Document And Entity Information
Document And Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | May 25, 2022 | Sep. 30, 2021 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0000724004 | ||
Entity Registrant Name | MESA LABORATORIES INC /CO | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --03-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2022 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Mar. 31, 2022 | ||
Document Transition Report | false | ||
Entity File Number | 0-11740 | ||
Entity Incorporation, State or Country Code | CO | ||
Entity Tax Identification Number | 84-0872291 | ||
Entity Address, Address Line One | 12100 West Sixth Avenue | ||
Entity Address, City or Town | Lakewood | ||
Entity Address, State or Province | CO | ||
Entity Address, Postal Zip Code | 80228 | ||
City Area Code | 303 | ||
Local Phone Number | 987-8000 | ||
Title of 12(b) Security | Common stock, no par value | ||
Trading Symbol | MLAB | ||
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 Public Float | $ 1,454,000 | ||
Entity Common Stock, Shares Outstanding | 5,267,902 | ||
Auditor Name | Plante & Moran | ||
Auditor Location | Denver, Colorado | ||
Auditor Firm ID | 166 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Cash and cash equivalents | $ 49,346 | $ 263,865 |
Accounts receivable, less allowances of $630 and $218, respectively | 41,224 | 23,787 |
Inventories, net | 24,606 | 11,178 |
Prepaid expenses and other | 9,142 | 4,919 |
Total current assets | 124,318 | 303,749 |
Property, plant and equipment, net | 28,620 | 21,998 |
Deferred tax asset | 1,318 | 616 |
Other assets | 11,830 | 2,530 |
Intangible assets | 250,117 | 111,741 |
Goodwill | 291,166 | 160,841 |
Total assets | 707,369 | 601,475 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Accounts payable | 7,897 | 4,473 |
Accrued payroll and benefits | 14,717 | 9,388 |
Unearned revenues | 13,830 | 8,777 |
Other accrued expenses | 11,611 | 9,945 |
Total current liabilities | 48,055 | 32,583 |
Deferred tax liability | 39,224 | 16,275 |
Other long-term liabilities | 7,924 | 715 |
Credit facility | 49,000 | 0 |
Convertible senior notes, net of discounts and debt issuance costs | 169,365 | 145,675 |
Total liabilities | 313,568 | 195,248 |
Stockholders’ equity | ||
Common stock, no par value; authorized 25,000,000 shares; issued and outstanding, 5,265,627 and 5,140,568 shares, respectively | 313,460 | 317,652 |
Retained earnings | 76,675 | 72,459 |
Accumulated other comprehensive income | 3,666 | 16,116 |
Total stockholders’ equity | 393,801 | 406,227 |
Total liabilities and stockholders’ equity | 707,369 | 601,475 |
Customer Relationships [Member] | ||
Intangible assets | 176,688 | 93,548 |
Intellectual Property [Member] | ||
Intangible assets | 53,273 | 12,606 |
Other Intangible Assets [Member] | ||
Intangible assets | $ 20,156 | $ 5,587 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Allowance for doubtful accounts receivable | $ 630 | $ 218 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 25,000,000 | 25,000,000 |
Common stock, shares issued (in shares) | 5,265,627 | 5,140,568 |
Common stock, shares outstanding (in shares) | 5,265,627 | 5,140,568 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Revenues | |||
Revenue | $ 184,335 | $ 133,937 | $ 117,687 |
Cost of revenues | |||
Cost of revenue | 75,245 | 46,923 | 52,325 |
Gross profit | 109,090 | 87,014 | 65,362 |
Operating expenses | |||
Selling | 28,310 | 18,480 | 12,910 |
General and administrative | 60,311 | 45,788 | 38,174 |
Research and development | 15,767 | 10,388 | 6,355 |
Total operating expenses | 104,388 | 74,656 | 57,439 |
Operating income | 4,702 | 12,358 | 7,923 |
Nonoperating (income) expenses | |||
Interest expense and amortization of debt discount | 3,885 | 8,024 | 5,504 |
Other (income) expense, net | (2,757) | 2,031 | (1,443) |
Total nonoperating expense | 1,128 | 10,055 | 4,061 |
Earnings before income taxes | 3,574 | 2,303 | 3,862 |
Income tax expense (benefit) | 1,703 | (971) | 2,084 |
Net income | $ 1,871 | $ 3,274 | $ 1,778 |
Earnings per share | |||
Basic (in dollars per share) | $ 0.36 | $ 0.66 | $ 0.42 |
Diluted (in dollars per share) | $ 0.35 | $ 0.64 | $ 0.41 |
Weighted-average common shares outstanding | |||
Basic (in shares) | 5,212 | 4,975 | 4,200 |
Diluted (in shares) | 5,335 | 5,124 | 4,371 |
Product [Member] | |||
Revenues | |||
Revenue | $ 149,422 | $ 107,028 | $ 93,401 |
Cost of revenues | |||
Cost of revenue | 54,747 | 33,120 | 40,445 |
Service [Member] | |||
Revenues | |||
Revenue | 34,913 | 26,909 | 24,286 |
Cost of revenues | |||
Cost of revenue | $ 20,498 | $ 13,803 | $ 11,880 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Net income | $ 1,871 | $ 3,274 | $ 1,778 |
Other comprehensive (loss) income | |||
Foreign currency translation adjustments | (12,450) | 26,485 | (8,367) |
Comprehensive (loss) income | $ (10,579) | $ 29,759 | $ (6,589) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member]Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total | |
Balance (in shares) at Mar. 31, 2019 | 3,890,138 | ||||||||
Balance at Mar. 31, 2019 | $ 39,823 | $ 73,303 | $ (1,815) | [1] | $ 111,311 | ||||
Proceeds from issuance of common stock, net of issuance costs (in shares) | 431,250 | ||||||||
Proceeds from issuance of common stock, net of issuance costs | $ 84,995 | 84,995 | |||||||
Proceeds from conversion feature of convertible senior notes, due 2025, net of allocated costs and deferred taxes of $8,338 | $ 22,735 | 22,735 | |||||||
Exercise of stock options and vesting of restricted stock units, net of shares withheld for taxes (in shares) | 65,752 | ||||||||
Exercise of stock options and vesting of restricted stock units, net of shares withheld for taxes | $ 4,945 | 4,945 | |||||||
Dividends paid | (2,722) | (2,722) | |||||||
Stock-based compensation expense | $ 5,525 | 5,525 | |||||||
Currency translation recognized in earnings from the exit of Cold Chain Packaging Division | (187) | [1] | (187) | ||||||
Foreign currency translation | (8,367) | [1] | (8,367) | ||||||
Net income | 1,778 | 1,778 | |||||||
Balance (in shares) at Mar. 31, 2020 | 4,387,140 | ||||||||
Balance at Mar. 31, 2020 | $ (9) | $ (9) | $ 158,023 | 72,359 | (10,369) | [1] | 220,013 | ||
Proceeds from issuance of common stock, net of issuance costs (in shares) | 690,000 | ||||||||
Proceeds from issuance of common stock, net of issuance costs | $ 145,935 | 145,935 | |||||||
Exercise of stock options and vesting of restricted stock units, net of shares withheld for taxes (in shares) | 63,428 | ||||||||
Exercise of stock options and vesting of restricted stock units, net of shares withheld for taxes | $ 4,426 | 4,426 | |||||||
Dividends paid | (3,165) | (3,165) | |||||||
Stock-based compensation expense | $ 9,268 | 9,268 | |||||||
Foreign currency translation | 26,485 | [1] | 26,485 | ||||||
Net income | 3,274 | $ 3,274 | |||||||
Balance (in shares) at Mar. 31, 2021 | 5,140,568 | 5,140,568 | |||||||
Balance at Mar. 31, 2021 | $ (22,735) | $ 5,684 | $ 0 | $ (17,051) | $ 317,652 | 72,459 | 16,116 | [1] | $ 406,227 |
Exercise of stock options and vesting of restricted stock units, net of shares withheld for taxes | 7,152 | 0 | 0 | 7,152 | |||||
Dividends paid | 0 | (3,339) | 0 | (3,339) | |||||
Stock-based compensation expense | 11,391 | 0 | 0 | 11,391 | |||||
Foreign currency translation | 0 | 0 | (12,450) | (12,450) | |||||
Net income | $ 0 | 1,871 | 0 | $ 1,871 | |||||
Balance (in shares) at Mar. 31, 2022 | 5,265,627 | 5,265,627 | |||||||
Balance at Mar. 31, 2022 | $ 313,460 | $ 76,675 | $ 3,666 | [1] | $ 393,801 | ||||
[1] | Accumulated Other Comprehensive Income (Loss). |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Proceeds from issuance of common stock, issuance costs | $ 9,315 | $ 5,568 | |
Allocated costs and taxes | $ 8,338 | ||
Dividends paid, per share (in dollars per share) | $ 0.64 | $ 0.64 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | |||
Net income | $ 1,871 | $ 3,274 | $ 1,778 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 25,068 | 17,660 | 12,990 |
Stock-based compensation | 11,391 | 9,268 | 5,525 |
Non-cash interest and debt amortization | 1,029 | 5,397 | 3,314 |
Amortization of step-up in inventory basis | 7,462 | (436) | 8,502 |
Deferred taxes | 128 | (3,503) | (1,971) |
Other | (534) | 161 | (13) |
Cash provided by changes in operating assets and liabilities: | |||
Accounts receivable, net | (6,752) | (647) | (1,665) |
Inventories | (1,045) | 929 | 414 |
Prepaid expenses and other assets | (3,606) | 2,878 | (432) |
Accounts payable | 1,370 | 967 | (61) |
Accrued liabilities and taxes payable | 255 | (317) | (2,147) |
Unearned revenues | 2,586 | 1,442 | 754 |
Net cash provided by operating activities | 39,223 | 37,073 | 26,988 |
Cash flows from investing activities: | |||
Acquisitions, net of cash acquired | (300,793) | 0 | (184,102) |
Purchases of property, plant and equipment | (4,432) | (1,992) | (1,498) |
Net cash (used in) investing activities | (305,225) | (1,992) | (185,585) |
Cash flows from financing activities: | |||
Proceeds from the issuance of debt | 70,000 | 0 | 0 |
Payments of debt | (21,000) | 0 | (23,000) |
Dividends | (3,339) | (3,165) | (2,722) |
Proceeds from the exercise of stock options | 7,152 | 4,426 | 4,945 |
Payments of contingent consideration | (237) | (304) | (11) |
Proceeds from the issuance of common stock, net | 0 | 145,935 | 84,995 |
Proceeds from the issuance of convertible senior notes, net | 0 | 0 | 172,500 |
Payment of debt issuance costs | 0 | (664) | (5,430) |
Net cash provided by financing activities | 52,576 | 146,228 | 231,277 |
Effect of exchange rate changes on cash and cash equivalents | (1,093) | 1,176 | (1,485) |
Net (decrease) increase in cash and cash equivalents | (214,519) | 182,485 | 71,195 |
Cash and cash equivalents at beginning of period | 263,865 | 81,380 | 10,185 |
Cash and cash equivalents at end of period | 49,346 | 263,865 | 81,380 |
Cash paid for: | |||
Income taxes paid | 3,048 | 1,367 | 2,634 |
Interest paid | 2,762 | 2,372 | 1,627 |
Long-lived Assets Excluding Property, Plant and Equipment [Member] | |||
Cash flows from investing activities: | |||
Proceeds from the sale of assets | $ 0 | $ 0 | $ 15 |
Note 1 - Description of Busines
Note 1 - Description of Business and Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | Note 1. Description of Business and Summary of Significant Accounting Policies Description of Business In this Annual Report on Form 10 We are a multinational manufacturer, developer, and seller of life sciences tools and critical quality control products and services, many of which are sold into niche markets driven by regulatory requirements. We have manufacturing operations in the United States and Europe, and our products are marketed by our sales personnel in North America, Europe, and Asia Pacific, and by independent distributors in these areas as well as throughout the rest of the world. We prefer markets in which we can establish a strong presence and achieve high gross margins. As described in Note 14 . October 20, 2021 , March 31, 2022, four ● Sterilization and Disinfection Control ● Biopharmaceutical Development ● Calibration Solutions ● Clinical Genomics 4. Non-reportable operating segments (including our Cold Chain Packaging division which ceased operations during the year ended March 31, 2020) Principles of Consolidation and Basis of Presentation Our Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and include our accounts and wholly owned subsidiaries after elimination of all intercompany accounts and transactions. Agena results are consolidated with Mesa's financial statements beginning October 20, 2021, not not March 31, 2022 14. not Prior Period Reclassification Certain amounts presented in Note 2. 2022 not March 31, 2022. Management Estimates The preparation of our Consolidated Financial Statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in our Consolidated Financial Statements and accompanying notes. Actual results could differ from our estimates under different assumptions or conditions. Summary of Significant Accounting Policies Foreign Currency Exchange rate adjustments resulting from foreign currency transactions are recognized in net earnings, whereas effects resulting from the translation of financial statements are reflected as a component of accumulated other comprehensive income within stockholders’ equity. Assets and liabilities of subsidiaries operating outside the United States with a functional currency other than the U.S. dollar are translated into U.S. dollars at period end exchange rates, and revenue and expense accounts are translated at weighted average period rates. Fair Value of Financial Instruments Fair value is the price we would receive to sell an asset or pay to transfer a liability (exit price) in an orderly transaction between market participants. We determine fair value based on the following input hierarchy: Level 1: Level 2: 1, not Level 3: no Revenue Recognition Our revenues come from product sales, which include consumables and hardware; as well as services, which include discrete and ongoing calibration, testing, and maintenance services and contracts. Revenues are recognized when we satisfy our performance obligations under the terms of a contract, which occurs when control of the promised products or services transfers to our customers. We recognize as revenue the amount of consideration we expect to receive in exchange for transferring products or services to our customers (the transaction price). For all revenue contracts, prices are fixed at the time of purchase and no 12 Product sales: Services: no may Collectability is reasonably assured through our customer review process, and payment is typically due within 60 606, one not not one None March 31, 2022 March 31, 2021. Contracts with customers may not may Shipping and handling Payments made by customers to us for shipping and handling costs are included in revenues on the Consolidated Statements of Income, and our expenses are included in cost of revenues. Our performance obligation with respect to shipping and handling consists of a promise to secure such services from a third . Unearned Revenues Certain of our products may one Accrued Warranty Expense We typically provide assurance-type limited product warranties on our products and, accordingly, accrue for estimates of related warranty expenses. Cash and Cash Equivalents We classify any highly liquid investments with maturities of three Accounts Receivable and Allowance for Doubtful Accounts All trade accounts receivable are reported at net realizable value on the accompanying Consolidated Balance Sheets, adjusted for any write-offs and net of allowances for doubtful accounts. Allowances for doubtful accounts represent our best estimate and current expectation of future credit losses from trade accounts. We estimate credit losses based on historical information, current and expected future economic and market conditions, and reviews of the current status of customers’ trade accounts receivable. Customers are pooled based on shared specific risk factors such as historical credit loss patterns. In circumstances in which we become aware of a specific customer’s inability to meet its financial obligations, a specific reserve is recorded against amounts due to reduce the recognized receivable to the amount reasonably expected to be collected. We do not may March 31, 2022, 2021, 2020, Inventories Inventories are stated at the lower of cost or net realizable value using a weighted average costing methodology. Inventories acquired in an acquisition are recorded at fair market value. Our work in process and finished goods inventories include the costs of raw materials, labor and overhead, which are estimated based on trailing twelve We monitor inventory costs relative to selling prices and perform physical cycle count procedures on inventories throughout the year to determine if a lower of cost or net realizable value reserve is necessary. We estimate and maintain an inventory reserve as needed for such matters as excess or obsolete inventory, shrinkage, and scrap. This reserve may not Property, Plant and Equipment Property, plant and equipment are stated at cost, except for assets acquired in acquisitions, which are recorded at fair value. Expenditures for major renewals and improvements that extend the life of the asset are capitalized, while expenditures for minor replacements, maintenance, and repairs are expensed as incurred. Depreciation is calculated using the straight-line method over the assets’ estimated useful lives. Upon asset retirement or disposal, accounts are relieved of cost and accumulated depreciation, and any related gain or loss is reflected in our results of operations. For certain business consolidation activities, accelerated depreciation may Category Useful Lives Buildings / Building improvements 40 (years or less) Office equipment 7 (years or less) Manufacturing equipment 7 (years or less) Computer equipment 3 (years or less) Leasehold Improvements Lesser of the economic life or the remaining term in the respective lease Land is not not Leases Under ASC 842, not not 12 not A contract is a lease or contains one 1 2 not none 842. Our leases typically contain rent escalations over the lease term. We recognize expense for these leases on a straight-line basis over the lease term. Lease expense is recorded in cost of products, selling, general and administrative, or research and development on our Consolidated Statements of Income, depending on the nature of use of the underlying asset. Many of our leases include one Acquired Intangible Assets Our goodwill and other intangible assets result from acquisitions of existing businesses. Upon acquisition, we record the fair values of identifiable indefinite and definite lived intangible assets using, among other sources of relevant information, independent appraisals, or actuarial or other valuations. Intangible assets affect the amount of future amortization expense and possible impairment charges we may Goodwill and indefinite lived intangible assets (certain tradenames we intend to renew and continue using indefinitely) are not fourth may not Intangible assets deemed to have definite lives are amortized on a straight-line basis over their useful lives, generally ranging from five fifteen 6. not The fair value measurement used in testing intangible asset impairment is typically based on discounted cash flow projection models, using Level 3 not March 31, 2022 Research & Development Costs We conduct research and development activities for the purpose of developing new products and enhancing the functionality, effectiveness, reliability, and accuracy of existing products. Research and development expense is predominantly comprised of labor costs and third may Convertible Debt Convertible debt instruments without embedded derivatives such as our 1.375% convertible senior notes due 2025 8. may Stock-based Compensation We issue shares in the form of stock options and full-value awards as part of employee compensation pursuant to the Mesa Laboratories, Inc. 2014 "2014 2021 "2021 Stock options and service-based stock awards generally vest equally over a three five six ten one 2021 The fair value of each granted stock option is estimated on the grant date using the Black-Scholes option valuation model. The assumptions used to calculate the fair value of granted options reflect market conditions and our historical experience. We estimate forfeitures using a dynamic forfeiture model based on historical data when determining the amount of stock-based compensation costs to recognize each period. Restricted stock units ("RSUs") issued by us are equivalent to nonvested shares under the applicable accounting guidance. The fair value of RSUs is based on the closing price of Mesa's common stock on the award date, less the present value of expected dividends not Expense for performance-based RSUs ("PSUs") is recognized when it is probable the performance goal will be achieved. Performance goals are determined by the Board of Directors and may We allocate stock-based compensation expense to cost of revenues, selling, research and development, and general and administrative expense in the Consolidated Statements of Income. Earnings Per Share Basic earnings per share (“EPS”) is computed by dividing net income by the weighted-average number of common shares outstanding during the reporting period. Diluted earnings per share (“diluted EPS”) is computed similarly to basic earnings per share, except it includes the effects of potential common shares related to stock options, restricted stock units, performance share units, and convertible debt in periods in which such effects are dilutive. Potentially dilutive securities are excluded from the calculation of diluted EPS in the event they are subject to performance conditions that have not 10. March 31, 2022, 2021 2020 Income Taxes Income tax expense includes U.S., state, local and international income taxes, plus a provision for U.S. taxes on undistributed earnings of foreign subsidiaries and other prescribed foreign entities not not We are involved in various tax matters, some of which have uncertain outcomes. We establish reserves to remove some or all of the tax benefits related to our tax positions at the time we determine one 1 not not” 2 not” 3 not” not 1 2 3 may not” first 1 not” 2 3 12. Acquisition Related Contingent Consideration Liabilit ies Acquisition related contingent consideration liabilities consist of estimated amounts due under various acquisition agreements and are typically based on either revenues growth or specified profitability growth metrics. At each reporting period, we evaluate the expected future payments and the associated discount rate to determine the fair value of the contingent consideration, and we record any necessary adjustments in other expense, net on the Consolidated Statements of Income. As of March 31, 2022, no Legal Contingencies We are party to various claims and legal proceedings that arise in the normal course of business. We record an accrual for legal contingencies when we determine it is probable we have incurred a liability and can reasonably estimate the amount of the loss (See Note 13. Purchase Accounting for Acquisitions We account for all business combinations in which we obtain control over another entity using the acquisition method of accounting, which requires most assets (both tangible and intangible) and liabilities (including contingent consideration) to be recognized at fair value at the date of acquisition. The excess of the purchase price over the fair value of assets less liabilities is recognized as goodwill. We determine fair value using widely accepted valuation techniques, primarily discounted cash flow and market multiple analyses. These types of analyses require us to make and monitor assumptions and estimates regarding industry and economic factors, the profitability of future business strategies, discount rates and cash flow. Certain adjustments to the assessed fair values of acquired assets or liabilities made subsequent to the acquisition date but within the measurement period are recorded as adjustments to goodwill. Any adjustments subsequent to the measurement period are recorded within earnings. We expense all acquisition costs as incurred related to an acquisition in selling, general, and administrative expenses. Results of operations of the acquired company are included in our Consolidated Financial Statements from the date of the acquisition forward. If actual results are not may March 31, 2022, 2021 2020 Business Consolidation Costs We estimate our liabilities for business closure activities by gathering detailed estimates of costs and, if applicable, asset sale proceeds, for each business consolidation initiative. For a typical business consolidation initiative, we estimate costs of employee severance, impairment of property and equipment and other assets including estimating net realizable value, if necessary, accelerated depreciation, termination payments for contracts and leases, and any other qualifying costs related to the exit plan. Such charges represent our best estimates; however, they require assumptions about plans that may Risks and Uncertainties The preparation of financial statements requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the reporting date and revenues and expenses during the reporting periods. These estimates represent management's judgement about the outcome of future events. The current global business environment continues to be impacted directly and indirectly by the effects of the novel coronavirus ("COVID- 19" not ● Estimates regarding the future financial performance of the business used in the impairment tests for goodwill and long-lived assets acquired in a business combination; however, our impairment test conducted during the quarter ended March 31, 2022 not ● Estimates regarding the recoverability of deferred tax assets and estimates regarding cash needs and associated indefinite reinvestment assertions; ● Estimates regarding recoverability for customer receivables; ● Estimates of the net realizable value of inventory. Recently Issued Accounting Pronouncements We have reviewed all recently issued accounting pronouncements and have concluded that they are either not not Recently Adopted Accounting Pronouncements In August 2020, No. 2020 06, Debt with Conversion and Other Options and Derivatives and Hedging Accounting for Convertible Instruments and Contracts in an Entity's Own Equity 2020 06" 2025. 2020 06 December 15, 2021, December 15, 2020. We early adopted ASU 2020 06 April 1, 2021 $5,683 April 1, 2021. 2020 06. In each period in which the Notes have been outstanding, we have always intended to settle the Notes in shares of common stock rather than in cash, and therefore, we have applied the if-converted method to calculate the potentially dilutive impact of the Notes on earnings per share. In each reporting period, we have determined that the Notes were antidilutive. Due to decreases in non-cash interest expense that will result from the adoption of ASU 2020 06, On October 28, 2021, No. 2021 08 2021 08" Accounting for Contract Assets and Contract Liabilities from Contracts with Customers 805 606 We early adopted ASU 2021 08 October 28, 2021 2021 08, 606 no |
Note 2 - Revenue Recognition
Note 2 - Revenue Recognition | 12 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | Note 2 . Revenue Recognition We develop, manufacture, market, sell, and maintain life sciences tools and quality control instruments and related software, consumables, and services. Sales of hardware and software, such as instruments used for molecular and genetic analysis, protein synthesizers, medical meters, wireless sensor systems, and data loggers, are generally driven by our acquisition of new customers, growth of existing customers, or customers replacing existing equipment. Hardware sales may Consumables are typically used on a one Revenues from our new Clinical Genomics segment are derived from our recently acquired Agena business (See Note 4 . We evaluate our revenues internally based on operating segment, the timing of revenue generation, and the nature of goods and services provided. Typically, discrete revenues are recognized at shipping point or upon completion of a service, while contracted revenues are recognized over time based on the performance obligation period in the applicable contract. The significant majority of our revenues and related receivables are generated from contracts with customers that are 12 The following tables present disaggregated revenues for the years ended March 31, 2022, 2021 2020 Year Ended March 31, 2022 Sterilization and Disinfection Control Biopharmaceutical Development Calibration Solutions Clinical Genomics (1) Corporate and Other Total Discrete Revenues Consumables $ 50,311 $ 15,551 $ 3,675 $ 22,271 $ - $ 91,808 Hardware and Software 700 21,651 28,537 6,726 - 57,614 Services 2,225 3,864 11,212 1,796 - 19,097 Contracted Revenues Services 5,808 4,513 3,448 2,047 - 15,816 Total Revenues $ 59,044 $ 45,579 $ 46,872 $ 32,840 $ - $ 184,335 Year Ended March 31, 2021 Sterilization and Disinfection Control Biopharmaceutical Development Calibration Solutions Clinical Genomics (1) Corporate and Other Total Discrete Revenues Consumables $ 45,869 $ 13,942 $ 3,198 $ - $ - $ 63,009 Hardware and Software 505 13,545 29,969 - - 44,019 Services 1,848 2,928 10,850 - - 15,626 Contracted Revenues Services 4,897 3,477 2,909 - - 11,283 Total Revenues $ 53,119 $ 33,892 $ 46,926 $ - $ - $ 133,937 Year Ended March 31, 2020 Sterilization and Disinfection Control Biopharmaceutical Development (2) Calibration Solutions Clinical Genomics (1) Corporate and Other Total Discrete Revenues Consumables $ 42,654 $ 4,981 $ 3,240 $ - $ 2,436 $ 53,311 Hardware and Software 551 6,015 33,524 - - 40,090 Services 1,592 1,761 11,556 - 27 14,936 Contracted Revenues Services 4,863 1,094 3,393 - - 9,350 Total Revenues $ 49,660 $ 13,851 $ 51,713 $ - $ 2,463 $ 117,687 ( 1 October 20, 2021 . ( 2 October 31, 2019 . Contract Balances Our contracts have varying payment terms and conditions. Some customers prepay for products and services, resulting in either unearned revenues or customer deposits, called contract liabilities, which are included within unearned revenues, other accrued expenses, and other long-term liabilities in the accompanying Consolidated Balance Sheets. Contract assets would exist when sales are recorded (for example, the control of the goods or services has been transferred to the customer), but customer payment is contingent on a future event besides the passage of time (such as satisfaction of additional performance obligations). We do not not A summary of contract liabilities is as follows: Contract liabilities as of March 31, 2021 $ 8,994 Prior year liabilities recognized in revenues during the year ended March 31, 2022 (5,791 ) Contract liabilities added during the year ended March 31, 2022, net of revenues recognized 11,866 Contract liabilities balance as of March 31, 2022 $ 15,069 Contract liabilities primarily relate to service contracts with original expected durations of 12 $3,478 March 31, 2022 4. |
Note 3 - Fair Value Measurement
Note 3 - Fair Value Measurements | 12 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 3. Our financial instruments consist primarily of cash and cash equivalents, trade accounts receivable, obligations under trade accounts payable, and debt. Due to their short-term nature, the carrying values for cash and cash equivalents, trade accounts receivable, and trade accounts payable approximate fair value. Cash equivalents on our Consolidated Balance Sheets consisted of $0 March 31, 2022, March 31, 2021. 4. 1 Historically, the financial instruments that subject us to the highest concentration of credit risk are cash and cash equivalents and accounts receivable. It is our policy to invest in highly liquid cash equivalent financial instruments with high credit ratings and to maintain low single issuer exposure (except U.S. treasuries). Concentration of credit risk with respect to accounts receivable is limited to customers to which we make significant sales. To manage credit risk, we consider the creditworthiness of new and existing customers, and we regularly review outstanding balances and payment histories. We may may not We have outstanding $172,500 aggregate principal of 1.375% convertible senior notes due August 15, 2025. March 31, 2022 March 31, 2021 Carrying Value Fair Value (Level 2) Carrying Value Fair Value (Level 2) Notes $ 169,365 $ 185,438 $ 145,675 $ 188,780 The carrying value of the Notes increased as a result of the adoption of ASU 2020 06, 1 . 8 . Assets recognized or disclosed at fair value in the Consolidated Financial Statements on a nonrecurring basis include items such as property and equipment, operating lease assets, goodwill, and other intangible assets, including those that were part of the Agena Acquisition. These assets are measured at fair value if determined to be impaired. Preliminary fair values assigned to assets acquired and liabilities assumed in the Agena Acquisition, except deferred revenues, were measured using Level 3 4. no March 31, 2022 March 31, 2021. |
Note 4 - Significant Transactio
Note 4 - Significant Transactions | 12 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Significant Transactions [Text Block] | Note 4. Acquisitions Acquisition of Agena Bioscience, Inc. On October 20, 2021 , We funded the acquisition and transactions relating thereto with cash on hand and borrowings under the Credit Facility. See Note 8 . October 20, 2021 , Preliminary Allocation of Purchase Price We accounted for the Agena Acquisition as a business combination using the acquisition method of accounting. Under the acquisition method of accounting, the acquiree's identifiable assets acquired and liabilities assumed are recorded at their acquisition date fair values, except contract assets and liabilities recorded at book value in accordance with ASU 2021 08, may 3 may During the quarter ended March 31, 2022, March 31, 2022 $1,460 March 31, 2022. The following table summarizes the allocation of the preliminary purchase price as of October 20, 2021: Life (in years) Amount Cash and cash equivalents $ 7,544 Accounts receivable (a) 11,100 Other current assets (b) 25,480 Total current assets 44,124 Property, plant and equipment/noncurrent assets 15,832 Deferred tax asset 811 Intangible assets: Goodwill (c) N/A 135,880 Customer relationships (d) 12 103,800 Intellectual property (d) 8 45,400 Tradenames (d) 12 15,700 Total Assets acquired $ 361,547 Accounts payable 2,174 Unearned revenues 2,713 Other current liabilities 12,295 Total current liabilities 17,182 Deferred tax liability 27,765 Other noncurrent liabilities 8,263 Total liabilities assumed $ 53,210 Total purchase price, net of cash acquired $ 300,793 (a) Trade receivables, which is expected to be collected. (b) Includes $7,462 of inventory step-up, which was amortized entirely within fiscal year 2022. March 31, 2022. (c) Acquired goodwill of $135,880, all of which is allocated to the Clinical Genomics reportable segment, represents the value expected to arise from the value of expanded market opportunities, expected synergies, and assembled workforce, none not (d) Customer relationships, intellectual property, and tradenames are currently expected to be amortized on a straight line basis over a weighted average 10.9 year period. The identified intangible assets will be amortized on a straight line basis over their useful lives, which approximates the pattern over which the assets' economic benefits are expected to be consumed over time. Amortization expense for customer relationships and tradenames will be amortized to general and administrative expenses; amortization expense for intellectual property will be recorded to cost of revenues. During the period from October 20, 2021 March 31, 2022, March 31, 2022. This preliminary purchase price allocation is subject to revision as more detailed analyses are completed with respect to prepaid taxes, tax accruals, and deferred tax positions. If additional information about the fair value of assets acquired and liabilities assumed becomes available, we may not one may Acquisition-related costs, such as legal and advisory fees of $1,244 for the year ended March 31, 2022, not Unaudited Pro Forma Information Agena's operations contributed $32,840 to revenues and ( $7,779 2022, 2022 $1,949 October 20, 2021, April 1, 2020 not not April 1, 2020 Year Ended March 31, 2022 2021 Pro forma total revenues (1) $ 222,612 $ 214,206 Pro forma net income (2) 6,193 (3,879 ) ( 1 ( 2 ● Excludes acquisition-related transaction costs incurred in the year ended March 31, 2022. ● Excludes interest expense attributable to Agena external debt that was paid off as part of the acquisition. ● Amortization expense of $15,636 for the years ended March 31, 2022 2021, ● $7,462 was excluded from the year ended March 31, 2022 first six $7,462 March 2021 ● Additional stock based compensation expense representing expense for performance share units awarded to certain key Agena employees. ● Income tax effect of applicable adjustments made at a blended federal and state statutory rate (approximately 26%). GPT Acquisition On October 31, 2019, IBP Acquisition On April 1, 2019, Restructuring Butler, New Jersey We completed the previously announced closure of our Butler, New Jersey facility during the year ended March 31, 2022. March 31, 2022, March 31, 2022, not |
Note 5 - Leases
Note 5 - Leases | 12 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | Note 5. We have operating leases for buildings and office equipment. The following table presents the lease balances within the Consolidated Balance Sheets related to our operating leases: Lease Assets and Liabilities Balance Sheet Location March 31, 2022 March 31, 2021 Operating lease ROU asset Other assets $ 10,201 $ 1,801 Current operating lease liabilities Other accrued expenses 2,768 1,023 Noncurrent operating lease liabilities Other long-term liabilities 7,436 677 Operating lease right of use assets and liabilities increased significantly during the year ended March 31, 2022 4. five The components of lease costs, the weighted average remaining lease term and the weighted average discount rate were as follows: Year Ended March 31, 2022 2021 Operating lease expense $ 1,973 $ 1,130 Variable lease expense 419 272 Total lease expense $ 2,392 $ 1,402 Weighted average remaining lease term in years 4.3 1.8 Weighted average discount rate 1.7 % 3.3 % The weighted average discount rate on operating leases declined significantly as a result of the new leases acquired in the Agena Acquisition. These new lease ROU assets and liabilities were calculated using lower discount rates than leases commenced prior to fiscal year 2022. Supplemental cash flow information related to leases was as follows: Year Ended March 31, 2022 2021 Cash paid for amounts included in the measurements of lease liabilities $ 1,896 $ 1,192 Operating lease assets obtained in exchange for operating lease obligations 10,577 558 Maturities of lease liabilities are as follows as for the years ending March 31: 2023 $ 2,905 2024 2,195 2025 1,999 2026 1,954 2027 1,490 Future value of lease liabilities 10,543 Less: imputed interest 339 Present value of lease liabilities $ 10,204 |
Note 6 - Goodwill and Intangibl
Note 6 - Goodwill and Intangible Assets | 12 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 6 . Goodwill and Intangible Assets Goodwill arises from the excess purchase price of acquired businesses over the fair value of acquired tangible and intangible assets, less assumed liabilities. The change in the carrying amount of goodwill was as follows: Sterilization and Disinfection Control Biopharmaceutical Development Calibration Solutions Clinical Genomics Total March 31, 2020 $ 29,594 74,716 $ 37,226 $ - $ 141,536 Effect of foreign currency translation 559 10,715 63 - 11,337 Goodwill related to GPT acquisition - 7,968 - - 7,968 March 31, 2021 $ 30,153 $ 93,399 $ 37,289 $ - $ 160,841 Effect of foreign currency translation (403 ) (5,134 ) (52 ) 34 (5,555 ) Goodwill related to Agena acquisition - - - 135,880 135,880 March 31, 2022 $ 29,750 $ 88,265 $ 37,237 $ 135,914 $ 291,166 Other intangible assets were as follows: March 31, 2022 March 31, 2021 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 244,157 $ (67,469 ) $ 176,688 $ 145,754 $ (52,206 ) $ 93,548 Intellectual property 65,893 (12,620 ) 53,273 21,201 (8,595 ) 12,606 Other Intangibles 25,350 (5,194 ) 20,156 9,911 (4,324 ) 5,587 Total $ 335,400 $ (85,283 ) $ 250,117 $ 176,866 $ (65,125 ) $ 111,741 The increase in the goodwill and intangible assets balance from March 31, 2021 March 31, 2022 4 . The range of useful lives and weighted-average remaining useful lives of amortizable intangible assets as of March 31, 2022 Est. Useful Weighted Avg. Life Remaining Life Description (Years) (Years) Customer Relationships 5 - 15 8.2 Intellectual Property 5 - 15 7.4 Other Intangibles 5 - 15 11.4 The following is estimated amortization expense for the years ending March 31: 2023 29,745 2024 29,229 2025 27,645 2026 26,873 2027 26,364 Amortization expense of intangibles acquired in a business combination for the years ended March 31, 2022, 2021 2020 |
Note 7 - Supplemental Balance S
Note 7 - Supplemental Balance Sheets Information | 12 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | Note 7. Accrued payroll and benefits consisted of the following: March 31, 2022 March 31, 2021 Bonus payable $ 7,468 $ 3,504 Wages and paid-time-off payable 3,677 3,562 Payroll related taxes 2,069 2,043 Other benefits payable 1,503 279 Total accrued payroll and benefits $ 14,717 $ 9,388 Other accrued expenses consisted of the following: March 31, 2022 March 31, 2021 Accrued business taxes $ 4,967 $ 4,749 Current operating lease liabilities 2,768 1,023 Customer deposits 751 514 Income taxes payable 928 1,648 Other 2,197 2,011 Total other accrued expenses $ 11,611 $ 9,945 Property, plant and equipment consisted of the following: March 31, 2022 March 31, 2021 Land $ 889 $ 889 Buildings 21,537 18,857 Manufacturing equipment 17,336 12,163 Computer equipment 4,519 4,350 Construction in progress 487 985 Other 1,578 1,084 Gross total 46,346 38,328 Accumulated depreciation (17,726 ) (16,330 ) Property, plant and equipment, net $ 28,620 $ 21,998 Depreciation expense for the years ended March 31, 2022, 2021 2020 Inventories consisted of the following: March 31, 2022 March 31, 2021 Raw materials $ 14,172 $ 5,755 Work in process 4,419 426 Finished goods 6,015 4,997 Inventories, net $ 24,606 $ 11,178 As of March 31, 2022, |
Note 8 - Indebtedness
Note 8 - Indebtedness | 12 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 8 . Indebtedness Credit Facility On March 5, 2021, four 1 2 not 3 not Amounts borrowed under the Credit Facility bear interest at either a base rate or a Eurodollar rate, plus an applicable spread. The weighted average interest rate on borrowing under our line of credit during the year ended March 31, 2022 March 31, 2022, March 31, 2022 March 31, 2021, The financial covenants in the Credit Facility include a maximum leverage ratio of 5.50 to 1.00 first four 1.0 eighth 1.0 eighth may 1.0 four 1.0. March 31, 2022, On October 18, 2021, 4. March 31, 2022. March 31, 2022, $49,000. Convertible Notes On August 12, 2019, August 15, 2025, February 15 August 15 February 15, 2020. $1,000 may (i) during any calendar quarter commencing after the calendar quarter ended on December 31, 2019 ( (ii) during the five 10 $1,000 98% (iii) upon the occurrence of certain corporate events or distributions on our common stock, including certain distributions, the occurrence of a fundamental change (as defined in the indenture governing the Notes) or a transaction resulting in the Company’s common stock converting into other securities or property or assets; and (iv) at any time from, and including, April 15, 2025 second Upon conversion, we will pay or deliver, as the case may not March 31, 2022. March 31, 2022, not not March 31, 2022. Debt issuance costs related to the Notes are comprised of discounts and commissions payable to the initial purchasers of $5,175 and third Due to our adoption of ASU 2020 06 April 1, 2021, no 1. The net carrying amount of the Notes was as follows: March 31, 2022 March 31, 2021 Principal outstanding $ 172,500 $ 172,500 Unamortized debt discount attributable to equity - (23,497 ) Unamortized debt issuance costs (3,135 ) (3,328 ) Net carrying value $ 169,365 $ 145,675 We recognized interest expense on the Notes as follows: Year Ended March 31, 2022 2021 Coupon interest expense at 1.375% $ 2,372 $ 2,372 Amortization of debt discounts and issuance costs 890 5,397 Total $ 3,262 $ 7,769 The effective interest rate of the liability component of the note is approximately 1.9%. Prior to the adoption of ASU 2020 06 , |
Note 9 - Stock Transactions and
Note 9 - Stock Transactions and Stock-based Compensation | 12 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | Note 9 . Stock Transactions and Stock-Based Compensation (dollars and shares in thousands, except per share values) In November 2005, may March 31, 2022, 2021 2020 March 31, 2022 Under applicable law, Colorado corporations are not Public Offerings of Common Stock June 12, 2020, June 19, 2020, On August 12, 2019, Stock-Based Compensation During fiscal year 2022, 2021 "2021 2021 March 31, 2022. 2021 Pursuant to the Mesa Laboratories, Inc. 2014 2021 2014 2021 2014 five one 2021 one Under the 2014 March 31, 2022. 2014 3 Stock-based compensation expense recognized in the Consolidated Financial Statements was as follows: Year Ended March 31, 2022 2021 2020 Stock-based compensation expense $ 11,391 $ 9,268 $ 5,525 Amount of income tax (benefit) recognized in earnings (4,055 ) (1,816 ) (1,576 ) Stock-based compensation expense, net of tax $ 7,336 $ 7,452 $ 3,949 Stock Options The weighted average assumptions utilized in the Black-Scholes option-pricing model to estimate the fair value of stock option awards granted each year were as follows: 2022 2021 2020 Risk-free interest rate 0.46 % 0.27 % 1.80 % Expected life (years) 3.52 3.86 4.33 Expected dividend yield 0.06 % 0.10 % 0.13 % Volatility 38.82 % 38.83 % 36.52 % Weighted-average Black-Scholes fair value per share at date of grant $ 76.02 $ 67.66 $ 66.02 The expected life of options represents the estimated period of time until exercise and is based on historical experience of similar awards, giving consideration to the contractual terms, vesting schedules, and expectations of future employee behavior. The substantial majority of options granted during the years ended March 31, 2022 March 31, 2021 third Stock option activity under the 2021 March 31, 2022 Stock Options Shares Subject to Options Weighted- Average Exercise Price per Share Weighted-Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding as of March 31, 2021 253 $ 129.55 2.7 $ 28,856 Awards granted 37 268.81 Awards forfeited or expired (4 ) 191.52 Awards exercised or distributed (84 ) 96.68 Outstanding as of March 31, 2022 202 $ 167.14 2.9 $ 18,261 Exercisable as of March, 31, 2022 100 $ 128.32 1.9 $ 12,636 Exercisable and expected to vest, March 31, 2022 199 $ 174.79 3.0 $ 18,357 The total intrinsic value of stock options exercised during the years ended March 31, 2022, 2021 2020 March 31, 2022 March 31, 2022, 2021 2020 March 31, 2021 2020 $226.72 Time-Based Restricted Stock Units (RSUs) RSU activity under the 2014 2021 Time-Based Restricted Stock Units Number of Shares Weighted- Average Grant Date Fair Value per Share Weighted- average Remaining Contractual Life (Years) Aggregate Intrinsic Value Nonvested at March 31, 2021 37 $ 206.56 1.1 $ 8,948 Awards granted 37 274.55 Awards forfeited or expired (3 ) 250.09 Awards distributed (20 ) 208.52 Nonvested as of March 31, 2022 51 $ 252.86 1.0 $ 13,019 There were 48 time-based RSUs with a weighted average grant date fair value per share of $251.94 that are expected to vest as of March 31, 2022 March 31, 2021 2020, March 31, 2022 March 31, 2022, 2021 2020 Performance-Based Restricted Stock Units (PSUs) PSU activity under the 2014 2021 Performance-Based Restricted Stock Units Number of Shares Weighted- Average Grant Date Fair Value per Share Weighted- average Remaining Contractual Life (Years) Aggregate Intrinsic Value Nonvested at March 31, 2021 at target 20 $ 207.88 0.8 $ 4,884 Awards granted 48 302.15 Performance adjustment 16 Awards distributed (29 ) 197.81 Nonvested as of March 31, 2022 at target 55 $ 288.45 4.3 $ 14,093 Expected to vest 53 $ 283.88 2.8 13,531 (A) During the quarter ended June 30, 2021, 2019 280% 60% 2021. There were no PSUs granted during the year ended March 31, 2021. March 31, 2020, March 31, 2022 March 31, 2021 2020. During the third 2022, October 20, 2021 March 31, 2023. 200%; 50% no March 31, 2022, March 31, 2022. On October 28, 2021, three April 1, 2021 March 31, 2024 October 28, 2021 October 27, 2024, October 27, 2025, October 27, 2026, 0 40; not no During the year ended March 31, 2022, 2017, 3 June 8, 2021. March 20, 2022, 2023, 2024. March 31, 2022 . Performance-based RSUs vest upon completion of the service period described in the award agreement and based on achievement of the financial targets described in the award agreements. We recognize the expense relating to the performance-based RSUs based on the probable outcome of achievement of the financial targets on a straight-line basis over the service period. During fiscal year 2020, 8 20 20 three April 1, 2019 March 31, 2022 12 June 15, 2022. not no March 31, 2022, 20 March 31 2022. 20 first 2023. |
Note 10 - Earnings Per Share
Note 10 - Earnings Per Share | 12 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 10 . Earnings Per Share (dollars and shares in thousands, except per share values) Basic earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding during the reporting period. Diluted earnings per share is computed similarly to basic earnings per share, except that it includes the potential dilution that could occur if dilutive securities were exercised. Potentially dilutive securities include common shares related to stock options and RSUs (collectively “stock awards”) and convertible debt. Stock awards are excluded from the calculation of diluted EPS in the event that they are subject to performance conditions that have not The impact of the assumed conversion of the Notes calculated under the if-converted method was anti-dilutive, and as such shares underlying the Notes were excluded from the diluted EPS calculation for the years ended March 31, 2022 The following table presents a reconciliation of the denominators used in the computation of basic and diluted earnings per share: Year Ended March 31, 2022 2021 2020 Net income available for shareholders $ 1,871 $ 3,274 $ 1,778 Weighted average outstanding shares of common stock 5,212 4,975 4,200 Dilutive effect of stock options 100 125 159 Dilutive effect of RSUs 20 10 12 Dilutive effect of PSUs 3 14 - Fully diluted shares 5,335 5,124 4,371 Basic earnings per share $ 0.36 $ 0.66 $ 0.42 Diluted earnings per share $ 0.35 $ 0.64 $ 0.41 The following stock awards were excluded from the calculation of diluted EPS: Year Ended March 31, 2022 2021 2020 Assumed conversion of convertible debt 608 608 387 Stock awards that were anti-dilutive 40 44 24 Stock awards subject to performance conditions 26 14 18 Total stock awards excluded from diluted EPS 674 666 429 |
Note 11 - Employee Benefit Plan
Note 11 - Employee Benefit Plans | 12 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | Note 11 . Employee Benefit Plan s We adopted the Mesa Laboratories, Inc. 401 January 1, 2000. first first October 20, 2021. Prior to the year ended March 31, 2022, 401 first three July 2022, 401 During the years ended March 31, 2022, 2021 2020 401 |
Note 12 - Income Taxes
Note 12 - Income Taxes | 12 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 12 . Income Taxes Earnings before income taxes are as follows: Year Ended March 31, 2022 2021 2020 Domestic $ 4,579 $ 6,297 $ 16,059 Foreign (1,005 ) (3,994 ) (12,197 ) Total earnings before income taxes $ 3,574 $ 2,303 $ 3,862 The components of our provision for income taxes are as follows: Year Ended March 31, 2022 2021 2020 Current tax provision U.S. Federal $ (83 ) $ 1,500 $ 2,348 U.S. State 286 628 814 Foreign 1,372 404 993 Total current tax expense 1,575 2,532 4,155 Deferred tax provision: U.S. Federal 1,707 (2,410 ) 60 U.S. State 337 (619 ) 599 Foreign (1,916 ) (474 ) (2,730 ) Total deferred tax expense 128 (3,503 ) (2,071 ) Total income tax expense (benefit) $ 1,703 $ (971 ) $ 2,084 The components of net deferred tax assets and liabilities are as follows: March 31, 2022 March 31, 2021 Deferred tax assets: Net operating loss $ 11,274 $ 8,990 Credits 5,321 169 Stock compensation deductible differences 2,137 2,099 Inventories 1,316 838 Allowances and reserves 1,977 1,471 Accrued employee-related expenses 296 209 Debt related 91 -- Other 7 25 Total deferred tax assets 22,419 13,801 Deferred tax liabilities: Goodwill and intangible assets (56,145 ) (23,029 ) Property, plant and equipment (3,284 ) (1,275 ) Debt -- (4,723 ) Currency translation adjustment (185 ) -- Other (3 ) (29 ) Total deferred tax liabilities (59,617 ) (29,056 ) Valuation allowance (708 ) (404 ) Net deferred tax (liability) $ (37,906 ) $ (15,659 ) A reconciliation of our income tax provision and the amounts computed by applying statutory rates to income before income taxes is as follows: Year Ended March 31, 2022 2021 2020 Federal income taxes at statutory rates $ 751 $ 483 $ 811 State income taxes, net of federal benefit 628 (221 ) 1,122 Tax benefit of stock option exercises (4,055 ) (1,816 ) (1,576 ) Foreign-derived intangible income deduction -- (999 ) -- Research and development credit (495 ) (165 ) (191 ) Interest reserve adjustment 668 -- -- Limitation for 162(m) 4,039 1,113 1,112 Foreign rate differential 152 810 657 Other 15 (176 ) 149 Total income tax expense (benefit) $ 1,703 $ (971 ) $ 2,084 We or one 2018, 2017 2017 may December 31, 2018 March 31, 2019 March 31, 2023. We recognize interest and penalties related to unrecognized tax benefits in other expense and general and administrative expense, respectively. Accrued interest and penalties related to unrecognized tax benefits were $0, $0 and $19 as of March 31, 2022, 2021 2020 A reconciliation of the changes in the balance of unrecognized tax benefit amounts is as follows: Year Ended March 31, 2022 2021 2020 Beginning balance $ 64 $ 653 $ 1,361 Increase (decreases) related to prior period tax positions 1,179 (629 ) (1,027 ) Increases related to current period tax positions 86 40 319 Ending balance $ 1,329 $ 64 $ 653 During the year ended March 31, 2022, 33.0%. March 31, 2022, 12 not 12 As of March 31, 2022 March 31, 2021, no not may not no As of March 31, 2022 $26,137 not not 2022 not 2034 2029. 2030 2037 2034 not |
Note 13 - Commitments and Conti
Note 13 - Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 13. We are party to various legal proceedings arising in the ordinary course of business. As of March 31, 2022, not Companies are required to collect and remit sales tax from certain customers if the company is determined to have nexus in a particular state. The determination of nexus varies by state and often requires technical knowledge of each jurisdiction's tax case law. During the year ended March 31, 2021, not March 31, 2022 2021, may March 31, 2023. |
Note 14 - Segment Data
Note 14 - Segment Data | 12 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 14. Segment information is prepared on the same basis that our CEO, who is our Chief Operating Decision Maker, uses to manage the segments, evaluate financial results, and make key operating decisions. The acquisition of Agena discussed in Note 4 . not We have four reportable segments organized primarily by product type: Sterilization and Disinfection Control, Biopharmaceutical Development, Calibration Solutions, and Clinical Genomics. When determining our reportable segments, we aggregated operating segments based on their similar economic and operating characteristics. We evaluate the performance of our operating segments based on revenues, organic revenues growth, and gross profit. The accounting policies of the operating segments are the same as those described in Note 1 . The following tables set forth our segment information: Year Ended March 31, 2022 2021 2020 Revenues (a): Sterilization and Disinfection Control $ 59,044 $ 53,119 $ 49,660 Biopharmaceutical Development 45,579 33,892 13,851 Calibration Solutions 46,872 46,926 51,713 Clinical Genomics 32,840 - - Reportable segment revenues 184,335 133,937 115,224 Corporate and Other (b) - - 2,463 Total revenues $ 184,335 $ 133,937 $ 117,687 Gross profit: Sterilization and Disinfection Control $ 43,720 $ 39,870 $ 35,797 Biopharmaceutical Development 28,605 21,035 382 Calibration Solutions 24,989 26,112 28,765 Clinical Genomics 11,941 - - Reportable segment gross profit 109,255 87,017 64,944 Corporate and Other (b) (165 ) (3 ) 418 Gross profit $ 109,090 $ 87,014 $ 65,362 Reconciling items: Operating expenses 104,388 74,656 57,439 Operating income 4,702 12,358 7,923 Nonoperating expense 1,128 10,055 4,061 Earnings before income taxes $ 3,574 $ 2,303 $ 3,862 (a) Intersegment revenues are not (b) Non-reportable operating segments (including our Cold Chain Packaging Division which ceased operations during the year ended March 31, 2020) The following table sets forth net inventories by reportable segment. Our chief operating decision maker is not March 31, March 31, 2022 2021 Sterilization and Disinfection Control $ 2,176 $ 2,333 Biopharmaceutical Development 4,495 4,162 Calibration Solutions 6,133 4,683 Clinical Genomics 11,802 - Reportable segment inventory 24,606 11,178 Corporate and Other - - Total inventories, net $ 24,606 $ 11,178 The following table sets forth a summary of long-lived assets by geographic area. Long-lived assets exclude goodwill and intangible assets acquired in a business combination and deferred tax assets. As of March 31, 2022 2021 United States $ 36,475 $ 21,443 Foreign 3,975 3,085 Total $ 40,450 $ 24,528 Revenues from external customers are attributed to individual countries based upon locations to which the product is shipped or exported, as follows: Year Ended March 31, 2022 2021 2020 United States $ 99,068 $ 71,387 $ 66,344 Foreign 85,267 62,550 51,343 Total revenues $ 184,335 $ 133,937 $ 117,687 No 10% No 10% |
Note 15 - Subsequent Events
Note 15 - Subsequent Events | 12 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 15 . Subsequent Events On April 5, 2022, SM may In April 2022, $557 fourth 2022. $195 first 2023. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Principles of Consolidation and Basis of Presentation Our Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and include our accounts and wholly owned subsidiaries after elimination of all intercompany accounts and transactions. Agena results are consolidated with Mesa's financial statements beginning October 20, 2021, not not March 31, 2022 14. not |
Reclassification, Comparability Adjustment [Policy Text Block] | Prior Period Reclassification Certain amounts presented in Note 2. 2022 not March 31, 2022. |
Use of Estimates, Policy [Policy Text Block] | Management Estimates The preparation of our Consolidated Financial Statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in our Consolidated Financial Statements and accompanying notes. Actual results could differ from our estimates under different assumptions or conditions. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Exchange rate adjustments resulting from foreign currency transactions are recognized in net earnings, whereas effects resulting from the translation of financial statements are reflected as a component of accumulated other comprehensive income within stockholders’ equity. Assets and liabilities of subsidiaries operating outside the United States with a functional currency other than the U.S. dollar are translated into U.S. dollars at period end exchange rates, and revenue and expense accounts are translated at weighted average period rates. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments Fair value is the price we would receive to sell an asset or pay to transfer a liability (exit price) in an orderly transaction between market participants. We determine fair value based on the following input hierarchy: Level 1: Level 2: 1, not Level 3: no |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition Our revenues come from product sales, which include consumables and hardware; as well as services, which include discrete and ongoing calibration, testing, and maintenance services and contracts. Revenues are recognized when we satisfy our performance obligations under the terms of a contract, which occurs when control of the promised products or services transfers to our customers. We recognize as revenue the amount of consideration we expect to receive in exchange for transferring products or services to our customers (the transaction price). For all revenue contracts, prices are fixed at the time of purchase and no 12 Product sales: Services: no may Collectability is reasonably assured through our customer review process, and payment is typically due within 60 606, one not not one None March 31, 2022 March 31, 2021. Contracts with customers may not may |
Shipping and Handling Cost, Policy [Policy Text Block] | Shipping and handling Payments made by customers to us for shipping and handling costs are included in revenues on the Consolidated Statements of Income, and our expenses are included in cost of revenues. Our performance obligation with respect to shipping and handling consists of a promise to secure such services from a third |
Revenue from Contract with Customer, Deferred Revenue [Policy Text Block] | Unearned Revenues Certain of our products may one |
Standard Product Warranty, Policy [Policy Text Block] | Accrued Warranty Expense We typically provide assurance-type limited product warranties on our products and, accordingly, accrue for estimates of related warranty expenses. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents We classify any highly liquid investments with maturities of three |
Accounts Receivable [Policy Text Block] | Accounts Receivable and Allowance for Doubtful Accounts All trade accounts receivable are reported at net realizable value on the accompanying Consolidated Balance Sheets, adjusted for any write-offs and net of allowances for doubtful accounts. Allowances for doubtful accounts represent our best estimate and current expectation of future credit losses from trade accounts. We estimate credit losses based on historical information, current and expected future economic and market conditions, and reviews of the current status of customers’ trade accounts receivable. Customers are pooled based on shared specific risk factors such as historical credit loss patterns. In circumstances in which we become aware of a specific customer’s inability to meet its financial obligations, a specific reserve is recorded against amounts due to reduce the recognized receivable to the amount reasonably expected to be collected. We do not may March 31, 2022, 2021, 2020, |
Inventory, Policy [Policy Text Block] | Inventories Inventories are stated at the lower of cost or net realizable value using a weighted average costing methodology. Inventories acquired in an acquisition are recorded at fair market value. Our work in process and finished goods inventories include the costs of raw materials, labor and overhead, which are estimated based on trailing twelve We monitor inventory costs relative to selling prices and perform physical cycle count procedures on inventories throughout the year to determine if a lower of cost or net realizable value reserve is necessary. We estimate and maintain an inventory reserve as needed for such matters as excess or obsolete inventory, shrinkage, and scrap. This reserve may not |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment Property, plant and equipment are stated at cost, except for assets acquired in acquisitions, which are recorded at fair value. Expenditures for major renewals and improvements that extend the life of the asset are capitalized, while expenditures for minor replacements, maintenance, and repairs are expensed as incurred. Depreciation is calculated using the straight-line method over the assets’ estimated useful lives. Upon asset retirement or disposal, accounts are relieved of cost and accumulated depreciation, and any related gain or loss is reflected in our results of operations. For certain business consolidation activities, accelerated depreciation may Category Useful Lives Buildings / Building improvements 40 (years or less) Office equipment 7 (years or less) Manufacturing equipment 7 (years or less) Computer equipment 3 (years or less) Leasehold Improvements Lesser of the economic life or the remaining term in the respective lease Land is not not |
Lessee, Leases [Policy Text Block] | Leases Under ASC 842, not not 12 not A contract is a lease or contains one 1 2 not none 842. Our leases typically contain rent escalations over the lease term. We recognize expense for these leases on a straight-line basis over the lease term. Lease expense is recorded in cost of products, selling, general and administrative, or research and development on our Consolidated Statements of Income, depending on the nature of use of the underlying asset. Many of our leases include one |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Acquired Intangible Assets Our goodwill and other intangible assets result from acquisitions of existing businesses. Upon acquisition, we record the fair values of identifiable indefinite and definite lived intangible assets using, among other sources of relevant information, independent appraisals, or actuarial or other valuations. Intangible assets affect the amount of future amortization expense and possible impairment charges we may Goodwill and indefinite lived intangible assets (certain tradenames we intend to renew and continue using indefinitely) are not fourth may not Intangible assets deemed to have definite lives are amortized on a straight-line basis over their useful lives, generally ranging from five fifteen 6. not The fair value measurement used in testing intangible asset impairment is typically based on discounted cash flow projection models, using Level 3 not March 31, 2022 |
Research and Development Expense, Policy [Policy Text Block] | Research & Development Costs We conduct research and development activities for the purpose of developing new products and enhancing the functionality, effectiveness, reliability, and accuracy of existing products. Research and development expense is predominantly comprised of labor costs and third may |
Debt, Policy [Policy Text Block] | Convertible Debt Convertible debt instruments without embedded derivatives such as our 1.375% convertible senior notes due 2025 8. may |
Share-Based Payment Arrangement [Policy Text Block] | Stock-based Compensation We issue shares in the form of stock options and full-value awards as part of employee compensation pursuant to the Mesa Laboratories, Inc. 2014 "2014 2021 "2021 Stock options and service-based stock awards generally vest equally over a three five six ten one 2021 The fair value of each granted stock option is estimated on the grant date using the Black-Scholes option valuation model. The assumptions used to calculate the fair value of granted options reflect market conditions and our historical experience. We estimate forfeitures using a dynamic forfeiture model based on historical data when determining the amount of stock-based compensation costs to recognize each period. Restricted stock units ("RSUs") issued by us are equivalent to nonvested shares under the applicable accounting guidance. The fair value of RSUs is based on the closing price of Mesa's common stock on the award date, less the present value of expected dividends not Expense for performance-based RSUs ("PSUs") is recognized when it is probable the performance goal will be achieved. Performance goals are determined by the Board of Directors and may We allocate stock-based compensation expense to cost of revenues, selling, research and development, and general and administrative expense in the Consolidated Statements of Income. |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share Basic earnings per share (“EPS”) is computed by dividing net income by the weighted-average number of common shares outstanding during the reporting period. Diluted earnings per share (“diluted EPS”) is computed similarly to basic earnings per share, except it includes the effects of potential common shares related to stock options, restricted stock units, performance share units, and convertible debt in periods in which such effects are dilutive. Potentially dilutive securities are excluded from the calculation of diluted EPS in the event they are subject to performance conditions that have not 10. March 31, 2022, 2021 2020 |
Income Tax, Policy [Policy Text Block] | Income Taxes Income tax expense includes U.S., state, local and international income taxes, plus a provision for U.S. taxes on undistributed earnings of foreign subsidiaries and other prescribed foreign entities not not We are involved in various tax matters, some of which have uncertain outcomes. We establish reserves to remove some or all of the tax benefits related to our tax positions at the time we determine one 1 not not” 2 not” 3 not” not 1 2 3 may not” first 1 not” 2 3 12. |
Acquisition Related Contingent Consideration Liability, Policy [Policy Text Block] | Acquisition Related Contingent Consideration Liabilit ies Acquisition related contingent consideration liabilities consist of estimated amounts due under various acquisition agreements and are typically based on either revenues growth or specified profitability growth metrics. At each reporting period, we evaluate the expected future payments and the associated discount rate to determine the fair value of the contingent consideration, and we record any necessary adjustments in other expense, net on the Consolidated Statements of Income. As of March 31, 2022, no |
Commitments and Contingencies, Policy [Policy Text Block] | Legal Contingencies We are party to various claims and legal proceedings that arise in the normal course of business. We record an accrual for legal contingencies when we determine it is probable we have incurred a liability and can reasonably estimate the amount of the loss (See Note 13. |
Business Combinations Policy [Policy Text Block] | Purchase Accounting for Acquisitions We account for all business combinations in which we obtain control over another entity using the acquisition method of accounting, which requires most assets (both tangible and intangible) and liabilities (including contingent consideration) to be recognized at fair value at the date of acquisition. The excess of the purchase price over the fair value of assets less liabilities is recognized as goodwill. We determine fair value using widely accepted valuation techniques, primarily discounted cash flow and market multiple analyses. These types of analyses require us to make and monitor assumptions and estimates regarding industry and economic factors, the profitability of future business strategies, discount rates and cash flow. Certain adjustments to the assessed fair values of acquired assets or liabilities made subsequent to the acquisition date but within the measurement period are recorded as adjustments to goodwill. Any adjustments subsequent to the measurement period are recorded within earnings. We expense all acquisition costs as incurred related to an acquisition in selling, general, and administrative expenses. Results of operations of the acquired company are included in our Consolidated Financial Statements from the date of the acquisition forward. If actual results are not may March 31, 2022, 2021 2020 |
Costs Associated with Exit or Disposal Activities or Restructurings, Policy [Policy Text Block] | Business Consolidation Costs We estimate our liabilities for business closure activities by gathering detailed estimates of costs and, if applicable, asset sale proceeds, for each business consolidation initiative. For a typical business consolidation initiative, we estimate costs of employee severance, impairment of property and equipment and other assets including estimating net realizable value, if necessary, accelerated depreciation, termination payments for contracts and leases, and any other qualifying costs related to the exit plan. Such charges represent our best estimates; however, they require assumptions about plans that may |
Risk and Uncertainties, Policy [Policy Text Block] | Risks and Uncertainties The preparation of financial statements requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the reporting date and revenues and expenses during the reporting periods. These estimates represent management's judgement about the outcome of future events. The current global business environment continues to be impacted directly and indirectly by the effects of the novel coronavirus ("COVID- 19" not ● Estimates regarding the future financial performance of the business used in the impairment tests for goodwill and long-lived assets acquired in a business combination; however, our impairment test conducted during the quarter ended March 31, 2022 not ● Estimates regarding the recoverability of deferred tax assets and estimates regarding cash needs and associated indefinite reinvestment assertions; ● Estimates regarding recoverability for customer receivables; ● Estimates of the net realizable value of inventory. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements We have reviewed all recently issued accounting pronouncements and have concluded that they are either not not Recently Adopted Accounting Pronouncements In August 2020, No. 2020 06, Debt with Conversion and Other Options and Derivatives and Hedging Accounting for Convertible Instruments and Contracts in an Entity's Own Equity 2020 06" 2025. 2020 06 December 15, 2021, December 15, 2020. We early adopted ASU 2020 06 April 1, 2021 $5,683 April 1, 2021. 2020 06. In each period in which the Notes have been outstanding, we have always intended to settle the Notes in shares of common stock rather than in cash, and therefore, we have applied the if-converted method to calculate the potentially dilutive impact of the Notes on earnings per share. In each reporting period, we have determined that the Notes were antidilutive. Due to decreases in non-cash interest expense that will result from the adoption of ASU 2020 06, On October 28, 2021, No. 2021 08 2021 08" Accounting for Contract Assets and Contract Liabilities from Contracts with Customers 805 606 We early adopted ASU 2021 08 October 28, 2021 2021 08, 606 no |
Note 1 - Description of Busin_2
Note 1 - Description of Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Property, Plant and Equipment, Useful Life [Table Text Block] | Category Useful Lives Buildings / Building improvements 40 (years or less) Office equipment 7 (years or less) Manufacturing equipment 7 (years or less) Computer equipment 3 (years or less) Leasehold Improvements Lesser of the economic life or the remaining term in the respective lease |
Note 2 - Revenue Recognition (T
Note 2 - Revenue Recognition (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Year Ended March 31, 2022 Sterilization and Disinfection Control Biopharmaceutical Development Calibration Solutions Clinical Genomics (1) Corporate and Other Total Discrete Revenues Consumables $ 50,311 $ 15,551 $ 3,675 $ 22,271 $ - $ 91,808 Hardware and Software 700 21,651 28,537 6,726 - 57,614 Services 2,225 3,864 11,212 1,796 - 19,097 Contracted Revenues Services 5,808 4,513 3,448 2,047 - 15,816 Total Revenues $ 59,044 $ 45,579 $ 46,872 $ 32,840 $ - $ 184,335 Year Ended March 31, 2021 Sterilization and Disinfection Control Biopharmaceutical Development Calibration Solutions Clinical Genomics (1) Corporate and Other Total Discrete Revenues Consumables $ 45,869 $ 13,942 $ 3,198 $ - $ - $ 63,009 Hardware and Software 505 13,545 29,969 - - 44,019 Services 1,848 2,928 10,850 - - 15,626 Contracted Revenues Services 4,897 3,477 2,909 - - 11,283 Total Revenues $ 53,119 $ 33,892 $ 46,926 $ - $ - $ 133,937 Year Ended March 31, 2020 Sterilization and Disinfection Control Biopharmaceutical Development (2) Calibration Solutions Clinical Genomics (1) Corporate and Other Total Discrete Revenues Consumables $ 42,654 $ 4,981 $ 3,240 $ - $ 2,436 $ 53,311 Hardware and Software 551 6,015 33,524 - - 40,090 Services 1,592 1,761 11,556 - 27 14,936 Contracted Revenues Services 4,863 1,094 3,393 - - 9,350 Total Revenues $ 49,660 $ 13,851 $ 51,713 $ - $ 2,463 $ 117,687 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | Contract liabilities as of March 31, 2021 $ 8,994 Prior year liabilities recognized in revenues during the year ended March 31, 2022 (5,791 ) Contract liabilities added during the year ended March 31, 2022, net of revenues recognized 11,866 Contract liabilities balance as of March 31, 2022 $ 15,069 |
Note 3 - Fair Value Measureme_2
Note 3 - Fair Value Measurements (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | March 31, 2022 March 31, 2021 Carrying Value Fair Value (Level 2) Carrying Value Fair Value (Level 2) Notes $ 169,365 $ 185,438 $ 145,675 $ 188,780 |
Note 4 - Significant Transact_2
Note 4 - Significant Transactions (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Life (in years) Amount Cash and cash equivalents $ 7,544 Accounts receivable (a) 11,100 Other current assets (b) 25,480 Total current assets 44,124 Property, plant and equipment/noncurrent assets 15,832 Deferred tax asset 811 Intangible assets: Goodwill (c) N/A 135,880 Customer relationships (d) 12 103,800 Intellectual property (d) 8 45,400 Tradenames (d) 12 15,700 Total Assets acquired $ 361,547 Accounts payable 2,174 Unearned revenues 2,713 Other current liabilities 12,295 Total current liabilities 17,182 Deferred tax liability 27,765 Other noncurrent liabilities 8,263 Total liabilities assumed $ 53,210 Total purchase price, net of cash acquired $ 300,793 |
Business Acquisition, Pro Forma Information [Table Text Block] | Year Ended March 31, 2022 2021 Pro forma total revenues (1) $ 222,612 $ 214,206 Pro forma net income (2) 6,193 (3,879 ) |
Note 5 - Leases (Tables)
Note 5 - Leases (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Lease Assets and Liabilities [Table Text Block] | Lease Assets and Liabilities Balance Sheet Location March 31, 2022 March 31, 2021 Operating lease ROU asset Other assets $ 10,201 $ 1,801 Current operating lease liabilities Other accrued expenses 2,768 1,023 Noncurrent operating lease liabilities Other long-term liabilities 7,436 677 |
Lease, Cost [Table Text Block] | Year Ended March 31, 2022 2021 Operating lease expense $ 1,973 $ 1,130 Variable lease expense 419 272 Total lease expense $ 2,392 $ 1,402 Weighted average remaining lease term in years 4.3 1.8 Weighted average discount rate 1.7 % 3.3 % |
Supplemental Cash Flow Information Related to Leases [Table Text Block] | Year Ended March 31, 2022 2021 Cash paid for amounts included in the measurements of lease liabilities $ 1,896 $ 1,192 Operating lease assets obtained in exchange for operating lease obligations 10,577 558 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | 2023 $ 2,905 2024 2,195 2025 1,999 2026 1,954 2027 1,490 Future value of lease liabilities 10,543 Less: imputed interest 339 Present value of lease liabilities $ 10,204 |
Note 6 - Goodwill and Intangi_2
Note 6 - Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Sterilization and Disinfection Control Biopharmaceutical Development Calibration Solutions Clinical Genomics Total March 31, 2020 $ 29,594 74,716 $ 37,226 $ - $ 141,536 Effect of foreign currency translation 559 10,715 63 - 11,337 Goodwill related to GPT acquisition - 7,968 - - 7,968 March 31, 2021 $ 30,153 $ 93,399 $ 37,289 $ - $ 160,841 Effect of foreign currency translation (403 ) (5,134 ) (52 ) 34 (5,555 ) Goodwill related to Agena acquisition - - - 135,880 135,880 March 31, 2022 $ 29,750 $ 88,265 $ 37,237 $ 135,914 $ 291,166 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | March 31, 2022 March 31, 2021 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 244,157 $ (67,469 ) $ 176,688 $ 145,754 $ (52,206 ) $ 93,548 Intellectual property 65,893 (12,620 ) 53,273 21,201 (8,595 ) 12,606 Other Intangibles 25,350 (5,194 ) 20,156 9,911 (4,324 ) 5,587 Total $ 335,400 $ (85,283 ) $ 250,117 $ 176,866 $ (65,125 ) $ 111,741 Est. Useful Weighted Avg. Life Remaining Life Description (Years) (Years) Customer Relationships 5 - 15 8.2 Intellectual Property 5 - 15 7.4 Other Intangibles 5 - 15 11.4 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2023 29,745 2024 29,229 2025 27,645 2026 26,873 2027 26,364 |
Note 7 - Supplemental Balance_2
Note 7 - Supplemental Balance Sheets Information (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Employee Related Liabilities [Table Text Block] | March 31, 2022 March 31, 2021 Bonus payable $ 7,468 $ 3,504 Wages and paid-time-off payable 3,677 3,562 Payroll related taxes 2,069 2,043 Other benefits payable 1,503 279 Total accrued payroll and benefits $ 14,717 $ 9,388 |
Schedule of Accrued Liabilities [Table Text Block] | March 31, 2022 March 31, 2021 Accrued business taxes $ 4,967 $ 4,749 Current operating lease liabilities 2,768 1,023 Customer deposits 751 514 Income taxes payable 928 1,648 Other 2,197 2,011 Total other accrued expenses $ 11,611 $ 9,945 |
Property, Plant and Equipment [Table Text Block] | March 31, 2022 March 31, 2021 Land $ 889 $ 889 Buildings 21,537 18,857 Manufacturing equipment 17,336 12,163 Computer equipment 4,519 4,350 Construction in progress 487 985 Other 1,578 1,084 Gross total 46,346 38,328 Accumulated depreciation (17,726 ) (16,330 ) Property, plant and equipment, net $ 28,620 $ 21,998 |
Schedule of Inventory, Current [Table Text Block] | March 31, 2022 March 31, 2021 Raw materials $ 14,172 $ 5,755 Work in process 4,419 426 Finished goods 6,015 4,997 Inventories, net $ 24,606 $ 11,178 |
Note 8 - Indebtedness (Tables)
Note 8 - Indebtedness (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Convertible Debt [Table Text Block] | March 31, 2022 March 31, 2021 Principal outstanding $ 172,500 $ 172,500 Unamortized debt discount attributable to equity - (23,497 ) Unamortized debt issuance costs (3,135 ) (3,328 ) Net carrying value $ 169,365 $ 145,675 |
Interest Expense on Convertible Debt [Table Text Block] | Year Ended March 31, 2022 2021 Coupon interest expense at 1.375% $ 2,372 $ 2,372 Amortization of debt discounts and issuance costs 890 5,397 Total $ 3,262 $ 7,769 |
Note 9 - Stock Transactions a_2
Note 9 - Stock Transactions and Stock-based Compensation (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Year Ended March 31, 2022 2021 2020 Stock-based compensation expense $ 11,391 $ 9,268 $ 5,525 Amount of income tax (benefit) recognized in earnings (4,055 ) (1,816 ) (1,576 ) Stock-based compensation expense, net of tax $ 7,336 $ 7,452 $ 3,949 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2022 2021 2020 Risk-free interest rate 0.46 % 0.27 % 1.80 % Expected life (years) 3.52 3.86 4.33 Expected dividend yield 0.06 % 0.10 % 0.13 % Volatility 38.82 % 38.83 % 36.52 % Weighted-average Black-Scholes fair value per share at date of grant $ 76.02 $ 67.66 $ 66.02 |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Stock Options Shares Subject to Options Weighted- Average Exercise Price per Share Weighted-Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding as of March 31, 2021 253 $ 129.55 2.7 $ 28,856 Awards granted 37 268.81 Awards forfeited or expired (4 ) 191.52 Awards exercised or distributed (84 ) 96.68 Outstanding as of March 31, 2022 202 $ 167.14 2.9 $ 18,261 Exercisable as of March, 31, 2022 100 $ 128.32 1.9 $ 12,636 Exercisable and expected to vest, March 31, 2022 199 $ 174.79 3.0 $ 18,357 |
Share-Based Payment Arrangement, Activity [Table Text Block] | Time-Based Restricted Stock Units Number of Shares Weighted- Average Grant Date Fair Value per Share Weighted- average Remaining Contractual Life (Years) Aggregate Intrinsic Value Nonvested at March 31, 2021 37 $ 206.56 1.1 $ 8,948 Awards granted 37 274.55 Awards forfeited or expired (3 ) 250.09 Awards distributed (20 ) 208.52 Nonvested as of March 31, 2022 51 $ 252.86 1.0 $ 13,019 |
Share-Based Payment Arrangement, Performance Shares, Activity [Table Text Block] | Performance-Based Restricted Stock Units Number of Shares Weighted- Average Grant Date Fair Value per Share Weighted- average Remaining Contractual Life (Years) Aggregate Intrinsic Value Nonvested at March 31, 2021 at target 20 $ 207.88 0.8 $ 4,884 Awards granted 48 302.15 Performance adjustment 16 Awards distributed (29 ) 197.81 Nonvested as of March 31, 2022 at target 55 $ 288.45 4.3 $ 14,093 Expected to vest 53 $ 283.88 2.8 13,531 |
Note 10 - Earnings Per Share (T
Note 10 - Earnings Per Share (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended March 31, 2022 2021 2020 Net income available for shareholders $ 1,871 $ 3,274 $ 1,778 Weighted average outstanding shares of common stock 5,212 4,975 4,200 Dilutive effect of stock options 100 125 159 Dilutive effect of RSUs 20 10 12 Dilutive effect of PSUs 3 14 - Fully diluted shares 5,335 5,124 4,371 Basic earnings per share $ 0.36 $ 0.66 $ 0.42 Diluted earnings per share $ 0.35 $ 0.64 $ 0.41 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Year Ended March 31, 2022 2021 2020 Assumed conversion of convertible debt 608 608 387 Stock awards that were anti-dilutive 40 44 24 Stock awards subject to performance conditions 26 14 18 Total stock awards excluded from diluted EPS 674 666 429 |
Note 12 - Income Taxes (Tables)
Note 12 - Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Year Ended March 31, 2022 2021 2020 Domestic $ 4,579 $ 6,297 $ 16,059 Foreign (1,005 ) (3,994 ) (12,197 ) Total earnings before income taxes $ 3,574 $ 2,303 $ 3,862 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended March 31, 2022 2021 2020 Current tax provision U.S. Federal $ (83 ) $ 1,500 $ 2,348 U.S. State 286 628 814 Foreign 1,372 404 993 Total current tax expense 1,575 2,532 4,155 Deferred tax provision: U.S. Federal 1,707 (2,410 ) 60 U.S. State 337 (619 ) 599 Foreign (1,916 ) (474 ) (2,730 ) Total deferred tax expense 128 (3,503 ) (2,071 ) Total income tax expense (benefit) $ 1,703 $ (971 ) $ 2,084 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | March 31, 2022 March 31, 2021 Deferred tax assets: Net operating loss $ 11,274 $ 8,990 Credits 5,321 169 Stock compensation deductible differences 2,137 2,099 Inventories 1,316 838 Allowances and reserves 1,977 1,471 Accrued employee-related expenses 296 209 Debt related 91 -- Other 7 25 Total deferred tax assets 22,419 13,801 Deferred tax liabilities: Goodwill and intangible assets (56,145 ) (23,029 ) Property, plant and equipment (3,284 ) (1,275 ) Debt -- (4,723 ) Currency translation adjustment (185 ) -- Other (3 ) (29 ) Total deferred tax liabilities (59,617 ) (29,056 ) Valuation allowance (708 ) (404 ) Net deferred tax (liability) $ (37,906 ) $ (15,659 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended March 31, 2022 2021 2020 Federal income taxes at statutory rates $ 751 $ 483 $ 811 State income taxes, net of federal benefit 628 (221 ) 1,122 Tax benefit of stock option exercises (4,055 ) (1,816 ) (1,576 ) Foreign-derived intangible income deduction -- (999 ) -- Research and development credit (495 ) (165 ) (191 ) Interest reserve adjustment 668 -- -- Limitation for 162(m) 4,039 1,113 1,112 Foreign rate differential 152 810 657 Other 15 (176 ) 149 Total income tax expense (benefit) $ 1,703 $ (971 ) $ 2,084 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | Year Ended March 31, 2022 2021 2020 Beginning balance $ 64 $ 653 $ 1,361 Increase (decreases) related to prior period tax positions 1,179 (629 ) (1,027 ) Increases related to current period tax positions 86 40 319 Ending balance $ 1,329 $ 64 $ 653 |
Note 14 - Segment Data (Tables)
Note 14 - Segment Data (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Year Ended March 31, 2022 2021 2020 Revenues (a): Sterilization and Disinfection Control $ 59,044 $ 53,119 $ 49,660 Biopharmaceutical Development 45,579 33,892 13,851 Calibration Solutions 46,872 46,926 51,713 Clinical Genomics 32,840 - - Reportable segment revenues 184,335 133,937 115,224 Corporate and Other (b) - - 2,463 Total revenues $ 184,335 $ 133,937 $ 117,687 Gross profit: Sterilization and Disinfection Control $ 43,720 $ 39,870 $ 35,797 Biopharmaceutical Development 28,605 21,035 382 Calibration Solutions 24,989 26,112 28,765 Clinical Genomics 11,941 - - Reportable segment gross profit 109,255 87,017 64,944 Corporate and Other (b) (165 ) (3 ) 418 Gross profit $ 109,090 $ 87,014 $ 65,362 Reconciling items: Operating expenses 104,388 74,656 57,439 Operating income 4,702 12,358 7,923 Nonoperating expense 1,128 10,055 4,061 Earnings before income taxes $ 3,574 $ 2,303 $ 3,862 March 31, March 31, 2022 2021 Sterilization and Disinfection Control $ 2,176 $ 2,333 Biopharmaceutical Development 4,495 4,162 Calibration Solutions 6,133 4,683 Clinical Genomics 11,802 - Reportable segment inventory 24,606 11,178 Corporate and Other - - Total inventories, net $ 24,606 $ 11,178 |
Long-Lived Assets by Geographic Areas [Table Text Block] | As of March 31, 2022 2021 United States $ 36,475 $ 21,443 Foreign 3,975 3,085 Total $ 40,450 $ 24,528 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Year Ended March 31, 2022 2021 2020 United States $ 99,068 $ 71,387 $ 66,344 Foreign 85,267 62,550 51,343 Total revenues $ 184,335 $ 133,937 $ 117,687 |
Note 1 - Description of Busin_3
Note 1 - Description of Business and Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | Apr. 01, 2021 | Aug. 12, 2019 | |
Accounts Receivable, Credit Loss Expense (Reversal) | $ 304 | $ 100 | $ 1 | |||
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 300,793 | 0 | $ 184,102 | |||
Goodwill, Impairment Loss | $ 0 | |||||
Deferred Tax Liabilities, Deferred Expense, Debt | $ 4,723 | |||||
Accounting Standards Update 2020-06 [Member] | ||||||
Debt Instrument, Convertible, Carrying Amount of Equity Component | $ (22,735) | |||||
Deferred Tax Liabilities, Deferred Expense, Debt | (5,747) | |||||
Convertible Debt, Total | $ 22,799 | |||||
Equity Plan 2014 [Member] | Director [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | |||||
The Notes [Member] | Senior Notes [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.375% | 1.375% | 1.375% | |||
Minimum [Member] | ||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years | |||||
Minimum [Member] | Equity Plan 2014 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |||||
Minimum [Member] | Equity Plan 2014 [Member] | Share-Based Payment Arrangement, Option [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 6 years | |||||
Maximum [Member] | ||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | |||||
Maximum [Member] | Equity Plan 2014 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | |||||
Maximum [Member] | Equity Plan 2014 [Member] | Share-Based Payment Arrangement, Option [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 10 years |
Note 1 - Description of Busin_4
Note 1 - Description of Business and Summary of Significant Accounting Policies - Estimated Useful Lives (Details) | 12 Months Ended |
Mar. 31, 2022 | |
Building [Member] | |
Property plant and equipment (Year) | 40 years |
Office Equipment [Member] | Maximum [Member] | |
Property plant and equipment (Year) | 7 years |
Manufacturing Equipment [Member] | Maximum [Member] | |
Property plant and equipment (Year) | 7 years |
Computer Equipment [Member] | Maximum [Member] | |
Property plant and equipment (Year) | 3 years |
Note 2 - Revenue Recognition (D
Note 2 - Revenue Recognition (Details Textual) $ in Thousands | 12 Months Ended |
Mar. 31, 2022USD ($) | |
Contract with Customer, Asset, after Allowance for Credit Loss, Total | $ 0 |
Agena [Member] | |
Contract with Customer, Liability, Increase (Decrease) for Contract Acquired in Business Combination | $ 3,478 |
Note 2 - Revenue Recognition -
Note 2 - Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) | 12 Months Ended | |||||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | ||||
Revenue | $ 184,335,000 | $ 133,937,000 | $ 117,687,000 | |||
Consumables [Member] | Transferred at Point in Time [Member] | ||||||
Revenue | 91,808,000 | 63,009,000 | 53,311,000 | |||
Hardware and Software [Member] | Transferred at Point in Time [Member] | ||||||
Revenue | 57,614,000 | 44,019,000 | 40,090,000 | |||
Service [Member] | ||||||
Revenue | 34,913,000 | 26,909,000 | 24,286,000 | |||
Service [Member] | Transferred at Point in Time [Member] | ||||||
Revenue | 19,097,000 | 15,626,000 | 14,936,000 | |||
Service [Member] | Transferred over Time [Member] | ||||||
Revenue | 11,283,000 | |||||
Services and Software [Member] | Transferred over Time [Member] | ||||||
Revenue | 15,816,000 | 9,350,000 | ||||
Operating Segments [Member] | ||||||
Revenue | 184,335 | 133,937 | 115,224 | |||
Corporate, Non-Segment [Member] | ||||||
Revenue | [1],[2] | 0 | 0 | 2,463,000 | ||
Corporate, Non-Segment [Member] | Consumables [Member] | Transferred at Point in Time [Member] | ||||||
Revenue | 2,436,000 | |||||
Corporate, Non-Segment [Member] | Service [Member] | Transferred at Point in Time [Member] | ||||||
Revenue | 27,000 | |||||
Sterilization and Disinfection Control [Member] | Operating Segments [Member] | ||||||
Revenue | [1] | 59,044,000 | 53,119,000 | 49,660,000 | ||
Sterilization and Disinfection Control [Member] | Operating Segments [Member] | Consumables [Member] | Transferred at Point in Time [Member] | ||||||
Revenue | 50,311,000 | 45,869,000 | 42,654,000 | |||
Sterilization and Disinfection Control [Member] | Operating Segments [Member] | Hardware and Software [Member] | Transferred at Point in Time [Member] | ||||||
Revenue | 700,000 | 505,000 | 551,000 | |||
Sterilization and Disinfection Control [Member] | Operating Segments [Member] | Service [Member] | Transferred at Point in Time [Member] | ||||||
Revenue | 2,225,000 | 1,848,000 | 1,592,000 | |||
Sterilization and Disinfection Control [Member] | Operating Segments [Member] | Service [Member] | Transferred over Time [Member] | ||||||
Revenue | 4,897,000 | |||||
Sterilization and Disinfection Control [Member] | Operating Segments [Member] | Services and Software [Member] | Transferred over Time [Member] | ||||||
Revenue | 5,808,000 | 4,863,000 | ||||
Biopharmaceutical Development [Member] | Operating Segments [Member] | ||||||
Revenue | [1] | 45,579,000 | 33,892,000 | 13,851,000 | [3] | |
Biopharmaceutical Development [Member] | Operating Segments [Member] | Consumables [Member] | Transferred at Point in Time [Member] | ||||||
Revenue | 15,551,000 | 13,942,000 | 4,981,000 | [3] | ||
Biopharmaceutical Development [Member] | Operating Segments [Member] | Hardware and Software [Member] | Transferred at Point in Time [Member] | ||||||
Revenue | 21,651,000 | 13,545,000 | 6,015,000 | [3] | ||
Biopharmaceutical Development [Member] | Operating Segments [Member] | Service [Member] | Transferred at Point in Time [Member] | ||||||
Revenue | 3,864,000 | 2,928,000 | 1,761,000 | [3] | ||
Biopharmaceutical Development [Member] | Operating Segments [Member] | Service [Member] | Transferred over Time [Member] | ||||||
Revenue | 3,477,000 | |||||
Biopharmaceutical Development [Member] | Operating Segments [Member] | Services and Software [Member] | Transferred over Time [Member] | ||||||
Revenue | 4,513,000 | 1,094,000 | [3] | |||
Calibration Solutions [Member] | Operating Segments [Member] | ||||||
Revenue | [1] | 46,872,000 | 46,926,000 | 51,713,000 | ||
Calibration Solutions [Member] | Operating Segments [Member] | Consumables [Member] | Transferred at Point in Time [Member] | ||||||
Revenue | 3,675,000 | 3,198,000 | 3,240,000 | |||
Calibration Solutions [Member] | Operating Segments [Member] | Hardware and Software [Member] | Transferred at Point in Time [Member] | ||||||
Revenue | 28,537,000 | 29,969,000 | 33,524,000 | |||
Calibration Solutions [Member] | Operating Segments [Member] | Service [Member] | Transferred at Point in Time [Member] | ||||||
Revenue | 11,212,000 | 10,850,000 | 11,556,000 | |||
Calibration Solutions [Member] | Operating Segments [Member] | Service [Member] | Transferred over Time [Member] | ||||||
Revenue | 2,909,000 | |||||
Calibration Solutions [Member] | Operating Segments [Member] | Services and Software [Member] | Transferred over Time [Member] | ||||||
Revenue | 3,448,000 | 3,393,000 | ||||
Clinical Genomics [Member] | Operating Segments [Member] | ||||||
Revenue | [1] | 32,840,000 | [4] | $ 0 | $ 0 | |
Clinical Genomics [Member] | Operating Segments [Member] | Consumables [Member] | Transferred at Point in Time [Member] | ||||||
Revenue | 22,271,000 | |||||
Clinical Genomics [Member] | Operating Segments [Member] | Hardware and Software [Member] | Transferred at Point in Time [Member] | ||||||
Revenue | [4] | 6,726,000 | ||||
Clinical Genomics [Member] | Operating Segments [Member] | Service [Member] | Transferred at Point in Time [Member] | ||||||
Revenue | [4] | 1,796,000 | ||||
Clinical Genomics [Member] | Operating Segments [Member] | Services and Software [Member] | Transferred over Time [Member] | ||||||
Revenue | [4] | $ 2,047,000 | ||||
[1] | Intersegment revenues are not significant and are eliminated to arrive at consolidated totals. | |||||
[2] | Non-reportable operating segments (including our Cold Chain Packaging Division which ceased operations during the year ended March 31, 2020) and unallocated corporate expenses are reported within Corporate and Other. | |||||
[3] | Revenues in the Biopharmaceutical Development division represent transactions subsequent to the acquisition of Gyros Protein Technologies Holding AB on October 31, 2019. | |||||
[4] | Revenues in the Clinical Genomics division represent transactions subsequent to the Agena Acquisition on October 20, 2021. |
Note 2 - Revenue Recognition _2
Note 2 - Revenue Recognition - Contract Liabilities (Details) $ in Thousands | Mar. 31, 2022USD ($) |
Contract liabilities, balance | $ 8,994 |
Contract liabilities, balance | $ 15,069 |
Note 3 - Fair Value Measureme_3
Note 3 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 | Aug. 12, 2019 |
Money Market Funds, at Carrying Value | $ 230,822 | ||
Senior Notes [Member] | The Notes [Member] | |||
Long-term Debt, Gross | $ 172,500 | $ 172,500 | |
Debt Instrument, Interest Rate, Stated Percentage | 1.375% | 1.375% |
Note 3 - Fair Value Measureme_4
Note 3 - Fair Value Measurements - Fair Value and Carrying Value of the Notes (Details) - Senior Notes [Member] - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Reported Value Measurement [Member] | ||
Notes | $ 169,365 | $ 145,675 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Notes | $ 185,438 | $ 188,780 |
Note 4 - Significant Transact_3
Note 4 - Significant Transactions (Details Textual) - USD ($) | Apr. 01, 2022 | Oct. 20, 2021 | Oct. 31, 2019 | Jun. 30, 2022 | Mar. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Payments to Acquire Businesses, Gross | $ 300,793,000 | $ 0 | $ 184,102,000 | |||||||||
Amortization of Intangible Assets | 21,806 | 14,513,000 | $ 10,637,000 | |||||||||
Goodwill, Ending Balance | $ 291,166,000 | $ 291,166,000 | 291,166,000 | 160,841,000 | ||||||||
Closure of Our Butler, New Jersey Facility [Member] | ||||||||||||
Severance Costs | 77,000 | |||||||||||
Restructuring and Related Cost, Expected Cost Remaining | 0 | 0 | 0 | |||||||||
Subsequent Event [Member] | ||||||||||||
Severance Costs | $ 195,000 | |||||||||||
Agena [Member] | ||||||||||||
Business Acquisition, Share Price (in dollars per share) | $ 5.96 | |||||||||||
Payments to Acquire Businesses, Gross | $ 300,793,000 | |||||||||||
Payments to Acquire Businesses, Settlement of Options | 31,800,000 | |||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | 4,300,000 | |||||||||||
Cost of Goods and Services Sold, Total | 7,462,000 | |||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment | 1,144,000 | |||||||||||
Additional Amortization of Intangible Assets | 1,932,000 | |||||||||||
Amortization of Intangible Assets | 15,636,000 | |||||||||||
Goodwill, Ending Balance | 135,880,000 | [1] | 135,880,000 | 135,880,000 | 135,880,000 | |||||||
Business Combination, Acquisition Related Costs | $ 60,000 | |||||||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 32,840,000 | |||||||||||
Effective Income Tax Rate Reconciliation, Percent, Total | 26.00% | |||||||||||
Agena [Member] | Cost of Sales [Member] | ||||||||||||
Amortization of Intangible Assets | 472,000 | |||||||||||
Agena [Member] | Cost of Sales [Member] | Clinical Genomics [Member] | ||||||||||||
Amortization of Intangible Assets | $ 1,244,000 | $ 2,538,000 | ||||||||||
Agena [Member] | Cost of Sales [Member] | Clinical Genomics [Member] | Subsequent Event [Member] | ||||||||||||
Amortization of Intangible Assets | 2,490,000 | |||||||||||
Agena [Member] | General and Administrative Expense [Member] | ||||||||||||
Amortization of Intangible Assets | 7,462,000 | |||||||||||
Agena [Member] | General and Administrative Expense [Member] | Clinical Genomics [Member] | ||||||||||||
Amortization of Intangible Assets | $ 10,900 | 4,454 | ||||||||||
Agena [Member] | General and Administrative Expense [Member] | Clinical Genomics [Member] | Subsequent Event [Member] | ||||||||||||
Amortization of Intangible Assets | $ 1,419,000 | |||||||||||
Agena [Member] | Fair Value Adjustment to Inventory [Member] | ||||||||||||
Cost of Goods and Services Sold, Total | $ 1,400,000 | $ 31,000 | $ 7,462,000 | $ 7,462,000 | ||||||||
Agena [Member] | Agena Warrants [Member] | ||||||||||||
Payments to Acquire Businesses, Gross | 2,000,000 | |||||||||||
Agena [Member] | Holders of Agena Preferred and Common Stock [Member] | ||||||||||||
Payments to Acquire Businesses, Gross | $ 267,000,000 | |||||||||||
GPT Acquisition [Member] | ||||||||||||
Payments to Acquire Businesses, Gross | $ 181,547,000 | |||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||||||||||
[1] | Acquired goodwill of $140,022, all of which is allocated to the Clinical Genomics reportable segment, represents the value expected to arise from the value of expanded market opportunities, expected synergies, and assembled workforce, none of which qualify as amortizable intangible assets. The goodwill acquired is not deductible for income tax purposes. |
Note 4 - Significant Transact_4
Note 4 - Significant Transactions - Allocation of Preliminary Price (Details) - USD ($) $ in Thousands | Oct. 20, 2021 | Mar. 31, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | ||
Goodwill, Ending Balance | $ 291,166 | $ 291,166 | $ 160,841 | ||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | 300,793 | $ 0 | $ 184,102 | ||||
Customer Relationships [Member] | |||||||
Intangible assets, life (Year) | 8 years 2 months 12 days | ||||||
Intangible assets, life (Year) | 8 years 2 months 12 days | ||||||
Intellectual Property [Member] | |||||||
Intangible assets, life (Year) | 7 years 4 months 24 days | ||||||
Intangible assets, life (Year) | 7 years 4 months 24 days | ||||||
Agena [Member] | |||||||
Cash and cash equivalents | $ 7,544 | ||||||
Accounts receivable (a) | [1] | 11,100 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | [2] | 25,480 | |||||
Total current assets | 44,124 | ||||||
Property, plant and equipment/noncurrent assets | 15,832 | ||||||
Deferred tax asset | 811 | ||||||
Goodwill, Ending Balance | 135,880 | [3] | $ 135,880 | $ 135,880 | |||
Total Assets acquired | 361,547 | ||||||
Accounts payable | 2,174 | ||||||
Unearned revenues | 2,713 | ||||||
Other current liabilities | 12,295 | ||||||
Total current liabilities | 17,182 | ||||||
Deferred tax liability | 27,765 | ||||||
Other noncurrent liabilities | 8,263 | ||||||
Total liabilities assumed | 53,210 | ||||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 300,793 | ||||||
Agena [Member] | Customer Relationships [Member] | |||||||
Intangible assets, life (Year) | 12 years | ||||||
Intangible assets | [4] | $ 103,800 | |||||
Intangible assets, life (Year) | 12 years | ||||||
Agena [Member] | Intellectual Property [Member] | |||||||
Intangible assets, life (Year) | 8 years | ||||||
Intangible assets | [4] | $ 45,400 | |||||
Intangible assets, life (Year) | 8 years | ||||||
Agena [Member] | Trade Names [Member] | |||||||
Intangible assets, life (Year) | 12 years | ||||||
Intangible assets | [4] | $ 15,700 | |||||
Intangible assets, life (Year) | 12 years | ||||||
[1] | Trade receivables, net, which is expected to be collected. | ||||||
[2] | Includes $7,462 of inventory step-up, which was amortized entirely within fiscal year 2022. Our evaluation of the valuation of inventory was complete as of March 31, 2022. | ||||||
[3] | Acquired goodwill of $140,022, all of which is allocated to the Clinical Genomics reportable segment, represents the value expected to arise from the value of expanded market opportunities, expected synergies, and assembled workforce, none of which qualify as amortizable intangible assets. The goodwill acquired is not deductible for income tax purposes. | ||||||
[4] | Customer relationships, intellectual property, and tradenames are currently expected to be amortized on a straight line basis over a weighted average 8.3 year period. The identified intangible assets will be amortized on a straight line basis over their useful lives, which approximates the pattern over which the assets' economic benefits are expected to be consumed over time. Amortization expense for customer relationships and tradenames will be amortized to general and administrative expenses; amortization expense for intellectual property will be recorded to cost of revenues. During the period from October 20, 2021 until March 31, 2022, $6,728 of amortization expense was recorded to general and administrative costs and $2,538 of amortization expense was recorded to cost of revenues in the Clinical Genomics Division, including the cumulative effect catch up. Our valuation of intangible assets is considered to be complete as of March 31, 2022. Going forward, we expect to record amortization expense of $3,668 and $1,419 to general and administrative costs and costs of revenues, respectively, each quarter. |
Note 4 - Significant Transact_5
Note 4 - Significant Transactions - Unaudited Pro Forma Information (Details) - Agena [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Pro forma total revenues (1) | [1] | $ 222,612 | $ 214,206 |
Pro forma net income (2) | [2] | $ 6,193 | $ (3,879) |
[1] | Net revenues were adjusted to include net revenues of Agena. | ||
[2] | Pro forma adjustments to net earnings attributable to Mesa include the following: Excludes acquisition-related transaction costs incurred in the year ended March 31, 2022. Excludes interest expense attributable to Agena external debt that was paid off as part of the acquisition. Amortization expense of $15,636 for the years ended March 31, 2022 and 2021, respectively, based on the fair value of amortizable intangible assets acquired. $7,462 was excluded from the year ended March 31, 2022 based on the step up value of inventory which would have been fully amortized within the first six months of the acquisition. Additional charge to cost of revenues of $7,462 was included in the year ended March 31, 2021 based on the step up value of inventory Additional stock based compensation expense representing expense for performance share units awarded to certain key Agena employees. Income tax effect of applicable adjustments made at a blended federal and state statutory rate (approximately 26%). |
Note 5 - Leases (Details Textua
Note 5 - Leases (Details Textual) | Mar. 31, 2022 |
Number of Leases Acquired | 5 |
Note 5 - Leases - Lease Assets
Note 5 - Leases - Lease Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Current operating lease liabilities | $ 2,768 | $ 1,023 |
Other Noncurrent Assets [Member] | ||
Operating lease ROU asset | 10,201 | 1,801 |
Other Accrued Expenses [Member] | ||
Current operating lease liabilities | 2,768 | 1,023 |
Other Noncurrent Liabilities [Member] | ||
Noncurrent operating lease liabilities | $ 7,436 | $ 677 |
Note 5 - Leases - Lease Cost, L
Note 5 - Leases - Lease Cost, Lease Term and Lease Discounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating lease expense | $ 1,973 | $ 1,130 |
Variable lease expense | 419 | 272 |
Total lease expense | $ 2,392 | $ 1,402 |
Weighted average remaining lease term in years (Year) | 4 years 3 months 18 days | 1 year 9 months 18 days |
Weighted average discount rate | 1.70% | 3.30% |
Note 5 - Leases - Supplemental
Note 5 - Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash paid for amounts included in the measurements of lease liabilities | $ 1,896 | $ 1,192 |
Operating lease assets obtained in exchange for operating lease obligations | $ 10,577 | $ 558 |
Note 5 - Leases - Maturities of
Note 5 - Leases - Maturities of Lease Liabilities (Details) $ in Thousands | Mar. 31, 2022USD ($) |
2023 | $ 2,905 |
2024 | 2,195 |
2025 | 1,999 |
2026 | 1,954 |
2027 | 1,490 |
Future value of lease liabilities | 10,204 |
Less: imputed interest | 339 |
Present value of lease liabilities | 10,204 |
Other Accrued Expenses and Other Long-term Liabilities [Member] | |
Future value of lease liabilities | 10,543 |
Present value of lease liabilities | $ 10,543 |
Note 6 - Goodwill and Intangi_3
Note 6 - Goodwill and Intangible Assets (Details Textual) - USD ($) | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Amortization of Intangible Assets | $ 21,806 | $ 14,513,000 | $ 10,637,000 |
Note 6 - Goodwill and Intangi_4
Note 6 - Goodwill and Intangible Assets - Change in the Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Goodwill | $ 160,841 | |
Goodwill | 291,166 | $ 160,841 |
Agena [Member] | ||
Goodwill | 135,880 | |
Corporate, Non-Segment [Member] | ||
Goodwill | 160,841 | 141,536 |
Effect of foreign currency translation | (5,555) | 11,337 |
Goodwill | 291,166 | 160,841 |
Corporate, Non-Segment [Member] | GPT Acquisition [Member] | ||
Goodwill adjustment related to acquisition | 7,968 | |
Corporate, Non-Segment [Member] | Agena [Member] | ||
Goodwill adjustment related to acquisition | 135,880 | |
Sterilization and Disinfection Control [Member] | Operating Segments [Member] | ||
Goodwill | 30,153 | 29,594 |
Effect of foreign currency translation | (403) | 559 |
Goodwill | 29,750 | 30,153 |
Sterilization and Disinfection Control [Member] | Operating Segments [Member] | GPT Acquisition [Member] | ||
Goodwill adjustment related to acquisition | 0 | |
Sterilization and Disinfection Control [Member] | Operating Segments [Member] | Agena [Member] | ||
Goodwill adjustment related to acquisition | 0 | |
Biopharmaceutical Development [Member] | Operating Segments [Member] | ||
Goodwill | 93,399 | 74,716 |
Effect of foreign currency translation | (5,134) | 10,715 |
Goodwill | 88,265 | 93,399 |
Biopharmaceutical Development [Member] | Operating Segments [Member] | GPT Acquisition [Member] | ||
Goodwill adjustment related to acquisition | 7,968 | |
Biopharmaceutical Development [Member] | Operating Segments [Member] | Agena [Member] | ||
Goodwill adjustment related to acquisition | 0 | |
Calibration Solutions [Member] | Operating Segments [Member] | ||
Goodwill | 37,289 | 37,226 |
Effect of foreign currency translation | (52) | 63 |
Goodwill | 37,237 | 37,289 |
Calibration Solutions [Member] | Operating Segments [Member] | GPT Acquisition [Member] | ||
Goodwill adjustment related to acquisition | 0 | |
Calibration Solutions [Member] | Operating Segments [Member] | Agena [Member] | ||
Goodwill adjustment related to acquisition | 0 | |
Clinical Genomics [Member] | Operating Segments [Member] | ||
Goodwill | 0 | 0 |
Effect of foreign currency translation | 34 | 0 |
Goodwill | 135,914 | 0 |
Clinical Genomics [Member] | Operating Segments [Member] | GPT Acquisition [Member] | ||
Goodwill adjustment related to acquisition | $ 0 | |
Clinical Genomics [Member] | Operating Segments [Member] | Agena [Member] | ||
Goodwill adjustment related to acquisition | $ 135,880 |
Note 6 - Goodwill and Intangi_5
Note 6 - Goodwill and Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | |
Gross carrying amount | $ 335,400 | $ 335,400 | $ 176,866 |
Accumulated amortization | (85,283) | (85,283) | (65,125) |
Net carrying amount | 250,117 | $ 250,117 | 111,741 |
Minimum [Member] | |||
Estimated useful life (Year) | 5 years | ||
Maximum [Member] | |||
Estimated useful life (Year) | 15 years | ||
Customer Relationships [Member] | |||
Gross carrying amount | 244,157 | $ 244,157 | 145,754 |
Accumulated amortization | (67,469) | (67,469) | (52,206) |
Net carrying amount | $ 176,688 | 176,688 | 93,548 |
Intangible assets, life (Year) | 8 years 2 months 12 days | ||
Customer Relationships [Member] | Minimum [Member] | |||
Estimated useful life (Year) | 5 years | ||
Customer Relationships [Member] | Maximum [Member] | |||
Estimated useful life (Year) | 15 years | ||
Intellectual Property [Member] | |||
Gross carrying amount | $ 65,893 | 65,893 | 21,201 |
Accumulated amortization | (12,620) | (12,620) | (8,595) |
Net carrying amount | $ 53,273 | 53,273 | 12,606 |
Intangible assets, life (Year) | 7 years 4 months 24 days | ||
Intellectual Property [Member] | Minimum [Member] | |||
Estimated useful life (Year) | 5 years | ||
Intellectual Property [Member] | Maximum [Member] | |||
Estimated useful life (Year) | 15 years | ||
Other Intangible Assets [Member] | |||
Gross carrying amount | $ 25,350 | 25,350 | 9,911 |
Accumulated amortization | (5,194) | (5,194) | (4,324) |
Net carrying amount | $ 20,156 | $ 20,156 | $ 5,587 |
Other Intangibles [Member] | |||
Intangible assets, life (Year) | 11 years 4 months 24 days | ||
Other Intangibles [Member] | Minimum [Member] | |||
Estimated useful life (Year) | 5 years | ||
Other Intangibles [Member] | Maximum [Member] | |||
Estimated useful life (Year) | 15 years |
Note 6 - Goodwill and Intangi_6
Note 6 - Goodwill and Intangible Assets - Estimated Amortization Expense (Details) $ in Thousands | Mar. 31, 2022USD ($) |
2023, amortization | $ 29,745 |
2024, amortization | 29,229 |
2025, amortization | 27,645 |
2026, amortization | 26,873 |
2027, amortization | $ 26,364 |
Note 7 - Supplemental Balance_3
Note 7 - Supplemental Balance Sheets Information (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | Oct. 20, 2021 | ||
Depreciation, Total | $ 3,262 | $ 2,959 | $ 2,234 | ||
Agena [Member] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | [1] | $ 25,480 | |||
Agena [Member] | Clinical Genomics [Member] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | $ 11,802 | ||||
[1] | Includes $7,462 of inventory step-up, which was amortized entirely within fiscal year 2022. Our evaluation of the valuation of inventory was complete as of March 31, 2022. |
Note 7 - Supplemental Balance_4
Note 7 - Supplemental Balance Sheets Information - Accrued Payroll and Benefits (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Bonus payable | $ 7,468 | $ 3,504 |
Wages and paid-time-off payable | 3,677 | 3,562 |
Payroll related taxes | 2,069 | 2,043 |
Other benefits payable | 1,503 | 279 |
Total accrued payroll and benefits | $ 14,717 | $ 9,388 |
Note 7 - Supplemental Balance_5
Note 7 - Supplemental Balance Sheets Information - Other Accrued Expenses (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Current operating lease liabilities | $ 2,768 | $ 1,023 |
Customer deposits | 751 | 514 |
Income taxes payable | 928 | 1,648 |
Other | 2,197 | 2,011 |
Total other accrued expenses | 11,611 | 9,945 |
Other Accrued Expenses [Member] | ||
Accrued business taxes | 4,967 | 4,749 |
Current operating lease liabilities | $ 2,768 | $ 1,023 |
Note 7 - Supplemental Balance_6
Note 7 - Supplemental Balance Sheets Information - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Land | $ 889 | $ 889 |
Buildings | 21,537 | 18,857 |
Manufacturing equipment | 17,336 | 12,163 |
Computer equipment | 4,519 | 4,350 |
Construction in progress | 487 | 985 |
Other | 1,578 | 1,084 |
Gross total | 46,346 | 38,328 |
Accumulated depreciation | (17,726) | (16,330) |
Property, plant and equipment, net | $ 28,620 | $ 21,998 |
Note 7 - Supplemental Balance_7
Note 7 - Supplemental Balance Sheets Information - Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Raw materials | $ 14,172 | $ 5,755 |
Work in process | 4,419 | 426 |
Finished goods | 6,015 | 4,997 |
Inventories, net | $ 24,606 | $ 11,178 |
Note 8 - Indebtedness (Details
Note 8 - Indebtedness (Details Textual) $ / shares in Units, $ in Thousands | Oct. 18, 2021USD ($) | Mar. 05, 2021USD ($) | Aug. 12, 2019USD ($)$ / shares | Dec. 31, 2021USD ($) | Dec. 31, 2021USD ($) | Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) |
Long-term Line of Credit, Total | $ 49,000 | $ 0 | |||||
Senior Secured Credit Agreement [Member] | |||||||
Debt Instrument, Term (Year) | 4 years | ||||||
Long-term Debt, Weighted Average Interest Rate, over Time | 1.50% | ||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.15% | ||||||
Line of Credit Facility, Commitment Fee Amount | $ 78 | $ 484 | |||||
Debt Instrument, Covenant, Maximum Total Leverage Ratio for the First Four Testing Dates | 5.50 | ||||||
Debt Instrument, Covenant, Maximum Total Leverage Ratio for the Sixth, Seventh, and Eighth Testing Dates | 5 | ||||||
Debt Instrument, Covenant, Maximum Total Leverage Ratio Following the Eighth Testing date | 4.5 | ||||||
Debt Instrument, Covenant, Maximum Conditional Total Leverage Ratio Following an Acquisition | 5.75 | ||||||
Proceeds from Lines of Credit, Total | $ 70,000 | ||||||
Repayments of Lines of Credit | $ 21,000 | ||||||
Long-term Line of Credit, Total | $ 49,000 | ||||||
Senior Secured Credit Agreement [Member] | Prepaid Expenses, Other and Other Assets [Member] | |||||||
Debt Issuance Costs, Net, Total | 650 | ||||||
Senior Secured Credit Agreement [Member] | Maximum [Member] | |||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.35% | ||||||
Senior Secured Credit Agreement [Member] | Maximum [Member] | The Credit Facility Term Loan [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 75,000 | ||||||
Senior Secured Credit Agreement [Member] | Minimum [Member] | |||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.15% | ||||||
Fixed Charge Coverage Ratio | 1.25 | ||||||
Senior Secured Credit Agreement [Member] | Minimum [Member] | The Credit Facility Term Loan [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,000 | ||||||
Senior Secured Credit Agreement [Member] | Swingline Loan [Member] | Maximum [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 5,000 | ||||||
Senior Secured Credit Agreement [Member] | Revolving Credit Facility [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 75,000 | ||||||
Senior Secured Credit Agreement [Member] | Letter of Credit [Member] | Maximum [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,500 | ||||||
The Notes [Member] | Senior Notes [Member] | |||||||
Debt Issuance Costs, Net, Total | $ 3,135 | $ 3,328 | |||||
Debt Instrument, Face Amount | $ 172,500 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.375% | 1.375% | |||||
Debt Instrument, Convertible, Conversion Ratio Per 1,000 Principal | 3.5273 | ||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares | $ 283.50 | ||||||
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger | 130.00% | ||||||
Debt Instrument, Convertible, Threshold Trading Days | 20 | ||||||
Debt Instrument, Convertible, Threshold Consecutive Trading Days | 30 | ||||||
Debt Instrument, Convertible, Consecutive Trading Days, Trading Price Per 1,000 Principal of Notes Less Than 98% of the Product | 10 | ||||||
Debt Instrument, Unamortized Discount and Commissions Including Equity Component | $ 5,175 | ||||||
Third Party Offering Costs | 255 | ||||||
Debt Issuance Costs, Gross | $ 6 | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 5.50% | 1.90% |
Note 8 - Indebtedness - Carryin
Note 8 - Indebtedness - Carrying Amount of the Notes (Details) - The Notes [Member] - Senior Notes [Member] - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Principal outstanding | $ 172,500 | $ 172,500 |
Unamortized debt discount attributable to equity | 0 | (23,497) |
Unamortized debt issuance costs | (3,135) | (3,328) |
Net carrying value | $ 169,365 | $ 145,675 |
Note 8 - Indebtedness - Interes
Note 8 - Indebtedness - Interest Expense on the Notes (Details) - The Notes [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Coupon interest expense at 1.375% | $ 2,372 | $ 2,372 |
Amortization of debt discounts and issuance costs | 890 | 5,397 |
Total | $ 3,262 | $ 7,769 |
Note 9 - Stock Transactions a_3
Note 9 - Stock Transactions and Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Oct. 28, 2021 | Jun. 12, 2020 | Aug. 12, 2019 | Mar. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2022 | Nov. 30, 2005 |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | 300,000,000 | ||||||||||
Stock Repurchased During Period, Value | $ 0 | $ 0 | $ 0 | ||||||||
Stock Repurchased During Period, Shares (in shares) | 162,000 | ||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 600,000 | 431,000 | |||||||||
Sale of Stock, Underwriter Options, Shares (in shares) | 90,000 | 56,000 | |||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 225 | $ 210 | |||||||||
Proceeds from Issuance of Common Stock | $ 145,935 | $ 84,995 | 0 | 145,935 | 84,995 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value | 15,209 | 9,559 | 9,574 | ||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | 3,915 | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested in Period, Fair Value | $ 2,856 | $ 2,005 | $ 1,912 | ||||||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 268,810 | $ 226.72 | $ 206.35 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested and Expected to Vest, Outstanding, Number (in shares) | 53,000 | 53,000 | 53,000 | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance (in dollars per share) | $ 288.45 | $ 288.45 | $ 288.45 | ||||||||
Share-Based Payment Arrangement, Option [Member] | |||||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 9 months 18 days | ||||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 7,942 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested and Expected to Vest, Outstanding, Number (in shares) | 48 | 48 | 48 | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance (in dollars per share) | $ 251.94 | $ 251.94 | $ 251.94 | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 231.61 | $ 213.31 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 5,320 | $ 1,819 | $ 959 | ||||||||
Restricted Stock Units (RSUs) [Member] | Chief Executive Officer [Member] | |||||||||||
Share-based Compensation Expense, Cumulative True-up | $ 351 | ||||||||||
Restricted Stock Units (RSUs) [Member] | Chief Executive Officer [Member] | Share-Based Payment Arrangement, Tranche One [Member] | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 1,000 | ||||||||||
Performance Stock Units [Member] | |||||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 11,651 | $ 11,651 | $ 11,651 | ||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 9 months 18 days | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance (in dollars per share) | $ 207.88 | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 302.15 | $ 215.47 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 48,000 | 0 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 29,000 | 0 | 0 | ||||||||
Performance Stock Units [Member] | Employees of Agena [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested and Expected to Vest, Outstanding, Number (in shares) | 4 | 4 | 8 | 4 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance (in dollars per share) | $ 305.79 | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 7,000 | ||||||||||
Performance Stock Units [Member] | Employees of Agena [Member] | Minimum [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award Number of Shares Issued Upon Vesting, Percentage | 50.00% | ||||||||||
Performance Stock Units [Member] | Employees of Agena [Member] | Maximum [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award Number of Shares Issued Upon Vesting, Percentage | 200.00% | ||||||||||
Share-based Payment Arrangement, True Up of Vested Share Value | $ 295 | ||||||||||
Performance Stock Units [Member] | Chief Executive Officer and Board Director [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted (in shares) | 40,000 | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award, Non Option Equity Instruments, Performance Period Granted (Year) | 3 years | ||||||||||
The FY20 PSUs [Member] | |||||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 129 | $ 129 | $ 129 | ||||||||
Share-based Payment Arrangement, True Up of Vested Share Value | $ 650 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other Than Options, Expected to Vest (in shares) | 9 | 9 | 6 | 9 | |||||||
The FY20 PSUs [Member] | Eligible Employees [Member] | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 202 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||||||||||
The FY20 PSUs [Member] | Eligible Employees [Member] | Minimum [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award Number of Shares Issued Upon Vesting, Percentage | 0.00% | ||||||||||
The FY20 PSUs [Member] | Eligible Employees [Member] | Maximum [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award Number of Shares Issued Upon Vesting, Percentage | 200.00% | ||||||||||
The 2021 Equity Plan [Member] | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 330,000 | 330,000 | 330,000 | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 203,000 | 203,000 | 203,000 | ||||||||
Equity Plan 2014 [Member] | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 1,100,000 | 1,100,000 | 1,100,000 | ||||||||
Equity Plan 2014 [Member] | Minimum [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||||||||||
Equity Plan 2014 [Member] | Maximum [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | ||||||||||
Equity Plan 2014 [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance (in dollars per share) | $ 252.86 | $ 252.86 | $ 206.56 | $ 252.86 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 274.55 | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 37,000 | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 20,000 |
Note 9 - Stock Transactions a_4
Note 9 - Stock Transactions and Stock-based Compensation - Allocation of Share-based Compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Stock-based compensation expense | $ 11,391 | $ 9,268 | $ 5,525 |
Amount of income tax (benefit) recognized in earnings | (4,055) | (1,816) | (1,576) |
Stock-based compensation expense, net of tax | $ 7,336 | $ 7,452 | $ 3,949 |
Note 9 - Stock Transactions a_5
Note 9 - Stock Transactions and Stock-based Compensation - Stock Option Valuation Assumptions (Details) - $ / shares | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Risk-free interest rate | 0.46% | 0.27% | 1.80% |
Expected life (years) (Year) | 3 years 6 months 7 days | 3 years 10 months 9 days | 4 years 3 months 29 days |
Expected dividend yield | 0.06% | 0.10% | 0.13% |
Volatility | 38.82% | 38.83% | 36.52% |
Weighted-average Black-Scholes fair value per share at date of grant (in dollars per share) | $ 76.02 | $ 67.66 | $ 66.02 |
Note 9 - Stock Transactions a_6
Note 9 - Stock Transactions and Stock-based Compensation - Stock Option and Non-vested Stock Award Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Options outstanding (in shares) | 253 | ||
Options outstanding, weighted average exercise price (in dollars per share) | $ 129.55 | ||
Outstanding, Weighted- Average Remaining Contractual Life (Year) | 2 years 10 months 24 days | 2 years 8 months 12 days | |
Outstanding, Aggregate Intrinsic Value | $ 18,261 | $ 28,856 | |
Options granted (in shares) | 37 | ||
Awards granted, weighted average exercise price (in dollars per share) | $ 268,810 | $ 226.72 | $ 206.35 |
Options forfeited or expired (in shares) | (4) | ||
Awards forfeited or expired, weighted average exercise price (in dollars per share) | $ 191,520 | ||
Options exercised or distributed (in shares) | (84) | ||
Awards exercised or distributed, weighted average exercise price (in dollars per share) | $ 96,680 | ||
Options outstanding (in shares) | 202 | ||
Options outstanding, weighted average exercise price (in dollars per share) | $ 167.14 | ||
Options exercisable (in shares) | 100 | ||
Exercisable, weighted average exercise price (in dollars per share) | $ 128,320 | ||
Exercisable, Weighted- Average Remaining Contractual Life (Year) | 1 year 10 months 24 days | ||
Exercisable, Aggregate Intrinsic Value | $ 12,636 | ||
Exercisable and expected to vest (in shares) | 199 | ||
Exercisable and expected to vest, weighted average exercise price (in dollars per share) | $ 174.79 | ||
Exercisable and expected to vest, Weighted- Average Remaining Contractual Life (Year) | 3 years | ||
Exercisable and expected to vest, Aggregate Intrinsic Value | $ 18,357 |
Note 9 - Stock Transactions a_7
Note 9 - Stock Transactions and Stock-based Compensation - Restricted Stock Unit Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Nonvested, weighted average remaining contractual life (Year) | 4 years 3 months 18 days | ||
Nonvested, aggregate intrinsic value | $ 14,093 | ||
Nonvested (in shares) | 55 | ||
Nonvested, weighted average grant date fair value per share (in dollars per share) | $ 288.45 | ||
Restricted Stock Units (RSUs) [Member] | |||
Awards granted, weighted average grant date fair value per share (in dollars per share) | $ 231.61 | $ 213.31 | |
Nonvested, weighted average grant date fair value per share (in dollars per share) | $ 251.94 | ||
Restricted Stock Units (RSUs) [Member] | Equity Plan 2014 [Member] | |||
Nonvested (in shares) | 37 | ||
Nonvested, weighted average grant date fair value per share (in dollars per share) | $ 206.56 | ||
Nonvested, weighted average remaining contractual life (Year) | 1 year | 1 year 1 month 6 days | |
Nonvested, aggregate intrinsic value | $ 13,019 | $ 8,948 | |
Awards granted (in shares) | 37 | ||
Awards granted, weighted average grant date fair value per share (in dollars per share) | $ 274.55 | ||
Awards forfeited or expired (in shares) | (3) | ||
Awards forfeited or expired, weighted average grant date fair value per share (in dollars per share) | $ 250.09 | ||
Awards distributed (in shares) | (20) | ||
Awards distributed, weighted average grant date fair value per share (in dollars per share) | $ 208.52 | ||
Nonvested (in shares) | 51 | 37 | |
Nonvested, weighted average grant date fair value per share (in dollars per share) | $ 252.86 | $ 206.56 |
Note 9 - Stock Transactions a_8
Note 9 - Stock Transactions and Stock-based Compensation - Performance Stock Unit Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | ||
Nonvested, weighted average remaining contractual life (Year) | 4 years 3 months 18 days | |||
Nonvested, aggregate intrinsic value | $ 14,093 | |||
Nonvested (in shares) | 55 | |||
Nonvested, weighted average grant date fair value per share (in dollars per share) | $ 288.45 | |||
Expected to vest, number of shares (in shares) | 53 | |||
Expected to vest, weighted average grant date fair value per share (in dollars per share) | $ 283.88 | |||
Expected to vest, weighted average remaining contractual life (Year) | 2 years 9 months 18 days | |||
Expected to vest, aggregate intrinsic value | $ 13,531 | |||
Performance Stock Units [Member] | ||||
Nonvested (in shares) | 20 | |||
Nonvested, weighted average grant date fair value per share (in dollars per share) | $ 207.88 | |||
Nonvested, weighted average remaining contractual life (Year) | 9 months 18 days | |||
Nonvested, aggregate intrinsic value | $ 4,884 | |||
Awards granted (in shares) | 48 | 0 | ||
Awards granted, weighted average grant date fair value per share (in dollars per share) | $ 302.15 | $ 215.47 | ||
Performance adjustment (in shares) | [1] | 16 | ||
Awards distributed (in shares) | (29) | 0 | 0 | |
Awards distributed, weighted average grant date fair value per share (in dollars per share) | $ 197.81 | |||
Nonvested (in shares) | 20 | |||
Nonvested, weighted average grant date fair value per share (in dollars per share) | $ 207.88 | |||
[1] | During the quarter ended June 30, 2021, the fiscal year 2019 PSUs vested and were paid at 280% of target, based on actual performance results and completion of service conditions. In addition, the PSUs granted to employees of Gyros Protein Technologies Holding AB vested at 60% of target, following a modification of the performance targets by the Compensation Committee of the Board of Directors during fiscal year 2021. |
Note 10 - Earnings Per Share -
Note 10 - Earnings Per Share - Computation of Net Income Per Share, Basic & Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Net income available for shareholders | $ 1,871 | $ 3,274 | $ 1,778 |
Weighted average outstanding shares of common stock (in shares) | 5,212 | 4,975 | 4,200 |
Fully diluted shares (in shares) | 5,335 | 5,124 | 4,371 |
Basic earnings per share (in dollars per share) | $ 0.36 | $ 0.66 | $ 0.42 |
Diluted earnings per share (in dollars per share) | $ 0.35 | $ 0.64 | $ 0.41 |
Share-Based Payment Arrangement, Option [Member] | |||
Dilutive effect of shares (in shares) | 100 | 125 | 159 |
Restricted Stock Units (RSUs) [Member] | |||
Dilutive effect of shares (in shares) | 20 | 10 | 12 |
Performance Stock Units [Member] | |||
Dilutive effect of shares (in shares) | 3 | 14 | 0 |
Note 10 - Earnings Per Share _2
Note 10 - Earnings Per Share - Antidilutive Securities Excluded From Computation of Earnings Per Share (Details) - shares shares in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Assumed Conversion of Convertible Debt [Member] | |||
Stock awards subject to performance conditions (in shares) | 26 | 14 | 18 |
Stock Awards that were Antidilutive [Member] | |||
Stock awards subject to performance conditions (in shares) | 674 | 666 | 429 |
Note 11 - Employee Benefit Pl_2
Note 11 - Employee Benefit Plans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Defined Contribution Plan, Cost | $ 1,185 | $ 935 | $ 661 |
The 401K Retirement Plan [Member] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 4.00% | ||
The 401K Retirement Plan, for GPT Subsidiaries [Member] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 6.00% |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | $ 0 | $ 0 | $ 19,000 |
Effective Income Tax Rate Reconciliation, Foreign-derived Intangible Income Deduction Based on Updated Treasury Regulations, Amount | 1,179,000 | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 1,329,000 | ||
Domestic Tax Authority [Member] | |||
Open Tax Year | 2018 2019 2020 2021 | ||
Tax Credit Carryforward, Amount | $ 7,870,000 | ||
Domestic Tax Authority [Member] | Research Tax Credit Carryforward [Member] | |||
Tax Credit Carryforward, Amount | 212,000 | ||
Domestic Tax Authority [Member] | Research Tax Credit Carryforward [Member] | Agena [Member] | |||
Tax Credit Carryforward, Amount | 3,718 | ||
Domestic Tax Authority [Member] | Agena [Member] | |||
Operating Loss Carryforwards, Total | $ 11,667,000 | ||
State and Local Jurisdiction [Member] | |||
Open Tax Year | 2018 2019 2020 2021 | ||
Tax Credit Carryforward, Amount | $ 3,941,000 | ||
State and Local Jurisdiction [Member] | Research Tax Credit Carryforward [Member] | |||
Tax Credit Carryforward, Amount | 105,000 | ||
State and Local Jurisdiction [Member] | Research Tax Credit Carryforward [Member] | Agena [Member] | |||
Tax Credit Carryforward, Amount | 3,244 | ||
State and Local Jurisdiction [Member] | Agena [Member] | |||
Operating Loss Carryforwards, Total | 6,744,000 | ||
Foreign Tax Authority [Member] | |||
Operating Loss Carryforwards, Total | 26,137,000 | ||
Foreign Tax Authority [Member] | Research Tax Credit Carryforward [Member] | |||
Tax Credit Carryforward, Amount | 16,000 | ||
Foreign Tax Authority [Member] | Canada Revenue Agency [Member] | |||
Undistributed Earnings of Foreign Subsidiaries | $ 11,580 | $ 9,951,000 |
Note 12 - Income Taxes - Earnin
Note 12 - Income Taxes - Earnings Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Domestic | $ 4,579 | $ 6,297 | $ 16,059 |
Foreign | (1,005) | (3,994) | (12,197) |
Total earnings before income taxes | $ 3,574 | $ 2,303 | $ 3,862 |
Note 12 - Income Taxes - Provis
Note 12 - Income Taxes - Provisions for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Current tax provision | |||
U.S. Federal | $ (83) | $ 1,500 | $ 2,348 |
U.S. State | 286 | 628 | 814 |
Foreign | 1,372 | 404 | 993 |
Total current tax expense | 1,575 | 2,532 | 4,155 |
Deferred tax provision: | |||
U.S. Federal | 1,707 | (2,410) | 60 |
U.S. State | 337 | (619) | 599 |
Foreign | (1,916) | (474) | (2,730) |
Total deferred tax expense | 128 | (3,503) | (2,071) |
Total income tax expense (benefit) | $ 1,703 | $ (971) | $ 2,084 |
Note 12 - Income Taxes - Compon
Note 12 - Income Taxes - Components of Net Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Net operating loss | $ 11,274 | $ 8,990 |
Credits | 5,321 | 169 |
Stock compensation deductible differences | 2,137 | 2,099 |
Inventories | 1,316 | 838 |
Allowances and reserves | 1,977 | 1,471 |
Accrued employee-related expenses | 296 | 209 |
Debt related | 91 | |
Other | 7 | 25 |
Total deferred tax assets | 22,419 | 13,801 |
Goodwill and intangible assets | (56,145) | (23,029) |
Property, plant and equipment | (3,284) | (1,275) |
Debt | (4,723) | |
Currency translation adjustment | (185) | |
Other | (3) | (29) |
Total deferred tax liabilities | (59,617) | (29,056) |
Valuation allowance | (708) | (404) |
Net deferred tax (liability) | $ (37,906) | $ (15,659) |
Note 12 - Income Taxes - Income
Note 12 - Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Federal income taxes at statutory rates | $ 751 | $ 483 | $ 811 |
State income taxes, net of federal benefit | 628 | (221) | 1,122 |
Tax benefit of stock option exercises | (4,055) | (1,816) | (1,576) |
Foreign-derived intangible income deduction | (999) | ||
Research and development credit | (495) | (165) | (191) |
Interest reserve adjustment | 668 | ||
Limitation for 162(m) | 4,039 | 1,113 | 1,112 |
Foreign rate differential | 152 | 810 | 657 |
Other | 15 | (176) | 149 |
Total income tax expense (benefit) | $ 1,703 | $ (971) | $ 2,084 |
Note 12 - Income Taxes - Change
Note 12 - Income Taxes - Change in Gross Balance of Unrecognized Tax Benefit (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Beginning balance | $ 64 | $ 653 | $ 1,361 |
Increase (decreases) related to prior period tax positions | 1,179 | (629) | (1,027) |
Increases related to current period tax positions | 86 | 40 | 319 |
Ending balance | $ 1,329 | $ 64 | $ 653 |
Note 13 - Commitments and Con_2
Note 13 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2022 | |
GPT Acquisition [Member] | ||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Other Accrued Expenses | $ 1,899 | |
Liability for Collecting and Remitting Sales Tax [Member] | ||
Loss Contingency Accrual, Ending Balance | $ 2,714 | $ 2,080 |
Note 14 - Segment Data (Details
Note 14 - Segment Data (Details Textual) | 3 Months Ended |
Mar. 31, 2022 | |
Number of Reportable Segments | 4 |
Note 14 - Segment Data - Operat
Note 14 - Segment Data - Operating Segment Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | ||||
Revenues | $ 184,335,000 | $ 133,937,000 | $ 117,687,000 | |||||
Revenue | 184,335,000 | 133,937,000 | 117,687,000 | |||||
Gross profit (loss) | 109,090,000 | 87,014,000 | 65,362,000 | |||||
Operating expenses | 104,388,000 | 74,656,000 | 57,439,000 | |||||
Operating income | 4,702,000 | 12,358,000 | 7,923,000 | |||||
Nonoperating expense | (1,128,000) | (10,055,000) | (4,061,000) | |||||
Total earnings before income taxes | 3,574,000 | 2,303,000 | 3,862,000 | |||||
Depreciation and amortization | $ 24,606,000 | $ 11,178,000 | 25,068,000 | 17,660,000 | 12,990,000 | |||
Depreciation and amortization | 24,606,000 | 11,178,000 | 25,068,000 | 17,660,000 | 12,990,000 | |||
Operating Segments [Member] | ||||||||
Revenues | 184,335 | 133,937 | 115,224 | |||||
Revenue | 184,335 | 133,937 | 115,224 | |||||
Gross profit (loss) | 109,255,000 | 87,017,000 | 64,944,000 | |||||
Operating expenses | 104,388,000 | 74,656,000 | 57,439,000 | |||||
Operating income | 4,702,000 | 12,358,000 | 7,923,000 | |||||
Nonoperating expense | 1,128,000 | 10,055,000 | 4,061,000 | |||||
Operating Segments [Member] | Sterilization and Disinfection Control [Member] | ||||||||
Revenues | [1] | 59,044,000 | 53,119,000 | 49,660,000 | ||||
Revenue | [1] | 59,044,000 | 53,119,000 | 49,660,000 | ||||
Gross profit (loss) | 43,720,000 | 39,870,000 | 35,797,000 | |||||
Depreciation and amortization | 2,176,000 | 2,333,000 | ||||||
Depreciation and amortization | 2,176,000 | 2,333,000 | ||||||
Operating Segments [Member] | Biopharmaceutical Development [Member] | ||||||||
Revenues | [1] | 45,579,000 | 33,892,000 | 13,851,000 | [2] | |||
Revenue | [1] | 45,579,000 | 33,892,000 | 13,851,000 | [2] | |||
Gross profit (loss) | 28,605,000 | 21,035,000 | 382,000 | |||||
Depreciation and amortization | 4,495,000 | 4,162,000 | ||||||
Depreciation and amortization | 4,495,000 | 4,162,000 | ||||||
Operating Segments [Member] | Calibration Solutions [Member] | ||||||||
Revenues | [1] | 46,872,000 | 46,926,000 | 51,713,000 | ||||
Revenue | [1] | 46,872,000 | 46,926,000 | 51,713,000 | ||||
Gross profit (loss) | 24,989,000 | 26,112,000 | 28,765,000 | |||||
Depreciation and amortization | 6,133,000 | 4,683,000 | ||||||
Depreciation and amortization | 6,133,000 | 4,683,000 | ||||||
Operating Segments [Member] | Clinical Genomics [Member] | ||||||||
Revenues | [1] | 32,840,000 | [3] | 0 | 0 | |||
Revenue | [1] | 32,840,000 | [3] | 0 | 0 | |||
Gross profit (loss) | 11,941,000 | 0 | 0 | |||||
Depreciation and amortization | 11,802,000 | 0 | ||||||
Depreciation and amortization | 11,802,000 | 0 | ||||||
Corporate, Non-Segment [Member] | ||||||||
Revenues | [1],[4] | 0 | 0 | 2,463,000 | ||||
Revenue | [1],[4] | 0 | 0 | 2,463,000 | ||||
Gross profit (loss) | [4] | $ (165,000) | $ (3,000) | $ 418,000 | ||||
Depreciation and amortization | [5] | 0 | 0 | |||||
Depreciation and amortization | [5] | $ 0 | $ 0 | |||||
[1] | Intersegment revenues are not significant and are eliminated to arrive at consolidated totals. | |||||||
[2] | Revenues in the Biopharmaceutical Development division represent transactions subsequent to the acquisition of Gyros Protein Technologies Holding AB on October 31, 2019. | |||||||
[3] | Revenues in the Clinical Genomics division represent transactions subsequent to the Agena Acquisition on October 20, 2021. | |||||||
[4] | Non-reportable operating segments (including our Cold Chain Packaging Division which ceased operations during the year ended March 31, 2020) and unallocated corporate expenses are reported within Corporate and Other. | |||||||
[5] | Amortization of intellectual property is included in the calculation of gross margin by segment. Amortization pertaining to other types of intangible assets, such as customer relationships and trademarks, is included in general and administrative on the Consolidated Statements of Income. Within the table above, the depreciation and amortization costs that are included in calculating the gross margin of the noted segment are included; other costs such as amortization that is recorded to general and administrative expense is shown in corporate and other. |
Note 14 - Segment Data - Long-l
Note 14 - Segment Data - Long-lived Assets by Geographic Area (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Long-lived assets | $ 40,450 | $ 24,528 |
UNITED STATES | ||
Long-lived assets | 36,475 | 21,443 |
Non-US [Member] | ||
Long-lived assets | $ 3,975 | $ 3,085 |
Note 14 - Segment Data - Revenu
Note 14 - Segment Data - Revenues From External Customers (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Revenues | $ 184,335 | $ 133,937 | $ 117,687 |
UNITED STATES | |||
Revenues | 99,068 | 71,387 | 66,344 |
Non-US [Member] | |||
Revenues | $ 85,267 | $ 62,550 | $ 51,343 |
Note 15 - Subsequent Events (De
Note 15 - Subsequent Events (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2022 | Apr. 05, 2022 | |
General and Administrative Expense [Member] | ||
Restructuring Costs, Total | $ 557 | |
Subsequent Event [Member] | ||
Severance Costs | $ 195 | |
Subsequent Event [Member] | Open Market Sale Agreement [Member] | ||
Equity Offering, Maximum Offering Amount | $ 150,000 |