MESA LABORATORIES INC /CO/, 10-Q filed on 2/4/2025
Quarterly Report
v3.25.0.1
Document And Entity Information - shares
 9 Months Ended
Dec. 31, 2024
Jan. 28, 2025
Document Information [Line Items]    
Entity Central Index Key 0000724004  
Entity Registrant Name MESA LABORATORIES INC /CO  
Amendment Flag false  
Current Fiscal Year End Date --03-31  
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2025  
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Dec. 31, 2024  
Document Transition Report false  
Entity File Number 0-11740  
Entity Incorporation, State or Country Code CO  
Entity Tax Identification Number 84-0872291  
Entity Address, Address Line One 12100 West Sixth Avenue  
Entity Address, City or Town Lakewood  
Entity Address, State or Province CO  
Entity Address, Postal Zip Code 80228  
City Area Code 303  
Local Phone Number 987-8000  
Title of 12(b) Security Common Stock, no par value  
Trading Symbol MLAB  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   5,433,607
v3.25.0.1
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
$ in Thousands
Dec. 31, 2024
Mar. 31, 2024
Cash and cash equivalents $ 30,956 $ 28,214
Accounts receivable, less allowance for credit losses of $1,060 and $1,321, respectively 38,647 39,055
Inventories 28,122 32,675
Prepaid expenses and other current assets 13,120 9,408
Total current assets 110,845 109,352
Noncurrent assets:    
Property, plant and equipment, net of accumulated depreciation of $26,036 and $22,519 respectively 31,602 31,766
Deferred tax asset 1,242 1,292
Other assets 18,126 10,538
Intangible assets 98,181 113,752
Goodwill 177,152 180,096
Total assets 437,148 446,796
LIABILITIES AND STOCKHOLDERS’ EQUITY    
Accounts payable 4,087 6,041
Accrued payroll and benefits 13,919 9,935
Unearned revenues 14,608 15,478
Other accrued expenses 22,351 12,858
Term loan, current portion 3,750 0
Convertible senior notes, current portion, net of debt issuance costs 97,163 0
Total current liabilities 155,878 44,312
Noncurrent liabilities:    
Deferred tax liability 18,800 19,780
Other 12,453 15,613
Revolving line of credit 27,000 50,500
Noncurrent portion 67,803 0
Convertible senior notes, noncurrent portion, net of debt issuance costs 0 171,198
Total liabilities 281,934 301,403
Stockholders’ equity:    
Common stock, no par value; authorized 25,000,000 shares; issued and outstanding, 5,433,603 and 5,394,491 shares, respectively 352,788 343,642
(Accumulated deficit) (180,952) (183,494)
Accumulated other comprehensive (loss) (16,622) (14,755)
Total stockholders’ equity 155,214 145,393
Total liabilities and stockholders’ equity 437,148 446,796
Customer Relationships [Member]    
Noncurrent assets:    
Intangible assets 73,797 85,383
Other Intangible Assets [Member]    
Noncurrent assets:    
Intangible assets $ 24,384 $ 28,369
v3.25.0.1
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)
$ / shares in Thousands, $ in Thousands
Dec. 31, 2024
Mar. 31, 2024
Allowance for doubtful accounts receivable $ 1,060 $ 1,321
Property, plant, and equipment accumulated depreciation $ 26,036 $ 22,519
Common stock, no par value (in dollars per share) $ 0 $ 0
Common stock, authorized (in shares) 25,000,000 25,000,000
Common stock, issued (in shares) 5,433,603 5,394,491
Common stock, outstanding (in shares) 5,433,603 5,394,491
v3.25.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Revenues [1] $ 62,840 $ 53,473 $ 178,843 $ 157,283
Cost of revenues 23,086 20,071 66,385 60,589
Gross profit 39,754 33,402 112,458 96,694
Selling 10,450 9,737 30,415 28,363
Research and development 5,053 4,294 14,422 14,098
Total operating expense 33,975 33,469 97,591 97,485
Operating income (loss) 5,779 (67) 14,867 (791)
Interest expense and amortization of debt issuance costs 2,842 1,856 9,340 3,809
Gain on extinguishment of convertible notes 0 0 (2,887) 0
Other expense (income), net 5,154 (3,869) 2,914 (4,284)
Total non-operating expense (income), net 7,996 (2,013) 9,367 (475)
(Loss) earnings before income taxes (2,217) 1,946 5,500 (316)
Income tax (benefit) expense (541) (170) 360 (653)
Net (loss) income $ (1,676) $ 2,116 $ 5,140 $ 337
Basic (in dollars per share) $ (0.31) $ 0.39 $ 0.95 $ 0.06
Diluted (in dollars per share) $ (0.31) $ 0.39 $ 0.94 $ 0.06
Basic (in shares) 5,429 5,393 5,413 5,384
Diluted (in shares) 5,429 5,396 5,464 5,394
Product [Member]        
Revenues $ 62,840 $ 53,473 $ 178,843 $ 157,283
Service [Member]        
General and administrative $ 18,472 $ 19,438 $ 52,754 $ 55,024
[1] Intersegment revenues are not significant and are eliminated to arrive at consolidated totals.
v3.25.0.1
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Net income $ (1,676) $ 2,116 $ 5,140 $ 337
Other comprehensive (loss) income:        
Foreign currency translation (6,951) 10,965 (1,867) 2,951
Comprehensive (loss) income $ (8,627) $ 13,081 $ 3,273 $ 3,288
v3.25.0.1
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)
$ in Thousands
Common Stock [Member]
Retained Earnings [Member]
AOCI Attributable to Parent [Member]
Total
Balance at Mar. 31, 2023 $ 332,076 $ 74,199 $ (12,795) [1] $ 393,480
Vesting of restricted stock units and exercise of stock options (in shares) 20,074      
Vesting of restricted stock units and exercise of stock options $ 52     52
Tax withholding on vesting of restricted stock units (in shares) (5,260)      
Tax withholding on vesting of restricted stock units $ (712) 0 0 (712)
Dividends paid, $0.16 per share   (859)   (859)
Stock-based compensation expense $ 2,968     2,968
Foreign currency translation     (6,661) [1] (6,661)
Net income (loss)   (549)   (549)
Balance (in shares) at Jun. 30, 2023 5,384,280      
Balance at Jun. 30, 2023 $ 334,384 72,791 (19,456) [1] 387,719
Balance (in shares) at Mar. 31, 2023 5,369,466      
Net income (loss)   (549)   (549)
Foreign currency translation     (6,661) [1] (6,661)
Balance at Mar. 31, 2023 $ 332,076 74,199 (12,795) [1] 393,480
Foreign currency translation       2,951
Net income (loss)       337
Balance (in shares) at Dec. 31, 2023 5,394,043      
Balance at Dec. 31, 2023 $ 340,852 71,953 (9,844) [1] 402,961
Balance (in shares) at Mar. 31, 2023 5,369,466      
Net income (loss)       337
Foreign currency translation       2,951
Balance at Jun. 30, 2023 $ 334,384 72,791 (19,456) [1] 387,719
Vesting of restricted stock units and exercise of stock options (in shares) 7,464      
Vesting of restricted stock units and exercise of stock options $ 304     304
Tax withholding on vesting of restricted stock units (in shares) (18)      
Tax withholding on vesting of restricted stock units $ (2)     (2)
Dividends paid, $0.16 per share   (862)   (862)
Stock-based compensation expense $ 3,183     3,183
Foreign currency translation     (1,353) (1,353)
Net income (loss)   (1,230)   (1,230)
Balance (in shares) at Sep. 30, 2023 5,391,726      
Balance at Sep. 30, 2023 $ 337,869 70,699 (20,809) [1] 387,759
Balance (in shares) at Jun. 30, 2023 5,384,280      
Net income (loss)   (1,230)   (1,230)
Foreign currency translation     (1,353) (1,353)
Vesting of restricted stock units and exercise of stock options (in shares) 2,415      
Vesting of restricted stock units and exercise of stock options $ 2     2
Tax withholding on vesting of restricted stock units (in shares) (98)      
Tax withholding on vesting of restricted stock units $ (12)     (12)
Dividends paid, $0.16 per share   (862)   (862)
Stock-based compensation expense $ 2,993     2,993
Foreign currency translation     10,965 10,965
Net income (loss)   2,116   2,116
Balance (in shares) at Dec. 31, 2023 5,394,043      
Balance at Dec. 31, 2023 $ 340,852 71,953 (9,844) [1] 402,961
Balance (in shares) at Sep. 30, 2023 5,391,726      
Net income (loss)   2,116   2,116
Foreign currency translation     10,965 $ 10,965
Balance (in shares) at Mar. 31, 2024 5,394,491     5,394,491
Balance at Mar. 31, 2024 $ 343,642 (183,494) (14,755) [1] $ 145,393
Vesting of restricted stock units and exercise of stock options (in shares) 20,858      
Vesting of restricted stock units and exercise of stock options $ 0     0
Tax withholding on vesting of restricted stock units (in shares) (6,194)      
Tax withholding on vesting of restricted stock units $ (571) 0 0 (571)
Dividends paid, $0.16 per share   (863)   (863)
Stock-based compensation expense 2,928     2,928
Foreign currency translation     452 [1] 452
Net income (loss) $ 0 3,388 0 3,388
Balance (in shares) at Jun. 30, 2024 5,409,155      
Balance at Jun. 30, 2024 $ 345,999 (180,969) (14,303) [1] 150,727
Net income (loss) $ 0 3,388 0 3,388
Foreign currency translation     452 [1] $ 452
Balance (in shares) at Mar. 31, 2024 5,394,491     5,394,491
Balance at Mar. 31, 2024 $ 343,642 (183,494) (14,755) [1] $ 145,393
Vesting of restricted stock units and exercise of stock options (in shares)       1,000
Foreign currency translation       $ (1,867)
Net income (loss)       5,140
Balance (in shares) at Dec. 31, 2024 5,433,603      
Balance at Dec. 31, 2024 $ 352,788 (180,952) (16,622) [1] 155,214
Net income (loss)       5,140
Foreign currency translation       (1,867)
Balance at Jun. 30, 2024 $ 345,999 (180,969) (14,303) [1] 150,727
Vesting of restricted stock units and exercise of stock options (in shares) 13,006      
Vesting of restricted stock units and exercise of stock options $ 0     0
Tax withholding on vesting of restricted stock units (in shares) (2,306)      
Tax withholding on vesting of restricted stock units $ (307)     (307)
Dividends paid, $0.16 per share   (866)   (866)
Stock-based compensation expense 3,837     3,837
Foreign currency translation     4,632 4,632
Net income (loss) $ 0 3,428 0 3,428
Balance (in shares) at Sep. 30, 2024 5,419,855      
Balance at Sep. 30, 2024 $ 349,529 (178,407) (9,671) [1] 161,451
Balance (in shares) at Jun. 30, 2024 5,409,155      
Net income (loss) $ 0 3,428 0 3,428
Foreign currency translation     4,632 4,632
Vesting of restricted stock units and exercise of stock options (in shares) 13,780      
Vesting of restricted stock units and exercise of stock options $ 23     23
Tax withholding on vesting of restricted stock units (in shares) (32)      
Tax withholding on vesting of restricted stock units $ (3)     (3)
Dividends paid, $0.16 per share   (869)   (869)
Stock-based compensation expense 3,239     3,239
Foreign currency translation     (6,951) (6,951)
Net income (loss) $ 0 (1,676) 0 (1,676)
Balance (in shares) at Dec. 31, 2024 5,433,603      
Balance at Dec. 31, 2024 $ 352,788 (180,952) (16,622) [1] 155,214
Balance (in shares) at Sep. 30, 2024 5,419,855      
Net income (loss) $ 0 $ (1,676) 0 (1,676)
Foreign currency translation     $ (6,951) $ (6,951)
[1] Accumulated Other Comprehensive Income (Loss).
v3.25.0.1
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares
 3 Months Ended
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Dividends paid, per share (in dollars per share) $ 0.16 $ 0.16 $ 0.16 $ 0.16 $ 0.16 $ 0.16
v3.25.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:    
Net income $ 5,140 $ 337
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation of property, plant and equipment 4,028 2,899
Amortization of acquisition-related intangibles 13,002 22,380
Stock-based compensation expense 10,004 9,144
Gain on extinguishment of convertible notes (2,887) 0
Amortization of step-up in inventory basis 1,232 0
Foreign currency adjustments 2,492 (3,128)
Other 3,914 2,206
Cash from changes in operating assets and liabilities:    
Accounts receivable, net 91 8,294
Inventories (539) 217
Prepaid expenses and other assets (1,445) (7,841)
Accounts payable (1,919) (1,656)
Accrued liabilities and taxes payable 1,879 (124)
Unearned revenues (849) (1,478)
Net cash provided by operating activities 34,143 31,250
Cash flows from investing activities:    
Acquisitions, net of cash acquired 0 (79,700)
Purchases of property, plant and equipment (3,492) (2,032)
Net cash (used in) investing activities (3,492) (81,732)
Cash flows from financing activities:    
Proceeds from the issuance of debt, net 73,465 71,000
Repayment of debt (26,313) (22,000)
Repurchase of convertible debt (71,560) 0
Dividends paid (2,598) (2,583)
Other financing, net (1,310) (648)
Net cash (used in) provided by financing activities (28,316) 45,769
Effect of exchange rate changes on cash and cash equivalents 407 27
Net increase (decrease) in cash and cash equivalents 2,742 (4,686)
Cash and cash equivalents at beginning of period 28,214 32,910
Cash and cash equivalents at end of period 30,956 28,224
Supplemental non-cash activity:    
Right of use assets obtained in exchange for lease liabilities $ 9,596 $ 4,220
v3.25.0.1
Note 1 - Description of Business and Summary of Significant Accounting Policies
 9 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]

Note 1. Description of Business and Summary of Significant Accounting Policies

 

Description of Business

 

In this quarterly report on Form 10-Q, Mesa Laboratories, Inc., a Colorado corporation, together with its subsidiaries, is collectively referred to as “we,” “us,” “our,” the “Company,” or “Mesa.”

 

We are a global leader in the design and manufacture of life sciences tools and critical quality control solutions for regulated applications in the pharmaceutical, healthcare, and medical device industries. We offer products and services to help our customers ensure product integrity, increase patient and worker safety, and improve the quality of life throughout the world. We have manufacturing operations in the United States and Europe, and our products are marketed by our sales personnel in North America, Europe and Asia Pacific, and by independent distributors in these areas and throughout the rest of the world. We prefer markets in which we can establish a strong presence and achieve high gross profit margins.

 

As of December 31, 2024, we managed our operations in four reportable segments, or divisions:

 

 ●Sterilization and Disinfection Control - manufactures and sells biological, chemical and cleaning indicators used to assess the effectiveness of sterilization, decontamination, disinfection, and cleaning processes in the medical device, pharmaceutical, and healthcare industries. The division also provides testing and laboratory services, mainly to the dental and pharmaceutical industries. 
 

●

Clinical Genomics - develops, manufactures and sells highly sensitive, low-cost, high-throughput genetic analysis tools and related consumables and services that enable clinical research labs and contract research organizations to perform genomic testing for a broad range of research applications in several therapeutic areas, such as screenings for hereditary diseases, pharmacogenetics, oncology related applications, and toxicology research.

 

●

Biopharmaceutical Development - develops, manufactures, sells and services automated systems for protein analysis (immunoassays) and peptide synthesis solutions. Immunoassays and peptide synthesis solutions accelerate the discovery, development, and manufacture of biotherapeutic therapies, among other applications. 

 

●

Calibration Solutions - develops, manufactures, sells and services quality control products using principles of advanced metrology to enable customers to measure and calibrate critical parameters in applications such as environmental and process monitoring, dialysis, gas flow, air quality and torque testing.

 

Basis of Presentation

 

The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission and in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information. In the opinion of management, such unaudited information includes all adjustments, consisting of normal recurring adjustments necessary for the fair statement of our financial position and results of operations. The results of operations for interim periods are not necessarily indicative of results that may be achieved for the entire year. The year-end Condensed Consolidated Balance Sheet data was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America. The Condensed Consolidated Financial Statements include the accounts of Mesa and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. We made no material changes to the application of our significant accounting policies disclosed in our annual report on Form 10-K. This quarterly report should be read in conjunction with the consolidated financial statements included in our annual report on Form 10-K for the year ended  March 31, 2024.

 

Our fiscal year ends on March 31. References in this quarterly report to a particular “year” or “quarter” refer to our fiscal year or fiscal quarters, respectively.

 

Prior Period Reclassifications

 

For the nine months ended December 31, 2024, certain prior period amounts in our unaudited Condensed Consolidated Statements of Operations related to cash interest payments on acquisition holdback liabilities and non-cash debt issuance cost amortization have been reclassified out of "Other expense (income), net" and into "Interest expense and amortization of debt issuance costs." Additionally, prior period third-party costs related to the repurchase of a portion of our convertible senior notes have been reclassified out of "Other expense (income), net" and are reflected within the "(Gain) on extinguishment of convertible senior notes." These reclassifications have not resulted in any change to "Non-operating expense (income), net" nor in any material change to other amounts presented in our unaudited condensed consolidated financial statements for the three and nine months ended December 31, 2024.

 

Risks and Uncertainties

 

The preparation of financial statements requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the reporting date and revenues and expenses during the reporting periods. These estimates represent management's judgment about the outcome of future events. The global business environment continues to be impacted by cost pressures, the overall effects of economic uncertainty, and other factors. Changes in, and the resulting effects of, potential governmental stimulus or fiscal and monetary policies, interest rates, foreign currency values, supply chains, demand for goods and services, a global or regional recession, or other circumstances cannot be reliably predicted. Actual results could differ from our estimates.

 

Recently Issued Accounting Pronouncements

 

In  November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures." ASU No. 2023-07 requires all annual disclosures currently required by Topic 280 to be included in interim financial statements and requires disclosure of significant segment expenses regularly provided to the chief operating decision maker ("CODM"), a description of other segment items by reportable segment, and applicable additional measures of segment profit or loss used by the CODM when allocating resources and assessing business performance. The ASU is effective for fiscal years beginning after December 15, 2023 (our fiscal year 2025 for annual periods) and interim periods within fiscal years beginning after December 15, 2024 (our fiscal year 2026 for interim periods) on a retrospective basis. Other than presentation changes to our segment footnote, we do not expect the adoption of ASU No. 2023-07 to have a material impact on our consolidated financial statements.

 

In  December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures." ASU No. 2023-09, which enhances the transparency, effectiveness and comparability of income tax disclosures by requiring consistent categories and greater disaggregation of information related to income tax rate reconciliations and the jurisdictions in which income taxes are paid. The guidance is effective for public business entities for fiscal years beginning after  December 15, 2024 (our fiscal year 2026), with early adoption and prospective or retrospective application permitted. Other than presentation of additional disaggregated data in our income tax footnote disclosures for annual periods, we do not expect the adoption of ASU No. 2023-09 to have a material impact on our consolidated financial statement.

 

In November 2024, the Financial Accounting Board ("FASB" issued Accounting Standards Update ("ASU") No. 2024-03, "Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses." ASU No. 2024-03 requires that public business entities disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. The ASU is effective for fiscal years beginning after December 15, 2026 (our fiscal year 2028 for annual periods) and interim periods within fiscal years beginning after December 15, 2027 (our fiscal year 2029 for interim periods), with early adoption and prospective or retrospective application permitted. We are currently assessing the effect the adoption of this standard will have on our consolidated financial statement disclosures.

 

We have reviewed all recently issued accounting pronouncements and have concluded that, other than as described above, they are either not applicable to us or are not expected to have a significant impact on our consolidated financial statements. 

 
v3.25.0.1
Note 2 - Significant Transactions
 9 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Significant Transactions [Text Block]

Note 2. Significant Transactions

 

GKE - Fiscal Year 2024 Acquisition 

We acquired 100% of the outstanding shares of GKE GmbH and SAL GmbH effective  October 16, 2023, and upon approval by applicable Chinese regulators, effective December 31, 2023, we acquired 100% of the outstanding shares of Beijing GKE Science & Technology Co. Ltd. (“GKE China” and together with GKE GmbH and SAL GmbH, “GKE” or the "GKE acquisition").

 

GKE develops, manufactures and sells a portfolio of chemical sterilization indicators, biologics, and process challenge devices to protect patient safety across global healthcare markets. GKE is included in our Sterilization and Disinfection Control ("SDC") division, and GKE's strengths in chemical indictors are complementary to SDC's strengths in biological indicators as chemical and biological indicators are used in the same sterility validation workflows. Additionally, GKE’s healthcare-focused commercial capabilities in Europe and Asia greatly expand our reach in the healthcare markets in those geographies. We are working to obtain regulatory 510(k) clearance on certain GKE products for sale in the United States, which would further expand organic revenues growth opportunities from the GKE business.

 

We finalized our purchase price accounting of GKE during fiscal year 2024. Total cash consideration for the GKE acquisition was $87,187, net of cash and financial liabilities acquired and inclusive of working capital adjustments. Of the total acquisition price, approximately $9,000 (at December 31, 2024 exchange rates) is being held back until April 2025 in accordance with the purchase agreement as security against potential indemnification losses ("GKE holdback"). We funded the acquisition through a combination of cash on-hand and a total of $71,000 borrowed under our line of credit. 

 

During the three and nine months ended December 31, 2024, GKE's operations contributed the following amounts to our consolidated results of operations: 

 

  

Three Months Ended

  

Nine Months Ended

 
  December 31, 2024 

Revenues

 $6,854  $18,971 

Gross profit

  4,904   12,457 
         

Amortization of inventory step-up recorded in cost of revenues

  -   1,232 

Amortization of acquired intangibles recorded in cost of revenues

  131   375 

Amortization of acquired intangibles recorded in general and administrative expense

  935   2,423 

 
v3.25.0.1
Note 3 - Revenue
 9 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Revenue from Contract with Customer [Text Block]

Note 3. Revenue

 

We develop, manufacture, market, sell and maintain life sciences tools and quality control instruments and related consumables.

 

Hardware sales include physical products such as instruments used for molecular and genetic analysis, protein synthesizers, medical meters, wireless sensor systems, data loggers, and process challenge devices. Hardware sales  may be offered with accompanying perpetual or annual software licenses, which in some cases are required for the hardware to function.

 

Consumables are single-use products and require frequent replacement in our customers' operating cycles. Consumables sold by our Clinical Genomics and Biopharmaceutical Development divisions, such as reagents used for molecular and genetic analysis or solutions used for protein synthesis, are critical to the ongoing use of our instruments. Consumables such as biological and chemical indicator test strips sold by our Sterilization and Disinfection Control division are used on a standalone basis.

 

Revenues from hardware and consumables are recognized upon transfer to the customer, typically at the point of shipment. 

 

We also offer maintenance, calibration and testing services. Services result in revenues recognized over time, for example, when we are obligated to perform labor and replace parts on an as-needed basis over a contractually specified period of time, or at a point in time, upon completion of a specific, discrete service. In many cases, our contracts contain both revenues recognized over time and revenues recognized at a point in time. 

 

We evaluate our revenues internally based on business division and the nature of goods and services provided.

 

The following tables present disaggregated revenues for the three and nine months ended December 31, 2024 and 2023, respectively:

 

  

Three Months Ended December 31, 2024

 
  

Sterilization and Disinfection Control (1)

  

Clinical Genomics

  

Biopharmaceutical Development

  

Calibration Solutions

  

Total

 
                     

Consumables

 $20,991  $9,866  $4,909  $1,043  $36,809 

Hardware and software

  52   1,877   4,534   9,333   15,796 

Services

  2,464   924   2,794   4,053   10,235 

Total revenues

 $23,507  $12,667  $12,237  $14,429  $62,840 

 

(1) Revenues of $6,854 from GKE are included in the Sterilization and Disinfection Control division during the three months ended December 31, 2024. 

 

  

Three Months Ended December 31, 2023

 
  

Sterilization and Disinfection Control (1)

  

Clinical Genomics

  

Biopharmaceutical Development

  

Calibration Solutions

  

Total

 
                     

Consumables

 $16,832  $9,758  $4,080  $539  $31,209 

Hardware and software

  180   1,639   2,672   8,254   12,745 

Services

  2,326   1,149   2,678   3,366   9,519 

Total revenues

 $19,338  $12,546  $9,430  $12,159  $53,473 

 

(1) Revenues of $3,837 from GKE are included in the Sterilization and Disinfection Control division during the three months ended December 31, 2023, following the acquisition of GKE GmbH and SAL GmbH on October 16, 2023. 

 

 

  

Nine Months Ended December 31, 2024

 
  

Sterilization and Disinfection Control (1)

  

Clinical Genomics

  

Biopharmaceutical Development

  

Calibration Solutions

  

Total

 
                     

Consumables

 $60,860  $26,156  $12,657  $2,067  $101,740 

Hardware and software

  365   6,511   14,539   24,067   45,482 

Services

  7,444   2,903   8,916   12,358   31,621 

Total revenues

 $68,669  $35,570  $36,112  $38,492  $178,843 

 

(1) Revenues of $18,971 from GKE are included in the Sterilization and Disinfection Control division during the nine months ended December 31, 2024. 

 

  

Nine Months Ended December 31, 2023

 
  

Sterilization and Disinfection Control (1)

  

Clinical Genomics

  

Biopharmaceutical Development

  

Calibration Solutions

  

Total

 
                     

Consumables

 $45,288  $28,490  $12,753  $1,834  $88,365 

Hardware and software

  381   9,540   7,838   22,216   39,975 

Services

  6,676   3,434   7,935   10,898   28,943 

Total revenues

 $52,345  $41,464  $28,526  $34,948  $157,283 

 

(1) Revenues of $3,837 from GKE are included in the Sterilization and Disinfection Control division during the nine months ended December 31, 2023, following the acquisition of GKE GmbH and SAL GmbH on October 16, 2023. 

 

Revenues from external customers are attributed to individual countries based upon the locations to which the products are shipped or exported, or locations where services are performed, as follows:

 

  

Three Months Ended December 31,

  

Nine Months Ended December 31,

 
  

2024

  

2023

  

2024

  

2023

 

United States

 $30,476  $25,595  $85,415  $79,205 

China

  6,322   4,942   20,271   18,584 

Other

  26,042   22,936   73,157   59,494 

Total revenues

 $62,840  $53,473  $178,843  $157,283 

 

Other than China, no foreign country exceeded 10% of total revenues for the three and nine months ended December 31, 2024 and 2023.

 

Contract Balances

Our contracts have varying payment terms and conditions. Some customers prepay for products and services resulting in unearned revenues or customer deposits called contract liabilities. Short-term contract liabilities are included within unearned revenues in the accompanying unaudited Condensed Consolidated Balance Sheets, and long-term contract liabilities are included within other noncurrent liabilities in the accompanying unaudited Condensed Consolidated Balance Sheets. The significant majority of our revenues and related receivables and contract liabilities are generated from contracts with customers with original durations of 12 months or less. Contract liabilities will be recognized to revenue as we satisfy our obligations under the terms of the contracts. 

 

A summary of contract liabilities is as follows:

 

Contract liabilities as of March 31, 2024

 $15,686 

Prior year liabilities recognized in revenues during the nine months ended December 31, 2024

  (9,069)

Contract liabilities added during the nine months ended December 31, 2024, net of revenues recognized

  8,083 

Contract liabilities as of December 31, 2024

 $14,700 

 
v3.25.0.1
Note 4 - Fair Value Measurements
 9 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Fair Value Disclosures [Text Block]

Note 4. Fair Value Measurements

 

Our financial instruments consist primarily of cash and cash equivalents, trade accounts receivable, obligations under trade accounts payable, and debt. Due to their short-term nature, the carrying values for cash and cash equivalents, trade accounts receivable, and trade accounts payable approximate fair value; they are classified within Level 1 of the fair value hierarchy. 

 

The financial instruments that subject us to the highest concentration of credit risk are cash and accounts receivable. We maintain relationships and cash deposits at multiple banking institutions across the world in an effort to diversify and reduce risk of loss. Concentration of credit risk with respect to accounts receivable is limited to customers to whom we make significant sales. No customers accounted for more than 10% of total trade receivables as of December 31, 2024.

 

On April 5, 2024, we entered into separate, privately negotiated purchase agreements with a limited number of holders of our 1.375% convertible senior notes due  August 15, 2025 (the "Notes"), through which we repurchased $75,000 in aggregate principal amount of the Notes. See Note 7. "Indebtedness" for further information. As of December 31, 2024, we had remaining outstanding $97,500 aggregate principal amount of the Notes. We estimate the fair value of the Notes using Level 2 inputs based on the last actively traded price or observable market input preceding the end of the reporting period. The fair value of the Notes is approximately correlated to our stock price.

 

The estimated fair value and carrying value of the Notes were as follows:

 

  

December 31, 2024

  

March 31, 2024

 
  

Carrying Value

  

Fair Value (Level 2)

  

Carrying Value

  

Fair Value (Level 2)

 

Notes

 $97,163  $94,819  $171,198  $163,013 

 

The carrying amounts of our term loan and revolving line of credit (together, the "Credit Facility") on the unaudited Condensed Consolidated Balance Sheets approximate fair value due to the variable interest rate pricing on the debt, with the balance bearing an interest rate approximating current market rates.

 

We expect to pay approximately $9,000 (at  December 31, 2024 exchange rates) for the GKE holdback in April 2025. We estimate the discounted fair value of consideration held back to be approximately $8,900 as of December 31, 2024 based on Level 3 inputs from the acquisition, including discount rate estimates. We adjust the estimated fair value at each reporting period through earnings.

 

During fiscal year 2023, we acquired substantially all of the assets and certain liabilities of Belyntic GmbH’s peptide purification business (“the Belyntic acquisition”). We are obligated to pay contingent consideration of up to $1,500 cash upon regulatory approval of certain patent applications. We estimate the fair value of the remaining contingent consideration is $675, using Level 3 inputs and a probability-weighted outcome analysis based on our expectations of patent approval, leveraging our historical experience and expert input. 

 

Amounts recognized or disclosed at fair value in the unaudited condensed consolidated financial statements on a nonrecurring basis include the initial recognition and disclosure of most assets and liabilities purchased in business acquisitions and any related measurement period adjustments. Additionally, assets such as property and equipment, operating lease assets, goodwill and other intangible assets are adjusted to fair value if determined to be impaired. Fair values of such assets and liabilities require measurement using Level 3 inputs. We recorded no impairments during the three and nine months ended December 31, 2024 or 2023. 

 

There were no transfers between the levels of the fair value hierarchy during the three and nine months ended December 31, 2024.

 
v3.25.0.1
Note 5 - Supplemental Information
 9 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Supplemental Balance Sheet Disclosures [Text Block]

Note 5. Supplemental Information

 

Inventories consisted of the following:

 

  

December 31, 2024

  

March 31, 2024

 

Raw materials

 $16,584  $18,335 

Work in process

  400   1,256 

Finished goods

  11,138   13,084 

Total inventories

 $28,122  $32,675 

 

Prepaid expenses and other current assets consisted of the following: 

 

  

December 31, 2024

  

March 31, 2024

 

Prepaid expenses

 $3,251  $2,932 

Deposits

  1,338   1,898 

Prepaid income taxes

  5,682   1,237 

Other current assets

  2,849   3,341 

Total prepaid expenses and other current assets

 $13,120  $9,408 

 

Accrued payroll and benefits consisted of the following:

 

  

December 31, 2024

  

March 31, 2024

 

Bonus payable

 $7,803  $3,838 

Wages and paid-time-off payable

  3,600   3,072 

Payroll related taxes

  1,954   1,956 

Other benefits payable

  562   1,069 

Total accrued payroll and benefits

 $13,919  $9,935 

 

The increase in bonus payable is primarily due to our financial performance in fiscal year 2025 compared to fiscal year 2024. 

 

Other accrued expenses consisted of the following: 

 

  

December 31, 2024

  

March 31, 2024

 

Accrued business taxes

 $5,505  $5,557 

Current operating lease liabilities

  3,535   2,986 

Income taxes payable

  1,364   1,615 

Current acquisition-related holdbacks

  9,531   436 

Other

  2,416   2,264 

Total other accrued expenses

 $22,351  $12,858 

 

The increase in other accrued expenses is primarily due to the reclassification of held back Belyntic and GKE acquisition-related consideration from noncurrent liabilities.

 

Other noncurrent liabilities consisted of the following: 

 

  

December 31, 2024

  

March 31, 2024

 

Noncurrent operating lease liabilities

 $12,361  $6,613 

Noncurrent acquisition-related holdbacks

  -   8,792 

Other

  92   208 

Total other noncurrent liabilities

 $12,453  $15,613 

 

The increase in operating lease liabilities is primarily attributable to the right of use asset associated with an operating lease for a facility used by our Biopharmaceutical Development for manufacturing and administrative purposes.

 

  

Three Months Ended December 31,

  

Nine Months Ended December 31,

 
  

2024

  

2023

  

2024

  

2023

 

Depreciation expense in cost of revenues

 $610  $788  $2,376  $2,117 

Depreciation expense in operating expense

  496   286   1,652   782 

Total depreciation expense

 $1,106  $1,074  $4,028  $2,899 

 

The increase in depreciation expense for the three and nine months ended December 31, 2024 is primarily due to GKE's operations, which included $225 and $850 of depreciation expense, respectively. 

 
v3.25.0.1
Note 6 - Goodwill and Intangible Assets, Net
 9 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Goodwill and Intangible Assets Disclosure [Text Block]

Note 6. Goodwill and Intangible Assets, Net

 

Finite-lived intangible assets consisted of the following:

 

  

December 31, 2024

  

March 31, 2024

 
  

Gross Carrying Amount

  

Accumulated Amortization

  

Net Carrying Amount

  

Gross Carrying Amount

  

Accumulated Amortization

  

Net Carrying Amount

 

Customer relationships

 $186,272  $(112,475) $73,797  $189,911  $(104,528) $85,383 

Other intangibles

  60,356   (35,972)  24,384   61,161   (32,792)  28,369 

Total finite-lived intangible assets

 $246,628  $(148,447) $98,181  $251,072  $(137,320) $113,752 

 

Amortization expense for finite-lived intangible assets was as follows:

 

  

Three Months Ended December 31,

  

Nine Months Ended December 31,

 
  

2024

  

2023

  

2024

  

2023

 

Amortization in cost of revenues

 $660  $1,883  $1,979  $5,367 

Amortization in general and administrative

  3,731   6,092   11,023   17,013 

Total amortization expense

 $4,391  $7,975  $13,002  $22,380 

 

The decrease in amortization expense is attributable to impairment losses recorded during the fourth quarter of fiscal year 2024 related to intangible assets within our Clinical Genomics division. 

 

For the following fiscal years ending March 31, future amortization expense is estimated as follows, based on foreign currency exchange rates as of December 31, 2024:

 

Fiscal Year

 Amortization Expense 
  

Remainder of 2025

 $4,278 

2026

  16,566 

2027

  15,921 

2028

  15,349 

2029

  14,815 

 

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

 

  

Sterilization and Disinfection Control

  

Clinical Genomics

  

Biopharmaceutical Development

  

Calibration Solutions

  

Total

 

March 31, 2024

 $79,430  $16,940  $46,515  $37,211   180,096 

Effect of foreign currency translation

  (1,994)  (71)  (849)  (30)  (2,944)

December 31, 2024

 $77,436  $16,869  $45,666  $37,181  $177,152 

 
v3.25.0.1
Note 7 - Indebtedness
 9 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Debt Disclosure [Text Block]

Note 7. Indebtedness

 

Credit Facility

On  March 5, 2021, we entered into a four-year senior secured credit agreement that included 1) a revolving credit facility with an aggregate principal amount of up to $75,000 (the "Revolver"), 2) a swingline loan with an aggregate principal amount not exceeding $5,000, and 3) letters of credit with an aggregate stated amount not exceeding $2,500 at any time. The agreement also provided for an incremental term loan or an increase in revolving commitments with a minimum aggregate principal amount of $25,000 and a maximum amount of $75,000, subject to the satisfaction of certain conditions and lender considerations. We refer to the agreement in whole as the “Credit Facility.”

 

On  October 5, 2023, we amended the terms of the Credit Facility to increase the maximum principal amount available to us under the Revolver from $75,000 to $125,000. 

 

On  April 5, 2024, we further amended and restated the terms of the Credit Facility to:

 

(i)

Extend the maturity of the Credit Facility to  April 2029; 

(ii)

Allow proceeds from the Credit Facility to be used to redeem some or all of the Company’s 2025 Notes;

(iii)

Include a $75,000 senior secured term loan facility (the “Term Loan”), which is subject to principal amortization payments; and

(iv)

Make certain changes to the financial covenants.

 

In conjunction with the amendment and restatement of the Credit Facility during the nine months ended December 31, 2024, we incurred $1,987 of customary lender fees and debt issuance costs paid to third parties, of which $1,242 is related to the Revolver and $745 is related to the Term Loan. The fees are being amortized to interest expense through maturity. 

 

Amounts borrowed under the Credit Facility bear interest at either a base rate or a SOFR rate plus an applicable spread ranging from 1.5% to 3.5%, depending on our total net leverage ratio. The weighted average interest rate on borrowings under the Credit Facility as of  December 31, 2024 was 7.5%.

 

The financial covenants in the Credit Facility as amended include a maximum leverage ratio of 4.50 to 1.00 on each of the quarterly testing dates through December 31, 2024; 4.0 to 1.0 on each of the testing dates between March 31, 2025 and March 31, 2026; and 3.5 to 1.0 on each testing date thereafter. The Credit Facility also stipulates a minimum fixed charge coverage ratio of 1.25 to 1.0 and a minimum senior net leverage ratio of 3.5 to 1. Other covenants include restrictions on our ability to incur debt, grant liens, make fundamental changes to our business as defined in the contract, engage in certain transactions with affiliates, or conduct asset sales. As of  December 31, 2024, we were in compliance with all covenants under the Credit Facility.

 

Term Loan

We borrowed $75,000 under the Term Loan on  April 5, 2024, to fund the privately negotiated repurchases of a portion of the Notes (see “Convertible Notes” below). During the three and nine months ended December 31, 2024, we made required quarterly principal payments on the Term Loan of $938 and $2,813, respectively. 

 

We are required to make quarterly principal payments on the Term Loan. For the following fiscal years ending March 31, future debt payments on the Term Loan are required as follows:

 

Fiscal Year

 

Amount

 

Remainder of 2025

 $937 

2026

  3,750 

2027

  5,625 

2028

  5,625 

2029

  7,500 

Thereafter

  48,750 

Total Principal Remaining

 $72,187 

 

The net carrying amount of the Term Loan was as follows:

 

  

December 31, 2024

  

March 31, 2024

 

Term Loan (7.5% as of December 31, 2024)

 $72,187  $- 

Less: discount and debt issuance costs

  (634)  - 

Less: current portion

  (3,750)  - 

Noncurrent portion

 $67,803  $- 

 

Revolver

As of  December 31, 2024, the outstanding balance under the Revolver was $27,000, and $98,000 was available for borrowing. Subsequent to  December 31, 2024, we repaid an additional $4,500 on the Revolver.

 

We are obligated to pay quarterly unused commitment fees of between 0.20% and 0.35% of the Revolver’s aggregate principal amount, based on our leverage ratio.

 

The balance of unamortized customary lender fees related to the Revolver, including fees from the original debt issuance and all subsequent amendments and restatements, was $1,278 and $321 as of  December 31, 2024 and  March 31, 2024, respectively.

 

Convertible Notes 

On August 12, 2019, we issued an aggregate principal amount of $172,500 of Notes. The net proceeds from the Notes, after deducting underwriting discounts and commissions and other related offering expenses payable by us, were approximately $167,056. The Notes mature on August 15, 2025, unless earlier repurchased or converted, and bear interest at a rate of 1.375% payable semi-annually in arrears on February 15 and August 15 each year. The Notes are initially convertible, subject to certain conditions, at a conversion rate of 3.5273 shares of common stock per $1,000 principal amount of Notes, which is equivalent to an initial conversion price of approximately $283.50 per share of common stock. 

 

On April 5, 2024, we entered into separate, privately negotiated transactions with certain holders of the Notes to repurchase $75,000 aggregate principal amount of the Notes for an aggregate repurchase price of $71,250 in cash, plus accrued and unpaid interest of $160. We accounted for the partial repurchase of the Notes as a debt extinguishment, which resulted in the recognition of a gain on extinguishment of $2,887 in other income on the unaudited Condensed Consolidated Statements of Operations during the nine months ended December 31, 2024. As of December 31, 2024, $97,500 in aggregate principal amount of the Notes remained outstanding, which we intend to pay using a combination of cash on hand and a draw on our Revolver.

 

Upon conversion, we will pay or deliver, as the case may be, cash, shares of our common stock, or a combination of cash and shares of our common stock. The circumstances necessary for conversion were not met during the three or nine months ended  December 31, 2024. The Notes will become convertible at any time from and including  April 15, 2025 until the close of business on the second scheduled trading day immediately before the maturity date. As of December 31, 2024, the Notes were classified as a current liability on our unaudited Condensed Consolidated Balance Sheets. The if-converted value of the Notes did not exceed the principal balance as of  December 31, 2024. 

 

The net carrying amount of the Notes was as follows:

 

  

December 31, 2024

  

March 31, 2024

 

Principal outstanding

 $97,500  $172,500 

Unamortized debt issuance costs

  (337)  (1,302)

Net carrying value

 $97,163  $171,198 

 

We recognized interest expense on the Notes as follows:

 

  

Three Months Ended December 31,

  

Nine Months Ended December 31,

 
  

2024

  

2023

  

2024

  

2023

 

Coupon interest expense at 1.375%

 $335  $593  $1,037  $1,779 

Amortization of debt issuance costs

  134   231   412   692 

Total interest and amortization of debt issuance costs

 $469  $824  $1,449  $2,471 

 

The effective interest rate on the Notes is approximately 1.9%.

 
v3.25.0.1
Note 8 - Stockholders' Equity
 9 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Share-Based Payment Arrangement [Text Block]

Note 8. Stockholders' Equity

 

Stock-Based Compensation

During the nine months ended December 31, 2024, we issued time-based restricted stock units ("RSUs") and performance-based restricted stock units ("PSUs") pursuant to the Mesa Laboratories, Inc. Amended and Restated 2021 Equity Incentive Plan, which authorizes the issuance of 660 shares of common stock to eligible participants. Stock-based compensation expense is included in cost of revenues, selling, general and administrative, and research and development expense in the accompanying unaudited Condensed Consolidated Statements of Operations.

 

The following is a summary of RSU and PSU award activity for the nine months ended December 31, 2024:

 

  

Time-Based Restricted Stock Units

  

Performance-Based Restricted Stock Units

 
  

Number of Shares

  

Weighted- Average Grant Date Fair Value per Share

  

Number of Shares

  

Weighted- Average Grant Date Fair Value per Share

 

Outstanding as of March 31, 2024

  76  $157.83   56  $240.96 

Awards granted(1)

  117   93.46   41   102.57 

Awards forfeited

  (7)  123.42   

-

   - 

Awards distributed

  (36)  169.40   (12)  302.06 

Outstanding as of December 31, 2024

  150  $106.44   85  $165.75 

 

(1)

Balances for PSUs granted are reflected at target.

 

Outstanding time-based RSUs vest and settle in shares of our common stock on a one-for-one basis. The majority of RSUs granted to employees during the nine months ended December 31, 2024 vest in equal installments on the first, second, and third anniversaries of the grant date. RSUs granted to non-employee directors during the nine months ended December 31, 2024 vest one year from the grant date. We generally recognize the expense relating to RSUs, net of estimated forfeitures, on a straight-line basis over the vesting period.

 

We grant PSUs to certain key employees. The number of shares earned is determined at the end of each performance period based on Mesa's achievement of certain pre-defined targets per the related award agreement. The outstanding PSUs vest upon completion of the service period described in the award agreement. We recognize the expense relating to the performance-based RSUs based on the probable outcome of achievement of the performance targets on a straight-line basis over the service period. 

 

During the nine months ended December 31, 2024, the Compensation Committee of the Board of Directors created a plan to award 41 PSUs at target (“the FY25 PSUs”) to eligible employees. Of the 41 PSUs granted, 23 PSUs have a grant date fair value of $89.82 and are subject to service and company financial performance conditions. The financial performance measurement period is from April 1, 2024 through March 31, 2027. The remaining 18 PSUs have a grant date fair value of $119.54 and are subject to service and market conditions, with the market performance period measured from June 18, 2024 through June 18, 2027. The service period for all of the FY25 PSUs is from June 18, 2024 through June 18, 2027. The quantity of shares that will be earned based upon either company financial performance or market performance will range from 0% to 200% of the targeted number of shares; if the defined minimum targets are not met, then no shares will vest.

 

The following is a summary of stock option award activity for the nine months ended December 31, 2024:

 

  

Stock Options

 
  

Shares Subject to Options

  

Weighted- Average Exercise Price per Share

  

Weighted-Average Remaining Contractual Life (Years)

  

Aggregate Intrinsic Value

 

Outstanding as of March 31, 2024

  194  $181.89   3.2  $26 

Awards granted

  -   -         

Awards forfeited or expired

  (15)  150.98         

Awards exercised

  (1)  131.67         

Outstanding as of December 31, 2024

  178  $184.55   2.6  $287 

 
v3.25.0.1
Note 9 - (Loss) Earnings Per Share
 9 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Earnings Per Share [Text Block]

Note 9. (Loss) Earnings Per Share

 

The following table presents a reconciliation of the denominators used in the computation of basic and diluted (loss) earnings per share:

 

  

Three Months Ended December 31,

  

Nine Months Ended December 31,

 
  

2024

  

2023

  

2024

  

2023

 

Net (loss) income available for shareholders

 $(1,676) $2,116  $5,140  $337 

Weighted average outstanding shares of common stock

  5,429   5,393   5,413   5,384 

Dilutive effect of stock options

  -   -   -   1 

Dilutive effect of RSUs

  -   3   51   9 

Fully diluted shares

  5,429   5,396   5,464   5,394 
                 

Basic (loss) earnings per share

 $(0.31) $0.39  $0.95  $0.06 

Diluted (loss) earnings per share

 $(0.31) $0.39  $0.94  $0.06 

 

Potentially dilutive securities include stock options and both time and performance based RSUs (collectively "stock awards"), as well as common shares underlying our Notes. Stock awards are excluded from the calculation of diluted EPS if they are subject to performance conditions that have not yet been achieved or if they are antidilutive. Diluted EPS does not consider the impact of potentially dilutive securities in periods in which there is a loss because the inclusion of the potential common shares would have an antidilutive effect in such cases.

 

The following potentially dilutive awards were excluded from the calculation of diluted EPS:

 

  

Three Months Ended December 31,

  

Nine Months Ended December 31,

 
  

2024

  

2023

  

2024

  

2023

 

Assumed conversion of the Notes

  344   608   354   608 

Stock awards that were anti-dilutive

  406   277   202   223 

Total stock awards excluded from diluted EPS

  750   885   556   831 

 

Shares underlying the Notes were excluded from the diluted EPS calculation for the three and nine months ended December 31, 2024 and 2023 as the impact of the assumed conversion of the Notes calculated under the if-converted method was antidilutive. The decrease in assumed conversion of the Notes is related to the partial repayment of the Notes that occurred during the nine months ended December 31, 2024 (see Note 7. "Indebtedness").

 
v3.25.0.1
Note 10 - Income Taxes
 9 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Income Tax Disclosure [Text Block]

Note 10. Income Taxes

 

We reported an income tax provision as follows:

 

  

Three Months Ended December 31,

  

Nine Months Ended December 31,

 
  

2024

  

2023

  

2024

  

2023

 

Income tax (benefit) expense

 $(541) $(170) $360  $(653)
Effective tax rate  24.4%  (8.7%)  6.5%  206.6%

 

For interim income tax reporting, we estimate our annual effective tax rate and apply this effective tax rate to our year-to-date pre-tax income. Each quarter, our estimate of the annual effective tax rate is updated, and if the estimated effective tax rate changes, a cumulative adjustment is made. Additionally, the tax effects of significant unusual or infrequently occurring items are recognized as discrete items in the interim period in which the events occur. There is a potential for volatility in the effective tax rate due to several factors, including changes in the mix of the pre-tax income and the jurisdictions to which they relate, changes in tax laws and foreign tax holidays, settlement with taxing authorities, and foreign currency fluctuations.

 

The change in the effective tax rate for both the three and nine months ended December 31, 2024 compared to the prior year periods is primarily due to the valuation allowance established on the US deferred taxes during fiscal year 2024. The effective tax rate for both the three and the nine months ended December 31, 2024 differed from the statutory federal rate of 21% primarily due to the valuation allowance established on the US deferred taxes during fiscal year 2024.
v3.25.0.1
Note 11 - Commitments and Contingencies
 9 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Commitments and Contingencies Disclosure [Text Block]

Note 11. Commitments and Contingencies

 

We are party to various legal proceedings arising in the ordinary course of business. As of  December 31, 2024, we are not party to any legal proceeding that management believes could have a material adverse effect on our unaudited consolidated financial position, results of operations, or cash flows. 

 

We expect to pay approximately $9,000 (at  December 31, 2024 exchange rates) for the GKE holdback in April 2025, pending adjustments for potential indemnification losses that  may arise. The liability is recorded at its discounted fair value of $8,900 in other accrued expenses in our unaudited Condensed Consolidated Balance Sheets as of December 31, 2024. 

 

As part of the Belyntic acquisition, we agreed to pay the sellers a contingency based upon approval of contractually specified patents. The estimated fair value of the probable remaining contingent consideration was $675 as of  December 31, 2024. On January 2, 2025, a notice of allowance was issued for one of the two remaining pending patents, and we expect to pay the Belyntic sellers $563 for the patent within fiscal year 2025 or early in fiscal year 2026, depending upon the final approval date. We expect the other remaining pending patent will likely be approved within one year of December 31, 2024.

 
v3.25.0.1
Note 12 - Segment Information
 9 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

Note 12. Segment Information

 

The following tables set forth our segment information:

 

  

Three Months Ended December 31,

  

Nine Months Ended December 31,

 
  

2024

  

2023

  

2024

  

2023

 

Revenues (a):

                

Sterilization and Disinfection Control (b)

 $23,507  $19,338  $68,669  $52,345 

Clinical Genomics

  12,667   12,546   35,570   41,464 

Biopharmaceutical Development

  12,237   9,430   36,112   28,526 

Calibration Solutions

  14,429   12,159   38,492   34,948 

Total revenues

 $62,840  $53,473  $178,843  $157,283 
                 

Gross profit:

                

Sterilization and Disinfection Control (b)

 $16,461  $13,951  $47,191  $38,018 

Clinical Genomics

  6,948   6,449   19,344   20,904 

Biopharmaceutical Development

  7,539   5,841   22,665   17,783 

Calibration Solutions

  8,806   7,212   23,258   20,050 

Reportable segment gross profit

  39,754   33,453   112,458   96,755 

Corporate and other (c)

  -   (51)  -   (61)

Gross profit

 $39,754  $33,402  $112,458  $96,694 
                 

Reconciling items:

                

Operating expense

  33,975   33,469   97,591   97,485 

Operating income (loss)

  5,779   (67)  14,867   (791)

Non-operating expense (income), net

  7,996   (2,013)  9,367   (475)

(Loss) earnings before income taxes

 $(2,217) $1,946  $5,500  $(316)

 

 

(a)

Intersegment revenues are not significant and are eliminated to arrive at consolidated totals.

 

(b)

Includes post-acquisition GKE results during the three and nine months ended December 31, 2024 and 2023 beginning on October 16, 2023 for GKE GmbH and SAL GmbH, and beginning on January 1, 2024 for GKE China. 

 (c)Unallocated corporate expenses are reported within corporate and other. 

 

The following table sets forth inventories by reportable segment. Our chief operating decision maker is not provided with and does not regularly review any other segment asset information.

 

  

December 31,

  

March 31,

 
  

2024

  

2024

 

Sterilization and Disinfection Control

 $5,728  $7,014 

Clinical Genomics

  10,709   11,813 

Biopharmaceutical Development

  5,853   6,304 

Calibration Solutions

  5,832   7,544 

Total Inventories

 $28,122  $32,675 

 
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
Insider Trading Arr Line Items  
Rule 10b5-1 Arrangement Adopted [Flag] false
Non-Rule 10b5-1 Arrangement Adopted [Flag] false
Rule 10b5-1 Arrangement Terminated [Flag] false
Non-Rule 10b5-1 Arrangement Terminated [Flag] false
v3.25.0.1
Significant Accounting Policies (Policies)
 9 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Description of Business [Policy Text Block]

Description of Business

 

In this quarterly report on Form 10-Q, Mesa Laboratories, Inc., a Colorado corporation, together with its subsidiaries, is collectively referred to as “we,” “us,” “our,” the “Company,” or “Mesa.”

 

We are a global leader in the design and manufacture of life sciences tools and critical quality control solutions for regulated applications in the pharmaceutical, healthcare, and medical device industries. We offer products and services to help our customers ensure product integrity, increase patient and worker safety, and improve the quality of life throughout the world. We have manufacturing operations in the United States and Europe, and our products are marketed by our sales personnel in North America, Europe and Asia Pacific, and by independent distributors in these areas and throughout the rest of the world. We prefer markets in which we can establish a strong presence and achieve high gross profit margins.

 

As of December 31, 2024, we managed our operations in four reportable segments, or divisions:

 

 ●Sterilization and Disinfection Control - manufactures and sells biological, chemical and cleaning indicators used to assess the effectiveness of sterilization, decontamination, disinfection, and cleaning processes in the medical device, pharmaceutical, and healthcare industries. The division also provides testing and laboratory services, mainly to the dental and pharmaceutical industries. 
 

●

Clinical Genomics - develops, manufactures and sells highly sensitive, low-cost, high-throughput genetic analysis tools and related consumables and services that enable clinical research labs and contract research organizations to perform genomic testing for a broad range of research applications in several therapeutic areas, such as screenings for hereditary diseases, pharmacogenetics, oncology related applications, and toxicology research.

 

●

Biopharmaceutical Development - develops, manufactures, sells and services automated systems for protein analysis (immunoassays) and peptide synthesis solutions. Immunoassays and peptide synthesis solutions accelerate the discovery, development, and manufacture of biotherapeutic therapies, among other applications. 

 

●

Calibration Solutions - develops, manufactures, sells and services quality control products using principles of advanced metrology to enable customers to measure and calibrate critical parameters in applications such as environmental and process monitoring, dialysis, gas flow, air quality and torque testing.

 
Basis of Accounting, Policy [Policy Text Block]

Basis of Presentation

 

The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission and in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information. In the opinion of management, such unaudited information includes all adjustments, consisting of normal recurring adjustments necessary for the fair statement of our financial position and results of operations. The results of operations for interim periods are not necessarily indicative of results that may be achieved for the entire year. The year-end Condensed Consolidated Balance Sheet data was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America. The Condensed Consolidated Financial Statements include the accounts of Mesa and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. We made no material changes to the application of our significant accounting policies disclosed in our annual report on Form 10-K. This quarterly report should be read in conjunction with the consolidated financial statements included in our annual report on Form 10-K for the year ended  March 31, 2024.

 

Our fiscal year ends on March 31. References in this quarterly report to a particular “year” or “quarter” refer to our fiscal year or fiscal quarters, respectively.

 
Reclassification, Comparability Adjustment [Policy Text Block]

Prior Period Reclassifications

 

For the nine months ended December 31, 2024, certain prior period amounts in our unaudited Condensed Consolidated Statements of Operations related to cash interest payments on acquisition holdback liabilities and non-cash debt issuance cost amortization have been reclassified out of "Other expense (income), net" and into "Interest expense and amortization of debt issuance costs." Additionally, prior period third-party costs related to the repurchase of a portion of our convertible senior notes have been reclassified out of "Other expense (income), net" and are reflected within the "(Gain) on extinguishment of convertible senior notes." These reclassifications have not resulted in any change to "Non-operating expense (income), net" nor in any material change to other amounts presented in our unaudited condensed consolidated financial statements for the three and nine months ended December 31, 2024.

 
Risk and Uncertainties, Policy [Policy Text Block]

Risks and Uncertainties

 

The preparation of financial statements requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the reporting date and revenues and expenses during the reporting periods. These estimates represent management's judgment about the outcome of future events. The global business environment continues to be impacted by cost pressures, the overall effects of economic uncertainty, and other factors. Changes in, and the resulting effects of, potential governmental stimulus or fiscal and monetary policies, interest rates, foreign currency values, supply chains, demand for goods and services, a global or regional recession, or other circumstances cannot be reliably predicted. Actual results could differ from our estimates.

 
New Accounting Pronouncements, Policy [Policy Text Block]

Recently Issued Accounting Pronouncements

 

In  November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures." ASU No. 2023-07 requires all annual disclosures currently required by Topic 280 to be included in interim financial statements and requires disclosure of significant segment expenses regularly provided to the chief operating decision maker ("CODM"), a description of other segment items by reportable segment, and applicable additional measures of segment profit or loss used by the CODM when allocating resources and assessing business performance. The ASU is effective for fiscal years beginning after December 15, 2023 (our fiscal year 2025 for annual periods) and interim periods within fiscal years beginning after December 15, 2024 (our fiscal year 2026 for interim periods) on a retrospective basis. Other than presentation changes to our segment footnote, we do not expect the adoption of ASU No. 2023-07 to have a material impact on our consolidated financial statements.

 

In  December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures." ASU No. 2023-09, which enhances the transparency, effectiveness and comparability of income tax disclosures by requiring consistent categories and greater disaggregation of information related to income tax rate reconciliations and the jurisdictions in which income taxes are paid. The guidance is effective for public business entities for fiscal years beginning after  December 15, 2024 (our fiscal year 2026), with early adoption and prospective or retrospective application permitted. Other than presentation of additional disaggregated data in our income tax footnote disclosures for annual periods, we do not expect the adoption of ASU No. 2023-09 to have a material impact on our consolidated financial statement.

 

In November 2024, the Financial Accounting Board ("FASB" issued Accounting Standards Update ("ASU") No. 2024-03, "Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses." ASU No. 2024-03 requires that public business entities disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. The ASU is effective for fiscal years beginning after December 15, 2026 (our fiscal year 2028 for annual periods) and interim periods within fiscal years beginning after December 15, 2027 (our fiscal year 2029 for interim periods), with early adoption and prospective or retrospective application permitted. We are currently assessing the effect the adoption of this standard will have on our consolidated financial statement disclosures.

 

We have reviewed all recently issued accounting pronouncements and have concluded that, other than as described above, they are either not applicable to us or are not expected to have a significant impact on our consolidated financial statements. 

 
v3.25.0.1
Note 2 - Significant Transactions (Tables)
 9 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule of Business Acquisitions, by Acquisition [Table Text Block]
  

Three Months Ended

  

Nine Months Ended

 
  December 31, 2024 

Revenues

 $6,854  $18,971 

Gross profit

  4,904   12,457 
         

Amortization of inventory step-up recorded in cost of revenues

  -   1,232 

Amortization of acquired intangibles recorded in cost of revenues

  131   375 

Amortization of acquired intangibles recorded in general and administrative expense

  935   2,423 
v3.25.0.1
Note 3 - Revenue (Tables)
 9 Months Ended
Dec. 31, 2024
Notes Tables  
Disaggregation of Revenue [Table Text Block]
  

Three Months Ended December 31, 2024

 
  

Sterilization and Disinfection Control (1)

  

Clinical Genomics

  

Biopharmaceutical Development

  

Calibration Solutions

  

Total

 
                     

Consumables

 $20,991  $9,866  $4,909  $1,043  $36,809 

Hardware and software

  52   1,877   4,534   9,333   15,796 

Services

  2,464   924   2,794   4,053   10,235 

Total revenues

 $23,507  $12,667  $12,237  $14,429  $62,840 
  

Three Months Ended December 31, 2023

 
  

Sterilization and Disinfection Control (1)

  

Clinical Genomics

  

Biopharmaceutical Development

  

Calibration Solutions

  

Total

 
                     

Consumables

 $16,832  $9,758  $4,080  $539  $31,209 

Hardware and software

  180   1,639   2,672   8,254   12,745 

Services

  2,326   1,149   2,678   3,366   9,519 

Total revenues

 $19,338  $12,546  $9,430  $12,159  $53,473 
  

Nine Months Ended December 31, 2024

 
  

Sterilization and Disinfection Control (1)

  

Clinical Genomics

  

Biopharmaceutical Development

  

Calibration Solutions

  

Total

 
                     

Consumables

 $60,860  $26,156  $12,657  $2,067  $101,740 

Hardware and software

  365   6,511   14,539   24,067   45,482 

Services

  7,444   2,903   8,916   12,358   31,621 

Total revenues

 $68,669  $35,570  $36,112  $38,492  $178,843 
  

Nine Months Ended December 31, 2023

 
  

Sterilization and Disinfection Control (1)

  

Clinical Genomics

  

Biopharmaceutical Development

  

Calibration Solutions

  

Total

 
                     

Consumables

 $45,288  $28,490  $12,753  $1,834  $88,365 

Hardware and software

  381   9,540   7,838   22,216   39,975 

Services

  6,676   3,434   7,935   10,898   28,943 

Total revenues

 $52,345  $41,464  $28,526  $34,948  $157,283 
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block]
  

Three Months Ended December 31,

  

Nine Months Ended December 31,

 
  

2024

  

2023

  

2024

  

2023

 

United States

 $30,476  $25,595  $85,415  $79,205 

China

  6,322   4,942   20,271   18,584 

Other

  26,042   22,936   73,157   59,494 

Total revenues

 $62,840  $53,473  $178,843  $157,283 
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block]

Contract liabilities as of March 31, 2024

 $15,686 

Prior year liabilities recognized in revenues during the nine months ended December 31, 2024

  (9,069)

Contract liabilities added during the nine months ended December 31, 2024, net of revenues recognized

  8,083 

Contract liabilities as of December 31, 2024

 $14,700 
v3.25.0.1
Note 4 - Fair Value Measurements (Tables)
 9 Months Ended
Dec. 31, 2024
Notes Tables  
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]
  

December 31, 2024

  

March 31, 2024

 
  

Carrying Value

  

Fair Value (Level 2)

  

Carrying Value

  

Fair Value (Level 2)

 

Notes

 $97,163  $94,819  $171,198  $163,013 
v3.25.0.1
Note 5 - Supplemental Information (Tables)
 9 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule of Inventory, Current [Table Text Block]
  

December 31, 2024

  

March 31, 2024

 

Raw materials

 $16,584  $18,335 

Work in process

  400   1,256 

Finished goods

  11,138   13,084 

Total inventories

 $28,122  $32,675 
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block]
  

December 31, 2024

  

March 31, 2024

 

Prepaid expenses

 $3,251  $2,932 

Deposits

  1,338   1,898 

Prepaid income taxes

  5,682   1,237 

Other current assets

  2,849   3,341 

Total prepaid expenses and other current assets

 $13,120  $9,408 
Schedule of Employee Related Liabilities [Table Text Block]
  

December 31, 2024

  

March 31, 2024

 

Bonus payable

 $7,803  $3,838 

Wages and paid-time-off payable

  3,600   3,072 

Payroll related taxes

  1,954   1,956 

Other benefits payable

  562   1,069 

Total accrued payroll and benefits

 $13,919  $9,935 
Schedule of Accrued Liabilities [Table Text Block]
  

December 31, 2024

  

March 31, 2024

 

Accrued business taxes

 $5,505  $5,557 

Current operating lease liabilities

  3,535   2,986 

Income taxes payable

  1,364   1,615 

Current acquisition-related holdbacks

  9,531   436 

Other

  2,416   2,264 

Total other accrued expenses

 $22,351  $12,858 
Other Noncurrent Liabilities [Table Text Block]
  

December 31, 2024

  

March 31, 2024

 

Noncurrent operating lease liabilities

 $12,361  $6,613 

Noncurrent acquisition-related holdbacks

  -   8,792 

Other

  92   208 

Total other noncurrent liabilities

 $12,453  $15,613 
Property, Plant and Equipment [Table Text Block]
  

Three Months Ended December 31,

  

Nine Months Ended December 31,

 
  

2024

  

2023

  

2024

  

2023

 

Depreciation expense in cost of revenues

 $610  $788  $2,376  $2,117 

Depreciation expense in operating expense

  496   286   1,652   782 

Total depreciation expense

 $1,106  $1,074  $4,028  $2,899 
v3.25.0.1
Note 6 - Goodwill and Intangible Assets, Net (Tables)
 9 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule of Finite-Lived Intangible Assets [Table Text Block]
  

December 31, 2024

  

March 31, 2024

 
  

Gross Carrying Amount

  

Accumulated Amortization

  

Net Carrying Amount

  

Gross Carrying Amount

  

Accumulated Amortization

  

Net Carrying Amount

 

Customer relationships

 $186,272  $(112,475) $73,797  $189,911  $(104,528) $85,383 

Other intangibles

  60,356   (35,972)  24,384   61,161   (32,792)  28,369 

Total finite-lived intangible assets

 $246,628  $(148,447) $98,181  $251,072  $(137,320) $113,752 
Finite-Lived Intangible Assets Amortization Expense [Table Text Block]
  

Three Months Ended December 31,

  

Nine Months Ended December 31,

 
  

2024

  

2023

  

2024

  

2023

 

Amortization in cost of revenues

 $660  $1,883  $1,979  $5,367 

Amortization in general and administrative

  3,731   6,092   11,023   17,013 

Total amortization expense

 $4,391  $7,975  $13,002  $22,380 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

Fiscal Year

 Amortization Expense 
  

Remainder of 2025

 $4,278 

2026

  16,566 

2027

  15,921 

2028

  15,349 

2029

  14,815 
Schedule of Goodwill [Table Text Block]
  

Sterilization and Disinfection Control

  

Clinical Genomics

  

Biopharmaceutical Development

  

Calibration Solutions

  

Total

 

March 31, 2024

 $79,430  $16,940  $46,515  $37,211   180,096 

Effect of foreign currency translation

  (1,994)  (71)  (849)  (30)  (2,944)

December 31, 2024

 $77,436  $16,869  $45,666  $37,181  $177,152 
v3.25.0.1
Note 7 - Indebtedness (Tables)
 9 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule of Maturities of Long-Term Debt [Table Text Block]

Fiscal Year

 

Amount

 

Remainder of 2025

 $937 

2026

  3,750 

2027

  5,625 

2028

  5,625 

2029

  7,500 

Thereafter

  48,750 

Total Principal Remaining

 $72,187 
Convertible Debt [Table Text Block]
  

December 31, 2024

  

March 31, 2024

 

Principal outstanding

 $97,500  $172,500 

Unamortized debt issuance costs

  (337)  (1,302)

Net carrying value

 $97,163  $171,198 
Interest Expense on Convertible Debt [Table Text Block]
  

Three Months Ended December 31,

  

Nine Months Ended December 31,

 
  

2024

  

2023

  

2024

  

2023

 

Coupon interest expense at 1.375%

 $335  $593  $1,037  $1,779 

Amortization of debt issuance costs

  134   231   412   692 

Total interest and amortization of debt issuance costs

 $469  $824  $1,449  $2,471 
Term Loan [Member]  
Notes Tables  
Convertible Debt [Table Text Block]
  

December 31, 2024

  

March 31, 2024

 

Term Loan (7.5% as of December 31, 2024)

 $72,187  $- 

Less: discount and debt issuance costs

  (634)  - 

Less: current portion

  (3,750)  - 

Noncurrent portion

 $67,803  $- 
v3.25.0.1
Note 8 - Stockholders' Equity (Tables)
 9 Months Ended
Dec. 31, 2024
Notes Tables  
Share-Based Payment Arrangement, Activity [Table Text Block]
  

Time-Based Restricted Stock Units

  

Performance-Based Restricted Stock Units

 
  

Number of Shares

  

Weighted- Average Grant Date Fair Value per Share

  

Number of Shares

  

Weighted- Average Grant Date Fair Value per Share

 

Outstanding as of March 31, 2024

  76  $157.83   56  $240.96 

Awards granted(1)

  117   93.46   41   102.57 

Awards forfeited

  (7)  123.42   

-

   - 

Awards distributed

  (36)  169.40   (12)  302.06 

Outstanding as of December 31, 2024

  150  $106.44   85  $165.75 
Share-Based Payment Arrangement, Option, Activity [Table Text Block]
  

Stock Options

 
  

Shares Subject to Options

  

Weighted- Average Exercise Price per Share

  

Weighted-Average Remaining Contractual Life (Years)

  

Aggregate Intrinsic Value

 

Outstanding as of March 31, 2024

  194  $181.89   3.2  $26 

Awards granted

  -   -         

Awards forfeited or expired

  (15)  150.98         

Awards exercised

  (1)  131.67         

Outstanding as of December 31, 2024

  178  $184.55   2.6  $287 
v3.25.0.1
Note 9 - (Loss) Earnings Per Share (Tables)
 9 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]
  

Three Months Ended December 31,

  

Nine Months Ended December 31,

 
  

2024

  

2023

  

2024

  

2023

 

Net (loss) income available for shareholders

 $(1,676) $2,116  $5,140  $337 

Weighted average outstanding shares of common stock

  5,429   5,393   5,413   5,384 

Dilutive effect of stock options

  -   -   -   1 

Dilutive effect of RSUs

  -   3   51   9 

Fully diluted shares

  5,429   5,396   5,464   5,394 
                 

Basic (loss) earnings per share

 $(0.31) $0.39  $0.95  $0.06 

Diluted (loss) earnings per share

 $(0.31) $0.39  $0.94  $0.06 
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]
  

Three Months Ended December 31,

  

Nine Months Ended December 31,

 
  

2024

  

2023

  

2024

  

2023

 

Assumed conversion of the Notes

  344   608   354   608 

Stock awards that were anti-dilutive

  406   277   202   223 

Total stock awards excluded from diluted EPS

  750   885   556   831 
v3.25.0.1
Note 10 - Income Taxes (Tables)
 9 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
  

Three Months Ended December 31,

  

Nine Months Ended December 31,

 
  

2024

  

2023

  

2024

  

2023

 

Income tax (benefit) expense

 $(541) $(170) $360  $(653)
Effective tax rate  24.4%  (8.7%)  6.5%  206.6%
v3.25.0.1
Note 12 - Segment Information (Tables)
 9 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule of Segment Reporting Information, by Segment [Table Text Block]
  

Three Months Ended December 31,

  

Nine Months Ended December 31,

 
  

2024

  

2023

  

2024

  

2023

 

Revenues (a):

                

Sterilization and Disinfection Control (b)

 $23,507  $19,338  $68,669  $52,345 

Clinical Genomics

  12,667   12,546   35,570   41,464 

Biopharmaceutical Development

  12,237   9,430   36,112   28,526 

Calibration Solutions

  14,429   12,159   38,492   34,948 

Total revenues

 $62,840  $53,473  $178,843  $157,283 
                 

Gross profit:

                

Sterilization and Disinfection Control (b)

 $16,461  $13,951  $47,191  $38,018 

Clinical Genomics

  6,948   6,449   19,344   20,904 

Biopharmaceutical Development

  7,539   5,841   22,665   17,783 

Calibration Solutions

  8,806   7,212   23,258   20,050 

Reportable segment gross profit

  39,754   33,453   112,458   96,755 

Corporate and other (c)

  -   (51)  -   (61)

Gross profit

 $39,754  $33,402  $112,458  $96,694 
                 

Reconciling items:

                

Operating expense

  33,975   33,469   97,591   97,485 

Operating income (loss)

  5,779   (67)  14,867   (791)

Non-operating expense (income), net

  7,996   (2,013)  9,367   (475)

(Loss) earnings before income taxes

 $(2,217) $1,946  $5,500  $(316)
Schedule of Depreciation and Amortization Expense [Table Text Block]
  

December 31,

  

March 31,

 
  

2024

  

2024

 

Sterilization and Disinfection Control

 $5,728  $7,014 

Clinical Genomics

  10,709   11,813 

Biopharmaceutical Development

  5,853   6,304 

Calibration Solutions

  5,832   7,544 

Total Inventories

 $28,122  $32,675 
v3.25.0.1
Note 2 - Significant Transactions (Details Textual) - GKE Acquisition [Member]
$ in Thousands
Oct. 16, 2023
USD ($)
Payments to Acquire Businesses, Gross $ 87,187
Business Combination, Consideration Transferred, Liabilities Incurred 9,000
Proceeds from Lines of Credit $ 71,000
GKE GmbH and SAL GmbH [Member]  
Business Acquisition, Percentage of Voting Interests Acquired 100.00%
Beijing GKE Science & Technology Co. Ltd. [Member]  
Business Acquisition, Percentage of Voting Interests Acquired 100.00%
v3.25.0.1
Note 2 - Significant Transactions - Schedule of Business Acquisitions (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Gross profit $ 39,754 $ 33,402 $ 112,458 $ 96,694
GKE Acquisition [Member]        
Revenues 6,854   18,971  
Gross profit 4,904   12,457  
GKE Acquisition [Member] | Inventory Step-up Related to Cost of Revenue [Member]        
Amortization of inventory step-up recorded in cost of revenues 0   1,232  
GKE Acquisition [Member] | Cost of Revenues Related to Intangibles Acquired [Member]        
Amortization of inventory step-up recorded in cost of revenues 131   375  
GKE Acquisition [Member] | General and Administrative Expense [Member]        
Amortization of inventory step-up recorded in cost of revenues $ 935   $ 2,423  
v3.25.0.1
Note 3 - Revenue (Details Textual) - USD ($)
 3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Revenue from Contract with Customer, Excluding Assessed Tax [1] $ 62,840,000 $ 53,473,000 $ 178,843,000 $ 157,283,000
Sterilization and Disinfection Control [Member] | GKE GmbH [Member]        
Revenue from Contract with Customer, Excluding Assessed Tax $ 6,854,000 $ 3,837,000 $ 18,971,000 $ 3,837
[1] Intersegment revenues are not significant and are eliminated to arrive at consolidated totals.
v3.25.0.1
Note 3 - Revenue - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Revenue from Contract with Customer, Excluding Assessed Tax [1] $ 62,840 $ 53,473 $ 178,843 $ 157,283
Consumables [Member] | Transferred at Point in Time [Member]        
Revenue from Contract with Customer, Excluding Assessed Tax 36,809 31,209 101,740 88,365
Hardware and Software [Member] | Transferred at Point in Time [Member]        
Revenue from Contract with Customer, Excluding Assessed Tax 15,796 12,745 45,482 39,975
Service [Member] | Transferred at Point in Time [Member]        
Revenue from Contract with Customer, Excluding Assessed Tax 10,235 9,519 31,621 28,943
Operating Segments [Member] | Sterilization and Disinfection Control [Member]        
Revenue from Contract with Customer, Excluding Assessed Tax [1],[2] 23,507 [3] 19,338 68,669 [4] 52,345
Operating Segments [Member] | Clinical Genomics [Member]        
Revenue from Contract with Customer, Excluding Assessed Tax [1] 12,667 12,546 35,570 41,464
Operating Segments [Member] | Biopharmaceutical Development [Member]        
Revenue from Contract with Customer, Excluding Assessed Tax [1] 12,237 9,430 36,112 28,526
Operating Segments [Member] | Calibration Solutions [Member]        
Revenue from Contract with Customer, Excluding Assessed Tax [1] 14,429 12,159 38,492 34,948
Operating Segments [Member] | Consumables [Member] | Transferred at Point in Time [Member] | Sterilization and Disinfection Control [Member]        
Revenue from Contract with Customer, Excluding Assessed Tax 20,991 [3] 16,832 60,860 [4] 45,288
Operating Segments [Member] | Consumables [Member] | Transferred at Point in Time [Member] | Clinical Genomics [Member]        
Revenue from Contract with Customer, Excluding Assessed Tax 9,866 9,758 26,156 28,490
Operating Segments [Member] | Consumables [Member] | Transferred at Point in Time [Member] | Biopharmaceutical Development [Member]        
Revenue from Contract with Customer, Excluding Assessed Tax 4,909 4,080 12,657 12,753
Operating Segments [Member] | Consumables [Member] | Transferred at Point in Time [Member] | Calibration Solutions [Member]        
Revenue from Contract with Customer, Excluding Assessed Tax 1,043 539 2,067 1,834
Operating Segments [Member] | Hardware and Software [Member] | Transferred at Point in Time [Member] | Sterilization and Disinfection Control [Member]        
Revenue from Contract with Customer, Excluding Assessed Tax 52 [3] 180 365 [4] 381
Operating Segments [Member] | Hardware and Software [Member] | Transferred at Point in Time [Member] | Clinical Genomics [Member]        
Revenue from Contract with Customer, Excluding Assessed Tax 1,877 1,639 6,511 9,540
Operating Segments [Member] | Hardware and Software [Member] | Transferred at Point in Time [Member] | Biopharmaceutical Development [Member]        
Revenue from Contract with Customer, Excluding Assessed Tax 4,534 2,672 14,539 7,838
Operating Segments [Member] | Hardware and Software [Member] | Transferred at Point in Time [Member] | Calibration Solutions [Member]        
Revenue from Contract with Customer, Excluding Assessed Tax 9,333 8,254 24,067 22,216
Operating Segments [Member] | Service [Member] | Transferred at Point in Time [Member] | Sterilization and Disinfection Control [Member]        
Revenue from Contract with Customer, Excluding Assessed Tax 2,464 [3] 2,326 7,444 [4] 6,676
Operating Segments [Member] | Service [Member] | Transferred at Point in Time [Member] | Clinical Genomics [Member]        
Revenue from Contract with Customer, Excluding Assessed Tax 924 1,149 2,903 3,434
Operating Segments [Member] | Service [Member] | Transferred at Point in Time [Member] | Biopharmaceutical Development [Member]        
Revenue from Contract with Customer, Excluding Assessed Tax 2,794 2,678 8,916 7,935
Operating Segments [Member] | Service [Member] | Transferred at Point in Time [Member] | Calibration Solutions [Member]        
Revenue from Contract with Customer, Excluding Assessed Tax $ 4,053 $ 3,366 $ 12,358 $ 10,898
[1] Intersegment revenues are not significant and are eliminated to arrive at consolidated totals.
[2] Includes post-acquisition GKE results during the three and six months ended September 30, 2024.
[3] Revenues of $5,863 from GKE are included in the Sterilization and Disinfection Control division during the three months ended September 30, 2024.
[4] Revenues of $12,117 from GKE are included in the Sterilization and Disinfection Control division during the six months ended September 30, 2024.
v3.25.0.1
Note 3 - Revenue - Revenues From External Customers (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Revenue from Contract with Customer, Excluding Assessed Tax [1] $ 62,840 $ 53,473 $ 178,843 $ 157,283
UNITED STATES        
Revenue from Contract with Customer, Excluding Assessed Tax 30,476 25,595 85,415 79,205
CHINA        
Revenue from Contract with Customer, Excluding Assessed Tax 6,322 4,942 20,271 18,584
Other [Member]        
Revenue from Contract with Customer, Excluding Assessed Tax $ 26,042 $ 22,936 $ 73,157 $ 59,494
[1] Intersegment revenues are not significant and are eliminated to arrive at consolidated totals.
v3.25.0.1
Note 3 - Revenue - Contract Liabilities (Details)
$ in Thousands
 9 Months Ended
Dec. 31, 2024
USD ($)
Contract liabilities, balance $ 15,686
Prior year liabilities recognized in revenues during the nine months ended December 31, 2024 (9,069)
Contract liabilities added during the nine months ended December 31, 2024, net of revenues recognized 8,083
Contract liabilities, balance $ 14,700
v3.25.0.1
Note 4 - Fair Value Measurements (Details Textual)
$ in Thousands
 3 Months Ended
Dec. 31, 2024
USD ($)
Apr. 05, 2024
USD ($)
Mar. 31, 2024
USD ($)
Nov. 17, 2022
USD ($)
Aug. 12, 2019
GKE Acquisition [Member]          
Business Combination, Hold Back Consideration Liability $ 9,000        
Business Combination, Hold Back Consideration Liability, Fair Value 8,900        
GKE Acquisition [Member] | Fair Value, Inputs, Level 3 [Member]          
Business Combination, Hold Back Consideration Liability, Fair Value 8,900        
Belyntic Acquisition [Member]          
Business Combination, Contingent Consideration, Liability Fair Value 675        
Belyntic Acquisition [Member] | Other Long-term Liabilities [Member]          
Business Combination Contingent Consideration Liability, At Acquisition Date       $ 1,500  
Belyntic Acquisition [Member] | Fair Value, Inputs, Level 3 [Member]          
Business Combination, Contingent Consideration, Liability Fair Value 675        
Outstanding 2025 Notes [Member]          
Debt Instrument, Repurchase Amount   $ 75,000      
Principal Outstanding 97,500        
Senior Notes [Member] | The Notes [Member]          
Debt Instrument, Interest Rate, Stated Percentage   1.375%     1.375%
Principal Outstanding $ 97,500   $ 172,500    
Accounts Receivable [Member] | Customer Concentration Risk [Member]          
Number of Major Customers 0        
v3.25.0.1
Note 4 - Fair Value Measurements - Fair Value and Carrying Value of the Notes (Details) - Senior Notes [Member] - USD ($)
$ in Thousands
Dec. 31, 2024
Mar. 31, 2024
Reported Value Measurement [Member]    
Notes $ 97,163 $ 171,198
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]    
Notes $ 94,819 $ 163,013
v3.25.0.1
Note 5 - Supplemental Information (Details Textual) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Depreciation $ 1,106 $ 1,074 $ 4,028 $ 2,899
GKE Acquisition [Member]        
Depreciation $ 225   $ 850  
v3.25.0.1
Note 5 - Supplemental Information - Inventories (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Mar. 31, 2024
Raw materials $ 16,584 $ 18,335
Work in process 400 1,256
Finished goods 11,138 13,084
Total inventories $ 28,122 $ 32,675
v3.25.0.1
Note 5 - Supplemental Information - Prepaid and Other Current Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Mar. 31, 2024
Prepaid expenses $ 3,251 $ 2,932
Deposits 1,338 1,898
Prepaid income taxes 5,682 1,237
Other current assets 2,849 3,341
Total prepaid expenses and other current assets $ 13,120 $ 9,408
v3.25.0.1
Note 5 - Supplemental Information - Accrued Payroll and Benefits (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Mar. 31, 2024
Bonus payable $ 7,803 $ 3,838
Wages and paid-time-off payable 3,600 3,072
Payroll related taxes 1,954 1,956
Other benefits payable 562 1,069
Total accrued payroll and benefits $ 13,919 $ 9,935
v3.25.0.1
Note 5 - Supplemental Information - Other Accrued Expenses (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Mar. 31, 2024
Current operating lease liabilities $ 3,535 $ 2,986
Income taxes payable 1,364 1,615
Current acquisition-related holdbacks 9,531 436
Other 2,416 2,264
Total other accrued expenses 22,351 12,858
Other Accrued Expenses [Member]    
Accrued business taxes $ 5,505 $ 5,557
v3.25.0.1
Note 5 - Supplemental Information - Other Noncurrent Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Mar. 31, 2024
Other $ 12,453 $ 15,613
GKE Acquisition [Member]    
Noncurrent operating lease liabilities 12,361 6,613
Noncurrent acquisition-related holdbacks 0 8,792
Other 92 208
Total other noncurrent liabilities $ 12,453 $ 15,613
v3.25.0.1
Note 5 - Supplemental Information - Property, Plant and Equipment (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Depreciation, Total $ 1,106 $ 1,074 $ 4,028 $ 2,899
Cost of Sales [Member]        
Depreciation, Total 610 788 2,376 2,117
Operating Expense [Member]        
Depreciation, Total $ 496 $ 286 $ 1,652 $ 782
v3.25.0.1
Note 6 - Goodwill and Intangible Assets, Net - Other Intangible Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Mar. 31, 2024
Gross carrying amount $ 246,628 $ 251,072
Accumulated amortization (148,447) (137,320)
Net carrying amount 98,181 113,752
Customer Relationships [Member]    
Gross carrying amount 186,272 189,911
Accumulated amortization (112,475) (104,528)
Net carrying amount 73,797 85,383
Other Intangible Assets [Member]    
Gross carrying amount 60,356 61,161
Accumulated amortization (35,972) (32,792)
Net carrying amount $ 24,384 $ 28,369
v3.25.0.1
Note 6 - Goodwill and Intangible Assets, Net - Amortization Expense for Finite-lived Intangible Assets (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Amortization of acquisition-related intangibles $ 4,391 $ 7,975 $ 13,002 $ 22,380
Cost of Sales [Member]        
Amortization of acquisition-related intangibles 660 1,883 1,979 5,367
General and Administrative Expense [Member]        
Amortization of acquisition-related intangibles $ 3,731 $ 6,092 $ 11,023 $ 17,013
v3.25.0.1
Note 6 - Goodwill and Intangible Assets, Net - Estimated Amortization Expense (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Remainder of 2025 $ 4,278
2026 16,566
2027 15,921
2028 15,349
2029 $ 14,815
v3.25.0.1
Note 6 - Goodwill and Intangible Assets, Net - Change in the Carrying Amount of Goodwill (Details)
$ in Thousands
 9 Months Ended
Dec. 31, 2024
USD ($)
Goodwill $ 180,096
Effect of foreign currency translation (2,944)
Goodwill 177,152
Operating Segments [Member] | Sterilization and Disinfection Control [Member]  
Goodwill 79,430
Effect of foreign currency translation (1,994)
Goodwill 77,436
Operating Segments [Member] | Clinical Genomics [Member]  
Goodwill 16,940
Effect of foreign currency translation (71)
Goodwill 16,869
Operating Segments [Member] | Biopharmaceutical Development [Member]  
Goodwill 46,515
Effect of foreign currency translation (849)
Goodwill 45,666
Operating Segments [Member] | Calibration Solutions [Member]  
Goodwill 37,211
Effect of foreign currency translation (30)
Goodwill $ 37,181
v3.25.0.1
Note 7 - Indebtedness (Details Textual)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Jan. 01, 2025
USD ($)
Apr. 05, 2024
USD ($)
Mar. 05, 2021
USD ($)
Aug. 12, 2019
USD ($)
$ / shares
Dec. 31, 2024
USD ($)
Sep. 30, 2024
Dec. 31, 2023
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Mar. 31, 2024
USD ($)
Oct. 05, 2023
USD ($)
Long-Term Debt         $ 72,187     $ 72,187      
Repayments of Debt               26,313 $ 22,000    
Gain (Loss) on Extinguishment of Debt         (0)   $ (0) 2,887 $ (0)    
The Credit Facility Term Loan [Member]                      
Debt Instrument, Fee Amount         1,987     1,987      
Senior Secured Credit Agreement [Member]                      
Debt Instrument, Term (Year)     4 years                
Long-Term Debt         27,000     27,000      
Line of Credit Facility, Remaining Borrowing Capacity         98,000     98,000      
Senior Secured Credit Agreement [Member] | Prepaid Expenses, Other and Other Assets [Member]                      
Debt Issuance Costs, Net         1,278     1,278   $ 321  
Senior Secured Credit Agreement [Member] | Subsequent Event [Member]                      
Repayments of Lines of Credit $ 4,500                    
Senior Secured Credit Agreement [Member] | The Credit Facility Term Loan [Member]                      
Debt Instrument, Fee Amount         $ 745     745      
Senior Secured Credit Agreement [Member] | Maximum [Member]                      
Debt Instrument, Basis Spread on Variable Rate         3.50%            
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage           0.35%          
Senior Secured Credit Agreement [Member] | Maximum [Member] | The Credit Facility Term Loan [Member]                      
Line of Credit Facility, Maximum Borrowing Capacity     $ 75,000               $ 125,000
Senior Secured Credit Agreement [Member] | Minimum [Member]                      
Debt Instrument, Basis Spread on Variable Rate         1.50%            
Fixed Charge Coverage Ratio   1.25                  
Senior Leverage Ratio   3.5                  
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage           0.20%          
Senior Secured Credit Agreement [Member] | Minimum [Member] | The Credit Facility Term Loan [Member]                      
Line of Credit Facility, Maximum Borrowing Capacity     25,000                
Senior Secured Credit Agreement [Member] | Swingline Loan [Member] | Maximum [Member]                      
Line of Credit Facility, Maximum Borrowing Capacity     5,000                
Senior Secured Credit Agreement [Member] | Revolving Credit Facility [Member]                      
Line of Credit Facility, Maximum Borrowing Capacity     75,000                
Debt Instrument, Fee Amount         $ 1,242     $ 1,242      
Senior Secured Credit Agreement [Member] | Letter of Credit [Member] | Maximum [Member]                      
Line of Credit Facility, Maximum Borrowing Capacity     $ 2,500                
The Credit Facility Term Loan [Member]                      
Debt Instrument, Interest Rate, Effective Percentage         7.50%     7.50%      
Debt Instrument, Covenant, Maximum Total Leverage Ratio for the First Five Testing Dates   4.5                  
Debt Instrument, Covenant, Maximum Total Leverage Ratio for the Sixth, Seventh, and Eighth Testing Dates   4                  
Debt Instrument, Covenant, Maximum Total Leverage Ratio Following the Ninth Testing date   3.5                  
Term Loan [Member]                      
Principal Outstanding   $ 75,000     $ 72,187     $ 72,187   0  
Debt Instrument, Periodic Payment, Principal         $ 938     $ 2,813      
The Notes [Member] | Senior Notes [Member]                      
Debt Instrument, Interest Rate, Effective Percentage         1.90%     1.90%      
Principal Outstanding         $ 97,500     $ 97,500   172,500  
Long-Term Debt         97,163     97,163   171,198  
Debt Issuance Costs, Net         337     337   $ 1,302  
Debt Instrument, Face Amount       $ 172,500              
Proceeds from Convertible Debt       $ 167,056              
Debt Instrument, Interest Rate, Stated Percentage   1.375%   1.375%              
Debt Instrument, Convertible, Conversion Ratio Per 1,000 Principal       3.5273              
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares       $ 283.5              
Outstanding 2025 Notes [Member]                      
Principal Outstanding         $ 97,500     97,500      
Debt Instrument, Repurchased Face Amount   $ 75,000                  
Repayments of Debt   71,250                  
Interest Payable   $ 160                  
Gain (Loss) on Extinguishment of Debt               $ 2,887      
v3.25.0.1
Note 7 - Indebtedness - Quarterly Periodic Payments (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Remainder of 2025 $ 937
2026 3,750
2027 5,625
2028 5,625
2029 7,500
Thereafter 48,750
Total Principal Remaining $ 72,187
v3.25.0.1
Note 7 - Indebtedness - Carrying Amount of the Term Loan (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Apr. 05, 2024
Mar. 31, 2024
Less: current portion $ (3,750)   $ 0
Noncurrent portion 67,803   0
Term Loan [Member]      
Principal Outstanding 72,187 $ 75,000 0
Less: discount and debt issuance costs (634)   0
Less: current portion (3,750)   0
Noncurrent portion $ 67,803   $ 0
v3.25.0.1
Note 7 - Indebtedness - Carrying Amount of the Term Loan (Details) (Parentheticals)
 9 Months Ended
Dec. 31, 2024
Term Loan [Member]  
Current interest rate 7.50%
v3.25.0.1
Note 7 - Indebtedness - Carrying Amount of the Notes (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Mar. 31, 2024
Total Principal Remaining $ 72,187  
The Notes [Member] | Senior Notes [Member]    
Principal Outstanding 97,500 $ 172,500
Unamortized debt issuance costs (337) (1,302)
Total Principal Remaining $ 97,163 $ 171,198
v3.25.0.1
Note 7 - Indebtedness - Interest Expense on the Notes (Details) - The Notes [Member] - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Coupon interest expense at 1.375% $ 335 $ 593 $ 1,037 $ 1,779
Amortization of debt issuance costs 134 231 412 692
Total interest and amortization of debt issuance costs $ 469 $ 824 $ 1,449 $ 2,471
v3.25.0.1
Note 8 - Stockholders' Equity (Details Textual) - $ / shares
shares in Thousands
 9 Months Ended
Dec. 31, 2024
Jun. 30, 2024
Restricted Stock Units (RSUs) [Member] | Non-employee Directors [Member]    
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) 1 year  
The FY25 PSUs [Member] | Eligible Employees [Member]    
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) 41  
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized for Service and Company Financial Performance Conditions (in shares) 23  
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value, Shares Subject to Service and Company Performance (in dollars per share) $ 89.82  
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized, Subject to Service and Market Conditions (in shares) 18  
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value, Subject to Service and Market Conditions (in dollars per share) $ 119.54  
The FY25 PSUs [Member] | Eligible Employees [Member] | Minimum [Member]    
Share-based Compensation Arrangement by Share-based Payment Award Number of Shares Issued Upon Vesting, Percentage 0.00%  
The FY25 PSUs [Member] | Eligible Employees [Member] | Maximum [Member]    
Share-based Compensation Arrangement by Share-based Payment Award Number of Shares Issued Upon Vesting, Percentage 200.00%  
The 2021 Equity Plan [Member]    
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)   660
v3.25.0.1
Note 8 - Stockholders' Equity - Schedule of Restricted Stock Unit Activity (Details)
 9 Months Ended
Dec. 31, 2024
$ / shares
shares
Restricted Stock Units (RSUs) [Member]  
Awards Outstanding (in shares) | shares 76
Awards Outstanding, weighted average grant date fair value per share (in dollars per share) | $ / shares $ 157.83
Awards granted(1) (in shares) | shares 117 [1]
Awards granted, weighted average grant date fair value per share (1) (in dollars per share) | $ / shares $ 93.46 [1]
Awards forfeited (in shares) | shares (7)
Awards forfeited, weighted average grant date fair value per share (in dollars per share) | $ / shares $ 123.42
Awards distributed (in shares) | shares (36)
Awards distributed, weighted average grant date fair value per share (in dollars per share) | $ / shares $ 169.4
Awards Outstanding (in shares) | shares 150
Awards Outstanding, weighted average grant date fair value per share (in dollars per share) | $ / shares $ 106.44
Performance Stock Units [Member]  
Awards Outstanding (in shares) | shares 56
Awards Outstanding, weighted average grant date fair value per share (in dollars per share) | $ / shares $ 240.96
Awards granted(1) (in shares) | shares 41 [1]
Awards granted, weighted average grant date fair value per share (1) (in dollars per share) | $ / shares $ 102.57 [1]
Awards forfeited (in shares) | shares
Awards forfeited, weighted average grant date fair value per share (in dollars per share) | $ / shares $ 0
Awards distributed (in shares) | shares (12)
Awards distributed, weighted average grant date fair value per share (in dollars per share) | $ / shares $ 302.06
Awards Outstanding (in shares) | shares 85
Awards Outstanding, weighted average grant date fair value per share (in dollars per share) | $ / shares $ 165.75
[1] Balances for PSUs granted are reflected at target.
v3.25.0.1
Note 8 - Stockholders' Equity - Schedule of Stock Option Award Activity (Details)
$ / shares in Units, shares in Thousands, $ in Thousands
 9 Months Ended 12 Months Ended
Dec. 31, 2024
USD ($)
$ / shares
shares
Mar. 31, 2024
USD ($)
$ / shares
shares
Options outstanding (in shares) | shares 194  
Options outstanding, weighted average exercise price (in dollars per share) | $ / shares $ 181.89  
Outstanding, Weighted- Average Remaining Contractual Life (Year) 2 years 7 months 6 days 3 years 2 months 12 days
Outstanding, Aggregate Intrinsic Value | $ $ 287 $ 26
Options granted (in shares) | shares 0  
Awards granted, weighted average exercise price (in dollars per share) | $ / shares $ 0  
Options forfeited or expired (in shares) | shares (15)  
Awards forfeited or expired, weighted average exercise price (in dollars per share) | $ / shares $ 150.98  
Awards exercised (in shares) | shares (1)  
Awards exercised, weighted average exercise price (in dollars per share) | $ / shares $ 131.67  
Options outstanding (in shares) | shares 178 194
Options outstanding, weighted average exercise price (in dollars per share) | $ / shares $ 184.55 $ 181.89
v3.25.0.1
Note 9 - Earnings (Loss) Per Share - Computation of Net Income Per Share, Basic & Diluted (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Net income $ (1,676) $ 2,116 $ 5,140 $ 337
Weighted average outstanding shares of common stock (in shares) 5,429 5,393 5,413 5,384
Fully diluted shares (in shares) 5,429 5,396 5,464 5,394
Basic (in dollars per share) $ (0.31) $ 0.39 $ 0.95 $ 0.06
Diluted (in dollars per share) $ (0.31) $ 0.39 $ 0.94 $ 0.06
Share-Based Payment Arrangement, Option [Member]        
Dilutive effect of shares (in shares) 0 0 0 1
Restricted Stock Units (RSUs) [Member]        
Dilutive effect of shares (in shares) 0 3 51 9
v3.25.0.1
Note 9 - Earnings (Loss) Per Share - Antidilutive Securities Excluded From Computation of Earnings Per Share (Details) - shares
shares in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Total stock awards excluded from diluted EPS (in shares) 750 885 556 831
Assumed Conversion of Convertible Debt [Member]        
Total stock awards excluded from diluted EPS (in shares) 344 608 354 608
Stock Awards that were Antidilutive [Member]        
Total stock awards excluded from diluted EPS (in shares) 406 277 202 223
v3.25.0.1
Note 10 - Income Taxes (Details Textual)
 3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2024
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent 21.00% 21.00%
v3.25.0.1
Note 10 - Income Taxes - Provisions for Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Income tax (benefit) expense $ (541) $ (170) $ 360 $ (653)
Effective tax rate 24.40% (8.70%) 6.50% 206.60%
v3.25.0.1
Note 11 - Commitments and Contingencies (Details Textual) - USD ($)
$ in Thousands
Jan. 02, 2025
Dec. 31, 2024
GKE Acquisition [Member]    
Business Combination, Hold Back Consideration Liability   $ 9,000
Business Combination, Hold Back Consideration Liability, Fair Value   8,900
Belyntic Acquisition [Member]    
Business Combination, Contingent Consideration, Liability Fair Value   $ 675
Belyntic Acquisition [Member] | Subsequent Event [Member]    
Business Combination, Contingent Consideration, Liability, Current $ 563  
v3.25.0.1
Note 12 - Segment Information - Operating Segment Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Revenue from Contract with Customer, Excluding Assessed Tax [1] $ 62,840 $ 53,473 $ 178,843 $ 157,283
Gross profit 39,754 33,402 112,458 96,694
Operating expense 33,975 33,469 97,591 97,485
Operating income (loss) 5,779 (67) 14,867 (791)
Non-operating expense (income), net (7,996) 2,013 (9,367) 475
Operating Segments [Member]        
Gross profit 39,754 33,453 112,458 96,755
Operating expense 33,975 33,469 97,591 97,485
Operating income (loss) 5,779 (67) 14,867 (791)
Non-operating expense (income), net 7,996 (2,013) 9,367 (475)
(Loss) earnings before income taxes (2,217) 1,946 5,500 (316)
Operating Segments [Member] | Sterilization and Disinfection Control [Member]        
Revenue from Contract with Customer, Excluding Assessed Tax [1],[2] 23,507 [3] 19,338 68,669 [4] 52,345
Gross profit [2] 16,461 13,951 47,191 38,018
Operating Segments [Member] | Clinical Genomics [Member]        
Revenue from Contract with Customer, Excluding Assessed Tax [1] 12,667 12,546 35,570 41,464
Gross profit 6,948 6,449 19,344 20,904
Operating Segments [Member] | Biopharmaceutical Development [Member]        
Revenue from Contract with Customer, Excluding Assessed Tax [1] 12,237 9,430 36,112 28,526
Gross profit 7,539 5,841 22,665 17,783
Operating Segments [Member] | Calibration Solutions [Member]        
Revenue from Contract with Customer, Excluding Assessed Tax [1] 14,429 12,159 38,492 34,948
Gross profit 8,806 7,212 23,258 20,050
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member]        
Gross profit [5] $ 0 $ (51) $ 0 $ (61)
[1] Intersegment revenues are not significant and are eliminated to arrive at consolidated totals.
[2] Includes post-acquisition GKE results during the three and six months ended September 30, 2024.
[3] Revenues of $5,863 from GKE are included in the Sterilization and Disinfection Control division during the three months ended September 30, 2024.
[4] Revenues of $12,117 from GKE are included in the Sterilization and Disinfection Control division during the six months ended September 30, 2024.
[5] Unallocated corporate expenses are reported within corporate and other.
v3.25.0.1
Note 12 - Segment Data - Segment Depreciation and Amortization (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Mar. 31, 2024
Total inventories $ 28,122 $ 32,675
Operating Segments [Member] | Sterilization and Disinfection Control [Member]    
Total inventories 5,728 7,014
Operating Segments [Member] | Clinical Genomics [Member]    
Total inventories 10,709 11,813
Operating Segments [Member] | Biopharmaceutical Development [Member]    
Total inventories 5,853 6,304
Operating Segments [Member] | Calibration Solutions [Member]    
Total inventories $ 5,832 $ 7,544