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Note 4 - Significant Transactions | 12 Months Ended
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Mar. 31, 2023
Notes to Financial Statements |
Significant Transactions [Text Block] | Note 4. Significant Transactions Acquisitions Belyntic, GmbH On November 17, 2022, we acquired substantially all of the assets and certain liabilities of Belyntic GmbH’s peptide purification business. We paid $4,950 on the date of acquisition, and we expect to pay an additional $1,500 based on the probable approval of pending patent applications expected within 36 months of the acquisition date. The business complements our existing peptide synthesis business, part of the Biopharmaceutical Development segment, by adding a new consumables line. We have prepared a preliminary analysis of the valuation of net assets acquired in the Belyntic acquisition, which is subject to revision as more detailed analyses are completed. Agena Bioscience, Inc. On October 20, 2021, we completed the acquisition of Agena Bioscience, Inc. for $300,793, net of cash acquired but inclusive of working capital adjustments. The Agena Acquisition aligned with our overall acquisition strategy, moved our business towards the life sciences tools sector, and expanded our market opportunities, particularly in Asia. We funded the acquisition and transactions relating thereto with cash on hand and borrowings under the Credit Facility (as defined below). Of the cash consideration we paid, approximately $267,000 represented cash consideration to holders of Agena’s preferred and common stock, approximately $2,000 represented cash consideration paid for the settlement of Agena’s warrants, and approximately $31,800 represented cash consideration for the settlement of Agena's vested stock options as of the closing date. Allocation of Purchase Price The allocation of purchase price is based on the fair value of assets acquired and liabilities assumed, except deferred revenue recorded at book value, as of the acquisition date, based on the final valuation of Agena. The relief from royalty method was used to value our trade names and developed technology, while the multi-period excess earnings method, a form of the income approach, was used to value our customer relationships. These methods involve the use of significant estimates and assumptions depending on the underlying asset being valued, but may include internal rate of return, revenue growth rates, customer attrition rate, and royalty rates, all of which are considered Level 3 inputs. We obtained the information used to prepare the valuation during due diligence and from other sources. These estimates were based on assumptions that we believe to be reasonable; however, actual results may differ from these estimates. We have made appropriate adjustments to deferred taxes and tax-related balances within the measurement period during the year ended March 31, 2023. The following table summarizes the allocation of the purchase price as of October 20, 2021:
|  | Life (in years) |  |  | Amount |
Cash and cash equivalents |  |  |  |  |  | $ | 7,544 |
Accounts receivable |  |  |  |  |  |  | 11,100 |
Other current assets |  |  |  |  |  |  | 25,480 |
Total current assets |  |  |  |  |  |  | 44,124 |
Property, plant and equipment/noncurrent assets |  |  |  |  |  |  | 15,832 |
Deferred tax asset |  |  |  |  |  |  | 811 |
Intangible assets: |  |  |  |  |  |  |  |
Goodwill |  |  | N/A |  |  |  | 135,728 |
Customer relationships |  |  | 12 |  |  |  | 103,800 |
Intellectual property |  |  | 8 |  |  |  | 45,400 |
Tradenames |  |  | 12 |  |  |  | 15,700 |
Total assets acquired |  |  |  |  |  | $ | 361,395 |
Accounts payable |  |  |  |  |  |  | 2,174 |
Unearned revenues |  |  |  |  |  |  | 2,713 |
Other current liabilities |  |  |  |  |  |  | 11,052 |
Total current liabilities |  |  |  |  |  |  | 15,939 |
Deferred tax liability |  |  |  |  |  |  | 28,856 |
Other noncurrent liabilities |  |  |  |  |  |  | 8,263 |
Total liabilities assumed |  |  |  |  |  | $ | 53,058 |
Total purchase price, net of cash acquired |  |  |  |  |  | $ | 300,793 |
Acquired Goodwill Acquired goodwill of $135,728 as of the acquisition date, all of which is allocated to the Clinical Genomics reportable segment, represents the value expected to arise from expanded market opportunities, expected synergies, and assembled workforce, none of which qualify as amortizable intangible assets. The goodwill acquired is not deductible for income tax purposes.

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