Domestic Tax Authority | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | $ 0.4 |
State and Local Jurisdiction | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 2.1 |
Foreign Tax Authority | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | $ 7.2 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits - Tabular Disclosure (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning Balance | $ 1,679 | $ 2,006 | $ 16,722 |
Reductions from lapses in statutes of limitations | (1,381) | (327) | (14,716) |
Ending Balance | $ 298 | $ 1,679 | $ 2,006 |
Income Taxes - Unrecognized T_2
Income Taxes - Unrecognized Tax Benefits - Interest Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Tax Uncertainties [Abstract] | |||
Unrecognized tax benefits, tax benefits that if recognized would impact the effective tax rate | $ 298 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense [Abstract] | |||
Interest related to unrecognized benefits | $ 100 | $ 0 | $ 1,100 |
Income Taxes - Examination (Det
Income Taxes - Examination (Details) | 12 Months Ended |
Sep. 30, 2023 | |
Earliest Tax Year | |
Income Tax Contingency [Line Items] | |
Year subject to examination | 2018 |
Net Income (Loss) per Share - T
Net Income (Loss) per Share - Tabular Disclosure (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net Income (Loss) Available to Common Stockholders, Diluted [Abstract] | |||
Loss from continuing operations | $ (12,883) | $ (11,286) | $ (28,869) |
Income (loss) from discontinued operations, net of tax | (1,374) | 2,144,145 | 139,616 |
Net Income (Loss) | (14,257) | 2,132,859 | 110,747 |
Net (loss) income - basic | (14,257) | 2,132,859 | 110,747 |
Net (loss) income - diluted | $ (14,257) | $ 2,132,859 | $ 110,747 |
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | |||
Weighted average common shares outstanding used in computing basic (loss) income per share (in shares) | 66,253 | 74,897 | 74,229 |
Dilutive restricted stock units (in shares) | 226 | ||
Weighted average common shares outstanding used in computing diluted (loss) income per share (in shares) | 66,253 | 74,897 | 74,455 |
Earnings Per Share, Basic [Abstract] | |||
Loss from continuing operations (in dollars per share) | $ (0.19) | $ (0.15) | $ (0.39) |
Income (loss) from discontinued operations, net of tax in Basic (in dollars per share) | (0.02) | 28.63 | 1.88 |
Basic Net (loss) income per share (in dollars per share) | (0.22) | 28.48 | 1.49 |
Earnings Per Share, Diluted [Abstract] | |||
Income (loss) from continuing operations in diluted (in dollars per share) | (0.19) | (0.15) | (0.39) |
Income (loss) from discontinued operations, net of tax in diluted (in dollars per share) | (0.02) | 28.63 | 1.88 |
Diluted Net (loss) income per share (in dollars per share) | $ (0.22) | $ 28.48 | $ 1.49 |
Net Income (Loss) per Share - A
Net Income (Loss) per Share - Anti-dilutive Securities (Details) - shares | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Restricted Stock Units (RSUs) | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities excluded from computation of diluted earnings per share (in shares) | 332,029 | 64,122 | 24,012 |
Segment and Geographic Inform_3
Segment and Geographic Information - General Information (Details) - segment | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | |||
Number of reportable segments | 2 | 2 | 2 |
Number of operating segments | 2 | 2 | 2 |
Number of reportable segments, previously operated | 3 | 3 | 3 |
Segment and Geographic Inform_4
Segment and Geographic Information - Reconciliation of Reportable Segment Operating Income (Loss) to Corresponding Consolidated Amounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Segment Reporting Information [Line Items] | |||
Total revenue | $ 665,072 | $ 555,498 | $ 513,703 |
Amortization of other intangible assets | 48,400 | 32,300 | 37,400 |
Restructuring and restructuring related charges | 4,577 | 712 | 13,749 |
Contingent consideration - fair value adjustments | (18,549) | 600 | |
Merger and acquisition costs and costs related to share repurchase | 13,842 | 17,329 | 20,662 |
Total operating (loss) income | (73,126) | (24,735) | (31,089) |
Interest income | 43,735 | 20,286 | 632 |
Interest expense | (4,589) | (2,037) | |
Loss on extinguishment of debt | (632) | ||
Other, net | (1,042) | (266) | (16,475) |
Loss before income taxes | (30,433) | (9,936) | (48,969) |
Acquired Intangible Assets | |||
Segment Reporting Information [Line Items] | |||
Amortization of other intangible assets | 28,207 | 24,965 | 29,299 |
Life Sciences Products | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 305,184 | 199,230 | 199,606 |
Life Sciences Services | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 359,888 | 356,268 | 314,097 |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total operating (loss) income | (45,043) | 21,817 | 45,753 |
Operating Segments | Life Sciences Products | |||
Segment Reporting Information [Line Items] | |||
Total operating (loss) income | (30,321) | 11,033 | 23,094 |
Operating Segments | Life Sciences Services | |||
Segment Reporting Information [Line Items] | |||
Total operating (loss) income | (14,722) | 10,784 | 22,659 |
Corporate, Non-Segment | |||
Segment Reporting Information [Line Items] | |||
Other unallocated corporate expense | $ 6 | $ 2,946 | $ 13,132 |
Segment and Geographic Inform_5
Segment and Geographic Information - Financial Information for Business Segments - Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Sep. 30, 2022 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 2,885,720 | $ 3,716,122 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total assets | 1,721,785 | 1,228,393 |
Operating Segments | Life Sciences Products | ||
Segment Reporting Information [Line Items] | ||
Total assets | 927,033 | 378,790 |
Operating Segments | Life Sciences Services | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 794,752 | $ 849,603 |
Segment and Geographic Inform_6
Segment and Geographic Information - Reconciliation of Reportable Segment Assets to Corresponding Consolidated Amounts (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Sep. 30, 2022 |
Segment Reporting Information [Line Items] | ||
Cash and cash equivalents, restricted cash, and marketable securities | $ 1,134,256 | $ 2,305,081 |
Deferred tax asset | 571 | 1,169 |
Other assets | 29,108 | 181,479 |
Assets | 2,885,720 | 3,716,122 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 1,721,785 | $ 1,228,393 |
Segment and Geographic Inform_7
Segment and Geographic Information - Net Revenues Based upon Source of Order by Geographic Area - Tabular Disclosure (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenue | $ 665,072 | $ 555,498 | $ 513,703 |
North America | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenue | 359,417 | 361,105 | 323,982 |
United States | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenue | 355,100 | 358,200 | 320,800 |
Europe | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenue | 109,856 | 79,005 | 77,266 |
United Kingdom | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenue | 26,764 | 30,258 | 31,539 |
Africa | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenue | 65,092 | 1,331 | 688 |
China | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenue | 51,787 | 53,867 | 45,743 |
Asia / Pacific / Other | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenue | $ 52,156 | $ 29,932 | $ 34,485 |
Segment and Geographic Inform_8
Segment and Geographic Information - Net Revenues Based upon Source of Order by Geographic Area - Additional Information (Details) - country | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Top Individual Distributor | |||
Concentration Risk [Line Items] | |||
Number of countries in which entity operates | 50 | ||
Revenue from Contract with Customer Benchmark | Customer Concentration Risk | Top Ten Largest Customers | |||
Concentration Risk [Line Items] | |||
Concentration risk (as a percent) | 30% | 20% | 19% |
Revenue from Contract with Customer Benchmark | Customer Concentration Risk | Top Individual Customer | Minimum | |||
Concentration Risk [Line Items] | |||
Concentration risk (as a percent) | 10% |
Segment and Geographic Inform_9
Segment and Geographic Information - Long-Lived Assets, Consisting of Property, Plant and Equipment by Geographic Area (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Sep. 30, 2022 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property, plant and equipment, net | $ 205,744 | $ 154,470 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property, plant and equipment, net | 78,533 | 84,809 |
China | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property, plant and equipment, net | 53,146 | 56,585 |
Asia / Pacific / Other | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property, plant and equipment, net | 3,411 | 1,466 |
Europe | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property, plant and equipment, net | $ 70,654 | $ 11,610 |
Commitments and Contingencies -
Commitments and Contingencies - Tariff Matter (Details) - Tariffs - USD ($) $ in Millions | 12 Months Ended | |
Sep. 30, 2022 | Mar. 31, 2021 | |
Loss Contingency Accrual, Disclosures [Abstract] | ||
Loss contingency accrual | $ 6.1 | |
Loss contingency payment | $ 5.9 |
Commitments and Contingencies_2
Commitments and Contingencies - Purchase Commitments (Details) $ in Millions | Sep. 30, 2023 USD ($) |
Non-cancelable Commitments | |
Other Commitments [Line Items] | |
Other commitment | $ 73.5 |
Non-cancellable Contracts and Purchase Orders for Inventory | |
Other Commitments [Line Items] | |
Other commitment | 51.3 |
Non-cancelable Information Technology-related Commitments | |
Other Commitments [Line Items] | |
Other commitment | $ 22.2 |
Commitments and Contingencies_3
Commitments and Contingencies - Contingencies (Details) - Edwards Vacuum LLC, Indemnification, Definitive Agreement, Third-party Warranty Claim - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | ||
Apr. 30, 2023 | Jan. 31, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | |
Loss Contingency, Information about Litigation Matters [Abstract] | ||||
Loss contingency, damages sought, value | $ 1 | |||
Loss Contingency Accrual, Disclosures [Abstract] | ||||
Loss contingency accrual | $ 1.7 | $ 2.5 | ||
Payment of Litigation Expense | $ 0.8 | $ 0.8 |
Subsequent Events - Segment Cha
Subsequent Events - Segment Change (Details) $ in Thousands | 12 Months Ended | |||
Oct. 01, 2023 USD ($) segment | Sep. 30, 2023 USD ($) segment | Sep. 30, 2022 USD ($) segment | Sep. 30, 2021 USD ($) segment | |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | ||||
Number of operating segments | segment | 2 | 2 | 2 | |
Intangible Assets, Net (Including Goodwill) [Abstract] | ||||
Goodwill | $ | $ 784,339 | $ 513,623 | $ 469,356 | |
Subsequent Event | ||||
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | ||||
Number of operating segments | segment | 3 | |||
Subsequent Event | B Medical Systems | ||||
Intangible Assets, Net (Including Goodwill) [Abstract] | ||||
Goodwill | $ | $ 107,000 |
Subsequent Events - Share Repur
Subsequent Events - Share Repurchases (Details) - USD ($) $ in Thousands, shares in Millions | 2 Months Ended | 12 Months Ended | |
Nov. 20, 2023 | Sep. 30, 2023 | May 01, 2023 | |
Subsequent Event [Line Items] | |||
Payments for repurchase of common stock | $ 838,514 | ||
Share Repurchase Program, November 2022 | |||
Subsequent Event [Line Items] | |||
Stock repurchase program, remaining authorized repurchase amount | $ 500,000 | $ 1,000,000 | |
Subsequent Event | Share Repurchase Program, November 2022 | |||
Subsequent Event [Line Items] | |||
Stock repurchased and retired during period, shares (in shares) | 2.1 | ||
Payments for repurchase of common stock | $ 103,900 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Pay vs Performance Disclosure | |||
Net Income (Loss) | $ (14,257) | $ 2,132,859 | $ 110,747 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Sep. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Rule 10b5-1 Arrangement Modified | false |
Non-Rule 10b5-1 Arrangement Modified | false |