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Unallocated corporate expenses and other business activities are reported within Corporate and Other.
Intersegment revenues are not significant and are eliminated to arrive at consolidated totals.
During the nine months ended December 31, 2022, the fiscal year 2020 PSUs vested and were distributed at 126% of
target, based on actual performance results and completion of service conditions.
Balances for PSUs are reflected at target.
Accumulated Other Comprehensive Income (Loss).
Revenues in the Clinical Genomics division represent transactions subsequent to the Agena Acquisition on October 20, 2021.
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Table of Contents
United States
Securities and Exchange Commission
Washington, D.C. 20549
FORM 10-Q
| | ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2023
or
| | ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from ___ to ___
Commission File No: 0-11740
MESA LABORATORIES, INC.
(Exact name of registrant as specified in its charter)
| | Colorado | | 84-0872291 | |
| | (State or other jurisdiction of | | (I.R.S. Employer | |
| | incorporation or organization) | | Identification number) | |
| | | | | |
| | 12100 West Sixth Avenue | | | |
| | Lakewood, Colorado | | 80228 | |
| | (Address of principal executive offices) | | (Zip Code) | |
Registrant’s telephone number, including area code: (303) 987-8000
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol | Name on each exchange on which registered |
| Common Stock, no par value | MLAB | The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934, during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.
Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer ☒ | Accelerated filer ☐ | Non-accelerated filer ☐ | Smaller reporting company ☐ | Emerging growth company ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐ No ☒
Indicate the number of shares outstanding of each of the Issuer’s classes of common stock, as of the latest practicable date:
There were 5,391,726 shares of the Issuer’s common stock, no par value, outstanding as of October 30, 2023.
Part I. Financial Information
Item 1. Financial Statements
Mesa Laboratories, Inc.
Condensed Consolidated Balance Sheets
(unaudited)
(in thousands, except share amounts)
| | | September 30, | | | March 31, | |
| | | 2023 | | | 2023 | |
| ASSETS | | | | | | | | |
| Current assets: | | | | | | | | |
| Cash and cash equivalents | | $ | 35,617 | | | $ | 32,910 | |
| Accounts receivable, less allowance for doubtful accounts of $979 and $849, respectively | | | 36,340 | | | | 42,551 | |
| Inventories | | | 32,879 | | | | 34,642 | |
| Prepaid expenses and other | | | 12,826 | | | | 8,872 | |
| Total current assets | | | 117,662 | | | | 118,975 | |
| Noncurrent assets: | | | | | | | | |
| Property, plant and equipment, net of accumulated depreciation of $21,324 and $19,768 respectively | | | 28,574 | | | | 28,149 | |
| Deferred tax asset | | | 1,051 | | | | 1,076 | |
| Other assets | | | 8,953 | | | | 10,373 | |
| Customer relationships, net | | | 137,057 | | | | 152,189 | |
| Intellectual property, net | | | 43,416 | | | | 46,400 | |
| Other intangibles, net | | | 17,207 | | | | 18,226 | |
| Goodwill | | | 283,268 | | | | 286,444 | |
| Total assets | | $ | 637,188 | | | $ | 661,832 | |
| | | | | | | | | |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | |
| Current liabilities: | | | | | | | | |
| Accounts payable | | $ | 4,810 | | | $ | 6,134 | |
| Accrued payroll and benefits | | | 8,353 | | | | 9,433 | |
| Unearned revenues | | | 14,316 | | | | 15,694 | |
| Other accrued expenses | | | 12,337 | | | | 12,098 | |
| Total current liabilities | | | 39,816 | | | | 43,359 | |
| Noncurrent liabilities: | | | | | | | | |
| Deferred tax liability | | | 33,437 | | | | 34,028 | |
| Other long-term liabilities | | | 5,443 | | | | 7,693 | |
| Credit Facility | | | - | | | | 13,000 | |
| Convertible senior notes, net of debt issuance costs | | | 170,733 | | | | 170,272 | |
| Total liabilities | | | 249,429 | | | | 268,352 | |
| Stockholders’ equity: | | | | | | | | |
| Common stock, no par value; 25,000,000 shares authorized; 5,391,726 and 5,369,466 shares issued and outstanding, respectively | | | 337,869 | | | | 332,076 | |
| Retained earnings | | | 70,699 | | | | 74,199 | |
| Accumulated other comprehensive (loss) | | | (20,809 | ) | | | (12,795 | ) |
| Total stockholders’ equity | | | 387,759 | | | | 393,480 | |
| Total liabilities and stockholders’ equity | | $ | 637,188 | | | $ | 661,832 | |
See accompanying notes to Condensed Consolidated Financial Statements.
Mesa Laboratories, Inc.
Condensed Consolidated Statements of Operations
(unaudited)
(in thousands, except per share data)
| | | Three Months Ended September 30, | | | Six Months Ended September 30, | |
| | | 2023 | | | 2022 | | | 2023 | | | 2022 | |
| | | | | | | | | | | | | | | | | |
| Revenues | | $ | 53,165 | | | $ | 58,749 | | | $ | 103,810 | | | $ | 109,202 | |
| Cost of revenues | | | 21,056 | | | | 22,363 | | | | 40,518 | | | | 41,475 | |
| Gross profit | | | 32,109 | | | | 36,386 | | | | 63,292 | | | | 67,727 | |
| Operating expense: | | | | | | | | | | | | | | | | |
| Selling | | | 9,650 | | | | 9,200 | | | | 18,626 | | | | 19,223 | |
| General and administrative | | | 17,526 | | | | 18,202 | | | | 35,586 | | | | 38,414 | |
| Research and development | | | 4,993 | | | | 4,989 | | | | 9,804 | | | | 10,689 | |
| Total operating expense | | | 32,169 | | | | 32,391 | | | | 64,016 | | | | 68,326 | |
| Operating (loss) income | | | (60 | ) | | | 3,995 | | | | (724 | ) | | | (599 | ) |
| Nonoperating expense: | | | | | | | | | | | | | | | | |
| Interest expense and amortization of debt issuance costs | | | 905 | | | | 1,214 | | | | 1,953 | | | | 2,228 | |
| Other expense (income), net | | | 360 | | | | (603 | ) | | | (415 | ) | | | (799 | ) |
| Total nonoperating expense, net | | | 1,265 | | | | 611 | | | | 1,538 | | | | 1,429 | |
| (Loss) earnings before income taxes | | | (1,325 | ) | | | 3,384 | | | | (2,262 | ) | | | (2,028 | ) |
| Income tax (benefit) expense | | | (95 | ) | | | 2,078 | | | | (483 | ) | | | (1,896 | ) |
| Net (loss) income | | $ | (1,230 | ) | | $ | 1,306 | | | $ | (1,779 | ) | | $ | (132 | ) |
| | | | | | | | | | | | | | | | | |
| Net (loss) earnings per share: | | | | | | | | | | | | | | | | |
| Basic | | $ | (0.23 | ) | | $ | 0.25 | | | $ | (0.33 | ) | | $ | (0.02 | ) |
| Diluted | | $ | (0.23 | ) | | $ | 0.24 | | | $ | (0.33 | ) | | $ | (0.02 | ) |
| | | | | | | | | | | | | | | | | |
| Weighted-average common shares outstanding: | | | | | | | | | | | | | | | | |
| Basic | | | 5,387 | | | | 5,323 | | | | 5,379 | | | | 5,298 | |
| Diluted | | | 5,387 | | | | 5,364 | | | | 5,379 | | | | 5,298 | |
See accompanying notes to Condensed Consolidated Financial Statements.
Mesa Laboratories, Inc.
Condensed Consolidated Statements of Comprehensive (Loss)
(unaudited)
(in thousands)
| | | Three Months Ended September 30, | | | Six Months Ended September 30, | |
| | | 2023 | | | 2022 | | | 2023 | | | 2022 | |
| | | | | | | | | | | | | | | | | |
| Net (loss) income | | $ | (1,230 | ) | | $ | 1,306 | | | $ | (1,779 | ) | | $ | (132 | ) |
| Other comprehensive (loss): | | | | | | | | | | | | | | | | |
| Foreign currency translation adjustments | | | (1,353 | ) | | | (13,226 | ) | | | (8,014 | ) | | | (29,183 | ) |
| Comprehensive (loss) | | $ | (2,583 | ) | | $ | (11,920 | ) | | $ | (9,793 | ) | | $ | (29,315 | ) |
See accompanying notes to Condensed Consolidated Financial Statements.
Mesa Laboratories, Inc.
Condensed Consolidated Statements of Stockholders’ Equity
(unaudited)
(dollars in thousands, except per share data)
| | | Common Stock | | | | | | | | | | | | | |
| | | Number of Shares | | | Amount | | | Retained Earnings | | | AOCI* | | | Total | |
| March 31, 2023 | | | 5,369,466 | | | $ | 332,076 | | | $ | 74,199 | | | $ | (12,795 | ) | | $ | 393,480 | |
| Exercise of stock options and vesting of restricted stock units | | | 20,074 | | | | 52 | | | | - | | | | - | | | | 52 | |
| Tax withholding on vesting of restricted stock units | | | (5,260 | ) | | | (712 | ) | | | - | | | | - | | | | (712 | ) |
| Dividends paid, $0.16 per share | | | - | | | | - | | | | (859 | ) | | | - | | | | (859 | ) |
| Stock-based compensation expense | | | - | | | | 2,968 | | | | - | | | | - | | | | 2,968 | |
| Foreign currency translation | | | - | | | | - | | | | - | | | | (6,661 | ) | | | (6,661 | ) |
| Net (loss) | | | - | | | | - | | | | (549 | ) | | | - | | | | (549 | ) |
| June 30, 2023 | | | 5,384,280 | | | $ | 334,384 | | | $ | 72,791 | | | $ | (19,456 | ) | | $ | 387,719 | |
| Exercise of stock options and vesting of restricted stock units | | | 7,464 | | | | 304 | | | | - | | | | - | | | | 304 | |
| Tax withholding on vesting of restricted stock units | | | (18 | ) | | | (2 | ) | | | - | | | | - | | | | (2 | ) |
| Dividends paid, $0.16 per share | | | - | | | | - | | | | (862 | ) | | | - | | | | (862 | ) |
| Stock-based compensation expense | | | - | | | | 3,183 | | | | - | | | | - | | | | 3,183 | |
| Foreign currency translation | | | - | | | | - | | | | - | | | | (1,353 | ) | | | (1,353 | ) |
| Net (loss) | | | - | | | | - | | | | (1,230 | ) | | | - | | | | (1,230 | ) |
| September 30, 2023 | | | 5,391,726 | | | $ | 337,869 | | | $ | 70,699 | | | $ | (20,809 | ) | | $ | 387,759 | |
| | | Common Stock | | | | | | | | | | | | | |
| | | Number of Shares | | | Amount | | | Retained Earnings | | | AOCI* | | | Total | |
| March 31, 2022 | | | 5,265,627 | | | $ | 313,460 | | | $ | 76,675 | | | $ | 3,666 | | | $ | 393,801 | |
| Exercise of stock options and vesting of restricted stock units | | | 31,690 | | | | 1,438 | | | | - | | | | - | | | | 1,438 | |
| Tax withholding on vesting of restricted stock units | | | (9 | ) | | | (2 | ) | | | - | | | | - | | | | (2 | ) |
| Dividends paid, $0.16 per share | | | - | | | | - | | | | (843 | ) | | | - | | | | (843 | ) |
| Stock-based compensation expense | | | - | | | | 3,432 | | | | - | | | | - | | | | 3,432 | |
| Foreign currency translation | | | - | | | | - | | | | - | | | | (15,957 | ) | | | (15,957 | ) |
| Net (loss) | | | - | | | | - | | | | (1,438 | ) | | | - | | | | (1,438 | ) |
| June 30, 2022 | | | 5,297,308 | | | $ | 318,328 | | | $ | 74,394 | | | $ | (12,291 | ) | | $ | 380,431 | |
| Exercise of stock options and vesting of restricted stock units | | | 42,014 | | | | 2,778 | | | | - | | | | - | | | | 2,778 | |
| Tax withholding on vesting of restricted stock units | | | (3,051 | ) | | | (572 | ) | | | - | | | | - | | | | (572 | ) |
| Dividends paid, $0.16 per share | | | - | | | | - | | | | (852 | ) | | | - | | | | (852 | ) |
| Stock-based compensation expense | | | - | | | | 4,371 | | | | - | | | | - | | | | 4,371 | |
| Foreign currency translation | | | - | | | | - | | | | - | | | | (13,226 | ) | | | (13,226 | ) |
| Net income | | | - | | | | - | | | | 1,306 | | | | - | | | | 1,306 | |
| September 30, 2022 | | | 5,336,271 | | | $ | 324,905 | | | $ | 74,848 | | | $ | (25,517 | ) | | $ | 374,236 | |
*Accumulated Other Comprehensive (Loss) Income.
See accompanying notes to Condensed Consolidated Financial Statements.
Mesa Laboratories, Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited)
(in thousands)
| | | Six Months Ended September 30, | |
| | | 2023 | | | 2022 | |
| Cash flows from operating activities: | | | | | | | | |
| Net (loss) | | $ | (1,779 | ) | | $ | (132 | ) |
| Adjustments to reconcile net income to net cash from operating activities: | | | | | | | | |
| Depreciation and amortization | | | 16,230 | | | | 16,189 | |
| Stock-based compensation expense | | | 6,151 | | | | 7,803 | |
| Non-cash interest and debt amortization | | | 461 | | | | 452 | |
| Other | | | 1,137 | | | | (1,544 | ) |
| Cash from changes in operating assets and liabilities: | | | | | | | | |
| Accounts receivable, net | | | 5,448 | | | | (2,657 | ) |
| Inventories | | | (184 | ) | | | (4,065 | ) |
| Prepaid expenses and other assets | | | (3,528 | ) | | | (3,052 | ) |
| Accounts payable | | | (1,307 | ) | | | 243 | |
| Accrued liabilities and taxes payable | | | (1,743 | ) | | | (5,869 | ) |
| Unearned revenues | | | (1,171 | ) | | | 378 | |
| Net cash provided by operating activities | | | 19,715 | | | | 7,746 | |
| Cash flows from investing activities: | | | | | | | | |
| Purchases of property, plant and equipment | | | (904 | ) | | | (1,864 | ) |
| Net cash (used in) investing activities | | | (904 | ) | | | (1,864 | ) |
| Cash flows from financing activities: | | | | | | | | |
| Payments of debt | | | (13,000 | ) | | | (22,000 | ) |
| Dividends | | | (1,721 | ) | | | (1,695 | ) |
| Proceeds from the exercise of stock options | | | 356 | | | | 4,216 | |
| Payment of tax withholding obligation on vesting of restricted stock | | | (714 | ) | | | (574 | ) |
| Net cash (used in) financing activities | | | (15,079 | ) | | | (20,053 | ) |
| Effect of exchange rate changes on cash and cash equivalents | | | (1,025 | ) | | | (2,798 | ) |
| Net increase (decrease) in cash and cash equivalents | | | 2,707 | | | | (16,969 | ) |
| Cash and cash equivalents at beginning of period | | | 32,910 | | | | 49,346 | |
| Cash and cash equivalents at end of period | | $ | 35,617 | | | $ | 32,377 | |
See accompanying notes to Condensed Consolidated Financial Statements.
Mesa Laboratories, Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
(dollar and share amounts in thousands, unless otherwise specified)
Note 1. Description of Business and Summary of Significant Accounting Policies
Description of Business
In this quarterly report on Form 10-Q, Mesa Laboratories, Inc., a Colorado corporation, together with its subsidiaries, is collectively referred to as “we,” “us,” “our,” the “Company,” or “Mesa.”
We are a multinational manufacturer, developer, and seller of life science tools and critical quality control products and services, many of which are sold into niche markets driven by regulatory requirements. We have manufacturing operations in the United States and Europe, and our products are marketed by our sales personnel in North America, Europe, and Asia Pacific, and by independent distributors in these areas as well as throughout the rest of the world. We prefer markets in which we can establish a strong presence and achieve high gross profit margins.
As of September 30, 2023, we managed our operations in four reportable segments, or divisions:
| | ● | Sterilization and Disinfection Control - manufactures and sells biological, cleaning, and chemical indicators used to assess the effectiveness of sterilization and disinfection processes in the pharmaceutical, medical device, hospital, and dental industries. The division also provides testing and laboratory services, mainly to the dental industry. |
| | ● | Clinical Genomics - develops, manufactures and sells highly sensitive, low-cost, high-throughput genetic analysis tools and related consumables and services that enable clinical labs to perform genomic testing for a broad range of diagnostic and research applications in several therapeutic areas, such as screenings for hereditary diseases, pharmacogenetics, and oncology related applications. |
| | ● | Biopharmaceutical Development - develops, manufactures, and sells automated systems for protein analysis (immunoassays) and peptide synthesis solutions. Immunoassays and peptide synthesis solutions accelerate the discovery, development, and manufacture of biotherapeutic therapies, among other applications. |
| | ● | Calibration Solutions - develops, manufactures and sells quality control products using principles of advanced metrology to measure or calibrate critical chemical or physical parameters in various dialysis, process monitoring, instrument monitoring, environmental monitoring, gas flow, environmental air quality, and torque applications, primarily in medical device manufacturing, pharmaceutical manufacturing, laboratory, and hospital environments. |
Unallocated corporate expenses are reported within Corporate and Other.
Basis of Presentation
The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission and in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information. In the opinion of management, such unaudited information includes all adjustments, consisting of normal recurring adjustments necessary for the fair statement of our financial position and results of operations. The results of operations for the interim periods are not necessarily indicative of results that may be achieved for the entire year. The year-end Condensed Consolidated Balance Sheet data was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America. We made no material changes to the application of our significant accounting policies that were disclosed in our Form 10-K. This quarterly report should be read in conjunction with the consolidated financial statements included in our annual report on Form 10-K for the year ended March 31, 2023.
Our fiscal year ends on March 31. References in this Quarterly Report to a particular “year” or “quarter” refer to our fiscal year or fiscal quarters, respectively.
Prior Period Reclassifications
Certain prior year amounts presented have been reclassified to conform with current presentation. The reclassifications have not resulted in any changes to consolidated or segment amounts reported in the Consolidated Financial Statements for any periods presented in this Form 10-Q.
Risks and Uncertainties
The preparation of financial statements requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the reporting date and revenues and expenses during the reporting periods. These estimates represent management's judgment about the outcome of future events. The global business environment continues to be impacted by cost pressure, the overall effects of economic uncertainty on customers' purchasing patterns, high interest rates, and other factors. It is not possible to accurately predict the future impact of such events and circumstances. Actual results could differ from our estimates.
Recently Issued Accounting Pronouncements
We have reviewed all recently issued accounting pronouncements and have concluded that they are either not applicable to us or are not expected to have a significant impact on our consolidated financial statements.
Note 2. Significant Transactions
Acquisition of GKE
On October 14, 2023, we executed a purchase agreement to acquire 100% of the outstanding shares of GKE GmbH and SAL GmbH, and subject to applicable Chinese regulatory approvals, 100% of the outstanding shares of Beijing GKE Science & Technology Co. Ltd. (together, "GKE" or the "GKE acquisition"). GKE develops, manufactures and sells a highly competitive portfolio of chemical sterilization indicators to protect patient safety across global healthcare markets. GKE’s strength in chemical indicators and our Sterilization and Disinfection Control division’s strength in biologic indictors are complementary, as chemical and biologic indicators are used in the same sterility validation workflows. Additionally, GKE’s healthcare-focused commercial capabilities and geographic coverage greatly expand our reach within the healthcare markets.
Total cash consideration for the GKE acquisition was €85,000, net of cash and debt and subject to customary purchase price adjustments. Of the total acquisition price, €8,500 will be held back for a period of 18 months from the acquisition closing date as security against potential indemnification losses. An additional €5,000 of the acquisition price, net of cash and debt and subject to customary adjustments, specifically related to the purchase of Beijing GKE Science & Technology Co. Ltd., will be paid to the sellers upon satisfaction of applicable Chinese regulatory approvals. We funded the acquisition through a combination of cash on-hand and $65,000 borrowed under our line of credit (See Note 7. "Indebtedness"). We began operating GKE GmbH and SAL GmbH on October 16, 2023, on which date they will also be included as wholly owned subsidiaries in our consolidated financial statements. Due to the recent nature of the acquisition, our initial purchase price accounting is incomplete.
Belyntic GmbH
On November 17, 2022, we acquired substantially all of the assets and certain liabilities of Belyntic GmbH’s peptide purification business (“the Belyntic acquisition”) for $6,450, of which $4,950 was paid on the date of acquisition. The remaining $1,500 will be paid as patent applications are approved. The business complements our existing peptide synthesis business, part of the Biopharmaceutical Development segment, by adding a new consumables line. The new PurePep® EasyClean products are a green chemistry solution to purify peptides.
During fiscal year 2023, we prepared a preliminary analysis of the valuation of net assets acquired in the Belyntic acquisition. During the six months ended September 30, 2023, based on a detailed financial analysis of the financial model, we recorded measurement period adjustments to reclassify amounts from intangible assets into goodwill. Our preliminary purchase price allocation is subject to further revision as more detailed analyses are completed.
Note 3. Revenue
We develop, manufacture, market, sell and maintain life sciences tools and quality control instruments and related consumables, and services. We evaluate revenues internally primarily based on operating segment and the nature of goods and services provided.
Hardware sales include physical products such as instruments used for molecular and genetic analysis, protein synthesizers, medical meters, wireless sensor systems, and data loggers. Hardware sales may be offered with accompanying perpetual or annual software licenses, which in some cases are required for the hardware to function.
Consumables are typically used on a one-time basis and require frequent replacement in our customers' operating cycles. Consumables such as reagents used for molecular and genetic analysis or solutions used for protein synthesis are critical to the ongoing use of our instruments. Consumables such as biological indicator test strips are used on a standalone basis.
We also offer maintenance, calibration, and testing service contracts. Under our service contracts we perform labor and replace parts on an as-needed basis over a contractually specified period of time, or perform specific, discrete services.
Typically, revenue is recognized upon shipment of a product, upon completion of a discrete service, or over a period of time reflective of the performance period in the applicable contract, depending on when our obligation to the customer is satisfied. The significant majority of our revenues and related receivables are generated from contracts with customers that are 12 months or less in duration.
The following tables present disaggregated revenues for the three and six months ended September 30, 2023 and September 30, 2022, respectively:
| | | Three Months Ended September 30, 2023 | |
| | | Sterilization and Disinfection Control | | | Clinical Genomics | | | Biopharmaceutical Development | | | Calibration Solutions | | | Total | |
| | | | | | | | | | | | | | | | | | | | | |
| Consumables | | $ | 14,749 | | | $ | 9,963 | | | $ | 4,187 | | | $ | 786 | | | $ | 29,685 | |
| Hardware and Software | | | 120 | | | | 4,474 | | | | 2,475 | | | | 6,884 | | | | 13,953 | |
| Services | | | 2,211 | | | | 1,112 | | | | 2,545 | | | | 3,659 | | | | 9,527 | |
| Total Revenues | | $ | 17,080 | | | $ | 15,549 | | | $ | 9,207 | | | $ | 11,329 | | | $ | 53,165 | |
| | | Three Months Ended September 30, 2022 | |
| | | Sterilization and Disinfection Control | | | Clinical Genomics | | | Biopharmaceutical Development | | | Calibration Solutions | | | Total | |
| | | | | | | | | | | | | | | | | | | | | |
| Consumables | | $ | 14,704 | | | $ | 12,399 | | | $ | 4,000 | | | $ | 865 | | | $ | 31,968 | |
| Hardware and Software | | | 218 | | | | 4,394 | | | | 5,988 | | | | 5,980 | | | | 16,580 | |
| Services | | | 2,042 | | | | 1,642 | | | | 2,156 | | | | 4,361 | | | | 10,201 | |
| Total Revenues | | $ | 16,964 | | | $ | 18,435 | | | $ | 12,144 | | | $ | 11,206 | | | $ | 58,749 | |
| | | Six Months Ended September 30, 2023 | |
| | | Sterilization and Disinfection Control | | | Clinical Genomics | | | Biopharmaceutical Development | | | Calibration Solutions | | | Total | |
| Consumables | | $ | 28,456 | | | $ | 18,732 | | | $ | 8,673 | | | $ | 1,295 | | | $ | 57,156 | |
| Hardware and Software | | | 201 | | | | 7,901 | | | | 5,166 | | | | 13,962 | | | | 27,230 | |
| Services | | | 4,350 | | | | 2,285 | | | | 5,257 | | | | 7,532 | | | | 19,424 | |
| Total Revenues | | $ | 33,007 | | | $ | 28,918 | | | $ | 19,096 | | | $ | 22,789 | | | $ | 103,810 | |
| | | Six Months Ended September 30, 2022 | |
| | | Sterilization and Disinfection Control | | | Clinical Genomics | | | Biopharmaceutical Development | | | Calibration Solutions | | | Total | |
| | | | | | | | | | | | | | | | | | | | | |
| Consumables | | $ | 26,932 | | | $ | 23,930 | | | $ | 7,664 | | | $ | 1,719 | | | $ | 60,245 | |
| Hardware and Software | | | 524 | | | | 5,885 | | | | 10,812 | | | | 11,673 | | | | 28,894 | |
| Services | | | 4,282 | | | | 3,125 | | | | 4,635 | | | | 8,021 | | | | 20,063 | |
| Total Revenues | | $ | 31,738 | | | $ | 32,940 | | | $ | 23,111 | | | $ | 21,413 | | | $ | 109,202 | |
Revenues from external customers are attributed to individual countries based upon the locations to which the products are shipped or exported, or locations where services are performed, as follows:
| | | Three Months Ended September 30, | | | Six Months Ended September 30, | |
| | | 2023 | | | 2022 | | | 2023 | | | 2022 | |
| United States | | $ | 27,073 | | | $ | 30,989 | | | $ | 53,610 | | | $ | 60,111 | |
| China | | | 7,529 | | | | 7,480 | | | | 13,642 | | | | 11,177 | |
| Other | | | 18,563 | | | | 20,280 | | | | 36,558 | | | | 37,914 | |
| Total revenues | | $ | 53,165 | | | $ | 58,749 | | | $ | 103,810 | | | $ | 109,202 | |
Other than China, no foreign country exceeded 10% of total revenues for the three and six months ended September 30, 2023 and 2022.
Contract Balances
Our contracts have varying payment terms and conditions. Some customers prepay for products and services, resulting in unearned revenues or customer deposits, called contract liabilities. Short-term contract liabilities are included within unearned revenues in the accompanying Condensed Consolidated Balance Sheets, and long-term contract liabilities are included within other long-term liabilities in the accompanying Condensed Consolidated Balance Sheets.
A summary of contract liabilities is as follows:
| Contract liabilities as of March 31, 2023 | | $ | 16,098 | |
| Prior year contract liabilities recognized in revenues during the six months ended September 30, 2023 | | | (6,399 | ) |
| Contract liabilities added during the six months ended September 30, 2023, net of revenues recognized | | | 4,934 | |
| Contract liabilities balance as of September 30, 2023 | | $ | 14,633 | |
Contract liabilities primarily relate to service contracts with original expected service durations of 12 months or less and will be recognized to revenue over time as our performance obligations are satisfied.
Note 4. Fair Value Measurements
Our financial instruments consist primarily of cash and cash equivalents, trade accounts receivable, obligations under trade accounts payable, and debt. Due to their short-term nature, the carrying values for cash and cash equivalents, trade accounts receivable, and trade accounts payable approximate fair value; they are classified within Level 1 of the fair value hierarchy.
Historically, the financial instruments that subject us to the highest concentration of credit risk are cash and cash equivalents and accounts receivable. We maintain relationships and cash deposits at multiple banking institutions across the world in an effort to diversify and reduce risk of loss. Concentration of credit risk with respect to accounts receivable is limited to customers to whom we make significant sales. No customers accounted for more than 10% of total trade receivables as of September 30, 2023.
We record an allowance for potential uncollectible amounts against our accounts receivable using historical collection experience and current and expected future economic and market conditions. To manage credit risk, we consider the creditworthiness of new and existing customers, and we regularly review outstanding balances and payment histories. We may require pre-payments from customers under certain circumstances and may limit future purchases until payments are made on past due amounts.
We have outstanding $172,500 aggregate principal amount of 1.375% convertible senior notes due August 15, 2025 (the "Notes"). We estimate the fair value of the Notes using Level 2 inputs based on the last actively traded price or observable market input preceding the end of the reporting period, and the fair value is approximately correlated to our stock price.
The estimated fair value and carrying value of the Notes was as follows:
| | | September 30, 2023 | | | March 31, 2023 | |
| | | Carrying Value | | | Fair Value (Level 2) | | | Carrying Value | | | Fair Value (Level 2) | |
| Notes | | $ | 170,733 | | | $ | 155,681 | | | $ | 170,272 | | | $ | 161,072 | |
We are obligated to pay contingent consideration of $1,500 cash related to the Belyntic acquisition upon approval of pending patent applications. We estimate the fair value of the contingent consideration using a probability-weighted outcome analysis based on our expectations of patent approval, leveraging our historical experience and expert input, and we adjust the estimated fair value at each reporting period through earnings. The fair value of the contingent consideration was $1,180 as of September 30, 2023 and is recorded in other accrued expenses on the accompanying Condensed Consolidated Balance Sheets. The first subset of patents was granted by the European Patent Office effective October 18, 2023, and we anticipate approval of the remaining pending patents within one year of September 30, 2023.
Amounts recognized or disclosed at fair value in the unaudited condensed consolidated financial statements on a nonrecurring basis include the initial recognition and disclosure of most assets and liabilities purchased in business acquisitions and any related measurement period adjustments. Additionally, assets such as property and equipment, operating lease assets, goodwill, and other intangible assets are adjusted to fair value if determined to be impaired. We recorded no impairments during the three and six months ended September 30, 2023 or 2022. Fair values of such assets and liabilities require measurement using Level 3 inputs.
There were no transfers between the levels of the fair value hierarchy during the three and six months ended September 30, 2023 or 2022.
Note 5. Supplemental Balance Sheets Information
Inventories consisted of the following:
| | | September 30, 2023 | | | March 31, 2023 | |
| Raw materials | | $ | 20,203 | | | $ | 20,064 | |
| Work in process | | | 633 | | | | 617 | |
| Finished goods | | | 12,043 | | | | 13,961 | |
| Total inventories | | $ | 32,879 | | | $ | 34,642 | |
The decrease in inventories is primarily attributable to non-cash scrap expense and transfers of instruments to be used in our business from inventory to fixed assets, partially offset by inventory purchases to meet current production needs.
Prepaid expenses and other current assets consisted of the following:
| | | September 30, 2023 | | | March 31, 2023 | |
| Prepaid expenses | | $ | 3,494 | | | $ | 2,498 | |
| Deposits | | | 1,563 | | | | 1,376 | |
| Prepaid income taxes | | | 3,534 | | | | 953 | |
| Other current assets | | | 4,235 | | | | 4,045 | |
| Total prepaid expenses and other | | $ | 12,826 | | | $ | 8,872 | |
Accrued payroll and benefits consisted of the following:
| | | September 30, 2023 | | | March 31, 2023 | |
| Bonus payable | | $ | 3,317 | | | $ | 4,461 | |
| Wages and paid-time-off payable | | | 2,139 | | | | 2,329 | |
| Payroll related taxes | | | 1,854 | | | | 1,982 | |
| Other benefits payable | | | 1,043 | | | | 661 | |
| Total accrued payroll and benefits | | $ | 8,353 | | | $ | 9,433 | |
Other accrued expenses consisted of the following:
| | | September 30, 2023 | | | March 31, 2023 | |
| Accrued business taxes | | $ | 6,079 | | | $ | 5,941 | |
| Current operating lease liabilities | | | 2,784 | | | | 2,868 | |
| Income taxes payable | | | 343 | | | | 992 | |
| Other | | | 3,131 | | | | 2,297 | |
| Total other accrued expenses | | $ | 12,337 | | | $ | 12,098 | |
Note 6. Goodwill and Intangible Assets, Net
Intangible assets, the significant majority of which are finite-lived, consisted of the following:
| | | September 30, 2023 | | | March 31, 2023 | |
| | | Gross Carrying Amount | | | Accumulated Amortization | | | Net Carrying Amount | | | Gross Carrying Amount | | | Accumulated Amortization | | | Net Carrying Amount | |
| Customer relationships | | $ | 231,543 | | | $ | (94,486 | ) | | $ | 137,057 | | | $ | 238,247 | | | $ | (86,058 | ) | | $ | 152,189 | |
| Intellectual property | | | 66,576 | | | | (23,160 | ) | | | 43,416 | | | | 65,950 | | | | (19,550 | ) | | | 46,400 | |
| Other intangibles | | | 24,437 | | | | (7,230 | ) | | | 17,207 | | | | 24,793 | | | | (6,567 | ) | | | 18,226 | |
| Total | | $ | 322,556 | | | $ | (124,876 | ) | | $ | 197,680 | | | $ | 328,990 | | | $ | (112,175 | ) | | $ | 216,815 | |
Amortization expense for finite-lived intangible assets acquired in a business combination was as follows:
| | | Three Months Ended September 30, | | | Six Months Ended September 30, | |
| | | 2023 | | | 2022 | | | 2023 | | | 2022 | |
| Amortization in cost of revenues | | $ | 1,756 | | | $ | 1,691 | | | $ | 3,484 | | | $ | 3,399 | |
| Amortization in general and administrative | | | 5,429 | | | | 5,415 | | | | 10,921 | | | | 11,027 | |
| Total | | $ | 7,185 | | | $ | 7,106 | | | $ | 14,405 | | | $ | 14,426 | |
For the following fiscal years ending March 31, amortization expense is estimated as follows:
| Remainder of 2024 | | $ | 13,803 | |
| 2025 | | | 26,523 | |
| 2026 | | | 25,765 | |
| 2027 | | | 25,270 | |
| 2028 | | | 24,825 | |
The change in the carrying amount of goodwill was as follows:
| | | Sterilization and Disinfection Control | | | Clinical Genomics | | | Biopharmaceutical Development | | | Calibration Solutions | | | Total | |
| March 31, 2023 | | $ | 29,559 | | | $ | 135,811 | | | $ | 83,857 | | | $ | 37,217 | | | | 286,444 | |
| Effect of foreign currency translation | | | (201 | ) | | | (180 | ) | | | (3,612 | ) | | | (24 | ) | | | (4,017 | ) |
| Measurement period adjustment - Belyntic Acquisition | | | - | | | | - | | | | 841 | | | | - | | | | 841 | |
| September 30, 2023 | | $ | 29,358 | | | $ | 135,631 | | | $ | 81,086 | | | $ | 37,193 | | | $ | 283,268 | |
Goodwill in the Biopharmaceutical Development division related to the Belyntic acquisition is tax deductible.
Note 7. Indebtedness
Credit Facility
As of September 30, 2023, we maintained a four-year senior credit facility (the “Credit Facility”) that included 1) a revolving credit facility in an aggregate principal amount of up to $75,000, 2) a swingline loan in an aggregate principal amount not exceeding $5,000, and 3) letters of credit in an aggregate stated amount not exceeding $2,500. The Credit Facility matures in March 2025. The Credit Facility also provides for an incremental term loan or an increase in revolving commitments in an aggregate principal amount of at a minimum $25,000 and at a maximum $75,000, subject to the satisfaction of certain conditions and lender considerations. As of September 30, 2023, we had no outstanding balances under the Credit Facility.
The financial covenants in the Credit Facility include a maximum leverage ratio of 4.5 to 1.0 for the period ended September 30, 2023, except that we may have a leverage ratio of 5.75 to 1.0 for a period of four consecutive quarters following a permitted acquisition. The Credit Facility also stipulates a minimum fixed charge coverage ratio of 1.25 to 1.0. Other covenants include restrictions on our ability to incur debt, grant liens, make fundamental changes, engage in certain transactions with affiliates, or conduct asset sales. As of September 30, 2023, we were in compliance with all covenants.
Amounts borrowed under the Credit Facility bear interest at either a base rate or a SOFR rate plus an applicable spread. We are obligated to pay quarterly unused commitment fees of between 0.15% and 0.35% of the Credit Facility’s aggregate principal amount, based on our leverage ratio.
On October 5, 2023, we amended the terms of the Credit Facility to increase the maximum principal amount available to us from $75,000 to $125,000. On October 11, 2023, we borrowed $65,000 under the facility at a current interest rate of 6.9% to partially fund the acquisition of GKE. See Note 2. "Significant Transactions" for further information.
Convertible Notes
On August 12, 2019, we issued an aggregate principal amount of $172,500 of Notes. The net proceeds from the Notes, after deducting underwriting discounts and commissions and other related offering expenses payable by us, were approximately $167,056. The Notes mature on August 15, 2025, unless earlier repurchased or converted, and bear interest at a rate of 1.375% payable semi-annually in arrears on February 15 and August 15 each year. The Notes are initially convertible, subject to certain conditions, at a conversion rate of 3.5273 shares of common stock per $1,000 principal amount of Notes, which is equivalent to an initial conversion price of approximately $283.50 per share of common stock.
Upon conversion, we will pay or deliver, as the case may be, cash, shares of our common stock, or a combination of cash and shares of our common stock, at our election. The circumstances necessary for conversion were not met during the three and six months ended September 30, 2023. As of September 30, 2023, the Notes were classified as a long-term liability on our Condensed Consolidated Balance Sheets. The if-converted value of the Notes did not exceed the principal balance as of September 30, 2023.
The net carrying amount of the Notes was as follows:
| | | September 30, 2023 | | | March 31, 2023 | |
| Principal outstanding | | $ | 172,500 | | | $ | 172,500 | |
| Unamortized debt issuance costs | | | (1,767 | ) | | | (2,228 | ) |
| Net carrying value | | $ | 170,733 | | | $ | 170,272 | |
We recognized interest expense on the Notes as follows:
| | | Three Months Ended September 30, | | | Six Months Ended September 30, | |
| | | 2023 | | | 2022 | | | 2023 | | | 2022 | |
| Coupon interest expense at 1.375% | | $ | 593 | | | $ | 593 | | | $ | 1,186 | | | $ | 1,186 | |
| Amortization of debt issuance costs | | | 231 | | | | 227 | | | | 461 | | | | 452 | |
| Total interest and amortization of debt issuance costs | | $ | 824 | | | $ | 820 | | | $ | 1,647 | | | $ | 1,638 | |
The effective interest rate on the notes is approximately 1.9%.
Note 8. Stockholders' Equity
Stock-Based Compensation
During the six months ended September 30, 2023, we issued stock options, restricted stock units ("RSUs") and performance-based restricted stock units ("PSUs") pursuant to the Mesa Laboratories, Inc. Amended and Restated 2021 Equity Incentive Plan (the "2021 Equity Plan"), which authorizes the issuance of 660 shares of common stock to eligible participants.
Expense recognized related to stock-based compensation is as follows:
| | | Three Months Ended September 30, | | | Six Months Ended September 30, | |
| | | 2023 | | | 2022 | | | 2023 | | | 2022 | |
| Stock-based compensation expense | | $ | 3,183 | | | $ | 4,371 | | | $ | 6,151 | | | $ | 7,803 | |
| Amount of income tax expense (benefit) recognized in earnings | | | 1,389 | | | | (89 | ) | | | 517 | | | | (2,081 | ) |
| Stock-based compensation expense, net of tax | | $ | 4,572 | | | $ | 4,282 | | | $ | 6,668 | | | $ | 5,722 | |
Stock-based compensation expense is included in cost of revenues, selling, general and administrative, and research and development expense in the accompanying unaudited Condensed Consolidated Statements of Operations.
The following is a summary of stock option award activity for the six months ended September 30, 2023:
| | | Stock Options | |
| | | Shares Subject to Options | | | Weighted- Average Exercise Price per Share | | | Weighted-Average Remaining Contractual Life (Years) | | | Aggregate Intrinsic Value | |
| Outstanding as of March 31, 2023 | | | 163 | | | $ | 200.62 | | | | 3.3 | | | $ | 1,643 | |
| Awards granted | | | 53 | | | | 131.67 | | | | | | | | | |
| Awards forfeited or expired | | | (15 | ) | | | 213.22 | | | | | | | | | |
| Awards exercised | | | (2 | ) | | | 132.40 | | | | | | | | | |
| Outstanding as of September 30, 2023 | | | 199 | | | $ | 181.90 | | | | 3.7 | | | $ | - | |
The stock options granted during the six months ended September 30, 2023 vest in equal installments on the first, second, and third anniversary of the grant date.
The following is a summary of RSU and PSU award activity for the six months ended September 30, 2023:
| | | Time-Based Restricted Stock Units | | | Performance-Based Restricted Stock Units | |
| | | Number of Shares | | | Weighted- Average Grant Date Fair Value per Share | | | Number of Shares | | | Weighted- Average Grant Date Fair Value per Share | |
| Outstanding as of March 31, 2023(1) | | | 57 | | | $ | 209.27 | | | | 44 | | | $ | 286.02 | |
| Awards granted(1) | | | 53 | | | | 134.35 | | | | 32 | | | | 132.29 | |
| Awards forfeited | | | (3 | ) | | | 179.82 | | | | - | | | | - | |
| Awards distributed | | | (25 | ) | | | 208.33 | | | | - | | | | - | |
| Outstanding as of September 30, 2023(1) | | | 82 | | | $ | 162.48 | | | | 76 | | | $ | 223.07 | |
| (1) | Balances for PSUs are reflected at target. |
Outstanding time-based RSUs vest and settle in shares of our common stock on a one-for-one basis. The majority of the RSUs granted to employees during the six months ended September 30, 2023 vest in equal installments on the first, second, and third anniversary of the grant date. RSUs granted to certain executives during the six months ended September 30, 2023 vest in equal installments on September 1, 2024, June 21, 2025 and June 21, 2026. RSUs granted to non-employee directors during the six months ended September 30, 2023 vest one year from the grant date. We recognize the expense relating to RSUs, net of estimated forfeitures, on a straight-line basis over the vesting period.
We grant PSUs to certain key employees. The number of shares earned is determined at the end of each performance period based on Mesa's achievement of certain pre-defined targets defined in the related award agreement. PSUs vest upon completion of the service period described in the award agreement. We recognize the expense relating to the performance-based RSUs based on the probable outcome of achievement of the performance targets on a straight-line basis over the service period.
During the six months ended September 30, 2023, the Compensation Committee of the Board of Directors created a plan to award 32 PSUs at target (the "FY24 PSUs") with a grant date fair value of $132.29 that are subject to service, performance, and market conditions to eligible employees. The service period is from April 1, 2023 through June 21, 2026. The company performance conditions will be measured for the period from April 1, 2023 through March 31, 2024. The quantity of shares that will be earned based upon company performance will range from 0% to 200% of the targeted number of shares; if the defined minimum targets are not met, then no shares will vest for performance. In addition, the number of PSUs earned based on company performance will be adjusted up or down by a maximum of 20% pursuant to a market-based measure of performance comparing Mesa’s share price to a peer group over the period from April 1, 2023 until March 31, 2026.
Note 9. Net (Loss) Earnings Per Share
Basic net (loss) earnings per share is computed by dividing net (loss) income by the weighted-average number of common shares outstanding during the reporting period. Diluted (loss) earnings per share (“diluted EPS”) is computed similarly to basic (loss) earnings per share, except that it includes the potential dilution that could occur if dilutive securities were exercised. Potentially dilutive securities include stock options and both time and performance based RSUs (collectively “stock awards”), as well as common shares underlying our Notes. Stock awards are excluded from the calculation of diluted EPS if they are subject to performance conditions that have not yet been achieved or if they are antidilutive. Diluted EPS does not consider the impact of potentially dilutive in periods in which there is a loss because the inclusion of the potential common shares would have an antidilutive effect in such cases.
The impact of the assumed conversion of the Notes calculated under the if-converted method was antidilutive, and as such, shares underlying the Notes were excluded from the diluted EPS calculation for the three and six months ended September 30, 2023 and September 30, 2022.
The following table presents a reconciliation of the denominators used in the computation of basic and diluted (loss) earnings per share:
| | | Three Months Ended September 30, | | | Six Months Ended September 30, | |
| | | 2023 | | | 2022 | | | 2023 | | | 2022 | |
| Net (loss) income | | $ | (1,230 | ) | | $ | 1,306 | | | $ | (1,779 | ) | | $ | (132 | ) |
| Weighted average outstanding shares of common stock | | | 5,387 | | | | 5,323 | | | | 5,379 | | | | 5,298 | |
| Dilutive effect of stock options | | | - | | | | 27 | | | | - | | | | - | |
| Dilutive effect of RSUs | | | - | | | | 14 | | | | - | | | | - | |
| Fully diluted shares | | | 5,387 | | | | 5,364 | | | | 5,379 | | | | 5,298 | |
| | | | | | | | | | | | | | | | | |
| Basic (loss) earnings per share | | $ | (0.23 | ) | | $ | 0.25 | | | $ | (0.33 | ) | | $ | (0.02 | ) |
| Diluted (loss) earnings per share | | $ | (0.23 | ) | | $ | 0.24 | | | $ | (0.33 | ) | | $ | (0.02 | ) |
The following stock awards were excluded from the calculation of diluted EPS:
| | | Three Months Ended September 30, | | | Six Months Ended September 30, | |
| | | 2023 | | | 2022 | | | 2023 | | | 2022 | |
| Assumed conversion of the Notes | | | 608 | | | | 608 | | | | 608 | | | | 608 | |
| Stock awards that were anti-dilutive | | | 282 | | | | 154 | | | | 255 | | | | 328 | |
| Stock awards subject to performance and market conditions | | | 43 | | | | 60 | | | | 41 | | | | 52 | |
| Total stock awards excluded from diluted EPS | | | 933 | | | | 822 | | | | 904 | | | | 988 | |
Note 10. Income Taxes
For interim income tax reporting, we estimate our annual effective tax rate and apply this effective tax rate to our year-to-date pre-tax income. Each quarter, our estimate of the annual effective tax rate is updated, and if the estimated effective tax rate changes, a cumulative adjustment is made. Additionally, the tax effects of significant unusual or infrequently occurring items are recognized as discrete items in the interim period in which the events occur. There is a potential for volatility in the effective tax rate due to several factors, including changes in the mix of the pre-tax income and the jurisdictions to which they relate, changes in tax laws and foreign tax holidays, settlement with taxing authorities, and foreign currency fluctuations.
Our effective income tax rate was 21.4% for the six months ended September 30, 2023 and 93.5% for the six months ended September 30, 2022. The effective tax rate for the six months ended September 30, 2023 differed from the statutory federal rate of 21% primarily due to the share-based payment awards for employees and the effect of income generated in foreign jurisdictions. The change in our effective tax rate for the six months ended September 30, 2023 compared to the prior period is primarily due to lower windfall benefits on stock option exercises.
Note 11. Commitments and Contingencies
We review the adequacy of our legal reserves on a quarterly basis and establish reserves for loss contingencies that are both probable and reasonably estimable. As of September 30, 2023, there were no material legal reserves recorded on the accompanying unaudited Condensed Consolidated Balance Sheets.
As part of the Belyntic acquisition, we have agreed to pay $1,500 to the sellers if contractually specified patents are issued. Effective October 18, 2023, a subset of the patents was issued by the European Patent Office, and we believe it is probable the remaining patents will be issued and we will pay the sellers in full within the next 12 months.
As part of the GKE acquisition consummated on October 14, 2023, we will pay the sellers €8,500 of the acquisition price 18 months following the acquisition date, pending adjustments for potential indemnification losses that may arise. We will pay the sellers an additional €5,000 of the acquisition price, net of cash and debt and subject to customary adjustments, upon satisfaction of Chinese regulatory approvals for the Beijing GKE Science & Technology Co. Ltd. portion of the acquisition.
Note 12. Segment Information
The following tables set forth our segment information:
| | | Three Months Ended September 30, | | | Six Months Ended September 30, | |
| | | 2023 | | | 2022 | | | 2023 | | | 2022 | |
| Revenues: | | | | | | | | | | | | | | | | |
| Sterilization and Disinfection Control | | $ | 17,080 | | | $ | 16,964 | | | $ | 33,007 | | | $ | 31,738 | |
| Clinical Genomics | | | 15,549 | | | | 18,435 | | | | 28,918 | | | | 32,940 | |
| Biopharmaceutical Development | | | 9,207 | | | | 12,144 | | | | 19,096 | | | | 23,111 | |
| Calibration Solutions | | | 11,329 | | | | 11,206 | | | | 22,789 | | | | 21,413 | |
| Total revenues (a) | | $ | 53,165 | | | $ | 58,749 | | | $ | 103,810 | | | $ | 109,202 | |
| | | | | | | | | | | | | | | | | |
| Gross profit: | | | | | | | | | | | | | | | | |
| Sterilization and Disinfection Control | | $ | 12,476 | | | $ | 12,199 | | | $ | 24,067 | | | $ | 22,967 | |
| Clinical Genomics | | | 7,727 | | | | 10,641 | | | | 14,455 | | | | 18,490 | |
| Biopharmaceutical Development | | | 5,509 | | | | 7,557 | | | | 11,942 | | | | 14,634 | |
| Calibration Solutions | | | 6,407 | | | | 6,007 | | | | 12,838 | | | | 11,671 | |
| Reportable segment gross profit | | | 32,119 | | | | 36,404 | | | | 63,302 | | | | 67,762 | |
| Corporate and Other (b) | | | (10 | ) | | | (18 | ) | | | (10 | ) | | | (35 | ) |
| Gross profit | | $ | 32,109 | | | $ | 36,386 | | | $ | 63,292 | | | $ | 67,727 | |
| Reconciling Items: | | | | | | | | | | | | | | | | |
| Operating expense | | | 32,169 | | | | 32,391 | | | | 64,016 | | | | 68,326 | |
| Operating (loss) income | | | (60 | ) | | | 3,995 | | | | (724 | ) | | | (599 | ) |
| Nonoperating expense, net | | | 1,265 | | | | 611 | | | | 1,538 | | | | 1,429 | |
| (Loss) earnings before income taxes | | $ | (1,325 | ) | | $ | 3,384 | | | $ | (2,262 | ) | | $ | (2,028 | ) |
| | (a) | Intersegment revenues are not significant and are eliminated to arrive at consolidated totals. |
| | (b) | Unallocated corporate expenses are reported within Corporate and Other. |
The following table sets forth inventories by reportable segment. Our chief operating decision maker is not provided with any other segment asset information.
| | | September 30, | | | March 31, | |
| | | 2023 | | | 2023 | |
| Sterilization and Disinfection Control | | $ | 3,889 | | | $ | 3,492 | |
| Clinical Genomics | | | 11,330 | | | | 13,985 | |
| Biopharmaceutical Development | | | 8,541 | | | | 8,384 | |
| Calibration Solutions | | | 9,119 | | | | 8,781 | |
| Total inventories | | $ | 32,879 | | | $ | 34,642 | |
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
(Dollars in thousands, except per share amounts)
Forward Looking Statements
This Quarterly Report on Form 10-Q contains forward-looking statements which are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The forward-looking statements in this Quarterly Report on Form 10-Q do not constitute guarantees of future performance. Investors are cautioned that statements in this Quarterly Report on Form 10-Q which are not strictly historical statements, including, without limitation, express or implied statements or guidance regarding current or future financial performance and position; results of acquisitions; management’s strategy, plans and objectives for future operations or acquisitions, product development and sales; product research and development; and adequacy of capital resources and financing plans constitute forward-looking statements. These forward-looking statements are based on current expectations, estimates, forecasts and projections about the industry and markets in which the Company operates, and management’s beliefs and assumptions. In addition, other written and oral statements that constitute forward-looking statements may be made by the Company or on the Company’s behalf. Words such as “seek,” “believe,” “may,” “intend,” “could,” “expect,” “anticipate,” “plan,” “target,” “estimate,” “project,” or variations of such words and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated, including risks associated with: our ability to successfully grow our business, including as a result of acquisitions; the effect that acquisitions have on our operations; our ability to consummate acquisitions at our historical rate and at appropriate prices, and our ability to effectively integrate acquired businesses and achieve desired results; the market acceptance of our products; technological or market viability of our products; reduced demand for our products, including as a result of competitive factors; conditions in the global economy and the particular markets we serve; significant developments or uncertainties stemming from governmental actions, including changes in trade policies and medical device regulations; the timely development and commercialization, and customer acceptance, of enhanced and new products and services; retirement of old products and customer migration to new products; projections of revenues, growth, operating results, profit margins, earnings, expenses, margins, tax rates, tax provisions, liquidity, cash flows, demand, and competition; the effects of additional actions taken to become more efficient or lower costs; supply chain challenges; cost pressures and the overall effects of the current high inflation environment on customers’ purchasing patterns; laws regulating fraud and abuse in the health care industry and the privacy and security of health and personal information; product liability; information security; outstanding claims, legal and regulatory proceedings; international business challenges including anti-corruption and sanctions laws and political developments; tax audits and assessments and other contingent liabilities; foreign currency exchange rates and fluctuations in those rates; general economic, industry, and capital markets conditions, including rising interest rates and potential recessionary conditions; the timing of any of the foregoing; and assumptions underlying any of the foregoing. Such risks and uncertainties also include those listed in Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended March 31, 2023 and in this report. The foregoing list sets forth many, but not all, of the factors that could impact our ability to achieve results described in any forward-looking statements. We disclaim any obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise.
Overview
We are a multinational manufacturer, developer, and seller of life science tools and quality control products and services, many of which are sold into niche markets driven by regulatory requirements. We have manufacturing operations in the United States and Europe, and our products are marketed by our sales personnel in North America, Europe, and Asia Pacific, as well as by independent distributors in these areas and throughout the rest of the world. We prefer markets in which we can establish a strong presence and achieve high gross profit margins.
As of September 30, 2023, we managed our operations in four reportable segments, or divisions: Sterilization and Disinfection Control, Clinical Genomics, Biopharmaceutical Development, and Calibration Solutions. Each of our divisions is described further in "Results of Operations" below. Unallocated corporate expenses and other business activities are reported within "Corporate and Other."
Corporate Strategy
We strive to create stakeholder value and further our purpose of Protecting the Vulnerable® by growing our business both organically and through acquisitions, by improving our operating efficiency, and by continuing to hire, develop and retain top talent. As a business, we commit to our purpose of Protecting the Vulnerable® every day by taking a customer-focused approach to developing, building, and delivering our products. We serve a broad set of industries, in particular the pharmaceutical, healthcare services, and medical device verticals, in which the safety, quality, and efficacy of products is critical. By delivering the highest quality products possible, we are committed to protecting the communities we serve.
Organic Revenues Growth
Organic revenues growth is driven by the expansion of our customer base, increases in sales volumes, new product offerings, and price increases, and may be affected positively or negatively by changes in foreign currency rates. Our ability to increase organic revenues is affected by general economic conditions, both domestic and international, customer capital spending trends, competition, and the introduction of new products. Our policy is to price our products competitively and, where possible, we pass along cost increases to our customers in order to maintain our margins. We typically evaluate costs and pricing annually with price increases effective January 1.
Inorganic Growth - Acquisitions
Over the past decade, we have consummated a number of acquisitions as part of our growth strategy. These acquisitions have allowed us to expand our product offerings, globalize our company, and increase the scale at which we operate, which in turn affords us the ability to improve our operating efficiency, extend our customer base, and further the pursuit of our purpose: Protecting the Vulnerable®.
Improving Our Operating Efficiency
We maximize value in our existing businesses and those we acquire by implementing efficiencies in our manufacturing, commercial, engineering, and administrative operations. We achieve efficiencies using the four pillars that make up the Mesa Way, which is our customer-centric, lean-based system for continuously improving and operating our high-margin, niche businesses. The Mesa Way is focused on: Measuring What Matters using our customers' perspective and setting high standards for performance; Empowering Teams to improve operationally and exceed customer expectations; Sustainably Improving using lean-based tools designed to help us identify and prioritize the biggest opportunities; and Always Learning so that performance continuously improves.
Gross profit is affected by many factors including our product mix, manufacturing efficiencies, costs of products and labor, foreign currency rates, and price competition. Historically, as we have integrated our acquisitions and taken advantage of manufacturing efficiencies, our gross profit percentages for some products have improved. There are, however, differences in gross profit percentages between product lines, and ultimately the mix of sales will continue to impact our overall gross profit.
Hire, Develop, and Retain Top Talent
At the center of our organization are talented people who are capable of taking on new challenges using a team approach. It is our exceptionally talented workforce that works together and uses our lean-based tool set to find ways to continuously and sustainably improve our products, our services, and ourselves, resulting in long-term value creation for our stakeholders.
General Trends
We are a global company, with multinational operations. During the three and six months ended September 30, 2023, approximately 49% and 48% of our revenues, respectively, were earned outside of the United States. Since we serve a number of industries across a variety of global markets, we may be affected by world-wide, regional, or industry-specific economic or political factors, trends and costs associated with a global labor force, and increasing regulation. However, our diversity in industry, geography, and product and service offerings may limit the impact of changes in specific industry trends or local economic changes in our consolidated operating results. We actively monitor trends affecting industries we operate in, including by monitoring key competitors and customers and by staying abreast of changes to local economies and how they may affect our operations.
Several challenging macroeconomic factors persisted during the second quarter of fiscal year 2024, including continued softening of discretionary capital asset purchases across the life sciences tools market, high interest rates, and high inflation, all of which contributed to the decline in our organic revenues growth year to date. On the other hand, supply chain disruptions, labor shortages and resulting manufacturing difficulties that impacted business operations in fiscal year 2023 largely abated during the six months ended September 30, 2023, which allowed us to largely maintain our gross profit margins as a percentage of revenues. Additionally, in response to weaker revenues, we worked to reduce operating expenses, taking steps to preserve our financial model. For example, we incurred approximately $350 in costs related to a reduction in force during the six months ended September 30, 2023; however, the reduction in force is expected to result in annual savings of approximately $2,000 starting in our fiscal third quarter. We continue to invest in growing the company organically and through further acquisitions, which helps us address the rapid pace of technological change in our served markets, further globalize our business, and be responsive to customers throughout the world. To that end, we completed the acquisition of GKE in October 2023. The results of GKE's operations and the benefits of the acquisition will be consolidated into our financial statements beginning in the third quarter of fiscal year 2024. Overall, our operating expenses, which include approximately $505 of one-time GKE acquisition costs, decreased during the three and six months ended September 30, 2023 compared to the same periods in the prior year, demonstrating that adjustments to our operations allowed us to largely preserve our financial model despite challenges in the macroeconomic environment.
A weakening or strengthening of foreign currencies against the United States dollar ("USD") increases or decreases our reported revenues, gross profit margins, and operating expenses, and impacts the comparability of our results between periods. Generally, the USD strengthening against major currencies adversely impacts our reported revenues, but to a lesser extent, positively impacts our reported expenses; conversely, the weakening of the U.S. dollar against major currencies positively impacts our reported revenues but negatively impacts our reported expenses. The ultimate impact to gross profit as a percentage of revenue depends on the magnitude of changes in foreign currencies.
Results of Operations
Our results of operations and period-over-period changes are discussed in the following section. The tables and discussion below should be read in conjunction with the accompanying Unaudited Condensed Consolidated Financial Statements and the notes thereto appearing in Item 1. Financial Statements (in thousands, except percent data).
Revenues from our reportable segments for the three and six months ended September 30, 2023 decreased 10% and 5%, respectively, largely due to softening demand for new capital equipment in the pharmaceutical markets, including lower demand for hardware sold by our Biopharmaceutical Development. Revenues also decreased compared to the corresponding prior year periods due to the fiscal year 2023 loss of Sema4, a significant customer in our Clinical Genomics business.
Although revenues were lower in the first two quarters of fiscal year 2024 compared to the prior year periods, gross profit as a percentage of revenues did not fall significantly due to our proactive cost containment efforts and favorable product mix. Modest gross profit percentage declines of 2% and 1%, respectively, for the three and six months ended September 30, 2023 compared to the same periods in the prior year are primarily due to lower revenues on a partially fixed cost base, offset by our efforts to preserve our financial model.
Results by reportable segment are as follows:
| |
|
Revenues |
|
|
Organic Revenues Growth |
|
|
Gross Profit as a % of Revenues |
|
| |
|
Three Months Ended September 30, 2023 |
|
|
Three Months Ended September 30, 2022 |
|
|
Three Months Ended September 30, 2023 |
|
|
Three Months Ended September 30, 2022 |
|
|
Three Months Ended September 30, 2023 |
|
|
Three Months Ended September 30, 2022 |
|
| Sterilization and Disinfection Control |
|
$ |
17,080 |
|
|
$ |
16,964 |
|
|
|
0.7 |
% |
|
|
20.9 |
% |
|
|
73 |
% |
|
|
72 |
% |
| Clinical Genomics |
|
|
15,549 |
|
|
|
18,435 |
|
|
|
(15.7 |
%) |
|
|
N/A |
|
|
|
50 |
% |
|
|
58 |
% |
| Biopharmaceutical Development |
|
|
9,207 |
|
|
|
12,144 |
|
|
|
(24.4 |
%) |
|
|
15.0 |
% |
|
|
60 |
% |
|
|
62 |
% |
| Calibration Solutions |
|
|
11,329 |
|
|
|
11,206 |
|
|
|
1.1 |
% |
|
|
(0.4 |
%) |
|
|
57 |
% |
|
|
54 |
% |
| Mesa's reportable segments |
|
$ |
53,165 |
|
|
$ |
58,749 |
|
|
|
(9.6 |
%) |
|
|
12.5 |
% |
|
|
60 |
% |
|
|
62 |
% |
| |
|
Revenues |
|
|
Organic Revenues Growth |
|
|
Gross Profit as a % of Revenues |
|
| |
|
Six Months Ended September 30, 2023 |
|
|
Six Months Ended September 30, 2022 |
|
|
Six Months Ended September 30, 2023 |
|
|
Six Months Ended September 30, 2022 |
|
|
Six Months Ended September 30, 2023 |
|
|
Six Months Ended September 30, 2022 |
|
| Sterilization and Disinfection Control |
|
$ |
33,007 |
|
|
$ |
31,738 |
|
|
|
4.0 |
% |
|
|
8.8 |
% |
|
|
73 |
% |
|
|
72 |
% |
| Clinical Genomics |
|
|
28,918 |
|
|
|
32,940 |
|
|
|
(12.2 |
%) |
|
|
N/A |
|
|
|
50 |
% |
|
56 |
% |
| Biopharmaceutical Development |
|
|
19,096 |
|
|
|
23,111 |
|
|
|
(17.8 |
%) |
|
|
18.9 |
% |
|
|
63 |
% |
|
|
63 |
% |
| Calibration Solutions |
|
|
22,789 |
|
|
|
21,413 |
|
|
|
6.4 |
% |
|
|
(3.3 |
%) |
|
|
56 |
% |
|
|
55 |
% |
| Mesa's reportable segments |
|
$ |
103,810 |
|
|
$ |
109,202 |
|
|
|
(5.0 |
%) |
|
|
7.8 |
% |
|
|
61 |
% |
|
|
62 |
% |
Our unaudited condensed consolidated results of operations are as follows:
| |
|
Three Months Ended September 30, |
|
|
Percentage |
|
|
Six Months Ended September 30, |
|
|
Percentage |
|
| |
|
2023 |
|
|
2022 |
|
|
Change |
|
|
2023 |
|
|
2022 |
|
|
Change |
|
| Revenues |
|
$ |
53,165 |
|
|
$ |
58,749 |
|
|
|
(10 |
%) |
|
$ |
103,810 |
|
|
$ |
109,202 |
|
|
|
(5 |
%) |
| Gross profit |
|
|
32,109 |
|
|
|
36,386 |
|
|
|
(12 |
%) |
|
|
63,292 |
|
|
|
67,727 |
|
|
|
(7 |
%) |
| Operating expense |
|
|
32,169 |
|
|
|
32,391 |
|
|
|
(1 |
%) |
|
|
64,016 |
|
|
|
68,326 |
|
|
|
(6 |
%) |
| Operating (loss) income |
|
|
(60 |
) |
|
|
3,995 |
|
|
|
(102 |
%) |
|
|
(724 |
) |
|
|
(599 |
) |
|
|
21 |
% |
| Net (loss) income |
|
$ |
(1,230 |
) |
|
$ |
1,306 |
|
|
|
(194 |
%) |
|
$ |
(1,779 |
) |
|
$ |
(132 |
) |
|
|
1,248 |
% |
Reportable Segments
Sterilization and Disinfection Control
The Sterilization and Disinfection Control Division manufactures and sells biological, cleaning, and chemical indicators used to assess the effectiveness of sterilization and disinfection processes in the pharmaceutical, medical device, hospital, and dental industries. The division also provides testing and laboratory services, mainly to the dental industry. Sterilization and disinfection control products are disposable and are used on a routine basis.
| |
|
Three Months Ended September 30, |
|
|
Percentage |
|
|
Six Months Ended September 30, |
|
|
Percentage |
|
| |
|
2023 |
|
|
2022 |
|
|
Change |
|
|
2023 |
|
|
2022 |
|
|
Change |
|
| Revenues |
|
$ |
17,080 |
|
|
$ |
16,964 |
|
|
|
1 |
% |
|
$ |
33,007 |
|
|
$ |
31,738 |
|
|
|
4 |
% |
| Gross profit |
|
|
12,476 |
|
|
|
12,199 |
|
|
|
2 |
% |
|
|
24,067 |
|
|
|
22,967 |
|
|
|
5 |
% |
| Gross profit as a % of revenues |
|
|
73 |
% |
|
|
72 |
% |
|
|
1 |
% |
|
|
73 |
% |
|
|
72 |
% |
|
|
1 |
% |
Sterilization and Disinfection Control's revenues increased 1% and 4%, respectively, for the three and six months ended September 30, 2023 compared to the prior year periods. The modest revenue increases for the three and six months ended September 30, 2023 are attributable primarily to price, and to a lesser extent, volume increases against a difficult prior period comparison.
Sterilization and Disinfection Control's gross profit percentage increased 1% for the three and six months ended September 30, 2023 compared to the prior year periods primarily due to higher revenues on a partially fixed cost base.
Clinical Genomics
The Clinical Genomics division develops, manufactures and sells highly sensitive, low-cost, high-throughput genetic analysis tools and related consumables and services that enable clinical labs to perform genomic testing for a broad range of diagnostic and research applications in several therapeutic areas, such as screenings for hereditary diseases, pharmacogenetics, and oncology related applications.
| |
|
Three Months Ended September 30, |
|
|
Percentage |
|
|
Six Months Ended September 30, |
|
|
Percentage |
|
| |
|
2023 |
|
|
2022 |
|
|
Change |
|
|
2023 |
|
|
2022 |
|
|
Change |
|
| Revenues |
|
$ |
15,549 |
|
|
$ |
18,435 |
|
|
|
(16 |
%) |
|
$ |
28,918 |
|
|
$ |
32,940 |
|
|
|
(12 |
%) |
| Gross profit |
|
|
7,727 |
|
|
|
10,641 |
|
|
|
(27 |
%) |
|
|
14,455 |
|
|
|
18,490 |
|
|
|
(22 |
%) |
| Gross profit as a % of revenues |
|
|
50 |
% |
|
|
58 |
% |
|
|
(8 |
%) |
|
|
50 |
% |
|
|
56 |
% |
|
|
(6 |
%) |
Clinical Genomics revenues decreased 16% and 12%, respectively, for the three and six months ended September 30, 2023 compared to the prior year periods, primarily as a result of the loss of revenues from Sema4 at the beginning of the third quarter of fiscal year 2023. Excluding the loss of Sema4, revenues from our Clinical Genomics division would have been 3% lower during the three months ended September 30, 2023 compared to the prior year period, primarily due to the fact that China earned unusually high revenues during the three months ended September 30, 2022 upon reopening from COVID lockdowns. Revenues would have been flat for the six months ended September 30, 2023 compared to the prior year period, excluding the loss of Sema4.
Gross profit percentage for the Clinical Genomics division decreased 8% for the three months ended September 30, 2023 and 6% for the six months ended September 30, 2023 compared to the prior year periods, primarily due to lower revenues on a partially fixed cost base, and to a lesser extent, unfavorable product mix, particularly due to the loss of high-margin consumables revenues from Sema4.
Although orders and revenues in China have been fairly strong in the first half of fiscal year 2024, we believe that ongoing macroeconomic slowdowns beginning in China may negatively affect our reported revenues and new orders in the second half of fiscal year 2024.
Biopharmaceutical Development
Our Biopharmaceutical Development division develops, manufactures, and sells automated systems for protein analysis (immunoassays) and peptide synthesis solutions. Immunoassays and peptide synthesis solutions accelerate the discovery, development, and manufacture of biotherapeutic therapies, among other applications.
| |
|
Three Months Ended September 30, |
|
|
Percentage |
|
|
Six Months Ended September 30, |
|
|
Percentage |
|
| |
|
2023 |
|
|
2022 |
|
|
Change |
|
|
2023 |
|
|
2022 |
|
|
Change |
|
| Revenues |
|
$ |
9,207 |
|
|
$ |
12,144 |
|
|
|
(24 |
%) |
|
$ |
19,096 |
|
|
$ |
23,111 |
|
|
|
(17 |
%) |
| Gross profit |
|
|
5,509 |
|
|
|
7,557 |
|
|
|
(27 |
%) |
|
|
11,942 |
|
|
|
14,634 |
|
|
|
(18 |
%) |
| Gross profit as a % of revenues |
|
|
60 |
% |
|
|
62 |
% |
|
|
(2 |
%) |
|
|
63 |
% |
|
|
63 |
% |
|
|
- |
% |
Biopharmaceutical Development revenues decreased 24% and 17% for the three and months ended September 30, 2023 compared to the prior year period, primarily due to softening demand for capital equipment, partially offset by an increase in revenues from consumables and services as well as price increases. Given the current economic landscape, we cannot predict whether hardware sales will increase substantially during the third quarter of our fiscal year, as we have seen in the past, as our customers approach the end of their annual budget cycles. Despite adverse macroeconomic factors, revenues from consumables and services have continued to grow during fiscal year 2024.
Gross profit percentage for the three and six months ended September 30, 2023 decreased 2% and remained flat, respectively, compared to the prior year periods. Revenues from consumables, which have slightly higher gross profit percentages than hardware in our Biopharmaceutical Division, have increased for both the three and six months ended September 30, 2023, and along with favorable product mix, this partially mitigated the impact of decreased hardware revenues.
Calibration Solutions
The Calibration Solutions division develops, manufactures and sells quality control products using principles of advanced metrology to measure or calibrate critical chemical or physical parameters in various dialysis, process monitoring, instrument monitoring, environmental monitoring, gas flow, environmental air quality, and torque applications, primarily in medical device manufacturing, pharmaceutical manufacturing, laboratory, and hospital environments.
| |
|
Three Months Ended September 30, |
|
|
Percentage |
|
|
Six Months Ended September 30, |
|
|
Percentage |
|
| |
|
2023 |
|
|
2022 |
|
|
Change |
|
|
2023 |
|
|
2022 |
|
|
Change |
|
| Revenues |
|
$ |
11,329 |
|
|
$ |
11,206 |
|
|
|
1 |
% |
|
$ |
22,789 |
|
|
$ |
21,413 |
|
|
|
6 |
% |
| Gross profit |
|
|
6,407 |
|
|
|
6,007 |
|
|
|
7 |
% |
|
|
12,838 |
|
|
|
11,671 |
|
|
|
10 |
% |
| Gross profit as a % of revenues |
|
|
57 |
% |
|
|
54 |
% |
|
|
3 |
% |
|
|
56 |
% |
|
|
55 |
% |
|
|
1 |
% |
Calibration Solutions revenues increased 1% and 6%, respectively, for the three and six months ended September 30, 2023 compared to the prior year periods, primarily due to the abatement of production difficulties and supply constraints that had limited our ability to manufacture ordered quantities of certain products during the first six months of fiscal year 2023. This abatement has allowed us to return to normal operations during fiscal year 2024, driving increased orders along with a modest reduction of past due backlog.
The Calibration Solutions division's gross profit percentage increased 3% and 1% for the three and six months ended September 30, 2023, respectively, compared to the prior year periods, primarily due to favorable product mix and increased revenues on a partially fixed cost base.
Operating Expense
Operating expense decreased 1% and 6%, respectively for the three and months ended September 30, 2023 compared to the prior year periods, primarily as a result of lower stock-based compensation expense as the performance-based restricted stock units associated with the fiscal year 2022 acquisition of Agena Bioscience, Inc. were no longer amortizing in fiscal year 2024, along with the timing of award grants in fiscal year 2024. Cost savings from our strategic cost containment activities following the loss of Sema4 also contributed to the decrease in operating expenses, partially offset by regular annual wage increases.
Selling
Selling expense is driven primarily by labor costs, including salaries and commissions; accordingly, it may vary with sales levels.
| |
|
Three Months Ended September 30, |
|
|
Percentage |
|
|
Six Months Ended September 30, |
|
|
Percentage |
|
| |
|
2023 |
|
|
2022 |
|
|
Change |
|
|
2023 |
|
|
2022 |
|
|
Change |
|
| Selling expense |
|
$ |
9,650 |
|
|
$ |
9,200 |
|
|
|
5 |
% |
|
$ |
18,626 |
|
|
$ |
19,223 |
|
|
|
(3 |
%) |
| As a percentage of revenues |
|
|
18 |
% |
|
|
16 |
% |
|
|
2 |
% |
|
|
18 |
% |
|
|
18 |
% |
|
|
- |
% |
Selling expense for the three months ended September 30, 2023 increased 5% compared to the prior year period, primarily as a result of our implementation of Salesforce in our Biopharmaceutical Development division and backfilling select open positions in our Biopharmaceutical Division. Selling expense for the six months ended September 30, 2023 decreased 3% compared to the prior year period, primarily as a result of lower commissions on lower revenues in fiscal year 2024, as well as other decreases in personnel costs realized from our proactive cost savings efforts initiated after the loss of Sema4.
General and Administrative
Labor costs, non-cash stock-based compensation and non-cash amortization of intangible assets drive the substantial majority of our general and administrative expense.
| |
|
Three Months Ended September 30, |
|
|
Percentage |
|
|
Six Months Ended September 30, |
|
|
Percentage |
|
| |
|
2023 |
|
|
2022 |
|
|
Change |
|
|
2023 |
|
|
2022 |
|
|
Change |
|
| General and administrative expense |
|
$ |
17,526 |
|
|
$ |
18,202 |
|
|
|
(4 |
%) |
|
$ |
35,586 |
|
|
$ |
38,414 |
|
|
|
(7 |
%) |
| As a percentage of revenues |
|
|
33 |
% |
|
|
31 |
% |
|
|
2 |
% |
|
|
34 |
% |
|
|
35 |
% |
|
|
(1 |
%) |
General and administrative expenses decreased 4% and 7%, respectively, for the three and six months ended September 30, 2023 compared to the prior year periods, primarily as a result lower stock-based compensation expense, as well as lower professional services costs, partially offset by higher legal and other expenses related to the acquisition of GKE.
Research and Development
Research and development expense is predominantly comprised of labor costs and costs of third-party consultants.
| |
|
Three Months Ended September 30, |
|
|
Percentage |
|
|
Six Months Ended September 30, |
|
|
Percentage |
|
| |
|
2023 |
|
|
2022 |
|
|
Change |
|
|
2023 |
|
|
2022 |
|
|
Change |
|
| Research and development expense |
|
$ |
4,993 |
|
|
$ |
4,989 |
|
|
|
- |
% |
|
$ |
9,804 |
|
|
$ |
10,689 |
|
|
|
(8 |
%) |
| As a percentage of revenues |
|
|
9 |
% |
|
|
8 |
% |
|
|
1 |
% |
|
|
9 |
% |
|
|
10 |
% |
|
|
(1 |
%) |
Research and development expenses were flat for the three months ended September 30, 2023 compared to the prior year period. Research and development expenses decreased 8% for the six months ended September 30, 2023 compared to the prior year period, primarily due to our cost containment efforts in fiscal year 2024 and the purchase of in-process research and development technology used to enhance an existing Sterilization and Disinfection Control division product offering during the first quarter of fiscal year 2023.
Nonoperating Expense, Net
| |
|
Three Months Ended September 30, |
|
|
Percentage |
|
|
Six Months Ended September 30, |
|
|
Percentage |
|
| |
|
2023 |
|
|
2022 |
|
|
Change |
|
|
2023 |
|
|
2022 |
|
|
Change |
|
| Nonoperating expense, net |
|
$ |
1,265 |
|
|
$ |
611 |
|
|
|
107 |
% |
|
$ |
1,538 |
|
|
$ |
1,429 |
|
|
|
8 |
% |
Nonoperating expense, net for the three months ended September 30, 2023 is composed primarily of interest expense and amortization of the debt issuance costs associated with the Notes and the Credit Facility as well as gains and losses on foreign currency transactions.
Income Taxes
| |
|
Three Months Ended September 30, |
|
|
Percentage |
|
|
Six Months Ended September 30, |
|
|
Percentage |
|
| |
|
2023 |
|
|
2022 |
|
|
Change |
|
|
2023 |
|
|
2022 |
|
|
Change |
|
| Income tax (benefit) |
|
$ |
(95 |
) |
|
$ |
2,078 |
|
|
|
(105 |
%) |
|
$ |
(483 |
) |
|
$ |
(1,896 |
) |
|
|
(75 |
%) |
| Effective tax rate |
|
|
7.2 |
% |
|
|
61.4 |
% |
|
|
(54 |
%) |
|
|
21.4 |
% |
|
|
93.5 |
% |
|
|
(72 |
%) |
Our effective income tax rate was 7.2% and 21.4% for the three and six months ended September 30, 2023, respectively, and 61.4% and 93.5% for the three and six months ended September 30, 2022, respectively. The effective tax rate for both the three and six months ended September 30, 2023 differed from the statutory federal rate of 21% primarily due to share-based payment awards for employees and the effect of income generated in foreign jurisdictions. The change in our effective tax rate for the three and six months ended September 30, 2023 compared to the prior year periods is primarily due to lower windfall benefits on stock option exercises.
Our future effective income tax rate depends on various factors, such as changes in tax laws, regulations, accounting principles, or interpretations thereof, and the geographic composition of our pre-tax income. We carefully monitor these factors and adjust our effective income tax rate accordingly.
Net (Loss) Income
Net (loss) income varies with changes in revenues, gross profit, and operating expense (and included $14,405 and $6,151 of non-cash amortization of intangible assets acquired in business combinations and stock-based compensation expense, respectively, for the six months ended September 30, 2023).
Market-Based Awards
The performance-based restricted stock awards granted during the three and six months ended September 30, 2023 included a market-based component.
Liquidity and Capital Resources
Our sources of liquidity include cash generated from operations, cash and cash equivalents on hand, cash available from our Credit Facility and Open Market Sale AgreementSM, working capital, and potential additional equity and debt offerings. We believe that cash flows from operating activities and potential cash provided by borrowings from our Credit Facility or funds from our Open Market Sale AgreementSM, when necessary, will be sufficient to meet our ongoing operating requirements, scheduled interest payments on debt, dividend payments, and anticipated capital expenditures. At our option, we may settle the Notes in shares of our common stock or in cash, depending on conditions in the market and the share price of our common stock.
Our more significant uses of resources have historically included acquisitions, payments of debt and interest obligations, long-term capital expenditures, and quarterly dividends to shareholders. Working capital is the amount by which current assets exceed current liabilities. We had working capital of $77,846 and $75,616 as of September 30, 2023 and March 31, 2023, respectively. As of September 30, 2023, and March 31, 2023, we had $35,617 and $32,910, respectively, of cash and cash equivalents.
As of September 30, 2023, Notes with an aggregate principal amount of $172,500 were outstanding and there was no outstanding balance under the Credit Facility. During the third quarter of fiscal year 2024, we amended our Credit Facility to increase the total principal amount available to us from $75,000 to $125,000. In October 2023, we borrowed $65,000 under our Credit Facility to partially fund the acquisition of GKE. At our current interest rate, we expect to incur interest expense of approximately $4,485 per year on borrowings of $65,000 under the Credit Facility.
In April 2022, we entered into an Open Market Sale AgreementSM pursuant to which we may issue and sell, from time to time, shares of our common stock with an aggregate value of up to $150,000. We have not sold any shares under this agreement.
We routinely evaluate opportunities for strategic acquisitions. Future material acquisitions may require that we obtain additional capital, assume additional third-party debt or incur other long-term obligations. We believe that we have the ability to issue more equity or debt in the future in order to finance our acquisition and investment activities; however, additional equity or debt financing, or other transactions, may not be available on acceptable terms, if at all.
We may from time to time repurchase or take other steps to reduce our debt. These actions may include retirements or refinancing of outstanding debt, pursuing privately negotiated transactions, or otherwise. The amount of debt that may be retired, if any, could be material. Retirement would be decided at the sole discretion of our Board of Directors and would depend on market conditions, our cash position, and other considerations.
Dividends
We have paid regular quarterly dividends since 2003. We declared and paid dividends of $0.16 per share during each of the quarters ended June 30, 2023 and September 30, 2023, as well as each quarter of fiscal year 2023.
In October 2023, we announced that our Board of Directors declared a quarterly cash dividend of $0.16 per share of common stock, payable on December 15, 2023, to shareholders of record at the close of business on November 30, 2023.
Cash Flows
Our cash flows from operating, investing, and financing activities were as follows (in thousands):
| |
|
Six Months Ended September 30, |
|
| |
|
2023 |
|
|
2022 |
|
| Net cash provided by operating activities |
|
$ |
19,715 |
|
|
$ |
7,746 |
|
| Net cash (used in) investing activities |
|
|
(904 |
) |
|
|
(1,864 |
) |
| Net cash (used in) financing activities |
|
|
(15,079 |
) |
|
|
(20,053 |
) |
Cash flows from operating activities for the six months ended September 30, 2023 provided $19,715. Net loss and non-cash adjustments totaled $22,200 for the six months ended September 30, 2023 compared to $22,768 for the six months ended September 30, 2022. We generated $12,537 more cash from working capital in the six months ended September 30, 2023 compared to the six months ended September 30, 2022, primarily due to higher collections on trade receivables and lower inventory purchases, as we were building safety stock during the six months ended September 30, 2023 to mitigate supply chain risks. Cash used in investing activities for the six months ended September 30, 2023 decreased compared to the six months ended September 30, 2022 as we purchased less capital equipment. Cash used by financing activities primarily resulted from $13,000 repaid on our Credit Facility during the six months ended September 30, 2023 compared to $22,000 for the six months ended September 30, 2022.
Contractual Obligations and Other Commercial Commitments
We are party to many contractual obligations that involve commitments to make payments to third parties in the ordinary course of business. For a description of our contractual obligations and other commercial commitments as of March 31, 2023, see our Annual Report on Form 10-K for the fiscal year ended March 31, 2023, filed with the Securities and Exchange Commission on May 30, 2023.
On a consolidated basis, as of September 30, 2023, we had contractual obligations for open purchase orders of approximately $12,419 for routine purchases of supplies and inventory, which are payable in less than one year.
As part of the Belyntic acquisition, we agreed to pay $1,500 to the sellers if contractually specified patents related to the technology purchased are issued. One subset of the patents was approved by the European patent office effective October 18, 2023, and we believe it is probable the remaining patents will be issued and that we will pay the sellers in full within the next 12 months.
As part of the GKE acquisition consummated on October 14, 2023, we will pay the sellers €8,500 of the acquisition price 18 months following the acquisition date, pending adjustments for potential indemnification losses that may arise. We will pay the sellers an additional €5,000 of the acquisition price, net of cash and debt and subject to customary adjustments, upon satisfaction of applicable Chinese regulatory approvals for the Beijing GKE Science & Technology Co. Ltd. portion of the acquisition.
Critical Accounting Policies and Estimates
Critical accounting estimates are those that we believe are both significant and require us to make difficult, subjective, or complex judgments, often because we need to estimate the effect of inherently uncertain matters. These estimates are based on historical experience and various other factors that we believe to be appropriate under the circumstances. Certain accounting policies that require significant management estimates and are deemed critical to our results of operations or financial position are discussed in our Annual Report on Form 10-K for the year ended March 31, 2023, in the Critical Accounting Policies and Estimates section of Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. Although we believe that our estimates, assumptions, and judgements are reasonable, they are based upon information presently available. Actual results may differ significantly from these estimates under different assumptions, judgments, or conditions.
Item 3. Quantitative and Qualitative Disclosures about Market Risk
Foreign Currency Exchange Rates
We face exchange rate risk from transactions with customers in countries outside the United States and from intercompany transactions between affiliates. Transactional exchange rate risk arises from the purchase and sale of goods and services in currencies other than the functional currency of the applicable subsidiary. We also face translational exchange rate risk related to the translation of financial statements of our foreign operations into U.S. dollars, our functional currency. Costs incurred and sales recorded by subsidiaries operating outside of the United States are translated into U.S. dollars using average exchange rates effective during the respective period. As a result, we are exposed to movements in the exchange rates of various currencies against the U.S. dollar. Our Biopharmaceutical Development division is particularly susceptible to currency exposures since it incurs a substantial portion of its expenses in Swedish Krona, while most of the division's revenue contracts are in U.S. dollars and euros. Therefore, when the Swedish Krona strengthens or weakens against the U.S. dollar, operating profits are increased or decreased, respectively. The effect of a change in currency exchange rates on our international subsidiaries' assets and liabilities is reflected in the accumulated other comprehensive income component of stockholders’ equity.
Interest Rates
Our Credit Facility bears interest at either a base rate or a SOFR rate plus an applicable spread. We had no balance outstanding as of September 30, 2023; however, based on the most recently available interest rate and borrowings used to fund the GKE acquisition, we estimate that if interest rates increased 1 percentage point, we would incur approximately $650 of additional interest expense per year.
Inflation Risk
Inflation generally impacts us by increasing our costs of labor, materials, and freight. The rates of inflation experienced in recent years have not had a significant impact on our financial statements as inflationary cost increases have been offset by annual price increases. However, any price increases imposed may lead to declines in sales volume if competitors do not similarly adjust prices. We cannot reasonably estimate our ability to successfully recover any impact of inflation cost increases into the future.
Other
We have no derivative instruments. We have minimal exposure to commodity market risks.
Item 4. Controls and Procedures
We maintain disclosure controls and procedures (as defined in Rule 13a-15(e) promulgated under the Exchange Act) that are designed to ensure that information required to be disclosed in Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.
Evaluation of Disclosure Controls and Procedures
As of September 30, 2023, we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures. Based on the foregoing, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of the end of the period covered by this report.
Prior Year Material Weaknesses
A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company’s annual or interim financial statements will not be prevented or detected on a timely basis. As disclosed in Part II Item 9A. "Controls and Procedures" in our annual report on Form 10-K for the year ended March 31, 2023, during fiscal year 2023 we identified two material weaknesses in internal controls:
| ● |
Fair Value Calculations - Management's review controls over fair value calculations including Management's preliminary valuation of the Belyntic Acquisition were insufficient. Specifically, Management failed to utilize resources with an appropriate level of knowledge and expertise in performing and reviewing the fair value calculations including the preliminary Belyntic valuation. |
| ● |
Goodwill Impairment Assessment - Management's review controls over the qualitative assessment of goodwill impairment were insufficient to identify potential impairment triggers. |
Remediation Status for Material Weaknesses in Internal Control Over Financial Reporting
During the six months ended September 30, 2023 we implemented our previously-disclosed remediation plans:
| ● |
Fair Value Calculations - We obtained the services of a knowledgeable third-party valuation specialist to perform the fair value calculations for the Belyntic acquisition. |
| ● |
Goodwill Impairment Assessment - Members of Management with requisite knowledge performed a formal quarterly analysis of potential impairment triggers. |
As a result of our control activities, we have concluded that the material weaknesses above have been remediated as of September 30, 2023. We will continue to perform formal quarterly impairment trigger analyses in future periods. We will likewise continue to utilize a valuation specialist with the requisite knowledge to perform valuations for all future acquisitions of businesses, as such acquisitions occur.
Changes in Internal Control Over Financial Reporting
Other than the remediation measures discussed above, during the three and six months ended September 30, 2023 there were no changes to our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that have materially affected or are reasonably likely to materially affect our internal control over financial reporting.
Part II. Other Information
Item 1. Legal Proceedings
See Note 11. “Commitments and Contingencies” within Item 1. Financial Statements for information regarding any legal proceedings in which we may be involved.
Item 1A. Risk factors
During the six months ended September 30, 2023, there were no material changes from the risk factors described in Item 1A. Risk Factors of our Annual Report on Form 10-K for the year ended March 31, 2023.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Issuer Purchases of Equity Securities
The following table provides information about the Company's purchases of equity securities for the periods indicated:
| |
|
Total Number of Shares Purchased(1) |
|
|
Average Price Paid Per Share |
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(2) |
|
|
Maximum Number of Shares That May Yet be Purchased Under the Plans or Programs |
|
| July 2023 |
|
|
18 |
|
|
|
122.05 |
|
|
|
- |
|
|
|
162,486 |
|
| August 2023 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
162,486 |
|
| September 2023 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
162,486 |
|
| Total |
|
|
18 |
|
|
|
122.05 |
|
|
|
- |
|
|
|
162,486 |
|
| |
(1) |
Shares purchased during the period were transferred to the Company from employees in satisfaction of minimum tax withholding obligations associated with the vesting of restricted stock awards during the period. |
| |
(2) |
On November 7, 2005, our Board of Directors adopted a share repurchase plan which allows for the repurchase of up to 300,000 of our common shares; however, no shares have been purchased under the plan in the last three fiscal years. This plan will continue until the maximum is reached or the plan is terminated by further action of the Board of Directors. |
Item 5. Other Information
The following of our directors or officers entered into written plans for the purchase or sale of our securities intended to satisfy the affirmative defense conditions of Exchange Act Rule 10b5-1(c) (each, a "trading arrangement") on the dates indicated:
Director John Schmieder entered into a trading arrangement on June 14, 2023. The trading arrangement was effective through September 15, 2023. The trading arrangement contemplated that Mr. Schmieder could sell up to 7,000 shares of Mesa Labs' common stock, subject to certain conditions.
Chief Financial Officer John Sakys entered into a trading arrangement on August 23, 2023. The trading arrangement is effective through April 2, 2024. The trading arrangement contemplates that Mr. Sakys may exercise up to 2,500 non-qualified stock options and sell the resulting 2,500 shares of Mesa Labs' common stock, subject to certain conditions.
Senior Vice President of Continuous Improvement Brian Archbold entered into a trading arrangement on September 14, 2023. The trading arrangement is effective through April 2, 2024. The trading arrangement contemplates that Mr. Archbold may exercise 710 non-qualified stock options and sell the resulting 710 shares of Mesa Labs' common stock, subject to certain conditions. The trading arrangement further contemplates that Mr. Archbold may sell an additional 1,500 shares of Mesa Labs' common stock, subject to certain conditions.
Item 6. Exhibits
+ Filed herewith
* Furnished herewith
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
MESA LABORATORIES, INC.
(Registrant)
| DATED: November 6, 2023 |
BY: |
/s/ Gary M. Owens. Gary M. Owens Chief Executive Officer |
| |
|
|
| |
|
|
| DATED: November 6, 2023 |
BY: |
/s/ John V. Sakys John V. Sakys Chief Financial Officer |
Exhibit 10.1
AMENDMENT NO. 2
Dated as of October 5, 2023
to
CREDIT AGREEMENT
Dated as of March 5, 2021
THIS AMENDMENT NO. 2 (this “Amendment”) is made as of October 5, 2023 by and among Mesa Laboratories, Inc., a Colorado corporation (the “Borrower”), the other Loan Parties party hereto, the financial institutions listed on the signature pages hereof and JPMorgan Chase Bank, N.A., as Administrative Agent (the “Administrative Agent”), under that certain Credit Agreement dated as of March 5, 2021 by and among the Borrower, the other Loan Parties from time to time party thereto, the Lenders and the Administrative Agent (as further amended, restated, supplemented or otherwise modified prior to the date hereof, the “Existing Credit Agreement”). Capitalized terms used herein and not otherwise defined herein shall have the respective meanings given to them in the Amended Credit Agreement (as defined below).
WHEREAS, the Borrower has requested that the requisite Lenders and the Administrative Agent (i) increase the Revolving Commitment, and (ii) make certain amendments to the Existing Credit Agreement;
WHEREAS, the Borrower, the other Loan Parties party hereto, the Lenders party hereto and the Administrative Agent have so agreed on the terms and conditions set forth herein;
WHEREAS, the Borrower has informed the Administrative Agent that the Borrower intends to make a Permitted Acquisition pursuant to which GKE GmbH (“GKE”) and SAL GmbH (“SAL”) will become wholly-owned Subsidiaries of Mesa Germany GmbH (“Mesa Germany”), which is a wholly-owned Subsidiary of the Borrower, and as a result of such acquisition (the “German Acquisition”), GKE, SAL and Mesa Germany (the “Specified German Entities”) will be required to become Subsidiary Guarantors and Loan Parties pursuant to Section 5.13 of the Amended Credit Agreement (the “German Joinder Transactions”);
WHEREAS, to the extent that the definition of the term “Permitted Acquisition” would otherwise require the German Joinder Transactions to occur on the closing date of the German Acquisition, the Borrower has requested that the requisite Lenders and the Administrative Agent provide their consent to allow the German Joinder Transactions to occur within thirty (30) days after the closing date of the German Acquisition, or within such longer time period to which the Administrative Agent may agree in its reasonable discretion (the “Requested German Loan Party Consent”); and
WHEREAS, each of Gyros US Inc. (“Gyros US”) and Protein Technologies, Inc. (together with Gyros US, the “Specified US Entities”) is required to become a Subsidiary Guarantor and Loan Party pursuant to Section 5.13 of the Amended Credit Agreement (the “US Joinder Transactions”), and the Borrower has requested that the requisite Lenders and the Administrative Agent provide their consent to allow the US Joinder Transactions to occur within thirty (30) days after the Amendment No. 2 Effective Date (as defined below), or within such longer time period to which the Administrative Agent may agree in its reasonable discretion (the “Requested US Loan Party Consent” and, together with the Requested German Loan Party Consent, the “Requested Consent”);
NOW, THEREFORE, in consideration of the premises set forth above, the terms and conditions contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Borrower, the Loan Parties party hereto, the Lenders party hereto and the Administrative Agent hereby agree to enter into this Amendment.
1. Amendments to the Existing Credit Agreement; Consent.
(a) Effective as of the Amendment No. 2 Effective Date (as defined below), the parties hereto agree that each of the Existing Credit Agreement, Exhibit A thereto and the Commitment Schedule attached thereto is hereby amended to delete the stricken text (indicated in the same manner as the following example: stricken text) and to add the double-underlined text (indicated in the same manner as the following example: double-underlined text) as set forth on Exhibit A hereto (collectively, the “Amended Credit Agreement”).
(b) The Lenders party hereto and the Administrative Agent hereby agree to the Requested Consent; provided that any failure to comply with the time period described in any Requested Consent shall constitute an Event of Default under the Amended Credit Agreement.
2. Conditions of Effectiveness. The effectiveness of this Amendment (the “Amendment No. 2 Effective Date”) is subject to the satisfaction of the following conditions precedent:
(a) The Administrative Agent shall have received counterparts of this Amendment duly executed by each Loan Party, each Lender, the Issuing Bank, the Swingline Lender and the Administrative Agent.
(b) The Administrative Agent shall have received (i) a certificate of each Loan Party, dated as of the Amendment No. 2 Effective Date and executed by a Responsible Officer, which shall (A) certify the resolutions of its Board of Directors, members or other governing body authorizing the execution, delivery and performance of this Amendment, the Amended Credit Agreement and the other Loan Documents to which it is a party, (B) identify by name and title and bear the signatures of the officers of such Loan Party authorized to sign this Amendment and the other Loan Documents to which it is a party and (C) attach the charter, articles or certificate of organization or incorporation of each Loan Party certified by the relevant authority of the jurisdiction of organization of such Loan Party and a true and correct copy of its bylaws or operating, management or partnership agreement, or other equivalent organizational or governing documents, and (ii) a good standing certificate for each Loan Party from its jurisdiction of organization.
(c) The Administrative Agent shall have received from the Borrower a certificate signed by a Responsible Officer of the Borrower and dated as of the Amendment No. 2 Effective Date (i) certifying that, before and after giving effect (including giving effect on a pro forma basis) to the transactions contemplated by this Amendment, (A) the representations and warranties contained in Article III of the Amended Credit Agreement and the other Loan Documents are true and correct in all material respects (or in all respects in the case of any representation and warranty qualified by materiality or Material Adverse Effect) with the same effect as though made on and as of the date hereof (it being understood and agreed that any representation or warranty which by its terms is made as of a specified date is true and correct in all material respects (or in all respects in the case of any representation and warranty qualified by materiality or Material Adverse Effect) only as of such specified date), (B) no Default or Event of Default exists or would result therefrom, and (C) the Borrower is in compliance (on a pro forma basis) with the covenants contained in Section 6.12 of the Amended Credit Agreement.
(d) To the extent requested by any Lender, at least five (5) days prior to the Amendment No. 2 Effective Date, (i) the Administrative Agent and Lenders shall have received (x) all documentation and other information regarding the Loan Parties requested in connection with applicable “know your customer” and anti-money laundering rules and regulations, including the USA PATRIOT Act, to the extent requested in writing of the Borrower at least ten (10) days prior to the Amendment No. 2 Effective Date and (y) a properly completed and signed IRS Form W-8 or W-9, as applicable, for each Loan Party and (ii) to the extent the Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, any Lender that has requested, in a written notice to the Borrower at least ten (10) days prior to the Amendment No. 2 Effective Date, a Beneficial Ownership Certification in relation to the Borrower shall have received such Beneficial Ownership Certification (provided that, upon the execution and delivery by such Lender of its signature page to this Amendment, the condition set forth in this clause (ii) shall be deemed to be satisfied).
(e) The Administrative Agent shall have received a favorable written opinion (addressed to the Administrative Agent and the Lenders and dated the Amendment No. 2 Effective Date), which opinion shall be substantially consistent with the opinion delivered at the original closing of the Existing Credit Agreement, in addition to covering such other matters relating to the Loan Parties, the Amended Credit Agreement, this Amendment and the transactions contemplated hereby as the Administrative Agent shall reasonably request. The Borrower hereby requests such counsel to deliver such opinions.
(f) The Administrative Agent shall have received payment of its reasonable and documented out-of-pocket expenses (including reasonable out-of-pocket fees and expenses of counsel for the Administrative Agent) in connection with this Amendment.
3. Representations and Warranties of the Loan Parties. Each Loan Party hereby represents and warrants as follows:
(a) This Amendment and the Amended Credit Agreement constitute legal, valid and binding obligations of such Loan Party, enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.
(b) As of the date hereof and after giving effect to the terms of this Amendment, (i) no Default or Event of Default has occurred and is continuing and (ii) the representations and warranties of the Loan Parties set forth in the Loan Documents are true and correct in all material respects (or in all respects in the case of any representation or warranty qualified by materiality or Material Adverse Effect) with the same effect as though made on and as of the date hereof (it being understood and agreed that any representation or warranty which by its terms is made as of a specified date is true and correct in all material respects (or in all respects in the case of any representation or warranty qualified by materiality or Material Adverse Effect) only as of such specified date).
4. Reference to and Effect on the Credit Agreement.
(a) Upon the effectiveness hereof, each reference to the Existing Credit Agreement in the Amended Credit Agreement or any other loan document shall mean and be a reference to the Amended Credit Agreement.
(b) The Existing Credit Agreement and all other documents, instruments and agreements executed and/or delivered in connection therewith shall remain in full force and effect and are hereby ratified and confirmed.
(c) Except with respect to the subject matter hereof, the execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Administrative Agent or the Lenders, nor constitute a waiver of any provision of the Existing Credit Agreement or any other documents, instruments and agreements executed and/or delivered in connection therewith.
(d) This Amendment is a Loan Document.
(e) Except as expressly modified by this Amendment, all of the terms, provisions and conditions of the Existing Credit Agreement, as heretofore amended, shall remain unchanged and in full force and effect. This Amendment shall not constitute a course of dealing with the Lenders at variance with the Existing Credit Agreement or the other Loan Documents such as to require further notice by such Person to require strict compliance with the terms of the Existing Credit Agreement and the other Loan Documents in the future.
5. Governing Law. This Amendment shall be governed by and construed in accordance with and governed by the law of the State of New York. The parties hereto agree that provisions of Sections 9.09 and 9.10 of the Amended Credit Agreement are hereby incorporated by reference, mutatis mutandis.
6. Headings. Section headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose.
7. Counterparts. This Amendment may be executed by one or more of the parties hereto on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this Amendment that is an Electronic Signature transmitted by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page shall be effective as delivery of a manually executed counterpart of this Amendment. The words “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to this Amendment shall be deemed to include Electronic Signatures, deliveries or the keeping of records in any electronic form (including deliveries by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page), each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be; provided, that, without limiting the foregoing, (i) to the extent the Administrative Agent has agreed to accept any Electronic Signature, the Administrative Agent and each of the Lenders shall be entitled to rely on such Electronic Signature purportedly given by or on behalf of the Borrower or any other Loan Party without further verification thereof and without any obligation to review the appearance or form of any such Electronic Signature, and (ii) upon the request of the Administrative Agent or any Lender, any Electronic Signature shall be promptly followed by a manually executed counterpart.
8. No Novation. Neither the execution, delivery and acceptance of this Amendment nor any of the terms, covenants, conditions or other provisions set forth herein are intended, nor shall they be deemed or construed, to effect a novation of any liens or Obligations under the Existing Credit Agreement or to pay, extinguish, release, satisfy or discharge (a) the Obligations under the Existing Credit Agreement, (b) the liability of any Loan Party under the Existing Credit Agreement or the other Loan Documents executed and delivered in connection therewith or any Obligations or other obligations evidenced thereby, or (c) any mortgages, deeds of trust, liens, security interests or contractual or legal rights securing all or any part of such Obligations.
9. Reaffirmation. Except as expressly modified by this Amendment, all of the terms, provisions and conditions of the Existing Credit Agreement, as heretofore amended, shall remain unchanged and in full force and effect. Each Loan Party, as debtor, grantor, pledgor, guarantor, assignor, or in any other similar capacity in which such Person grants liens or security interests in its property or otherwise acts as accommodation party or guarantor, as the case may be, hereby (i) ratifies and reaffirms all of its payment and performance obligations, contingent or otherwise, under the Existing Credit Agreement and each other Loan Document to which it is a party (after giving effect hereto) and (ii) to the extent such Person granted liens on or security interests in any of its property pursuant to any Loan Documents as security for or otherwise guaranteed the Obligations under or with respect to the Loan Documents, ratifies and reaffirms such guarantee and grant of security interests and liens and confirms and agrees that such security interests and liens hereafter secure all of the Obligations as amended hereby. This Amendment shall not constitute a course of dealing with the Administrative Agent or any Lender at variance with the Existing Credit Agreement or the other Loan Documents such as to require further notice by such Person to require strict compliance with the terms of the Existing Credit Agreement and the other Loan Documents in the future.
IN WITNESS WHEREOF, this Amendment has been duly executed as of the day and year first above written.
MESA LABORATORIES, INC.,
as the Borrower
By:____________________________________
Name:
Title:
AGENA BIOSCIENCE, INC.,
as a Subsidiary Guarantor
By:____________________________________
Name:
Title:
JPMORGAN CHASE BANK, N.A.,
individually as a Lender and as Administrative Agent
By:_______________________________________
Name:
Title:
BANK OF AMERICA, N.A.,
as a Lender
By:_______________________________________
Name:
Title:
KEYBANK NATIONAL ASSOCIATION,
as a Lender
By:_______________________________________
Name:
Title:
PNC BANK, NATIONAL ASSOCIATION,
as a Lender
By:_______________________________________
Name:
Title:
Exhibit A
Amendments to Credit Agreement
Exhibit 31.1 Certifications Pursuant to Rule 13a-14(a)
I, Gary M. Owens, certify that:
| |
1.
|
I have reviewed this quarterly report on Form 10-Q of Mesa Laboratories, Inc.;
|
| |
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
| |
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
| |
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
| |
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
| |
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
| |
(c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
| |
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
| |
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
| |
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
| |
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Exhibit 31.2 Certifications Pursuant to Rule 13a-14(a)
I, John V. Sakys, certify that:
| |
1.
|
I have reviewed this quarterly report on Form 10-Q of Mesa Laboratories, Inc.;
|
| |
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
| |
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
| |
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
| |
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
| |
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
| |
(c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
| |
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
| |
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
| |
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
| |
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Exhibit 32.1 Certifications Pursuant to Rule 13a-14(b) and 18 U.S.C Section 1350
In connection with the Quarterly Report of Mesa Laboratories, Inc. (the “Company”) on Form 10-Q for the fiscal quarter ended September 30, 2023 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Gary M. Owens, Chief Executive Officer of the Company, certify, pursuant to Rule 13a-14(b) and 18 U.S.C. § 1350, that:
| |
(1)
|
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
| |
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
Exhibit 32.2 Certifications Pursuant to Rule 13a-14(b) and 18 U.S.C Section 1350
In connection with the Quarterly Report of Mesa Laboratories, Inc. (the “Company”) on Form 10-Q for the fiscal quarter ended September 30, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, John V. Sakys, Chief Financial Officer of the Company, certify, pursuant to Rule 13a-14(b) and 18 U.S.C. § 1350, that:
| |
(1)
|
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
| |
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
v3.23.3
Document And Entity Information - shares
|
6 Months Ended |
|
Sep. 30, 2023 |
Oct. 30, 2023 |
| Document Information [Line Items] |
|
|
| Entity Central Index Key |
0000724004
|
|
| Entity Registrant Name |
MESA LABORATORIES INC /CO
|
|
| Amendment Flag |
false
|
|
| Current Fiscal Year End Date |
--03-31
|
|
| Document Fiscal Period Focus |
Q2
|
|
| Document Fiscal Year Focus |
2024
|
|
| Document Type |
10-Q
|
|
| Document Quarterly Report |
true
|
|
| Document Period End Date |
Sep. 30, 2023
|
|
| Document Transition Report |
false
|
|
| Entity File Number |
0-11740
|
|
| Entity Incorporation, State or Country Code |
CO
|
|
| Entity Tax Identification Number |
84-0872291
|
|
| Entity Address, Address Line One |
12100 West Sixth Avenue
|
|
| Entity Address, City or Town |
Lakewood
|
|
| Entity Address, State or Province |
CO
|
|
| Entity Address, Postal Zip Code |
80228
|
|
| City Area Code |
303
|
|
| Local Phone Number |
987-8000
|
|
| Title of 12(b) Security |
Common Stock, no par value
|
|
| Trading Symbol |
MLAB
|
|
| Security Exchange Name |
NASDAQ
|
|
| Entity Current Reporting Status |
Yes
|
|
| Entity Interactive Data Current |
Yes
|
|
| Entity Filer Category |
Large Accelerated Filer
|
|
| Entity Small Business |
false
|
|
| Entity Emerging Growth Company |
false
|
|
| Entity Shell Company |
false
|
|
| Entity Common Stock, Shares Outstanding |
|
5,391,726
|
| X |
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dei_DocumentType |
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| X |
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| Data Type: |
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| X |
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+ References
+ Details
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| Data Type: |
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| Balance Type: |
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duration |
|
| X |
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| Namespace Prefix: |
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| Data Type: |
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|
| X |
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| Data Type: |
dei:stateOrProvinceItemType |
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-Section 12
-Subsection b-2
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|
| X |
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|
| X |
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| X |
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-Name Exchange Act
-Number 240
-Section 12
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|
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dei_LocalPhoneNumber |
| Namespace Prefix: |
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|
v3.23.3
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
$ in Thousands |
Sep. 30, 2023 |
Mar. 31, 2023 |
| Cash and cash equivalents |
$ 35,617
|
$ 32,910
|
| Accounts receivable, less allowance for doubtful accounts of $979 and $849, respectively |
36,340
|
42,551
|
| Inventories |
32,879
|
34,642
|
| Prepaid expenses and other |
12,826
|
8,872
|
| Total current assets |
117,662
|
118,975
|
| Noncurrent assets: |
|
|
| Property, plant and equipment, net of accumulated depreciation of $21,324 and $19,768 respectively |
28,574
|
28,149
|
| Deferred tax asset |
1,051
|
1,076
|
| Other assets |
8,953
|
10,373
|
| Intangible assets |
197,680
|
216,815
|
| Goodwill |
283,268
|
286,444
|
| Total assets |
637,188
|
661,832
|
| LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
| Accounts payable |
4,810
|
6,134
|
| Accrued payroll and benefits |
8,353
|
9,433
|
| Unearned revenues |
14,316
|
15,694
|
| Other accrued expenses |
12,337
|
12,098
|
| Total current liabilities |
39,816
|
43,359
|
| Noncurrent liabilities: |
|
|
| Deferred tax liability |
33,437
|
34,028
|
| Other long-term liabilities |
5,443
|
7,693
|
| Credit Facility |
0
|
13,000
|
| Convertible senior notes, net of debt issuance costs |
170,733
|
170,272
|
| Total liabilities |
249,429
|
268,352
|
| Stockholders’ equity: |
|
|
| Common stock, no par value; 25,000,000 shares authorized; 5,391,726 and 5,369,466 shares issued and outstanding, respectively |
337,869
|
332,076
|
| Retained earnings |
70,699
|
74,199
|
| Accumulated other comprehensive (loss) |
(20,809)
|
(12,795)
|
| Total stockholders’ equity |
387,759
|
393,480
|
| Total liabilities and stockholders’ equity |
637,188
|
661,832
|
| Customer Relationships [Member] |
|
|
| Noncurrent assets: |
|
|
| Intangible assets |
137,057
|
152,189
|
| Intellectual Property [Member] |
|
|
| Noncurrent assets: |
|
|
| Intangible assets |
43,416
|
46,400
|
| Other Intangible Assets [Member] |
|
|
| Noncurrent assets: |
|
|
| Intangible assets |
$ 17,207
|
$ 18,226
|
| X |
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v3.23.3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)
$ / shares in Thousands, $ in Thousands |
Sep. 30, 2023 |
Mar. 31, 2023 |
| Allowance for doubtful accounts receivable |
$ 979
|
$ 849
|
| Property, plant and equipment, accumulated Depreciation |
$ 21,324
|
$ 19,768
|
| Common stock, no par value (in dollars per share) |
$ 0
|
$ 0
|
| Common stock, authorized (in shares) |
25,000,000
|
25,000,000
|
| Common stock, issued (in shares) |
5,391,726
|
5,369,466
|
| Common stock, outstanding (in shares) |
5,391,726
|
5,369,466
|
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v3.23.3
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Revenues |
$ 53,165
|
$ 58,749
|
$ 103,810
|
$ 109,202
|
| Cost of revenues |
21,056
|
22,363
|
40,518
|
41,475
|
| Gross profit |
32,109
|
36,386
|
63,292
|
67,727
|
| Operating expense: |
|
|
|
|
| Selling |
9,650
|
9,200
|
18,626
|
19,223
|
| General and administrative |
17,526
|
18,202
|
35,586
|
38,414
|
| Research and development |
4,993
|
4,989
|
9,804
|
10,689
|
| Total operating expense |
32,169
|
32,391
|
64,016
|
68,326
|
| Operating (loss) income |
(60)
|
3,995
|
(724)
|
(599)
|
| Nonoperating expense: |
|
|
|
|
| Interest expense and amortization of debt issuance costs |
905
|
1,214
|
1,953
|
2,228
|
| Other expense (income), net |
360
|
(603)
|
(415)
|
(799)
|
| Total nonoperating expense, net |
1,265
|
611
|
1,538
|
1,429
|
| (Loss) earnings before income taxes |
(1,325)
|
3,384
|
(2,262)
|
(2,028)
|
| Income tax (benefit) expense |
(95)
|
2,078
|
(483)
|
(1,896)
|
| Net (loss) income |
$ (1,230)
|
$ 1,306
|
$ (1,779)
|
$ (132)
|
| Net (loss) earnings per share: |
|
|
|
|
| Basic (loss) earnings per share (in dollars per share) |
$ (0.23)
|
$ 0.25
|
$ (0.33)
|
$ (0.02)
|
| Diluted (loss) earnings per share (in dollars per share) |
$ (0.23)
|
$ 0.24
|
$ (0.33)
|
$ (0.02)
|
| Weighted-average common shares outstanding: |
|
|
|
|
| Basic (in shares) |
5,387
|
5,323
|
5,379
|
5,298
|
| Fully diluted shares (in shares) |
5,387
|
5,364
|
5,379
|
5,298
|
| X |
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-Topic 260
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 260
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v3.23.3
Condensed Consolidated Statements of Comprehensive (Loss) (Unaudited) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Net (loss) |
$ (1,230)
|
$ 1,306
|
$ (1,779)
|
$ (132)
|
| Other comprehensive (loss): |
|
|
|
|
| Foreign currency translation |
(1,353)
|
(13,226)
|
(8,014)
|
(29,183)
|
| Comprehensive (loss) |
$ (2,583)
|
$ (11,920)
|
$ (9,793)
|
$ (29,315)
|
| X |
- DefinitionAmount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Section S99
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-Subparagraph (SX 210.9-04(26))
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Section S99
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 250
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
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-Section 45
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-Publisher FASB
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
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v3.23.3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)
$ in Thousands |
Common Stock [Member] |
Retained Earnings [Member] |
AOCI Attributable to Parent [Member] |
Total |
| Balance (in shares) at Mar. 31, 2022 |
5,265,627
|
|
|
|
|
| Balance at Mar. 31, 2022 |
$ 313,460
|
$ 76,675
|
$ 3,666
|
[1] |
$ 393,801
|
| Exercise of stock options and vesting of restricted stock units (in shares) |
31,690
|
|
|
|
|
| Exercise of stock options and vesting of restricted stock units |
$ 1,438
|
|
|
|
1,438
|
| Tax withholding on vesting of restricted stock units (in shares) |
(9)
|
|
|
|
|
| Tax withholding on vesting of restricted stock units |
$ (2)
|
0
|
0
|
|
(2)
|
| Dividends paid, $0.16 per share |
|
(843)
|
|
|
(843)
|
| Stock-based compensation expense |
3,432
|
|
|
|
3,432
|
| Foreign currency translation |
|
|
(15,957)
|
[1] |
(15,957)
|
| Net (loss) income |
$ 0
|
(1,438)
|
|
|
(1,438)
|
| Balance (in shares) at Jun. 30, 2022 |
5,297,308
|
|
|
|
|
| Balance at Jun. 30, 2022 |
$ 318,328
|
74,394
|
(12,291)
|
[1] |
380,431
|
| Exercise of stock options and vesting of restricted stock units (in shares) |
42,014
|
|
|
|
|
| Exercise of stock options and vesting of restricted stock units |
$ 2,778
|
|
|
|
2,778
|
| Tax withholding on vesting of restricted stock units (in shares) |
(3,051)
|
|
|
|
|
| Tax withholding on vesting of restricted stock units |
$ (572)
|
|
|
|
(572)
|
| Dividends paid, $0.16 per share |
|
(852)
|
|
|
(852)
|
| Stock-based compensation expense |
$ 4,371
|
|
|
|
4,371
|
| Foreign currency translation |
|
|
(13,226)
|
|
(13,226)
|
| Net (loss) income |
|
1,306
|
|
|
1,306
|
| Balance (in shares) at Sep. 30, 2022 |
5,336,271
|
|
|
|
|
| Balance at Sep. 30, 2022 |
$ 324,905
|
74,848
|
(25,517)
|
[1] |
$ 374,236
|
| Balance (in shares) at Mar. 31, 2023 |
5,369,466
|
|
|
|
5,369,466
|
| Balance at Mar. 31, 2023 |
$ 332,076
|
74,199
|
(12,795)
|
[1] |
$ 393,480
|
| Exercise of stock options and vesting of restricted stock units (in shares) |
20,074
|
|
|
|
|
| Exercise of stock options and vesting of restricted stock units |
$ 52
|
|
|
|
52
|
| Tax withholding on vesting of restricted stock units (in shares) |
(5,260)
|
|
|
|
|
| Tax withholding on vesting of restricted stock units |
$ (712)
|
0
|
0
|
|
(712)
|
| Dividends paid, $0.16 per share |
|
(859)
|
|
|
(859)
|
| Stock-based compensation expense |
$ 2,968
|
|
|
|
2,968
|
| Foreign currency translation |
|
|
(6,661)
|
[1] |
(6,661)
|
| Net (loss) income |
|
(549)
|
|
|
(549)
|
| Balance (in shares) at Jun. 30, 2023 |
5,384,280
|
|
|
|
|
| Balance at Jun. 30, 2023 |
$ 334,384
|
72,791
|
(19,456)
|
[1] |
$ 387,719
|
| Balance (in shares) at Mar. 31, 2023 |
5,369,466
|
|
|
|
5,369,466
|
| Balance at Mar. 31, 2023 |
$ 332,076
|
74,199
|
(12,795)
|
[1] |
$ 393,480
|
| Exercise of stock options and vesting of restricted stock units (in shares) |
|
|
|
|
2,000
|
| Balance (in shares) at Sep. 30, 2023 |
5,391,726
|
|
|
|
5,391,726
|
| Balance at Sep. 30, 2023 |
$ 337,869
|
70,699
|
(20,809)
|
[1] |
$ 387,759
|
| Balance (in shares) at Jun. 30, 2023 |
5,384,280
|
|
|
|
|
| Balance at Jun. 30, 2023 |
$ 334,384
|
72,791
|
(19,456)
|
[1] |
387,719
|
| Exercise of stock options and vesting of restricted stock units (in shares) |
7,464
|
|
|
|
|
| Exercise of stock options and vesting of restricted stock units |
$ 304
|
|
|
|
304
|
| Tax withholding on vesting of restricted stock units (in shares) |
(18)
|
|
|
|
|
| Tax withholding on vesting of restricted stock units |
$ (2)
|
|
|
|
(2)
|
| Dividends paid, $0.16 per share |
|
(862)
|
|
|
(862)
|
| Stock-based compensation expense |
$ 3,183
|
|
|
|
3,183
|
| Foreign currency translation |
|
|
(1,353)
|
|
(1,353)
|
| Net (loss) income |
|
(1,230)
|
|
|
$ (1,230)
|
| Balance (in shares) at Sep. 30, 2023 |
5,391,726
|
|
|
|
5,391,726
|
| Balance at Sep. 30, 2023 |
$ 337,869
|
$ 70,699
|
$ (20,809)
|
[1] |
$ 387,759
|
|
|
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-Topic 505
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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-Section S99
-Paragraph 3
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(16)(a))
-Publisher FASB
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section S99
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-Section S99
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4
Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-10
Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7
Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
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-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section S99
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
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-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
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-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B
Reference 32: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31
Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7
Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A
Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B
Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
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| X |
- DefinitionAmount after tax and reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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| X |
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
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-Paragraph 1
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
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| X |
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-Topic 210
-SubTopic 10
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
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-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
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| X |
- DefinitionValue of stock issued as a result of the exercise of stock options. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-SubTopic 10
-Topic 505
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-2
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.29-31)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
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| X |
- DefinitionAmount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-12
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(19))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-2
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(6))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 310
-SubTopic 10
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-Paragraph 2
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-Publisher FASB
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|
v3.23.3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares
|
3 Months Ended |
Sep. 30, 2023 |
Jun. 30, 2023 |
Sep. 30, 2022 |
Jun. 30, 2022 |
| Dividends paid, per share (in dollars per share) |
$ 0.16
|
$ 0.16
|
$ 0.16
|
$ 0.16
|
| X |
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-Topic 505
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|
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands |
3 Months Ended |
6 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Cash flows from operating activities: |
|
|
|
|
|
|
| Net (loss) |
$ (1,230)
|
$ 1,306
|
$ (1,779)
|
$ (132)
|
$ (1,779)
|
$ (132)
|
| Adjustments to reconcile net income to net cash from operating activities: |
|
|
|
|
|
|
| Depreciation and amortization |
|
|
16,230
|
16,189
|
|
|
| Stock-based compensation expense |
|
|
6,151
|
7,803
|
|
|
| Non-cash interest and debt amortization |
|
|
461
|
452
|
|
|
| Other |
|
|
1,137
|
(1,544)
|
|
|
| Cash from changes in operating assets and liabilities: |
|
|
|
|
|
|
| Accounts receivable, net |
|
|
5,448
|
(2,657)
|
|
|
| Inventories |
|
|
(184)
|
(4,065)
|
|
|
| Prepaid expenses and other assets |
|
|
(3,528)
|
(3,052)
|
|
|
| Accounts payable |
|
|
(1,307)
|
243
|
|
|
| Accrued liabilities and taxes payable |
|
|
(1,743)
|
(5,869)
|
|
|
| Unearned revenues |
|
|
(1,171)
|
378
|
|
|
| Net cash provided by operating activities |
|
|
19,715
|
7,746
|
|
|
| Cash flows from investing activities: |
|
|
|
|
|
|
| Purchases of property, plant and equipment |
|
|
(904)
|
(1,864)
|
|
|
| Net cash (used in) investing activities |
|
|
(904)
|
(1,864)
|
|
|
| Cash flows from financing activities: |
|
|
|
|
|
|
| Payments of debt |
|
|
(13,000)
|
(22,000)
|
|
|
| Dividends |
|
|
(1,721)
|
(1,695)
|
|
|
| Proceeds from the exercise of stock options |
|
|
356
|
4,216
|
|
|
| Payment of tax withholding obligation on vesting of restricted stock |
|
|
(714)
|
(574)
|
|
|
| Net cash (used in) financing activities |
|
|
(15,079)
|
(20,053)
|
|
|
| Effect of exchange rate changes on cash and cash equivalents |
|
|
(1,025)
|
(2,798)
|
|
|
| Net increase (decrease) in cash and cash equivalents |
|
|
2,707
|
(16,969)
|
|
|
| Cash and cash equivalents at beginning of period |
|
|
32,910
|
49,346
|
|
|
| Cash and cash equivalents at end of period |
$ 35,617
|
$ 32,377
|
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|
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|
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|
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v3.23.3
Note 1 - Description of Business and Summary of Significant Accounting Policies
|
6 Months Ended |
Sep. 30, 2023 |
|---|
| Notes to Financial Statements |
|
| Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] |
Note 1. Description of Business and Summary of Significant Accounting Policies
Description of Business
In this quarterly report on Form 10-Q, Mesa Laboratories, Inc., a Colorado corporation, together with its subsidiaries, is collectively referred to as “we,” “us,” “our,” the “Company,” or “Mesa.”
We are a multinational manufacturer, developer, and seller of life science tools and critical quality control products and services, many of which are sold into niche markets driven by regulatory requirements. We have manufacturing operations in the United States and Europe, and our products are marketed by our sales personnel in North America, Europe, and Asia Pacific, and by independent distributors in these areas as well as throughout the rest of the world. We prefer markets in which we can establish a strong presence and achieve high gross profit margins.
As of September 30, 2023, we managed our operations in four reportable segments, or divisions:
| | ● | Sterilization and Disinfection Control - manufactures and sells biological, cleaning, and chemical indicators used to assess the effectiveness of sterilization and disinfection processes in the pharmaceutical, medical device, hospital, and dental industries. The division also provides testing and laboratory services, mainly to the dental industry. |
| | ● | Clinical Genomics - develops, manufactures and sells highly sensitive, low-cost, high-throughput genetic analysis tools and related consumables and services that enable clinical labs to perform genomic testing for a broad range of diagnostic and research applications in several therapeutic areas, such as screenings for hereditary diseases, pharmacogenetics, and oncology related applications. |
| | ● | Biopharmaceutical Development - develops, manufactures, and sells automated systems for protein analysis (immunoassays) and peptide synthesis solutions. Immunoassays and peptide synthesis solutions accelerate the discovery, development, and manufacture of biotherapeutic therapies, among other applications. |
| | ● | Calibration Solutions - develops, manufactures and sells quality control products using principles of advanced metrology to measure or calibrate critical chemical or physical parameters in various dialysis, process monitoring, instrument monitoring, environmental monitoring, gas flow, environmental air quality, and torque applications, primarily in medical device manufacturing, pharmaceutical manufacturing, laboratory, and hospital environments. |
Unallocated corporate expenses are reported within Corporate and Other.
Basis of Presentation
The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission and in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information. In the opinion of management, such unaudited information includes all adjustments, consisting of normal recurring adjustments necessary for the fair statement of our financial position and results of operations. The results of operations for the interim periods are not necessarily indicative of results that may be achieved for the entire year. The year-end Condensed Consolidated Balance Sheet data was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America. We made no material changes to the application of our significant accounting policies that were disclosed in our Form 10-K. This quarterly report should be read in conjunction with the consolidated financial statements included in our annual report on Form 10-K for the year ended March 31, 2023.
Our fiscal year ends on March 31. References in this Quarterly Report to a particular “year” or “quarter” refer to our fiscal year or fiscal quarters, respectively.
Prior Period Reclassifications
Certain prior year amounts presented have been reclassified to conform with current presentation. The reclassifications have not resulted in any changes to consolidated or segment amounts reported in the Consolidated Financial Statements for any periods presented in this Form 10-Q.
Risks and Uncertainties
The preparation of financial statements requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the reporting date and revenues and expenses during the reporting periods. These estimates represent management's judgment about the outcome of future events. The global business environment continues to be impacted by cost pressure, the overall effects of economic uncertainty on customers' purchasing patterns, high interest rates, and other factors. It is not possible to accurately predict the future impact of such events and circumstances. Actual results could differ from our estimates.
Recently Issued Accounting Pronouncements
We have reviewed all recently issued accounting pronouncements and have concluded that they are either not applicable to us or are not expected to have a significant impact on our consolidated financial statements.
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v3.23.3
Note 2 - Significant Transactions
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Sep. 30, 2023 |
|---|
| Notes to Financial Statements |
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| Significant Transactions [Text Block] |
Note 2. Significant Transactions
Acquisition of GKE
On October 14, 2023, we executed a purchase agreement to acquire 100% of the outstanding shares of GKE GmbH and SAL GmbH, and subject to applicable Chinese regulatory approvals, 100% of the outstanding shares of Beijing GKE Science & Technology Co. Ltd. (together, "GKE" or the "GKE acquisition"). GKE develops, manufactures and sells a highly competitive portfolio of chemical sterilization indicators to protect patient safety across global healthcare markets. GKE’s strength in chemical indicators and our Sterilization and Disinfection Control division’s strength in biologic indictors are complementary, as chemical and biologic indicators are used in the same sterility validation workflows. Additionally, GKE’s healthcare-focused commercial capabilities and geographic coverage greatly expand our reach within the healthcare markets.
Total cash consideration for the GKE acquisition was €85,000, net of cash and debt and subject to customary purchase price adjustments. Of the total acquisition price, €8,500 will be held back for a period of 18 months from the acquisition closing date as security against potential indemnification losses. An additional €5,000 of the acquisition price, net of cash and debt and subject to customary adjustments, specifically related to the purchase of Beijing GKE Science & Technology Co. Ltd., will be paid to the sellers upon satisfaction of applicable Chinese regulatory approvals. We funded the acquisition through a combination of cash on-hand and $65,000 borrowed under our line of credit (See Note 7. "Indebtedness"). We began operating GKE GmbH and SAL GmbH on October 16, 2023, on which date they will also be included as wholly owned subsidiaries in our consolidated financial statements. Due to the recent nature of the acquisition, our initial purchase price accounting is incomplete.
Belyntic GmbH
On November 17, 2022, we acquired substantially all of the assets and certain liabilities of Belyntic GmbH’s peptide purification business (“the Belyntic acquisition”) for $6,450, of which $4,950 was paid on the date of acquisition. The remaining $1,500 will be paid as patent applications are approved. The business complements our existing peptide synthesis business, part of the Biopharmaceutical Development segment, by adding a new consumables line. The new PurePep® EasyClean products are a green chemistry solution to purify peptides.
During fiscal year 2023, we prepared a preliminary analysis of the valuation of net assets acquired in the Belyntic acquisition. During the six months ended September 30, 2023, based on a detailed financial analysis of the financial model, we recorded measurement period adjustments to reclassify amounts from intangible assets into goodwill. Our preliminary purchase price allocation is subject to further revision as more detailed analyses are completed.
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v3.23.3
Note 3 - Revenue
|
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Sep. 30, 2023 |
|---|
| Notes to Financial Statements |
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| Revenue from Contract with Customer [Text Block] |
Note 3. Revenue
We develop, manufacture, market, sell and maintain life sciences tools and quality control instruments and related consumables, and services. We evaluate revenues internally primarily based on operating segment and the nature of goods and services provided.
Hardware sales include physical products such as instruments used for molecular and genetic analysis, protein synthesizers, medical meters, wireless sensor systems, and data loggers. Hardware sales may be offered with accompanying perpetual or annual software licenses, which in some cases are required for the hardware to function.
Consumables are typically used on a one-time basis and require frequent replacement in our customers' operating cycles. Consumables such as reagents used for molecular and genetic analysis or solutions used for protein synthesis are critical to the ongoing use of our instruments. Consumables such as biological indicator test strips are used on a standalone basis.
We also offer maintenance, calibration, and testing service contracts. Under our service contracts we perform labor and replace parts on an as-needed basis over a contractually specified period of time, or perform specific, discrete services.
Typically, revenue is recognized upon shipment of a product, upon completion of a discrete service, or over a period of time reflective of the performance period in the applicable contract, depending on when our obligation to the customer is satisfied. The significant majority of our revenues and related receivables are generated from contracts with customers that are 12 months or less in duration.
The following tables present disaggregated revenues for the three and six months ended September 30, 2023 and September 30, 2022, respectively:
| | | Three Months Ended September 30, 2023 | |
| | | Sterilization and Disinfection Control | | | Clinical Genomics | | | Biopharmaceutical Development | | | Calibration Solutions | | | Total | |
| | | | | | | | | | | | | | | | | | | | | |
| Consumables | | $ | 14,749 | | | $ | 9,963 | | | $ | 4,187 | | | $ | 786 | | | $ | 29,685 | |
| Hardware and Software | | | 120 | | | | 4,474 | | | | 2,475 | | | | 6,884 | | | | 13,953 | |
| Services | | | 2,211 | | | | 1,112 | | | | 2,545 | | | | 3,659 | | | | 9,527 | |
| Total Revenues | | $ | 17,080 | | | $ | 15,549 | | | $ | 9,207 | | | $ | 11,329 | | | $ | 53,165 | |
| | | Three Months Ended September 30, 2022 | |
| | | Sterilization and Disinfection Control | | | Clinical Genomics | | | Biopharmaceutical Development | | | Calibration Solutions | | | Total | |
| | | | | | | | | | | | | | | | | | | | | |
| Consumables | | $ | 14,704 | | | $ | 12,399 | | | $ | 4,000 | | | $ | 865 | | | $ | 31,968 | |
| Hardware and Software | | | 218 | | | | 4,394 | | | | 5,988 | | | | 5,980 | | | | 16,580 | |
| Services | | | 2,042 | | | | 1,642 | | | | 2,156 | | | | 4,361 | | | | 10,201 | |
| Total Revenues | | $ | 16,964 | | | $ | 18,435 | | | $ | 12,144 | | | $ | 11,206 | | | $ | 58,749 | |
| | | Six Months Ended September 30, 2023 | |
| | | Sterilization and Disinfection Control | | | Clinical Genomics | | | Biopharmaceutical Development | | | Calibration Solutions | | | Total | |
| Consumables | | $ | 28,456 | | | $ | 18,732 | | | $ | 8,673 | | | $ | 1,295 | | | $ | 57,156 | |
| Hardware and Software | | | 201 | | | | 7,901 | | | | 5,166 | | | | 13,962 | | | | 27,230 | |
| Services | | | 4,350 | | | | 2,285 | | | | 5,257 | | | | 7,532 | | | | 19,424 | |
| Total Revenues | | $ | 33,007 | | | $ | 28,918 | | | $ | 19,096 | | | $ | 22,789 | | | $ | 103,810 | |
| | | Six Months Ended September 30, 2022 | |
| | | Sterilization and Disinfection Control | | | Clinical Genomics | | | Biopharmaceutical Development | | | Calibration Solutions | | | Total | |
| | | | | | | | | | | | | | | | | | | | | |
| Consumables | | $ | 26,932 | | | $ | 23,930 | | | $ | 7,664 | | | $ | 1,719 | | | $ | 60,245 | |
| Hardware and Software | | | 524 | | | | 5,885 | | | | 10,812 | | | | 11,673 | | | | 28,894 | |
| Services | | | 4,282 | | | | 3,125 | | | | 4,635 | | | | 8,021 | | | | 20,063 | |
| Total Revenues | | $ | 31,738 | | | $ | 32,940 | | | $ | 23,111 | | | $ | 21,413 | | | $ | 109,202 | |
Revenues from external customers are attributed to individual countries based upon the locations to which the products are shipped or exported, or locations where services are performed, as follows:
| | | Three Months Ended September 30, | | | Six Months Ended September 30, | |
| | | 2023 | | | 2022 | | | 2023 | | | 2022 | |
| United States | | $ | 27,073 | | | $ | 30,989 | | | $ | 53,610 | | | $ | 60,111 | |
| China | | | 7,529 | | | | 7,480 | | | | 13,642 | | | | 11,177 | |
| Other | | | 18,563 | | | | 20,280 | | | | 36,558 | | | | 37,914 | |
| Total revenues | | $ | 53,165 | | | $ | 58,749 | | | $ | 103,810 | | | $ | 109,202 | |
Other than China, no foreign country exceeded 10% of total revenues for the three and six months ended September 30, 2023 and 2022.
Contract Balances
Our contracts have varying payment terms and conditions. Some customers prepay for products and services, resulting in unearned revenues or customer deposits, called contract liabilities. Short-term contract liabilities are included within unearned revenues in the accompanying Condensed Consolidated Balance Sheets, and long-term contract liabilities are included within other long-term liabilities in the accompanying Condensed Consolidated Balance Sheets.
A summary of contract liabilities is as follows:
| Contract liabilities as of March 31, 2023 | | $ | 16,098 | |
| Prior year contract liabilities recognized in revenues during the six months ended September 30, 2023 | | | (6,399 | ) |
| Contract liabilities added during the six months ended September 30, 2023, net of revenues recognized | | | 4,934 | |
| Contract liabilities balance as of September 30, 2023 | | $ | 14,633 | |
Contract liabilities primarily relate to service contracts with original expected service durations of 12 months or less and will be recognized to revenue over time as our performance obligations are satisfied.
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v3.23.3
Note 4 - Fair Value Measurements
|
6 Months Ended |
Sep. 30, 2023 |
|---|
| Notes to Financial Statements |
|
| Fair Value Disclosures [Text Block] |
Note 4. Fair Value Measurements
Our financial instruments consist primarily of cash and cash equivalents, trade accounts receivable, obligations under trade accounts payable, and debt. Due to their short-term nature, the carrying values for cash and cash equivalents, trade accounts receivable, and trade accounts payable approximate fair value; they are classified within Level 1 of the fair value hierarchy.
Historically, the financial instruments that subject us to the highest concentration of credit risk are cash and cash equivalents and accounts receivable. We maintain relationships and cash deposits at multiple banking institutions across the world in an effort to diversify and reduce risk of loss. Concentration of credit risk with respect to accounts receivable is limited to customers to whom we make significant sales. No customers accounted for more than 10% of total trade receivables as of September 30, 2023.
We record an allowance for potential uncollectible amounts against our accounts receivable using historical collection experience and current and expected future economic and market conditions. To manage credit risk, we consider the creditworthiness of new and existing customers, and we regularly review outstanding balances and payment histories. We may require pre-payments from customers under certain circumstances and may limit future purchases until payments are made on past due amounts.
We have outstanding $172,500 aggregate principal amount of 1.375% convertible senior notes due August 15, 2025 (the "Notes"). We estimate the fair value of the Notes using Level 2 inputs based on the last actively traded price or observable market input preceding the end of the reporting period, and the fair value is approximately correlated to our stock price.
The estimated fair value and carrying value of the Notes was as follows:
| | | September 30, 2023 | | | March 31, 2023 | |
| | | Carrying Value | | | Fair Value (Level 2) | | | Carrying Value | | | Fair Value (Level 2) | |
| Notes | | $ | 170,733 | | | $ | 155,681 | | | $ | 170,272 | | | $ | 161,072 | |
We are obligated to pay contingent consideration of $1,500 cash related to the Belyntic acquisition upon approval of pending patent applications. We estimate the fair value of the contingent consideration using a probability-weighted outcome analysis based on our expectations of patent approval, leveraging our historical experience and expert input, and we adjust the estimated fair value at each reporting period through earnings. The fair value of the contingent consideration was $1,180 as of September 30, 2023 and is recorded in other accrued expenses on the accompanying Condensed Consolidated Balance Sheets. The first subset of patents was granted by the European Patent Office effective October 18, 2023, and we anticipate approval of the remaining pending patents within one year of September 30, 2023.
Amounts recognized or disclosed at fair value in the unaudited condensed consolidated financial statements on a nonrecurring basis include the initial recognition and disclosure of most assets and liabilities purchased in business acquisitions and any related measurement period adjustments. Additionally, assets such as property and equipment, operating lease assets, goodwill, and other intangible assets are adjusted to fair value if determined to be impaired. We recorded no impairments during the three and six months ended September 30, 2023 or 2022. Fair values of such assets and liabilities require measurement using Level 3 inputs.
There were no transfers between the levels of the fair value hierarchy during the three and six months ended September 30, 2023 or 2022.
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v3.23.3
Note 5 - Supplemental Balance Sheets Information
|
6 Months Ended |
Sep. 30, 2023 |
|---|
| Notes to Financial Statements |
|
| Supplemental Balance Sheet Disclosures [Text Block] |
Note 5. Supplemental Balance Sheets Information
Inventories consisted of the following:
| | | September 30, 2023 | | | March 31, 2023 | |
| Raw materials | | $ | 20,203 | | | $ | 20,064 | |
| Work in process | | | 633 | | | | 617 | |
| Finished goods | | | 12,043 | | | | 13,961 | |
| Total inventories | | $ | 32,879 | | | $ | 34,642 | |
The decrease in inventories is primarily attributable to non-cash scrap expense and transfers of instruments to be used in our business from inventory to fixed assets, partially offset by inventory purchases to meet current production needs.
Prepaid expenses and other current assets consisted of the following:
| | | September 30, 2023 | | | March 31, 2023 | |
| Prepaid expenses | | $ | 3,494 | | | $ | 2,498 | |
| Deposits | | | 1,563 | | | | 1,376 | |
| Prepaid income taxes | | | 3,534 | | | | 953 | |
| Other current assets | | | 4,235 | | | | 4,045 | |
| Total prepaid expenses and other | | $ | 12,826 | | | $ | 8,872 | |
Accrued payroll and benefits consisted of the following:
| | | September 30, 2023 | | | March 31, 2023 | |
| Bonus payable | | $ | 3,317 | | | $ | 4,461 | |
| Wages and paid-time-off payable | | | 2,139 | | | | 2,329 | |
| Payroll related taxes | | | 1,854 | | | | 1,982 | |
| Other benefits payable | | | 1,043 | | | | 661 | |
| Total accrued payroll and benefits | | $ | 8,353 | | | $ | 9,433 | |
Other accrued expenses consisted of the following:
| | | September 30, 2023 | | | March 31, 2023 | |
| Accrued business taxes | | $ | 6,079 | | | $ | 5,941 | |
| Current operating lease liabilities | | | 2,784 | | | | 2,868 | |
| Income taxes payable | | | 343 | | | | 992 | |
| Other | | | 3,131 | | | | 2,297 | |
| Total other accrued expenses | | $ | 12,337 | | | $ | 12,098 | |
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v3.23.3
Note 6 - Goodwill and Intangible Assets, Net
|
6 Months Ended |
Sep. 30, 2023 |
|---|
| Notes to Financial Statements |
|
| Goodwill and Intangible Assets Disclosure [Text Block] |
Note 6. Goodwill and Intangible Assets, Net
Intangible assets, the significant majority of which are finite-lived, consisted of the following:
| | | September 30, 2023 | | | March 31, 2023 | |
| | | Gross Carrying Amount | | | Accumulated Amortization | | | Net Carrying Amount | | | Gross Carrying Amount | | | Accumulated Amortization | | | Net Carrying Amount | |
| Customer relationships | | $ | 231,543 | | | $ | (94,486 | ) | | $ | 137,057 | | | $ | 238,247 | | | $ | (86,058 | ) | | $ | 152,189 | |
| Intellectual property | | | 66,576 | | | | (23,160 | ) | | | 43,416 | | | | 65,950 | | | | (19,550 | ) | | | 46,400 | |
| Other intangibles | | | 24,437 | | | | (7,230 | ) | | | 17,207 | | | | 24,793 | | | | (6,567 | ) | | | 18,226 | |
| Total | | $ | 322,556 | | | $ | (124,876 | ) | | $ | 197,680 | | | $ | 328,990 | | | $ | (112,175 | ) | | $ | 216,815 | |
Amortization expense for finite-lived intangible assets acquired in a business combination was as follows:
| | | Three Months Ended September 30, | | | Six Months Ended September 30, | |
| | | 2023 | | | 2022 | | | 2023 | | | 2022 | |
| Amortization in cost of revenues | | $ | 1,756 | | | $ | 1,691 | | | $ | 3,484 | | | $ | 3,399 | |
| Amortization in general and administrative | | | 5,429 | | | | 5,415 | | | | 10,921 | | | | 11,027 | |
| Total | | $ | 7,185 | | | $ | 7,106 | | | $ | 14,405 | | | $ | 14,426 | |
For the following fiscal years ending March 31, amortization expense is estimated as follows:
| Remainder of 2024 | | $ | 13,803 | |
| 2025 | | | 26,523 | |
| 2026 | | | 25,765 | |
| 2027 | | | 25,270 | |
| 2028 | | | 24,825 | |
The change in the carrying amount of goodwill was as follows:
| | | Sterilization and Disinfection Control | | | Clinical Genomics | | | Biopharmaceutical Development | | | Calibration Solutions | | | Total | |
| March 31, 2023 | | $ | 29,559 | | | $ | 135,811 | | | $ | 83,857 | | | $ | 37,217 | | | | 286,444 | |
| Effect of foreign currency translation | | | (201 | ) | | | (180 | ) | | | (3,612 | ) | | | (24 | ) | | | (4,017 | ) |
| Measurement period adjustment - Belyntic Acquisition | | | - | | | | - | | | | 841 | | | | - | | | | 841 | |
| September 30, 2023 | | $ | 29,358 | | | $ | 135,631 | | | $ | 81,086 | | | $ | 37,193 | | | $ | 283,268 | |
Goodwill in the Biopharmaceutical Development division related to the Belyntic acquisition is tax deductible.
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v3.23.3
Note 7 - Indebtedness
|
6 Months Ended |
Sep. 30, 2023 |
|---|
| Notes to Financial Statements |
|
| Debt Disclosure [Text Block] |
Note 7. Indebtedness
Credit Facility
As of September 30, 2023, we maintained a four-year senior credit facility (the “Credit Facility”) that included 1) a revolving credit facility in an aggregate principal amount of up to $75,000, 2) a swingline loan in an aggregate principal amount not exceeding $5,000, and 3) letters of credit in an aggregate stated amount not exceeding $2,500. The Credit Facility matures in March 2025. The Credit Facility also provides for an incremental term loan or an increase in revolving commitments in an aggregate principal amount of at a minimum $25,000 and at a maximum $75,000, subject to the satisfaction of certain conditions and lender considerations. As of September 30, 2023, we had no outstanding balances under the Credit Facility.
The financial covenants in the Credit Facility include a maximum leverage ratio of 4.5 to 1.0 for the period ended September 30, 2023, except that we may have a leverage ratio of 5.75 to 1.0 for a period of four consecutive quarters following a permitted acquisition. The Credit Facility also stipulates a minimum fixed charge coverage ratio of 1.25 to 1.0. Other covenants include restrictions on our ability to incur debt, grant liens, make fundamental changes, engage in certain transactions with affiliates, or conduct asset sales. As of September 30, 2023, we were in compliance with all covenants.
Amounts borrowed under the Credit Facility bear interest at either a base rate or a SOFR rate plus an applicable spread. We are obligated to pay quarterly unused commitment fees of between 0.15% and 0.35% of the Credit Facility’s aggregate principal amount, based on our leverage ratio.
On October 5, 2023, we amended the terms of the Credit Facility to increase the maximum principal amount available to us from $75,000 to $125,000. On October 11, 2023, we borrowed $65,000 under the facility at a current interest rate of 6.9% to partially fund the acquisition of GKE. See Note 2. "Significant Transactions" for further information.
Convertible Notes
On August 12, 2019, we issued an aggregate principal amount of $172,500 of Notes. The net proceeds from the Notes, after deducting underwriting discounts and commissions and other related offering expenses payable by us, were approximately $167,056. The Notes mature on August 15, 2025, unless earlier repurchased or converted, and bear interest at a rate of 1.375% payable semi-annually in arrears on February 15 and August 15 each year. The Notes are initially convertible, subject to certain conditions, at a conversion rate of 3.5273 shares of common stock per $1,000 principal amount of Notes, which is equivalent to an initial conversion price of approximately $283.50 per share of common stock.
Upon conversion, we will pay or deliver, as the case may be, cash, shares of our common stock, or a combination of cash and shares of our common stock, at our election. The circumstances necessary for conversion were not met during the three and six months ended September 30, 2023. As of September 30, 2023, the Notes were classified as a long-term liability on our Condensed Consolidated Balance Sheets. The if-converted value of the Notes did not exceed the principal balance as of September 30, 2023.
The net carrying amount of the Notes was as follows:
| | | September 30, 2023 | | | March 31, 2023 | |
| Principal outstanding | | $ | 172,500 | | | $ | 172,500 | |
| Unamortized debt issuance costs | | | (1,767 | ) | | | (2,228 | ) |
| Net carrying value | | $ | 170,733 | | | $ | 170,272 | |
We recognized interest expense on the Notes as follows:
| | | Three Months Ended September 30, | | | Six Months Ended September 30, | |
| | | 2023 | | | 2022 | | | 2023 | | | 2022 | |
| Coupon interest expense at 1.375% | | $ | 593 | | | $ | 593 | | | $ | 1,186 | | | $ | 1,186 | |
| Amortization of debt issuance costs | | | 231 | | | | 227 | | | | 461 | | | | 452 | |
| Total interest and amortization of debt issuance costs | | $ | 824 | | | $ | 820 | | | $ | 1,647 | | | $ | 1,638 | |
The effective interest rate on the notes is approximately 1.9%.
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v3.23.3
Note 8 - Stockholders' Equity
|
6 Months Ended |
Sep. 30, 2023 |
|---|
| Notes to Financial Statements |
|
| Share-Based Payment Arrangement [Text Block] |
Note 8. Stockholders' Equity
Stock-Based Compensation
During the six months ended September 30, 2023, we issued stock options, restricted stock units ("RSUs") and performance-based restricted stock units ("PSUs") pursuant to the Mesa Laboratories, Inc. Amended and Restated 2021 Equity Incentive Plan (the "2021 Equity Plan"), which authorizes the issuance of 660 shares of common stock to eligible participants.
Expense recognized related to stock-based compensation is as follows:
| | | Three Months Ended September 30, | | | Six Months Ended September 30, | |
| | | 2023 | | | 2022 | | | 2023 | | | 2022 | |
| Stock-based compensation expense | | $ | 3,183 | | | $ | 4,371 | | | $ | 6,151 | | | $ | 7,803 | |
| Amount of income tax expense (benefit) recognized in earnings | | | 1,389 | | | | (89 | ) | | | 517 | | | | (2,081 | ) |
| Stock-based compensation expense, net of tax | | $ | 4,572 | | | $ | 4,282 | | | $ | 6,668 | | | $ | 5,722 | |
Stock-based compensation expense is included in cost of revenues, selling, general and administrative, and research and development expense in the accompanying unaudited Condensed Consolidated Statements of Operations.
The following is a summary of stock option award activity for the six months ended September 30, 2023:
| | | Stock Options | |
| | | Shares Subject to Options | | | Weighted- Average Exercise Price per Share | | | Weighted-Average Remaining Contractual Life (Years) | | | Aggregate Intrinsic Value | |
| Outstanding as of March 31, 2023 | | | 163 | | | $ | 200.62 | | | | 3.3 | | | $ | 1,643 | |
| Awards granted | | | 53 | | | | 131.67 | | | | | | | | | |
| Awards forfeited or expired | | | (15 | ) | | | 213.22 | | | | | | | | | |
| Awards exercised | | | (2 | ) | | | 132.40 | | | | | | | | | |
| Outstanding as of September 30, 2023 | | | 199 | | | $ | 181.90 | | | | 3.7 | | | $ | - | |
The stock options granted during the six months ended September 30, 2023 vest in equal installments on the first, second, and third anniversary of the grant date.
The following is a summary of RSU and PSU award activity for the six months ended September 30, 2023:
| | | Time-Based Restricted Stock Units | | | Performance-Based Restricted Stock Units | |
| | | Number of Shares | | | Weighted- Average Grant Date Fair Value per Share | | | Number of Shares | | | Weighted- Average Grant Date Fair Value per Share | |
| Outstanding as of March 31, 2023(1) | | | 57 | | | $ | 209.27 | | | | 44 | | | $ | 286.02 | |
| Awards granted(1) | | | 53 | | | | 134.35 | | | | 32 | | | | 132.29 | |
| Awards forfeited | | | (3 | ) | | | 179.82 | | | | - | | | | - | |
| Awards distributed | | | (25 | ) | | | 208.33 | | | | - | | | | - | |
| Outstanding as of September 30, 2023(1) | | | 82 | | | $ | 162.48 | | | | 76 | | | $ | 223.07 | |
| (1) | Balances for PSUs are reflected at target. |
Outstanding time-based RSUs vest and settle in shares of our common stock on a one-for-one basis. The majority of the RSUs granted to employees during the six months ended September 30, 2023 vest in equal installments on the first, second, and third anniversary of the grant date. RSUs granted to certain executives during the six months ended September 30, 2023 vest in equal installments on September 1, 2024, June 21, 2025 and June 21, 2026. RSUs granted to non-employee directors during the six months ended September 30, 2023 vest one year from the grant date. We recognize the expense relating to RSUs, net of estimated forfeitures, on a straight-line basis over the vesting period.
We grant PSUs to certain key employees. The number of shares earned is determined at the end of each performance period based on Mesa's achievement of certain pre-defined targets defined in the related award agreement. PSUs vest upon completion of the service period described in the award agreement. We recognize the expense relating to the performance-based RSUs based on the probable outcome of achievement of the performance targets on a straight-line basis over the service period.
During the six months ended September 30, 2023, the Compensation Committee of the Board of Directors created a plan to award 32 PSUs at target (the "FY24 PSUs") with a grant date fair value of $132.29 that are subject to service, performance, and market conditions to eligible employees. The service period is from April 1, 2023 through June 21, 2026. The company performance conditions will be measured for the period from April 1, 2023 through March 31, 2024. The quantity of shares that will be earned based upon company performance will range from 0% to 200% of the targeted number of shares; if the defined minimum targets are not met, then no shares will vest for performance. In addition, the number of PSUs earned based on company performance will be adjusted up or down by a maximum of 20% pursuant to a market-based measure of performance comparing Mesa’s share price to a peer group over the period from April 1, 2023 until March 31, 2026.
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v3.23.3
Note 9 - Net (Loss) Earnings Per Share
|
6 Months Ended |
Sep. 30, 2023 |
|---|
| Notes to Financial Statements |
|
| Earnings Per Share [Text Block] |
Note 9. Net (Loss) Earnings Per Share
Basic net (loss) earnings per share is computed by dividing net (loss) income by the weighted-average number of common shares outstanding during the reporting period. Diluted (loss) earnings per share (“diluted EPS”) is computed similarly to basic (loss) earnings per share, except that it includes the potential dilution that could occur if dilutive securities were exercised. Potentially dilutive securities include stock options and both time and performance based RSUs (collectively “stock awards”), as well as common shares underlying our Notes. Stock awards are excluded from the calculation of diluted EPS if they are subject to performance conditions that have not yet been achieved or if they are antidilutive. Diluted EPS does not consider the impact of potentially dilutive in periods in which there is a loss because the inclusion of the potential common shares would have an antidilutive effect in such cases.
The impact of the assumed conversion of the Notes calculated under the if-converted method was antidilutive, and as such, shares underlying the Notes were excluded from the diluted EPS calculation for the three and six months ended September 30, 2023 and September 30, 2022.
The following table presents a reconciliation of the denominators used in the computation of basic and diluted (loss) earnings per share:
| | | Three Months Ended September 30, | | | Six Months Ended September 30, | |
| | | 2023 | | | 2022 | | | 2023 | | | 2022 | |
| Net (loss) income | | $ | (1,230 | ) | | $ | 1,306 | | | $ | (1,779 | ) | | $ | (132 | ) |
| Weighted average outstanding shares of common stock | | | 5,387 | | | | 5,323 | | | | 5,379 | | | | 5,298 | |
| Dilutive effect of stock options | | | - | | | | 27 | | | | - | | | | - | |
| Dilutive effect of RSUs | | | - | | | | 14 | | | | - | | | | - | |
| Fully diluted shares | | | 5,387 | | | | 5,364 | | | | 5,379 | | | | 5,298 | |
| | | | | | | | | | | | | | | | | |
| Basic (loss) earnings per share | | $ | (0.23 | ) | | $ | 0.25 | | | $ | (0.33 | ) | | $ | (0.02 | ) |
| Diluted (loss) earnings per share | | $ | (0.23 | ) | | $ | 0.24 | | | $ | (0.33 | ) | | $ | (0.02 | ) |
The following stock awards were excluded from the calculation of diluted EPS:
| | | Three Months Ended September 30, | | | Six Months Ended September 30, | |
| | | 2023 | | | 2022 | | | 2023 | | | 2022 | |
| Assumed conversion of the Notes | | | 608 | | | | 608 | | | | 608 | | | | 608 | |
| Stock awards that were anti-dilutive | | | 282 | | | | 154 | | | | 255 | | | | 328 | |
| Stock awards subject to performance and market conditions | | | 43 | | | | 60 | | | | 41 | | | | 52 | |
| Total stock awards excluded from diluted EPS | | | 933 | | | | 822 | | | | 904 | | | | 988 | |
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v3.23.3
Note 10 - Income Taxes
|
6 Months Ended |
Sep. 30, 2023 |
|---|
| Notes to Financial Statements |
|
| Income Tax Disclosure [Text Block] |
Note 10. Income Taxes
For interim income tax reporting, we estimate our annual effective tax rate and apply this effective tax rate to our year-to-date pre-tax income. Each quarter, our estimate of the annual effective tax rate is updated, and if the estimated effective tax rate changes, a cumulative adjustment is made. Additionally, the tax effects of significant unusual or infrequently occurring items are recognized as discrete items in the interim period in which the events occur. There is a potential for volatility in the effective tax rate due to several factors, including changes in the mix of the pre-tax income and the jurisdictions to which they relate, changes in tax laws and foreign tax holidays, settlement with taxing authorities, and foreign currency fluctuations.
Our effective income tax rate was 21.4% for the six months ended September 30, 2023 and 93.5% for the six months ended September 30, 2022. The effective tax rate for the six months ended September 30, 2023 differed from the statutory federal rate of 21% primarily due to the share-based payment awards for employees and the effect of income generated in foreign jurisdictions. The change in our effective tax rate for the six months ended September 30, 2023 compared to the prior period is primarily due to lower windfall benefits on stock option exercises.
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v3.23.3
Note 11 - Commitments and Contingencies
|
6 Months Ended |
Sep. 30, 2023 |
|---|
| Notes to Financial Statements |
|
| Commitments and Contingencies Disclosure [Text Block] |
Note 11. Commitments and Contingencies
We review the adequacy of our legal reserves on a quarterly basis and establish reserves for loss contingencies that are both probable and reasonably estimable. As of September 30, 2023, there were no material legal reserves recorded on the accompanying unaudited Condensed Consolidated Balance Sheets.
As part of the Belyntic acquisition, we have agreed to pay $1,500 to the sellers if contractually specified patents are issued. Effective October 18, 2023, a subset of the patents was issued by the European Patent Office, and we believe it is probable the remaining patents will be issued and we will pay the sellers in full within the next 12 months.
As part of the GKE acquisition consummated on October 14, 2023, we will pay the sellers €8,500 of the acquisition price 18 months following the acquisition date, pending adjustments for potential indemnification losses that may arise. We will pay the sellers an additional €5,000 of the acquisition price, net of cash and debt and subject to customary adjustments, upon satisfaction of Chinese regulatory approvals for the Beijing GKE Science & Technology Co. Ltd. portion of the acquisition.
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v3.23.3
Note 12 - Segment Information
|
6 Months Ended |
Sep. 30, 2023 |
|---|
| Notes to Financial Statements |
|
| Segment Reporting Disclosure [Text Block] |
Note 12. Segment Information
The following tables set forth our segment information:
| | | Three Months Ended September 30, | | | Six Months Ended September 30, | |
| | | 2023 | | | 2022 | | | 2023 | | | 2022 | |
| Revenues: | | | | | | | | | | | | | | | | |
| Sterilization and Disinfection Control | | $ | 17,080 | | | $ | 16,964 | | | $ | 33,007 | | | $ | 31,738 | |
| Clinical Genomics | | | 15,549 | | | | 18,435 | | | | 28,918 | | | | 32,940 | |
| Biopharmaceutical Development | | | 9,207 | | | | 12,144 | | | | 19,096 | | | | 23,111 | |
| Calibration Solutions | | | 11,329 | | | | 11,206 | | | | 22,789 | | | | 21,413 | |
| Total revenues (a) | | $ | 53,165 | | | $ | 58,749 | | | $ | 103,810 | | | $ | 109,202 | |
| | | | | | | | | | | | | | | | | |
| Gross profit: | | | | | | | | | | | | | | | | |
| Sterilization and Disinfection Control | | $ | 12,476 | | | $ | 12,199 | | | $ | 24,067 | | | $ | 22,967 | |
| Clinical Genomics | | | 7,727 | | | | 10,641 | | | | 14,455 | | | | 18,490 | |
| Biopharmaceutical Development | | | 5,509 | | | | 7,557 | | | | 11,942 | | | | 14,634 | |
| Calibration Solutions | | | 6,407 | | | | 6,007 | | | | 12,838 | | | | 11,671 | |
| Reportable segment gross profit | | | 32,119 | | | | 36,404 | | | | 63,302 | | | | 67,762 | |
| Corporate and Other (b) | | | (10 | ) | | | (18 | ) | | | (10 | ) | | | (35 | ) |
| Gross profit | | $ | 32,109 | | | $ | 36,386 | | | $ | 63,292 | | | $ | 67,727 | |
| Reconciling Items: | | | | | | | | | | | | | | | | |
| Operating expense | | | 32,169 | | | | 32,391 | | | | 64,016 | | | | 68,326 | |
| Operating (loss) income | | | (60 | ) | | | 3,995 | | | | (724 | ) | | | (599 | ) |
| Nonoperating expense, net | | | 1,265 | | | | 611 | | | | 1,538 | | | | 1,429 | |
| (Loss) earnings before income taxes | | $ | (1,325 | ) | | $ | 3,384 | | | $ | (2,262 | ) | | $ | (2,028 | ) |
| | (a) | Intersegment revenues are not significant and are eliminated to arrive at consolidated totals. |
| | (b) | Unallocated corporate expenses are reported within Corporate and Other. |
The following table sets forth inventories by reportable segment. Our chief operating decision maker is not provided with any other segment asset information.
| | | September 30, | | | March 31, | |
| | | 2023 | | | 2023 | |
| Sterilization and Disinfection Control | | $ | 3,889 | | | $ | 3,492 | |
| Clinical Genomics | | | 11,330 | | | | 13,985 | |
| Biopharmaceutical Development | | | 8,541 | | | | 8,384 | |
| Calibration Solutions | | | 9,119 | | | | 8,781 | |
| Total inventories | | $ | 32,879 | | | $ | 34,642 | |
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v3.23.3
Insider Trading Arrangements
|
6 Months Ended |
|
Sep. 30, 2023
shares
|
|---|
| ecd_TradingArrByIndTable |
|
| Material Terms of Trading Arrangement [Text Block] |
Item 5. Other Information
The following of our directors or officers entered into written plans for the purchase or sale of our securities intended to satisfy the affirmative defense conditions of Exchange Act Rule 10b5-1(c) (each, a "trading arrangement") on the dates indicated:
Director John Schmieder entered into a trading arrangement on June 14, 2023. The trading arrangement was effective through September 15, 2023. The trading arrangement contemplated that Mr. Schmieder could sell up to 7,000 shares of Mesa Labs' common stock, subject to certain conditions.
Chief Financial Officer John Sakys entered into a trading arrangement on August 23, 2023. The trading arrangement is effective through April 2, 2024. The trading arrangement contemplates that Mr. Sakys may exercise up to 2,500 non-qualified stock options and sell the resulting 2,500 shares of Mesa Labs' common stock, subject to certain conditions.
Senior Vice President of Continuous Improvement Brian Archbold entered into a trading arrangement on September 14, 2023. The trading arrangement is effective through April 2, 2024. The trading arrangement contemplates that Mr. Archbold may exercise 710 non-qualified stock options and sell the resulting 710 shares of Mesa Labs' common stock, subject to certain conditions. The trading arrangement further contemplates that Mr. Archbold may sell an additional 1,500 shares of Mesa Labs' common stock, subject to certain conditions.
|
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true
|
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|
| Rule 10b5-1 Arrangement Terminated [Flag] |
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|
| Non-Rule 10b5-1 Arrangement Terminated [Flag] |
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|
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|
| ecd_TradingArrByIndTable |
|
| Trading Arrangement, Individual Title |
Director
|
| Trading Arrangement, Individual Name |
John Schmieder
|
| Trading Arrangement Adoption Date |
June 14, 2023
|
| Trading Arrangement Termination Date |
September 15, 2023
|
| Trading Arrangement, Securities Aggregate Available Amount |
7,000
|
| John Sakys [Member] |
|
| ecd_TradingArrByIndTable |
|
| Trading Arrangement, Individual Title |
Chief Financial Officer
|
| Trading Arrangement, Individual Name |
John Sakys
|
| Trading Arrangement Adoption Date |
August 23, 2023
|
| Trading Arrangement Termination Date |
April 2, 2024.
|
| Trading Arrangement, Securities Aggregate Available Amount |
2,500
|
| Brian Archbold [Member] |
|
| ecd_TradingArrByIndTable |
|
| Trading Arrangement, Individual Title |
Senior Vice President of Continuous Improvement
|
| Trading Arrangement, Individual Name |
Brian Archbold
|
| Trading Arrangement Adoption Date |
September 14, 2023
|
| Trading Arrangement Termination Date |
April 2, 2024
|
| Brian Archbold [Member] | Trading Arrangement 1 [Member] |
|
| ecd_TradingArrByIndTable |
|
| Trading Arrangement, Securities Aggregate Available Amount |
710
|
| Brian Archbold [Member] | Trading Arrangement 2 [Member] |
|
| ecd_TradingArrByIndTable |
|
| Trading Arrangement, Securities Aggregate Available Amount |
1,500
|
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v3.23.3
Significant Accounting Policies (Policies)
|
6 Months Ended |
Sep. 30, 2023 |
|---|
| Accounting Policies [Abstract] |
|
| Description of Business [Policy Text Block] |
Description of Business
In this quarterly report on Form 10-Q, Mesa Laboratories, Inc., a Colorado corporation, together with its subsidiaries, is collectively referred to as “we,” “us,” “our,” the “Company,” or “Mesa.”
We are a multinational manufacturer, developer, and seller of life science tools and critical quality control products and services, many of which are sold into niche markets driven by regulatory requirements. We have manufacturing operations in the United States and Europe, and our products are marketed by our sales personnel in North America, Europe, and Asia Pacific, and by independent distributors in these areas as well as throughout the rest of the world. We prefer markets in which we can establish a strong presence and achieve high gross profit margins.
As of September 30, 2023, we managed our operations in four reportable segments, or divisions:
| | ● | Sterilization and Disinfection Control - manufactures and sells biological, cleaning, and chemical indicators used to assess the effectiveness of sterilization and disinfection processes in the pharmaceutical, medical device, hospital, and dental industries. The division also provides testing and laboratory services, mainly to the dental industry. |
| | ● | Clinical Genomics - develops, manufactures and sells highly sensitive, low-cost, high-throughput genetic analysis tools and related consumables and services that enable clinical labs to perform genomic testing for a broad range of diagnostic and research applications in several therapeutic areas, such as screenings for hereditary diseases, pharmacogenetics, and oncology related applications. |
| | ● | Biopharmaceutical Development - develops, manufactures, and sells automated systems for protein analysis (immunoassays) and peptide synthesis solutions. Immunoassays and peptide synthesis solutions accelerate the discovery, development, and manufacture of biotherapeutic therapies, among other applications. |
| | ● | Calibration Solutions - develops, manufactures and sells quality control products using principles of advanced metrology to measure or calibrate critical chemical or physical parameters in various dialysis, process monitoring, instrument monitoring, environmental monitoring, gas flow, environmental air quality, and torque applications, primarily in medical device manufacturing, pharmaceutical manufacturing, laboratory, and hospital environments. |
Unallocated corporate expenses are reported within Corporate and Other.
|
| Basis of Accounting, Policy [Policy Text Block] |
Basis of Presentation
The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission and in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information. In the opinion of management, such unaudited information includes all adjustments, consisting of normal recurring adjustments necessary for the fair statement of our financial position and results of operations. The results of operations for the interim periods are not necessarily indicative of results that may be achieved for the entire year. The year-end Condensed Consolidated Balance Sheet data was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America. We made no material changes to the application of our significant accounting policies that were disclosed in our Form 10-K. This quarterly report should be read in conjunction with the consolidated financial statements included in our annual report on Form 10-K for the year ended March 31, 2023.
Our fiscal year ends on March 31. References in this Quarterly Report to a particular “year” or “quarter” refer to our fiscal year or fiscal quarters, respectively.
|
| Reclassification, Comparability Adjustment [Policy Text Block] |
Prior Period Reclassifications
Certain prior year amounts presented have been reclassified to conform with current presentation. The reclassifications have not resulted in any changes to consolidated or segment amounts reported in the Consolidated Financial Statements for any periods presented in this Form 10-Q.
|
| Risk and Uncertainties, Policy [Policy Text Block] |
Risks and Uncertainties
The preparation of financial statements requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the reporting date and revenues and expenses during the reporting periods. These estimates represent management's judgment about the outcome of future events. The global business environment continues to be impacted by cost pressure, the overall effects of economic uncertainty on customers' purchasing patterns, high interest rates, and other factors. It is not possible to accurately predict the future impact of such events and circumstances. Actual results could differ from our estimates.
|
| New Accounting Pronouncements, Policy [Policy Text Block] |
Recently Issued Accounting Pronouncements
We have reviewed all recently issued accounting pronouncements and have concluded that they are either not applicable to us or are not expected to have a significant impact on our consolidated financial statements.
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v3.23.3
Note 3 - Revenue (Tables)
|
6 Months Ended |
Sep. 30, 2023 |
|---|
| Notes Tables |
|
| Disaggregation of Revenue [Table Text Block] |
| | | Three Months Ended September 30, 2023 | |
| | | Sterilization and Disinfection Control | | | Clinical Genomics | | | Biopharmaceutical Development | | | Calibration Solutions | | | Total | |
| | | | | | | | | | | | | | | | | | | | | |
| Consumables | | $ | 14,749 | | | $ | 9,963 | | | $ | 4,187 | | | $ | 786 | | | $ | 29,685 | |
| Hardware and Software | | | 120 | | | | 4,474 | | | | 2,475 | | | | 6,884 | | | | 13,953 | |
| Services | | | 2,211 | | | | 1,112 | | | | 2,545 | | | | 3,659 | | | | 9,527 | |
| Total Revenues | | $ | 17,080 | | | $ | 15,549 | | | $ | 9,207 | | | $ | 11,329 | | | $ | 53,165 | |
| | | Three Months Ended September 30, 2022 | |
| | | Sterilization and Disinfection Control | | | Clinical Genomics | | | Biopharmaceutical Development | | | Calibration Solutions | | | Total | |
| | | | | | | | | | | | | | | | | | | | | |
| Consumables | | $ | 14,704 | | | $ | 12,399 | | | $ | 4,000 | | | $ | 865 | | | $ | 31,968 | |
| Hardware and Software | | | 218 | | | | 4,394 | | | | 5,988 | | | | 5,980 | | | | 16,580 | |
| Services | | | 2,042 | | | | 1,642 | | | | 2,156 | | | | 4,361 | | | | 10,201 | |
| Total Revenues | | $ | 16,964 | | | $ | 18,435 | | | $ | 12,144 | | | $ | 11,206 | | | $ | 58,749 | |
| | | Six Months Ended September 30, 2023 | |
| | | Sterilization and Disinfection Control | | | Clinical Genomics | | | Biopharmaceutical Development | | | Calibration Solutions | | | Total | |
| Consumables | | $ | 28,456 | | | $ | 18,732 | | | $ | 8,673 | | | $ | 1,295 | | | $ | 57,156 | |
| Hardware and Software | | | 201 | | | | 7,901 | | | | 5,166 | | | | 13,962 | | | | 27,230 | |
| Services | | | 4,350 | | | | 2,285 | | | | 5,257 | | | | 7,532 | | | | 19,424 | |
| Total Revenues | | $ | 33,007 | | | $ | 28,918 | | | $ | 19,096 | | | $ | 22,789 | | | $ | 103,810 | |
| | | Six Months Ended September 30, 2022 | |
| | | Sterilization and Disinfection Control | | | Clinical Genomics | | | Biopharmaceutical Development | | | Calibration Solutions | | | Total | |
| | | | | | | | | | | | | | | | | | | | | |
| Consumables | | $ | 26,932 | | | $ | 23,930 | | | $ | 7,664 | | | $ | 1,719 | | | $ | 60,245 | |
| Hardware and Software | | | 524 | | | | 5,885 | | | | 10,812 | | | | 11,673 | | | | 28,894 | |
| Services | | | 4,282 | | | | 3,125 | | | | 4,635 | | | | 8,021 | | | | 20,063 | |
| Total Revenues | | $ | 31,738 | | | $ | 32,940 | | | $ | 23,111 | | | $ | 21,413 | | | $ | 109,202 | |
|
| Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] |
| | | Three Months Ended September 30, | | | Six Months Ended September 30, | |
| | | 2023 | | | 2022 | | | 2023 | | | 2022 | |
| United States | | $ | 27,073 | | | $ | 30,989 | | | $ | 53,610 | | | $ | 60,111 | |
| China | | | 7,529 | | | | 7,480 | | | | 13,642 | | | | 11,177 | |
| Other | | | 18,563 | | | | 20,280 | | | | 36,558 | | | | 37,914 | |
| Total revenues | | $ | 53,165 | | | $ | 58,749 | | | $ | 103,810 | | | $ | 109,202 | |
|
| Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] |
| Contract liabilities as of March 31, 2023 | | $ | 16,098 | |
| Prior year contract liabilities recognized in revenues during the six months ended September 30, 2023 | | | (6,399 | ) |
| Contract liabilities added during the six months ended September 30, 2023, net of revenues recognized | | | 4,934 | |
| Contract liabilities balance as of September 30, 2023 | | $ | 14,633 | |
|
| X |
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-Topic 606
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-Topic 220
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-Section S99
-Paragraph 2
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v3.23.3
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v3.23.3
Note 5 - Supplemental Balance Sheets Information (Tables)
|
6 Months Ended |
Sep. 30, 2023 |
|---|
| Notes Tables |
|
| Schedule of Inventory, Current [Table Text Block] |
| | | September 30, 2023 | | | March 31, 2023 | |
| Raw materials | | $ | 20,203 | | | $ | 20,064 | |
| Work in process | | | 633 | | | | 617 | |
| Finished goods | | | 12,043 | | | | 13,961 | |
| Total inventories | | $ | 32,879 | | | $ | 34,642 | |
|
| Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] |
| | | September 30, 2023 | | | March 31, 2023 | |
| Prepaid expenses | | $ | 3,494 | | | $ | 2,498 | |
| Deposits | | | 1,563 | | | | 1,376 | |
| Prepaid income taxes | | | 3,534 | | | | 953 | |
| Other current assets | | | 4,235 | | | | 4,045 | |
| Total prepaid expenses and other | | $ | 12,826 | | | $ | 8,872 | |
|
| Schedule of Employee Related Liabilities [Table Text Block] |
| | | September 30, 2023 | | | March 31, 2023 | |
| Bonus payable | | $ | 3,317 | | | $ | 4,461 | |
| Wages and paid-time-off payable | | | 2,139 | | | | 2,329 | |
| Payroll related taxes | | | 1,854 | | | | 1,982 | |
| Other benefits payable | | | 1,043 | | | | 661 | |
| Total accrued payroll and benefits | | $ | 8,353 | | | $ | 9,433 | |
|
| Schedule of Accrued Liabilities [Table Text Block] |
| | | September 30, 2023 | | | March 31, 2023 | |
| Accrued business taxes | | $ | 6,079 | | | $ | 5,941 | |
| Current operating lease liabilities | | | 2,784 | | | | 2,868 | |
| Income taxes payable | | | 343 | | | | 992 | |
| Other | | | 3,131 | | | | 2,297 | |
| Total other accrued expenses | | $ | 12,337 | | | $ | 12,098 | |
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 210
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v3.23.3
Note 6 - Goodwill and Intangible Assets, Net (Tables)
|
6 Months Ended |
Sep. 30, 2023 |
|---|
| Notes Tables |
|
| Schedule of Finite-Lived Intangible Assets [Table Text Block] |
| | | September 30, 2023 | | | March 31, 2023 | |
| | | Gross Carrying Amount | | | Accumulated Amortization | | | Net Carrying Amount | | | Gross Carrying Amount | | | Accumulated Amortization | | | Net Carrying Amount | |
| Customer relationships | | $ | 231,543 | | | $ | (94,486 | ) | | $ | 137,057 | | | $ | 238,247 | | | $ | (86,058 | ) | | $ | 152,189 | |
| Intellectual property | | | 66,576 | | | | (23,160 | ) | | | 43,416 | | | | 65,950 | | | | (19,550 | ) | | | 46,400 | |
| Other intangibles | | | 24,437 | | | | (7,230 | ) | | | 17,207 | | | | 24,793 | | | | (6,567 | ) | | | 18,226 | |
| Total | | $ | 322,556 | | | $ | (124,876 | ) | | $ | 197,680 | | | $ | 328,990 | | | $ | (112,175 | ) | | $ | 216,815 | |
|
| Finite-Lived Intangible Assets Amortization Expense [Table Text Block] |
| | | Three Months Ended September 30, | | | Six Months Ended September 30, | |
| | | 2023 | | | 2022 | | | 2023 | | | 2022 | |
| Amortization in cost of revenues | | $ | 1,756 | | | $ | 1,691 | | | $ | 3,484 | | | $ | 3,399 | |
| Amortization in general and administrative | | | 5,429 | | | | 5,415 | | | | 10,921 | | | | 11,027 | |
| Total | | $ | 7,185 | | | $ | 7,106 | | | $ | 14,405 | | | $ | 14,426 | |
|
| Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] |
| Remainder of 2024 | | $ | 13,803 | |
| 2025 | | | 26,523 | |
| 2026 | | | 25,765 | |
| 2027 | | | 25,270 | |
| 2028 | | | 24,825 | |
|
| Schedule of Goodwill [Table Text Block] |
| | | Sterilization and Disinfection Control | | | Clinical Genomics | | | Biopharmaceutical Development | | | Calibration Solutions | | | Total | |
| March 31, 2023 | | $ | 29,559 | | | $ | 135,811 | | | $ | 83,857 | | | $ | 37,217 | | | | 286,444 | |
| Effect of foreign currency translation | | | (201 | ) | | | (180 | ) | | | (3,612 | ) | | | (24 | ) | | | (4,017 | ) |
| Measurement period adjustment - Belyntic Acquisition | | | - | | | | - | | | | 841 | | | | - | | | | 841 | |
| September 30, 2023 | | $ | 29,358 | | | $ | 135,631 | | | $ | 81,086 | | | $ | 37,193 | | | $ | 283,268 | |
|
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-Paragraph 24
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v3.23.3
Note 7 - Indebtedness (Tables)
|
6 Months Ended |
Sep. 30, 2023 |
|---|
| Notes Tables |
|
| Convertible Debt [Table Text Block] |
| | | September 30, 2023 | | | March 31, 2023 | |
| Principal outstanding | | $ | 172,500 | | | $ | 172,500 | |
| Unamortized debt issuance costs | | | (1,767 | ) | | | (2,228 | ) |
| Net carrying value | | $ | 170,733 | | | $ | 170,272 | |
|
| Interest Expense on Convertible Debt [Table Text Block] |
| | | Three Months Ended September 30, | | | Six Months Ended September 30, | |
| | | 2023 | | | 2022 | | | 2023 | | | 2022 | |
| Coupon interest expense at 1.375% | | $ | 593 | | | $ | 593 | | | $ | 1,186 | | | $ | 1,186 | |
| Amortization of debt issuance costs | | | 231 | | | | 227 | | | | 461 | | | | 452 | |
| Total interest and amortization of debt issuance costs | | $ | 824 | | | $ | 820 | | | $ | 1,647 | | | $ | 1,638 | |
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v3.23.3
Note 8 - Stockholders' Equity (Tables)
|
6 Months Ended |
Sep. 30, 2023 |
|---|
| Notes Tables |
|
| Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] |
| | | Three Months Ended September 30, | | | Six Months Ended September 30, | |
| | | 2023 | | | 2022 | | | 2023 | | | 2022 | |
| Stock-based compensation expense | | $ | 3,183 | | | $ | 4,371 | | | $ | 6,151 | | | $ | 7,803 | |
| Amount of income tax expense (benefit) recognized in earnings | | | 1,389 | | | | (89 | ) | | | 517 | | | | (2,081 | ) |
| Stock-based compensation expense, net of tax | | $ | 4,572 | | | $ | 4,282 | | | $ | 6,668 | | | $ | 5,722 | |
|
| Share-Based Payment Arrangement, Option, Activity [Table Text Block] |
| | | Stock Options | |
| | | Shares Subject to Options | | | Weighted- Average Exercise Price per Share | | | Weighted-Average Remaining Contractual Life (Years) | | | Aggregate Intrinsic Value | |
| Outstanding as of March 31, 2023 | | | 163 | | | $ | 200.62 | | | | 3.3 | | | $ | 1,643 | |
| Awards granted | | | 53 | | | | 131.67 | | | | | | | | | |
| Awards forfeited or expired | | | (15 | ) | | | 213.22 | | | | | | | | | |
| Awards exercised | | | (2 | ) | | | 132.40 | | | | | | | | | |
| Outstanding as of September 30, 2023 | | | 199 | | | $ | 181.90 | | | | 3.7 | | | $ | - | |
|
| Share-Based Payment Arrangement, Activity [Table Text Block] |
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| | | Number of Shares | | | Weighted- Average Grant Date Fair Value per Share | | | Number of Shares | | | Weighted- Average Grant Date Fair Value per Share | |
| Outstanding as of March 31, 2023(1) | | | 57 | | | $ | 209.27 | | | | 44 | | | $ | 286.02 | |
| Awards granted(1) | | | 53 | | | | 134.35 | | | | 32 | | | | 132.29 | |
| Awards forfeited | | | (3 | ) | | | 179.82 | | | | - | | | | - | |
| Awards distributed | | | (25 | ) | | | 208.33 | | | | - | | | | - | |
| Outstanding as of September 30, 2023(1) | | | 82 | | | $ | 162.48 | | | | 76 | | | $ | 223.07 | |
|
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v3.23.3
Note 9 - Net (Loss) Earnings Per Share (Tables)
|
6 Months Ended |
Sep. 30, 2023 |
|---|
| Notes Tables |
|
| Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] |
| | | Three Months Ended September 30, | | | Six Months Ended September 30, | |
| | | 2023 | | | 2022 | | | 2023 | | | 2022 | |
| Net (loss) income | | $ | (1,230 | ) | | $ | 1,306 | | | $ | (1,779 | ) | | $ | (132 | ) |
| Weighted average outstanding shares of common stock | | | 5,387 | | | | 5,323 | | | | 5,379 | | | | 5,298 | |
| Dilutive effect of stock options | | | - | | | | 27 | | | | - | | | | - | |
| Dilutive effect of RSUs | | | - | | | | 14 | | | | - | | | | - | |
| Fully diluted shares | | | 5,387 | | | | 5,364 | | | | 5,379 | | | | 5,298 | |
| | | | | | | | | | | | | | | | | |
| Basic (loss) earnings per share | | $ | (0.23 | ) | | $ | 0.25 | | | $ | (0.33 | ) | | $ | (0.02 | ) |
| Diluted (loss) earnings per share | | $ | (0.23 | ) | | $ | 0.24 | | | $ | (0.33 | ) | | $ | (0.02 | ) |
|
| Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] |
| | | Three Months Ended September 30, | | | Six Months Ended September 30, | |
| | | 2023 | | | 2022 | | | 2023 | | | 2022 | |
| Assumed conversion of the Notes | | | 608 | | | | 608 | | | | 608 | | | | 608 | |
| Stock awards that were anti-dilutive | | | 282 | | | | 154 | | | | 255 | | | | 328 | |
| Stock awards subject to performance and market conditions | | | 43 | | | | 60 | | | | 41 | | | | 52 | |
| Total stock awards excluded from diluted EPS | | | 933 | | | | 822 | | | | 904 | | | | 988 | |
|
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v3.23.3
Note 12 - Segment Information (Tables)
|
6 Months Ended |
Sep. 30, 2023 |
|---|
| Notes Tables |
|
| Schedule of Segment Reporting Information, by Segment [Table Text Block] |
| | | Three Months Ended September 30, | | | Six Months Ended September 30, | |
| | | 2023 | | | 2022 | | | 2023 | | | 2022 | |
| Revenues: | | | | | | | | | | | | | | | | |
| Sterilization and Disinfection Control | | $ | 17,080 | | | $ | 16,964 | | | $ | 33,007 | | | $ | 31,738 | |
| Clinical Genomics | | | 15,549 | | | | 18,435 | | | | 28,918 | | | | 32,940 | |
| Biopharmaceutical Development | | | 9,207 | | | | 12,144 | | | | 19,096 | | | | 23,111 | |
| Calibration Solutions | | | 11,329 | | | | 11,206 | | | | 22,789 | | | | 21,413 | |
| Total revenues (a) | | $ | 53,165 | | | $ | 58,749 | | | $ | 103,810 | | | $ | 109,202 | |
| | | | | | | | | | | | | | | | | |
| Gross profit: | | | | | | | | | | | | | | | | |
| Sterilization and Disinfection Control | | $ | 12,476 | | | $ | 12,199 | | | $ | 24,067 | | | $ | 22,967 | |
| Clinical Genomics | | | 7,727 | | | | 10,641 | | | | 14,455 | | | | 18,490 | |
| Biopharmaceutical Development | | | 5,509 | | | | 7,557 | | | | 11,942 | | | | 14,634 | |
| Calibration Solutions | | | 6,407 | | | | 6,007 | | | | 12,838 | | | | 11,671 | |
| Reportable segment gross profit | | | 32,119 | | | | 36,404 | | | | 63,302 | | | | 67,762 | |
| Corporate and Other (b) | | | (10 | ) | | | (18 | ) | | | (10 | ) | | | (35 | ) |
| Gross profit | | $ | 32,109 | | | $ | 36,386 | | | $ | 63,292 | | | $ | 67,727 | |
| Reconciling Items: | | | | | | | | | | | | | | | | |
| Operating expense | | | 32,169 | | | | 32,391 | | | | 64,016 | | | | 68,326 | |
| Operating (loss) income | | | (60 | ) | | | 3,995 | | | | (724 | ) | | | (599 | ) |
| Nonoperating expense, net | | | 1,265 | | | | 611 | | | | 1,538 | | | | 1,429 | |
| (Loss) earnings before income taxes | | $ | (1,325 | ) | | $ | 3,384 | | | $ | (2,262 | ) | | $ | (2,028 | ) |
|
| Schedule of Segment Reporting Information, by Inventory Segment [Table Text Block] |
| | | September 30, | | | March 31, | |
| | | 2023 | | | 2023 | |
| Sterilization and Disinfection Control | | $ | 3,889 | | | $ | 3,492 | |
| Clinical Genomics | | | 11,330 | | | | 13,985 | |
| Biopharmaceutical Development | | | 8,541 | | | | 8,384 | |
| Calibration Solutions | | | 9,119 | | | | 8,781 | |
| Total inventories | | $ | 32,879 | | | $ | 34,642 | |
|
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v3.23.3
Note 2 - Significant Transactions (Details Textual)
$ in Thousands, € in Millions |
Oct. 14, 2023
USD ($)
|
Oct. 14, 2023
EUR (€)
|
Nov. 17, 2022
USD ($)
|
| GKE Acquisition [Member] | Subsequent Event [Member] |
|
|
|
| Business Combination, Consideration Transferred | € |
|
€ 85.0
|
|
| Business Combination, Consideration Transferred, Liabilities Incurred | € |
|
8.5
|
|
| Business Combination, Consideration Transferred, Contingent Consideration Liability | € |
|
€ 5.0
|
|
| Proceeds from Lines of Credit |
$ 65,000
|
|
|
| GKE Acquisition [Member] | GKE GmbH and SAL GmbH [Member] | Subsequent Event [Member] |
|
|
|
| Business Acquisition, Percentage of Voting Interests Acquired |
100.00%
|
100.00%
|
|
| GKE Acquisition [Member] | Beijing GKE Science & Technology Co. Ltd. [Member] | Subsequent Event [Member] |
|
|
|
| Business Acquisition, Percentage of Voting Interests Acquired |
100.00%
|
100.00%
|
|
| Belyntic Acquisition [Member] |
|
|
|
| Business Combination, Consideration Transferred |
|
|
$ 6,450
|
| Payments to Acquire Businesses, Gross |
|
|
4,950
|
| Business Combination, Contingent Consideration, Liability |
|
|
$ 1,500
|
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-14
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v3.23.3
Note 3 - Revenue - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands |
3 Months Ended |
6 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Revenues |
|
$ 53,165
|
|
$ 58,749
|
|
$ 103,810
|
|
$ 109,202
|
|
$ 103,810
|
|
$ 109,202
|
|
| Consumables [Member] | Transferred at Point in Time [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenues |
|
29,685
|
|
31,968
|
|
57,156
|
|
60,245
|
|
|
|
|
|
| Hardware and Software [Member] | Transferred at Point in Time [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenues |
|
13,953
|
|
16,580
|
|
27,230
|
|
28,894
|
|
|
|
|
|
| Service [Member] | Transferred at Point in Time [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenues |
|
9,527
|
|
10,201
|
|
19,424
|
|
20,063
|
|
|
|
|
|
| Operating Segments [Member] | Sterilization and Disinfection Control [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenues |
|
17,080
|
[1] |
16,964
|
[1] |
33,007
|
|
31,738
|
|
33,007
|
[1] |
31,738
|
[1] |
| Operating Segments [Member] | Clinical Genomics [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenues |
|
15,549
|
[1] |
18,435
|
[1] |
28,918
|
|
32,940
|
|
28,918
|
[1] |
32,940
|
[1] |
| Operating Segments [Member] | Biopharmaceutical Development [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenues |
|
9,207
|
[1] |
12,144
|
[1] |
19,096
|
|
23,111
|
|
19,096
|
[1] |
23,111
|
[1] |
| Operating Segments [Member] | Calibration Solutions [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenues |
|
11,329
|
[1],[2] |
11,206
|
[1],[2] |
22,789
|
[2] |
21,413
|
[2] |
$ 22,789
|
[1] |
$ 21,413
|
[1] |
| Operating Segments [Member] | Consumables [Member] | Transferred at Point in Time [Member] | Sterilization and Disinfection Control [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenues |
|
14,749
|
|
14,704
|
|
28,456
|
|
26,932
|
|
|
|
|
|
| Operating Segments [Member] | Consumables [Member] | Transferred at Point in Time [Member] | Clinical Genomics [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenues |
|
9,963
|
|
12,399
|
|
18,732
|
|
23,930
|
|
|
|
|
|
| Operating Segments [Member] | Consumables [Member] | Transferred at Point in Time [Member] | Biopharmaceutical Development [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenues |
|
4,187
|
|
4,000
|
|
8,673
|
|
7,664
|
|
|
|
|
|
| Operating Segments [Member] | Consumables [Member] | Transferred at Point in Time [Member] | Calibration Solutions [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenues |
|
786
|
|
865
|
|
1,295
|
|
1,719
|
|
|
|
|
|
| Operating Segments [Member] | Hardware and Software [Member] | Transferred at Point in Time [Member] | Sterilization and Disinfection Control [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenues |
|
120
|
|
218
|
|
201
|
|
524
|
|
|
|
|
|
| Operating Segments [Member] | Hardware and Software [Member] | Transferred at Point in Time [Member] | Clinical Genomics [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenues |
|
4,474
|
|
4,394
|
|
7,901
|
|
5,885
|
|
|
|
|
|
| Operating Segments [Member] | Hardware and Software [Member] | Transferred at Point in Time [Member] | Biopharmaceutical Development [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenues |
|
2,475
|
|
5,988
|
|
5,166
|
|
10,812
|
|
|
|
|
|
| Operating Segments [Member] | Hardware and Software [Member] | Transferred at Point in Time [Member] | Calibration Solutions [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenues |
[2] |
6,884
|
|
5,980
|
|
13,962
|
|
11,673
|
|
|
|
|
|
| Operating Segments [Member] | Service [Member] | Transferred at Point in Time [Member] | Sterilization and Disinfection Control [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenues |
|
2,211
|
|
2,042
|
|
4,350
|
|
4,282
|
|
|
|
|
|
| Operating Segments [Member] | Service [Member] | Transferred at Point in Time [Member] | Clinical Genomics [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenues |
|
1,112
|
|
1,642
|
|
2,285
|
|
3,125
|
|
|
|
|
|
| Operating Segments [Member] | Service [Member] | Transferred at Point in Time [Member] | Biopharmaceutical Development [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenues |
|
2,545
|
|
2,156
|
|
5,257
|
|
4,635
|
|
|
|
|
|
| Operating Segments [Member] | Service [Member] | Transferred at Point in Time [Member] | Calibration Solutions [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenues |
[2] |
$ 3,659
|
|
$ 4,361
|
|
$ 7,532
|
|
$ 8,021
|
|
|
|
|
|
|
|
| X |
- DefinitionAmount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41
Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4
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- Details
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| Namespace Prefix: |
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- Details
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| Namespace Prefix: |
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v3.23.3
Note 3 - Revenue Recognition - Revenues From External Customers (Details) - USD ($)
$ in Thousands |
3 Months Ended |
6 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Revenues |
$ 53,165
|
$ 58,749
|
$ 103,810
|
$ 109,202
|
$ 103,810
|
$ 109,202
|
| UNITED STATES |
|
|
|
|
|
|
| Revenues |
27,073
|
30,989
|
53,610
|
60,111
|
|
|
| CHINA |
|
|
|
|
|
|
| Revenues |
7,529
|
7,480
|
13,642
|
11,177
|
|
|
| Other [Member] |
|
|
|
|
|
|
| Revenues |
$ 18,563
|
$ 20,280
|
$ 36,558
|
$ 37,914
|
|
|
| X |
- DefinitionAmount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41
Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- Details
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| Namespace Prefix: |
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| Balance Type: |
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| Namespace Prefix: |
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| Period Type: |
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| X |
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| Namespace Prefix: |
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v3.23.3
Note 3 - Revenue - Contract Liabilities (Details)
$ in Thousands |
6 Months Ended |
|
Sep. 30, 2023
USD ($)
|
|---|
| Contract liabilities, balance |
$ 16,098
|
| Prior year contract liabilities recognized in revenues during the six months ended September 30, 2023 |
(6,399)
|
| Contract liabilities added during the six months ended September 30, 2023, net of revenues recognized |
4,934
|
| Contract liabilities, balance |
$ 14,633
|
| X |
- DefinitionAmount of revenue recognized arising from contract liabilities added during the period in balance of obligation to transfer good or service to customer for which consideration from customer has been received or is due.
| Name: |
mlab_ContractWithCustomerLiabilityIncreaseDuringPeriodNetOfRevenueRecognized |
| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
duration |
|
| X |
- DefinitionAmount of obligation to transfer good or service to customer for which consideration has been received or is receivable. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479837/606-10-45-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-8
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479837/606-10-45-2
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionAmount of revenue recognized that was previously included in balance of obligation to transfer good or service to customer for which consideration from customer has been received or is due. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-8
| Name: |
us-gaap_ContractWithCustomerLiabilityRevenueRecognized |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
duration |
|
v3.23.3
Note 4 - Fair Value Measurements (Details Textual)
$ in Thousands |
6 Months Ended |
|
|
|
|
Sep. 30, 2023
USD ($)
|
Mar. 31, 2023
USD ($)
|
Nov. 17, 2022
USD ($)
|
Aug. 12, 2019 |
| Belyntic Acquisition [Member] | Other Long-term Liabilities [Member] |
|
|
|
|
| Business Combination, Contingent Consideration, Liability, Noncurrent |
$ 1,180
|
|
$ 1,500
|
|
| Senior Notes [Member] | The Notes [Member] |
|
|
|
|
| Long-term Debt, Gross |
$ 172,500
|
$ 172,500
|
|
|
| Debt Instrument, Interest Rate, Stated Percentage |
1.375%
|
|
|
1.375%
|
| Accounts Receivable [Member] | Customer Concentration Risk [Member] |
|
|
|
|
| Number of Major Customers |
0
|
|
|
|
| X |
- DefinitionRepresents the number of major customers accounting for 10% or more of the specified concentration risk benchmark, which includes, but not limited to, sales revenue, accounts receivable, etc.
| Name: |
mlab_NumberOfMajorCustomers |
| Namespace Prefix: |
mlab_ |
| Data Type: |
xbrli:integerItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionAmount of liability recognized arising from contingent consideration in a business combination, expected to be settled beyond one year or the normal operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 25
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479668/805-30-25-6
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 35
-Paragraph 1
-Subparagraph b
-SubTopic 30
-Topic 805
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479613/805-30-35-1
| Name: |
us-gaap_BusinessCombinationContingentConsiderationLiabilityNoncurrent |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- DefinitionAmount, before unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but is not limited to, notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(16))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-4
| Name: |
us-gaap_DebtInstrumentCarryingAmount |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- DefinitionContractual interest rate for funds borrowed, under the debt agreement. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22(a)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
| Name: |
us-gaap_DebtInstrumentInterestRateStatedPercentage |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
dtr-types:percentItemType |
| Balance Type: |
na |
| Period Type: |
instant |
|
| X |
- Details
| Name: |
us-gaap_BusinessAcquisitionAxis=mlab_BelynticAcquisitionMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_BalanceSheetLocationAxis=mlab_OtherLongtermLiabilitiesMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_LongtermDebtTypeAxis=us-gaap_SeniorNotesMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_DebtInstrumentAxis=mlab_TheNotesMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_ConcentrationRiskByBenchmarkAxis=us-gaap_AccountsReceivableMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_ConcentrationRiskByTypeAxis=us-gaap_CustomerConcentrationRiskMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
v3.23.3
| X |
- DefinitionFair value portion of notes payable. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19,20,22)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
| Name: |
us-gaap_NotesPayableFairValueDisclosure |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- Details
| Name: |
us-gaap_FairValueByMeasurementBasisAxis=us-gaap_CarryingReportedAmountFairValueDisclosureMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_LongtermDebtTypeAxis=us-gaap_SeniorNotesMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_FairValueByMeasurementBasisAxis=us-gaap_EstimateOfFairValueFairValueDisclosureMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
v3.23.3
| X |
- DefinitionAmount before valuation and LIFO reserves of completed merchandise or goods expected to be sold within one year or operating cycle, if longer. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(6)(a)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
| Name: |
us-gaap_InventoryFinishedGoods |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionAmount after valuation and LIFO reserves of inventory expected to be sold, or consumed within one year or operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483467/210-10-45-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(6))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
| Name: |
us-gaap_InventoryNet |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionAmount before valuation and LIFO reserves of raw materials expected to be sold, or consumed within one year or operating cycle, if longer. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(6)(a)(4))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
| Name: |
us-gaap_InventoryRawMaterials |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionAmount before valuation and LIFO reserves of merchandise or goods in the production process expected to be completed within one year or operating cycle, if longer. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(6)(a)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
| Name: |
us-gaap_InventoryWorkInProcess |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
v3.23.3
Note 5 - Supplemental Balance Sheets Information - Prepaid and Other Current Assets (Details) - USD ($)
$ in Thousands |
Sep. 30, 2023 |
Mar. 31, 2023 |
| Prepaid expenses |
$ 3,494
|
$ 2,498
|
| Deposits |
1,563
|
1,376
|
| Prepaid income taxes |
3,534
|
953
|
| Other current assets |
4,235
|
4,045
|
| Total prepaid expenses and other |
$ 12,826
|
$ 8,872
|
| X |
- DefinitionAmount of asset related to consideration paid in advance for costs that provide economic benefits within a future period of one year or the normal operating cycle, if longer.
| Name: |
mlab_PrepaidExpensesCurrent |
| Namespace Prefix: |
mlab_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionCarrying value of amounts transferred to third parties for security purposes that are expected to be returned or applied towards payment within one year or during the operating cycle, if shorter. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(8))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
| Name: |
us-gaap_DepositsAssetsCurrent |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionAmount of current assets classified as other. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(8))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
| Name: |
us-gaap_OtherAssetsCurrent |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionAmount of asset related to consideration paid in advance for costs that provide economic benefits in future periods, and amount of other assets that are expected to be realized or consumed within one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(9))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
| Name: |
us-gaap_PrepaidExpenseAndOtherAssetsCurrent |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionAmount of asset related to consideration paid in advance for income and other taxes that provide economic benefits within a future period of one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (g)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483467/210-10-45-1
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 340
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483032/340-10-45-1
Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 340
-SubTopic 10
-Name Accounting Standards Codification
-Section 05
-Paragraph 5
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482955/340-10-05-5
| Name: |
us-gaap_PrepaidTaxes |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
v3.23.3
Note 5 - Supplemental Balance Sheets Information - Accrued Payroll and Benefits (Details) - USD ($)
$ in Thousands |
Sep. 30, 2023 |
Mar. 31, 2023 |
| Bonus payable |
$ 3,317
|
$ 4,461
|
| Wages and paid-time-off payable |
2,139
|
2,329
|
| Payroll related taxes |
1,854
|
1,982
|
| Other benefits payable |
1,043
|
661
|
| Total accrued payroll and benefits |
$ 8,353
|
$ 9,433
|
| X |
- DefinitionCarrying value as of the balance sheet date of obligations incurred and payable for incentive compensation awarded to employees and directors or earned by them based on the terms of one or more relevant arrangements. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.20)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
| Name: |
us-gaap_AccruedBonusesCurrent |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- DefinitionCarrying value as of the balance sheet date of obligations incurred and payable for statutory payroll taxes incurred through that date and withheld from employees pertaining to services received from them, including entity's matching share of the employees FICA taxes and contributions to the state and federal unemployment insurance programs. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.20)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
| Name: |
us-gaap_AccruedPayrollTaxesCurrent |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- DefinitionCarrying value as of the balance sheet date of the obligations incurred through that date and payable for employees' services provided. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 8
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483467/210-10-45-8
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.20)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
| Name: |
us-gaap_AccruedSalariesCurrent |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
v3.23.3
Note 5 - Supplemental Balance Sheets Information - Other Accrued Expenses (Details) - USD ($)
$ in Thousands |
Sep. 30, 2023 |
Mar. 31, 2023 |
| Current operating lease liabilities |
$ 2,784
|
$ 2,868
|
| Income taxes payable |
343
|
992
|
| Other |
3,131
|
2,297
|
| Total other accrued expenses |
12,337
|
12,098
|
| Other Accrued Expenses [Member] |
|
|
| Accrued business taxes |
$ 6,079
|
$ 5,941
|
| X |
- DefinitionThe value of the current portion of accrued business taxes.
| Name: |
mlab_AccruedBusinessTaxes |
| Namespace Prefix: |
mlab_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- DefinitionCarrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.20)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
| Name: |
us-gaap_AccruedLiabilitiesCurrent |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- DefinitionPresent value of lessee's discounted obligation for lease payments from operating lease, classified as current. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479041/842-20-45-1
| Name: |
us-gaap_OperatingLeaseLiabilityCurrent |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- DefinitionAmount of expenses incurred but not yet paid classified as other, due within one year or the normal operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.20)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
| Name: |
us-gaap_OtherAccruedLiabilitiesCurrent |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- DefinitionCarrying value as of the balance sheet date of obligations incurred and payable for statutory income, sales, use, payroll, excise, real, property and other taxes. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19,20)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
| Name: |
us-gaap_TaxesPayableCurrent |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- Details
| Name: |
us-gaap_BalanceSheetLocationAxis=mlab_OtherAccruedExpensesMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
v3.23.3
Note 6 - Goodwill and Intangible Assets, Net - Other Intangible Assets (Details) - USD ($)
$ in Thousands |
Sep. 30, 2023 |
Mar. 31, 2023 |
| Gross carrying amount |
$ 322,556
|
$ 328,990
|
| Accumulated amortization |
(124,876)
|
(112,175)
|
| Net carrying amount |
197,680
|
216,815
|
| Customer Relationships [Member] |
|
|
| Gross carrying amount |
231,543
|
238,247
|
| Accumulated amortization |
(94,486)
|
(86,058)
|
| Net carrying amount |
137,057
|
152,189
|
| Intellectual Property [Member] |
|
|
| Gross carrying amount |
66,576
|
65,950
|
| Accumulated amortization |
(23,160)
|
(19,550)
|
| Net carrying amount |
43,416
|
46,400
|
| Other Intangible Assets [Member] |
|
|
| Gross carrying amount |
24,437
|
24,793
|
| Accumulated amortization |
(7,230)
|
(6,567)
|
| Net carrying amount |
$ 17,207
|
$ 18,226
|
| X |
- DefinitionAccumulated amount of amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(16))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482665/350-30-50-2
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionAmount before amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 928
-SubTopic 340
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483147/928-340-50-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482665/350-30-50-2
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| Namespace Prefix: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionAmount after amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483154/926-20-50-5
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482665/350-30-50-2
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
instant |
|
| X |
- Details
| Name: |
us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_CustomerRelationshipsMember |
| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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| X |
- Details
| Name: |
us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_IntellectualPropertyMember |
| Namespace Prefix: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- Details
| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
v3.23.3
Note 6 - Goodwill and Intangible Assets, Net - Amortization Expense for Finite-lived Intangible Assets (Details) - USD ($)
$ in Thousands |
3 Months Ended |
6 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Amortization of Intangible Assets |
$ 7,185
|
$ 7,106
|
$ 14,405
|
$ 14,426
|
| Cost of Sales [Member] |
|
|
|
|
| Amortization of Intangible Assets |
1,756
|
1,691
|
3,484
|
3,399
|
| General and Administrative Expense [Member] |
|
|
|
|
| Amortization of Intangible Assets |
$ 5,429
|
$ 5,415
|
$ 10,921
|
$ 11,027
|
| X |
- DefinitionThe aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
-SubTopic 10
-Topic 230
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 350
-SubTopic 30
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482686/350-30-45-2
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 350
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482665/350-30-50-2
| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
duration |
|
| X |
- Details
| Name: |
us-gaap_IncomeStatementLocationAxis=us-gaap_CostOfSalesMember |
| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- Details
| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
v3.23.3
Note 6 - Goodwill and Intangible Assets, Net - Estimated Amortization Expense (Details)
$ in Thousands |
Sep. 30, 2023
USD ($)
|
| Remainder of 2024 |
$ 13,803
|
| 2025 |
26,523
|
| 2026 |
25,765
|
| 2027 |
25,270
|
| 2028 |
$ 24,825
|
| X |
- DefinitionAmount of amortization for assets, excluding financial assets and goodwill, lacking physical substance with finite life expected to be recognized in next fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482665/350-30-50-2
| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
instant |
|
| X |
- DefinitionAmount of amortization for assets, excluding financial assets and goodwill, lacking physical substance with finite life expected to be recognized in remainder of current fiscal year.
| Name: |
us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear |
| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionAmount of amortization for assets, excluding financial assets and goodwill, lacking physical substance with finite life expected to be recognized in fourth fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482665/350-30-50-2
| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionAmount of amortization for assets, excluding financial assets and goodwill, lacking physical substance with finite life expected to be recognized in third fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482665/350-30-50-2
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionAmount of amortization for assets, excluding financial assets and goodwill, lacking physical substance with finite life expected to be recognized in second fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482665/350-30-50-2
| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
v3.23.3
Note 6 - Goodwill and Intangible Assets, Net - Change in the Carrying Amount of Goodwill (Details)
$ in Thousands |
6 Months Ended |
|
Sep. 30, 2023
USD ($)
|
|---|
| Goodwill |
$ 286,444
|
| Effect of foreign currency translation |
(4,017)
|
| Measurement period adjustment - Belyntic Acquisition |
841
|
| Goodwill |
283,268
|
| Clinical Genomics [Member] | Operating Segments [Member] |
|
| Goodwill |
29,559
|
| Effect of foreign currency translation |
(201)
|
| Measurement period adjustment - Belyntic Acquisition |
0
|
| Goodwill |
29,358
|
| Sterilization and Disinfection Control [Member] | Operating Segments [Member] |
|
| Goodwill |
135,811
|
| Effect of foreign currency translation |
(180)
|
| Measurement period adjustment - Belyntic Acquisition |
0
|
| Goodwill |
135,631
|
| Biopharmaceutical Development [Member] | Operating Segments [Member] |
|
| Goodwill |
83,857
|
| Effect of foreign currency translation |
(3,612)
|
| Measurement period adjustment - Belyntic Acquisition |
841
|
| Goodwill |
81,086
|
| Calibration Solutions [Member] | Operating Segments [Member] |
|
| Goodwill |
37,217
|
| Effect of foreign currency translation |
(24)
|
| Measurement period adjustment - Belyntic Acquisition |
0
|
| Goodwill |
$ 37,193
|
| X |
- DefinitionAmount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(15))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482598/350-20-45-1
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1
Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionAmount of foreign currency translation gain (loss) which increases (decreases) an asset representing future economic benefits from other assets acquired in a business combination that are not individually identified and separately recognized. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1
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| Namespace Prefix: |
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| Data Type: |
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| Period Type: |
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| X |
- DefinitionAmount of increase (decrease) from adjustments after acquisition date under purchase accounting of an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 25
-Paragraph 16
-SubTopic 10
-Topic 805
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479405/805-10-25-16
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- Details
| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- Details
| Name: |
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| Namespace Prefix: |
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| Balance Type: |
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| Period Type: |
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| X |
- Details
| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- Details
| Name: |
us-gaap_StatementBusinessSegmentsAxis=mlab_BiopharmaceuticalDevelopmentMember |
| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
|
| Period Type: |
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|
| X |
- Details
| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
v3.23.3
Note 7 - Indebtedness (Details Textual)
$ / shares in Units, $ in Thousands |
Oct. 11, 2023
USD ($)
|
Mar. 05, 2021
USD ($)
|
Aug. 12, 2019
USD ($)
$ / shares
|
Oct. 05, 2023
USD ($)
|
Sep. 30, 2023
USD ($)
|
Mar. 31, 2023
USD ($)
|
| Long-Term Line of Credit |
|
|
|
|
$ 0
|
$ 13,000
|
| Senior Secured Credit Agreement [Member] |
|
|
|
|
|
|
| Long-Term Line of Credit |
|
|
|
|
$ 0
|
|
| Debt Instrument, Covenant, Maximum Total Leverage Ratio for the Fifth, Sixth, Seventh, and Eighth Testing Dates |
|
4.5
|
|
|
|
|
| Debt Instrument, Covenant, Maximum Conditional Total Leverage Ratio Following an Acquisition |
|
5.75
|
|
|
|
|
| Senior Secured Credit Agreement [Member] | Subsequent Event [Member] |
|
|
|
|
|
|
| Proceeds from Lines of Credit |
$ 65,000
|
|
|
|
|
|
| Long-Term Debt, Weighted Average Interest Rate, over Time |
6.90%
|
|
|
|
|
|
| Senior Secured Credit Agreement [Member] | Maximum [Member] |
|
|
|
|
|
|
| Line of Credit Facility, Unused Capacity, Commitment Fee Percentage |
|
0.35%
|
|
|
|
|
| Senior Secured Credit Agreement [Member] | Maximum [Member] | The Credit Facility Term Loan [Member] |
|
|
|
|
|
|
| Line of Credit Facility, Maximum Borrowing Capacity |
|
$ 75,000
|
|
|
|
|
| Senior Secured Credit Agreement [Member] | Maximum [Member] | The Credit Facility Term Loan [Member] | Subsequent Event [Member] |
|
|
|
|
|
|
| Line of Credit Facility, Maximum Borrowing Capacity |
|
|
|
$ 125,000
|
|
|
| Senior Secured Credit Agreement [Member] | Minimum [Member] |
|
|
|
|
|
|
| Fixed Charge Coverage Ratio |
|
1.25
|
|
|
|
|
| Line of Credit Facility, Unused Capacity, Commitment Fee Percentage |
|
0.15%
|
|
|
|
|
| Senior Secured Credit Agreement [Member] | Minimum [Member] | The Credit Facility Term Loan [Member] |
|
|
|
|
|
|
| Line of Credit Facility, Maximum Borrowing Capacity |
|
$ 25,000
|
|
|
|
|
| Senior Secured Credit Agreement [Member] | Swingline Loan [Member] | Maximum [Member] |
|
|
|
|
|
|
| Line of Credit Facility, Maximum Borrowing Capacity |
|
5,000
|
|
|
|
|
| The Notes [Member] | Senior Notes [Member] |
|
|
|
|
|
|
| Debt Instrument, Face Amount |
|
|
$ 172,500
|
|
|
|
| Proceeds from Convertible Debt |
|
|
$ 167,056
|
|
|
|
| Debt Instrument, Interest Rate, Stated Percentage |
|
|
1.375%
|
|
1.375%
|
|
| Debt Instrument, Convertible, Conversion Ratio Per 1,000 Principal |
|
|
3.5273
|
|
|
|
| Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares |
|
|
$ 283.5
|
|
|
|
| Debt Instrument, Interest Rate, Effective Percentage |
|
|
|
|
1.90%
|
|
| Revolving Credit Facility [Member] | Senior Secured Credit Agreement [Member] |
|
|
|
|
|
|
| Line of Credit Facility, Maximum Borrowing Capacity |
|
75,000
|
|
|
|
|
| Letter of Credit [Member] | Senior Secured Credit Agreement [Member] | Maximum [Member] |
|
|
|
|
|
|
| Line of Credit Facility, Maximum Borrowing Capacity |
|
$ 2,500
|
|
|
|
|
| X |
- DefinitionRatio applied to the conversion of debt instrument into equity with equity shares divided by $1,000 debt principal amount.
| Name: |
mlab_DebtInstrumentConvertibleConversionRatioPer1000Principal |
| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionRequirement for maximum estimated total leverage ratio under the debt agreement following an acquisition.
| Name: |
mlab_DebtInstrumentCovenantMaximumEstimatedTotalLeverageRatioFollowingAnAcquisition |
| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionRequirement for maximum total leverage ratio under the debt agreement for the fifth, sixth, seventh, and eighth testing dates.
| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionActual fixed charge coverage ratio under the debt agreement.
| Name: |
mlab_FixedChargeCoverageRatio |
| Namespace Prefix: |
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| Data Type: |
xbrli:pureItemType |
| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionThe price per share of the conversion feature embedded in the debt instrument. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-5
| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
na |
| Period Type: |
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|
| X |
- DefinitionFace (par) amount of debt instrument at time of issuance. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482900/835-30-50-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B
Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 470
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 470
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-Topic 470
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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|
| X |
- Details
| Name: |
srt_RangeAxis=srt_MinimumMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
srt_RangeAxis=srt_MaximumMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
v3.23.3
Note 8 - Stockholders' Equity - Allocation of Share-based Compensation (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Stock-based compensation expense |
$ 3,183
|
$ 4,371
|
$ 6,151
|
$ 7,803
|
| Amount of income tax expense (benefit) recognized in earnings |
1,389
|
(89)
|
517
|
(2,081)
|
| Stock-based compensation expense, net of tax |
$ 4,572
|
$ 4,282
|
$ 6,668
|
$ 5,722
|
| X |
- DefinitionThe total recognized tax expense (benefit) related to compensation cost for equity-based payment arrangements recognized in income during the period.
| Name: |
mlab_EmployeeServiceSharebasedCompensationTaxExpenseBenefitFromCompensationExpense |
| Namespace Prefix: |
mlab_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionAmount of expense for award under share-based payment arrangement. Excludes amount capitalized. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 14.F)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479830/718-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
| Name: |
us-gaap_AllocatedShareBasedCompensationExpense |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionAmount, after tax, of expense for award under share-based payment arrangement.
| Name: |
us-gaap_AllocatedShareBasedCompensationExpenseNetOfTax |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
v3.23.3
Note 8 - Stockholders' Equity - Stock Option and Non-vested Stock Award Activity (Details)
$ / shares in Units, shares in Thousands, $ in Thousands |
6 Months Ended |
12 Months Ended |
|
Sep. 30, 2023
USD ($)
$ / shares
shares
|
Mar. 31, 2023
USD ($)
$ / shares
shares
|
| Options outstanding (in shares) | shares |
163
|
|
| Options outstanding, weighted average exercise price (in dollars per share) | $ / shares |
$ 200.62
|
|
| Outstanding, Weighted- Average Remaining Contractual Life (Year) |
3 years 8 months 12 days
|
3 years 3 months 18 days
|
| Outstanding, Aggregate Intrinsic Value | $ |
$ 0
|
$ 1,643
|
| Options granted (in shares) | shares |
53
|
|
| Awards granted, weighted average exercise price (in dollars per share) | $ / shares |
$ 131.67
|
|
| Options forfeited or expired (in shares) | shares |
(15)
|
|
| Awards forfeited or expired, weighted average exercise price (in dollars per share) | $ / shares |
$ 213.22
|
|
| Awards exercised (in shares) | shares |
(2)
|
|
| Awards exercised, weighted average exercise price (in dollars per share) | $ / shares |
$ 132.4
|
|
| Options outstanding (in shares) | shares |
199
|
163
|
| Options outstanding, weighted average exercise price (in dollars per share) | $ / shares |
$ 181.9
|
$ 200.62
|
| X |
- DefinitionFor presentations that combine terminations, the number of shares under options that were cancelled during the reporting period as a result of occurrence of a terminating event specified in contractual agreements pertaining to the stock option plan or that expired. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
| Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:sharesItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionWeighted average price of options that were either forfeited or expired. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
| Name: |
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| Namespace Prefix: |
us-gaap_ |
| Data Type: |
dtr-types:perShareItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionGross number of share options (or share units) granted during the period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
| Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:sharesItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionAmount by which the current fair value of the underlying stock exceeds the exercise price of options outstanding. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
| Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionNumber of options outstanding, including both vested and non-vested options. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
| Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:sharesItemType |
| Balance Type: |
na |
| Period Type: |
instant |
|
| X |
- DefinitionWeighted average price at which grantees can acquire the shares reserved for issuance under the stock option plan. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
| Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
dtr-types:perShareItemType |
| Balance Type: |
na |
| Period Type: |
instant |
|
| X |
- DefinitionWeighted average price at which option holders acquired shares when converting their stock options into shares. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
| Name: |
us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
dtr-types:perShareItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionWeighted average per share amount at which grantees can acquire shares of common stock by exercise of options. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
| Name: |
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| Namespace Prefix: |
us-gaap_ |
| Data Type: |
dtr-types:perShareItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionWeighted average remaining contractual term for option awards outstanding, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 718
-SubTopic 10
-Subparagraph (e)(1)
-Name Accounting Standards Codification
-Paragraph 2
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
| Name: |
us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2 |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:durationItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionNumber of share options (or share units) exercised during the current period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-SubTopic 10
-Topic 505
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
| Name: |
us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:sharesItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
v3.23.3
Note 8 - Stockholders' Equity - Restricted Stock Unit Activity (Details)
|
6 Months Ended |
|
Sep. 30, 2023
$ / shares
shares
|
|---|
| Restricted Stock Units (RSUs) [Member] |
|
|
| Outstanding as of March 31, 2023(1) (in shares) | shares |
57
|
[1] |
| Outstanding as of March 31, 2023(1) (in dollars per share) | $ / shares |
$ 209.27
|
[1] |
| Awards granted(1) (in shares) | shares |
53
|
[1] |
| Awards granted(1) (in dollars per share) | $ / shares |
$ 134.35
|
[1] |
| Awards forfeited (in shares) | shares |
(3)
|
|
| Awards forfeited (in dollars per share) | $ / shares |
$ 179.82
|
|
| Awards distributed (in shares) | shares |
(25)
|
|
| Awards distributed, weighted average grant date fair value per share (in dollars per share) | $ / shares |
$ 208.33
|
|
| Outstanding as of September 30, 2023(1) (in shares) | shares |
82
|
[1],[2] |
| Outstanding as of September 30, 2023(1) (in dollars per share) | $ / shares |
$ 162.48
|
[1] |
| Performance Stock Units [Member] |
|
|
| Outstanding as of March 31, 2023(1) (in shares) | shares |
44
|
[1] |
| Outstanding as of March 31, 2023(1) (in dollars per share) | $ / shares |
$ 286.02
|
[1] |
| Awards granted(1) (in shares) | shares |
32
|
[1] |
| Awards granted(1) (in dollars per share) | $ / shares |
$ 132.29
|
[1] |
| Awards forfeited (in shares) | shares |
0
|
|
| Awards forfeited (in dollars per share) | $ / shares |
$ 0
|
|
| Awards distributed (in shares) | shares |
0
|
|
| Awards distributed, weighted average grant date fair value per share (in dollars per share) | $ / shares |
$ 0
|
|
| Outstanding as of September 30, 2023(1) (in shares) | shares |
76
|
[1],[2] |
| Outstanding as of September 30, 2023(1) (in dollars per share) | $ / shares |
$ 223.07
|
[1] |
|
|
| X |
- DefinitionThe number of equity-based payment instruments, excluding stock (or unit) options, that were forfeited during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
| Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:sharesItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionWeighted average fair value as of the grant date of equity-based award plans other than stock (unit) option plans that were not exercised or put into effect as a result of the occurrence of a terminating event. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
| Name: |
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| Namespace Prefix: |
us-gaap_ |
| Data Type: |
dtr-types:perShareItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe number of grants made during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
| Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
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| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe weighted average fair value at grant date for nonvested equity-based awards issued during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
| Name: |
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| Namespace Prefix: |
us-gaap_ |
| Data Type: |
dtr-types:perShareItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe number of non-vested equity-based payment instruments, excluding stock (or unit) options, that validly exist and are outstanding as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
| Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:sharesItemType |
| Balance Type: |
na |
| Period Type: |
instant |
|
| X |
- DefinitionPer share or unit weighted-average fair value of nonvested award under share-based payment arrangement. Excludes share and unit options. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
| Name: |
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| Namespace Prefix: |
us-gaap_ |
| Data Type: |
dtr-types:perShareItemType |
| Balance Type: |
na |
| Period Type: |
instant |
|
| X |
- DefinitionThe number of equity-based payment instruments, excluding stock (or unit) options, that vested during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
| Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:sharesItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe weighted average fair value as of grant date pertaining to an equity-based award plan other than a stock (or unit) option plan for which the grantee gained the right during the reporting period, by satisfying service and performance requirements, to receive or retain shares or units, other instruments, or cash in accordance with the terms of the arrangement. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
| Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
dtr-types:perShareItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- Details
| Name: |
us-gaap_AwardTypeAxis=us-gaap_RestrictedStockUnitsRSUMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
v3.23.3
Note 9 - Net (Loss) Earnings Per Share - Computation of Net Income Per Share, Basic & Diluted (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended |
6 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Net (loss) |
$ (1,230)
|
$ 1,306
|
$ (1,779)
|
$ (132)
|
$ (1,779)
|
$ (132)
|
| Weighted average outstanding shares of common stock (in shares) |
5,387
|
5,323
|
|
|
5,379
|
5,298
|
| Fully diluted shares (in shares) |
5,387
|
5,364
|
|
|
5,379
|
5,298
|
| Basic (loss) earnings per share (in dollars per share) |
$ (0.23)
|
$ 0.25
|
|
|
$ (0.33)
|
$ (0.02)
|
| Diluted (loss) earnings per share (in dollars per share) |
$ (0.23)
|
$ 0.24
|
|
|
$ (0.33)
|
$ (0.02)
|
| Share-Based Payment Arrangement, Option [Member] |
|
|
|
|
|
|
| Dilutive effect of shares (in shares) |
0
|
27
|
|
|
0
|
0
|
| Restricted Stock Units (RSUs) [Member] |
|
|
|
|
|
|
| Dilutive effect of shares (in shares) |
0
|
14
|
|
|
0
|
0
|
| X |
- DefinitionThe amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
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v3.23.3
v3.23.3
Note 11 - Commitments and Contingencies (Details Textual)
$ in Thousands, € in Millions |
Oct. 14, 2023
EUR (€)
|
Sep. 30, 2023
USD ($)
|
Nov. 17, 2022
USD ($)
|
| Belyntic Acquisition [Member] | Other Long-term Liabilities [Member] |
|
|
|
| Business Combination, Contingent Consideration, Liability, Noncurrent | $ |
|
$ 1,180
|
$ 1,500
|
| GKE Acquisition [Member] | Subsequent Event [Member] |
|
|
|
| Business Combination, Consideration Transferred, Liabilities Incurred |
€ 8.5
|
|
|
| Business Combination, Consideration Transferred, Contingent Consideration Liability |
€ 5.0
|
|
|
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| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
v3.23.3
Note 12 - Segment Information - Operating Segment Information (Details) - USD ($)
$ in Thousands |
3 Months Ended |
6 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Revenues |
|
$ 53,165
|
|
$ 58,749
|
|
$ 103,810
|
|
$ 109,202
|
|
$ 103,810
|
|
$ 109,202
|
|
| Gross profit (loss) |
|
32,109
|
|
36,386
|
|
|
|
|
|
63,292
|
|
67,727
|
|
| Operating expense |
|
32,169
|
|
32,391
|
|
|
|
|
|
64,016
|
|
68,326
|
|
| Operating (loss) income |
|
(60)
|
|
3,995
|
|
|
|
|
|
(724)
|
|
(599)
|
|
| Nonoperating expense, net |
|
(1,265)
|
|
(611)
|
|
|
|
|
|
(1,538)
|
|
(1,429)
|
|
| Operating Segments [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Gross profit (loss) |
|
32,119
|
|
36,404
|
|
|
|
|
|
63,302
|
|
67,762
|
|
| Operating expense |
|
32,169
|
|
32,391
|
|
|
|
|
|
64,016
|
|
68,326
|
|
| Operating (loss) income |
|
(60)
|
|
3,995
|
|
|
|
|
|
(724)
|
|
(599)
|
|
| Nonoperating expense, net |
|
1,265
|
|
611
|
|
|
|
|
|
1,538
|
|
1,429
|
|
| (Loss) earnings before income taxes |
|
(1,325)
|
|
3,384
|
|
|
|
|
|
(2,262)
|
|
(2,028)
|
|
| Operating Segments [Member] | Sterilization and Disinfection Control [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenues |
|
17,080
|
[1] |
16,964
|
[1] |
33,007
|
|
31,738
|
|
33,007
|
[1] |
31,738
|
[1] |
| Gross profit (loss) |
|
12,476
|
|
12,199
|
|
|
|
|
|
24,067
|
|
22,967
|
|
| Operating Segments [Member] | Clinical Genomics [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenues |
|
15,549
|
[1] |
18,435
|
[1] |
28,918
|
|
32,940
|
|
28,918
|
[1] |
32,940
|
[1] |
| Gross profit (loss) |
|
7,727
|
|
10,641
|
|
|
|
|
|
14,455
|
|
18,490
|
|
| Operating Segments [Member] | Biopharmaceutical Development [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenues |
|
9,207
|
[1] |
12,144
|
[1] |
19,096
|
|
23,111
|
|
19,096
|
[1] |
23,111
|
[1] |
| Gross profit (loss) |
|
5,509
|
|
7,557
|
|
|
|
|
|
11,942
|
|
14,634
|
|
| Operating Segments [Member] | Calibration Solutions [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenues |
|
11,329
|
[1],[2] |
11,206
|
[1],[2] |
$ 22,789
|
[2] |
$ 21,413
|
[2] |
22,789
|
[1] |
21,413
|
[1] |
| Gross profit (loss) |
|
6,407
|
|
6,007
|
|
|
|
|
|
12,838
|
|
11,671
|
|
| Corporate, Non-Segment [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenues |
[1],[3] |
$ (10)
|
|
$ (18)
|
|
|
|
|
|
$ (10)
|
|
$ (35)
|
|
|
|
| X |
- DefinitionAggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 250
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-Publisher FASB
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-Topic 220
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-Paragraph 2
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-Topic 220
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-Topic 280
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| X |
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| X |
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| Period Type: |
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|
v3.23.3
Note 12 - Segment Information - Segment Inventory (Details) - USD ($)
$ in Thousands |
Sep. 30, 2023 |
Mar. 31, 2023 |
| Total inventories |
$ 32,879
|
$ 34,642
|
| Operating Segments [Member] | Sterilization and Disinfection Control [Member] |
|
|
| Total inventories |
3,889
|
3,492
|
| Operating Segments [Member] | Clinical Genomics [Member] |
|
|
| Total inventories |
11,330
|
13,985
|
| Operating Segments [Member] | Biopharmaceutical Development [Member] |
|
|
| Total inventories |
8,541
|
8,384
|
| Operating Segments [Member] | Calibration Solutions [Member] |
|
|
| Total inventories |
$ 9,119
|
$ 8,781
|
| X |
- DefinitionAmount after valuation and LIFO reserves of inventory expected to be sold, or consumed within one year or operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
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