ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||
Common Shares, No Par Value | VIVO | The NASDAQ Stock Market LLC | ||
(NASDAQ Global Select Market) |
Large accelerated filer ☑ | Accelerated filer ☐ | Non-accelerated filer☐ | Smaller reporting company | |||||
Emerging growth company | ||||||||
Auditor Name: Ernst & Young LLP | Auditor Location: Cincinnati, Ohio | Auditor Firm ID: 42 |
Page | ||||||
4 | ||||||
ITEM 3. | 5 | |||||
ITEM 10. | 5 | |||||
ITEM 11. | 11 | |||||
ITEM 13. | 32 | |||||
ITEM 14. | 33 | |||||
ITEM 15. | 34 |
Meridian Employees | 2020 | |||
Salaried workforce | 537 | |||
Managers and above | 157 | |||
Part-time employees | 27 | |||
Average age | 43 | |||
Average length of service in years | 7 | |||
Employee turnover rate (voluntary) | 13 | % | ||
Fiscal 2020 revenues per employee (in thousands) | $ | 340 |
Equal Employment Opportunity Table (by number of employees) U.S. Employee Diversity as of September 30, 2020 | ||||||||||||||||||||||||||||||
Job category | Gender | White | Black/African American | Hispanic/Latino | Asian | American Indian/Alaskan Native | Two or more races | Total | ||||||||||||||||||||||
Executive/senior level officials and managers | Male | 11 | — | — | — | — | — | 11 | ||||||||||||||||||||||
Female | 2 | — | 1 | — | — | — | 3 | |||||||||||||||||||||||
First/mid-level officials and managers | Male | 38 | 3 | 2 | 3 | — | — | 46 | ||||||||||||||||||||||
Female | 38 | 4 | — | 2 | — | 1 | 45 | |||||||||||||||||||||||
Professionals | Male | 56 | 2 | 2 | 4 | 1 | 2 | 67 | ||||||||||||||||||||||
Female | 67 | 6 | 4 | 8 | — | 2 | 87 | |||||||||||||||||||||||
All other | Male | 48 | 9 | 5 | 4 | — | 1 | 67 | ||||||||||||||||||||||
Female | 84 | 13 | 7 | 10 | — | 4 | 118 | |||||||||||||||||||||||
Total | Male | 153 | 14 | 9 | 11 | 1 | 3 | 191 | ||||||||||||||||||||||
Female | 191 | 23 | 12 | 20 | — | 7 | 253 |
Income Statement Information (Amounts in thousands, except per share data) | ||||||||||||||||||||
For the Year Ended September 30, | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||
Net revenues | $ | 253,667 | $ | 201,014 | $ | 213,571 | $ | 200,771 | $ | 196,082 | ||||||||||
Gross profit | 156,248 | 118,728 | 131,033 | 124,833 | 127,787 | |||||||||||||||
Operating income | 61,324 | 32,699 | 31,584 | 37,382 | 51,378 | |||||||||||||||
Net earnings | 46,186 | 24,382 | 23,849 | 21,557 | 32,229 | |||||||||||||||
Basic earnings per share | $ | 1.08 | $ | 0.57 | $ | 0.56 | $ | 0.51 | $ | 0.77 | ||||||||||
Diluted earnings per share | $ | 1.07 | $ | 0.57 | $ | 0.56 | $ | 0.51 | $ | 0.76 | ||||||||||
Cash dividends declared per share | $ | — | $ | 0.250 | $ | 0.500 | $ | 0.575 | $ | 0.800 | ||||||||||
Book value per share | $ | 5.75 | $ | 4.47 | $ | 4.14 | $ | 4.02 | $ | 3.95 | ||||||||||
Balance Sheet Information | ||||||||||||||||||||
As of September 30, | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||
Current assets | $ | 162,190 | $ | 144,761 | $ | 139,053 | $ | 133,875 | $ | 126,791 | ||||||||||
Current liabilities | 52,524 | 20,914 | 24,173 | 22,887 | 22,571 | |||||||||||||||
Total assets | 405,261 | 325,478 | 251,377 | 249,777 | 252,028 | |||||||||||||||
Long-term debt obligations | 68,824 | 75,824 | 50,180 | 54,647 | 58,360 | |||||||||||||||
Shareholders’ equity | 247,629 | 190,967 | 175,418 | 169,585 | 166,472 |
Bryan Baldasare filed late Forms 4 on December 16, 2021 and December 22, 2021 to report the |
Tony Serafini-Lamanna filed late Forms 4 on December 16, 2021 and |
Julie Smith filed a late Form 4 on October 5, 2022 to |
Lourdes Weltzien filed late Forms 4 on December 16, 2021 and December 22, 2021 to report the |
Reshape the financial profile to |
Focus on organic and inorganic investment |
● | Align the deployment of human capital and minimize risk, while improving organizational fitness. |
● | Base salaries, which reflect job responsibilities, market competitiveness, and individual performance in connection with merit increases; |
● | Annual cash-based incentive opportunities, which are a function of Company and personal performance; and |
● | Longer-term stock-based incentive opportunities under our 2021 Omnibus Award Plan, in the form of stock options and restricted stock unit grants that vest over a minimum service period, and a new performance-based restricted stock unit program, which align the long-term interests of senior management with our shareholders. |
The Company reported record consolidated net revenues of $333 million, up 5% year-over-year; |
® in July 2021 and emerging from the midst of theCOVID-19 pandemic; |
Life Science segment net revenues decreased 7% year-over-year to $177 million, as the demand for pre-pandemic levels of fiscal 2019; |
The Company established a new Life Science segment recombinant protein R&D facility in |
The Company entered into an Agreement and Plan of |
At its 2022 meetings, the Compensation Committee discussed, both with and without the presence of management, Meridian’s compensation philosophy and its effectiveness in attracting and retaining talented employees. The Compensation Committee discussed the recommendations of the CEO for compensation levels for all officers and the general pay increases to be paid throughout the Company. The Committee then made the compensation decisions, which are reflected in the figures presented in this Amendment. |
ORIGINAL TARGETS | ||||||||
Revenue Target (Millions) | Non-GAAP Operating Income¹ Target (Millions) | NEOs other than CEO | CEO | |||||
Original Plan at Targets | $300 | $65 | 55.0% | 95.0% | ||||
Original Plan Max Increments | $ 20 | $ 5 | 16.5% | 28.5% | ||||
Original Plan Design Max Payout 2 | $320 | $70 | 71.5% | 123.5% | ||||
Business Accelerator Additional Incentive | $325 to $370 | NA | 3% to 33% | 6% to 57% | ||||
Individual Performance Additional Incentive | >$340 | NA | 11% | 19% | ||||
Actual | $333 | $76 | 91% | 169% |
Operating Income (GAAP to Non-GAAP Reconciliation) | ||||
U.S. GAAP operating income | $ | 54,391,000 | ||
Litigation and select legal costs | 13,510,000 | |||
Acquisition and transaction related costs | 6,940,000 | |||
Restructuring costs | 1,109,000 | |||
Non-GAAP operating income for use in cash-based incentive target measurement | $ | 75,950,000 | ||
2020 | 2019 | 2018 | 2020 vs. 2019 Inc (Dec) | 2019 vs. 2018 Inc (Dec) | ||||||||||||||||
Gross Profit | $ | 156,248 | $ | 118,728 | $ | 131,033 | 32 | % | (9 | %) | ||||||||||
Gross Profit Margin | 62 | % | 59 | % | 61 | % | 3 points | -2 points |
Illustrative Performance Restricted Stock Units Payout Percentages¹ | ||||||
50% | 100% | 200% | ||||
Life Science Net revenues Net revenues growth | $165,000,000 3.7% | $175,000,000 10.0% | $190,000,000 19.4% | |||
Diagnostics Net revenues Net revenues growth | $165,000,000 1.9% | $175,000,000 8.0% | $190,000,000 17.3% | |||
Consolidated Net revenues Net revenues growth Non-GAAP operating income | $330,000,000 2.8% $89,000 | $350,000,000 9.0% $101,000 | $380,000,000 18.3% $120,000 |
Research & Development | Selling & Marketing | General & Administrative | Other | Total Operating Expenses | ||||||||||||||||
Fiscal 2018: | ||||||||||||||||||||
Diagnostics | $ | 13,579 | $ | 24,659 | $ | 18,120 | $ | 4,032 | $ | 60,390 | ||||||||||
Life Science | 3,034 | 9,367 | 10,342 | 1,240 | 23,983 | |||||||||||||||
Corporate | — | — | 7,297 | 7,779 | 15,076 | |||||||||||||||
Total 2018 Expenses | $ | 16,613 | $ | 34,026 | $ | 35,759 | $ | 13,051 | $ | 99,449 | ||||||||||
Fiscal 2019: | ||||||||||||||||||||
Diagnostics | $ | 14,545 | $ | 22,695 | $ | 17,081 | $ | 3,446 | $ | 57,767 | ||||||||||
Life Science | 3,215 | 5,300 | 9,186 | 188 | 17,889 | |||||||||||||||
Corporate | — | — | 7,777 | 2,596 | 10,373 | |||||||||||||||
Total 2019 Expenses | $ | 17,760 | $ | 27,995 | $ | 34,044 | $ | 6,230 | $ | 86,029 | ||||||||||
Fiscal 2020: | ||||||||||||||||||||
Diagnostics | $ | 21,454 | $ | 21,172 | $ | 23,233 | $ | (1,916 | ) | $ | 63,943 | |||||||||
Life Science | 2,275 | 5,314 | 11,755 | 200 | 19,544 | |||||||||||||||
Corporate | — | — | 9,357 | 2,080 | 11,437 | |||||||||||||||
Total 2020 Expenses | $ | 23,729 | $ | 26,486 | $ | 44,345 | $ | 364 | $ | 94,924 | ||||||||||
Research & Development | Selling & Marketing | General & Administrative | Other | Total Operating Expenses | ||||||||||||||||
2018 Expenses | $ | 16,613 | $ | 34,026 | $ | 35,759 | $ | 13,051 | $ | 99,449 | ||||||||||
% of Revenues | 8 | % | 16 | % | 17 | % | 6 | % | 47 | % | ||||||||||
Fiscal 2019 Increases (Decreases): | ||||||||||||||||||||
Diagnostics | 966 | (1,964 | ) | (1,039 | ) | (586 | ) | (2,623 | ) | |||||||||||
Life Science | 181 | (4,067 | ) | (1,156 | ) | (1,052 | ) | (6,094 | ) | |||||||||||
Corporate | — | — | 480 | (5,183 | ) | (4,703 | ) | |||||||||||||
2019 Expenses | $ | 17,760 | $ | 27,995 | $ | 34,044 | $ | 6,230 | $ | 86,029 | ||||||||||
% of Revenues | 9 | % | 14 | % | 17 | % | 3 | % | 43 | % | ||||||||||
% Increase (Decrease) | 7 | % | (18 | %) | (5 | %) | (52 | %) | (13 | %) | ||||||||||
Fiscal 2020 Increases (Decreases): | ||||||||||||||||||||
Diagnostics | 6,909 | (1,523 | ) | 6,152 | (5,362 | ) | 6,176 | |||||||||||||
Life Science | (940 | ) | 14 | 2,569 | 12 | 1,655 | ||||||||||||||
Corporate | — | — | 1,580 | (516 | ) | 1,064 | ||||||||||||||
2020 Expenses | $ | 23,729 | $ | 26,486 | $ | 44,345 | $ | 364 | $ | 94,924 | ||||||||||
% of Revenues | 9 | % | 10 | % | 17 | % | — | % | 37 | % | ||||||||||
% Increase (Decrease) | 34 | % | (5 | %) | 30 | % | (94 | %) | 10 | % |
Life Science Net Revenues | Diagnostics Net Revenues | Consolidated Non-GAAP Operating Income Before Stock-Based | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
40% | 40% | 20% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
80% | Not applicable | 20% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diagnostics segment
Fiscal 2023 Compensation Decisions
Base Salaries
Cash-Based Incentive Compensation In light of the pending Merger, and in lieu of adopting a full-year incentive plan for fiscal 2023, the Compensation Committee has discussed a plan to pay a cash incentive for the quarter ended December 31, 2022 based on certain adjusted operating income and revenue targets. These performance measures related to the payment of a quarterly cash incentive are similar to the measures applied for annual cash incentive payments. The Compensation Committee expects to issue the cash incentive payments to the NEOs after the closing of the transactions contemplated by the Merger Agreement. The target awards under such incentive are equal to 25% of the NEO’s annual incentive plan targets. Stock-Based Incentive Compensation In light of the pending Merger, the Compensation Committee did not approve any Stock-Based Incentive Compensation for any NEO’s or for members of the Board for fiscal 2023. In the event that the Merger were to not be completed as expected, then the Compensation Committee would expect to issue annual awards at such time in amounts consistent with past actions. Establishing Compensation Levels The Compensation Committee reviews, sets and recommends to the Board of Directors for approval the compensation of the CEO. The Company has an employment agreement with the CEO, which is described on page 19. The compensation levels for the other NEOs are recommended by the CEO to the Compensation Committee. The Compensation Committee has discretion to follow or modify such recommended levels of compensation. The Compensation Committee considers the input of our CEO as a crucial component of its compensation processes and decisions relating to compensation for the other NEOs. Under its charter, the Compensation Committee is authorized to engage outside advisors at the Company’s expense. In fiscal 2021, the Company did engage an independent consultant to provide benchmarking data from a selected peer group and provide counsel on the levels of compensation and benefits for executives, including the individual components thereof. The following table summarizes the key changes to executive compensation made for fiscal 2022 as a result of counsel from the independent consultant:
Fiscal 2022 CEO NEOs other than CEO Other executives No change No change 10% to CIP (annual cash-based incentive) CEO NEOs other than CEO Other executives Increase from Increase from 50% to 55% at Target 5-point increases at TargetRestricted Stock Unit vesting based on future employee service Change from 3-year cliff vesting to4-year pro-rata vesting at 25% per yearNon-qualified based on future employee service pro-rata vesting at 25% after the first yearand monthly thereafter PSU award program Previously discussed herein | |
Fair value of assets acquired - | ||||||||
Accounts receivable | $ | 57 | ||||||
Inventories | 1,511 | |||||||
Other current assets | 84 | |||||||
Property, plant and equipment | 1,424 | |||||||
Goodwill | 34,582 | |||||||
Other intangible assets (estimated useful life): | ||||||||
License agreement (10 years) | 5,990 | |||||||
Technology (15 years) | 34,136 | |||||||
Government grant (1.33 years) | 800 | |||||||
78,584 | ||||||||
Fair value of liabilities assumed - | ||||||||
Accounts payable and accrued expenses | 1,058 | |||||||
Total consideration paid (including contingent consideration originally estimated at $27,202) | $ | 77,526 | ||||||
Year Ended September 30, | 2020 | 2019 | ||||||
Net Revenues | $ | 261,131 | $ | 214,821 | ||||
Net Earnings | $ | 45,701 | $ | 8,173 |
Year Ended September 30, | 2020 | 2019 | ||||||
Adjustments to Net Revenues | ||||||||
Exalenz and GenePOC pre-acquisition revenues | $ | 7,464 | $ | 13,807 | ||||
Adjustments to Net Earnings | ||||||||
Exalenz and GenePOC pre-acquisition net losses | $ | (6,423 | ) | $ | (13,598 | ) | ||
Pro forma adjustments: | ||||||||
Meridian acquisition-related costs | 3,890 | — | ||||||
Exalenz transaction-related costs | 4,550 | — | ||||||
Gain on Exalenz purchase price currency contracts | (845 | ) | — | |||||
Remove net impact of non-continuing personnel, locations or activities | (305 | ) | 3,022 | |||||
Incremental depreciation and amortization | (1,680 | ) | (5,358 | ) | ||||
Incremental interest costs , | (183 | ) | (1,477 | ) | ||||
Tax effects of pro forma adjustments and recognizing benefit on resulting Exalenz losses | 511 | 1,202 | ||||||
Total Adjustments to Net Earnings | $ | (485 | ) | $ | (16,209 | ) | ||
Year Ended September 30, | 2020 | 2019 | 2018 | |||||||||
Severance, other termination benefits and related costs | $ | 601 | $ | 2,046 | $ | 5,012 | ||||||
Lease and other contract termination fees | 86 | 54 | 353 | |||||||||
Loss on fixed asset disposals and inventory scrap | — | 528 | 225 | |||||||||
Other | 0 | 211 | 742 | |||||||||
Total | $ | 687 | $ | 2,839 | $ | 6,332 | ||||||
Employee Separation and Related Costs | Lease and Other Contract Termination Fees | Other | Total | |||||||||||||
Balance at September 30, 2018 | $ | 987 | $ | 33 | $ | 6 | $ | 1,026 | ||||||||
Restructuring charges | 2,810 | 54 | 211 | 3,075 | ||||||||||||
Reversal of prior period accruals | (401 | ) | (32 | ) | (61 | ) | (494 | ) | ||||||||
Payments | (2,386 | ) | (43 | ) | (42 | ) | (2,471 | ) | ||||||||
Balance at September 30, 2019 | $ | 1,010 | $ | 12 | 114 | $ | 1,136 | |||||||||
Restructuring charges | 642 | 86 | — | 728 | ||||||||||||
Reversal of prior period accruals | (41 | ) | — | — | (41 | ) | ||||||||||
Payments | (1,565 | ) | (98 | ) | (114 | ) | (1,777 | ) | ||||||||
Balance at September 30, 2020 | $ | 46 | $ | — | $ | — | $ | 46 | ||||||||
In setting the NEOs’ compensation, the Compensation Committee reviews all components of such compensation through the use of tally sheets. These tally sheets provide the amount of total compensation paid or earned by each NEO based on his or her base salary, cash-based incentive compensation, stock-based awards and retirement contributions. The tally sheets reviewed provide all of the information that is reflected in the Summary Compensation Table. The review by the Compensation Committee analyzes how changes in any element of compensation would impact other elements, particularly severance or change in control benefits, if applicable to the executive. Such analysis has become an important component in the Compensation Committee’s review of executive compensation, as the tally sheet allows the Compensation Committee to consider an executive’s overall compensation rather than only one or two specific components of an executive’s compensation. This allows the Compensation Committee to make compensation decisions and evaluate management recommendations based on a complete analysis of an executive’s total compensation. Salaries are set on a calendar year basis and, therefore, salaries paid in the first three months of each fiscal year beginning on the first day of October are set in the prior fiscal year. Components of Executive Compensation and Related Risk Profile Meridian’s executive compensation and benefits packages consist of base salary, cash-based incentive compensation, long-term stock-based incentive awards, Company-sponsored benefit and retirement plans, and change in control severance benefits. Each of these components has a certain risk profile. Element
Risk Profile Base Salaries Cash | Provides competitive, fixed compensation to attract and retain exceptional executive talent | Low to moderate Cash | Provides a direct financial incentive to achieve corporate operating | Moderate to Incentives Non-qualified stock options and/or restricted stock units, including performance-based awardsEncourages executive officers to build and maintain a long-term equity ownership position in Meridian so that their interests are aligned with our shareholders | High | Eligibility to participate in | Benefit plans are part of a broad-based employee benefits program providing competitive benefits to | Low | Change in Severance Benefits Cash and continuation of certain benefits | Encourages executive officers to maximize value for shareholders in the event that the Company becomes subject to a change in control transaction | Moderate to high |
Year Ended September 30, | 2020 | 2019 | 2018 | |||||||||
Domestic | $ | 9,068 | $ | 23,954 | $ | 27,787 | ||||||
Foreign | 50,225 | 7,603 | 2,593 | |||||||||
Total earnings before income taxes | $ | 59,293 | $ | 31,557 | $ | 30,380 | ||||||
Provision (credit) for income taxes - | ||||||||||||
Federal - | ||||||||||||
Current | $ | 1,173 | $ | 5,001 | $ | 6,030 | ||||||
Temporary differences | ||||||||||||
Fixed asset basis differences and depreciation | 960 | 288 | 410 | |||||||||
Intangible asset basis differences and amortization | 753 | (797 | ) | (4,052 | ) | |||||||
Currently non-deductible expenses and reserves | (1,001 | ) | 241 | 1,206 | ||||||||
Stock-based compensation | (41 | ) | (109 | ) | 1,379 | |||||||
Net operating loss carryforwards utilized | 26 | 69 | 61 | |||||||||
Tax credit carryforwards utilized | — | — | 181 | |||||||||
Other, net | 47 | (169 | ) | (148 | ) | |||||||
Subtotal | 1,917 | 4,524 | 5,067 | |||||||||
State and local | 1,170 | 834 | 1,066 | |||||||||
Foreign | 10,020 | 1,817 | 398 | |||||||||
Total income tax provision | $ | 13,107 | $ | 7,175 | $ | 6,531 | ||||||
Year Ended September 30, | 20 20 | 201 9 | 2018 | |||||||||||||||||||||
Computed income taxes at statutory rate | $ | 12,452 | 21.0 | % | $ | 6,627 | 21.0 | % | $ | 7,443 | 24.5 | % | ||||||||||||
Increase (decrease) in taxes resulting from - | ||||||||||||||||||||||||
State and local income taxes | 773 | 1.3 | 577 | 1.8 | 982 | 3.2 | ||||||||||||||||||
U.S. tax law change | — | — | — | — | (2,655 | ) | (8.7 | ) | ||||||||||||||||
One-time repatriation tax | — | — | — | — | 876 | 2.9 | ||||||||||||||||||
Foreign-Derived Intangible Income tax | (136 | ) | (0.2 | ) | (294 | ) | (0.9 | ) | — | — | ||||||||||||||
Global Intangible Low Taxed Income tax | 4,970 | 8.4 | 1,119 | 3.6 | — | — | ||||||||||||||||||
Foreign tax credit | (4,767 | ) | (8.0 | ) | (990 | ) | (3.1 | ) | (15 | ) | — | |||||||||||||
Foreign tax rate differences | (534 | ) | (0.9 | ) | 46 | 0.1 | (104 | ) | (0.3 | ) | ||||||||||||||
Transaction costs | 548 | 0.9 | — | — | — | — | ||||||||||||||||||
Qualified domestic production incentives | — | — | — | — | (550 | ) | (1.8 | ) | ||||||||||||||||
Uncertain tax position activity | 62 | 0.1 | 126 | 0.4 | (62 | ) | (0.2 | ) | ||||||||||||||||
Valuation allowance | (106 | ) | (0.2 | ) | 106 | 0.3 | (40 | ) | (0.1 | ) | ||||||||||||||
Stock-based compensation | 41 | 0.1 | (33 | ) | (0.1 | ) | 447 | 1.4 | ||||||||||||||||
Other, net | (196 | ) | (0.4 | ) | (109 | ) | (0.4 | ) | 209 | 0.6 | ||||||||||||||
$ | 13,107 | 22.1 | % | $ | 7,175 | 22.7 | % | $ | 6,531 | 21.5 | % | |||||||||||||
As of September 30, | 2020 | 2019 | ||||||
Deferred tax assets - | ||||||||
Valuation reserves and non-deductible expenses | $ | 4,848 | $ | 1,253 | ||||
Stock compensation expense not deductible | 1,804 | 2,158 | ||||||
Net operating loss and tax credit carryforwards | 10,164 | 494 | ||||||
Basis difference in equity-method investee | 302 | 302 | ||||||
Inventory basis differences | 382 | 289 | ||||||
Other | 207 | 125 | ||||||
Subtotal | 17,707 | 4,621 | ||||||
Less valuation allowance | (302 | ) | (408 | ) | ||||
Deferred tax assets | 17,405 | 4,213 | ||||||
Deferred tax liabilities - | ||||||||
Fixed asset basis differences and depreciation | (4,269 | ) | (2,205 | ) | ||||
Intangible asset basis differences and amortization | (9,293 | ) | (4,374 | ) | ||||
Deferred tax liabilities | (13,562 | ) | (6,579 | ) | ||||
Net deferred tax assets ( liabilities) | $ | 3,843 | $ | (2,366 | ) | |||
2020 | 2019 | |||||||
Unrecognized income tax benefits at beginning of year | $ | 509 | $ | 388 | ||||
Additions for tax positions of prior years | — | 83 | ||||||
Reductions for tax positions of prior years | 0 | (38 | ) | |||||
Additions for tax positions of current year | 104 | 138 | ||||||
Tax examination and other settlements | (45 | ) | (62 | ) | ||||
Unrecognized income tax benefits at end of year | $ | 568 | $ | 509 | ||||
Name and Principal Position | Year | Salary | Bonus 1 | Stock Awards 2,3 | Option Awards 4 | Non-Equity Incentive Plan Compensation 5 | Change in Pension Value and Nonqualified Deferred Compensation Earnings | All Other Compensation 6 | Total | |||||||||||||||||||||
(a) | (b) | (c) | (d) | (e) | (f) | (g) | (h) | (i) | ||||||||||||||||||||||
Jack Kenny Chief Executive Officer | | 2022 2021 2020 | | $ $ $ | 710,485 690,000 670,000 | | - - - | $ $ $ | 1,954,684 1,035,000 1,005,000 | | | $710,796 $690,000 $670,000 | | | $1,200,000 $ 800,000 $ 958,770 | | - - - | $ 22,860 $ 18,705 $ 26,714 | $ $ $ | 4,598,825 3,233,705 3,330,484 | | |||||||||
Andrew S. Kitzmiller 7 Executive Vice President, Chief Financial Officer | 2022 | $ | 226,539 | - | $ | 382,109 | $ 56,141 | $ 210,507 | - | $ 7,600 | $ | 882,896 | ||||||||||||||||||
Bryan T. Baldasare 8 Former Executive Vice President, Chief Financial Officer and Secretary | | 2022 2021 2020 | | $ $ $ | 127,974 388,332 377,831 | | - - - | $ $ $ | 200,000 200,000 201,028 | | | $100,000 $100,000 - | | | - $ 245,604 $ 290,016 | | - - - | $ 13,506 $ 18,705 $ 33,749 | $ $ $ | 441,480 952,641 902,624 | | |||||||||
Lourdes G. Weltzien Executive Vice President, Life Science | | 2022 2021 2020 | | $ $ $ | 396,862 383,847 368,711 | | - - - | $ $ $ | 350,000 225,000 201,028 | | | $100,000 $100,000 - | | | $ 364,319 $ 263,106 $ 283,625 | | - - - | $ 22,860 $ 18,705 $ 31,172 | $ $ $ | 1,234,041 990,658 884,536 | | |||||||||
Tony Serafini-Lamanna 9 Executive Vice President, Diagnostics | | 2022 2021 2020 | | $ $ $ | 378,929 367,891 317,269 | | - - $30,000 | $ $ $ | 350,000 200,000 120,613 | | | $100,000 $100,000 $ 10,328 | | | $ 347,856 $ 214,137 $ 274,752 | | - - - | $ 22,601 $ 18,498 $ 32,979 | $ $ $ | 1,199,386 900,526 785,941 | | |||||||||
Julie Smith 10 Senior Vice President, Controller and Principal Accounting Officer | | 2022 2021 2020 | | $ $ $ | 297,655 231,907 216,198 | | - - $15,000 | $ $ $ | 247,750 99,995 60,306 | | | - - $ 5,164 | | | $ 218,151 $ 88,270 $ 103,500 | | - - - | $ 22,860 $ 18,296 $ 23,057 | $ $ $ | 786,416 438,468 423,225 | |
Year ended September 30, | 2020 | 2019 | 2018 | |||||||||
Risk-free interest rates | 1.60 | % | 2.99 | % | 2.10 | % | ||||||
Dividend yield | 0 | % | 3.3 | % | 3.3 | % | ||||||
Life of option | 6.51 yrs. | 6.51 yrs. | 6.47 yrs. | |||||||||
Share price volatility | 34 | % | 29 | % | 30 | % | ||||||
Forfeitures (by employee group) | 0%-16% | 0%-16% | 0%-16% |
Options | Wtd Avg Exercise Price | Wtd Avg Remaining Life (Yrs) | Aggregate Intrinsic Value | |||||||||||||
Outstanding beginning of period | 990 | $ | 17.36 | |||||||||||||
Grants | 367 | 10.07 | ||||||||||||||
Exercises | (203 | ) | 17.83 | |||||||||||||
Forfeitures | (2 | ) | 14.74 | |||||||||||||
Cancellations | (49 | ) | 21.62 | |||||||||||||
Outstanding end of period | 1,103 | $ | 14.67 | 6.89 | $ | 3,483 | ||||||||||
Exercisable end of period | 674 | $ | 16.86 | 5.80 | $ | 984 | ||||||||||
Options | Weighted- Average Grant Date Fair Value | |||||||
Nonvested beginning of period | 209 | $ | 3.24 | |||||
Granted | 367 | 3.54 | ||||||
Vested | (145 | ) | 3.64 | |||||
Forfeitures | (2 | ) | 3.11 | |||||
Nonvested end of period | 429 | $ | 3.36 | |||||
Name | Grant Date | Estimated Future Payouts Under Non- Equity Incentive Plan Awards 1 | Estimated Future Payouts Under Equity Incentive Plan Awards 2 | All other Stock Awards: Number of Shares of Stock or Units (#) | All other Option Awards: Number of Securities Underlying Options (#) | Exercise or Base Price of Option Awards ($/Sh) | Grant Date Fair Value of Stock and Option Awards | ||||||||||||||||||||||||||||||||||||||||||||||||
Threshold ($) | Target ($) | Max ($) | Threshold (#) | Target (#) | Max (#) | ||||||||||||||||||||||||||||||||||||||||||||||||||
(a) | (b) | (c) | (d) | (e) | (f) | (g) | (h) | (i) | (j) | (k) | (l) | ||||||||||||||||||||||||||||||||||||||||||||
Jack Kenny 11 | 11/04/21 | $ | 135,053 | $ | 675,263 | $ | 1,688,157 | 23,530 | 47,060 | 94,120 | 56,472 | 5 | 82,940 | 6 | $ | 8.57 | $ | 2,665,480 | |||||||||||||||||||||||||||||||||||||
Andrew S. Kitzmiller 3 | 02/21/22 | $ | 25,498 | $ | 127,490 | $ | 318,725 | 3,973 | 7,945 | 15,890 | 7,500 | 7 | 5,000 | 8 | $ | 11.23 | $ | 438,250 | |||||||||||||||||||||||||||||||||||||
Bryan T. Baldasare 11 | 11/04/21 | $ | 43,054 | $ | 215,270 | $ | 538,175 | 3,973 | 4 | 7,945 | 4 | 15,890 | 4 | 10,593 | 9 | 11,669 | 9 | $ | 8.57 | $ | 300,000 | ||||||||||||||||||||||||||||||||||
Lourdes G. Weltzien 11 | 11/04/21 | $ | 44,000 | $ | 219,999 | $ | 549,997 | 3,973 | 7,945 | 15,890 | 10,593 | 5 | 11,669 | 6 | $ | 8.57 | $ | 450,000 | |||||||||||||||||||||||||||||||||||||
Tony Serafini- Lamanna 11 | 11/04/21 | $ | 42,012 | $ | 210,058 | $ | 525,146 | 3,973 | 7,945 | 15,890 | 10,593 | 5 | 11,669 | 6 | $ | 8.57 | $ | 450,000 | |||||||||||||||||||||||||||||||||||||
Julie Smith | | 11/04/21 12/06/21 | $ | 27,450 - | $ | 137,250 - | $ | 343,125 - | | 1,324 - | | 2,648 - | | 5,296 - | | 5,297 5,000 | 5 10 | | - - | | - - | $ $ | 150,000 97,750 |
Year Ended September 30, | 2020 | 2019 | 2018 | |||||||||
United States and territories | $ | 95,382 | $ | 107,890 | $ | 121,609 | ||||||
Italy | 9,797 | 10,911 | 10,398 | |||||||||
United Kingdom | 2,312 | 2,396 | 2,340 | |||||||||
France | 2,238 | 2,446 | 2,353 | |||||||||
Belgium | 1,440 | 1,468 | 1,711 | |||||||||
Holland | 1,183 | 1,413 | 1,454 | |||||||||
Japan | 848 | 1,572 | 1,307 | |||||||||
Other countries | 7,932 | 8,586 | 9,282 | |||||||||
Total Diagnostics | $ | 121,132 | $ | 136,682 | $ | 150,454 | ||||||
Year Ended September 30, | 2020 | 2019 | 2018 | |||||||||
United States and territories | $ | 36,689 | $ | 18,931 | $ | 20,468 | ||||||
China | 19,047 | 8,464 | 8,347 | |||||||||
United Kingdom | 14,765 | 4,709 | 5,201 | |||||||||
Germany | 14,190 | 12,663 | 8,108 | |||||||||
Spain | 7,242 | 4,414 | 4,187 | |||||||||
Australia | 5,957 | 3,458 | 3,631 | |||||||||
France | 5,579 | 2,200 | 2,040 | |||||||||
Italy | 4,067 | 1,357 | 971 | |||||||||
Japan | 3,707 | 1,624 | 1,932 | |||||||||
Holland | 3,212 | 710 | 715 | |||||||||
Indonesia | 3,027 | 169 | 162 | |||||||||
Turkey | 2,819 | 290 | 188 | |||||||||
Finland | 2,518 | 500 | 467 | |||||||||
India | 2,099 | 143 | 251 | |||||||||
South Korea | 1,908 | 1,134 | 2,044 | |||||||||
Other countries | 5,709 | 3,566 | 4,405 | |||||||||
Total Life Science | $ | 132,535 | $ | 64,332 | $ | 63,117 | ||||||
As of September 30, | 2020 | 2019 | ||||||
Israel | $ | 70,097 | $ | — | ||||
United Kingdom | 27,373 | 22,963 | ||||||
Germany | 12,877 | 7,141 | ||||||
Canada | 9,865 | 6,807 | ||||||
Italy | 7,858 | 7,557 | ||||||
Diagnostics | Life Science | Corporate(1) | Eliminations(2) | Total | ||||||||||||||||
Fiscal 2020 | ||||||||||||||||||||
Net revenues - | ||||||||||||||||||||
Third-party | $ | 121,132 | $ | 132,535 | $ | — | $ | — | $ | 253,667 | ||||||||||
Inter-segment | 326 | 261 | — | (587 | ) | — | ||||||||||||||
Operating income | 3,885 | 68,826 | (11,437 | ) | 50 | 61,324 | ||||||||||||||
Depreciation and amortization | 11,451 | 2,116 | — | — | 13,567 | |||||||||||||||
Capital expenditures | 1,850 | 1,449 | — | — | 3,299 | |||||||||||||||
Goodwill | 94,855 | 19,331 | — | — | 114,186 | |||||||||||||||
Other intangible assets, net | 83,179 | 18 | — | — | 83,197 | |||||||||||||||
Total assets | 306,812 | 98,483 | — | (34 | ) | 405,261 | ||||||||||||||
Fiscal 2019 | ||||||||||||||||||||
Net revenues - | ||||||||||||||||||||
Third-party | $ | 136,682 | $ | 64,332 | $ | — | $ | — | $ | 201,014 | ||||||||||
Inter-segment | 462 | 361 | — | (823 | ) | — | ||||||||||||||
Operating income | 25,390 | 17,581 | (10,373 | ) | 101 | 32,699 | ||||||||||||||
Depreciation and amortization | 7,676 | 2,288 | — | — | 9,964 | |||||||||||||||
Capital expenditures | 2,049 | 1,748 | — | — | 3,797 | |||||||||||||||
Goodwill | 70,395 | 18,846 | — | — | 89,241 | |||||||||||||||
Other intangible assets, net | 59,807 | 436 | — | — | 60,243 | |||||||||||||||
Total assets | 255,169 | 70,392 | — | (83 | ) | 325,478 | ||||||||||||||
Fiscal 2018 | ||||||||||||||||||||
Net revenues - | ||||||||||||||||||||
Third-party | $ | 150,454 | $ | 63,117 | $ | — | $ | — | $ | 213,571 | ||||||||||
Inter-segment | 392 | 397 | — | (789 | ) | — | ||||||||||||||
Operating income | 34,603 | 11,765 | (15,076 | ) | 292 | 31,584 | ||||||||||||||
Depreciation and amortization | 6,557 | 2,131 | — | — | 8,688 | |||||||||||||||
Capital expenditures | 2,477 | 1,724 | — | — | 4,201 | |||||||||||||||
Goodwill | 35,213 | 19,424 | — | — | 54,637 | |||||||||||||||
Other intangible assets, net | 22,068 | 1,045 | — | — | 23,113 | |||||||||||||||
Total assets | 180,978 | 70,341 | — | 58 | 251,377 | |||||||||||||||
Year Ended September 30, | 2020 | 2019 | 2018 | |||||||||
Segment operating income | $ | 72,761 | $ | 43,072 | $ | 46,660 | ||||||
Corporate expenses | (11,437 | ) | (10,373 | ) | (15,076 | ) | ||||||
Interest income | 142 | 681 | 418 | |||||||||
Interest expense | (2,632 | ) | (1,945 | ) | (1,520 | ) | ||||||
Other, net | 459 | 122 | (102 | ) | ||||||||
Consolidated earnings before income taxes | $ | 59,293 | $ | 31,557 | $ | 30,380 | ||||||
1 Options vest in three equal annual installments from the date of grant, until fully vested on October 1, 2022.2 Options vest in full on November 15, 2023. |
- 24 - |
For the Quarter Ended in Fiscal 2020 | December 31 | March 31 | June 30 | September 30 | ||||||||||||
Net revenues | $ | 47,421 | $ | 57,296 | $ | 84,797 | $ | 64,153 | ||||||||
Gross profit | 27,557 | 34,455 | 55,905 | 38,331 | ||||||||||||
Net earnings | 2,827 | 9,359 | 27,507 | 6,493 | ||||||||||||
Basic earnings per common share | 0.07 | 0.22 | 0.64 | 0.15 | ||||||||||||
Diluted earnings per common share | 0.07 | 0.22 | 0.64 | 0.15 | ||||||||||||
Cash dividends per common share | 0 | 0 | — | — |
For the Quarter Ended in Fiscal 2019 | December 31 | March 31 | June 30 | September 30 | ||||||||||||
Net revenues | $ | 51,480 | $ | 50,248 | $ | 48,440 | $ | 50,846 | ||||||||
Gross profit | 31,836 | 29,406 | 28,304 | 29,182 | ||||||||||||
Net earnings | 8,106 | 7,094 | 5,079 | 4,103 | ||||||||||||
Basic earnings per common share | 0.19 | 0.17 | 0.12 | 0.10 | ||||||||||||
Diluted earnings per common share | 0.19 | 0.17 | 0.12 | 0.10 | ||||||||||||
Cash dividends per common share | 0.125 | 0.125 | — | — |
Option Awards | Stock Awards | |||||||||||||||
Name | Number of Shares Acquired on Exercise (#) | Value Realized on Exercise ($) 1 | Number of Shares Acquired on Vesting (#) | Value Realized on Vesting ($) 2 | ||||||||||||
(a) | (b) | (c) | (d) | (e) | ||||||||||||
Jack Kenny | 139,603 | $ | 2,568,762 | 50,000 | $ | 1,008,000 | ||||||||||
Andrew S. Kitzmiller | - | $ | - | - | $ | - | ||||||||||
Bryan T. Baldasare | 12,107 | $ | 100,488 | 55,650 | 3 | $ | 2,297,247 | |||||||||
Lourdes G. Weltzien | 20,000 | $ | 221,536 | 20,703 | 3 | $ | 1,235,377 | |||||||||
Tony Serafini-Lamanna | - | $ | - | 8,700 | 3 | $ | 189,768 | |||||||||
Julie Smith | - | $ | - | 5,700 | 3 | $ | 129,288 |
(i) | Mr. Baldasare: 18,649 units withheld; $509,602 of realized value |
(ii) | Dr. Weltzien: 5,575 units withheld; $111,527 of realized value |
(iii) | Mr. Serafini-Lamanna: 2,589 units withheld; $56,471 of realized value |
(iv) | Ms. Smith: 1,704 units withheld; $38,665 of realized value |
Salary | $ | 1,421,606 | ||||
Annual Performance Bonus | 1,350,526 | |||||
Total Lump Sum Payment | $ | 2,772,132 | ||||
Andrew S. Kitzmiller | Lourdes G. Weltzien | Tony Serafini- Lamanna | ||||||||||||
Salary | $ | 760,000 | $ | 799,996 | $ | 763,848 | ||||||||
Annual Performance Bonus | 418,000 | 439,998 | 420,116 | |||||||||||
Earned but Unused Vacation | 12,675 | 20,779 | 22,060 | |||||||||||
Total Lump Sum Payment | $ | 1,190,675 | $ | 1,260,773 | $ | 1,206,024 | ||||||||
-Base for director service | $ | 50,000 | ||||
-Additional for Independent Chairperson | $ | 50,000 | ||||
-AC Chair | $ | 20,000 | ||||
-AC Member | $ | 10,000 | ||||
-CC Chair | $ | 15,000 | ||||
-CC Member | $ | 7,500 | ||||
-N&CGC Chair | $ | 13,000 | ||||
-N&CGC Member | $ | 5,000 |
Name | Fees Earned or Paid in Cash ($) | Stock Awards ($) 1 | Option Awards ($) 1 | Non-Equity Incentive Plan Compensation ($) | Change in Pension Value and Nonqualified Deferred Compensation Earnings | All Other Compensation ($) | Total ($) | |||||||||||||||
(a) | (b) | (c) | (d) | (e) | (f) | (g) | (h) | |||||||||||||||
James M. Anderson | $ | 72,000 | $ | 62,500 | $ | 62,500 | - | - | - | $ | 197,000 | |||||||||||
Anthony P. Bihl | $ | 64,625 | $ | 62,500 | $ | 62,500 | - | - | - | $ | 189,625 | |||||||||||
Dwight E. Ellingwood | $ | 52,500 | $ | 62,500 | $ | 62,500 | - | - | - | $ | 177,500 | |||||||||||
John C. McIlwraith | $ | 87,750 | $ | 62,500 | $ | 62,500 | - | - | - | $ | 212,750 | |||||||||||
David C. Phillips 2 | $ | 22,500 | $ | - | $ | - | - | - | - | $ | 22,500 | |||||||||||
John M. Rice | $ | 51,250 | $ | 62,500 | $ | 62,500 | - | - | - | $ | 176,250 | |||||||||||
Catherine A. Sazdanoff | $ | 66,125 | $ | 62,500 | $ | 62,500 | - | - | - | $ | 191,125 | |||||||||||
Felicia Williams | $ | 67,500 | $ | 62,500 | $ | 62,500 | - | - | - | $ | 192,500 |
Plan category | Number of securities to be issued upon exercise of outstanding options, warrants and rights | Weighted average exercise price of outstanding options, warrants and rights | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) | |||
Equity compensation plans approved by security holders | 969 | $ 16.55 | 2,200 | |||
Total (1) | 969 | $ 16.55 (2) | 2,200 |
(1) | Weighted-average remaining term of 6.19 years for options outstanding. In addition to the shares to be issued upon exercise of outstanding options reflected in the table, approximately 790 shares remain issuable upon the lapsing of currently outstanding restricted stock units, including 101 performance-based restricted stock units projected at the target level (see footnote 2 to the Grants of Plan-Based Awards table on page 22). |
(2) | The weighted average exercise price does not take into account the shares issuable upon vesting of outstanding restricted stock units, deferred stock units and performance units, which have no exercise price. |
Common Stock Beneficially Owned | ||||||||||||||
Name | Position | Amount 1 | Percentage | |||||||||||
Shareholders | ||||||||||||||
BlackRock, Inc. 2 | 7,405,925 | 16.83% | ||||||||||||
The Vanguard Group, Inc. 3 | 4,876,942 | 11.08% | ||||||||||||
Magnetar Capital LLC 4 | 2,204,418 | 5.01% | ||||||||||||
Directors and Named Executive Officers | ||||||||||||||
Jack Kenny | Chief Executive Officer and Director | 215,916 | * | |||||||||||
Andrew S. Kitzmiller 5 | Executive Vice President and Chief Financial Officer | 7,267 | * | |||||||||||
Bryan T. Baldasare 6 | Former Executive Vice President and Chief Financial Officer | 39,452 | * | |||||||||||
Lourdes G. Weltzien | Executive Vice President, Life Science | 74,977 | * | |||||||||||
Tony Serafini-Lamanna | Executive Vice President, Diagnostics | 30,514 | * | |||||||||||
Julie Smith 7 | Senior Vice President, Controller and Principal Accounting Officer | 42,526 | * | |||||||||||
James M. Anderson | Director | 120,121 | * | |||||||||||
Anthony P. Bihl | Director | 31,455 | * | |||||||||||
Dwight E. Ellingwood | Director | 100,187 | * | |||||||||||
John C. McIlwraith | Director | 98,121 | * | |||||||||||
John M. Rice | Director | 59,641 | * | |||||||||||
Catherine A. Sazdanoff | Director | 94,821 | * | |||||||||||
Felicia Williams | Director | 59,671 | * | |||||||||||
All Executive Officers and Directors as a Group | 892,691 | 2.00% |
Ernst & Young | ||||||||||
2022 | 2021 | |||||||||
Audit Fees | $ | 705,000 | $ | 702,500 | ||||||
Audit-Related Fees | - | - | ||||||||
Tax Fees | 518,071 | 189,150 | ||||||||
$ | 1,223,071 | $ | 891,650 | |||||||
Grant Thornton | ||||||||||
2022 | 2021 | |||||||||
Audit Fees | $ | - | $ | - | ||||||
Audit-Related Fees | - | - | ||||||||
Tax Fees | - | 326,427 | ||||||||
$ | - | $ | 326,427 | |||||||
(a) (1) and (2) FINANCIAL STATEMENTS AND SCHEDULES. |
Exhibit Number | Description of Exhibit | |
2.2 | ||
31.2 | |||
104*** | |||
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
*** | Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933 or Section 18 of the Securities Exchange Act of 1934 and otherwise are not subject to liability. |
MERIDIAN BIOSCIENCE, INC. | ||||
By: | /s/ Jack Kenny | |||
Date: | ||||
Jack Kenny | ||||
Chief Executive Officer |
Signature | Capacity | Date | |||
/s/ Jack Kenny | Chief Executive Officer and Director | ||||
January 27, 2023 | |||||
Jack Kenny | |||||
/s/ Andrew S. Kitzmiller | Executive Vice President and Chief | January 27, 2023 | |||
Andrew S. Kitzmiller | Financial Officer (Principal Financial Officer) | ||||
/s/ Julie Smith | Senior Vice President and Controller | January 27, 2023 | |||
Julie Smith | (Principal Accounting Officer) | ||||
By: /s/ Jack Kenny, | |||||
By: /s/ Jack Kenny, | |||||
Director | January 27, 2023 | ||||
James M. Anderson | |||||
By: /s/ Jack Kenny, | |||||
Director | January 27, 2023 | ||||
Anthony P. Bihl III | |||||
By: /s/ Jack Kenny, | |||||
Director | January 27, 2023 | ||||
Dwight E. Ellingwood | |||||
By: /s/ Jack Kenny, | |||||
Director | January 27, 2023 | ||||
John M. Rice, Jr. | |||||
By: /s/ Jack Kenny, | |||||
Director | January 27, 2023 | ||||
Catherine A. Sazdanoff | |||||
By: /s/ Jack Kenny, | |||||
Director | January 27, 2023 | ||||
Felicia Williams | |||||
Description | Balance at Beginning of Period | Charged to Costs and Expenses | Deductions | Other (a) | Balance at End of Period | |||||||||||||||
Year Ended September 30, 2020: | ||||||||||||||||||||
Allowance for doubtful accounts | $ | 537 | $ | 34 | $ | (75 | ) | $ | 17 | $ | 513 | |||||||||
Inventory realizability reserves | 2,441 | 1,775 | (564 | ) | (23 | ) | 3,629 | |||||||||||||
Valuation allowances – deferred taxes | 408 | — | (106 | ) | — | 302 | ||||||||||||||
Year Ended September 30, 2019: | ||||||||||||||||||||
Allowance for doubtful accounts | $ | 310 | $ | 347 | $ | (100 | ) | $ | (20 | ) | $ | 537 | ||||||||
Inventory realizability reserves | 1,971 | 930 | (448 | ) | (12 | ) | 2,441 | |||||||||||||
Valuation allowances – deferred taxes | 302 | 106 | — | 0 | 408 | |||||||||||||||
Year Ended September 30, 2018: | ||||||||||||||||||||
Allowance for doubtful accounts | $ | 307 | $ | 39 | $ | (32 | ) | $ | (4 | ) | $ | 310 | ||||||||
Inventory realizability reserves | 2,059 | 321 | (405 | ) | (4 | ) | 1,971 | |||||||||||||
Valuation allowances – deferred taxes | 342 | — | (40 | ) | — | 302 |