Summary of Significant Accounting Policies and Select Balance Sheet Information (Tables)
|
12 Months Ended |
Sep. 30, 2017 |
|---|
| Accounting Policies [Abstract] |
|
| Amortized Cost, Unrealized Holding Gains (Losses) and Fair Value of Available for Sale Securities |
The amortized cost, unrealized holding gains and losses, and fair value of available-for-sale securities as of September 30, 2017 and 2016 were as follows (in thousands):
|
|
|
September 30, 2017 |
|
|
(Dollars in thousands) |
|
Amortized Cost |
|
|
Unrealized Gains |
|
|
Unrealized Losses |
|
|
Fair Value |
|
|
Commercial paper and corporate bonds |
|
$ |
31,817 |
|
|
$ |
— |
|
|
$ |
(15 |
) |
|
$ |
31,802 |
|
|
Total |
|
$ |
31,817 |
|
|
$ |
— |
|
|
$ |
(15 |
) |
|
$ |
31,802 |
|
|
|
|
September 30, 2016 |
|
|
(Dollars in thousands) |
|
Amortized Cost |
|
|
Unrealized Gains |
|
|
Unrealized Losses |
|
|
Fair Value |
|
|
Commercial paper and corporate bonds |
|
$ |
22,019 |
|
|
$ |
— |
|
|
$ |
(65 |
) |
|
$ |
21,954 |
|
|
Total |
|
$ |
22,019 |
|
|
$ |
— |
|
|
$ |
(65 |
) |
|
$ |
21,954 |
|
|
| Components of Inventories |
Inventories consisted of the following components as of September 30 (in thousands):
|
|
|
2017 |
|
|
2016 |
|
|
Raw materials |
|
$ |
1,603 |
|
|
$ |
1,766 |
|
|
Work in-process |
|
|
659 |
|
|
|
492 |
|
|
Finished products |
|
|
1,254 |
|
|
|
1,321 |
|
|
Total |
|
$ |
3,516 |
|
|
$ |
3,579 |
|
|
| Schedule of Property, Plant and Equipment |
Property and equipment consisted of the following components as of September 30 (in thousands):
|
|
|
Useful Life |
|
2017 |
|
|
2016 |
|
|
|
|
(In years) |
|
|
|
|
|
|
|
|
|
Land |
|
N/A |
|
$ |
4,420 |
|
|
$ |
4,359 |
|
|
Laboratory fixtures and equipment |
|
3 to 10 |
|
|
19,491 |
|
|
|
15,243 |
|
|
Buildings and improvements |
|
3 to 20 |
|
|
21,924 |
|
|
|
19,589 |
|
|
Office furniture and equipment |
|
3 to 10 |
|
|
4,541 |
|
|
|
3,948 |
|
|
Construction-in-progress |
|
|
|
|
2,493 |
|
|
|
3,441 |
|
|
Less accumulated depreciation |
|
|
|
|
(29,927 |
) |
|
|
(26,979 |
) |
|
Property and equipment, net |
|
|
|
$ |
22,942 |
|
|
$ |
19,601 |
|
|
| Summary of Other Assets |
Other assets consist principally of the following as of September 30 (in thousands):
|
|
|
2017 |
|
|
2016 |
|
|
ViaCyte, Inc. |
|
$ |
479 |
|
|
$ |
479 |
|
|
Other noncurrent assets |
|
|
418 |
|
|
|
149 |
|
|
Other assets, net |
|
$ |
897 |
|
|
$ |
628 |
|
|
| Schedule of Intangible Assets |
Intangible assets consisted of the following as of September 30 (in thousands):
|
|
|
2017 |
|
|
|
|
Weighted Average
Original Life (Years) |
|
|
Gross Carrying
Amount |
|
|
Accumulated
Amortization |
|
|
Net |
|
|
Definite-lived intangible assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer lists and relationships |
|
|
8.9 |
|
|
$ |
18,293 |
|
|
$ |
(7,834 |
) |
|
$ |
10,459 |
|
|
Developed technology |
|
|
11.7 |
|
|
|
9,297 |
|
|
|
(1,478 |
) |
|
|
7,819 |
|
|
Non-compete |
|
|
5.0 |
|
|
|
230 |
|
|
|
(103 |
) |
|
|
127 |
|
|
Patents and other |
|
|
16.5 |
|
|
|
2,321 |
|
|
|
(1,423 |
) |
|
|
898 |
|
|
Subtotal |
|
|
|
|
|
|
30,141 |
|
|
|
(10,838 |
) |
|
|
19,303 |
|
|
Unamortized intangible assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In-process research and development |
|
|
|
|
|
|
679 |
|
|
|
— |
|
|
|
679 |
|
|
Trademarks and trade names |
|
|
|
|
|
|
580 |
|
|
|
— |
|
|
|
580 |
|
|
Total |
|
|
|
|
|
$ |
31,400 |
|
|
$ |
(10,838 |
) |
|
$ |
20,562 |
|
|
|
|
2016 |
|
|
|
|
Weighted Average
Original Life (Years) |
|
|
Gross Carrying
Amount |
|
|
Accumulated
Amortization |
|
|
Net |
|
|
Definite-lived intangible assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer lists and relationships |
|
|
8.9 |
|
|
$ |
17,692 |
|
|
$ |
(6,123 |
) |
|
$ |
11,569 |
|
|
Core technology |
|
|
8.0 |
|
|
|
530 |
|
|
|
(530 |
) |
|
|
— |
|
|
Developed technology |
|
|
11.8 |
|
|
|
8,724 |
|
|
|
(618 |
) |
|
|
8,106 |
|
|
Non-compete |
|
|
5.0 |
|
|
|
230 |
|
|
|
(58 |
) |
|
|
172 |
|
|
Patents and other |
|
|
16.5 |
|
|
|
2,321 |
|
|
|
(1,275 |
) |
|
|
1,046 |
|
|
Subtotal |
|
|
|
|
|
|
29,497 |
|
|
|
(8,604 |
) |
|
|
20,893 |
|
|
Unamortized intangible assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In-process research and development |
|
|
|
|
|
|
987 |
|
|
|
— |
|
|
|
987 |
|
|
Trademarks and trade names |
|
|
|
|
|
|
645 |
|
|
|
— |
|
|
|
645 |
|
|
Total |
|
|
|
|
|
$ |
31,129 |
|
|
$ |
(8,604 |
) |
|
$ |
22,525 |
|
|
| Estimated Amortization Expense |
Based on the intangible assets in service, excluding any possible future amortization associated with acquired IPR&D, which has not met technological feasibility as of September 30, 2017, estimated amortization expense for each of the next five fiscal years is as follows (in thousands):
|
2018 |
|
$ |
2,661 |
|
|
2019 |
|
|
2,661 |
|
|
2020 |
|
|
2,486 |
|
|
2021 |
|
|
2,347 |
|
|
2022 |
|
|
2,307 |
|
|
| Schedule Of Carrying Amount Of Goodwill By Segment |
The change in the carrying amount of goodwill by segment for the years ended September 30, 2017 and 2016 was as follows (in thousands):
|
(Dollars in thousands) |
|
In Vitro Diagnostics |
|
|
Medical Device |
|
|
Total |
|
|
Balance as of September 30, 2015 |
|
$ |
8,010 |
|
|
$ |
— |
|
|
$ |
8,010 |
|
|
Additions (See Note 3) |
|
|
— |
|
|
|
17,892 |
|
|
|
17,892 |
|
|
Foreign currency translation adjustment |
|
|
— |
|
|
|
653 |
|
|
|
653 |
|
|
Balance as of September 30, 2016 |
|
|
8,010 |
|
|
|
18,545 |
|
|
|
26,555 |
|
|
Foreign currency translation adjustment |
|
|
— |
|
|
|
727 |
|
|
|
727 |
|
|
Balance as of September 30, 2017 |
|
$ |
8,010 |
|
|
$ |
19,272 |
|
|
$ |
27,282 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Schedule of Other Accrued Liabilities |
Other accrued liabilities consisted of the following as of September 30 (in thousands):
|
|
|
2017 |
|
|
2016 |
|
|
Accrued professional fees |
|
$ |
501 |
|
|
$ |
262 |
|
|
Accrued clinical study expense |
|
|
411 |
|
|
|
283 |
|
|
Accrued inventory purchases |
|
|
596 |
|
|
|
315 |
|
|
Due to customers |
|
|
41 |
|
|
|
881 |
|
|
Deferred revenue |
|
|
62 |
|
|
|
180 |
|
|
Other |
|
|
224 |
|
|
|
249 |
|
|
Total |
|
$ |
1,835 |
|
|
$ |
2,170 |
|
|
| Denominator for Computation of Basic and Diluted Income Per Share |
The following table sets forth the denominator for the computation of basic and diluted income per share for each of the fiscal years ended September 30 (in thousands):
|
|
|
2017 |
|
|
2016 |
|
|
2015 |
|
|
Net income from continuing operations available to common shareholders |
|
$ |
3,926 |
|
|
$ |
9,985 |
|
|
$ |
11,947 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted average shares outstanding |
|
|
13,153 |
|
|
|
12,998 |
|
|
|
13,029 |
|
|
Dilutive effect of outstanding stock options, non-vested
restricted stock, restricted stock units and performance
shares |
|
|
236 |
|
|
|
221 |
|
|
|
260 |
|
|
Diluted weighted average shares outstanding |
|
|
13,389 |
|
|
|
13,219 |
|
|
|
13,289 |
|
|