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Note 11 - Significant Transaction | 6 Months Ended
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Sep. 30, 2021
Notes to Financial Statements |
Significant Transactions [Text Block] | Note 11. Significant Transactions Agena Bioscience, Inc. On October 20, 2021, we completed the acquisition of Agena. Agena is a leading clinical genomics tools company that develops, manufactures, and supplies highly sensitive, low-cost, high-throughput, genetic analysis solutions to clinical labs and development partners globally. On the acquisition date, Agena shareholders were entitled to an aggregate cash purchase price of $300,000, subject to customary purchase price adjustments, and that amount was remitted to the paying agent or other third parties. We funded the transaction using cash on hand, combined with the proceeds from a $70,000 draw under our Credit Facility. Refer to Note 6. "Indebtedness" for additional details on our Credit Facility. The initial accounting for Agena is not complete due to the limited amount of time since the acquisition date. In an acquisition, U.S. GAAP requires the company to record all assets acquired and all liabilities assumed at the acquisition date fair value. We are in the process of preparing our preliminary purchase price allocation, including initial estimates for inventory, goodwill, and intangible assets. Butler, New Jersey Closure We completed the previously-announced closure of our Butler, New Jersey facility during the three months ended June 30, 2021. The facility was primarily used in the production of our gas flow calibration and air sampling equipment, which is part of our Instruments division. Our manufacturing facility in Lakewood, Colorado is currently undergoing renovations that will allow it to accommodate the production of the gas flow calibration and air sampling equipment. Consolidating the production of these products is expected to reduce facilities costs and streamline our use of lean manufacturing tools under central management to further encourage production efficiencies. As a result of the facility consolidation, we incurred $77 of severance costs during the six months ended September 30, 2021 which were recorded to cost of revenues, selling, and general and administrative expense on the Consolidated Statement of Income. As of September 30, 2021, a total of $70 remained outstanding and accrued, which relates to severance costs. We do not expect to incur any material expenses related to the Butler, New Jersey consolidation in future periods.

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