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Note 14 - Segment Data
 12 Months Ended
Mar. 31, 2025
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

Note 14. Segment Data

 

Segment information is prepared on the same basis that our chief operating decision maker, our CEO, uses to manage our segments, evaluate financial results, and make key operating decisions. Our four reportable segments are organized primarily by the nature of the goods and services they sell. The CODM uses segment revenue, organic revenues growth (non-GAAP), and gross profit to allocate resources and to assess the performance of our segments. Monthly, the CODM reviews forecast-to-actual and prior-to-current period variances in segment revenue and in segment gross profit when making decisions to allocate capital and personnel to the segments. Our CODM also reviews operating income, adjusted to exclude non-cash items such as depreciation, amortization and stock based compensation, on a consolidated basis to further manage operations. The accounting policies of our 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:

 

  

Sterilization and Disinfection Control (d)

  

Clinical Genomics

  

Biopharmaceutical Development

  

Calibration Solutions

  

Corporate and Other (e)

  

Total Company

 

Year Ended March 31, 2025

                        

Revenues (a)

 $93,418  $47,081  $48,730  $51,749  $-  $240,978 

Less:

                        

Depreciation in cost of revenues

  1,419   680   224   837   -   3,160 

Amortization in cost of revenues

  503   765   1,373   -   -   2,641 

Non-cash GKE inventory step-up amortization

  1,232   -   -   -   -   1,232 

Other cost of revenues (b)

  25,604   19,966   17,220   20,275   10   83,075 

Total segment cost of revenues

  28,758   21,411   18,817   21,112   10   90,108 

Gross Profit (c)

 $64,660  $25,670  $29,913  $30,637  $(10) $150,870 
                         

Reconciling items:

                        

Operating expense

                     $134,534 

Operating income

                      16,336 

Nonoperating expense, net

                      10,375 

Earnings before income taxes

                     $5,961 
                         

Year Ended March 31, 2024

                        

Revenues (a)

 $75,124  $52,588  $40,712  $47,763  $-  $216,187 

Less:

                        

Depreciation in cost of revenues

  1,204   937   224   666   -   3,031 

Amortization in cost of revenues

  266   4,448   1,338   -   -   6,052 

Non-cash GKE inventory step-up amortization

  1,229   -   -   -   -   1,229 

Other cost of revenues (b)

  19,123   20,125   13,750   19,550   77   72,625 

Total segment cost of revenues

  21,822   25,510   15,312   20,216   77   82,937 

Gross Profit (c)

 $53,302  $27,078  $25,400  $27,547  $(77) $133,250 
                         

Reconciling items:

                        

Operating expense

                     $405,325 

Operating (loss)

                      (272,075)

Nonoperating expense, net

                      3,573 

(Loss) before income taxes

                     $(275,648)
                         

Year Ended March 31, 2023

                        

Revenues (a)

 $64,609  $62,299  $47,365  $44,807  $-  $219,080 

Less:

                        

Depreciation in cost of revenues

  818   1,130   314   901   -   3,163 

Amortization in cost of revenues

  -   5,675   1,121   -   -   6,796 

Other cost of revenues (b)

  17,271   23,009   15,590   19,518   40   75,428 

Total segment cost of revenues

  18,089   29,814   17,025   20,419   40   85,387 

Gross Profit (c)

 $46,520  $32,485  $30,340  $24,388  $(40) $133,693 
                         

Reconciling items:

                        

Operating expense

                     $130,373 

Operating income

                      3,320 

Nonoperating expense, net

                      3,709 

(Loss) before income taxes

                     $(389)

 

 

(a)

Intersegment revenues are not significant and are eliminated to arrive at consolidated totals. Revenues as presented are consistent with GAAP measurement principles and our CODM's review of segment information.
 

(b)

Other segment cost of revenues for each reportable segment includes product costs, personnel costs (including stock based compensation), and other manufacturing and overhead costs necessary to produce and sell our products and services, excluding depreciation, amortization, and non-cash inventory step-up amortization expenses.
 (c)Gross profit as presented is consistent with GAAP measurement principles and our CODM's review of segment information.
 (d)Includes GKE results beginning upon acquisition in fiscal year 2024. 
 (e)Unallocated corporate expenses and other business activities are reported within Corporate and Other. Certain depreciation expense classified reflected in Corporate and Other in fiscal years 2024 and 2023 has been recast to conform to current year presentation.

 

Changes in the Sterilization and Disinfection Control division are primarily attributable to the GKE acquisition consummated in the third quarter of fiscal year 2024. 

 

The following table sets forth net inventories by reportable segment. Our chief operating decision maker is not provided with any other segment asset information. In addition to sales of our products, inventories decreased in fiscal year 2025 primarily due to adjustments to realizable value and amortization of non-cash inventory step-up from the GKE acquisition.

 

  

March 31,

  

March 31,

 
  

2025

  

2024

 

Sterilization and Disinfection Control

 $5,545  $7,014 

Clinical Genomics

  9,776   11,813 

Biopharmaceutical Development

  4,934   6,304 

Calibration Solutions

  5,110   7,544 

Total inventories

 $25,365  $32,675 

 

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, deferred tax assets and other non-tangible assets. The increase in long-lived assets in Sweden is primarily due to right of use assets associated with a ten-year operating lease that commenced in fiscal year 2025 related to a facility used by our Biopharmaceutical Development division for manufacturing and administrative purposes.  

 

  March 31,  March 31, 
  

2025

  

2024

 

United States

 $29,200  $32,229 

Sweden

  11,634   1,271 

Germany

  6,712   7,596 

Other

  1,169   1,208 

Total long-lived assets

 $48,715  $42,304 

 

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,

 
  

2025

  

2024

  

2023

 

United States

 $116,615  $106,395  $117,281 

China

  25,312   24,933   25,797 

Other

  99,051   84,859   76,002 

Total revenues

 $240,978  $216,187  $219,080 

 

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