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Note 2 - Significant Transactions | 9 Months Ended
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Dec. 31, 2022
Notes to Financial Statements |
Significant Transactions [Text Block] | Note 2. Significant Transactions Belyntic GmbH During the three months ended December 31, 2022, we acquired substantially all of the assets and certain liabilities of Belyntic GmbH’s peptide purification business (“the Belyntic acquisition”) for $6,450, of which $4,950 was paid on the date of acquisition and the remainder will be paid upon approval of patent applications expected in the next 36 months. The business complements our existing peptide synthesis business, part of the Biopharmaceutical Development segment, by adding a new consumables line. During the third quarter of fiscal year 2023, we prepared a preliminary analyses of the valuation of net assets acquired in the Belyntic acquisition. This preliminary purchase price allocation 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. (“Agena”) for $300,793, net of cash acquired but inclusive of working capital adjustments (the “Agena Acquisition”). 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. Agena is a leading clinical genomics tools company that develops, manufactures, markets, and supports proprietary instruments and related consumables and services that enable genetic analysis for a broad range of diagnostic and research applications. Using Agena's MassARRAY® instruments and chemical reagent solutions, customers can analyze DNA samples for a variety of high volume clinical testing applications, such as inherited genetic disease testing, pharmacogenetics, various oncology tests, infectious disease testing, and other highly differentiated applications. 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. Fair Value of Net Assets Acquired The allocation of purchase price is based on the fair value of assets acquired and liabilities assumed as of the acquisition date, based on the final valuation of Agena. We have made appropriate adjustments to deferred taxes and tax-related balances during the three months ended December 31. 2022. 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, 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. Unaudited Pro Forma Information The following unaudited pro forma financial information presents the combined results of operations of Mesa and Agena as if the acquisition had occurred on April 1, 2021 after giving effect to certain pro forma adjustments.
|  | Three Months Ended December 31, |  |  | Nine Months Ended December 31, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Pro forma total revenues |  | $ | 54,287 |  |  | $ | 56,659 |  |  | $ | 163,489 |  |  | $ | 163,733 |
Pro forma net income (loss) |  |  | 558 |  |  |  | (8,426 | ) |  |  | 887 |  |  |  | (3,989 | )
The pro forma financial information includes adjustments that are directly attributable to the business combinations and are factually supportable. The pro forma adjustments include incremental amortization of intangible assets, additional stock-based compensation expense for key Agena employees, the removal of interest expense attributable to Agena’s external debt that was paid off as part of the acquisition, and the pro forma tax impact for such adjustments. Cost savings or operating synergies expected to result from the acquisition are not included in the pro forma results. For the three and nine months ended December 31, 2022, the pro forma financial information excludes $145 and $768 of non-recurring acquisition-related expenses, respectively. These pro forma results are illustrative only and not indicative of the actual results of operations that would have been achieved nor are they indicative of future results of operations.

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