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Note 16 - Segment Data
 12 Months Ended
Mar. 31, 2021
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

Note 16.  Segment Data

 

Segment information is prepared on the same basis that our CEO, who is our Chief Operating Decision Maker, uses to manage the segments, evaluate financial results, and make key operating decisions. We have four reportable segments based primarily upon product type: Sterilization and Disinfection Control, Instruments, Biopharmaceutical Development, and Continuous Monitoring. When determining the reportable segments, we aggregated operating segments based on their similar economic and operating characteristics. We evaluate the performance of our operating segments based on revenues, organic revenues growth, and gross margin. The accounting policies of the operating segments are the same as those described in Note 1. "Description of Business and Summary of Significant Accounting Policies." The following tables set forth our segment information:

 

  

Year Ended March 31,

 
  

2021

  

2020

  

2019

 

Total revenues (a)

            

Sterilization and Disinfection Control

 $53,119  $49,660  $46,297 

Instruments

  32,465   37,984   36,125 

Biopharmaceutical Development

  33,892   13,851   - 

Continuous Monitoring

  14,461   13,729   13,806 

Reportable segment revenues

  133,937   115,224   96,228 

Corporate and Other (b)

  -   2,463   6,907 

Total revenues (a)

 $133,937  $117,687  $103,135 
             

Gross profit (loss)

            

Sterilization and Disinfection Control

 $39,870  $35,797  $31,861 

Instruments

  20,158   24,247   22,866 

Biopharmaceutical Development

  21,035   382   - 

Continuous Monitoring

  5,954   4,518   5,582 

Reportable segment gross profit

  87,017   64,944   60,309 

Corporate and Other (b)

  (3)  418   607 

Gross profit

 $87,014  $65,362  $60,916 

Reconciling Items:

            

Operating expenses

  74,656   57,439   51,135 

Operating income

  12,358   7,923   9,781 

Nonoperating expense, net

  10,055   4,061   1,158 

Earnings before income taxes

 $2,303  $3,862  $8,623 

 

 

 

(a)

Intersegment revenues are not significant and are eliminated to arrive at consolidated totals.

 

(b)

Non-reportable operating segments (including our Cold Chain Packaging Division which ceased operations during the year ended March 31, 2020) and unallocated corporate expenses are reported within Corporate and Other. 

 

 

  

Year Ended March 31,

 
  

2021

  

2020

  

2019

 

Depreciation and amortization

            

Sterilization and Disinfection Control

 $857  $902  $902 

Instruments

  164   179   207 

Biopharmaceutical Development

  1,427   672   - 

Continuous Monitoring

  256   328   272 

Reportable segment depreciation and amortization

  2,704   2,081   1,381 

Corporate and Other (c)

  14,956   10,909   8,047 

Depreciation and amortization

 $17,660  $12,990  $9,428 
             

Capital expenditures

            

Sterilization and Disinfection Control

 $136  $291  $384 

Instruments

  128   165   56 

Biopharmaceutical Development

  539   233   - 

Continuous Monitoring

  40   201   254 

Reportable segment capital expenditures

  843   890   694 

Corporate and Other

  1,149   608   568 

Capital expenditures

 $1,992  $1,498  $1,262 

 

 

(c)

Amortization of intellectual property is included in the calculation of gross margin by segment. Amortization pertaining to other types of intangible assets, such as customer relationships and trademarks, is included in general and administrative on the Consolidated Statements of Income. Within the table above, the depreciation and amortization costs that are included in calculating the gross margin of the noted segment are included; other costs such as amortization that is recorded to general and administrative expense is shown in corporate and other. 

 

The following table sets forth net inventories by reportable segment. Our chief operating decision maker is not provided with any other segment asset information. 

 

  

March 31, 2021

  

March 31, 2020

 

Sterilization and Disinfection Control

 $2,333  $2,104 

Instruments

  3,253   3,065 

Biopharmaceutical Development

  4,162   7,438 

Continuous Monitoring

  1,430   1,623 
Reportable segment Inventory  11,178   14,230 

Corporate and administrative

  -   - 

Total inventories

 $11,178  $14,230 

 

The following table sets forth a summary of long-lived assets by geographic area. Long-lived assets exclude goodwill and intangible assets acquired in a business combination. 

 

  

As of March 31,

 
  

2021

  

2020

 

United States

 $21,443  $23,306 

Foreign

  3,085   1,240 

Total

 $24,528  $24,546 

 

Revenues from external customers are attributed to individual countries based upon locations to which the product is shipped or exported, as follows:

 

  

Year Ended March 31,

 
  

2021

  

2020

  

2019

 

United States

 $71,387  $66,344  $64,828 

Foreign

  62,550   51,343   38,307 

Total revenues

 $133,937  $117,687  $103,135 

 

No customer accounts for 10% or more of our revenues. No foreign country exceeds 10% of total revenues.