Document And Entity Information
Document And Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Jun. 30, 2015 | Aug. 26, 2015 | Dec. 31, 2014 | |
Entity Registrant Name | BIO-TECHNE Corp | ||
Entity Central Index Key | 842,023 | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Common Stock, Shares Outstanding (in shares) | 37,167,171 | ||
Entity Public Float | $ 3.4 | ||
Document Type | 10-K | ||
Document Period End Date | Jun. 30, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Statements of Earn
Consolidated Statements of Earnings and Comprehensive Income - USD ($) shares in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Net sales | $ 452,246,000 | $ 357,763,000 | $ 310,575,000 |
Cost of sales | 144,969,000 | 106,352,000 | 79,465,000 |
Gross margin | 307,277,000 | 251,411,000 | 231,110,000 |
Operating expenses: | |||
Selling, general and administrative | 119,401,000 | 60,716,000 | 43,384,000 |
Research and development | 40,853,000 | 30,945,000 | 29,257,000 |
Total operating expenses | 160,254,000 | 91,661,000 | 72,641,000 |
Operating income | 147,022 | 159,750 | 158,469 |
Other income (expense): | |||
Interest expense | (1,544,000) | 0 | 0 |
Interest income | 634,000 | 2,684,000 | 2,646,000 |
Other non-operating income (expense), net | 8,049,000 | (1,042,000) | (453,000) |
Total other income (expense) | 7,139,000 | 1,642,000 | 2,193,000 |
Earnings before income taxes | 154,162,000 | 161,392,000 | 160,662,000 |
Income taxes | 46,427,000 | 50,444,000 | 48,101,000 |
Net earnings | 107,735,000 | 110,948,000 | 112,561,000 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | (36,513,000) | 15,819,000 | (3,538,000) |
Unrealized (losses) gains on available-for-sale investments, net of tax of 3,895, ($17,110) and ($2,129), respectively | 11,308,000 | (35,760,000) | (3,684,000) |
Other comprehensive (loss) income | (25,205,000) | (19,941,000) | (7,222,000) |
Comprehensive income | $ 82,530,000 | $ 91,007,000 | $ 105,339,000 |
Earnings per share: | |||
Basic (in dollars per share) | $ 2.90 | $ 3.01 | $ 3.06 |
Diluted (in dollars per share) | 2.89 | 3 | 3.05 |
Cash dividends per common share: (in dollars per share) | $ 1.27 | $ 1.23 | $ 1.18 |
Weighted average common shares outstanding: | |||
Basic (in shares) | 37,096 | 36,890 | 36,836 |
Diluted (in shares) | 37,231 | 37,005 | 36,900 |
Consolidated Statements of Ear3
Consolidated Statements of Earnings and Comprehensive Income (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Unrealized losses on available-for-sale investments, tax | $ 3,895 | $ (17,110) | $ (2,129) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jun. 30, 2015 | Jun. 30, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 54,532,000 | $ 318,568,000 |
Short-term available-for-sale investments | 56,389,000 | 44,786,000 |
Accounts receivable, less allowance for doubtful accounts of $555 and $487, respectively | 70,034,000 | 55,001,000 |
Deferred income taxes | 11,511,000 | 9,623,000 |
Inventories | 49,577,000 | 38,847,000 |
Other current assets | 6,240,000 | 2,588,000 |
Total current assets | 248,283,000 | 469,413,000 |
Available-for-sale investments | 0 | 3,575,000 |
Property and equipment, net | 129,749,000 | 117,120,000 |
Goodwill | 390,638,000 | 151,473,000 |
Intangible assets, net | 292,839,000 | 108,776,000 |
Investments in unconsolidated entities | 0 | 10,446,000 |
Other assets | 1,851,000 | 1,688,000 |
Assets | 1,063,360,000 | 862,491,000 |
Current liabilities: | ||
Trade accounts payable | 13,443,000 | 9,652,000 |
Salaries, wages and related accruals | 10,344,000 | 6,158,000 |
Accrued expenses | 6,604,000 | 4,136,000 |
Deferred revenue | 3,380,000 | 0 |
Income taxes payable | 1,972,000 | 496,000 |
Related party note payable, current | 4,024,000 | 5,949,000 |
Total current liabilities | 39,768,000 | 26,391,000 |
Deferred income taxes | 61,429,000 | 33,838,000 |
Related party note payable, long-term | 0 | 6,997,000 |
Long-term debt obligations | 73,000,000 | 0 |
Contingent consideration payable | 39,024,000 | 0 |
Other long-term liabilities | 3,204,000 | 0 |
Shareholders’ equity: | ||
Undesignated capital stock, no par; authorized 5,000,000 shares; none issued or outstanding | 0 | 0 |
Common stock, par value $.01 a share; authorized 100,000,000 shares; issued and outstanding 37,152,979 and 37,002,203 shares, respectively | 371,000 | 370,000 |
Additional paid-in capital | 163,306,000 | 147,004,000 |
Retained earnings | 713,851,000 | 653,279,000 |
Accumulated other comprehensive (loss) income | (30,593,000) | (5,388,000) |
Total shareholders’ equity | 846,935,000 | 795,265,000 |
Liabilities and stockholders' equity | $ 1,063,360,000 | $ 862,491,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Allowance for doubtful accounts | $ 555 | $ 487 |
Undesignated capital stock, no par (in dollars per share) | $ 0 | $ 0 |
Undesignated capital stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Undesignated capital stock, shares issued (in shares) | 0 | 0 |
Undesignated capital stock, shares oustanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 37,152,979 | 37,002,203 |
Common stock, shares outstanding (in shares) | 37,152,979 | 37,002,203 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balances at June 30, 2012 (in shares) at Jun. 30, 2012 | 36,826,000 | ||||
Balances at June 30, 2012 at Jun. 30, 2012 | $ 368,000 | $ 131,851,000 | $ 520,448,000 | $ 21,775,000 | $ 674,442,000 |
Net earnings | $ 112,561,000 | 112,561,000 | |||
Other comprehensive loss | $ (7,222,000) | $ (7,222,000) | |||
Exercised (in shares) | 22,000 | (22,000) | |||
Common stock issued for exercise of options | $ 0 | $ 1,105,000 | $ 1,105,000 | ||
Common stock issued for restricted stock award (in shares) | 15,000 | ||||
Common stock issued for restricted stock award | $ 0 | 0 | |||
Repurchase of common stock (in shares) | (28,000) | ||||
Repurchase of common stock | $ 0 | $ (1,821,000) | (1,821,000) | ||
Cash dividends | $ (43,463,000) | (43,463,000) | |||
Stock-based compensation expense | $ 1,864,000 | 1,864,000 | |||
Tax benefit from exercise of stock options | 75,000 | 75,000 | |||
Balances at June 30, 2013 (in shares) at Jun. 30, 2013 | 36,835,000 | ||||
Balances at June 30, 2013 at Jun. 30, 2013 | $ 368,000 | $ 134,895,000 | $ 587,725,000 | $ 14,553,000 | 737,541,000 |
Net earnings | $ 110,948,000 | 110,948,000 | |||
Other comprehensive loss | $ (19,941,000) | $ (19,941,000) | |||
Exercised (in shares) | 142,000 | (142,000) | |||
Common stock issued for exercise of options | $ 2,000 | $ 8,380,000 | $ 8,382,000 | ||
Common stock issued for restricted stock award (in shares) | 26,000 | ||||
Common stock issued for restricted stock award | $ 0 | 0 | |||
Cash dividends | $ (45,394,000) | (45,394,000) | |||
Stock-based compensation expense | $ 3,523,000 | 3,523,000 | |||
Tax benefit from exercise of stock options | 262,000 | $ 262,000 | |||
Balances at June 30, 2013 (in shares) at Jun. 30, 2014 | 37,002,000 | 37,002,203 | |||
Balances at June 30, 2013 at Jun. 30, 2014 | $ 370,000 | 147,004,000 | $ 653,279,000 | $ (5,388,000) | $ 795,265,000 |
Net earnings | |||||
Surrender and retirement of stock to exercise options (in shares) | (1,000) | ||||
Surrender and retirement of stock to exercise options | $ 0 | $ (56,000) | (56,000) | ||
Other comprehensive loss | |||||
Cash dividends | |||||
Stock-based compensation expense | |||||
Tax benefit from exercise of stock options | |||||
Net earnings | $ 107,735,000 | 107,735,000 | |||
Other comprehensive loss | $ (25,205,000) | $ (25,205,000) | |||
Exercised (in shares) | 141,000 | (141,000) | |||
Common stock issued for exercise of options | $ 1,000 | $ 9,761,000 | $ 9,762,000 | ||
Common stock issued for restricted stock award (in shares) | 10,000 | ||||
Common stock issued for restricted stock award | $ 0 | $ (57,000) | (57,000) | ||
Cash dividends | $ (47,106,000) | (47,106,000) | |||
Stock-based compensation expense | $ 5,918,000 | 5,918,000 | |||
Tax benefit from exercise of stock options | 615,000 | $ 615,000 | |||
Balances at June 30, 2013 (in shares) at Jun. 30, 2015 | 37,153,000 | 37,152,979 | |||
Balances at June 30, 2013 at Jun. 30, 2015 | $ 371,000 | 163,306,000 | $ 713,851,000 | $ (30,593,000) | $ 846,935,000 |
Net earnings | |||||
Surrender and retirement of stock to exercise options (in shares) | 0 | ||||
Surrender and retirement of stock to exercise options | $ 0 | (31,000) | (31,000) | ||
Employee stock purchase plan expense | $ 39,000 | $ 39,000 | |||
Other comprehensive loss | |||||
Cash dividends | |||||
Stock-based compensation expense | |||||
Tax benefit from exercise of stock options |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Cash flows from operating activities: | |||
Net earnings | $ 107,735,000 | $ 110,948,000 | $ 112,561,000 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 37,226,000 | 19,175,000 | 12,321,000 |
Costs recognized on sale of acquired inventory | 6,961,000 | 7,480,000 | 4,501,000 |
Deferred income taxes | 1,304,000 | (2,853,000) | (2,534,000) |
Stock-based compensation expense | 5,957,000 | 3,523,000 | 1,864,000 |
Gain on sale of CyVek | (8,300,000) | 0 | 0 |
Excess tax benefit from stock option exercises | (615,000) | (262,000) | (75,000) |
Net (gain) loss from equity method investees | 0 | 0 | (570,000) |
Other | 458,000 | 592,000 | 763,000 |
Change in operating assets and liabilities, net of acquisitions: | |||
Trade accounts and other receivables | (11,747,000) | 1,145,000 | (2,334,000) |
Inventories | (4,714,000) | (2,895,000) | (2,216,000) |
Prepaid expenses | (620,000) | (554,000) | (33,000) |
Trade accounts payable and accrued expenses | 2,154,000 | 1,368,000 | 243,000 |
Salaries, wages and related accruals | 1,679,000 | 1,034,000 | (92,000) |
Income taxes payable | 1,881,000 | (1,939,000) | (837,000) |
Net cash provided by operating activities | 139,359,000 | 136,762,000 | 123,562,000 |
Cash flows from investing activities: | |||
Purchase of available-for-sale investments | 0 | (106,746,000) | (112,712,000) |
Proceeds from sale and maturities of available-for-sale investments | 13,466,000 | 289,410,000 | 103,610,000 |
Additions to property and equipment | (19,905,000) | (13,821,000) | (22,454,000) |
Acquisitions, net of cash acquired | (420,102,000) | (109,180,000) | 0 |
Investment in unconsolidated entity | 0 | (10,000,000) | 0 |
Other | 48,000 | 25,000 | 352,000 |
Net cash provided by (used in) investing activities | (426,493,000) | 49,688,000 | (31,204,000) |
Cash flows from financing activities: | |||
Cash dividends | (47,106,000) | (45,394,000) | (43,463,000) |
Proceeds from stock option exercises | 9,731,000 | 8,326,000 | 1,105,000 |
Excess tax benefit from stock option exercises | 615,000 | 262,000 | 75,000 |
Purchase of common stock for stock bonus plans | 0 | 0 | (573,000) |
Repurchase of common stock | 0 | 0 | (1,821,000) |
Borrowings under line-of-credit agreement | 163,000,000 | 0 | 0 |
Payment on line-of-credit and other | (94,964,000) | 0 | 0 |
Net cash used in financing activities | 31,276,000 | (36,806,000) | (44,677,000) |
Effect of exchange rate changes on cash and cash equivalents | (8,178,000) | 5,138,000 | (570,000) |
Net change in cash and cash equivalents | (264,036,000) | 154,782,000 | 47,111,000 |
Cash and cash equivalents at beginning of year | 318,568,000 | 163,786,000 | 116,675,000 |
Cash and cash equivalents at end of year | $ 54,532,000 | $ 318,568,000 | $ 163,786,000 |
Note 1 - Description of Busines
Note 1 - Description of Business and Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Business Description and Accounting Policies [Text Block] | Note 1. Description of B usiness and S ummary of S ignificant A ccounting P olicies: Description of business: Bio-Techne Corporation and subsidiaries, collectively doing business as Bio-Techne (the Company) develop, manufacture and sell biotechnology products and clinical diagnostic controls worldwide. With its deep product portfolio and application expertise, Bio-Techne is a leader in providing specialized proteins, including cytokines and growth factors, and related immunoassays, small molecules and other reagents to the research, diagnostics and clinical controls markets. Estimates: Principles of consolidation: Translation of foreign financial statements: Revenue recognition: Research and development: Advertising costs: Share-based compensation: Separate groups of employees that have similar historical exercise behavior with regard to option exercise timing and forfeiture rates are considered separately in determining option fair value. Compensation cost is recognized using a straight-line method over the vesting period and is net of estimated forfeitures. Stock option exercises and stock awards are satisfied through the issuance of new shares. Income taxes: The Company uses the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are recognized to record the income tax effect of temporary differences between the tax basis and financial reporting basis of assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Tax positions taken or expected to be taken in a tax return are recognized in the financial statements when it is more likely than not that the position would be sustained upon examination by tax authorities. A recognized tax position is then measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. The Company recognizes interest and penalties related to unrecognized tax benefits in income tax expense. Financial instruments not measured at fair value : Cash and equivalents: Cash and cash equivalents include cash on hand and highly-liquid investments with original maturities of three months or less. Available-for- sale investments: The Company utilizes valuation techniques for determining fair market value which maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels: Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. Level 2 Inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date. Unrealized gains and losses on available-for-sale securities are excluded from income, but are included, net of taxes, in other comprehensive income. If an “other-than-temporary” impairment is determined to exist, the difference between the value of the investment security recorded in the financial statements and the Company’s current estimate of the fair value is recognized as a charge to earnings in the period in which the impairment is determined. Inventories: Inventories are stated at the lower of cost (first-in, first-out method) or market. The Company regularly reviews inventory on hand for slow-moving and obsolete inventory, inventory not meeting quality control standards and inventory subject to expiration. To meet strict customer quality standards, the Company has established a highly controlled manufacturing process for proteins, antibodies and its chemically-based products. These products require the initial manufacture of multiple batches to determine if quality standards can be consistently met. In addition, the Company will produce larger batches of established products than current sales requirements due to economies of scale. The manufacturing process for these products, therefore, has and will continue to produce quantities in excess of forecasted usage. The Company values its manufactured protein and antibody inventory based on a two-year forecast and its chemically-based products on a five-year forecast. Inventory quantities in excess of the forecast are not valued due to uncertainty over salability. Sales of previously unvalued protein, antibody and chemically-based inventory for fiscal years 2015, 2014, and 2013 were not material. Property and equipment: Goodwill: Intangible assets: Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. In the current year, the Company has identified no such events. Investments in unconsolidated entities: The Company has equity investments in several start-up and early development stage companies. The accounting treatment of each investment (cost method or equity method) is dependent upon a number of factors, including, but not limited to, the Company’s share in the equity of the investee and the Company’s ability to exercise significant influence over the operating and financial policies of the investee. |
Note 2 - Acquisitions
Note 2 - Acquisitions | 12 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | Note 2. Acquisitions: Bionostics Holdings , Ltd.: in-vitro In connection with the Bionostics acquisition, the Company recorded $14.4 million of developed technology intangible assets that have an estimated useful life of 9 years, $2.7 million of trade name intangible assets that have an estimated useful life of 5 years, $2.4 million related to non-compete agreements that have an estimated useful life of 3 years, and $41.0 million related to customer relationships that have an estimated useful life of 14 years. The intangible asset amortization is not deductible for income tax purposes. The goodwill recorded as a result of the Bionostics acquisition represents the strategic benefits of growing the Company’s product portfolio and the expected revenue growth from increased market penetration from future products and customers. The goodwill is not deductible for income tax purposes. Transaction costs of $0.5 million and $0.6 million were included in the Company’s selling, general and administrative costs during fiscal 2014 and 2013, respectively, related to the Bionostics acquisition. Shanghai Prime G ene Bio-Tech Co. In connection with the PrimeGene acquisition, the Company recorded $2.2 million of developed technology intangible assets that have an estimated useful life of 9 years, $3.0 million of trade name intangible assets that have an estimated useful life of 11 years, $0.3 million related to non-compete agreements that have an estimated useful life of 3 years, and $9.1 million related to customer relationships that have an estimated useful life of 9 years. The intangible asset amortization is not deductible for income tax purposes. The goodwill recorded as a result of the PrimeGene acquisition represents the strategic benefits of growing the Company’s product portfolio and the expected revenue growth from increased market penetration from future products and customers. The goodwill is not deductible for income tax purposes. Transaction costs of $0.4 million were included in the Company’s selling, general and administrative costs during fiscal 2014, related to the PrimeGene acquisition. Novus Holdings LLC: In connection with the Novus acquisition, the Company recorded $5.0 million of developed technology intangible assets that have estimated useful lives of 4-12 years, $5.3 million of trade name intangible assets that have an estimated useful life of 20 years, and $14.4 million related to customer relationships that have an estimated useful life of 15 years. The majority of the intangible asset amortization is not deductible for income tax purposes. The goodwill recorded as a result of the Novus acquisition represents the strategic benefits of growing the Company’s product portfolio and the expected revenue growth from increased market penetration from future products and customers. The majority of the goodwill is not deductible for income tax purposes. Transaction costs of $0.1 million were included in the Company’s selling, general and administrative costs during fiscal 2015 related to the Novus acquisition. Protein Simple: In connection with the ProteinSimple acquisition, the Company recorded $40.5 million of developed technology intangible assets that have an estimated useful lives of 9-10 years, $35.8 million of trade name intangible assets that have an estimated useful lives of 18-20 years, $100.6 million related to customer relationships that have estimated useful lives of 14-16 years, and $0.2 million related to non-compete agreements that have an estimated useful life of 3 years. The intangible asset amortization is not deductible for income tax purposes. The goodwill recorded as a result of the ProteinSimple acquisition represents the strategic benefits of growing the Company’s product portfolio and the expected revenue growth from increased market penetration from future products and customers. The goodwill is not deductible for income tax purposes. Transaction costs of $0.8 million were included in the Company’s selling, general and administrative costs during fiscal 2015 related to the ProteinSimple acquisition. CyVek Inc. : The Company made an initial payment of approximately $62.0 million to the other stockholders of CyVek on November 3, 2014. Such purchase price was adjusted after closing based on the final levels of cash, indebtedness and transaction expenses of CyVek as of the closing. The Company will also pay CyVek’s previous stockholders up to $35.0 million based on the revenue generated by CyVek’s products before May 3, 2017 (30 months from the closing of the Merger). The Company will also pay CyVek’s previous stockholders 50% of the amount, if any, by which the revenue from CyVek’s products and related products exceeds $100 million in calendar year 2020. The Company has recorded the present value of these contingent payments as a long-term liability of $35.0 million at June 30, 2015. In addition, at November 3, 2014, the Company re-measured its previous investment in CyVek to acquisition-date fair value, resulting in a gain on the investment of $8.3 million which is included in Other income on the Condensed Consolidated Statements of Earnings and Comprehensive Income. The purchase price of CyVek exceeded the fair value of the identifiable net assets and, accordingly, the difference was allocated to goodwill, substantially all of which is not tax deductible. CyVek is included in the Company’s Protein Platforms segment. In connection with the CyVek acquisition, the Company recorded $20.2 million of developed technology intangible assets that have an estimated useful life of 15 years, $0.1 million of trade name intangible assets that have an estimated useful life of 1.5 years, and $0.6 million related to customer relationships that have an estimated useful life of 10 years. The intangible asset amortization is not deductible for income tax purposes. The goodwill recorded as a result of the CyVek acquisition represents the strategic benefits of growing the Company’s product portfolio and the expected revenue growth from increased market penetration from future products and customers. The goodwill is not deductible for income tax purposes. Transaction costs of $0.1 million were included in the Company’s selling, general and administrative costs during fiscal 2015 related to the CyVek acquisition. The aggregate purchase price of the acquisitions was allocated to the assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition. The estimate of the excess of purchase price over the fair value of net tangible assets acquired was allocated to identifiable intangible assets and goodwill. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed as a result of the acquisitions (in thousands): Novus Protein - Simple CyVek Bionostics PrimeGene Current assets $ 10,739 $ 19,660 $ 1,206 $ 9,605 $ 1,272 Equipment 1,266 1,983 971 2,180 546 Other long-term assets 40 554 19 Intangible Assets: Developed technology 5,010 39,200 20,200 14,400 2,200 Trade name 5,300 36,100 100 2,700 3,000 Customer relationships 14,400 101,600 600 41,000 9,100 Non-compete agreements - 200 - 2,400 322 Goodwill 28,408 134,074 91,658 56,349 5.518 Total assets acquired 65,163 333,371 114,754 128,634 21,958 Liabilities 2,166 11,644 1,965 3,007 887 Deferred income taxes, net 2,875 21,674 (438 ) 22,478 2,310 Net assets $ 60,122 $ 300,053 $ 113,327 $ 103,149 $ 18,761 Less fair-value of previous investment - - 18,300 - - Net assets acquired 60,122 300,053 94,927 103,149 18,761 Cash paid, net of cash acquired $ 60,122 $ 300,053 $ 59,927 $ 103,149 $ 6,031 Contingent consideration payable - - 35,000 - 12,730 Net purchase price $ 60,122 $ 300,053 $ 94,927 $ 103,149 $ 18,761 Tangible assets acquired, net of liabilities assumed, were stated at fair value at the date of acquisition based on management’s assessment. The purchase price allocated to developed technology, trade names, non-compete agreements and customer relationships was based on management’s forecasted cash inflows and outflows and using a relief-from-royalty and a multi-period excess earnings method to calculate the fair value of assets purchased. The developed technology is being amortized with the expense reflected in cost of goods sold in the Consolidated Statement of Earnings and Comprehensive Income. Amortization expense related to trade names, the non-compete agreement and customer relationships is reflected in selling, general and administrative expenses in the Consolidated Statement of Earnings and Comprehensive Income. The deferred income tax liability represents the estimated future impact of adjustments for the cost to be recognized upon the sale of acquired inventory that was written up to fair value and intangible asset amortization, of which are not deductible for income tax purposes, and the future tax benefit of net operating loss and tax credit carryforwards which will be deductible by the Company in future periods. The Company’s Condensed Consolidated Financial Statements include the following from the above acquisitions: Novus Protein - Simple CyVek Net sales $ 21,092 $ 65,512 $ 735 Net income (loss) (610 ) (3,624 ) (4,196 ) Amortization expense 1,898 11,364 981 Costs recognized on sale of acquired inventory 1,946 1,444 64 The unaudited pro forma financial information below summarizes the combined results of operations for Bio-Techne and the above acquisitions as though the companies were combined as of the beginning fiscal 2014. The pro forma financial information for all periods presented includes the purchase accounting effects resulting from these acquisitions. The pro forma financial information as presented below is for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisitions had taken place at the beginning of fiscal 2014. For the Year Ended June, 30 2015 2014 Net sales $ 457,270 $ 433,034 Net income 104,132 100,958 See Note 15. Subsequent Events. for information regarding the Company’s acquisition of Cliniqa Corporation in July 2015. |
Note 3 - Available-For-Sale Inv
Note 3 - Available-For-Sale Investments | 12 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 3. Available-For-Sale Investments: At June 30, 2015 and 2014, the amortized cost and market value of the Company’s available-for-sale securities by major security type were as follows (in thousands): June 30, 2015 20 14 Cost Market Cost Market State and municipal debt securities $ 0 $ 0 $ 3,525 $ 3,525 Corporate debt securities 0 0 100 100 Certificates of deposit 4,089 4,089 7,639 7,639 Equity securities 29,472 52,300 29,472 37,097 $ 33,561 56,389 $ 40,736 $ 48,361 At June 30, 2015 and 2014, all of the Company’s available-for-sale debt securities were valued using Level 2 inputs, while its equity securities were valued using Level 1 inputs. Certificates of deposit are carried at cost and are not subject to the fair value hierarchy. There were no transfers between Level 1 and Level 2 securities during fiscal 2015. Gross unrealized gains on available-for-sale investments were $22.8 million and $7.6 million at June 30, 2015, and June 30, 2014, respectively. The Company’s investment in equity securities consists of investments in the common stock and warrants of ChemoCentryx, Inc. (CCXI). The warrants are to purchase 150,000 shares of CCXI common stock at $20 per share and expire in February, 2022. The fair value of the warrants as of June 30, 2015 and 2014 were $52.3 million and $37.1 million, respectively, and were valued using Level 2 inputs. At June 30, 2015, the Company holds an approximate 14% interest in CCXI. Proceeds from maturities or sales of available-for-sale securities were $13.5 million, $289 million, and $104 million during fiscal 2015, 2014, and 2013, respectively. There were no material realized gains or losses on these sales. Realized gains and losses are determined on the specific identification method. |
Note 4 - Inventories
Note 4 - Inventories | 12 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | Note 4. Inventories: Inventories consist of (in thousands): June 30, 2015 20 14 Raw materials $ 15,892 $ 9,852 Finished goods 33,685 28,995 $ 49,577 $ 38,847 At June 30, 2015 and 2014, the Company had $24.0 million and $30.3 million, respectively, of excess protein, antibody and chemically-based inventory on hand which was not valued. |
Note 5 - Property and Equipment
Note 5 - Property and Equipment | 12 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 5. Property and Equipment: Property and equipment consist of (in thousands): June 30, 2015 20 14 Cost: Land $ 7,370 $ 7,468 Buildings and improvements 156,965 149,442 Machinery, equipment and other 74,385 53,067 238,720 209,977 Accumulated depreciation and amortization (108,967 ) (92,857 ) $ 129,749 $ 117,120 |
Note 6 - Intangible Assets and
Note 6 - Intangible Assets and Goodwill | 12 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 6. Intangible Assets and Goodwill: Intangible assets and goodwill consist of (in thousands): June 30, Useful Life (years) 2015 20 14 Developed technology 8 - 15 $ 108,887 $ 48,166 Trade names 5 - 20 63,867 24,280 Customer relationships 8 - 16 167,494 59,240 Non-compete agreement 3 - 5 3,298 3,109 343,546 134,795 Accumulated amortization (50,707 ) (26,019 ) $ 292,839 $ 108,776 Goodwill $ 390,638 $ 151,473 Changes to the carrying amount of goodwill consists of (in thousands): Year Ended June 30, 2015 20 14 Beginning balance $ 151,473 $ 84,336 Acquisitions 254,140 61,867 Currency translation (14,975 ) 5,270 Ending balance $ 390,638 $ 151,473 Changes to the carrying amount of net intangible assets consists of (in thousands): Year Ended June 30, 2015 20 14 Beginning balance $ 108,776 $ 40,552 Acquisitions 222,710 75,122 Amortization expense (26,170 ) (10,267 ) Currency translation (12,777 ) (3,369 ) Ending balance $ 292,839 $ 108,776 Amortization expense related to technologies included in cost of sales was $9.5 million, $4.2 million, and $3.0 million in fiscal 2015, 2014, and 2013, respectively. Amortization expense related to trade names, customer relationships, and the non-compete agreement included in selling, general and administrative expense was $16.7 million, $6.1 million, and $2.1 million in fiscal 2015, 2014, and 2013, respectively. The estimated future amortization expense for intangible assets as of June 30, 2015 is as follows (in thousands): Year Ending June 30: 2016 28,416 2017 27,532 2018 27,335 2019 26,721 2020 26,401 Thereafter 156,434 $ 292,839 |
Note 7 - Debt and Other Financi
Note 7 - Debt and Other Financing Arrangements | 12 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 7. Debt and Other Financing Arrangements: On July 28, 2014, the Company entered into a revolving line-of-credit facility governed by a Credit Agreement (the Credit Agreement). The Credit Agreement provides for a revolving credit facility of $150 million, which can be increased by an additional $150 million subject to certain conditions. Borrowings under the Credit Agreement may be used for working capital and expenditures of the Company and its subsidiaries, including financing permitted acquisitions. Borrowings under the Credit Agreement for base rate loans bear interest at a variable rate equal to the greater of (i) the prime commercial rate, (ii) the per annum federal funds rate plus 0.5%, or (iii) LIBOR + 1.00% - 1.75% depending on the existing total leverage ratio of Debt to Earnings Before Interest, Taxes, Depreciation and Amortization (as defined in the Credit Agreement). The annualized fee for any unused portion of the credit facility is 15 basis points. The Credit Agreement matures on July 31, 2019 and contains customary restrictive and financial covenants and customary events of default. As of June 30, 2015, the outstanding balance under the Credit Agreement was $73 million. |
Note 8 - Commitments and Contin
Note 8 - Commitments and Contingencies | 12 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 8. Commitments and Contingencies: The Company leases office and warehouse space, vehicles and various office equipment under operating leases. At June 30, 2015, aggregate net minimum rental commitments under non-cancelable leases having an initial or remaining term of more than one year are payable as follows (in thousands): Year Ending June 30: 2016 5,289 2017 5,463 2018 4,964 2019 4,270 2020 4,212 Thereafter 22,490 $ 46,688 Total rent expense was approximately $4.9 million, $1.6 million, and $0.7 million for the years ended June 30, 2015, 2014, and 2013, respectively. The Company is routinely subject to claims and involved in legal actions which are incidental to the business of the Company. Although it is difficult to predict the ultimate outcome of these matters, management believes that any ultimate liability will not materially affect the consolidated financial position or results of operations of the Company. |
Note 9 - Share-based Compensati
Note 9 - Share-based Compensation and Other Benefit Plans | 12 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 9. Share-based Compensation and Other Benefit Plans: Equity incentive plan: Stock option activity under the Plans for the three years ended June 30, 2015, consists of the following (shares in thousands): Shares Weighted Weighted Aggregate Outstanding at June 30, 2012 575 $ 65.78 Granted 175 67.80 Exercised (22 ) 51.17 Outstanding at June 30, 2013 728 66.70 Granted 251 80.88 Forfeited (26 ) 76.23 Exercised (142 ) 59.07 Outstanding at June 30, 2014 811 72.11 Granted 600 93.98 Forfeited (133 ) 92.85 Exercised (141 ) 69.31 Outstanding at June 30, 2015 1,137 $ 81.57 5.4 $19.2 million Exercisable at June 30: 2013 497 $ 65.04 2014 534 69.49 2015 547 72.72 5.0 $14.1 million The fair values of options granted under the Plans were estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions used: Year Ended June 30, 2015 20 14 20 13 Dividend yield 1.3% 1.5% 1.8% Expected volatility 18% - 21% 18% - 22% 18% - 23% Risk-free interest rates 1.3% - 2.2% 1.4% - 2.1% 0.4% - 1.4% Expected lives (years) 5 6 5 The dividend yield is based on the Company’s historical annual cash dividend divided by the market value of the Company’s common stock. The expected annualized volatility is based on the Company’s historical stock price over a period equivalent to the expected life of the option granted. The risk-free interest rate is based on U.S. Treasury constant maturity interest rates with a term consistent with the expected life of the options granted. The weighted average fair value of options granted during fiscal 2015, 2014 and 2013 was $15.01, $14.77 and $9.72, respectively. The total intrinsic value of options exercised during fiscal 2015, 2014 and 2013 were $3.5 million, $3.7 million, and $0.4, respectively. The total fair value of options vested during fiscal 2015, 2014 and 2013 were $2.3 million, $2.2 million, and $1.5 million, respectively. In fiscal 2015, 2014 and fiscal 2013, 9,000, 26,355 and 15,000 restricted common stock shares were granted at weighted average grant date fair values of $91.78, $86.60 and $67.46 per share, respectively. Non-vested restricted common stock shares at June 30, 2015, 2014 and 2013 were 19,102, 36,355 and 15,000, respectively. In fiscal 2015 and 2014, 36,192 and 5,000 restricted stock units were granted at a weighted average grant date fair value of $94.13 and $86.25, respectively. The restricted stock units vest over a three year period. In fiscal 2015, 10,000 restricted stock units were forfeited. Stock-based compensation cost of $5.9 million, $3.5 million, and $1.9 million was included in selling, general and administrative expense in fiscal 2015, 2014 and 2013, respectively. As of June 30, 2015, there was $7.9 million of unrecognized compensation cost related to non-vested stock options, non-vested restricted stock units and non-vested restricted stock which will be expensed in fiscal 2016 through 2019. The weighted average period over which the compensation cost is expected to be recognized is 1.2 years. Employee stock purchase plan: Profit sharing and savings plans: The Company has profit sharing and savings plans for its U.S. employees, which conform to IRS provisions for 401(k) plans. The Company may makes matching contributions to the Plan. The Company has recorded an expense for contributions to the plans of $1.1 million and $0.7 million for the years ended June 30, 2015, and 2014, respectively. No contribution was charged to operations for fiscal 2013. The Company operates defined contribution pension plans for its U.K. employees. The Company has recorded an expense for contributions to the plans of $0.7 million, $0.6 million, and $0.6 million for the years ended June 30, 2015, 2014 and 2013, respectively. Performance incentive program s : The Company recorded cash bonuses of $0.9 and $0.3 million and granted options for 216,000 and 132,852 shares of common stock for the years ended June 30, 2014 and 2013, respectively. In addition, 5,000 restricted stock units and 17,855 shares of restricted common stock were issued in fiscal 2014 and 15,000 restricted common stock shares were issued to an executive officer in fiscal 2013. |
Note 10 - Income Taxes
Note 10 - Income Taxes | 12 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 10. Income Taxes: The provisions for income taxes consist of the following (in thousands): Year Ended June 30, 2015 2014 2013 Earnings before income taxes consist of: Domestic $ 121,765 $ 127,681 $ 127,491 Foreign 32,397 33,711 33,171 $ 154,162 $ 161,392 $ 160,662 Taxes on income consist of: Currently payable: Federal $ 28,220 $ 40,967 $ 37,666 State 6,165 1,709 2,012 Foreign 10,704 10,668 10,758 Net deferred: Federal 4,401 (1,137 ) (595 ) State 292 (41 ) (7 ) Foreign (3,355 ) (1,722 ) (1,733 ) $ 46,427 $ 50,444 $ 48,101 The following is a reconciliation of the federal tax calculated at the statutory rate of 35% to the actual income taxes provided (in thousands): Year Ended June 30, 2015 2014 2013 Computed expected federal income tax expense $ 53,957 $ 56,487 $ 56,232 State income taxes, net of federal benefit 4,762 1,048 1,300 Qualified production activity deduction (3,140 ) (3,823 ) (3,774 ) Non-taxable gain on investment (2,905 ) 0 0 Research and development tax credit (912 ) (476 ) (1,392 ) Tax-exempt interest 0 (654 ) (568 ) Foreign tax rate differences (4,059 ) (2,857 ) (2,587 ) Other (1,276 ) 719 (1,110 ) $ 46,427 $ 50,444 $ 48,101 In the year ended June 30, 2015, as a result of the recent acquisitions, the rate reflects an increase for state tax expense as well as a resulting provision to return true up from fiscal 2014. This increase is offset by the non-taxable gain which was a result of purchasing the remaining interest in CyVek. In addition the Company‘s R&D Europe subsidiary declared and paid a dividend of £46.6 million which resulted in a tax benefit of approximately $1.7 million. Temporary differences comprising deferred taxes on the Consolidated Balance Sheets are as follows (in thousands): June 30 2015 2014 Inventory $ 8,753 $ 9,932 Net operating loss carryovers 34,767 0 Tax credit carryovers 3,872 0 Excess tax basis in equity investments 4,496 4,344 Deferred compensation 3,747 3,295 Other 4,712 3,088 Valuation allowance (2,558 ) (1,806 ) Net deferred tax assets 57,789 18,853 Net unrealized gain on available-for-sale investments (8,446 ) (2,745 ) Goodwill and intangible asset amortization (96,401 ) (37,641 ) Depreciation (2,394 ) (2,166 ) Other (466 ) (516 ) Deferred tax liabilities (107,707 ) (43,068 ) Net deferred tax liabilities $ (49,918 ) $ (24,215 ) A deferred tax valuation allowance is required when it is more likely than not that all or a portion of deferred tax assets will not be realized. At June 30, 2015, a valuation allowance for potential capital loss carryovers on equity investments was zero as a result of improved performance of available-for-sale investments. Approximately $2.4 million of the valuation allowance at June 30, 2015 is for certain foreign and state tax net operating loss and state credit carryforwards that existed at the date the Company acquired Novus, ProteinSimple, and CyVek. The remainder of the valuation allowance is for certain state tax credit carryovers generated in fiscal 2015. The Company believes it is more likely than not that these tax carryovers will not be realized. At June 30, 2014, the Company had provided a valuation allowance for potential capital loss carryovers resulting from excess tax basis in certain of its equity investments. The Company believes that it is more likely than not that the results of future operations will generate sufficient taxable income to realize the remaining deferred tax assets. At June 30, 2015, the Company has federal and state net operating loss carryforwards of approximately $86.3 million and $77.8 million, respectively, from its fiscal 2015 acquisitions of ProteinSimple and CyVek, which are not limited under IRC Section 382. At June 30, 2015, the company has foreign net operating loss carryforwards of $2.5 million from its fiscal 2015 acquisition of Novus. The net operating loss carryforwards expire between fiscal 2016 and 2034. The Company has a deferred tax asset of $32.6 million, net of the valuation allowance discussed above, related to the net operating loss carryovers. At June 30, 2015, the Company has federal and state tax credit carryforwards of $2.5 million and $1.3 million, respectively. The federal tax credit carryforwards expire between 2018 and 2035. The state credit carryforwards have no expiry date. The Company has a deferred tax asset of $3.5 million, net of the valuation allowance discussed above, related to the tax credit carryovers. The Company has not recognized a deferred tax liability for unremitted earnings of approximately $43.0 million from its foreign operations because its subsidiaries have invested or will invest the undistributed earnings indefinitely, or the earnings will be remitted in a tax-neutral transaction. The Company’s unrecognized tax benefits at June 30, 2015, 2014 and 2013, including accrued interest and penalties, were not material. The Company does not believe it is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase in the next twelve months. The Company files income tax returns in the U.S federal and certain state tax jurisdictions, and several jurisdictions outside the U.S. The Company’s federal returns are subject to tax assessment for 2012 and subsequent years. State and foreign income tax returns are generally subject to examination for a period of three to five years after filing of the respective return. The state impact of any federal changes remains subject to examination by various states for a period of up to one year after formal notification to the states. |
Note 11 - Earnings Per Share
Note 11 - Earnings Per Share | 12 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 11. Earnings Per Share: The number of shares used to calculate earnings per share are as follows (in thousands, except per share data): Year Ended June 30, 2015 20 14 20 13 Net earnings used for basic and diluted earnings per share $ 107,735 $ 110,948 $ 112,561 Weighted average shares used in basic computation 37,096 36,890 36,836 Dilutive stock options 135 115 64 Weighted average shares used in diluted computation 37,231 37,005 36,900 Basic EPS $ 2.90 $ 3.01 $ 3.06 Diluted EPS $ 2.89 $ 3.00 $ 3.05 The dilutive effect of stock options in the above table excludes all options for which the aggregate exercise proceeds exceeded the average market price for the period. The number of potentially dilutive option shares excluded from the calculation was 516,000, 196,000, and 329,000 at June 30, 2015, 2014 and 2013, respectively. |
Note 12 - Segment Information
Note 12 - Segment Information | 12 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 12. Segment Information: The Company has three reportable segments based on the nature of its products; they are Biotechnology, Clinical Controls, and Protein Platforms. The Company’s Biotechnology reporting segment develops, manufactures and sells biotechnology research and diagnostic products world-wide. No customer in the Biotechnology segment accounted for more than 10% of the segments net sales for the years ended June 30, 2015, 2014 and 2013. The Company’s Clinical Controls reporting segment develops and manufactures controls and calibrators for sale world-wide. One customer accounted for approximately 13% and 14% of Clinical Controls’ net sales during fiscal 2015 and 2014 respectively. No single customer accounted for more than 10% of Clinical Controls’ net sales in fiscal 2013. The Company’s Protein Platforms segment develops and commercializes proprietary systems and consumables for protein analysis. This segment was formed from the fiscal 2015 acquisitions of ProteinSimple and CyVek. No customer in the Protein Platforms segment accounted for more than 10% of the segments net sales for the years ended June 30, 2015. There are no concentrations of business transacted with a particular customer or supplier or concentrations of revenue from a particular product or geographic area that would severely impact the Company in the near term. Following is financial information relating to the operating segments (in thousands): Year Ended June 30, 2015 20 14 20 13 External sales Biotechnology $ 325,897 $ 300,578 $ 288,156 Clinical Controls 60,377 57,185 22,419 Protein Platforms 66,247 0 0 Inter segment (273 ) 0 0 Consolidated net sales $ 452,246 $ 357,763 $ 310,575 Year Ended June 30, 2015 20 14 20 13 Operating Income Biotechnology $ 171,059 $ 168,041 $ 164,886 Clinical Controls 18,148 17,556 8,746 Protein Platforms 4,469 0 0 Segment operating income 193,675 185,597 173,632 Costs recognized upon sale of acquired inventory (6,958 ) (7,480 ) (4,501 ) Amortization of intangibles (26,169 ) (10,276 ) (5,061 ) Acquisition related expenses (4,519 ) (2,247 ) (607 ) Corporate general, selling and administrative expenses (9,007 ) (5,845 ) (4,994 ) Consolidated operating income $ 147,022 $ 159,750 $ 158,469 Goodwill Biotechnology $ 119,450 $ 95,124 $ 84,336 Clinical Controls 56,349 56,349 0 Protein Platforms 214,839 0 0 Consolidated goodwill $ 390,638 $ 151,473 $ 84,336 Intangible assets, net Biotechnology $ 68,777 $ 53,778 $ 40,552 Clinical Controls 49,130 54,998 0 Protein Platforms 174,932 0 0 Consolidated intangible assets, net $ 292,839 $ 108,776 $ 40,552 Assets Biotechnology $ 439,377 $ 685,302 $ 580,085 Clinical Controls 66,101 55,615 24,887 Protein Platforms 444,899 0 0 Segment assets 950,378 740,917 604,972 Corporate cash and available- for- sale investments 52,800 60,142 108,504 Corporate property and equipment 58,270 60,350 61,296 Corporate, other 1,912 1,082 3,326 Consolidated assets $ 1,063,360 $ 862,491 $ 778,098 Depreciation and amortization Biotechnology $ 13,820 $ 10,879 $ 10,781 Clinical Controls 7,963 7,205 389 Protein Platforms 13,364 0 0 Segment depreciation and amortization 35,147 18,084 11,170 Corporate 2,079 1,091 1,151 Consolidated depreciation and amortization $ 37,226 $ 19,175 $ 12,321 Capital purchases Biotechnology $ 9,794 $ 4,157 $ 3,248 Clinical Controls 1,932 5,687 6,914 Protein Platforms 8,179 Segment capital purchases 19,905 9,844 10,162 Corporate 0 3,977 12,292 Consolidated capital purchases $ 19,905 $ 13,821 $ 22,454 The other reconciling items include the results of unallocated corporate expenses and the Company’s share of gain (losses) from its equity method investees. Following is financial information relating to geographic areas (in thousands): Year Ended June 30, 2015 20 14 20 13 External sales United States $ 245,217 $ 190,359 $ 164,308 Europe 134,077 97,157 88,297 China 26,105 18,878 14,106 Other Asia 23,806 32,704 28,608 Rest of world 23,041 18,665 15,256 Total external sales $ 452,246 $ 357,763 $ 310,575 Long-lived assets United States and Canada $ 119,075 $ 109,790 $ 103,541 Europe 11,239 8,340 7,129 China 1,286 678 117 Total long-lived assets $ 131,600 $ 118,808 $ 110,787 External sales are attributed to countries based on the location of the customer or distributor. Long-lived assets are comprised of land, buildings and improvements and equipment, net of accumulated depreciation and other assets. |
Note 13 - Supplemental Disclosu
Note 13 - Supplemental Disclosures of Cash Flow Information and Noncash Investing and Financing Activities | 12 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | Note 13. Supplemental Disclosures of Cash Flow Information and Noncash Investing and Financing Activities: In fiscal 2015, the Company acquired Novus, ProteinSimple, and CyVek for approximately $60 million, $300 million and $95 million, respectively. CyVek was acquired for approximately $62 million in cash and the Company will also pay CyVek’s previous stockholders up to $35.0 million based on the revenue generated by CyVek’s products before May 3, 2017 (30 months from the closing of the Merger). In fiscal 2015, the Company opened a line of credit from which it borrowed a net amount of $73 million. In fiscal 2014, the Company acquired Bionostics for approximately $103 million. PrimeGene was acquired for approximately $18.7 million. Approximately $6.0 million was paid at closing with approximately $12.7 million payable over fiscal years 2015 through 2017. In fiscal 2015, 2014 and 2013, the Company paid cash for income taxes of $42.6 million, $55.2 million and $51.6 million, respectively. In fiscal 2015, stock options for 385 shares of common stock were exercised by the surrender of 309 shares of common stock at fair market value of $31,000. In fiscal 2014, stock options for 1,077 shares of common stock were exercised by the surrender of 733 shares of common stock at fair market value of $56,000. |
Note 14 - Accumulated Other Com
Note 14 - Accumulated Other Comprehensive Income | 12 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | Note 14. Accumulated Other Comprehensive Income: Changes in accumulated other comprehensive income (loss), net of tax, for the year ended June 30, 2015 consists of (in thousands): Unrealized Gains (Losses) on Available-for-Sale Investments Foreign Currency Translation Adjustments Total Beginning balance $ 3,074 $ (8,462 ) $ (5,388 ) Other comprehensive income 11,308 (36,513 ) (25,205 ) Ending balance $ 14,382 (44,975 ) $ (30,593 ) |
Note 15 - Subsequent Events
Note 15 - Subsequent Events | 12 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 15. Subsequent Events: On July 8, 2015, the Company acquired all of the outstanding equity of Cliniqa Corporation. Cliniqa, based in San Marcos, California, specializes in the manufacturing and commercialization of quality controls and calibrators as well as bulk reagents used in the clinical diagnostic market. Its controls and reagents are used in a wide variety of diagnostic tests for such pathologies as cardiac disease, diabetes, cancer, immunological disorders, therapeutic drug monitoring, urine analysis and toxicology. The acquisition further expanded and complemented our clinical controls product lines. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | Estimates: |
Consolidation, Policy [Policy Text Block] | Principles of consolidation: |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Translation of foreign financial statements: |
Revenue Recognition, Policy [Policy Text Block] | Revenue recognition: |
Research and Development Expense, Policy [Policy Text Block] | Research and development: |
Advertising Costs, Policy [Policy Text Block] | Advertising costs: |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Share-based compensation: Separate groups of employees that have similar historical exercise behavior with regard to option exercise timing and forfeiture rates are considered separately in determining option fair value. Compensation cost is recognized using a straight-line method over the vesting period and is net of estimated forfeitures. Stock option exercises and stock awards are satisfied through the issuance of new shares. |
Income Tax, Policy [Policy Text Block] | Income taxes: The Company uses the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are recognized to record the income tax effect of temporary differences between the tax basis and financial reporting basis of assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Tax positions taken or expected to be taken in a tax return are recognized in the financial statements when it is more likely than not that the position would be sustained upon examination by tax authorities. A recognized tax position is then measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. The Company recognizes interest and penalties related to unrecognized tax benefits in income tax expense. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Financial instruments not measured at fair value : |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and equivalents: Cash and cash equivalents include cash on hand and highly-liquid investments with original maturities of three months or less. |
Marketable Securities, Available-for-sale Securities, Policy [Policy Text Block] | Available-for- sale investments: The Company utilizes valuation techniques for determining fair market value which maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels: Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. Level 2 Inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date. Unrealized gains and losses on available-for-sale securities are excluded from income, but are included, net of taxes, in other comprehensive income. If an “other-than-temporary” impairment is determined to exist, the difference between the value of the investment security recorded in the financial statements and the Company’s current estimate of the fair value is recognized as a charge to earnings in the period in which the impairment is determined. |
Inventory, Policy [Policy Text Block] | Inventories: Inventories are stated at the lower of cost (first-in, first-out method) or market. The Company regularly reviews inventory on hand for slow-moving and obsolete inventory, inventory not meeting quality control standards and inventory subject to expiration. To meet strict customer quality standards, the Company has established a highly controlled manufacturing process for proteins, antibodies and its chemically-based products. These products require the initial manufacture of multiple batches to determine if quality standards can be consistently met. In addition, the Company will produce larger batches of established products than current sales requirements due to economies of scale. The manufacturing process for these products, therefore, has and will continue to produce quantities in excess of forecasted usage. The Company values its manufactured protein and antibody inventory based on a two-year forecast and its chemically-based products on a five-year forecast. Inventory quantities in excess of the forecast are not valued due to uncertainty over salability. Sales of previously unvalued protein, antibody and chemically-based inventory for fiscal years 2015, 2014, and 2013 were not material. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and equipment: |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill: |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Intangible assets: Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. In the current year, the Company has identified no such events. |
Equity Method Investments, Policy [Policy Text Block] | Investments in unconsolidated entities: The Company has equity investments in several start-up and early development stage companies. The accounting treatment of each investment (cost method or equity method) is dependent upon a number of factors, including, but not limited to, the Company’s share in the equity of the investee and the Company’s ability to exercise significant influence over the operating and financial policies of the investee. |
Note 2 - Acquisitions (Tables)
Note 2 - Acquisitions (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Novus Protein - Simple CyVek Bionostics PrimeGene Current assets $ 10,739 $ 19,660 $ 1,206 $ 9,605 $ 1,272 Equipment 1,266 1,983 971 2,180 546 Other long-term assets 40 554 19 Intangible Assets: Developed technology 5,010 39,200 20,200 14,400 2,200 Trade name 5,300 36,100 100 2,700 3,000 Customer relationships 14,400 101,600 600 41,000 9,100 Non-compete agreements - 200 - 2,400 322 Goodwill 28,408 134,074 91,658 56,349 5.518 Total assets acquired 65,163 333,371 114,754 128,634 21,958 Liabilities 2,166 11,644 1,965 3,007 887 Deferred income taxes, net 2,875 21,674 (438 ) 22,478 2,310 Net assets $ 60,122 $ 300,053 $ 113,327 $ 103,149 $ 18,761 Less fair-value of previous investment - - 18,300 - - Net assets acquired 60,122 300,053 94,927 103,149 18,761 Cash paid, net of cash acquired $ 60,122 $ 300,053 $ 59,927 $ 103,149 $ 6,031 Contingent consideration payable - - 35,000 - 12,730 Net purchase price $ 60,122 $ 300,053 $ 94,927 $ 103,149 $ 18,761 |
Condensed Income Statement [Table Text Block] | Novus Protein - Simple CyVek Net sales $ 21,092 $ 65,512 $ 735 Net income (loss) (610 ) (3,624 ) (4,196 ) Amortization expense 1,898 11,364 981 Costs recognized on sale of acquired inventory 1,946 1,444 64 |
Business Acquisition, Pro Forma Information [Table Text Block] | For the Year Ended June, 30 2015 2014 Net sales $ 457,270 $ 433,034 Net income 104,132 100,958 |
Note 3 - Available-For-Sale I25
Note 3 - Available-For-Sale Investments (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Notes Tables | |
Available-for-sale Securities [Table Text Block] | June 30, 2015 20 14 Cost Market Cost Market State and municipal debt securities $ 0 $ 0 $ 3,525 $ 3,525 Corporate debt securities 0 0 100 100 Certificates of deposit 4,089 4,089 7,639 7,639 Equity securities 29,472 52,300 29,472 37,097 $ 33,561 56,389 $ 40,736 $ 48,361 |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 30, 2015 20 14 Raw materials $ 15,892 $ 9,852 Finished goods 33,685 28,995 $ 49,577 $ 38,847 |
Note 5 - Property and Equipme27
Note 5 - Property and Equipment (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | June 30, 2015 20 14 Cost: Land $ 7,370 $ 7,468 Buildings and improvements 156,965 149,442 Machinery, equipment and other 74,385 53,067 238,720 209,977 Accumulated depreciation and amortization (108,967 ) (92,857 ) $ 129,749 $ 117,120 |
Note 6 - Intangible Assets an28
Note 6 - Intangible Assets and Goodwill (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | June 30, Useful Life (years) 2015 20 14 Developed technology 8 - 15 $ 108,887 $ 48,166 Trade names 5 - 20 63,867 24,280 Customer relationships 8 - 16 167,494 59,240 Non-compete agreement 3 - 5 3,298 3,109 343,546 134,795 Accumulated amortization (50,707 ) (26,019 ) $ 292,839 $ 108,776 Goodwill $ 390,638 $ 151,473 |
Schedule of Goodwill [Table Text Block] | Year Ended June 30, 2015 20 14 Beginning balance $ 151,473 $ 84,336 Acquisitions 254,140 61,867 Currency translation (14,975 ) 5,270 Ending balance $ 390,638 $ 151,473 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Year Ended June 30, 2015 20 14 Beginning balance $ 108,776 $ 40,552 Acquisitions 222,710 75,122 Amortization expense (26,170 ) (10,267 ) Currency translation (12,777 ) (3,369 ) Ending balance $ 292,839 $ 108,776 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Year Ending June 30: 2016 28,416 2017 27,532 2018 27,335 2019 26,721 2020 26,401 Thereafter 156,434 $ 292,839 |
Note 8 - Commitments and Cont29
Note 8 - Commitments and Contingencies (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Notes Tables | |
Operating Leases of Lessee Disclosure [Table Text Block] | Year Ending June 30: 2016 5,289 2017 5,463 2018 4,964 2019 4,270 2020 4,212 Thereafter 22,490 $ 46,688 |
Note 9 - Share-based Compensa30
Note 9 - Share-based Compensation and Other Benefit Plans (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Notes Tables | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Shares Weighted Weighted Aggregate Outstanding at June 30, 2012 575 $ 65.78 Granted 175 67.80 Exercised (22 ) 51.17 Outstanding at June 30, 2013 728 66.70 Granted 251 80.88 Forfeited (26 ) 76.23 Exercised (142 ) 59.07 Outstanding at June 30, 2014 811 72.11 Granted 600 93.98 Forfeited (133 ) 92.85 Exercised (141 ) 69.31 Outstanding at June 30, 2015 1,137 $ 81.57 5.4 $19.2 million Exercisable at June 30: 2013 497 $ 65.04 2014 534 69.49 2015 547 72.72 5.0 $14.1 million |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Year Ended June 30, 2015 20 14 20 13 Dividend yield 1.3% 1.5% 1.8% Expected volatility 18% - 21% 18% - 22% 18% - 23% Risk-free interest rates 1.3% - 2.2% 1.4% - 2.1% 0.4% - 1.4% Expected lives (years) 5 6 5 |
Note 10 - Income Taxes (Tables)
Note 10 - Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended June 30, 2015 2014 2013 Earnings before income taxes consist of: Domestic $ 121,765 $ 127,681 $ 127,491 Foreign 32,397 33,711 33,171 $ 154,162 $ 161,392 $ 160,662 Taxes on income consist of: Currently payable: Federal $ 28,220 $ 40,967 $ 37,666 State 6,165 1,709 2,012 Foreign 10,704 10,668 10,758 Net deferred: Federal 4,401 (1,137 ) (595 ) State 292 (41 ) (7 ) Foreign (3,355 ) (1,722 ) (1,733 ) $ 46,427 $ 50,444 $ 48,101 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended June 30, 2015 2014 2013 Computed expected federal income tax expense $ 53,957 $ 56,487 $ 56,232 State income taxes, net of federal benefit 4,762 1,048 1,300 Qualified production activity deduction (3,140 ) (3,823 ) (3,774 ) Non-taxable gain on investment (2,905 ) 0 0 Research and development tax credit (912 ) (476 ) (1,392 ) Tax-exempt interest 0 (654 ) (568 ) Foreign tax rate differences (4,059 ) (2,857 ) (2,587 ) Other (1,276 ) 719 (1,110 ) $ 46,427 $ 50,444 $ 48,101 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | June 30 2015 2014 Inventory $ 8,753 $ 9,932 Net operating loss carryovers 34,767 0 Tax credit carryovers 3,872 0 Excess tax basis in equity investments 4,496 4,344 Deferred compensation 3,747 3,295 Other 4,712 3,088 Valuation allowance (2,558 ) (1,806 ) Net deferred tax assets 57,789 18,853 Net unrealized gain on available-for-sale investments (8,446 ) (2,745 ) Goodwill and intangible asset amortization (96,401 ) (37,641 ) Depreciation (2,394 ) (2,166 ) Other (466 ) (516 ) Deferred tax liabilities (107,707 ) (43,068 ) Net deferred tax liabilities $ (49,918 ) $ (24,215 ) |
Note 11 - Earnings Per Share (T
Note 11 - Earnings Per Share (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended June 30, 2015 20 14 20 13 Net earnings used for basic and diluted earnings per share $ 107,735 $ 110,948 $ 112,561 Weighted average shares used in basic computation 37,096 36,890 36,836 Dilutive stock options 135 115 64 Weighted average shares used in diluted computation 37,231 37,005 36,900 Basic EPS $ 2.90 $ 3.01 $ 3.06 Diluted EPS $ 2.89 $ 3.00 $ 3.05 |
Note 12 - Segment Information (
Note 12 - Segment Information (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Year Ended June 30, 2015 20 14 20 13 External sales Biotechnology $ 325,897 $ 300,578 $ 288,156 Clinical Controls 60,377 57,185 22,419 Protein Platforms 66,247 0 0 Inter segment (273 ) 0 0 Consolidated net sales $ 452,246 $ 357,763 $ 310,575 Year Ended June 30, 2015 20 14 20 13 Operating Income Biotechnology $ 171,059 $ 168,041 $ 164,886 Clinical Controls 18,148 17,556 8,746 Protein Platforms 4,469 0 0 Segment operating income 193,675 185,597 173,632 Costs recognized upon sale of acquired inventory (6,958 ) (7,480 ) (4,501 ) Amortization of intangibles (26,169 ) (10,276 ) (5,061 ) Acquisition related expenses (4,519 ) (2,247 ) (607 ) Corporate general, selling and administrative expenses (9,007 ) (5,845 ) (4,994 ) Consolidated operating income $ 147,022 $ 159,750 $ 158,469 Goodwill Biotechnology $ 119,450 $ 95,124 $ 84,336 Clinical Controls 56,349 56,349 0 Protein Platforms 214,839 0 0 Consolidated goodwill $ 390,638 $ 151,473 $ 84,336 Intangible assets, net Biotechnology $ 68,777 $ 53,778 $ 40,552 Clinical Controls 49,130 54,998 0 Protein Platforms 174,932 0 0 Consolidated intangible assets, net $ 292,839 $ 108,776 $ 40,552 Assets Biotechnology $ 439,377 $ 685,302 $ 580,085 Clinical Controls 66,101 55,615 24,887 Protein Platforms 444,899 0 0 Segment assets 950,378 740,917 604,972 Corporate cash and available- for- sale investments 52,800 60,142 108,504 Corporate property and equipment 58,270 60,350 61,296 Corporate, other 1,912 1,082 3,326 Consolidated assets $ 1,063,360 $ 862,491 $ 778,098 Depreciation and amortization Biotechnology $ 13,820 $ 10,879 $ 10,781 Clinical Controls 7,963 7,205 389 Protein Platforms 13,364 0 0 Segment depreciation and amortization 35,147 18,084 11,170 Corporate 2,079 1,091 1,151 Consolidated depreciation and amortization $ 37,226 $ 19,175 $ 12,321 Capital purchases Biotechnology $ 9,794 $ 4,157 $ 3,248 Clinical Controls 1,932 5,687 6,914 Protein Platforms 8,179 Segment capital purchases 19,905 9,844 10,162 Corporate 0 3,977 12,292 Consolidated capital purchases $ 19,905 $ 13,821 $ 22,454 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Year Ended June 30, 2015 20 14 20 13 External sales United States $ 245,217 $ 190,359 $ 164,308 Europe 134,077 97,157 88,297 China 26,105 18,878 14,106 Other Asia 23,806 32,704 28,608 Rest of world 23,041 18,665 15,256 Total external sales $ 452,246 $ 357,763 $ 310,575 Long-lived assets United States and Canada $ 119,075 $ 109,790 $ 103,541 Europe 11,239 8,340 7,129 China 1,286 678 117 Total long-lived assets $ 131,600 $ 118,808 $ 110,787 |
Note 14 - Accumulated Other C34
Note 14 - Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Unrealized Gains (Losses) on Available-for-Sale Investments Foreign Currency Translation Adjustments Total Beginning balance $ 3,074 $ (8,462 ) $ (5,388 ) Other comprehensive income 11,308 (36,513 ) (25,205 ) Ending balance $ 14,382 (44,975 ) $ (30,593 ) |
Note 1 - Description of Busin35
Note 1 - Description of Business and Summary of Significant Accounting Policies (Details Textual) - USD ($) | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Equipment [Member] | |||
Property, Plant and Equipment, Useful Life | 5 years | ||
Building, Building Improvements and Leasehold Improvements [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life | 5 years | ||
Building, Building Improvements and Leasehold Improvements [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life | 40 years | ||
Goodwill, Impairment Loss | $ 0 | ||
Impairment of Intangible Assets (Excluding Goodwill) | 0 | ||
Advertising Expense | $ 4,100,000 | $ 3,400,000 | $ 3,200,000 |
Available-for-Sale Securities, Debt Maturities, Date Range Low | 90 days | ||
Available-for-sale Securities, Debt Maturities, Date Range High | 3 years | ||
Goodwill | $ 390,638,000 | $ 151,473,000 | $ 84,336,000 |
Note 2 - Acquisitions (Details
Note 2 - Acquisitions (Details Textual) - USD ($) | Nov. 03, 2014 | Jul. 31, 2014 | Jul. 02, 2014 | Apr. 30, 2014 | Jul. 22, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 |
Bionostics [Member] | Developed Technology Rights [Member] | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 14,400,000 | |||||||
Finite-Lived Intangible Asset, Useful Life | 9 years | |||||||
Bionostics [Member] | Trade Names [Member] | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 2,700,000 | |||||||
Finite-Lived Intangible Asset, Useful Life | 5 years | |||||||
Bionostics [Member] | Noncompete Agreements [Member] | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 2,400,000 | |||||||
Finite-Lived Intangible Asset, Useful Life | 3 years | |||||||
Bionostics [Member] | Customer Relationships [Member] | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 41,000,000 | |||||||
Finite-Lived Intangible Asset, Useful Life | 14 years | |||||||
Bionostics [Member] | Selling, General and Administrative Expenses [Member] | ||||||||
Business Combination, Acquisition Related Costs | $ 500,000 | $ 600,000 | ||||||
Bionostics [Member] | ||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 103,149,000 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Contingent Liability | ||||||||
PrimeGene [Member] | Developed Technology Rights [Member] | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 2,200,000 | |||||||
Finite-Lived Intangible Asset, Useful Life | 9 years | |||||||
PrimeGene [Member] | Trade Names [Member] | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 3,000,000 | |||||||
Finite-Lived Intangible Asset, Useful Life | 11 years | |||||||
PrimeGene [Member] | Noncompete Agreements [Member] | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 300,000 | |||||||
Finite-Lived Intangible Asset, Useful Life | 3 years | |||||||
PrimeGene [Member] | Customer Relationships [Member] | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 9,100,000 | |||||||
Finite-Lived Intangible Asset, Useful Life | 9 years | |||||||
PrimeGene [Member] | Selling, General and Administrative Expenses [Member] | ||||||||
Business Combination, Acquisition Related Costs | 400,000 | |||||||
PrimeGene [Member] | ||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 6,000,000 | $ 6,031,000 | 6,000,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Contingent Liability | 12,730,000 | |||||||
Novus Holdings, LLC [Member] | Developed Technology Rights [Member] | Minimum [Member] | ||||||||
Finite-Lived Intangible Asset, Useful Life | 4 years | |||||||
Novus Holdings, LLC [Member] | Developed Technology Rights [Member] | Maximum [Member] | ||||||||
Finite-Lived Intangible Asset, Useful Life | 12 years | |||||||
Novus Holdings, LLC [Member] | Developed Technology Rights [Member] | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 5,000,000 | |||||||
Novus Holdings, LLC [Member] | Trade Names [Member] | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 5,300,000 | |||||||
Finite-Lived Intangible Asset, Useful Life | 20 years | |||||||
Novus Holdings, LLC [Member] | Customer Relationships [Member] | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 14,400,000 | |||||||
Finite-Lived Intangible Asset, Useful Life | 15 years | |||||||
Novus Holdings, LLC [Member] | Selling, General and Administrative Expenses [Member] | ||||||||
Business Combination, Acquisition Related Costs | 100,000 | |||||||
Novus Holdings, LLC [Member] | ||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 60,122,000 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Contingent Liability | ||||||||
ProteinSimple [Member] | Developed Technology Rights [Member] | Minimum [Member] | ||||||||
Finite-Lived Intangible Asset, Useful Life | 9 years | |||||||
ProteinSimple [Member] | Developed Technology Rights [Member] | Maximum [Member] | ||||||||
Finite-Lived Intangible Asset, Useful Life | 10 years | |||||||
ProteinSimple [Member] | Developed Technology Rights [Member] | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 40,500,000 | |||||||
ProteinSimple [Member] | Trade Names [Member] | Minimum [Member] | ||||||||
Finite-Lived Intangible Asset, Useful Life | 18 years | |||||||
ProteinSimple [Member] | Trade Names [Member] | Maximum [Member] | ||||||||
Finite-Lived Intangible Asset, Useful Life | 20 years | |||||||
ProteinSimple [Member] | Trade Names [Member] | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 35,800,000 | |||||||
ProteinSimple [Member] | Noncompete Agreements [Member] | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 200,000 | |||||||
Finite-Lived Intangible Asset, Useful Life | 3 years | |||||||
ProteinSimple [Member] | Customer Relationships [Member] | Minimum [Member] | ||||||||
Finite-Lived Intangible Asset, Useful Life | 14 years | |||||||
ProteinSimple [Member] | Customer Relationships [Member] | Maximum [Member] | ||||||||
Finite-Lived Intangible Asset, Useful Life | 16 years | |||||||
ProteinSimple [Member] | Customer Relationships [Member] | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 100,600,000 | |||||||
ProteinSimple [Member] | Selling, General and Administrative Expenses [Member] | ||||||||
Business Combination, Acquisition Related Costs | $ 800,000 | |||||||
ProteinSimple [Member] | ||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 300,053,000 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Contingent Liability | ||||||||
CyVek, Inc. [Member] | Developed Technology Rights [Member] | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 20,200,000 | |||||||
Finite-Lived Intangible Asset, Useful Life | 15 years | |||||||
CyVek, Inc. [Member] | Trade Names [Member] | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 100,000 | |||||||
Finite-Lived Intangible Asset, Useful Life | 1 year 182 days | |||||||
CyVek, Inc. [Member] | Customer Relationships [Member] | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 600,000 | |||||||
Finite-Lived Intangible Asset, Useful Life | 10 years | |||||||
CyVek, Inc. [Member] | Selling, General and Administrative Expenses [Member] | ||||||||
Business Combination, Acquisition Related Costs | $ 100,000 | |||||||
CyVek, Inc. [Member] | ||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 59,927,000 | |||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $ 10,000,000 | |||||||
Noncontrolling Interest, Ownership Percentage by Parent | 19.90% | |||||||
Payments to Acquire Businesses, Gross | $ 62,000,000 | 62,000,000 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Contingent Liability | $ 35,000,000 | 35,000,000 | ||||||
Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Contingent Liability, Percentage | 50.00% | |||||||
Business Combination, Milestone Payment Threshold | $ 100,000,000 | |||||||
Business Combination, Liabilities Arising from Contingencies, Amount Recognized | $ 35,000,000 | |||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | $ 8,300,000 | |||||||
Developed Technology Rights [Member] | Minimum [Member] | ||||||||
Finite-Lived Intangible Asset, Useful Life | 8 years | |||||||
Developed Technology Rights [Member] | Maximum [Member] | ||||||||
Finite-Lived Intangible Asset, Useful Life | 15 years | |||||||
Trade Names [Member] | Minimum [Member] | ||||||||
Finite-Lived Intangible Asset, Useful Life | 5 years | |||||||
Trade Names [Member] | Maximum [Member] | ||||||||
Finite-Lived Intangible Asset, Useful Life | 20 years | |||||||
Noncompete Agreements [Member] | Minimum [Member] | ||||||||
Finite-Lived Intangible Asset, Useful Life | 3 years | |||||||
Noncompete Agreements [Member] | Maximum [Member] | ||||||||
Finite-Lived Intangible Asset, Useful Life | 5 years | |||||||
Customer Relationships [Member] | Minimum [Member] | ||||||||
Finite-Lived Intangible Asset, Useful Life | 8 years | |||||||
Customer Relationships [Member] | Maximum [Member] | ||||||||
Finite-Lived Intangible Asset, Useful Life | 16 years | |||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 420,102,000 | 109,180,000 | 0 | |||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 0 | 10,446,000 | ||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | $ 8,300,000 | $ 0 | $ 0 |
Note 2 - Acquisitions - Prelimi
Note 2 - Acquisitions - Preliminary Estimated Fair Values of Assets Acquired and Liabilities Assumed Pending Final Valuation of Intangible Assets (Details) - USD ($) | 12 Months Ended |
Jun. 30, 2015 | |
Novus Holdings, LLC [Member] | Developed Technology Rights [Member] | |
Intangible assets acquired | $ 5,010,000 |
Novus Holdings, LLC [Member] | Trade Names [Member] | |
Intangible assets acquired | 5,300,000 |
Novus Holdings, LLC [Member] | Customer Relationships [Member] | |
Intangible assets acquired | $ 14,400,000 |
Novus Holdings, LLC [Member] | Noncompete Agreements [Member] | |
Intangible assets acquired | |
Novus Holdings, LLC [Member] | |
Current assets | $ 10,739,000 |
Equipment | 1,266,000 |
Other long-term assets | 40,000 |
Goodwill | 28,408,000 |
Total assets acquired | 65,163,000 |
Liabilities | 2,166,000 |
Deferred income taxes, net | 2,875,000 |
Net assets | $ 60,122,000 |
Less fair-value of previous investment | |
Net assets acquired | $ 60,122,000 |
Cash paid, net of cash acquired | $ 60,122,000 |
Contingent consideration payable | |
Net purchase price | $ 60,122,000 |
ProteinSimple [Member] | Developed Technology Rights [Member] | |
Intangible assets acquired | 39,200,000 |
ProteinSimple [Member] | Trade Names [Member] | |
Intangible assets acquired | 36,100,000 |
ProteinSimple [Member] | Customer Relationships [Member] | |
Intangible assets acquired | 101,600,000 |
ProteinSimple [Member] | Noncompete Agreements [Member] | |
Intangible assets acquired | 200,000 |
ProteinSimple [Member] | |
Current assets | 19,660,000 |
Equipment | 1,983,000 |
Other long-term assets | 554,000 |
Goodwill | 134,074,000 |
Total assets acquired | 333,371,000 |
Liabilities | 11,644,000 |
Deferred income taxes, net | 21,674,000 |
Net assets | $ 300,053,000 |
Less fair-value of previous investment | |
Net assets acquired | $ 300,053,000 |
Cash paid, net of cash acquired | $ 300,053,000 |
Contingent consideration payable | |
Net purchase price | $ 300,053,000 |
CyVek, Inc. [Member] | Developed Technology Rights [Member] | |
Intangible assets acquired | 20,200,000 |
CyVek, Inc. [Member] | Trade Names [Member] | |
Intangible assets acquired | 100,000 |
CyVek, Inc. [Member] | Customer Relationships [Member] | |
Intangible assets acquired | $ 600,000 |
CyVek, Inc. [Member] | Noncompete Agreements [Member] | |
Intangible assets acquired | |
CyVek, Inc. [Member] | |
Current assets | $ 1,206,000 |
Equipment | 971,000 |
Other long-term assets | 19,000 |
Goodwill | 91,658,000 |
Total assets acquired | 114,754,000 |
Liabilities | 1,965,000 |
Deferred income taxes, net | (438,000) |
Net assets | 113,327,000 |
Less fair-value of previous investment | 18,300,000 |
Net assets acquired | 94,927,000 |
Cash paid, net of cash acquired | 59,927,000 |
Contingent consideration payable | 35,000,000 |
Net purchase price | 94,927,000 |
Bionostics [Member] | Developed Technology Rights [Member] | |
Intangible assets acquired | 14,400,000 |
Bionostics [Member] | Trade Names [Member] | |
Intangible assets acquired | 2,700,000 |
Bionostics [Member] | Customer Relationships [Member] | |
Intangible assets acquired | 41,000,000 |
Bionostics [Member] | Noncompete Agreements [Member] | |
Intangible assets acquired | 2,400,000 |
Bionostics [Member] | |
Current assets | 9,605,000 |
Equipment | $ 2,180,000 |
Other long-term assets | |
Goodwill | $ 56,349,000 |
Total assets acquired | 128,634,000 |
Liabilities | 3,007,000 |
Deferred income taxes, net | 22,478,000 |
Net assets | $ 103,149,000 |
Less fair-value of previous investment | |
Net assets acquired | $ 103,149,000 |
Cash paid, net of cash acquired | $ 103,149,000 |
Contingent consideration payable | |
Net purchase price | $ 103,149,000 |
PrimeGene [Member] | Developed Technology Rights [Member] | |
Intangible assets acquired | 2,200,000 |
PrimeGene [Member] | Trade Names [Member] | |
Intangible assets acquired | 3,000,000 |
PrimeGene [Member] | Customer Relationships [Member] | |
Intangible assets acquired | 9,100,000 |
PrimeGene [Member] | Noncompete Agreements [Member] | |
Intangible assets acquired | 322,000 |
PrimeGene [Member] | |
Current assets | 1,272,000 |
Equipment | $ 546,000 |
Other long-term assets | |
Goodwill | $ 5,518 |
Total assets acquired | 21,958,000 |
Liabilities | 887,000 |
Deferred income taxes, net | 2,310,000 |
Net assets | $ 18,761,000 |
Less fair-value of previous investment | |
Net assets acquired | $ 18,761,000 |
Cash paid, net of cash acquired | 6,031,000 |
Contingent consideration payable | 12,730,000 |
Net purchase price | 18,761,000 |
Goodwill | 390,638,000 |
Cash paid, net of cash acquired | $ 420,102,000 |
Note 2 - Acquisitions - Condens
Note 2 - Acquisitions - Condensed Consolidated Financial Statements by Acquisition (Details) - USD ($) | 12 Months Ended |
Jun. 30, 2015 | |
Novus Holdings, LLC [Member] | |
Net sales | $ 21,092,000 |
Net income (loss) | (610,000) |
Amortization expense | 1,898,000 |
Costs recognized on sale of acquired inventory | 1,946,000 |
ProteinSimple [Member] | |
Net sales | 65,512,000 |
Net income (loss) | (3,624,000) |
Amortization expense | 11,364,000 |
Costs recognized on sale of acquired inventory | 1,444,000 |
CyVek, Inc. [Member] | |
Net sales | 735,000 |
Net income (loss) | (4,196,000) |
Amortization expense | 981,000 |
Costs recognized on sale of acquired inventory | 64,000 |
Net sales | 452,246,000 |
Net income (loss) | 107,735,000 |
Costs recognized on sale of acquired inventory | $ 6,961,000 |
Note 2 - Acquisitions - Unaudit
Note 2 - Acquisitions - Unaudited Pro Forma Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Net sales | $ 457,270 | $ 433,034 |
Net income | $ 104,132 | $ 100,958 |
Note 3 - Available-For-Sale I40
Note 3 - Available-For-Sale Investments (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Chemo Centryx, Inc. [Member] | |||
Class of Warrant or Right, Outstanding | 150,000 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 20 | ||
Warrants and Rights Outstanding | $ 52.3 | $ 37.1 | |
Percentage of Ownership Interests | 14.00% | ||
Available-for-sale Securities, Gross Unrealized Gain, Accumulated InInvestments | $ 22.8 | 7.6 | |
Proceeds from Sale and Maturity of Available-for-sale Securities | $ 13.5 | $ 289 | $ 104 |
Note 3 - Available-For-Sale I41
Note 3 - Available-For-Sale Investments - Amortized Cost and Market Value of Available-For-Sale Securities by Major Security Type (Details) - USD ($) | Jun. 30, 2015 | Jun. 30, 2014 |
US States and Political Subdivisions Debt Securities [Member] | ||
Cost | $ 0 | $ 3,525,000 |
Market | 0 | 3,525,000 |
Domestic Corporate Debt Securities [Member] | ||
Cost | 0 | 100,000 |
Market | 0 | 100,000 |
Certificates Of Deposit [Member] | ||
Cost | 4,089,000 | 7,639,000 |
Market | 4,089,000 | 7,639,000 |
Equity Securities [Member] | ||
Cost | 29,472,000 | 29,472,000 |
Market | 52,300,000 | 37,097,000 |
Cost | 33,561,000 | 40,736,000 |
Market | $ 56,389,000 | $ 48,361,000 |
Note 4 - Inventories (Details T
Note 4 - Inventories (Details Textual) - USD ($) $ in Millions | Jun. 30, 2015 | Jun. 30, 2014 |
Proteins and Antibodies [Member] | ||
Inventory Valuation Reserves | $ 24 | $ 30.3 |
Note 4 - Inventories - Inventor
Note 4 - Inventories - Inventories (Details) - USD ($) | Jun. 30, 2015 | Jun. 30, 2014 |
Raw materials | $ 15,892,000 | $ 9,852,000 |
Finished goods | 33,685,000 | 28,995,000 |
Inventory, net | $ 49,577,000 | $ 38,847,000 |
Note 5 - Property and Equipme44
Note 5 - Property and Equipment - Property and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Cost: | ||
Land | $ 7,370 | $ 7,468 |
Buildings and improvements | 156,965 | 149,442 |
Machinery, equipment and other | 74,385 | 53,067 |
Total cost | 238,720 | 209,977 |
Accumulated depreciation and amortization | (108,967) | (92,857) |
Property, plant and equipment, net | $ 129,749 | $ 117,120 |
Note 6 - Intangible Assets an45
Note 6 - Intangible Assets and Goodwill (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Developed Technology Rights [Member] | Cost of Sales [Member] | |||
Amortization of Intangible Assets | $ 9.5 | $ 4.2 | $ 3 |
Trade Names, Customer Relationships, and Non-compete Agreement [Member] | Selling, General and Administrative Expense [Member] | |||
Amortization of Intangible Assets | $ 16.7 | $ 6.1 | $ 2.1 |
Note 6 - Intangible Assets an46
Note 6 - Intangible Assets and Goodwill - Intangible Assets (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Minimum [Member] | Developed Technology Rights [Member] | ||
Useful Life | 8 years | |
Minimum [Member] | Trade Names [Member] | ||
Useful Life | 5 years | |
Minimum [Member] | Customer Relationships [Member] | ||
Useful Life | 8 years | |
Minimum [Member] | Noncompete Agreements [Member] | ||
Useful Life | 3 years | |
Maximum [Member] | Developed Technology Rights [Member] | ||
Useful Life | 15 years | |
Maximum [Member] | Trade Names [Member] | ||
Useful Life | 20 years | |
Maximum [Member] | Customer Relationships [Member] | ||
Useful Life | 16 years | |
Maximum [Member] | Noncompete Agreements [Member] | ||
Useful Life | 5 years | |
Developed Technology Rights [Member] | ||
Developed technology | $ 108,887,000 | $ 48,166,000 |
Trade Names [Member] | ||
Developed technology | 63,867,000 | 24,280,000 |
Customer Relationships [Member] | ||
Developed technology | 167,494,000 | 59,240,000 |
Noncompete Agreements [Member] | ||
Developed technology | 3,298,000 | 3,109,000 |
Developed technology | 343,546,000 | 134,795,000 |
Accumulated amortization | (50,707,000) | (26,019,000) |
Net | 292,839,000 | 108,776,000 |
Goodwill | $ 390,638,000 | $ 151,473,000 |
Note 6 - Intangible Assets an47
Note 6 - Intangible Assets and Goodwill - Changes in Carrying Amount of Goodwill (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Beginning balance | $ 151,473,000 | $ 84,336,000 |
Acquisitions | 254,140,000 | 61,867,000 |
Currency translation | (14,975,000) | 5,270,000 |
Ending balance | $ 390,638,000 | $ 151,473,000 |
Note 6 - Intangible Assets an48
Note 6 - Intangible Assets and Goodwill - Changes in Carrying Amount of Intangible Assets (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Beginning balance | $ 108,776,000 | $ 40,552,000 |
Acquisitions | 222,710,000 | 75,122,000 |
Amortization expense | (26,170,000) | (10,267,000) |
Currency translation | 12,777,000 | 3,369,000 |
Ending balance | $ 292,839,000 | $ 108,776,000 |
Note 6 - Intangible Assets an49
Note 6 - Intangible Assets and Goodwill - Estimated Future Amortization for Intangible Assets (Details) - USD ($) | Jun. 30, 2015 |
2,016 | $ 28,416,000 |
2,017 | 27,532,000 |
2,018 | 27,335,000 |
2,019 | 26,721,000 |
2,020 | 26,401,000 |
Thereafter | 156,434,000 |
$ 292,839,000 |
Note 7 - Debt and Other Finan50
Note 7 - Debt and Other Financing Arrangements (Details Textual) - USD ($) $ in Millions | Jul. 28, 2014 | Jun. 30, 2015 |
Revolving Credit Facility [Member] | Federal Funds Effective Swap Rate [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |
Revolving Credit Facility [Member] | ||
Line of Credit Facility, Current Borrowing Capacity | $ 150 | |
Line of Credit Facility, Additional Borrowing Capacity | $ 150 | |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.15% | |
Long-term Line of Credit | $ 73 |
Note 8 - Commitments and Cont51
Note 8 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Operating Leases, Rent Expense, Net | $ 4.9 | $ 1.6 | $ 0.7 |
Note 8 - Commitments and Cont52
Note 8 - Commitments and Contingencies - Aggregate Net Minimum Rental Commitments (Details) $ in Thousands | Jun. 30, 2015USD ($) |
2,016 | $ 5,289 |
2,017 | 5,463 |
2,018 | 4,964 |
2,019 | 4,270 |
2,020 | 4,212 |
Thereafter | 22,490 |
$ 46,688 |
Note 9 - Share-based Compensa53
Note 9 - Share-based Compensation and Other Benefit Plans (Details Textual) - USD ($) | 12 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Equity Incentive Plan 2010 [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||
Equity Incentive Plan 2010 [Member] | Selling, General and Administrative Expenses [Member] | ||||
Stock or Unit Option Plan Expense | $ 5,900,000 | $ 3,500,000 | $ 1,900,000 | |
Equity Incentive Plan 2010 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 3,000,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,800,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,100,000 | |||
Nonqualified Stock Options Plan 1998 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 98,000 | |||
Incentive Stock Options Plan 1997 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 9,000 | |||
Employee Stock Purchase Plan 2014 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 200,000 | |||
Allocated Share-based Compensation Expense | $ 39,000 | |||
Performance Incentive Programs [Member] | Restricted Stock [Member] | Executive Officer [Member] | ||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 17,855 | 15,000 | ||
Performance Incentive Programs [Member] | Restricted Stock Units (RSUs) [Member] | Executive Officer [Member] | ||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 5,000 | |||
Performance Incentive Programs [Member] | Executive Officer [Member] | ||||
Officers' Compensation | $ 1,900,000 | $ 900,000 | $ 300,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 322,000 | 216,000 | 132,852 | |
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 11,129 | |||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 9,000 | 26,355 | 15,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 91.78 | $ 86.60 | $ 67.46 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 19,102 | 36,355 | 15,000 | |
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 36,192 | 5,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 94.13 | $ 86.25 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 10,000 | |||
Profit Sharing and Savings Plan [Member] | UNITED STATES | ||||
Pension and Other Postretirement Benefit Expense | $ 1,100,000 | $ 700,000 | ||
Foreign Pension Plan [Member] | UNITED KINGDOM | ||||
Pension and Other Postretirement Benefit Expense | $ 700,000 | $ 600,000 | $ 600,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,137,000 | 811,000 | 728,000 | 575,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 15.01 | $ 14.77 | $ 9.72 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 3,500,000 | $ 3,700,000 | $ 400,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | 2,300,000 | $ 2,200,000 | $ 1,500,000 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 7,900,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 73 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 600,000 | 251,000 | 175,000 |
Note 9 - Share-based Compensa54
Note 9 - Share-based Compensation and Other Benefit Plans - Stock Option Activity (Details) - USD ($) shares in Thousands, $ in Millions | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Outstanding at June 30, 2012 (in shares) | 1,137 | 811 | 728 |
Outstanding at June 30, 2012 (in dollars per share) | $ 81.57 | $ 72.11 | $ 66.70 |
Granted (in shares) | 600 | 251 | 175 |
Granted (in dollars per share) | $ 93.98 | $ 80.88 | $ 67.80 |
Exercised (in shares) | (141) | (142) | (22) |
Exercised (in dollars per share) | $ 69.31 | $ 59.07 | $ 51.17 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 600 | 251 | 175 |
Forfeited (in shares) | (133) | (26) | |
Forfeited (in dollars per share) | $ 92.85 | $ 76.23 | |
Exercised (in shares) | (141) | (142) | (22) |
Forfeited (in shares) | (133) | (26) | |
Outstanding at June 30, 2015 | 5 years 146 days | ||
Outstanding at June 30, 2015 | $ 19.2 | ||
2013 (in shares) | 547 | 534 | 497 |
2013 (in dollars per share) | $ 72.72 | $ 69.49 | $ 65.04 |
2,015 | 5 years | ||
2,015 | $ 14.1 |
Note 9 - Share-based Compensa55
Note 9 - Share-based Compensation and Other Benefit Plan - Assumptions Used in Black-Scholes Option-Pricing Model (Details) | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Minimum [Member] | |||
Expected volatility | 18.00% | 18.00% | 18.00% |
Expected volatility | 18.00% | 18.00% | 18.00% |
Risk-free interest rates | 1.30% | 1.40% | 0.40% |
Risk-free interest rates | 1.30% | 1.40% | 0.40% |
Maximum [Member] | |||
Expected volatility | 21.00% | 22.00% | 23.00% |
Expected volatility | 21.00% | 22.00% | 23.00% |
Risk-free interest rates | 2.20% | 2.10% | 1.40% |
Risk-free interest rates | 2.20% | 2.10% | 1.40% |
Dividend yield | 1.30% | 1.50% | 1.80% |
Expected lives (years) | 5 years | 6 years | 5 years |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) € in Millions | 12 Months Ended | |||
Jun. 30, 2015EUR (€) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2013USD ($) | |
R&D Europe [Member] | ||||
Cash Dividends Paid to Parent Company by Consolidated Subsidiaries | € | € 46.6 | |||
Income Tax Expense (Benefit) | $ (1,700,000) | |||
Capital Loss Carryforward [Member] | ||||
Deferred Tax Assets, Valuation Allowance | 0 | |||
Operating Loss and Credit Carryforwards [Member] | ||||
Deferred Tax Assets, Valuation Allowance | 2,400,000 | |||
Operating Loss Carryforwards [Member] | ||||
Deferred Tax Assets, Net of Valuation Allowance | 32,600,000 | |||
Tax Credit Carryforwards [Member] | ||||
Deferred Tax Assets, Net of Valuation Allowance | 3,500,000 | |||
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||||
Operating Loss Carryforwards | 86,300,000 | |||
Tax Credit Carryforward, Amount | 2,500,000 | |||
State and Local Jurisdiction [Member] | ||||
Operating Loss Carryforwards | 77,800,000 | |||
Tax Credit Carryforward, Amount | 1,300,000 | |||
Foreign Tax Authority [Member] | ||||
Operating Loss Carryforwards | $ 2,500,000 | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% | ||
Income Tax Expense (Benefit) | $ 46,427,000 | $ 50,444,000 | $ 48,101,000 | |
Deferred Tax Assets, Valuation Allowance | 2,558,000 | 1,806,000 | ||
Deferred Tax Assets, Net of Valuation Allowance | 57,789,000 | $ 18,853,000 | ||
Undistributed Earnings of Foreign Subsidiaries | $ 43,000,000 |
Note 10 - Income Taxes - Compon
Note 10 - Income Taxes - Components of Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Earnings before income taxes consist of: | |||
Domestic | $ 121,765 | $ 127,681 | $ 127,491 |
Foreign | 32,397 | 33,711 | 33,171 |
Earnings before income taxes | 154,162 | 161,392 | 160,662 |
Currently payable: | |||
Federal | 28,220 | 40,967 | 37,666 |
State | 6,165 | 1,709 | 2,012 |
Foreign | 10,704 | 10,668 | 10,758 |
Net deferred: | |||
Federal | 4,401 | (1,137) | (595) |
State | 292 | (41) | (7) |
Foreign | (3,355) | (1,722) | (1,733) |
Income tax | $ 46,427 | $ 50,444 | $ 48,101 |
Note 10 - Income Taxes - Reconc
Note 10 - Income Taxes - Reconciliation of Federal Tax Calculated at Statutory Rate (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Computed expected federal income tax expense | $ 53,957,000 | $ 56,487,000 | $ 56,232,000 |
State income taxes, net of federal benefit | 4,762,000 | 1,048,000 | 1,300,000 |
Qualified production activity deduction | (3,140,000) | (3,823,000) | (3,774,000) |
Non-taxable gain on investment | (2,905,000) | 0 | 0 |
Research and development tax credit | (912,000) | (476,000) | (1,392,000) |
Tax-exempt interest | 0 | (654,000) | (568,000) |
Foreign tax rate differences | (4,059,000) | (2,857,000) | (2,587,000) |
Other | (1,276,000) | 719,000 | (1,110,000) |
Income tax | $ 46,427,000 | $ 50,444,000 | $ 48,101,000 |
Note 10 - Income Taxes - Tempor
Note 10 - Income Taxes - Temporary Differences Comprising Deferred Taxes on Consolidated Balance Sheets (Details) - USD ($) | Jun. 30, 2015 | Jun. 30, 2014 |
Inventory | $ 8,753,000 | $ 9,932,000 |
Net operating loss carryovers | 34,767,000 | 0 |
Tax credit carryovers | 3,872,000 | 0 |
Excess tax basis in equity investments | 4,496,000 | 4,344,000 |
Deferred compensation | 3,747,000 | 3,295,000 |
Other | 4,712,000 | 3,088,000 |
Valuation allowance | (2,558,000) | (1,806,000) |
Net deferred tax assets | 57,789,000 | 18,853,000 |
Net unrealized gain on available-for-sale investments | (8,446,000) | (2,745,000) |
Goodwill and intangible asset amortization | (96,401,000) | (37,641,000) |
Depreciation | (2,394,000) | (2,166,000) |
Other | (466,000) | (516,000) |
Deferred tax liabilities | (107,707,000) | (43,068,000) |
Net deferred tax liabilities | $ (49,918,000) | $ (24,215,000) |
Note 11 - Earnings Per Share (D
Note 11 - Earnings Per Share (Details Textual) - shares | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 516,000 | 196,000 | 329,000 |
Note 11 - Earnings Per Share -
Note 11 - Earnings Per Share - Earnings Per Share (Details) - USD ($) shares in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Net income (loss) | $ 107,735,000 | $ 110,948,000 | $ 112,561,000 |
Weighted average shares used in basic computation (in shares) | 37,096 | 36,890 | 36,836 |
Dilutive stock options (in shares) | 135 | 115 | 64 |
Weighted average shares used in diluted computation (in shares) | 37,231 | 37,005 | 36,900 |
Basic EPS (in dollars per share) | $ 2.90 | $ 3.01 | $ 3.06 |
Diluted EPS (in dollars per share) | $ 2.89 | $ 3 | $ 3.05 |
Note 12 - Segment Information62
Note 12 - Segment Information (Details Textual) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Clinical Controls [Member] | Net Sales [Member] | Customer Concentration Risk [Member] | One Customer [Member] | ||
Concentration Risk, Percentage | 13.00% | 14.00% |
Number of Reportable Segments | 3 |
Note 12 - Segment Information -
Note 12 - Segment Information - Financial Information Relating to Operating Segments (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Operating Segments [Member] | Biotechnology [Member] | |||
External sales | $ 325,897,000 | $ 300,578,000 | $ 288,156,000 |
Operating Income | |||
Operating Income | 171,059,000 | 168,041,000 | 164,886,000 |
Consolidated operating income | 171,059,000 | 168,041,000 | 164,886,000 |
Goodwill | 119,450,000 | 95,124,000 | 84,336,000 |
Net | 68,777,000 | 53,778,000 | 40,552,000 |
Assets | 439,377,000 | 685,302,000 | 580,085,000 |
Depreciation and amortization | 13,820,000 | 10,879,000 | 10,781,000 |
Capital purchases | 9,794,000 | 4,157,000 | 3,248,000 |
Operating Segments [Member] | Clinical Controls [Member] | |||
External sales | 60,377,000 | 57,185,000 | 22,419,000 |
Operating Income | |||
Operating Income | 18,148,000 | 17,556,000 | 8,746,000 |
Consolidated operating income | 18,148,000 | 17,556,000 | 8,746,000 |
Goodwill | 56,349,000 | 56,349,000 | 0 |
Net | 49,130,000 | 54,998,000 | 0 |
Assets | 66,101,000 | 55,615,000 | 24,887,000 |
Depreciation and amortization | 7,963,000 | 7,205,000 | 389,000 |
Capital purchases | 1,932,000 | 5,687,000 | 6,914,000 |
Operating Segments [Member] | Protein Platforms [Member] | |||
External sales | 66,247,000 | 0 | 0 |
Operating Income | |||
Operating Income | 4,469,000 | 0 | 0 |
Consolidated operating income | 4,469,000 | 0 | 0 |
Goodwill | 214,839,000 | 0 | 0 |
Net | 174,932,000 | 0 | 0 |
Assets | 444,899,000 | 0 | 0 |
Depreciation and amortization | 13,364,000 | $ 0 | $ 0 |
Capital purchases | 8,179,000 | ||
Operating Segments [Member] | |||
Operating Income | |||
Operating Income | 193,675,000 | $ 185,597,000 | $ 173,632,000 |
Costs recognized upon sale of acquired inventory | (6,958,000) | (7,480,000) | (4,501,000) |
Amortization of intangibles | (26,169,000) | (10,276,000) | (5,061,000) |
Acquisition related expenses | (4,519,000) | (2,247,000) | (607,000) |
Consolidated operating income | 193,675,000 | 185,597,000 | 173,632,000 |
Assets | 950,378,000 | 740,917,000 | 604,972,000 |
Depreciation and amortization | 35,147,000 | 18,084,000 | 11,170,000 |
Capital purchases | 19,905,000 | 9,844,000 | 10,162,000 |
Intersegment Eliminations [Member] | |||
External sales | (273,000) | 0 | 0 |
Corporate, Non-Segment [Member] | |||
Operating Income | |||
Selling, general and administrative | (9,007) | (5,845) | (4,994) |
Corporate cash and available- for- sale investments | 52,800,000 | 60,142,000 | 108,504,000 |
Corporate property and equipment | 58,270,000 | 60,350,000 | 61,296,000 |
Corporate, other | 1,912,000 | 1,082,000 | 3,326,000 |
Depreciation and amortization | 2,079,000 | 1,091,000 | 1,151,000 |
Capital purchases | 0 | 3,977,000 | 12,292,000 |
External sales | 452,246,000 | 357,763,000 | 310,575,000 |
Operating Income | 147,022 | 159,750 | 158,469 |
Selling, general and administrative | 119,401,000 | 60,716,000 | 43,384,000 |
Consolidated operating income | 147,022 | 159,750 | 158,469 |
Goodwill | 390,638,000 | 151,473,000 | 84,336,000 |
Net | 292,839,000 | 108,776,000 | 40,552,000 |
Assets | 1,063,360,000 | 862,491,000 | 778,098,000 |
Corporate cash and available- for- sale investments | 54,532,000 | 318,568,000 | 163,786,000 |
Corporate property and equipment | 129,749,000 | 117,120,000 | |
Depreciation and amortization | 37,226,000 | 19,175,000 | 12,321,000 |
Capital purchases | $ 19,905,000 | $ 13,821,000 | $ 22,454,000 |
Note 12 - Segment Information64
Note 12 - Segment Information - Financial Information Relating to Geographic Areas (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
UNITED STATES | |||
External sales | $ 245,217,000 | $ 190,359,000 | $ 164,308,000 |
Europe [Member] | |||
External sales | 134,077,000 | 97,157,000 | 88,297,000 |
United States and Canada | 11,239,000 | 8,340,000 | 7,129,000 |
CHINA | |||
External sales | 26,105,000 | 18,878,000 | 14,106,000 |
United States and Canada | 1,286,000 | 678,000 | 117,000 |
Other Asia [Member] | |||
External sales | 23,806,000 | 32,704,000 | 28,608,000 |
Rest of World [Member] | |||
External sales | 23,041,000 | 18,665,000 | 15,256,000 |
United States and Canada [Member] | |||
United States and Canada | 119,075,000 | 109,790,000 | 103,541,000 |
External sales | 452,246,000 | 357,763,000 | 310,575,000 |
United States and Canada | $ 131,600,000 | $ 118,808,000 | $ 110,787,000 |
Note 13 - Supplemental Disclo65
Note 13 - Supplemental Disclosures of Cash Flow Information and Noncash Investing and Financing Activities (Details Textual) - USD ($) | Nov. 03, 2014 | Apr. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 |
Novus Holdings, LLC [Member] | |||||
Business Combination, Consideration Transferred | $ 60,122,000 | ||||
Payments to Acquire Businesses, Net of Cash Acquired | 60,122,000 | ||||
ProteinSimple [Member] | |||||
Business Combination, Consideration Transferred | 300,053,000 | ||||
Payments to Acquire Businesses, Net of Cash Acquired | 300,053,000 | ||||
CyVek, Inc. [Member] | |||||
Business Combination, Consideration Transferred | 94,927,000 | ||||
Payments to Acquire Businesses, Gross | $ 62,000,000 | 62,000,000 | |||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 35,000,000 | ||||
Payments to Acquire Businesses, Net of Cash Acquired | 59,927,000 | ||||
PrimeGene and Bionostics [Member] | |||||
Business Combination, Consideration Transferred | $ 103,000,000 | ||||
PrimeGene [Member] | |||||
Business Combination, Consideration Transferred | 18,761,000 | 18,700,000 | |||
Payments to Acquire Businesses, Net of Cash Acquired | $ 6,000,000 | 6,031,000 | 6,000,000 | ||
Business Combination, Consideration Transferred, Liabilities Incurred | 12,700,000 | ||||
Proceeds from (Repayments of) Lines of Credit | 73,000,000 | ||||
Payments to Acquire Businesses, Net of Cash Acquired | 420,102,000 | 109,180,000 | $ 0 | ||
Income Taxes Paid, Net | $ 42,600,000 | $ 55,200,000 | $ 51,600,000 | ||
Conversion of Stock, Shares Issued | 385 | 1,077 | |||
Conversion of Stock, Shares Converted | 309 | 733 | |||
Conversion of Stock, Amount Converted | $ 31,000 | $ 56,000 |
Note 14 - Accumulated Other C66
Note 14 - Accumulated Other Comprehensive Income - Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||
Beginning balance | $ 3,074,000 | |
Other comprehensive income | 11,308,000 | |
Ending balance | 14,382,000 | $ 3,074,000 |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||
Beginning balance | (8,462,000) | |
Other comprehensive income | (36,513,000) | |
Ending balance | (44,975,000) | (8,462,000) |
Beginning balance | (5,388,000) | |
Other comprehensive income | (25,205,000) | (19,941,000) |
Ending balance | $ (30,593,000) | $ (5,388,000) |
Uncategorized Items - tech-2015
Label | Element | Value |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice | $ 65.78 |