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Note 5 - Goodwill and Intangible Assets, Net

9 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Text Block]

Note 5. Goodwill and Intangible Assets, Net

Finite-lived intangible assets consist of the following:

	*December 31, 2021*							*March 31, 2021*
	*Gross Carrying Amount*		*Accumulated Amortization*			*Net Carrying Amount*		*Gross Carrying Amount*		*Accumulated Amortization*			*Net Carrying Amount*
Intellectual property	$	66,984	$	(10,662	)	$	56,322	$	21,201	$	(8,595	)	$	12,606
Trade names		24,360		(3,333	)		21,027		8,612		(3,129	)		5,483
Customer relationships		249,612		(62,369	)		187,243		145,754		(52,206	)		93,548
Non-compete agreements		1,299		(1,225	)		74		1,299		(1,195	)		104
Total	$	342,255	$	(77,589	)	$	264,666	$	176,866	$	(65,125	)	$	111,741

The increase in the intangible assets balance from March 31, 2021 to December 31, 2021 is primarily related to the Agena Acquisition. See Note 11. "Significant Transactions" for more information.

Amortization expense for finite-lived intangible assets acquired in a business combination was $5,922 and $13,495 for the three and nine months ended December 31, 2021, respectively, and $3,828 and $10,694 for the three and nine months ended December 31, 2020, respectively. The increase in intangibles amortization was primarily attributable to amortizing intangible assets acquired in the Agena Acquisition.

For the following fiscal years ending March 31, amortization expense is estimated as follows:

Remainder of 2022							$ 6,447
2023							25,670
2024							25,154
2025							23,566
2026							22,789

The change in the carrying amount of goodwill was as follows:

	*Sterilization and Disinfection Control*			*Biopharmaceutical Development*			*Calibration Solutions*			*Clinical Genomics*		*Total*
March 31, 2021	$	30,153		$	93,399		$	37,289		$	-	$	160,841
Effect of foreign currency translation		(275	)		(2,995	)		(35	)		-		(3,305	)
Goodwill acquired in Agena Acquisition		-			-			-			136,006		136,006
December 31, 2021	$	29,878		$	90,404		$	37,254		$	136,006	$	293,542

The Agena Acquisition created an impetus for us to realign our financial reporting segments (See Note 12. “Segment Information”) and reevaluate the underlying reporting units that form the basis of our goodwill impairment testing. As a result of adjustments to our reporting units, we performed goodwill impairment assessments during the quarter ended December 31, 2021. Based on those assessments, we determined that the fair value of each reporting unit exceeded its carrying value, and no impairment existed as of the date of the Agena Acquisition or as of December 31, 2021.