Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Sep. 30, 2021 | Oct. 31, 2021 | Mar. 31, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Entity Interactive Data Current | Yes | ||
Document Transition Report | false | ||
Amendment Flag | false | ||
Document Period End Date | Sep. 30, 2021 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | MERIDIAN BIOSCIENCE, INC. | ||
Entity Central Index Key | 0000794172 | ||
Entity File Number | 0-14902 | ||
Entity Tax Identification Number | 31-0888197 | ||
Entity Incorporation, State or Country Code | OH | ||
Current Fiscal Year End Date | --09-30 | ||
Entity Current Reporting Status | Yes | ||
Entity Shell Company | false | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Address, Address Line One | 3471 River Hills Drive | ||
Entity Address, City or Town | Cincinnati | ||
Entity Address, State or Province | OH | ||
Entity Address, Postal Zip Code | 45244 | ||
City Area Code | 513 | ||
Local Phone Number | 271-3700 | ||
Trading Symbol | VIVO | ||
Security Exchange Name | NASDAQ | ||
Title of 12(b) Security | Common Shares | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Public Float | $ 1,132,216,391 | ||
Entity Common Stock, Shares Outstanding | 43,364,448 | ||
ICFR Auditor Attestation Flag | true |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Statement [Abstract] | |||
Net Revenues | $ 317,896 | $ 253,667 | $ 201,014 |
Cost of Sales | 116,748 | 97,419 | 82,286 |
Gross Profit | 201,148 | 156,248 | 118,728 |
Operating Expenses: | |||
Research and development | 23,911 | 23,729 | 17,760 |
Selling and marketing | 26,780 | 26,486 | 27,995 |
General and administrative | 49,541 | 44,345 | 34,044 |
Product recall costs | 5,596 | 0 | 0 |
Selected legal costs | 2,803 | 2,080 | 1,583 |
Acquisition-related costs | 392 | 3,890 | 1,808 |
Change in fair value of acquisition consideration and settlement | (909) | (6,293) | 0 |
Restructuring costs | 0 | 687 | 2,839 |
Total Operating Expenses | 108,114 | 94,924 | 86,029 |
Operating Income | 93,034 | 61,324 | 32,699 |
Other Income (Expense): | |||
Interest income | 0 | 142 | 681 |
Interest expense | (1,878) | (2,632) | (1,945) |
RADx grant income | 1,000 | 0 | 0 |
Other, net | (1,705) | 459 | 122 |
Total Other Expense, Net | (2,583) | (2,031) | (1,142) |
Earnings Before Income Taxes | 90,451 | 59,293 | 31,557 |
Income Tax Provision | 19,044 | 13,107 | 7,175 |
Net Earnings | $ 71,407 | $ 46,186 | $ 24,382 |
Earnings Per Share Data: | |||
Basic earnings per common share | $ 1.65 | $ 1.08 | $ 0.57 |
Diluted earnings per common share | $ 1.62 | $ 1.07 | $ 0.57 |
Common shares used for basic earnings per common share | 43,259 | 42,855 | 42,571 |
Effect of dilutive stock options and restricted share units | 753 | 319 | 328 |
Common shares used for diluted earnings per common share | 44,012 | 43,174 | 42,899 |
Dividends declared per common share | $ 0 | $ 0 | $ 0.25 |
Anti-Dilutive Securities: | |||
Common share options and restricted share units | 203 | 893 | 1,129 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net Earnings | $ 71,407 | $ 46,186 | $ 24,382 |
Other Comprehensive Income (Loss): | |||
Foreign currency translation adjustment | 1,780 | 3,884 | (802) |
Unrealized gain (loss) on cash flow hedge | 510 | (713) | (1,159) |
Reclassification of amortization of gain on cash flow hedge | (154) | (308) | (102) |
Income taxes related to items of other comprehensive income (loss) | (78) | 252 | 465 |
Other Comprehensive Income (Loss), Net of Tax | 2,058 | 3,115 | (1,598) |
Comprehensive Income | $ 73,465 | $ 49,301 | $ 22,784 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Cash Flows From Operating Activities | |||
Net earnings | $ 71,407 | $ 46,186 | $ 24,382 |
Non-cash items included in net earnings: | |||
Depreciation of property, plant and equipment | 6,510 | 5,823 | 5,433 |
Amortization of intangible assets | 8,776 | 7,744 | 4,531 |
Stock compensation expense | 4,156 | 3,802 | 3,251 |
Deferred income taxes | (3,835) | 760 | (817) |
Losses on dispositions of long-lived assets | 9 | 64 | 632 |
Change in fair value of acquisition consideration and settlement | (909) | (6,293) | 0 |
Change in the following, net of acquisitions: | |||
Accounts receivable | (12,766) | (971) | (2,215) |
Inventories | (7,800) | (18,977) | 3,841 |
Prepaid expenses and other current assets | (3,711) | (153) | (2,143) |
Accounts payable and accrued expenses | 6,346 | 7,248 | (2,315) |
Income taxes payable | (329) | 1,435 | 1,793 |
Other, net | (989) | 1,308 | (198) |
Net cash provided by operating activities | 66,865 | 47,976 | 36,175 |
Cash Flows From Investing Activities | |||
Purchase of property, plant and equipment | (18,312) | (3,299) | (3,797) |
RADx grant proceeds offsetting cost of equipment | 1,500 | 0 | 0 |
Payment of acquisition consideration holdback | (5,000) | 0 | 0 |
Disposals of property, plant and equipment | 0 | 0 | 669 |
Acquisitions, net of cash acquired and holdback | (18,585) | (51,299) | (45,324) |
Net cash used in investing activities | (40,397) | (54,598) | (48,452) |
Cash Flows From Financing Activities | |||
Proceeds from revolving credit facility | 10,000 | 50,000 | 75,824 |
Payment of acquisition consideration | (20,000) | 0 | 0 |
Payment on revolving credit facility | (18,824) | (57,000) | 0 |
Payment on government grant obligations | (5,297) | 0 | 0 |
Payment of debt issuance costs | 0 | (116) | (489) |
Payments on term loan | 0 | 0 | (50,250) |
Proceeds from exercises of stock options | 3,052 | 3,559 | 443 |
Dividends paid | 0 | 0 | (10,612) |
Net cash (used in) provided by financing activities | (31,069) | (3,557) | 14,916 |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 858 | 1,296 | (1,005) |
Net (Decrease) Increase in Cash and Cash Equivalents | (3,743) | (8,883) | 1,634 |
Cash and Cash Equivalents at End of of Period | 49,771 | 53,514 | 62,397 |
Cash and Cash Equivalents at Beginning of Period | $ 53,514 | $ 62,397 | $ 60,763 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2021 | Sep. 30, 2020 |
Current Assets: | ||
Cash and Cash equivalents | $ 49,771 | $ 53,514 |
Accounts receivable, less allowances of $1,078 and $513, respectively | 53,568 | 38,512 |
Inventories, net | 76,842 | 61,264 |
Prepaid expenses and other current assets | 12,626 | 8,900 |
Total Current Assets | 192,807 | 162,190 |
Property, Plant and Equipment: | ||
Land | 989 | 991 |
Buildings and improvements | 32,765 | 32,188 |
Machinery, equipment and furniture | 78,410 | 69,854 |
Construction in progress | 9,991 | 1,200 |
Subtotal | 122,155 | 104,233 |
Less: accumulated depreciation and amortization | 78,941 | 73,113 |
Net Property, Plant and Equipment | 43,214 | 31,120 |
Other Assets: | ||
Goodwill | 114,668 | 114,186 |
Other intangible assets, net | 84,151 | 83,197 |
Right-of-use assets, net | 5,786 | 6,336 |
Deferred income taxes | 8,731 | 7,647 |
Other assets | 365 | 585 |
Total Other Assets | 213,701 | 211,951 |
Total Assets | 449,722 | 405,261 |
Current Liabilities: | ||
Accounts payable | 11,701 | 11,969 |
Accrued employee compensation costs | 16,853 | 16,661 |
Accrued product recall costs | 5,100 | 0 |
Current portion of acquisition consideration | 0 | 12,619 |
Current operating lease obligations | 1,990 | 1,789 |
Current government grant obligations | 638 | 600 |
Other accrued expenses | 7,027 | 5,362 |
Income taxes payable | 3,848 | 3,524 |
Total Current Liabilities | 47,157 | 52,524 |
Non-Current Liabilities: | ||
Acquisition consideration | 1,000 | 13,290 |
Post-employment benefits | 2,253 | 2,493 |
Fair value of interest rate swaps | 203 | 713 |
Long-term operating lease obligations | 3,932 | 4,678 |
Long-term debt | 60,000 | 68,824 |
Government grant obligations | 5,176 | 10,524 |
Long-term income taxes payable | 469 | 549 |
Deferred income taxes | 1,055 | 3,804 |
Other non-current liabilities | 175 | 233 |
Total Non-Current Liabilities | 74,263 | 105,108 |
Commitments and Contingencies | ||
Shareholders' Equity: | ||
Preferred stock, no par value; 1,000,000 shares authorized; none issued | ||
Common shares, no par value; 71,000,000 shares authorized, 43,361,898 and 43,068,842 issued, respectively | ||
Additional paid-in capital | 147,403 | 140,195 |
Retained earnings | 180,701 | 109,294 |
Accumulated other comprehensive income (loss) | 198 | (1,860) |
Total Shareholders' Equity | 328,302 | 247,629 |
Total Liabilities and Shareholders' Equity | $ 449,722 | $ 405,261 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2021 | Sep. 30, 2020 |
Statement of Financial Position [Abstract] | ||
Allowances for accounts receivable | $ 1,078 | $ 513 |
Preferred stock, par value | $ 0 | $ 0 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 0 | $ 0 |
Common stock, shares authorized | 71,000,000 | 71,000,000 |
Common stock, shares issued | 43,361,898 | 43,068,842 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Adoption of ASU [Member] | Common Shares Issued [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Retained Earnings [Member]Adoption of ASU [Member] | Accum Other Comp (Loss) Income [Member] | Accum Other Comp (Loss) Income [Member]Adoption of ASU [Member] |
Beginning balance at Sep. 30, 2018 | $ 175,418 | $ 129,193 | $ 49,602 | $ (3,377) | ||||
Beginning balance, Shares at Sep. 30, 2018 | 42,400,000 | |||||||
Cash dividends paid - $0.250 per share | (10,612) | (10,612) | ||||||
Conversion of restricted share units and exercise of stock options | 390 | 390 | ||||||
Conversion of restricted share units and exercise of stock options, Shares | 312,000 | |||||||
Stock compensation expense | 3,251 | 3,251 | ||||||
Net earnings | 24,382 | 24,382 | ||||||
Foreign currency translation adjustment | (802) | (802) | ||||||
Hedging activity, net of tax | (944) | (944) | ||||||
Adoption of Accounting Standard Update (ASU) | Accounting Standards Update 2014-09 [Member] | $ (116) | $ (116) | ||||||
Adoption of Accounting Standard Update (ASU) | Accounting Standards Update 2018-02 [Member] | $ (148) | $ 148 | ||||||
Ending balance at Sep. 30, 2019 | 190,967 | 132,834 | 63,108 | (4,975) | ||||
Ending balance, Shares at Sep. 30, 2019 | 42,712,000 | |||||||
Conversion of restricted share units and exercise of stock options | 3,559 | 3,559 | ||||||
Conversion of restricted share units and exercise of stock options, Shares | 357,000 | |||||||
Stock compensation expense | 3,802 | 3,802 | ||||||
Net earnings | 46,186 | 46,186 | ||||||
Foreign currency translation adjustment | 3,884 | 3,884 | ||||||
Hedging activity, net of tax | (769) | (769) | ||||||
Ending balance at Sep. 30, 2020 | 247,629 | 140,195 | 109,294 | (1,860) | ||||
Ending balance, Shares at Sep. 30, 2020 | 43,069,000 | |||||||
Conversion of restricted share units and exercise of stock options | 3,052 | 3,052 | ||||||
Conversion of restricted share units and exercise of stock options, Shares | 293,000 | |||||||
Stock compensation expense | 4,156 | 4,156 | ||||||
Net earnings | 71,407 | 71,407 | ||||||
Foreign currency translation adjustment | 1,780 | 1,780 | ||||||
Hedging activity, net of tax | 278 | 278 | ||||||
Ending balance at Sep. 30, 2021 | $ 328,302 | $ 147,403 | $ 180,701 | $ 198 | ||||
Ending balance, Shares at Sep. 30, 2021 | 43,362,000 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parenthetical) | 12 Months Ended |
Sep. 30, 2019$ / shares | |
Statement of Stockholders' Equity [Abstract] | |
Cash dividends per common share | $ 0.250 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | (1) Summary of Significant Accounting Policies (a) Business Description Our reportable segments are Diagnostics and Life Science. The Diagnostics segment consists of: (i) manufacturing operations for infectious disease products in Cincinnati, Ohio; Quebec City, Canada; and Modi’in, Israel; (ii) manufacturing operations for blood ch e The Life Science segment consists of: (i) manufacturing operations in Memphis, Tennessee; Boca Raton, Florida; London, England; and Luckenwalde, Germany; and (ii) the sale and distribution of bulk antigens, antibodies, PCR/qPCR reagents, isothermal reagents, nucleotides, and bioresearch reagents domestically and abroad, including a sales and business development facility, with outsourced distribution capabilities, in Beijing, China. This segment’s products are used by manufacturers and researchers in a variety of applications (e.g., in vitro medical device manufacturing, microRNA detection, next-generation sequencing, plant genotyping, and mutation detection, among others). (b) Principles of Consolidation and Basis of Presentation - It should be noted that the terms revenue and/or revenues are utilized throughout these notes to the Consolidated Financial Statements to indicate net revenue and/or net revenues. (c) Use of Estimates - (d) Foreign Currency Translation (e) Cash and Cash Equivalents ( f) Inventories We establish reserves against cost for excess and obsolete materials, finished goods whose shelf life may expire before sale to customers, and other identified exposures. The Company specifically considered the impact of the ongoing COVID-19 pandemic on its inventories at September 30, 2021 and 2020. Such reserves were $4,997 and $3,629 at September 30, 2021 and 2020, respectively. We estimate these reserves based on assumptions about future demand and market conditions. If actual demand and market conditions were to be less favorable than such estimates, additional inventory write-downs would be required and recorded in the period known. (g) Property, Plant and Equipment Buildings and improvements - 18 to 40 years Leasehold improvements - life of the lease Machinery, equipment and furniture - 3 to 10 years Computer equipment and software - 3 to 5 years Instruments under customer reagent rental arrangements - 5 years Supplemental Cash Flow Information (Non-Cash Capital Expenditures) Additions to property, plant and equipment for which cash remained unpaid totaled $416, $236 and $108 (h) Intangible Assets - At September 30, 2021, we had two reporting units (Diagnostics and Life Science), both of which contained goodwill. We review our reporting unit structure annually, or more frequently if facts and circumstances warrant. Goodwill is considered impaired if the carrying value of the reporting unit exceeds its fair value. We have no intangible assets with indefinite lives other than goodwill. The historical annual impairment assessment of the Company’s goodwill as of June 30, 2021 , qualitative assessment, the reporting unit’s carrying value is compared to its fair value, with fair value of the reporting unit estimated using market value and discounted cash flow approaches. Both our Diagnostics and Life Science reporting units satisfied the qualitative assessments as of June 30, 2021, and no impairment was recognized. The updated annual goodwill impairment assessment of the Company’s goodwill as of July 1, 2021 , consisted of quantitative assessments for each of our Diagnostics and Life Science reporting units. The quantitative assessments determined fair value via both market (comparable company) and income (discounted cash flows) approaches. The key assumptions for the market and income approaches we use to determine fair value of our reporting units are updated at least annually. Those assumptions and estimates include macroeconomic conditions, competitive activities, cost containment, market data and market multiples, discount rates, and terminal growth rates, as well as future levels of net revenues growth and operating income margins, which are based upon the Company’s strategic plan. The strategic plan is updated as part of its annual planning process and is reviewed and approved by management and the Board of Directors. The strategic plan may be revised as necessary during a fiscal year, based on changes in market conditions or other changes in the reporting units. The discount rate assumption is based on the overall after-tax rate of return required by a market participant whose weighted-average cost of capital includes both equity and debt, including a risk premium. The discount rates may be impacted by adverse changes in the macroeconomic environment, including specifically the ongoing COVID-19 pandemic, volatility in the equity and debt markets, or other fact o was over its Long-lived assets, excluding goodwill, are reviewed for impairment when events or circumstances indicate that such assets may not be recoverable at their carrying value. Whether an event or circumstance triggers an impairment is determined by comparing an estimate of the asset’s future undiscounted cash flows to its carrying value. If impairment has occurred, it is measured by a fair-value based calculation. Our ability to recover the carrying value of our identifiable intangible assets is dependent upon the future cash flows of the related assets. We make judgments and assumptions regarding future cash flows, including net revenues levels, gross profit margins, operating expense levels, working capital levels, and capital expenditures. With respect to identifiable intangible assets and fixed assets, we also make judgments and assumptions regarding useful lives. We consider the following factors in evaluating events and circumstances for possible impairment: (i) significant under-performance relative to historical or projected operating results; (ii) negative industry trends; (iii) net revenues levels of specific groups of products (related to specific identifiable intangibles); (iv) changes in overall business strategies; and (v) other factors. If actual cash flows are less favorable than projections, this could trigger impairment of identifiable intangible assets and other long-lived assets. No triggering events have been identified by the Company for the years ended September 30, 2021, 2020 and 2019. (i) Revenue Recognition and Accounts Receivable Revenue Recognition Policies Product Sales Revenue from contracts with customers is recognized in an amount that reflects the consideration we expect to receive in exchange for products when obligations under such contracts are satisfied. Revenue is generally recognized at a point-in-time when products are shipped, and control has passed to the customer. Such contracts can include various combinations of products that are generally accounted for as distinct performance obligations. Revenue is reduced in the period of sale for fees paid to distributors, which are inseparable from the distributor’s purchase of our product and for which we receive no goods or services in return. Revenue is reduced at the date of sale for product price adjustments payable to certain distributors under local contracts. Management estimates accruals for distributor price adjustments based on local contract terms, sales data provided by distributors, historical statistics, current trends, and other factors. Changes to the accruals are recorded in the period that they become known. Such accruals are netted against accounts receivable. Shipping and handling costs incurred after control of the product is transferred to our customers are treated as fulfillment costs and not a separate performance obligation. Our payment terms differ by jurisdiction and customer, but payment is generally required in a term ranging from 30 to 90 days from the date of shipment or satisfaction of the performance obligation. Accounts receivable are recorded in the Consolidated Balance Sheets at invoiced amounts less provisions for distributor price adjustments under local contracts and doubtful accounts. The allowance for doubtful accounts represents our estimate of probable credit losses and is based on historical write-off experience and known conditions that would likely lead to non-payment. Customer invoices are charged off against the allowance for doubtful accounts when we believe it is probable that the invoices will not be paid. The Company specifically considered the impact of the ongoing COVID-19 pandemic on its accounts receivable and determined there was no material impact on existing accounts receivable at September 30, 2021 or 2020. Practical Expedients and Exemptions Revenue is recognized net of any taxes collected from customers (sales tax, value added tax, etc.), which are subsequently remitted to government authorities. Our diagnostic assay products are generally not subject to a customer right of return except for product recall events under the rules and regulations of the U.S. Food and Drug Administration (“FDA”) or equivalent agencies outside the U.S. In this circumstance, the costs to replace or refund affected products would be accrued at the time a loss was probable and estimable. We expense as incurred the costs to obtain contracts, as the amortization period would be one year or less. These costs, recorded within selling and marketing expense, include our internal sales force compensation programs and certain partner sales incentive programs, as we have determined that annual compensation is commensurate with annual selling activities. Reagent Rental Arrangements Certain of our Diagnostics segment’s product platforms require the use of instruments for the tests to be processed. In many cases, a customer is given use of the instrument provided they continue purchasing the associated tests, also referred to as “consumables” or “reagents”. If a customer stops purchasing the consumables, the instrument must be returned to us. Such arrangements are common practice in the diagnostics industry and are referred to as “Reagent Rentals”. Reagent Rentals may also include instrument related services such as a limited replacement warranty, training and installation. We concluded that the use of the instrument and related services (collectively known as “lease elements”) are not within the scope of Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers Leases For the portion of the transaction price allocated to the non-lease elements, which are principally the test kits, the related revenue is recognized at a point-in-time when control transfers. (j) Fair Value Measurements Fair Value Measurements and Disclosures transparency and reliability of the inputs used in the valuation of such items at the measurement date based on the lowest level of input that is significant to the fair value measurement. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Assets and liabilities measured and reported at fair value are classified and disclosed in one of the following categories based on inputs: Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities Level 2 Quoted prices in markets that are not active and financial instruments for which all significant inputs are observable, either directly or indirectly Level 3 Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable (k) Research and Development Costs (l) Income Taxes a The Company has certain deferred income tax assets in select jurisdictions. The recoverability of these deferred income tax assets is assessed periodically, and valuation allowances are recognized if it is determined that it is more likely than not that the benefits will not be realized. When performing the assessment, the Company considers the ability to carryback losses to prior tax periods, future taxable income, the reversal of existing temporary differences, and tax planning strategies. We account for uncertain tax positions using a benefit recognition model with a two-step approach: (i) a more-likely-than-not recognition criterion; and (ii) a measurement attribute that measures the position as the largest amount of tax benefit that is greater than 50% likely of being ultimately realized upon ultimate settlement. If it is not more likely than not that the benefit will be sustained on its technical merits, no benefit is recorded. We recognize accrued interest related to unrecognized tax benefits as a portion of our income tax provision in the Consolidated Statements of Operations. (m) Stock-Based Compensation (n) Comprehensive Income (Loss) unrealized gain (loss) on our current cash flow hedge, (o) Shipping and Handling Costs (p) Non-Income Government-Assessed Taxes (q) Acquisitions (r) Other income (expense), net - Other (s) Recent Accounting Pronouncements Pronouncements Adopted On October 1, 2020, the Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2016-13, Measurement of Credit Losses on Financial Instruments Pronouncements Issued but Not Yet Adopted as of September 30, 2021 In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes The Company is currently evaluating ASU 2019-12 |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | (2) Revenue Recognition The following tables present our net revenues disaggregated by major geographic region, major product platform and disease state (Diagnostics segment Net Revenues by Reportable Segment & Geographic Region Year Ended September 30, 2021 2020 2019 Diagnostics- Americas $ 101,293 $ 97,228 $ 110,109 EMEA 24,475 21,826 23,888 ROW 1,992 2,078 2,685 Total Diagnostics 127,760 121,132 136,682 Life Science- Americas 46,063 37,391 19,441 EMEA 93,655 58,125 28,850 ROW 50,418 37,019 16,041 Total Life Science 190,136 132,535 64,332 Consolidated $ 317,896 $ 253,667 $ 201,014 Net Revenues by Product Platform/Type Year Ended September 30, 2021 2020 2019 Diagnostics- Molecular assays $ 19,037 $ 21,907 $ 26,283 Non-molecular assays 108,723 99,225 110,399 Total Diagnostics $ 127,760 $ 121,132 $ 136,682 Life Science- Molecular reagents $ 130,537 $ 78,431 $ 23,261 Immunological reagents 59,599 54,104 41,071 Total Life Science $ 190,136 $ 132,535 $ 64,332 Net Revenues by Disease State (Diagnostics only) Year Ended September 30, 2021 2020 2019 Diagnostics- Gastrointestinal assays $ 68,890 $ 55,040 $ 68,982 Respiratory illness assays 17,608 26,694 26,622 Blood chemistry assays 15,398 17,534 18,639 Other 25,864 21,864 22,439 Total Diagnostics $ 127,760 $ 121,132 $ 136,682 Royalty Income Royalty income received from a third party related to sales of H. pylori , $3,540 , 2020 2019 Reagent Rental Arrangements Revenue allocated to the lease elements of Reagent Rental arrangements totaled approximately $3,710 , $4,600 $4,150 for the years ended September 30, 2021 , 2020 2019 , respectively. Such revenue is included as part of net revenues in our Consolidated Statements of Operations. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | (3) Fair Value Measurements To limit exposure to volatility in the LIBOR interest rate, the Company has entered into interest rate swap agreements, which effectively convert the variable interest rate on $50,000 of the outstanding revolving credit facility discussed in Note 10 to a fixed rate. The fair values of the interest rate swap agreements were determined by reference to a third-party valuation and is considered a Level 2 input within the fair value hierarchy of valuation techniques. As indicated in Note 4, we acquired the BreathTek business and Exalenz Bioscience Ltd. (“Exalenz”) in fiscal 2021 and 2020, respectively. In the BreathTek acquisition, the fair values of inventories acquired were valued using Level 2 inputs, which included data points that were observable, such as established values of comparable assets and historical sales information (market approach). Identifiable were . In the Exalenz acquisition, the fair values of the acquired accounts receivable, inventories, property plant and equipment, and other current assets, and the fair values of the assumed accounts payable and accrued expenses, were valued using Level 2 inputs, which included data points that were observable, such as appraisals or established values of comparable assets (market approach). Identifiable intangible assets and contingent consideration were valued using Level 3 inputs, which are unobservable by nature, a In connection with the acquisition of the business of GenePOC, Inc. (“GenePOC”) in fiscal 2019 and subsequent amendments to modify certain terms of the agreement related to contingent consideration achievement levels and milestone dates, the Company was required to make contingent consideration payments of up to $64,000 (originally $70,000 at the acquisition date), comprised of up to $14,000 for achievement of product development milestones (originally $20,000 at the acquisition date) and up to $50,000 for achievement of certain financial targets. The fair value for the contingent consideration recognized upon the acquisition as part of the purchase price allocation was $27,202. Giving effect to subsequent agreements to modify certain terms of the agreement related to contingent consideration achievement levels and milestone dates, the fair value of the product development milestone payments were estimated by discounting the probability-weighted contingent payments to present value and presented on the Consolidated Balance Sheets based on the Company’s anticipated date of payment at each reporting period. Assumptions used in the calculations included probability of success, duration of the earn-out and discount rate, with such calculations being updated for the effect of the previously noted amendments to the contingent consideration achievement levels and milestone dates. The fair value of the financial performance target payments was determined using a Monte Carlo simulation-based model. Assumptions used in these calculations included expected net revenues, probability of certain developments, expected expenses and discount rate. In August 2021, the Company paid $20,000 to settle the contingent consideration obligation, resulting in a $909 net gain for the year ended September 30, 2021. The following table provides information by level for financial assets and liabilities that are measured at fair value on a recurring basis: Fair Value Measurements Using Carrying Value Level 1 Level 2 Level 3 Interest rate swap agreements - As of September 30, 2021 $ (203 ) $ — $ (203 ) $ — As of September 30, 2020 $ (713 ) $ — $ (713 ) $ — Contingent consideration - As of September 30, 2021 $ — $ — $ — $ — As of September 30, 2020 $ (20,909 ) $ — $ — $ (20,909 ) Supplemental Cash Flow Information (Non-Cash Acquisition Consideration) In arriving at the $20,000 settlement payment, the acquisition consideration obligation related to acquisition of the GenePOC business decreased $909 and $6,293 during the years ended September 30, 2021 and 2020, respectively, due in large part to amendment of certain terms of the original contingent consideration achievement levels and milestone dates, as well as the settlement in August 2021. |
Business Combinations
Business Combinations | 12 Months Ended |
Sep. 30, 2021 | |
Business Combinations [Abstract] | |
Business Combinations | (4) Business Combinations Acquisition of BreathTek Business On July 31, 2021 (“the BreathTek acquisition date”), we acquired the BreathTek business, a urea breath t e H. pylori Unaudited Pro Forma Information – BreathTek The following table provides the unaudited consolidated pro forma results for the periods presented as if the BreathTek business had been acquired as of the beginning of fiscal 2020: Year Ended September 30, 2021 2020 Net revenues $ 337,118 $ 279,573 Net earnings 77,270 53,305 Acquisition of Exalenz On April 30, 2020 (“the Exalenz acquisition date”), we acquired 100% of the outstanding common shares and voting interest of Exalenz, a Modi’in, Israel based provider of the BreathID Breath Test Systems (“BreathID”), a breath test platform for the detection of Helicobacter pylori. In anticipation of the acquisition, we executed forward currency contracts to acquire the NIS required for the acquisition. As a result, the net cash outlay for the transaction prior to the repayment of debt was $47,392. The settlement of the currency contracts resulted in an $845 gain, which is reflected within other income (expense) in the Consolidated Statement of Operations for the year ended September 30, 2020. As a result of total consideration exceeding the fair value of the net assets acquired, goodwill in the amount of $24,459 was recorded in connection with this acquisition, none of which will be deductible for U.S. tax purposes. The goodwill results largely from our ability to market and sell the BreathID system through our established customer base and distribution channels. The Consolidated Statement of Operations for the year ended September 30, 2020 , The Company’s consolidated results include the following from Exalenz: Year Ended September 30, 2021 2020 Net revenues $ 14,905 $ 4,206 Net loss (3,381 ) (1,911 ) These results, which are reported as part of the Diagnostics segment, include amortization expense related to specific identifiable assets recorded in the purchase price allocation, including a non-compete agreement, trade name, technology and customer relationships, totaling $2,960 and $1,120 for the years ended September 30, 2021 and 2020, respectively. The following table summarizes the final (as of April 30, 2021 April 30, 2020 Fair value of assets acquired - Cash $ 5,006 Accounts receivable 637 Inventories 4,026 Other current assets 2,676 Property, plant and equipment 528 Goodwill 24,459 Other intangible assets (estimated useful life): Non-compete agreement (5 years) 110 Trade name (10 years) 3,860 Technology (15 years) 6,120 Customer relationships (10 years) 20,640 Right-of-use assets 1,311 Deferred tax assets, net 7,119 76,492 Fair value of liabilities assumed - Accounts payable and accrued expenses (including current portion of lease and government grant obligations) 8,008 Long-term lease obligations 1,096 Long-term government grant obligations 10,792 Other non-current liabilities 291 20,187 Total consideration paid (including $8,068 to pay off long-term debt) $ 56,305 Unaudited Pro Forma Information – Exalenz The following table provides the unaudited consolidated pro forma results for the periods presented as if Exalenz had been acquired as of the beginning of fiscal 2019. Pro forma results do not include the effect of any synergies anticipated to be achieved from the acquisition, and accordingly, are not necessarily indicative of the results that would have occurred if the acquisition had occurred on the date indicated or that may result in the future. Year Ended September 30, 2020 2019 Net revenues $ 261,131 $ 214,613 Net earnings 45,843 19,089 These pro forma amounts have been calculated by including the results of Exalenz and adjusting the combined results to give effect to the following, as if the acquisitions had been consummated on October 1, 2018, together with the consequential tax effects thereon: Year Ended September 30, 2020 2019 Adjustments to Net Revenues Exalenz pre-acquisition revenues $ 7,464 $ 13,599 Adjustments to Net Earnings Exalenz pre-acquisition net losses $ (6,423 ) $ (4,006 ) Pro forma adjustments: Meridian acquisition-related costs 3,890 — Exalenz transaction-related costs 4,550 — Gain on Exalenz purchase price currency contracts (845 ) — Remove net impact of non-continuing activities (305 ) 1,441 Incremental depreciation and amortization (1,680 ) (3,027 ) Incremental interest costs, net (183 ) (728 ) Tax effects of pro forma adjustments and recognizing benefit on resulting Exalenz losses 653 1,027 Total Adjustments to Net Earnings $ (343 ) $ (5,293 ) |
Lead Testing Matters
Lead Testing Matters | 12 Months Ended |
Sep. 30, 2021 | |
Lead Testing Matters [Abstract] | |
Lead Testing Matters | (5) Lead Testing Matters On September 1, 2021, the Company’s wholly owned subsidiary Magellan announced the expansion of a Cl a . In total, approximately $5,600 of recall-related expense has been On April 17, 2018, the Company’s wholly owned subsidiary Magellan received a subpoena from the U.S. Department of Justice (“DOJ”) regarding its LeadCare product line. The subpoena outlines documents to be produced, and the Company is cooperating with the DOJ in this matter. The Company maintains rigorous policies and procedures to promote compliance with applicable regulatory agencies and requirements and is working with the DOJ to promptly respond to the subpoena, including responding to additional information requests that have followed receipt of the subpoena in April 2018. The Company has executed tolling agreements to extend the statute of limitations. In March and April 2021, DOJ issued two subpoenas calling for witnesses to testify before a federal grand jury related to this matter. The March 2021 subpoena was issued to a former employee of Magellan, and the April subpoena was issued to a current employee of Magellan. In September and October 2021, DOJ issued additional subpoenas to individuals seeking testimony and documents in connection with its ongoing investigation. The Company cannot predict when the investigation will be resolved, the outcome of the investigation, or its potential impact on the Company. Approximately $ , $ and $ of expense for attorneys’ fees related to this matter is included within the Consolidated Statements of Operations for the years ended September 30, 2021, 2020 and 2019, respectively. Magellan submitted 510(k) applications in December 2018, seeking to reinstate venous blood sample-types for its LeadCare II, LeadCare Plus and LeadCare Ultra testing systems. In the second fiscal quarter of 2019 the FDA informed Magellan that each of these 510(k) applications had been put on Additional Information hold. On July 15, 2019, we provided responses to the FDA’s requests for Additional Information. These 510(k) applications have since expired and are no longer under FDA review. Further, while Magellan’s LeadCare testing systems remain cleared for marketing by the FDA and permitted for use with capillary blood samples, the FDA advised that it has commissioned a third-party study of the Company’s LeadCare testing systems using both venous and capillary blood samples. According to the FDA, the results of the field study will be used in conjunction with other information to determine whether further action by the FDA or the Centers for Disease Control and Prevention (“CDC”) is necessary to protect the public health. The Company intends to fully cooperate with the FDA or CDC on any follow-up based on the third-party study. During October 2019, the FDA performed a follow-up inspection of Magellan’s manufacturing facility. The FDA issued five Form FDA 483 observations. On March 18, 2020, we participated in a regulatory meeting with the FDA at the FDA’s request to further discuss the Form FDA 483 observations and our remediation efforts. Since the inspection, we have submitted a number of written responses to the FDA regarding the five Form FDA 483 observations issued in the October 2019 inspection, and have worked diligently to execute a remediation plan. During October 2020, the FDA issued Establishment Inspection Reports which closed out the inspections from June 2017 and October 2019 under 21 C.F.R.20.64(d)(3). During June 2021, the FDA performed an inspection of Magellan’s manufacturing facility. As a result of this inspection, the FDA issued one Form 483 observation. On August 3, 2021, FDA sent Magellan a close-out letter for the Warning Letter that FDA issued to Magellan on October 23, 2017. FDA’s close-out letter notified Magellan that FDA has completed an evaluation of Magellan’s corrective actions in response to FDA’s Warning Letter, and based on FDA’s evaluation, Magellan has addressed the issues identified in the Warning Letter. FDA’s close-out letter also stated that future FDA inspections of Magellan and regulatory activities will further assess the adequacy and sustainability of Magellan’s corrections. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Sep. 30, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | (6) Cash and Cash Equivalents Cash and cash equivalents are comprised of the following: As of September 30, 2021 2020 Institutional money market funds $ 1,020 $ 1,017 Cash on hand, unrestricted 48,751 52,497 Total $ 49,771 $ 53,514 Cash equivalents, institutional money market funds, are classified within Level 1 of the fair value hierarchy. Financial instruments classified as Level 1 are based on quoted market prices in active markets. The Company does not adjust the quoted market price for such financial instruments. |
Inventories
Inventories | 12 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | (7) Inventories Inventories are comprised of the following: As of September 30, 2021 2020 Raw materials $ 14,843 $ 11,966 Work-in-process 25,072 19,477 Finished goods - instruments 2,260 1,594 Finished goods - kits and reagents 34,667 28,227 Total $ 76,842 $ 61,264 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets, Net | 12 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets, Net | (8) Goodwill and Other Intangible Assets, Net During fiscal 2021, goodwill increased $482, reflecting: (i) a $56 increase from the currency translation adjustment on goodwill in the Diagnostics segment; (ii) a $433 increase from the currency translation adjustment on goodwill in the Life Science segment; and (iii) a $7 decrease related to Exalenz, reflecting additional measurement period adjustments (see Note 4). A summary of Meridian’s intangible assets subject to amortization is as follows. 2021 2020 As of September 30, Gross Accum. Gross Accum. Manufacturing technologies, core products and cell lines $ 62,416 $ 22,633 $ 62,363 $ 18,750 Tradenames, licenses and patents 18,489 9,492 18,425 7,801 Customer lists, customer relationships and supply agreements 54,941 19,649 45,071 16,210 Non-compete agreements 110 31 110 11 $ 135,956 $ 51,805 $ 125,969 $ 42,772 The aggregate amortization expense for these intangible assets for the years ended September 30, 2021, 2020 and 2019 was $8,776, $7,744 and $4,531, respectively. The estimated aggregate amortization expense for these intangible assets for each of the five succeeding fiscal years is as follows: fiscal 2022 - $9,940, fiscal 2023 - $9,925, fiscal 2024 - $9,920, fiscal 2025 - $9,915 and fiscal 2026 - $8,915. |
Leasing Arrangements
Leasing Arrangements | 12 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Leasing Arrangements | (9) Leasing Arrangements The Company is party to several operating leases, the majority of which are related to office, warehouse and manufacturing space. The related operating lease assets and obligations are reflected within right-of-use assets, net, current operating lease obligations and long-term operating lease obligations on the Consolidated Balance Sheets. Lease expense for these leases is recognized on a straight-line basis over the lease term, with variable lease payments recognized in the period those payments are incurred. The lease costs for these operating leases reflected in our Consolidated Statements of Operations, as well as the right-of-use assets, net obtained during these periods in exchange for operating lease liabilities, are as follows: Year Ended September 30, 2021 2020 Lease costs within cost of sales $ 795 $ 597 Lease costs within operating expenses 1,542 1,286 Right-of-use assets, net obtained in exchange for operating lease liabilities 1,073 1,600 The amounts charged to expense under operating leases in fiscal 2019 tot a s The Company often has options to renew lease terms, with the exercise of lease renewal options generally at the Company’s sole discretion. In addition, certain lease arrangements may be terminated prior to their original expiration date at our discretion. We evaluate renewal and termination options at the lease commencement date to determine if we are reasonably certain to exercise the option on the basis of economic factors. The discount rate implicit within our leases is generally not determinable and, therefore, the Company uses its incremental borrowing rate as the basis for its discount rate. The weighted average remaining lease term for our operating leases and the weighted average discount rate used to measure our operating leases were as follows: As of September 30, 2021 2020 Weighted average remaining lease term 3.6 yrs. 4.2 yrs. Average discount rate 3.2 % 3.7 % Maturities of lease liabilities by fiscal year for the Company’s operating lease liabilities were as follows as of September 30, 2021: 2022 $ 2,194 2023 1,558 2024 1,178 2025 918 2026 326 Thereafter 65 Total lease payments 6,239 Less amount of lease payment representing interest (317 ) Total present value of lease payments $ 5,922 Supplemental Cash Flow Information (Cash Paid for Amounts Included in Measurement of Lease Liabilities) Year Ended September 30, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 2,228 $ 1,693 |
Bank Credit Arrangements
Bank Credit Arrangements | 12 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Bank Credit Arrangements | (10) Bank Credit Arrangements The Company maintains a revolving credit facility with a commercial bank in an aggregate principal amount not to exceed $160,000, which expires in May 2024 (see Note 17 for discussion of the respectively, which is consistent with a level 2 fair v a The revolving credit facility is collateralized by the business assets of the Company’s U.S. subsidiaries and requires compliance with financial covenants that limit the amount of debt obligations and require a minimum level of coverage of fixed charges, as defined in the revolving credit facility agreement. As of September 30, 2021, the Company was in compliance with all covenants. Supplemental Cash Flow Information (Interest Paid) Cash paid for interest totaled $1,348, $2,690 and $1,405 in fiscal 2021, 2021 and 2019, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (11) Income Taxes (a) Earnings before income taxes, and the related income tax provision were as follows: Year Ended September 30, 2021 2020 2019 Domestic $ 11,354 $ 9,068 $ 23,954 Foreign 79,097 50,225 7,603 Total earnings before income taxes $ 90,451 $ 59,293 $ 31,557 Provision (benefit) for income taxes - Federal - Current $ 4,431 $ 1,173 $ 5,001 Deferred (2,595 ) 744 (477 ) State and local 1,163 1,170 834 Foreign - Current 16,305 10,194 1,915 Deferred (260 ) (174 ) (98 ) Total income tax provision $ 19,044 $ 13,107 $ 7,175 (b) The following is a reconciliation between the statutory U.S. income tax rate and the effective rate derived by dividing the income tax provision by earnings before income taxes: Year Ended September 30, 2021 2020 2019 Computed income taxes at statutory rate $ 18,995 21.0 % $ 12,452 21.0 % $ 6,627 21.0 % Increase (decrease) in taxes resulting from - State and local income taxes 1,204 1.3 773 1.3 577 1.8 Foreign-Derived Intangible Income tax (563 ) (0.6 ) (136 ) (0.2 ) (294 ) (0.9 ) Global Intangible Low Taxed Income (“GILTI”) tax 8,061 8.9 4,970 8.4 1,119 3.5 Foreign tax credit (7,802 ) (8.6 ) (4,767 ) (8.0 ) (990 ) (3.1 ) Foreign tax rate differences (869 ) (1.0 ) (534 ) (0.9 ) 46 0.1 Transaction costs — — 548 0.9 — — Uncertain tax position activity 205 0.2 62 0.1 126 0.4 Valuation allowance 729 0.8 229 0.3 364 1.2 Stock-based compensation (498 ) (0.5 ) 41 0.1 (33 ) (0.1 ) Other, net (418 ) (0.4 ) (531 ) (0.9 ) (367 ) (1.2 ) $ 19,044 21.1 % $ 13,107 22.1 % $ 7,175 22.7 % The Company’s GILTI and foreign tax credit details were as follows: Year Ended September 30, 2021 2020 2019 U.S. GILTI inclusion $ 38,384 $ 23,666 $ 5,328 Resulting permanent tax expense 8,061 4,970 1,119 Offsetting foreign tax credit (7,802 ) (4,767 ) (990 ) (c) The components of net deferred taxes were as follows: As of September 30, 2021 2020 Deferred tax assets - Valuation reserves and non-deductible expenses $ 4,939 $ 4,848 Stock compensation expense not deductible 2,276 1,804 Net operating loss and tax credit carryforwards 12,711 10,757 Basis difference in equity-method investee 302 302 Inventories basis differences 692 382 Other — 207 Subtotal 20,920 18,300 Less valuation allowance (1,624 ) (895 ) Deferred tax assets 19,296 17,405 Deferred tax liabilities - Property, plant and equipment basis differences and depreciation (4,778 ) (4,269 ) Intangible asset basis differences and amortization (6,495 ) (9,293 ) Other (347 ) — Deferred tax liabilities (11,620 ) (13,562 ) Net deferred tax assets $ 7,676 $ 3,843 For income tax purposes, we have recorded deferred tax assets related to operating loss and tax credit carryforwards of $179 in the U.S. and $12,532 in foreign jurisdictions as of September 30, 2021, reduced by valuation reserves totaling $1,322. At September 30, 2020, such deferred tax assets totaled $205 and $10,552, respectively, reduced by valuation reserves totaling $593. The operating loss carryforwards in foreign jurisdictions, the majority of which relate to Israel, have no expiration date. The operating loss carryforwards in the U.S. expire in 2023 at the federal level, and in 2036 at the state level. The aggregate amount of federal, state and foreign operating loss carryforwards separately totaled $118, $2,400 and $88,442, respectively, at September 30, 2021. The use of the federal and state losses is limited by the change of ownership provisions of the Internal Revenue Code. The Company has recognized a deferred tax liability of $865 and $185 at September 30, 2021 and 2020, respectively, to reflect the corporate and withholding tax impact of a presumed repatriation of foreign earnings. The realization of deferred tax assets is dependent upon the generation of future taxable incom e We utilize a comprehensive model for the recognition, measurement, presentation and disclosure of uncertain tax positions, assuming full knowledge of all relevant facts by the applicable tax authorities. The total amount of unrecognized tax benefits at September 30, 2021 and 2020 related to such positions was $700 and $568, respectively, of which $627 at September 30, 2021 would favorably impact the effective tax rate if recognized. We generally recognize interest and penalties related to uncertain tax positions as a component of our income tax provision. During fiscal 2021 and 2020, such penalties and interest totaled approximately $31 and $20, respectively. We had approximately $170 accrued for the payment of interest and penalties at September 30, 2021, compared to $138 accrued at September 30, 2020. The amount of our liability for uncertain tax positions expected to be paid or settled in the next 12 months is uncertain. A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows: Year Ended September 30, 2021 2020 2019 Unrecognized income tax benefits at beginning of year $ 568 $ 509 $ 388 Additions for tax positions of prior years 34 — 83 Reductions for tax positions of prior years — — (38 ) Additions for tax positions of current year 138 104 138 Tax examination and other settlements (40 ) (45 ) (62 ) Unrecognized income tax benefits at end of year $ 700 $ 568 $ 509 We are subject to examination by the tax authorities in the U.S. (both federal and state) and the countries of Australia, Belgium, Canada, China, England, France, Germany, Holland, Israel and Italy. In the U.S., tax years subsequent to fiscal 2017 remain open. In countries outside the U.S., open tax years generally range from fiscal 2016 and forward. However, in Australia and Belgium, the utilization of local net operating loss carryforwards extends the statute of limitations for examination well into the foreseeable future. To the extent that adjustments result from the completion of these examinations or the lapsing of statutes of limitation, they will affect tax liabilities in the period known. We believe that the results of any tax authority examinations would not have a significant adverse impact on our consolidated financial condition or results of operations. Supplemental Cash Flow Information (Income Taxes Paid) Cash paid for income taxes totaled $27,466, $9,816 and $7,840 in fiscal 2021, 2020 and 2019, respectively. |
Employee Benefits
Employee Benefits | 12 Months Ended |
Sep. 30, 2021 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Employee Benefits | (12) Employee Benefits (a) Savings and Investment Plan - are (b) Stock-Based Compensation Plans - two The 2021 Plan is authorized to grant new shares for options, restricted shares or restricted share units for up to 2,839 shares, including 1,839 non-granted shares from the 2012 Plan permitted to be carried forward and added to the 2021 Plan authorized limit. As of September 30, 2021, 71 shares have been granted under the 2021 Plan, thereby resulting in a remaining authorized limit of 2,768 shares. Options may be granted at exercise prices not less than 100% of the closing market value of the underlying common shares on the date of grant and have maximum terms up to ten years. Vesting schedules for options, restricted shares and restricted share units are established at the time of grant and may be set based on future service periods, achievement of performance targets, or a combination thereof. All options contain provisions restricting their transferability and limiting their exercise in the event of termination of employment, or the disability or death of the optionee. We recognize compensation expense for all share-based payments made to employees, based upon the fair value of the share-based payment on the date of the grant. During fiscal years 2019 through 2021, we granted, in the aggregate for the three-year period, approximately 823 restricted share units (with weighted-average grant date fair values of $18.66 per share in fiscal 2019, $10.13 per share in fiscal 2020 and $18.81 per share in fiscal 2021) to certain employees, including CEO, Jack Kenny, as separately detailed below. The units granted in fiscal 2021, 2020 and 2019 were generally time-vested restricted share units vesting in total on the third anniversary of the grant date. During fiscal 2020, in connection with Mr. Kenny’s Amended and Restated Employment Agreement, effective October 1, 2019, we granted to Mr. Kenny: (i) options to purchase approximately 198 shares of common stock of the Company (with a grant date fair value of $3.38 per share) vesting on a pro rata basis over the three years ending October 1, 2022; and (ii) approximately 100 restricted share units (with a grant date fair value of $10.10 per share) vesting 100% on the October 1, 2022, which are included within the restricted share units noted above. Giving effect to these grants, cancellations and certain other activities for restricted shares and restricted share units throughout the years, including conversions to common shares, forfeitures, and new hire and employee promotion grants, approximately 682 restricted share units remain outstanding as of September 30, 2021, with a weighted-average grant date fair value of $14.73 per share, a weighted-average remaining vesting period of 1.12 years and an aggregate intrinsic value of $13,121. The weighted-average grant date fair value of the approximate 79 restricted share units that vested during fiscal 2021 was $15.61 per share. The amount of stock-based compensation expense was $4,156, $3,802 and $3,251 for the years ended September 30, 2021, 2020 and 2019, respectively. The fiscal 2021 expense is comprised of $1,080 related to stock options and $3,076 related to restricted share units; the fiscal 2020 expense is comprised of $1,006 related to stock options and $2,796 related to restricted share units ; and the fiscal 2019 expense is comprised of $542 related to stock options and $2,709 related to restricted share units. The total income tax benefit recognized in the Consolidated Statements of Operations for these stock-based compensation arrangements was $1,516, $898 and $572, for the years ended September 30, 2021, 2020 and 2019, respectively. As of September 30, 2021, we expect future stock compensation expense for unvested options and unvested restricted share units to total $902 and $3,438, respectively, which will be recognized during fiscal years 2022 through 2024. We recognize stock-based compensation expense only for the portion of shares that we expect to vest. As such, we apply estimated forfeiture rates to our stock-based compensation expense calculations. These rates have been derived using historical forfeiture data, stratified by several employee groups, and range from 0% to 16% in each of the years ended September 30, 2021, 2020 and 2019. During the years ended September 30, 2021, 2020 and 2019, we recorded $183, $148 and $127, respectively, in stock-based compensation expense to adjust estimated forfeiture rates to actual. We have elected to use the Black-Scholes option pricing model to determine grant-date fair value for stock options, with the following assumptions: (i) expected share price volatility based on the average of Meridian’s historic a A summary of these key assumptions are as follows: Year ended September 30, 2021 2020 2019 Share price volatility 53%-59% 34 % 29 % Life of option 4.00-7.47 yrs. 6.51 yrs . 6.51 yrs . Risk-free interest rates 0.26% - 1.60 % 2.99 % Dividend yield 0 % 0 % 3.3 % A summary of the status of our stock option plans as of September 30, 2021, and changes during the year ended September 30, 2021, is presented in the table and narrative below: Options Wtd Avg Wtd Avg Aggregate Outstanding beginning of period 1,103 $ 14.67 Grants 167 19.28 Exercises (219 ) 14.48 Forfeitures (19 ) 11.46 Cancellations (31 ) 21.85 Outstanding end of period 1,001 $ 15.31 6.55 $ 4,299 Exercisable end of period 598 $ 15.90 5.44 $ 2,276 A summary of the status of our nonvested options as of September 30, 2021, and changes during the year ended September 30, 2021, is presented below: Options Weighted- Nonvested beginning of period 429 $ 3.36 Granted 167 9.18 Vested (174 ) 3.59 Forfeitures (19 ) 2.83 Nonvested end of period 403 $ 5.70 For the years ended September 30, 2021, 2020 and 2019: (i) the weighted average grant-date fair value of options granted was $9.18, $3.54 and $3.61, respectively; (ii) the total intrinsic value of options exercised was $2,890, $1,585 and $62, respectively; and (iii) the total grant-date fair value of options that vested was $621, $528 and $735, respectively. Cash received from options exercised was $3,052, $3,559 and $443 for the years ended September 30, 2021, 2020 and 2019, respectively. |
Contingent Obligations and Non-
Contingent Obligations and Non-Current Liabilities | 12 Months Ended |
Sep. 30, 2021 | |
Contingent Obligations and NonCurrent Liabilities Disclosure [Abstract] | |
Contingent Obligations and Non-Current Liabilities | (13) Contingent Obligations and Non-Current Liabilities In connection with the acquisition of Exalenz (see Note 4), the Company assumed several Israeli government grant obligations. The repayment of the grants, along with interest incurred at varying stated fixed rates based on LIBOR at the time each grant was received (ranging from 0.58% to 6.60%), is not dictated by an established repayment schedule. Rather, the grants and related interest are required to be repaid using 3% of the net revenues generated from the sales of BreathID products, with repayment contingent upon the level and timing of such revenues. In addition, the grants have no collateral or financial covenant provisions generally associated with traditional borrowing instruments. Following the repayment of a substantial portion (approximately $5,300) of the higher rate grant obligations during fiscal 2021, these obligation amounts total $5,814 and $11,124 as of September 30, 2021 and 2020, with the grant obligations remaining at September 30, 2021, bearing interest at rates ranging from 0.58% to 2.02%. The grant obligations are reflected in the Consolidated Balance Sheets as follows: Year Ended September 30, 2021 2020 Current liabilities $ 638 $ 600 Non-current liabilities 5,176 10,524 Additionally, the Company has provided certain post-employment benefits to its former Chief Executive Officer, and these obligations total $1,676 and $1,840 at September 30, 2021 and 2020, respectively. In addition, the Company is required by the governments of certain foreign countries in which we operate to maintain a level of accruals for potential future severance indemnity. These accruals total $754 and $814 at September 30, 2021 and 2020, respectively. |
National Institutes of Health C
National Institutes of Health Contracts | 12 Months Ended |
Sep. 30, 2021 | |
Research and Development [Abstract] | |
National Institutes of Health Contracts | (14) National Institutes of Health Contracts In December 2020, the Company entered into a sub-award grant contract with the University of Massachusetts Medical School as part of the National Institutes of Health Rapid Acceleration of Diagnostics (“RADx”) initiative to support the Company’s research and development of its diagnostic test for the SARS-CoV-2 antigen. The Company has received $1,000 under the grant contract for reimbursement of eligible research and development expenditures. These amounts are included within other income (expense) in the Consolidated Statement of Operations for the year ended September 30, 2021. Effective February 1, 2021, the Company entered into a second grant contract under the RADx initiative, the purpose of which is to support the Company’s manufacturing production scale-up and expansion to meet the demand for COVID-19 testing. The contract is a twelve-month term service contract, with payment of up to $5,500 being made based on the Company achieving key milestones related to increasing its capacity to produce COVID-19 tests. As of September 30, 2021, $1,500 has been received related to this contract and is reflected as a reduction in the cost of equipment within construction in progress on the Consolidated Balance Sheet. |
Reportable Segments and Major C
Reportable Segments and Major Concentration Data | 12 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Reportable Segments and Major Concentration Data | (15) Reportable Segments and Major Concentration Data The Company’s reportable segments maintain separate financial information for which results of operations are evaluated on a regular basis by the Company’s chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company records the direct costs of business operations to the reportable segments, including allocations for certain corporate-wide costs such as treasury management, human resources and technology, among others. Corporate provides certain ex e Segment and Corporate information is as follows: Diagnostics Life Science Corporate Eliminations Total Fiscal 2021 Net revenues - Third-party $ 127,760 $ 190,136 $ — $ — $ 317,896 Inter-segment 351 207 — (558 ) — Operating (loss) income (8,140 ) 115,250 (14,164 ) 88 93,034 Depreciation and amortization 13,432 1,854 — — 15,286 Capital expenditures 15,827 2,485 — — 18,312 Goodwill 94,904 19,764 — — 114,668 Other intangible assets, net 84,149 2 — — 84,151 Total assets 339,208 110,536 — (22 ) 449,722 Fiscal 2020 Net revenues - Third-party $ 121,132 $ 132,535 $ — $ — $ 253,667 Inter-segment 326 261 — (587 ) — Operating (loss) income 3,885 68,826 (11,437 ) 50 61,324 Depreciation and amortization 11,451 2,116 — — 13,567 Capital expenditures 1,850 1,449 — — 3,299 Goodwill 94,855 19,331 — — 114,186 Other intangible assets, net 83,179 18 — — 83,197 Total assets 306,812 98,483 — (34 ) 405,261 Fiscal 2019 Net revenues - Third-party $ 136,682 $ 64,332 $ — $ — $ 201,014 Inter-segment 462 361 — (823 ) — Operating (loss) income 25,390 17,581 (10,373 ) 101 32,699 Depreciation and amortization 7,676 2,288 — — 9,964 Capital expenditures 2,049 1,748 — — 3,797 Goodwill 70,395 18,846 — — 89,241 Other intangible assets, net 59,807 436 — — 60,243 Total assets 255,169 70,392 — (83 ) 325,478 (1) Includes Restructuring and Selected Legal Costs of $2,803, $2,080 and $2,596 for the years ended September 30, 2021, 2020 and 2019, respectively. (2) Eliminations consist of inter-segment transactions. A reconciliation of reportable segment operating income to consolidated earnings before income taxes is as follows: Year Ended September 30, 2021 2020 2019 Operating (loss) income: Diagnostics segment $ (8,140 ) $ 3,885 $ 25,390 Life Science segment 115,250 68,826 17,581 Eliminations 88 50 101 Total reportable segment operating income 107,198 72,761 43,072 Corporate operating expenses (14,164 ) (11,437 ) (10,373 ) Interest income — 142 681 Interest expense (1,878 ) (2,632 ) (1,945 ) RADx initiative grant income 1,000 — — Other, net (1,705 ) 459 122 Consolidated earnings before income taxes $ 90,451 $ 59,293 $ 31,557 Transactions between reportable segments are accounted for at established intercompany prices for internal and management purposes with all intercompany amounts eliminated in consolidation. During the years ended September 30, 2021 and 2020, products related to COVID-19 accounted for 59% and 54%, respectively, of Life Science segment net revenues , 28%, respectively, of consolidated net revenues. In addition, net revenues generated by the Company’s three major Diagnostics segment product families – gastrointestinal, respiratory illnesses and blood chemistry – accounted for 32%, 39% and 57% of consolidated net revenues during the years ended September 30, 2021, 2020 and 2019, respectively. While no individual Diagnostics or Life Science segment customers accounted for greater than 10% of consolidated net revenues during the years ended September 30, 2021, 2020 and 2019, individual Diagnostics or Life Science segment customers, including their affiliates, comprising 10% or more of reportable segment net revenues were as follows: Year Ended September 30, 2021 2020 2019 Diagnostics Customer A 10 % 12 % 13 % Customer B 11 % 13 % 12 % Customer C 12 % 7 % 6 % Life Science Customer D 6 % 6 % 18 % Customer E 3 % 13 % 7 % Customer F 13 % 11 % 2 % In addition, for the years ended September 30, 2021, 2020 and 2019, the Life Science segment’s ten largest customers, including their affiliates, accounted for approximately %, % and %, respectively, of Life Science segment net revenues, and %, % and %, respectively, of consolidated net revenues. One Diagnostics segment customer (Customer B above) and one Life Science segment customer (Customer F above) accounted for approximately 12% and 10%, respectively, of consolidated accounts receivable as of September 30, 2021. As of September 30, 2020, only Customer F above accounted for greater than 10% of consolidated accounts receivable, accounting for approximately 15%. Net revenues generated by the Company outside of the U.S. and its territories totaled $173,475, $121,596 and $74,193 for the years ended September 30, 2021, 2020 and 2019, respectively, with net revenues by country for the Diagnostics and Life Science segments as follows (net revenues are attributed to the geographic area based on the location to which the product is delivered): Year Ended September 30, 2021 2020 2019 U.S. and territories $ 99,636 $ 95,382 $ 107,890 Italy 12,240 9,797 10,911 France 2,283 2,238 2,446 United Kingdom 2,197 2,312 2,396 Belgium 1,554 1,440 1,468 Holland 1,279 1,183 1,413 Finland 1,069 275 291 Japan 551 848 1,572 Other countries 6,951 7,657 8,295 Total Diagnostics $ 127,760 $ 121,132 $ 136,682 Year Ended September 30, 2021 2020 2019 U.S. and territories $ 44,785 $ 36,689 $ 18,931 Germany 18,460 14,190 12,663 Finland 17,936 2,518 500 China 13,559 19,047 8,464 United Kingdom 13,097 14,765 4,709 Spain 12,593 7,242 4,414 France 10,733 5,579 2,200 South Korea 9,242 1,908 1,134 Australia 9,115 5,957 3,458 Italy 7,516 4,067 1,357 Turkey 7,281 2,819 290 Japan 6,532 3,707 1,624 India 5,558 2,099 143 Indonesia 5,183 3,027 169 Holland 3,197 3,212 710 Canada 1,073 547 322 Other countries 4,276 5,162 3,244 Total Life Science $ 190,136 $ 132,535 $ 64,332 In locations outside the U.S., the Company’s identifiable assets were concentrated as follows at the end of the most recent fiscal years, with no additional country’s total of assets exceeding $5,000: As of September 30, 2021 2020 Israel $ 80,416 $ 70,097 United Kingdom 30,027 27,373 Germany 22,293 12,877 Canada 15,236 9,865 Italy 6,921 7,858 |
Commitments and Contingent Obli
Commitments and Contingent Obligations | 12 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Obligations | (16) Commitments and Contingent Obligations (a) Royalty Commitments - of such expense relating to our Diagnostics and Life Science segments, respectively. These royalty expenses are recognized as the related revenues are earned and are recorded as a component of cost of sales. Annual royalty expenses associated with these agreements totaled approximately , with approximately 80% and 85%, respectively, of such expense relating to the Diagnostics segment. (b) Purchase Commitments - e 6 6 (c) Litigation - We are a party to various litigation matters from time to time that we believe are in the normal course of business. The ultimate resolution of these routine matters is not expected to have a material adverse effect on our consolidated financial position, results of operations or cash flows. Additionally, the Company has also become a party to certain legal matters that are somewhat outside the normal course of business. See Note 5 for a discussion of Magellan’s DOJ matter. (d) Indemnifications - |
Subsequent Events
Subsequent Events | 12 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | (17) Subsequent Events On October 25, 2021, the Company’s revolving credit facility with a commercial bank was amended primarily to: (i) increase the borrowing capacity to $200,000; (ii) extend the term to October 25, 2026; and (iii) modify the financial covenants to more closely align with the Company’s size and strategic plans. Other details of the credit facility remain relatively unchanged. On November 9, 2021, notification was received from the FDA that emergency use authorization (“EUA”) had been granted for the Company’s Revogene SARS-CoV-2 assay. |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Sep. 30, 2021 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | SCHEDULE II Meridian Bioscience, Inc. and Subsidiaries Valuation and Qualifying Accounts (Dollars in thousands) Years Ended September 30, 2021, 2020 and 2019 Description Balance at Charged to Deductions Other (a) Balance at Year Ended September 30, 2021: Allowance for doubtful accounts $ 513 $ 583 $ (34 ) $ 16 $ 1,078 Inventory realizability reserves 3,629 2,703 (1,297 ) (38 ) 4,997 Valuation allowances – deferred taxes 895 729 — — 1,624 Year Ended September 30, 2020: Allowance for doubtful accounts $ 537 $ 34 $ (75 ) $ 17 $ 513 Inventory realizability reserves 2,441 1,775 (564 ) (23 ) 3,629 Valuation allowances – deferred taxes 666 335 (106 ) — 895 Year Ended September 30, 2019: Allowance for doubtful accounts $ 310 $ 347 $ (100 ) $ (20 ) $ 537 Inventory realizability reserves 1,971 930 (448 ) (12 ) 2,441 Valuation allowances – deferred taxes 302 364 — — 666 (a) Balances reflect the effects of currency translation. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Business Description | (a) Business Description Our reportable segments are Diagnostics and Life Science. The Diagnostics segment consists of: (i) manufacturing operations for infectious disease products in Cincinnati, Ohio; Quebec City, Canada; and Modi’in, Israel; (ii) manufacturing operations for blood ch e The Life Science segment consists of: (i) manufacturing operations in Memphis, Tennessee; Boca Raton, Florida; London, England; and Luckenwalde, Germany; and (ii) the sale and distribution of bulk antigens, antibodies, PCR/qPCR reagents, isothermal reagents, nucleotides, and bioresearch reagents domestically and abroad, including a sales and business development facility, with outsourced distribution capabilities, in Beijing, China. This segment’s products are used by manufacturers and researchers in a variety of applications (e.g., in vitro medical device manufacturing, microRNA detection, next-generation sequencing, plant genotyping, and mutation detection, among others). |
Principals Of Consolidation And Basis Of Presentation | (b) Principles of Consolidation and Basis of Presentation - It should be noted that the terms revenue and/or revenues are utilized throughout these notes to the Consolidated Financial Statements to indicate net revenue and/or net revenues. |
Use of Estimates | (c) Use of Estimates - |
Foreign Currency Translation | (d) Foreign Currency Translation |
Cash, Cash Equivalents and Investments | (e) Cash and Cash Equivalents |
Inventories | ( f) Inventories We establish reserves against cost for excess and obsolete materials, finished goods whose shelf life may expire before sale to customers, and other identified exposures. The Company specifically considered the impact of the ongoing COVID-19 pandemic on its inventories at September 30, 2021 and 2020. Such reserves were $4,997 and $3,629 at September 30, 2021 and 2020, respectively. We estimate these reserves based on assumptions about future demand and market conditions. If actual demand and market conditions were to be less favorable than such estimates, additional inventory write-downs would be required and recorded in the period known. |
Property, Plant and Equipment | (g) Property, Plant and Equipment Buildings and improvements - 18 to 40 years Leasehold improvements - life of the lease Machinery, equipment and furniture - 3 to 10 years Computer equipment and software - 3 to 5 years Instruments under customer reagent rental arrangements - 5 years Supplemental Cash Flow Information (Non-Cash Capital Expenditures) Additions to property, plant and equipment for which cash remained unpaid totaled $416, $236 and $108 |
Intangible Assets | (h) Intangible Assets - At September 30, 2021, we had two reporting units (Diagnostics and Life Science), both of which contained goodwill. We review our reporting unit structure annually, or more frequently if facts and circumstances warrant. Goodwill is considered impaired if the carrying value of the reporting unit exceeds its fair value. We have no intangible assets with indefinite lives other than goodwill. The historical annual impairment assessment of the Company’s goodwill as of June 30, 2021 , qualitative assessment, the reporting unit’s carrying value is compared to its fair value, with fair value of the reporting unit estimated using market value and discounted cash flow approaches. Both our Diagnostics and Life Science reporting units satisfied the qualitative assessments as of June 30, 2021, and no impairment was recognized. The updated annual goodwill impairment assessment of the Company’s goodwill as of July 1, 2021 , consisted of quantitative assessments for each of our Diagnostics and Life Science reporting units. The quantitative assessments determined fair value via both market (comparable company) and income (discounted cash flows) approaches. The key assumptions for the market and income approaches we use to determine fair value of our reporting units are updated at least annually. Those assumptions and estimates include macroeconomic conditions, competitive activities, cost containment, market data and market multiples, discount rates, and terminal growth rates, as well as future levels of net revenues growth and operating income margins, which are based upon the Company’s strategic plan. The strategic plan is updated as part of its annual planning process and is reviewed and approved by management and the Board of Directors. The strategic plan may be revised as necessary during a fiscal year, based on changes in market conditions or other changes in the reporting units. The discount rate assumption is based on the overall after-tax rate of return required by a market participant whose weighted-average cost of capital includes both equity and debt, including a risk premium. The discount rates may be impacted by adverse changes in the macroeconomic environment, including specifically the ongoing COVID-19 pandemic, volatility in the equity and debt markets, or other fact o was over its Long-lived assets, excluding goodwill, are reviewed for impairment when events or circumstances indicate that such assets may not be recoverable at their carrying value. Whether an event or circumstance triggers an impairment is determined by comparing an estimate of the asset’s future undiscounted cash flows to its carrying value. If impairment has occurred, it is measured by a fair-value based calculation. Our ability to recover the carrying value of our identifiable intangible assets is dependent upon the future cash flows of the related assets. We make judgments and assumptions regarding future cash flows, including net revenues levels, gross profit margins, operating expense levels, working capital levels, and capital expenditures. With respect to identifiable intangible assets and fixed assets, we also make judgments and assumptions regarding useful lives. We consider the following factors in evaluating events and circumstances for possible impairment: (i) significant under-performance relative to historical or projected operating results; (ii) negative industry trends; (iii) net revenues levels of specific groups of products (related to specific identifiable intangibles); (iv) changes in overall business strategies; and (v) other factors. If actual cash flows are less favorable than projections, this could trigger impairment of identifiable intangible assets and other long-lived assets. No triggering events have been identified by the Company for the years ended September 30, 2021, 2020 and 2019. |
Revenue Recognition and Accounts Receivable | (i) Revenue Recognition and Accounts Receivable Revenue Recognition Policies Product Sales Revenue from contracts with customers is recognized in an amount that reflects the consideration we expect to receive in exchange for products when obligations under such contracts are satisfied. Revenue is generally recognized at a point-in-time when products are shipped, and control has passed to the customer. Such contracts can include various combinations of products that are generally accounted for as distinct performance obligations. Revenue is reduced in the period of sale for fees paid to distributors, which are inseparable from the distributor’s purchase of our product and for which we receive no goods or services in return. Revenue is reduced at the date of sale for product price adjustments payable to certain distributors under local contracts. Management estimates accruals for distributor price adjustments based on local contract terms, sales data provided by distributors, historical statistics, current trends, and other factors. Changes to the accruals are recorded in the period that they become known. Such accruals are netted against accounts receivable. Shipping and handling costs incurred after control of the product is transferred to our customers are treated as fulfillment costs and not a separate performance obligation. Our payment terms differ by jurisdiction and customer, but payment is generally required in a term ranging from 30 to 90 days from the date of shipment or satisfaction of the performance obligation. Accounts receivable are recorded in the Consolidated Balance Sheets at invoiced amounts less provisions for distributor price adjustments under local contracts and doubtful accounts. The allowance for doubtful accounts represents our estimate of probable credit losses and is based on historical write-off experience and known conditions that would likely lead to non-payment. Customer invoices are charged off against the allowance for doubtful accounts when we believe it is probable that the invoices will not be paid. The Company specifically considered the impact of the ongoing COVID-19 pandemic on its accounts receivable and determined there was no material impact on existing accounts receivable at September 30, 2021 or 2020. Practical Expedients and Exemptions Revenue is recognized net of any taxes collected from customers (sales tax, value added tax, etc.), which are subsequently remitted to government authorities. Our diagnostic assay products are generally not subject to a customer right of return except for product recall events under the rules and regulations of the U.S. Food and Drug Administration (“FDA”) or equivalent agencies outside the U.S. In this circumstance, the costs to replace or refund affected products would be accrued at the time a loss was probable and estimable. We expense as incurred the costs to obtain contracts, as the amortization period would be one year or less. These costs, recorded within selling and marketing expense, include our internal sales force compensation programs and certain partner sales incentive programs, as we have determined that annual compensation is commensurate with annual selling activities. Reagent Rental Arrangements Certain of our Diagnostics segment’s product platforms require the use of instruments for the tests to be processed. In many cases, a customer is given use of the instrument provided they continue purchasing the associated tests, also referred to as “consumables” or “reagents”. If a customer stops purchasing the consumables, the instrument must be returned to us. Such arrangements are common practice in the diagnostics industry and are referred to as “Reagent Rentals”. Reagent Rentals may also include instrument related services such as a limited replacement warranty, training and installation. We concluded that the use of the instrument and related services (collectively known as “lease elements”) are not within the scope of Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers Leases For the portion of the transaction price allocated to the non-lease elements, which are principally the test kits, the related revenue is recognized at a point-in-time when control transfers. |
Fair Value Measurements | (j) Fair Value Measurements Fair Value Measurements and Disclosures transparency and reliability of the inputs used in the valuation of such items at the measurement date based on the lowest level of input that is significant to the fair value measurement. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Assets and liabilities measured and reported at fair value are classified and disclosed in one of the following categories based on inputs: Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities Level 2 Quoted prices in markets that are not active and financial instruments for which all significant inputs are observable, either directly or indirectly Level 3 Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable |
Research and Development Costs | (k) Research and Development Costs |
Income Taxes | (l) Income Taxes a The Company has certain deferred income tax assets in select jurisdictions. The recoverability of these deferred income tax assets is assessed periodically, and valuation allowances are recognized if it is determined that it is more likely than not that the benefits will not be realized. When performing the assessment, the Company considers the ability to carryback losses to prior tax periods, future taxable income, the reversal of existing temporary differences, and tax planning strategies. We account for uncertain tax positions using a benefit recognition model with a two-step approach: (i) a more-likely-than-not recognition criterion; and (ii) a measurement attribute that measures the position as the largest amount of tax benefit that is greater than 50% likely of being ultimately realized upon ultimate settlement. If it is not more likely than not that the benefit will be sustained on its technical merits, no benefit is recorded. We recognize accrued interest related to unrecognized tax benefits as a portion of our income tax provision in the Consolidated Statements of Operations. |
Stock-Based Compensation | (m) Stock-Based Compensation |
Comprehensive Income (Loss) | (n) Comprehensive Income (Loss) unrealized gain (loss) on our current cash flow hedge, |
Shipping and Handling Costs | (o) Shipping and Handling Costs |
Non-Income Government-Assessed Taxes | (p) Non-Income Government-Assessed Taxes |
Acquisitions | (q) Acquisitions |
Other income (expense), net | (r) Other income (expense), net - Other |
Recent Accounting Pronouncements | (s) Recent Accounting Pronouncements Pronouncements Adopted On October 1, 2020, the Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2016-13, Measurement of Credit Losses on Financial Instruments Pronouncements Issued but Not Yet Adopted as of September 30, 2021 In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes The Company is currently evaluating ASU 2019-12 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Revenue Recognition [Abstract] | |
Summary of Disaggregation of Revenue | The following tables present our net revenues disaggregated by major geographic region, major product platform and disease state (Diagnostics segment Net Revenues by Reportable Segment & Geographic Region Year Ended September 30, 2021 2020 2019 Diagnostics- Americas $ 101,293 $ 97,228 $ 110,109 EMEA 24,475 21,826 23,888 ROW 1,992 2,078 2,685 Total Diagnostics 127,760 121,132 136,682 Life Science- Americas 46,063 37,391 19,441 EMEA 93,655 58,125 28,850 ROW 50,418 37,019 16,041 Total Life Science 190,136 132,535 64,332 Consolidated $ 317,896 $ 253,667 $ 201,014 Net Revenues by Product Platform/Type Year Ended September 30, 2021 2020 2019 Diagnostics- Molecular assays $ 19,037 $ 21,907 $ 26,283 Non-molecular assays 108,723 99,225 110,399 Total Diagnostics $ 127,760 $ 121,132 $ 136,682 Life Science- Molecular reagents $ 130,537 $ 78,431 $ 23,261 Immunological reagents 59,599 54,104 41,071 Total Life Science $ 190,136 $ 132,535 $ 64,332 Net Revenues by Disease State (Diagnostics only) Year Ended September 30, 2021 2020 2019 Diagnostics- Gastrointestinal assays $ 68,890 $ 55,040 $ 68,982 Respiratory illness assays 17,608 26,694 26,622 Blood chemistry assays 15,398 17,534 18,639 Other 25,864 21,864 22,439 Total Diagnostics $ 127,760 $ 121,132 $ 136,682 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table provides information by level for financial assets and liabilities that are measured at fair value on a recurring basis: Fair Value Measurements Using Carrying Value Level 1 Level 2 Level 3 Interest rate swap agreements - As of September 30, 2021 $ (203 ) $ — $ (203 ) $ — As of September 30, 2020 $ (713 ) $ — $ (713 ) $ — Contingent consideration - As of September 30, 2021 $ — $ — $ — $ — As of September 30, 2020 $ (20,909 ) $ — $ — $ (20,909 ) |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Business Acquisition [Line Items] | |
Business Acquisition, Pro Forma Information | Year Ended September 30, 2020 2019 Net revenues $ 261,131 $ 214,613 Net earnings 45,843 19,089 |
Business Acquisition Proforma Adjustments | Year Ended September 30, 2020 2019 Adjustments to Net Revenues Exalenz pre-acquisition revenues $ 7,464 $ 13,599 Adjustments to Net Earnings Exalenz pre-acquisition net losses $ (6,423 ) $ (4,006 ) Pro forma adjustments: Meridian acquisition-related costs 3,890 — Exalenz transaction-related costs 4,550 — Gain on Exalenz purchase price currency contracts (845 ) — Remove net impact of non-continuing activities (305 ) 1,441 Incremental depreciation and amortization (1,680 ) (3,027 ) Incremental interest costs, net (183 ) (728 ) Tax effects of pro forma adjustments and recognizing benefit on resulting Exalenz losses 653 1,027 Total Adjustments to Net Earnings $ (343 ) $ (5,293 ) |
Exalenz [Member] | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the final (as of April 30, 2021 April 30, 2020 Fair value of assets acquired - Cash $ 5,006 Accounts receivable 637 Inventories 4,026 Other current assets 2,676 Property, plant and equipment 528 Goodwill 24,459 Other intangible assets (estimated useful life): Non-compete agreement (5 years) 110 Trade name (10 years) 3,860 Technology (15 years) 6,120 Customer relationships (10 years) 20,640 Right-of-use assets 1,311 Deferred tax assets, net 7,119 76,492 Fair value of liabilities assumed - Accounts payable and accrued expenses (including current portion of lease and government grant obligations) 8,008 Long-term lease obligations 1,096 Long-term government grant obligations 10,792 Other non-current liabilities 291 20,187 Total consideration paid (including $8,068 to pay off long-term debt) $ 56,305 |
Net Revenues and Net Loss related to acquisition | The Company’s consolidated results include the following from Exalenz: Year Ended September 30, 2021 2020 Net revenues $ 14,905 $ 4,206 Net loss (3,381 ) (1,911 ) |
BreathTek [Member] | |
Business Acquisition [Line Items] | |
Business Acquisition, Pro Forma Information | The following table provides the unaudited consolidated pro forma results for the periods presented as if the BreathTek business had been acquired as of the beginning of fiscal 2020: Year Ended September 30, 2021 2020 Net revenues $ 337,118 $ 279,573 Net earnings 77,270 53,305 |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Components of Cash and Cash Equivalents | Cash and cash equivalents are comprised of the following: As of September 30, 2021 2020 Institutional money market funds $ 1,020 $ 1,017 Cash on hand, unrestricted 48,751 52,497 Total $ 49,771 $ 53,514 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | As of September 30, 2021 2020 Raw materials $ 14,843 $ 11,966 Work-in-process 25,072 19,477 Finished goods - instruments 2,260 1,594 Finished goods - kits and reagents 34,667 28,227 Total $ 76,842 $ 61,264 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets, Net (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of acquired intangible assets subject to amortization | A summary of Meridian’s intangible assets subject to amortization is as follows. 2021 2020 As of September 30, Gross Accum. Gross Accum. Manufacturing technologies, core products and cell lines $ 62,416 $ 22,633 $ 62,363 $ 18,750 Tradenames, licenses and patents 18,489 9,492 18,425 7,801 Customer lists, customer relationships and supply agreements 54,941 19,649 45,071 16,210 Non-compete agreements 110 31 110 11 $ 135,956 $ 51,805 $ 125,969 $ 42,772 |
Leasing Arrangements (Tables)
Leasing Arrangements (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Schedule of supplemental cash flow information related to the companys operating lease liabilities | Supplemental Cash Flow Information (Cash Paid for Amounts Included in Measurement of Lease Liabilities) Year Ended September 30, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 2,228 $ 1,693 |
Schedule of maturities of lease liabilities | Maturities of lease liabilities by fiscal year for the Company’s operating lease liabilities were as follows as of September 30, 2021: 2022 $ 2,194 2023 1,558 2024 1,178 2025 918 2026 326 Thereafter 65 Total lease payments 6,239 Less amount of lease payment representing interest (317 ) Total present value of lease payments $ 5,922 |
Schedule Of Condensed Income Statement Of Operation | The lease costs for these operating leases reflected in our Consolidated Statements of Operations, as well as the right-of-use assets, net obtained during these periods in exchange for operating lease liabilities, are as follows: Year Ended September 30, 2021 2020 Lease costs within cost of sales $ 795 $ 597 Lease costs within operating expenses 1,542 1,286 Right-of-use assets, net obtained in exchange for operating lease liabilities 1,073 1,600 |
Schedule of weighted average remaining lease term and discount rate | The weighted average remaining lease term for our operating leases and the weighted average discount rate used to measure our operating leases were as follows: As of September 30, 2021 2020 Weighted average remaining lease term 3.6 yrs. 4.2 yrs. Average discount rate 3.2 % 3.7 % |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Earnings Before Income Taxes, and Related Provision for Income Taxes | (a) Earnings before income taxes, and the related income tax provision were as follows: Year Ended September 30, 2021 2020 2019 Domestic $ 11,354 $ 9,068 $ 23,954 Foreign 79,097 50,225 7,603 Total earnings before income taxes $ 90,451 $ 59,293 $ 31,557 Provision (benefit) for income taxes - Federal - Current $ 4,431 $ 1,173 $ 5,001 Deferred (2,595 ) 744 (477 ) State and local 1,163 1,170 834 Foreign - Current 16,305 10,194 1,915 Deferred (260 ) (174 ) (98 ) Total income tax provision $ 19,044 $ 13,107 $ 7,175 |
Reconciliation Between the Statutory U.S. Income Tax Rate and Effective Rate Derived by Dividing the Provision for Income Taxes by Earnings Before Income Taxes | (b) The following is a reconciliation between the statutory U.S. income tax rate and the effective rate derived by dividing the income tax provision by earnings before income taxes: Year Ended September 30, 2021 2020 2019 Computed income taxes at statutory rate $ 18,995 21.0 % $ 12,452 21.0 % $ 6,627 21.0 % Increase (decrease) in taxes resulting from - State and local income taxes 1,204 1.3 773 1.3 577 1.8 Foreign-Derived Intangible Income tax (563 ) (0.6 ) (136 ) (0.2 ) (294 ) (0.9 ) Global Intangible Low Taxed Income (“GILTI”) tax 8,061 8.9 4,970 8.4 1,119 3.5 Foreign tax credit (7,802 ) (8.6 ) (4,767 ) (8.0 ) (990 ) (3.1 ) Foreign tax rate differences (869 ) (1.0 ) (534 ) (0.9 ) 46 0.1 Transaction costs — — 548 0.9 — — Uncertain tax position activity 205 0.2 62 0.1 126 0.4 Valuation allowance 729 0.8 229 0.3 364 1.2 Stock-based compensation (498 ) (0.5 ) 41 0.1 (33 ) (0.1 ) Other, net (418 ) (0.4 ) (531 ) (0.9 ) (367 ) (1.2 ) $ 19,044 21.1 % $ 13,107 22.1 % $ 7,175 22.7 % |
Components of Net Deferred Tax Liabilities | (c) The components of net deferred taxes were as follows: As of September 30, 2021 2020 Deferred tax assets - Valuation reserves and non-deductible expenses $ 4,939 $ 4,848 Stock compensation expense not deductible 2,276 1,804 Net operating loss and tax credit carryforwards 12,711 10,757 Basis difference in equity-method investee 302 302 Inventories basis differences 692 382 Other — 207 Subtotal 20,920 18,300 Less valuation allowance (1,624 ) (895 ) Deferred tax assets 19,296 17,405 Deferred tax liabilities - Property, plant and equipment basis differences and depreciation (4,778 ) (4,269 ) Intangible asset basis differences and amortization (6,495 ) (9,293 ) Other (347 ) — Deferred tax liabilities (11,620 ) (13,562 ) Net deferred tax assets $ 7,676 $ 3,843 |
Unrecognized Tax Benefits | A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows: Year Ended September 30, 2021 2020 2019 Unrecognized income tax benefits at beginning of year $ 568 $ 509 $ 388 Additions for tax positions of prior years 34 — 83 Reductions for tax positions of prior years — — (38 ) Additions for tax positions of current year 138 104 138 Tax examination and other settlements (40 ) (45 ) (62 ) Unrecognized income tax benefits at end of year $ 700 $ 568 $ 509 |
Schedule Of Global Intangible Low TaxED Income And Foreign Tax Credit | The Company’s GILTI and foreign tax credit details were as follows: Year Ended September 30, 2021 2020 2019 U.S. GILTI inclusion $ 38,384 $ 23,666 $ 5,328 Resulting permanent tax expense 8,061 4,970 1,119 Offsetting foreign tax credit (7,802 ) (4,767 ) (990 ) |
Employee Benefits (Tables)
Employee Benefits (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule Of Share Based Payment Award Stock Options Valuation Assumptions | We have elected to use the Black-Scholes option pricing model to determine grant-date fair value for stock options, with the following assumptions: (i) expected share price volatility based on the average of Meridian’s historic a A summary of these key assumptions are as follows: Year ended September 30, 2021 2020 2019 Share price volatility 53%-59% 34 % 29 % Life of option 4.00-7.47 yrs. 6.51 yrs . 6.51 yrs . Risk-free interest rates 0.26% - 1.60 % 2.99 % Dividend yield 0 % 0 % 3.3 % |
Summary of Stock Option Plans | A summary of the status of our stock option plans as of September 30, 2021, and changes during the year ended September 30, 2021, is presented in the table and narrative below: Options Wtd Avg Wtd Avg Aggregate Outstanding beginning of period 1,103 $ 14.67 Grants 167 19.28 Exercises (219 ) 14.48 Forfeitures (19 ) 11.46 Cancellations (31 ) 21.85 Outstanding end of period 1,001 $ 15.31 6.55 $ 4,299 Exercisable end of period 598 $ 15.90 5.44 $ 2,276 |
Summary of Nonvested Options | A summary of the status of our nonvested options as of September 30, 2021, and changes during the year ended September 30, 2021, is presented below: Options Weighted- Nonvested beginning of period 429 $ 3.36 Granted 167 9.18 Vested (174 ) 3.59 Forfeitures (19 ) 2.83 Nonvested end of period 403 $ 5.70 |
Contingent Obligations and No_2
Contingent Obligations and Non-Current Liabilities (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Contingent Obligations And Non current Liabilities Disclosure [Abstract] | |
Schedule of Government Grant Obligations Reflected in Condensed Consolidated Balance Sheet | The grant obligations are reflected in the Consolidated Balance Sheets as follows: Year Ended September 30, 2021 2020 Current liabilities $ 638 $ 600 Non-current liabilities 5,176 10,524 |
Reportable Segments and Major_2
Reportable Segments and Major Concentration Data (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Consolidated Net Revenues | While no individual Diagnostics or Life Science segment customers accounted for greater than 10% of consolidated net revenues during the years ended September 30, 2021, 2020 and 2019, individual Diagnostics or Life Science segment customers, including their affiliates, comprising 10% or more of reportable segment net revenues were as follows: Year Ended September 30, 2021 2020 2019 Diagnostics Customer A 10 % 12 % 13 % Customer B 11 % 13 % 12 % Customer C 12 % 7 % 6 % Life Science Customer D 6 % 6 % 18 % Customer E 3 % 13 % 7 % Customer F 13 % 11 % 2 % |
Significant Revenue Information by Country for Diagnostics and Life Science Reportable Segments | Net revenues generated by the Company outside of the U.S. and its territories totaled $173,475, $121,596 and $74,193 for the years ended September 30, 2021, 2020 and 2019, respectively, with net revenues by country for the Diagnostics and Life Science segments as follows (net revenues are attributed to the geographic area based on the location to which the product is delivered): Year Ended September 30, 2021 2020 2019 U.S. and territories $ 99,636 $ 95,382 $ 107,890 Italy 12,240 9,797 10,911 France 2,283 2,238 2,446 United Kingdom 2,197 2,312 2,396 Belgium 1,554 1,440 1,468 Holland 1,279 1,183 1,413 Finland 1,069 275 291 Japan 551 848 1,572 Other countries 6,951 7,657 8,295 Total Diagnostics $ 127,760 $ 121,132 $ 136,682 Year Ended September 30, 2021 2020 2019 U.S. and territories $ 44,785 $ 36,689 $ 18,931 Germany 18,460 14,190 12,663 Finland 17,936 2,518 500 China 13,559 19,047 8,464 United Kingdom 13,097 14,765 4,709 Spain 12,593 7,242 4,414 France 10,733 5,579 2,200 South Korea 9,242 1,908 1,134 Australia 9,115 5,957 3,458 Italy 7,516 4,067 1,357 Turkey 7,281 2,819 290 Japan 6,532 3,707 1,624 India 5,558 2,099 143 Indonesia 5,183 3,027 169 Holland 3,197 3,212 710 Canada 1,073 547 322 Other countries 4,276 5,162 3,244 Total Life Science $ 190,136 $ 132,535 $ 64,332 |
Asset Concentration by Country Outside the U.S. | In locations outside the U.S., the Company’s identifiable assets were concentrated as follows at the end of the most recent fiscal years, with no additional country’s total of assets exceeding $5,000: As of September 30, 2021 2020 Israel $ 80,416 $ 70,097 United Kingdom 30,027 27,373 Germany 22,293 12,877 Canada 15,236 9,865 Italy 6,921 7,858 |
Segment Information | Segment and Corporate information is as follows: Diagnostics Life Science Corporate Eliminations Total Fiscal 2021 Net revenues - Third-party $ 127,760 $ 190,136 $ — $ — $ 317,896 Inter-segment 351 207 — (558 ) — Operating (loss) income (8,140 ) 115,250 (14,164 ) 88 93,034 Depreciation and amortization 13,432 1,854 — — 15,286 Capital expenditures 15,827 2,485 — — 18,312 Goodwill 94,904 19,764 — — 114,668 Other intangible assets, net 84,149 2 — — 84,151 Total assets 339,208 110,536 — (22 ) 449,722 Fiscal 2020 Net revenues - Third-party $ 121,132 $ 132,535 $ — $ — $ 253,667 Inter-segment 326 261 — (587 ) — Operating (loss) income 3,885 68,826 (11,437 ) 50 61,324 Depreciation and amortization 11,451 2,116 — — 13,567 Capital expenditures 1,850 1,449 — — 3,299 Goodwill 94,855 19,331 — — 114,186 Other intangible assets, net 83,179 18 — — 83,197 Total assets 306,812 98,483 — (34 ) 405,261 Fiscal 2019 Net revenues - Third-party $ 136,682 $ 64,332 $ — $ — $ 201,014 Inter-segment 462 361 — (823 ) — Operating (loss) income 25,390 17,581 (10,373 ) 101 32,699 Depreciation and amortization 7,676 2,288 — — 9,964 Capital expenditures 2,049 1,748 — — 3,797 Goodwill 70,395 18,846 — — 89,241 Other intangible assets, net 59,807 436 — — 60,243 Total assets 255,169 70,392 — (83 ) 325,478 (1) Includes Restructuring and Selected Legal Costs of $2,803, $2,080 and $2,596 for the years ended September 30, 2021, 2020 and 2019, respectively. (2) Eliminations consist of inter-segment transactions. |
Pre-tax Earnings Table | A reconciliation of reportable segment operating income to consolidated earnings before income taxes is as follows: Year Ended September 30, 2021 2020 2019 Operating (loss) income: Diagnostics segment $ (8,140 ) $ 3,885 $ 25,390 Life Science segment 115,250 68,826 17,581 Eliminations 88 50 101 Total reportable segment operating income 107,198 72,761 43,072 Corporate operating expenses (14,164 ) (11,437 ) (10,373 ) Interest income — 142 681 Interest expense (1,878 ) (2,632 ) (1,945 ) RADx initiative grant income 1,000 — — Other, net (1,705 ) 459 122 Consolidated earnings before income taxes $ 90,451 $ 59,293 $ 31,557 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | Jul. 01, 2021 | Sep. 30, 2018 | |
Schedule Of Accounting Policies [Line Items] | |||||
Indefinite-Lived intangible assets other than goodwill | $ 0 | $ 0 | |||
Likelihood percentage of tax benefit being recognized upon ultimate settlement | 50.00% | ||||
Revenue, description of payment terms | 30 to 90 days from the date of shipment or satisfaction of the performance obligation | ||||
Contract cost, amortization period | 1 year | ||||
Noncash Capital Expenditures | $ 416 | 236 | $ 108 | ||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 50.00% | ||||
Buildings and Improvements [Member] | Minimum [Member] | |||||
Schedule Of Accounting Policies [Line Items] | |||||
Estimated useful life | 18 years | ||||
Buildings and Improvements [Member] | Maximum [Member] | |||||
Schedule Of Accounting Policies [Line Items] | |||||
Estimated useful life | 40 years | ||||
Machinery, Equipment and Furniture [Member] | Minimum [Member] | |||||
Schedule Of Accounting Policies [Line Items] | |||||
Estimated useful life | 3 years | ||||
Machinery, Equipment and Furniture [Member] | Maximum [Member] | |||||
Schedule Of Accounting Policies [Line Items] | |||||
Estimated useful life | 10 years | ||||
Computer Equipment and Software [Member] | Minimum [Member] | |||||
Schedule Of Accounting Policies [Line Items] | |||||
Estimated useful life | 3 years | ||||
Computer Equipment and Software [Member] | Maximum [Member] | |||||
Schedule Of Accounting Policies [Line Items] | |||||
Estimated useful life | 5 years | ||||
Instruments Under Customer Reagent Rental Arrangements [Member] | |||||
Schedule Of Accounting Policies [Line Items] | |||||
Estimated useful life | 5 years | ||||
Leasehold Improvements [Member] | |||||
Schedule Of Accounting Policies [Line Items] | |||||
Estimated useful lives | life of the lease | ||||
Inventory Realizability Reserves [Member] | |||||
Schedule Of Accounting Policies [Line Items] | |||||
Inventory Valuation Reserves | $ 4,997 | $ 3,629 | $ 2,441 | $ 1,971 |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Disaggregation of Revenue by Reportable Segment and Geographic Region (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | $ 317,896 | $ 253,667 | $ 201,014 |
Diagnostics [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 127,760 | 121,132 | 136,682 |
Diagnostics [Member] | Americas [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 101,293 | 97,228 | 110,109 |
Diagnostics [Member] | EMEA [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 24,475 | 21,826 | 23,888 |
Diagnostics [Member] | ROW [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 1,992 | 2,078 | 2,685 |
Life Science [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 190,136 | 132,535 | 64,332 |
Life Science [Member] | Americas [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 46,063 | 37,391 | 19,441 |
Life Science [Member] | EMEA [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 93,655 | 58,125 | 28,850 |
Life Science [Member] | ROW [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | $ 50,418 | $ 37,019 | $ 16,041 |
Revenue Recognition - Summary_2
Revenue Recognition - Summary of Disaggregation of Revenue by Product Platform/Type (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Segment Reporting Information [Line Items] | |||
Revenue | $ 317,896 | $ 253,667 | $ 201,014 |
Diagnostics [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 127,760 | 121,132 | 136,682 |
Diagnostics [Member] | Molecular Assays [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 19,037 | 21,907 | 26,283 |
Diagnostics [Member] | Non-molecular assays | |||
Segment Reporting Information [Line Items] | |||
Revenue | 108,723 | 99,225 | 110,399 |
Life Science [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 190,136 | 132,535 | 64,332 |
Life Science [Member] | Molecular Reagents [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 130,537 | 78,431 | 23,261 |
Life Science [Member] | Immunological Reagents [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | $ 59,599 | $ 54,104 | $ 41,071 |
Revenue Recognition - Summary_3
Revenue Recognition - Summary of Disaggregation of Revenue by Disease State (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Segment Reporting Information [Line Items] | |||
Revenue | $ 317,896 | $ 253,667 | $ 201,014 |
Diagnostics [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 127,760 | 121,132 | 136,682 |
Diagnostics [Member] | Gastrointestinal Assays [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 68,890 | 55,040 | 68,982 |
Diagnostics [Member] | Respiratory Illness Assays [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 17,608 | 26,694 | 26,622 |
Diagnostics [Member] | Blood Chemistry Assays [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 15,398 | 17,534 | 18,639 |
Diagnostics [Member] | Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | $ 25,864 | $ 21,864 | $ 22,439 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Disaggregation of Revenue [Line Items] | |||
Royalty income | $ 6,330 | $ 3,540 | $ 3,440 |
Revenues | 317,896 | 253,667 | 201,014 |
Lease Elements [Member] | Product Concentration Risk [Member] | Revenues [Member] | Reagent Rental Arrangements [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 3,710 | $ 4,600 | $ 4,150 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Fair Value, Assets and Liabilities Measured on Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Sep. 30, 2020 |
Derivative Liability, Noncurrent | $ 203 | $ 713 |
Interest rate swap agreements [Member] | ||
Derivative Liability, Noncurrent | (203) | (713) |
Commitments [Member] | ||
Business Combination, Contingent Consideration, Liability | 0 | (20,909) |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Interest rate swap agreements [Member] | ||
Derivative Liability, Noncurrent | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Commitments [Member] | ||
Business Combination, Contingent Consideration, Liability | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest rate swap agreements [Member] | ||
Derivative Liability, Noncurrent | (203) | (713) |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Commitments [Member] | ||
Business Combination, Contingent Consideration, Liability | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Interest rate swap agreements [Member] | ||
Derivative Liability, Noncurrent | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Commitments [Member] | ||
Business Combination, Contingent Consideration, Liability | $ 0 | $ (20,909) |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Aug. 31, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | Jun. 03, 2019 | |
Fair Value Measurements [Line Items] | |||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ (909) | $ (6,293) | $ 0 | ||
GenePOC | |||||
Fair Value Measurements [Line Items] | |||||
Contingent consideration liability | $ 27,202 | ||||
Business Acquisition Contingent Consideration Paid | $ 20,000 | ||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | (909) | $ (6,293) | |||
GenePOC | Maximum [Member] | Product Development Milestones [Member] | |||||
Fair Value Measurements [Line Items] | |||||
Potential milestone payment | 14,000 | ||||
GenePOC | Maximum [Member] | Product Development Milestones [Member] | On Acquisition Date [Member] | |||||
Fair Value Measurements [Line Items] | |||||
Potential milestone payment | 20,000 | ||||
GenePOC | Maximum [Member] | Financial Performance Targets [Member] | |||||
Fair Value Measurements [Line Items] | |||||
Potential milestone payment | 50,000 | ||||
GenePOC | Maximum [Member] | Product Development Milestones And Financial Performance Targets [Member] | |||||
Fair Value Measurements [Line Items] | |||||
Potential milestone payment | 64,000 | ||||
GenePOC | Maximum [Member] | Product Development Milestones And Financial Performance Targets [Member] | On Acquisition Date [Member] | |||||
Fair Value Measurements [Line Items] | |||||
Potential milestone payment | 70,000 | ||||
Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value Measurements [Line Items] | |||||
Notional amount of the swaps | $ 50,000 |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) $ in Thousands, ₪ in Millions | Apr. 30, 2020USD ($) | Apr. 30, 2020ILS (₪) | Jul. 31, 2021USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) |
Goodwill | $ 114,668 | $ 114,186 | $ 89,241 | |||
Acquisition-related Costs | 392 | 3,890 | 1,808 | |||
Amortization of identifiable assets | 8,776 | 7,744 | 4,531 | |||
Foreign Currency Transaction Gain Loss Realized | 845 | |||||
Finite lived intangible assets amortization expense | 8,776 | 7,744 | $ 4,531 | |||
Exalenz [Member] | ||||||
Assets acquired liabilities assumed net | $ 56,305 | |||||
Cash payment to acquire business | 48,237 | ₪ 168.6 | ||||
Goodwill | $ 24,459 | |||||
Acquisition-related Costs | 3,890 | |||||
Amortization of identifiable assets | 2,960 | 1,120 | ||||
Percentage of Voting Interest | 100.00% | |||||
Net Cash Outlay To Acquire Businesses | $ 47,392 | |||||
Payments to Acquire Businesses, Gross | 48,237 | ₪ 168.6 | ||||
Business combination, recognized identifiable assets acquired and liabilities assumed, inventory | $ 4,026 | |||||
Net revenues | 14,905 | 4,206 | ||||
Net earnings | (3,381) | (1,911) | ||||
Finite lived intangible assets amortization expense | 2,960 | $ 1,120 | ||||
BreathTek [Member] | ||||||
Cash payment to acquire business | $ 19,585 | |||||
Payments to Acquire Businesses, Gross | 19,585 | |||||
Consideration holdback | 1,000 | |||||
Business combination, recognized identifiable assets acquired and liabilities assumed, inventory | 9,855 | |||||
Net revenues | 3,840 | |||||
Net earnings | 1,000 | |||||
BreathTek [Member] | Customer Relationships [Member] | ||||||
Amortization of identifiable assets | 324 | |||||
Business combination, recognized identifiable assets acquired and liabilities assumed, finite-lived intangibles | $ 9,730 | |||||
Finite lived intangible assets useful life | 5 years | |||||
Finite lived intangible assets amortization expense | $ 324 |
Business Combinations - Schedul
Business Combinations - Schedule of Consolidated Results of Net Revenue or Losses (Detail) - Exalenz [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Net revenues | $ 14,905 | $ 4,206 |
Net loss | $ (3,381) | $ (1,911) |
Business Combinations - Sched_2
Business Combinations - Schedule Of Assets Acquired And Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Sep. 30, 2020 | Apr. 30, 2020 | Sep. 30, 2019 |
Fair value of assets acquired - | ||||
Goodwill | $ 114,668 | $ 114,186 | $ 89,241 | |
Exalenz [Member] | ||||
Fair value of assets acquired - | ||||
Cash | $ 5,006 | |||
Accounts receivable | 637 | |||
Inventories | 4,026 | |||
Other current assets | 2,676 | |||
Property, plant and equipment | 528 | |||
Goodwill | 24,459 | |||
Other intangible assets (estimated useful life): | ||||
Right-of-use assets | 1,311 | |||
Deferred tax assets, net | 7,119 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 76,492 | |||
Fair value of liabilities assumed - | ||||
Accounts payable and accrued expenses | 8,008 | |||
Long-term lease obligations | 1,096 | |||
Long-term government grant obligations | 10,792 | |||
Other non-current liabilities | 291 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | 20,187 | |||
Total consideration | 56,305 | |||
Exalenz [Member] | Technology-Based Intangible Assets [Member] | ||||
Other intangible assets (estimated useful life): | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 6,120 | |||
Exalenz [Member] | Noncompete Agreements [Member] | ||||
Other intangible assets (estimated useful life): | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 110 | |||
Exalenz [Member] | Trade Names [Member] | ||||
Other intangible assets (estimated useful life): | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 3,860 | |||
Exalenz [Member] | Customer Relationships [Member] | ||||
Other intangible assets (estimated useful life): | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 20,640 |
Business Combinations - Sched_3
Business Combinations - Schedule Of Assets Acquired And Liabilities (Parenthetical) (Detail) $ in Thousands | Apr. 30, 2020USD ($) |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Business combination consideration payment Of Long term debt | $ 8,068 |
Technology-Based Intangible Assets [Member] | Exalenz [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years |
Noncompete Agreements [Member] | Exalenz [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years |
Trade Names [Member] | Exalenz [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years |
Customer Relationships [Member] | Exalenz [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years |
Business Combinations - Consoli
Business Combinations - Consolidated Pro Forma Results Of The Combined Entities (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Exalenz and GenePOC [Member] | |||
Business Acquisition, Pro Forma Information [Abstract] | |||
Net Revenues | $ 261,131 | $ 214,613 | |
Net Earnings | 45,843 | $ 19,089 | |
BreathTek [Member] | |||
Business Acquisition, Pro Forma Information [Abstract] | |||
Net Revenues | $ 337,118 | 279,573 | |
Net Earnings | $ 77,270 | $ 53,305 |
Business Combinations - Busines
Business Combinations - Business Acquisition, Pro Forma Adjustments (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Adjustments to Net Revenues | ||
Exalenz pre-acquisition revenues | $ 7,464 | $ 13,599 |
Adjustments to Net Earnings | ||
Exalenz pre-acquisition net loss | (6,423) | (4,006) |
Pro forma adjustments: | ||
Meridian acquisition-related costs | 3,890 | 0 |
Exalenz transaction-related costs | 4,550 | 0 |
Gain on Exalenz purchase price currency contracts | (845) | 0 |
Expenses related to non-continuing personnel, locations or activities | (305) | 1,441 |
Incremental depreciation and amortization | (1,680) | (3,027) |
Incremental interest costs | (183) | (728) |
Tax effects of pro forma adjustments | 653 | 1,027 |
Total Adjustments to Net Earnings | $ (343) | $ (5,293) |
Lead Testing Matters - Addition
Lead Testing Matters - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Accrued Recall and related notification payable | $ 5,100 | ||
Recall-related expense | 5,600 | ||
Legal fees | 2,803 | $ 2,080 | $ 1,583 |
DOJ Subpoena [Member] | |||
Legal fees | $ 2,803 | $ 2,035 | $ 1,585 |
Litigation filing date | April 17, 2018 |
Cash and Cash Equivalents - Com
Cash and Cash Equivalents - Components of Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Sep. 30, 2020 |
Cash and Cash Equivalents [Line Items] | ||
Cash and cash equivalents | $ 49,771 | $ 53,514 |
Institutional Money Market Funds [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Cash and cash equivalents | 1,020 | 1,017 |
Cash on hand, unrestricted [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Cash and cash equivalents | $ 48,751 | $ 52,497 |
Inventories - Components of Inv
Inventories - Components of Inventories (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Sep. 30, 2020 |
Inventory [Line Items] | ||
Raw materials | $ 14,843 | $ 11,966 |
Work-in-process | 25,072 | 19,477 |
Total | 76,842 | 61,264 |
Instruments [Member] | ||
Inventory [Line Items] | ||
Finished goods | 2,260 | 1,594 |
Kits and Reagents [Member] | ||
Inventory [Line Items] | ||
Finished goods | $ 34,667 | $ 28,227 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets, Net - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Amortization of identifiable assets | $ 8,776 | $ 7,744 | $ 4,531 |
2022 | 9,940 | ||
2023 | 9,925 | ||
2024 | 9,920 | ||
2025 | 9,915 | ||
2026 | 8,915 | ||
Increase decrease in goodwill during the period | 482 | ||
Diagnostics [Member] | |||
Increase decrease in goodwill foreign currency translation adjustment | 56 | ||
Life Science [Member] | |||
Increase decrease in goodwill foreign currency translation adjustment | 433 | ||
Exalenz [Member] | |||
Amortization of identifiable assets | 2,960 | $ 1,120 | |
Increase decrease in goodwill during the period | $ 7 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets, Net - Summary of Acquired Intangible Assets Subject to Amortization (Detail) - USD ($) $ in Thousands | Oct. 31, 2021 | Sep. 30, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 135,956 | $ 125,969 |
Accumulated Amortization | 51,805 | 42,772 |
Manufacturing Technologies, Core Products and Cell Lines [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 62,416 | 62,363 |
Accumulated Amortization | 22,633 | 18,750 |
Tradenames, Licenses and Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 18,489 | 18,425 |
Accumulated Amortization | 9,492 | 7,801 |
Customer Lists, Customer Relationships, and Supply Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 54,941 | 45,071 |
Accumulated Amortization | 19,649 | 16,210 |
Non-Compete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 110 | 110 |
Accumulated Amortization | $ 31 | $ 11 |
Leasing Arrangements - Schedule
Leasing Arrangements - Schedule of Condensed Income Statement Of Operation (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Condensed Income Statements, Captions [Line Items] | ||
Right-of-use assets, net obtained in exchange for operating lease liabilities | $ 1,073 | $ 1,600 |
Lease costs within cost of sales | ||
Condensed Income Statements, Captions [Line Items] | ||
Operating lease cost | 795 | 597 |
Lease costs within operating expenses | ||
Condensed Income Statements, Captions [Line Items] | ||
Operating lease cost | $ 1,542 | $ 1,286 |
Leasing Arrangements - Schedu_2
Leasing Arrangements - Schedule of Weighted Average Remaining Lease Term and Discount Rate (Detail) | Sep. 30, 2021 | Sep. 30, 2020 |
Weighted Average Remaining Lease Term And Weighted Average Discount Rate Used To Measure Operating Lease [Abstract] | ||
Weighted average remaining lease term | 3 years 7 months 6 days | 4 years 2 months 12 days |
Average discount rate | 3.20% | 3.70% |
Leasing Arrangements - Schedu_3
Leasing Arrangements - Schedule of maturities of lease liabilities (Detail) $ in Thousands | Sep. 30, 2021USD ($) |
Operating lease liabilities | |
2022 | $ 2,194 |
2023 | 1,558 |
2024 | 1,178 |
2025 | 918 |
2026 | 326 |
Thereafter | 65 |
Total lease payments | 6,239 |
Less amount of lease payment representing interest | (317) |
Total present value of lease payments | $ 5,922 |
Leasing Arrangements - Schedu_4
Leasing Arrangements - Schedule Of Supplemental Cash Flow Information (Cash Paid for Amounts Included in Measurement of Lease Liabilities) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash Flow, Operating Activities, Lessee [Abstract] | ||
Operating cash flows from operating leases | $ 2,228 | $ 1,693 |
Bank Credit Arrangements - Addi
Bank Credit Arrangements - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Debt Instrument [Line Items] | |||
Cash paid for interest | $ 1,348 | $ 2,690 | $ 1,405 |
Line of credit facility borrowing Capacity | 160,000 | ||
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit outstanding | $ 60,000 | $ 68,824 | |
Expiration of credit facility | May 2024 | ||
Revolving credit facility interest rate percentage | 2.51% | 3.30% |
Income Taxes - Earnings Before
Income Taxes - Earnings Before Income Taxes and Related Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 11,354 | $ 9,068 | $ 23,954 |
Foreign | 79,097 | 50,225 | 7,603 |
Earnings Before Income Taxes | 90,451 | 59,293 | 31,557 |
Federal | |||
Current | 4,431 | 1,173 | 5,001 |
Deferred | (2,595) | 744 | (477) |
State and local | 1,163 | 1,170 | 834 |
Foreign | |||
Current | 16,305 | 10,194 | 1,915 |
Deferred | (260) | (174) | (98) |
Income Tax Provision | $ 19,044 | $ 13,107 | $ 7,175 |
Income Taxes - Reconciliation B
Income Taxes - Reconciliation Between the Statutory U.S. Income Tax Rate and Effective Rate Derived by Dividing the Provision for Income Taxes by Earnings Before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |||
Computed income taxes at statutory rate | $ 18,995 | $ 12,452 | $ 6,627 |
Increase (decrease) in taxes resulting from - | |||
State and local income taxes | 1,204 | 773 | 577 |
Foreign-Derived Intangible Income tax | (563) | (136) | (294) |
Global Intangible Low Taxed Income ("GILTI") tax | 8,061 | 4,970 | 1,119 |
Foreign tax credit | (7,802) | (4,767) | (990) |
Foreign tax rate differences | (869) | (534) | 46 |
Transaction Costs | 548 | ||
Uncertain tax position activity | 205 | 62 | 126 |
Valuation allowance | 729 | 229 | 364 |
Stock-based compensation | (498) | 41 | (33) |
Other, net | (418) | (531) | (367) |
Income Tax Provision | $ 19,044 | $ 13,107 | $ 7,175 |
Computed income taxes at statutory rate | 21.00% | 21.00% | 21.00% |
State and local income taxes, rate | 1.30% | 1.30% | 1.80% |
Foreign-Derived Intangible Income tax, rate | (0.60%) | (0.20%) | (0.90%) |
Global Intangible Low Taxed Income tax, rate | 8.90% | 8.40% | 3.50% |
Foreign tax credit, rate | (8.60%) | (8.00%) | (3.10%) |
Foreign tax rate differences, rate | (1.00%) | (0.90%) | 0.10% |
Transaction costs rate | 0.90% | ||
Uncertain tax position activity, rate | 0.20% | 0.10% | 0.40% |
Valuation allowance, rate | 0.80% | 0.30% | 1.20% |
Stock-based compensation, rate | (0.50%) | 0.10% | (0.10%) |
Other, net, rate | (0.40%) | (0.90%) | (1.20%) |
Total, rate | 21.10% | 22.10% | 22.70% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Taxes Disclosure [Line Items] | ||||
Deferred tax assets operating loss and tax credit carryforwards | $ 12,711 | $ 10,757 | ||
Deferred tax assets | 19,296 | 17,405 | ||
Unrecognized income tax benefits | 700 | 568 | $ 509 | $ 388 |
Amount of unrecognized tax benefits which would favorably affect the effective tax rate if recognized | 627 | |||
Penalties and interest | 31 | 20 | ||
Accrued for the payment of interest and penalties | $ 170 | 138 | ||
Uncertain tax positions expected to be paid or settled | 12 months | |||
Cash paid for income taxes | $ 27,466 | 9,816 | $ 7,840 | |
Deferred tax liability | 865 | 185 | ||
Deferred tax assets, change in valuation allowance | 1,322 | 593 | ||
Domestic [Member] | ||||
Income Taxes Disclosure [Line Items] | ||||
Deferred tax assets operating loss and tax credit carryforwards | $ 179 | 205 | ||
Operating loss carryforwards, expiration period start year | 2023 | |||
Aggregate amount of federal, state and foreign operating loss carryforwards | $ 118 | |||
Open Tax Years | fiscal 2017 remain open | |||
Foreign [Member] | ||||
Income Taxes Disclosure [Line Items] | ||||
Deferred tax assets operating loss and tax credit carryforwards | $ 12,532 | $ 10,552 | ||
Aggregate amount of federal, state and foreign operating loss carryforwards | $ 88,442 | |||
Open Tax Years | 2016 and forward | |||
State [Member] | ||||
Income Taxes Disclosure [Line Items] | ||||
Operating loss carryforwards, expiration period end year | 2036 | |||
Aggregate amount of federal, state and foreign operating loss carryforwards | $ 2,400 |
Income Taxes - Components of Ne
Income Taxes - Components of Net Deferred Tax Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Sep. 30, 2020 |
Deferred tax assets - | ||
Valuation reserves and non-deductible expenses | $ 4,939 | $ 4,848 |
Stock compensation expense not deductible | 2,276 | 1,804 |
Net operating loss and tax credit carryforwards | 12,711 | 10,757 |
Basis difference in equity-method investee | 302 | 302 |
Inventories basis differences | 692 | 382 |
Other | 0 | 207 |
Subtotal | 20,920 | 18,300 |
Less valuation allowance | (1,624) | (895) |
Deferred tax assets | 19,296 | 17,405 |
Deferred tax liabilities - | ||
Property, plant and equipment basis differences and depreciation | (4,778) | (4,269) |
Intangible asset basis differences and amortization | (6,495) | (9,293) |
Other | (347) | 0 |
Deferred tax liabilities | (11,620) | (13,562) |
Net deferred tax assets | $ 7,676 | $ 3,843 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized income tax benefits at beginning of year | $ 568 | $ 509 | $ 388 |
Additions for tax positions of prior years | 34 | 83 | |
Reductions for tax positions of prior years | (38) | ||
Additions for tax positions of current year | 138 | 104 | 138 |
Tax examination and other settlements | (40) | (45) | (62) |
Unrecognized income tax benefits at end of year | $ 700 | $ 568 | $ 509 |
Income Taxes - Summary Of The C
Income Taxes - Summary Of The Company's GILTI and foreign tax credit (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |||
GILTI inclusion | $ 38,384 | $ 23,666 | $ 5,328 |
Tax expense | 8,061 | 4,970 | 1,119 |
Foreign tax credit | $ (7,802) | $ (4,767) | $ (990) |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) $ / shares in Units, $ in Thousands | 12 Months Ended | 36 Months Ended | ||
Sep. 30, 2021USD ($)Stock-Plan$ / sharesshares | Sep. 30, 2020USD ($)$ / sharesshares | Sep. 30, 2019USD ($)$ / shares | Sep. 30, 2021USD ($)Stock-Plan$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of employers contribution as percentage of employees contribution | 100.00% | |||
Maximum percentage of employers contribution on eligible compensation | 4.00% | |||
Discretionary and matching contributions to plan | $ 2,869 | $ 2,434 | $ 1,979 | |
Number of active stock-based compensation plan | Stock-Plan | 2 | 2 | ||
Rate of exercise price of underlying common shares | 100.00% | |||
Weighted average grant-date fair value | $ / shares | $ 9.18 | $ 3.54 | $ 3.61 | |
Weighted average remaining vesting period | 1 year 1 month 13 days | |||
Number of restricted share units vested | shares | 79 | |||
Stock-based compensation | $ 4,156 | $ 3,802 | $ 3,251 | |
Total income tax benefit recognized in stock-based compensation arrangements | $ 1,516 | 898 | 572 | |
Stock compensation expense expected period for recognition | 2022 through 2024 | |||
Stock compensation expense to adjust estimated forfeiture rates to actual | $ 183 | 148 | 127 | |
Total intrinsic value of options exercised | 2,890 | 1,585 | 62 | |
Total grant-date fair value of options that vested | 621 | 528 | 735 | |
Proceeds from exercises of stock options | $ 3,052 | $ 3,559 | $ 443 | |
Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Range of forfeiture rates | 0.00% | 0.00% | 0.00% | |
Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Range of forfeiture rates | 16.00% | 16.00% | 16.00% | |
Chief Executive Officer [Member] | Amended and Restated Employment Agreement [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted, Shares | shares | 198 | |||
Restricted share units granted | shares | 100 | |||
Weighted average grant-date fair value | $ / shares | $ 3.38 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100.00% | |||
Vesting End Date | Oct. 1, 2022 | |||
Restricted Stock Units and Restricted Stock Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted share units granted | shares | 823 | |||
Weighted-average grant date fair value of restricted share units granted | $ / shares | $ 18.81 | $ 10.13 | $ 18.66 | |
Weighted-average grant date fair value | $ / shares | $ 15.61 | |||
Restricted share units outstanding | shares | 682 | 682 | ||
Weighted average grant date fair value of outstanding restricted share units | $ / shares | $ 14.73 | $ 14.73 | ||
Intrinsic value of restricted share units | $ 13,121 | $ 13,121 | ||
Stock-based compensation | 3,076 | $ 2,796 | $ 2,709 | |
Stock-based compensation | $ 3,438 | $ 3,438 | ||
Restricted Stock Units and Restricted Stock Shares [Member] | Chief Executive Officer [Member] | Amended and Restated Employment Agreement [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted-average grant date fair value | $ / shares | $ 10.10 | |||
2012 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares authorized for grant | shares | 1,839 | 1,839 | ||
Maximum terms | 10 years | |||
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | $ 1,080 | $ 1,006 | $ 542 | |
Stock-based compensation | $ 902 | $ 902 | ||
2021 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares authorized for grant | shares | 2,839 | 2,839 | ||
Granted, Shares | shares | 71 | |||
Options granted, authorizing limit | shares | 2,768 | 2,768 | ||
Maximum terms | 10 years |
Employee Benefits - Black-Schol
Employee Benefits - Black-Scholes Option Pricing Model to Determine Grant-date Fair Value for Stock Options (Detail) | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Share price volatility | 34.00% | 29.00% | |
Life of option | 6 years 6 months 3 days | 6 years 6 months 3 days | |
Risk-free interest rates | 1.60% | 2.99% | |
Dividend yield | 0.00% | 0.00% | 3.30% |
Minimum [Member] | |||
Share price volatility | 53.00% | ||
Life of option | 4 years | ||
Risk-free interest rates | 0.26% | ||
Maximum [Member] | |||
Share price volatility | 59.00% | ||
Life of option | 7 years 5 months 19 days | ||
Risk-free interest rates | 0.79% |
Employee Benefits - Summary of
Employee Benefits - Summary of Stock Option Plans (Detail) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended |
Sep. 30, 2021USD ($)$ / sharesshares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Outstanding beginning of period, Options | shares | 1,103 |
Grants, Options | shares | 167 |
Exercises, Options | shares | (219) |
Forfeitures, Options | shares | (19) |
Cancellations, Options | shares | (31) |
Outstanding end of period, Options | shares | 1,001 |
Exercisable end of period, Options | shares | 598 |
Outstanding beginning of period, Weighted Average Exercise Price | $ / shares | $ 14.67 |
Grants, Weighted Average Exercise Price | $ / shares | 19.28 |
Exercises, Weighted average exercise price | $ / shares | 14.48 |
Forfeitures, Weighted average exercise price | $ / shares | 11.46 |
Cancellations, Weighted average exercise price | $ / shares | 21.85 |
Outstanding end of period, Weighted Average Exercise Price | $ / shares | 15.31 |
Exercisable end of period, Weighted average exercise price | $ / shares | $ 15.90 |
Outstanding end of period, Weighted Average remaining life | 6 years 6 months 18 days |
Exercisable end of period, Weighted Average remaining life | 5 years 5 months 8 days |
Outstanding end of period, Aggregate intrinsic value | $ | $ 4,299 |
Exercisable end of period, Aggregate intrinsic value | $ | $ 2,276 |
Employee Benefits - Summary o_2
Employee Benefits - Summary of Nonvested Options (Detail) - $ / shares shares in Thousands | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Nonvested beginning of period, Options | 429 | ||
Granted, Options | 167 | ||
Vested, Options | (174) | ||
Forfeitures, Options | (19) | ||
Nonvested end of period, Options | 403 | 429 | |
Nonvested beginning of period, Weighted Average Grant Date Fair Value | $ 3.36 | ||
Granted, Weighted Average Grant Date Fair Value | 9.18 | $ 3.54 | $ 3.61 |
Vested, Weighted Average Grant Date Fair Value | 3.59 | ||
Forfeitures, Weighted Average Grant Date Fair Value | 2.83 | ||
Nonvested end of period, Weighted Average Grant Date Fair Value | $ 5.70 |
Contingent Obligations and No_3
Contingent Obligations and Non-Current Liabilities - Schedule of Government Grant Obligations Reflected in Condensed Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Sep. 30, 2020 |
Contingent Obligations and NonCurrent Liabilities Disclosure [Abstract] | ||
Current liabilities | $ 638 | $ 600 |
Liabilities, Noncurrent | $ 5,176 | $ 10,524 |
Contingent Obligations and No_4
Contingent Obligations and Non-Current Liabilities - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Government grant obligations | $ 5,814 | $ 11,124 |
Repayment of government grants | $ 5,300 | |
Breath ID Products [Member] | ||
Percent of breath ID revenue for grant repayment | 3.00% | |
Potential Future Severance Indemnity [Member] | ||
Liability for potential severance indemnity | $ 754 | 814 |
Former Chief Executive Officer [Member] | ||
Post employment benefit obligations | $ 1,676 | $ 1,840 |
Maximum [Member] | ||
Percentage of interest on grants | 6.60% | |
Maximum [Member] | Long Term Government Grant Obligations [Member] | ||
Percentage of interest on grants | 2.02% | |
Minimum [Member] | ||
Percentage of interest on grants | 0.58% | |
Minimum [Member] | Long Term Government Grant Obligations [Member] | ||
Percentage of interest on grants | 0.58% |
National Institutes of Health_2
National Institutes of Health Contracts - Additional Information (Detail) - USD ($) $ in Thousands | Feb. 01, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 |
Health Contracts Relating To Research And Development [Line Items] | ||||
Grant Contract Lease Term | 12 months | |||
Grant Receipts Upon Milestone Achievement | $ 5,500 | |||
RADx grant proceeds offsetting cost of equipment | $ 1,500 | $ 0 | $ 0 | |
National Institute Of Health [Member] | Reimbursement Of Research And Development Expenditure Accrued [Member] | ||||
Health Contracts Relating To Research And Development [Line Items] | ||||
Reimbursement of research and development expenditure | $ 1,000 |
Reportable Segments and Major_3
Reportable Segments and Major Concentration Data - Consolidated Net Revenues (Detail) - Customer Concentration Risk [Member] - Revenues [Member] - Segment Level [Member] | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Customer A [Member] | Diagnostics [Member] | |||
Entity Wide Portfolio Carrying Amount, Major Customer [Line Items] | |||
Concentration percentage | 10.00% | 12.00% | 13.00% |
Customer B [Member] | Diagnostics [Member] | |||
Entity Wide Portfolio Carrying Amount, Major Customer [Line Items] | |||
Concentration percentage | 11.00% | 13.00% | 12.00% |
Customer C [Member] | Diagnostics [Member] | |||
Entity Wide Portfolio Carrying Amount, Major Customer [Line Items] | |||
Concentration percentage | 12.00% | 7.00% | 6.00% |
Customer D [Member] | Life Science [Member] | |||
Entity Wide Portfolio Carrying Amount, Major Customer [Line Items] | |||
Concentration percentage | 6.00% | 6.00% | 18.00% |
Customer E [Member] | Life Science [Member] | |||
Entity Wide Portfolio Carrying Amount, Major Customer [Line Items] | |||
Concentration percentage | 3.00% | 13.00% | 7.00% |
Customer F [Member] | Life Science [Member] | |||
Entity Wide Portfolio Carrying Amount, Major Customer [Line Items] | |||
Concentration percentage | 13.00% | 11.00% | 2.00% |
Reportable Segments and Major_4
Reportable Segments and Major Concentration Data - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | $ 317,896 | $ 253,667 | $ 201,014 |
Identifiable assets | $ 5,000 | ||
Customer Concentration Risk [Member] | Life Science Segment Ten Largest Customer [Member] | Sales Revenue, Net [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Concentration risk percentage | 27.00% | 25.00% | 13.00% |
Customer Concentration Risk [Member] | Life Science Segment Ten Largest Customer [Member] | Sales Revenue, Net [Member] | Operating Segments [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Concentration risk percentage | 44.00% | 48.00% | 42.00% |
Customer Concentration Risk [Member] | One Single Customer [Member] | Sales Revenue, Net [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Concentration risk percentage | 10.00% | 10.00% | 10.00% |
Customer Concentration Risk [Member] | One Of The Diagnositic Or Life Science Segment Customer [Member] | Sales Revenue, Net [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Concentration risk percentage | 10.00% | 10.00% | 10.00% |
Customer Concentration Risk [Member] | Minimum [Member] | Accounts Receivable [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Concentration risk percentage | 10.00% | ||
Customer Concentration Risk [Member] | VIVO Customer A Member [Member] | Accounts Receivable [Member] | VIVO Diagnostics [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Concentration risk percentage | 12.00% | ||
Customer Concentration Risk [Member] | VIVO Customer F Member [Member] | Accounts Receivable [Member] | VIVO Life Science [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Concentration risk percentage | 10.00% | 15.00% | |
Foreign Customers, Combined International for Diagnostics and Life Science [Member] | Sales Revenue, Net [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | $ 173,475 | $ 121,596 | $ 74,193 |
Product Concentration Risk [Member] | Sales Revenue, Net [Member] | Covid 19 Products [Member] | Consolidated Revenue [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Concentration risk percentage | 35.00% | 28.00% | |
Product Concentration Risk [Member] | Sales Revenue, Net [Member] | Life Science [Member] | Covid 19 Products [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Concentration risk percentage | 59.00% | 54.00% | |
Product Concentration Risk [Member] | Three Diagnostics Product Families [Member] | Sales Revenue, Net [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Concentration risk percentage | 32.00% | 39.00% | 57.00% |
Reportable Segments and Major_5
Reportable Segments and Major Concentration Data - Significant Revenue Information by Country for Diagnostics and Life Science Reportable Segments (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | $ 317,896 | $ 253,667 | $ 201,014 |
Diagnostics [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 127,760 | 121,132 | 136,682 |
Diagnostics [Member] | United States and territories [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 99,636 | 95,382 | 107,890 |
Diagnostics [Member] | Italy [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 12,240 | 9,797 | 10,911 |
Diagnostics [Member] | United Kingdom [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 2,197 | 2,312 | 2,396 |
Diagnostics [Member] | France [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 2,283 | 2,238 | 2,446 |
Diagnostics [Member] | Finland [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 1,069 | 275 | 291 |
Diagnostics [Member] | Japan [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 551 | 848 | 1,572 |
Diagnostics [Member] | Belgium [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 1,554 | 1,440 | 1,468 |
Diagnostics [Member] | Holland [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 1,279 | 1,183 | 1,413 |
Diagnostics [Member] | Other Countries [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 6,951 | 7,657 | 8,295 |
Life Science [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 190,136 | 132,535 | 64,332 |
Life Science [Member] | United States and territories [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 44,785 | 36,689 | 18,931 |
Life Science [Member] | China [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 13,559 | 19,047 | 8,464 |
Life Science [Member] | Italy [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 7,516 | 4,067 | 1,357 |
Life Science [Member] | United Kingdom [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 13,097 | 14,765 | 4,709 |
Life Science [Member] | Germany [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 18,460 | 14,190 | 12,663 |
Life Science [Member] | France [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 10,733 | 5,579 | 2,200 |
Life Science [Member] | Spain [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 12,593 | 7,242 | 4,414 |
Life Science [Member] | Australia [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 9,115 | 5,957 | 3,458 |
Life Science [Member] | Finland [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 17,936 | 2,518 | 500 |
Life Science [Member] | Japan [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 6,532 | 3,707 | 1,624 |
Life Science [Member] | Holland [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 3,197 | 3,212 | 710 |
Life Science [Member] | Indonesia [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 5,183 | 3,027 | 169 |
Life Science [Member] | Turkey [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 7,281 | 2,819 | 290 |
Life Science [Member] | India [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 5,558 | 2,099 | 143 |
Life Science [Member] | South Korea [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 9,242 | 1,908 | 1,134 |
Life Science [Member] | Canada [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 1,073 | 547 | 322 |
Life Science [Member] | Other Countries [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | $ 4,276 | $ 5,162 | $ 3,244 |
Reportable Segments and Major_6
Reportable Segments and Major Concentration Data-Asset Concentration Segment Based on Geography (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 |
Disclosure Of Asset Concentration Based On Geographical Location [Line Items] | |||
Assets | $ 449,722 | $ 405,261 | $ 325,478 |
Israel [Member] | |||
Disclosure Of Asset Concentration Based On Geographical Location [Line Items] | |||
Assets | 80,416 | 70,097 | |
United Kingdom [Member] | |||
Disclosure Of Asset Concentration Based On Geographical Location [Line Items] | |||
Assets | 30,027 | 27,373 | |
Germany [Member] | |||
Disclosure Of Asset Concentration Based On Geographical Location [Line Items] | |||
Assets | 22,293 | 12,877 | |
Canada [Member] | |||
Disclosure Of Asset Concentration Based On Geographical Location [Line Items] | |||
Assets | 15,236 | 9,865 | |
Italy [Member] | |||
Disclosure Of Asset Concentration Based On Geographical Location [Line Items] | |||
Assets | $ 6,921 | $ 7,858 |
Reportable Segments and Major_7
Reportable Segments and Major Concentration Data - Segment Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Segment Reporting Information [Line Items] | |||
Net revenues | $ 317,896 | $ 253,667 | $ 201,014 |
Operating (loss) income | 93,034 | 61,324 | 32,699 |
Depreciation and amortization | 15,286 | 13,567 | 9,964 |
Capital expenditures | 18,312 | 3,299 | 3,797 |
Goodwill | 114,668 | 114,186 | 89,241 |
Other intangible assets, net | 84,151 | 83,197 | 60,243 |
Total assets | 449,722 | 405,261 | 325,478 |
Restructuring and litigation costs | 2,803 | 2,080 | 2,596 |
Diagnostics [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 127,760 | 121,132 | 136,682 |
Life Science [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 190,136 | 132,535 | 64,332 |
Corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating (loss) income | (14,164) | (11,437) | (10,373) |
Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | (558) | (587) | (823) |
Operating (loss) income | 88 | 50 | 101 |
Total assets | (22) | (34) | (83) |
Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating (loss) income | 107,198 | 72,761 | 43,072 |
Operating Segments [Member] | Diagnostics [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 127,760 | 121,132 | 136,682 |
Net revenues | 351 | 326 | 462 |
Operating (loss) income | (8,140) | 3,885 | 25,390 |
Depreciation and amortization | 13,432 | 11,451 | 7,676 |
Capital expenditures | 15,827 | 1,850 | 2,049 |
Goodwill | 94,904 | 94,855 | 70,395 |
Other intangible assets, net | 84,149 | 83,179 | 59,807 |
Total assets | 339,208 | 306,812 | 255,169 |
Operating Segments [Member] | Life Science [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 190,136 | 132,535 | 64,332 |
Net revenues | 207 | 261 | 361 |
Operating (loss) income | 115,250 | 68,826 | 17,581 |
Depreciation and amortization | 1,854 | 2,116 | 2,288 |
Capital expenditures | 2,485 | 1,449 | 1,748 |
Goodwill | 19,764 | 19,331 | 18,846 |
Other intangible assets, net | 2 | 18 | 436 |
Total assets | $ 110,536 | $ 98,483 | $ 70,392 |
Reportable Segments and Major_8
Reportable Segments and Major Concentration Data - Pre-tax Earnings Table (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Operating (loss) income | $ 93,034 | $ 61,324 | $ 32,699 |
Corporate operating expenses | (14,164) | (11,437) | (10,373) |
Interest income | 0 | 142 | 681 |
Interest expense | (1,878) | (2,632) | (1,945) |
RADx initiative grant income | 1,000 | 0 | 0 |
Other, net | (1,705) | 459 | 122 |
Earnings Before Income Taxes | 90,451 | 59,293 | 31,557 |
Operating Segments [Member] | |||
Operating (loss) income | 107,198 | 72,761 | 43,072 |
Operating Segments [Member] | Diagnostics [Member] | |||
Operating (loss) income | (8,140) | 3,885 | 25,390 |
Operating Segments [Member] | Life Science [Member] | |||
Operating (loss) income | 115,250 | 68,826 | 17,581 |
Eliminations [Member] | |||
Operating (loss) income | $ 88 | $ 50 | $ 101 |
Commitments and Contingent Ob_2
Commitments and Contingent Obligations - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Commitments Contingencies And Litigation [Line Items] | |||
Annual royalty expenses | $ 5,200,000 | $ 1,900,000 | $ 2,100,000 |
2022 | 49,537,000 | ||
Thereafter | 0 | ||
2023 | 1,758,000 | ||
Payments for indemnifications | 0 | 0 | |
Liabilities for indemnifications | $ 0 | $ 0 | |
Minimum [Member] | |||
Commitments Contingencies And Litigation [Line Items] | |||
Percentage of royalty payable | 3.00% | ||
Maximum [Member] | |||
Commitments Contingencies And Litigation [Line Items] | |||
Percentage of royalty payable | 10.00% | ||
Diagnostics [Member] | |||
Commitments Contingencies And Litigation [Line Items] | |||
Percentage of total royalty expense | 25.00% | 80.00% | 85.00% |
Life Science [Member] | |||
Commitments Contingencies And Litigation [Line Items] | |||
Percentage of total royalty expense | 75.00% |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Detail) - USD ($) $ in Thousands | Oct. 25, 2021 | Sep. 30, 2021 |
Subsequent Event [Line Items] | ||
Line of credit facility maximum borrowing capacity | $ 160,000 | |
Subsequent Event [Member] | Revolving Credit Facility [Member] | ||
Subsequent Event [Line Items] | ||
Line of credit facility maximum borrowing capacity | $ 200,000 | |
Line of credit facility expirtation date | Oct. 25, 2026 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Allowance for Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | $ 513 | $ 537 | $ 310 |
Charged to Costs and Expenses | 583 | 34 | 347 |
Deductions | (34) | (75) | (100) |
Other | 16 | 17 | (20) |
Balance at End of Period | 1,078 | 513 | 537 |
Inventory Realizability Reserves [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | 3,629 | 2,441 | 1,971 |
Charged to Costs and Expenses | 2,703 | 1,775 | 930 |
Deductions | (1,297) | (564) | (448) |
Other | (38) | (23) | (12) |
Balance at End of Period | 4,997 | 3,629 | 2,441 |
Valuation Allowances - Deferred Taxes [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | 895 | 666 | 302 |
Charged to Costs and Expenses | 729 | 335 | 364 |
Deductions | 0 | (106) | |
Other | 0 | ||
Balance at End of Period | $ 1,624 | $ 895 | $ 666 |