Consolidated Balance Sheets (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands |
Mar. 31, 2026 |
Mar. 31, 2025 |
|---|---|---|
| Allowance for doubtful accounts receivable | $ 2,569 | $ 1,186 |
| 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) | 5,524,931 | 5,455,421 |
| Common stock, outstanding (in shares) | 5,524,931 | 5,455,421 |
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands |
12 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
Mar. 31, 2024 |
|||||||
| Revenues: | |||||||||
| Revenue | [1] | $ 249,130 | $ 240,978 | $ 216,187 | |||||
| Cost of revenues: | |||||||||
| Cost of revenue | 90,860 | 90,108 | 82,937 | ||||||
| Gross profit | [2] | 158,270 | 150,870 | 133,250 | |||||
| Operating expense: | |||||||||
| Selling | 40,793 | 41,683 | 38,625 | ||||||
| General and administrative, other than impairment of finite-lived intangible assets and goodwill | 78,658 | 73,333 | 72,867 | ||||||
| Research and development | 20,308 | 19,518 | 19,300 | ||||||
| Impairment of finite-lived intangible assets | 0 | 0 | 117,641 | ||||||
| Impairment of goodwill | 0 | 0 | 156,892 | ||||||
| Total operating expense | 139,759 | 134,534 | 405,325 | ||||||
| Operating income (loss) | 18,511 | 16,336 | (272,075) | ||||||
| Nonoperating expense (income): | |||||||||
| Interest expense and amortization of debt issuance costs | 10,692 | 11,859 | 5,697 | ||||||
| Gain on extinguishment of convertible senior notes | 0 | (2,887) | 0 | ||||||
| Other (income) expense, net | (4,195) | 1,403 | (2,124) | ||||||
| Total nonoperating expense, net | 6,497 | 10,375 | 3,573 | ||||||
| Earnings (loss) before income taxes | 12,014 | 5,961 | (275,648) | ||||||
| Income tax expense (benefit) | 5,302 | 7,935 | (21,402) | ||||||
| Net income (loss) | $ 6,712 | $ (1,974) | $ (254,246) | ||||||
| Net earnings (loss) per share | |||||||||
| Basic earnings (loss) per share (in dollars per share) | $ 1.22 | $ (0.36) | $ (47.2) | ||||||
| Diluted earnings (loss) per share (in dollars per share) | $ 1.21 | $ (0.36) | $ (47.2) | ||||||
| Weighted-average common shares outstanding | |||||||||
| Basic (in shares) | [3] | 5,514 | 5,421 | 5,386 | |||||
| Diluted (in shares) | 5,565 | 5,421 | 5,386 | ||||||
| Product [Member] | |||||||||
| Revenues: | |||||||||
| Revenue | $ 203,392 | $ 198,395 | $ 176,796 | ||||||
| Cost of revenues: | |||||||||
| Cost of revenue | 64,612 | 60,441 | 57,200 | ||||||
| Service [Member] | |||||||||
| Revenues: | |||||||||
| Revenue | 45,738 | 42,583 | 39,391 | ||||||
| Cost of revenues: | |||||||||
| Cost of revenue | $ 26,248 | $ 29,667 | $ 25,737 | ||||||
| |||||||||
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
Mar. 31, 2024 |
|
| Net income (loss) | $ 6,712 | $ (1,974) | $ (254,246) |
| Other comprehensive income (loss) | |||
| Foreign currency translation adjustments | 6,419 | 4,980 | (1,960) |
| Comprehensive income (loss) | $ 13,131 | $ 3,006 | $ (256,206) |
Consolidated Statements of Stockholders' Equity (Parentheticals) - $ / shares |
12 Months Ended | ||
|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
Mar. 31, 2024 |
|
| Dividends paid, per share (in dollars per share) | $ 0.64 | $ 0.64 | $ 0.64 |
Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
Mar. 31, 2024 |
|
| Cash flows from operating activities: | |||
| Net income (loss) | $ 6,712 | $ (1,974) | $ (254,246) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Depreciation of property, plant and equipment | 5,254 | 5,382 | 4,233 |
| Amortization of acquisition-related intangibles | 18,017 | 19,145 | 27,341 |
| Stock-based compensation expense | 17,868 | 13,142 | 11,936 |
| Non-cash interest expense and debt issuance cost amortization | 682 | 990 | 926 |
| Gain on extinguishment of convertible senior notes | 0 | (2,887) | 0 |
| Amortization of step-up in inventory basis | 0 | 1,232 | 1,229 |
| Deferred taxes | (1,292) | (72) | (28,421) |
| Impairment loss on goodwill and finite-lived intangible assets | 0 | 0 | 274,533 |
| Other | 577 | 4,946 | 629 |
| Cash from changes in operating assets and liabilities: | |||
| Accounts receivable | (3,206) | (2,925) | 4,940 |
| Inventories | (4,434) | 1,153 | 2,563 |
| Prepaid expenses and other assets | 608 | 498 | 211 |
| Accounts payable | (1,197) | (388) | (97) |
| Accrued liabilities and taxes payable | 3,497 | 9,504 | (1,236) |
| Unearned revenues | (255) | (938) | (408) |
| Net cash provided by operating activities | 42,831 | 46,808 | 44,133 |
| Cash flows from investing activities: | |||
| Purchases of property, plant and equipment | (3,250) | (4,249) | (2,567) |
| Acquisition of customer lists | 0 | (250) | 0 |
| Acquisition of businesses, net of cash acquired and holdback liabilities | 0 | 0 | (78,739) |
| Net cash (used in) investing activities | (3,250) | (4,499) | (81,306) |
| Cash flows from financing activities: | |||
| Proceeds from debt borrowings | 107,500 | 73,465 | 71,000 |
| Repurchase of convertible note debt | (97,500) | (71,560) | 0 |
| Other debt principal repayments | (36,749) | (44,251) | (33,500) |
| GKE acquisition holdback payment | (9,555) | 0 | 0 |
| Dividends paid | (3,523) | (3,468) | (3,447) |
| Payment of tax withholding obligation on vesting of restricted stock | (1,061) | (887) | (728) |
| Proceeds from the exercise of stock options | 0 | 2,644 | 358 |
| Other financing, net | (966) | (452) | (847) |
| Net cash (used in) provided by financing activities | (41,854) | (44,509) | 32,836 |
| Net (decrease) in cash and cash equivalents | (393) | (893) | (4,696) |
| Cash and cash equivalents at beginning of period | 27,321 | 28,214 | 32,910 |
| Cash and cash equivalents at end of period | 26,928 | 27,321 | 28,214 |
| Effect of exchange rate changes on cash and cash equivalents | 1,880 | 1,307 | (359) |
| Cash paid for: | |||
| Income taxes | 1,870 | 5,731 | 4,591 |
| Interest | $ 10,017 | $ 11,077 | $ 4,648 |
Award Timing Disclosure |
12 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Award Tmg Disc Line Items | |
| Award Timing MNPI Considered [Flag] | false |
Insider Trading Arrangements |
3 Months Ended | 12 Months Ended |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2026 |
|
| Trading Arrangements, by Individual [Table] | ||
| Material Terms of Trading Arrangement [Text Block] |
During the three months ended March 31, 2026, of our directors or officers entered into new or amended written plans for the purchase or sale of our securities intended to satisfy the affirmative defense conditions of Exchange Act Rule 10b5-1(c). |
|
| Rule 10b5-1 Arrangement Adopted [Flag] | false | |
| Rule 10b5-1 Arrangement Terminated [Flag] | false | |
| Non-Rule 10b5-1 Arrangement Terminated [Flag] | false | |
| Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Insider Trading Policies and Procedures |
12 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Insider Trading Policies and Procedures [Line Items] | |
| Insider Trading Policies and Procedures Adopted [Flag] | true |
Cybersecurity Risk Management and Strategy Disclosure |
12 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Cybersecurity Risk Management, Strategy, and Governance [Line Items] | |
| Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block] |
Cybersecurity Risk Management and Strategy
Our cybersecurity program, guided by industry standards, encompasses processes for the identification, assessment, and management of cybersecurity risks. Cybersecurity risks are considered as part of our enterprise risk management processes and are evaluated alongside other operational and strategic risks. We conduct regular risk assessments, supported by external vendors, to evaluate our cybersecurity program, identify areas for enhancement and develop strategies to mitigate cybersecurity risks. Internally, we perform ongoing security testing and maintain a vulnerability management process to address identified security risks based on severity. An external vendor provides us with periodic vulnerability scans, annual penetration tests, security tabletop exercises, and an enterprise-wide annual security assessment to evaluate and validate our physical, technical, external, and administrative controls.
We rely on parties to provide, host, or support certain information technology systems. Cybersecurity considerations are incorporated into Mesa’s processes for selecting and onboarding third‑party vendors that access our information systems or data, and such vendors may be required to maintain information security measures appropriate to the nature of the services they provide. However, we do not control the security practices of third parties, and their failure to maintain adequate security could adversely affect us. Third parties that access, process, store or transmit our information or that have access to our systems may have and be subject to additional cybersecurity controls.
We maintain cybersecurity policies that articulate Mesa’s expectations and requirements with respect to topics such as acceptable use of technology and data, data privacy, risk management, education and awareness, and incident management. Consistent with our position that cybersecurity is the responsibility of every Mesa team member, we regularly educate and share best practices to raise awareness of cybersecurity threats. Employees in applicable job categories are required to complete annual information security and data protection training, and we conduct ongoing simulated phishing exercises to reinforce awareness for all employees.
Our Information Security Manager and Business Information Services team oversee the day-to-day prevention, detection, mitigation, and resolution of cybersecurity risks, utilizing third-party security software and services. We deploy processes and technologies to monitor security alerts from both internal and external sources, including information security research. In the event of a confirmed security incident, we maintain a full incident response plan that includes engaging an incident handling team, guidance for determining materiality, and steps to respond to, remediate, and recover from the security incident. We maintain a cybersecurity insurance policy and a retainer for -party incident response services, which may mitigate certain financial impacts of a cybersecurity incident, should one occur.
To date, risks from cybersecurity threats have not materially affected our business, results of operations or financial condition. We can provide no assurance that cybersecurity incidents will not occur in the future or that such incidents will not materially affect us. |
| Cybersecurity Risk Management Processes Integrated [Flag] | true |
| Cybersecurity Risk Management Processes Integrated [Text Block] | We maintain cybersecurity policies that articulate Mesa’s expectations and requirements with respect to topics such as acceptable use of technology and data, data privacy, risk management, education and awareness, and incident management. Consistent with our position that cybersecurity is the responsibility of every Mesa team member, we regularly educate and share best practices to raise awareness of cybersecurity threats. Employees in applicable job categories are required to complete annual information security and data protection training, and we conduct ongoing simulated phishing exercises to reinforce awareness for all employees. |
| Cybersecurity Risk Management Third Party Engaged [Flag] | true |
| Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] | true |
| Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] | false |
| Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Text Block] | To date, risks from cybersecurity threats have not materially affected our business, results of operations or financial condition. We can provide no assurance that cybersecurity incidents will not occur in the future or that such incidents will not materially affect us. |
| Cybersecurity Risk Board of Directors Oversight [Text Block] |
Governance Related to Cybersecurity Risks
We recognize the importance of developing, implementing, and maintaining robust cybersecurity measures to safeguard our information systems and protect the confidentiality, integrity, and availability of our data. Our Board of Directors has delegated oversight of cybersecurity risks to our Audit Committee. In accordance with its charter, our Audit Committee is responsible for overseeing management’s review and assessment of our cybersecurity and other information technology risks, controls and procedures. Management's Business Information Services team provides the Audit Committee with quarterly updates on our cybersecurity program, including monitoring activities and mitigation efforts. The Audit Committee has two members with prior work experience overseeing or assessing cybersecurity functions, and the Audit Committee informs the full Board of pertinent cybersecurity matters regularly. We have established policies and procedures to keep management and the Audit Committee informed about cybersecurity incidents that could significantly impact our business. Our information security program is led by our Information Security Manager, who has over ten years of cybersecurity experience and reports to our Vice President of Business Information Services, who has over 25 years of experience in the information technology industry. The Information Security Manager regularly meets with our Business Information Services team, and as appropriate, with other executives and directors to review our cybersecurity posture, developments in the cybersecurity landscape, any identified cybersecurity incidents, continuous risk mitigation activities, and any anticipated enhancements to our policies, procedures and controls. |
| Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] | Our Board of Directors has delegated oversight of cybersecurity risks to our Audit Committee. In accordance with its charter, our Audit Committee is responsible for overseeing management’s review and assessment of our cybersecurity and other information technology risks, controls and procedures. Management's Business Information Services team provides the Audit Committee with quarterly updates on our cybersecurity program, including monitoring activities and mitigation efforts. The Audit Committee has two members with prior work experience overseeing or assessing cybersecurity functions, and the Audit Committee informs the full Board of pertinent cybersecurity matters regularly. We have established policies and procedures to keep management and the Audit Committee informed about cybersecurity incidents that could significantly impact our business. |
| Cybersecurity Risk Management Positions or Committees Responsible [Flag] | true |
| Cybersecurity Risk Management Expertise of Management Responsible [Text Block] | Our information security program is led by our Information Security Manager, who has over ten years of cybersecurity experience and reports to our Vice President of Business Information Services, who has over 25 years of experience in the information technology industry. The Information Security Manager regularly meets with our Business Information Services team, and as appropriate, with other executives and directors to review our cybersecurity posture, developments in the cybersecurity landscape, any identified cybersecurity incidents, continuous risk mitigation activities, and any anticipated enhancements to our policies, procedures and controls. |
| Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] | true |
Note 1 - Basis of Presentation and Summary of Significant Accounting Policies |
12 Months Ended | |||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2026 | ||||||||||||||||||||||||||||||||||||||
| Notes to Financial Statements | ||||||||||||||||||||||||||||||||||||||
| Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] |
Note 1. Basis of Presentation and Summary of Significant Accounting Policies
Nature of Operations
In this Annual Report on Form 10-K, 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 APAC, and by independent distributors throughout the world.
As of March 31, 2026, we managed our operations in four reportable segments, or divisions:
Unallocated corporate expenses and other business activities are reported within Corporate and Other.
Principles of Consolidation and Basis of Presentation
Our Consolidated Financial Statements are 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 (“GAAP”), and include our accounts and those of our wholly owned subsidiaries after elimination of all intercompany accounts and transactions.
Management Estimates
The preparation of our Consolidated Financial Statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in our Consolidated Financial Statements and accompanying notes. Actual results could differ from our estimates under different assumptions or conditions.
Summary of Significant Accounting Policies
Foreign Currency Exchange rate adjustments resulting from foreign currency transactions are recognized in net income (loss), while the effects of translating the financial statements of foreign subsidiaries into U.S. dollars are reflected as a component of accumulated other comprehensive income within stockholders’ equity. Assets and liabilities of subsidiaries operating outside the United States with functional currencies other than the U.S. dollar are translated into U.S. dollars at period end exchange rates, and results of operations are translated using weighted average exchange rates for the period.
Fair Value Measurements Fair value is the price we would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. We determine fair value based on the following input hierarchy:
Level 1: Quoted prices for identical assets or liabilities in active markets.
Level 2: Observable inputs other than prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or that can be corroborated with observable market data.
Level 3: Unobservable inputs supported by little or no market activity. Pricing models, discounted cash flow methodologies, and other similar techniques involving significant management judgment or estimation typically require unobservable inputs.
Most assets and liabilities purchased in business acquisitions are measured, recognized and disclosed at fair value in the Consolidated Financial Statements on a non-recurring basis upon acquisition, or as applicable, during the measurement period. Additionally, assets such as property and equipment, operating lease assets, and goodwill and other intangible assets are measured and presented at fair value on a nonrecurring basis if impaired. Such fair value measurements require the use of Level 3 inputs.
See Note 3. “Fair Value Measurements” for further information.
Revenue Recognition Our revenues are derived from sales of products and services. Product sales consist primarily of consumables and hardware, while services consist primarily of maintenance, calibration and testing services.
Revenues are recognized when or as we satisfy our performance obligations under the terms of a contract, which occurs when control of the promised products or services transfers to the customer. We recognize revenue in an amount that reflects the consideration we expect to receive in exchange for those products and services (the transaction price). For our revenue contracts, prices are fixed at the time of purchase, and price protections or other forms of variable consideration are not typically offered.
Product sales: Our performance obligations related to product sales generally consist of the promise to sell tangible goods to distributors or end customers. Revenues from consumables and hardware are recognized at the point in time when control transfers to the customer. Control of products sold in the United States and APAC typically transfers upon shipment, whereas control of products sold in Europe more typically transfers upon delivery to the customer site or when customers collect the good from our warehouse.
Services: We generate service revenues from discrete and ongoing maintenance, calibration and testing services related to our physical products. For discrete services, our obligation to complete specified work is satisfied and revenue is recognized upon performance of the service. Obligations arising from ongoing service contracts, in which we promise to stand ready to provide maintenance or other services on an as-needed basis over a specified contract period, are satisfied by completing any services that are contractually required during the contract period, if requested by the customer, or by the passage of time if no services are requested. For ongoing service contracts, revenue is recognized on a straight-line basis over the contract term in a faithful depiction of our obligation to provide services over the contract period.
Purchase orders or formal contracts typically provide evidence of the existence and key terms of arrangements with customers with respect to sales of our products and services. Collectability is assessed through our customer review process and is considered reasonably assured. Payment terms typically require settlement within 60 days or less.
We expense commission costs, which are typically our only significant incremental cost to obtain a contract, as incurred. The substantial majority of our contracts have original durations of one year or less, and we have elected not to disclose the expected timing or allocated transaction prices of remaining performance obligations. Additionally, we have elected to not assess whether a significant financing component exists when the period between satisfaction of a performance obligation and customer payment is one year or less. None of our contracts contained significant financing components as of or for the fiscal years ended March 31, 2026, 2025 or 2024.
Contracts with customers may contain multiple performance obligations. In such arrangements, the contract transaction price is allocated to each performance obligation based on the estimated relative standalone selling prices of the promised products or services. Standalone selling prices represent the price at which a product or service would be sold separately. If a standalone selling price is not directly observable, we estimate the standalone selling price using available information, including market conditions and internally approved pricing guidelines. In limited circumstances, for performance obligations with highly variable or unobservable standalone selling prices, we may assign standalone prices to obligations based on the residual transaction price after all observable standalone selling prices have been determined. Discounts may be approved at the time of purchase and are included within a contract’s fixed transaction price. Discounts are typically allocated to obligations included in the contract based on the standalone values of such obligations. All expected and actual consideration from customers is included in the transaction price.
See Note 2. “Revenue” for further information.
Shipping and Handling Payments we receive from customers for shipping and handling are included in revenues in our Consolidated Statements of Operations, and the related shipping and handling expenses are included in cost of revenues. We account for shipping and handling costs arising from contracts with customers as fulfillment costs. Shipping and handling costs associated with inventory and materials we purchase are capitalized as a component of inventory on the Consolidated Balance Sheets and are expensed to cost of revenues when the related products are sold.
Unearned Revenues Certain of our products may be sold with associated service contracts that require us to provide repairs, technical support, parts, and various analytical or maintenance services over a specified period of time, generally one year. When these contracts are paid in advance, the contract consideration is recorded as an unearned revenue liability and is recognized as revenue ratably over the service period. Customer prepayments related to other products and services are also recorded as unearned revenue liabilities and are recognized as revenue when earned.
Accrued Warranty Expense We typically provide assurance-type limited product warranties on our products and, accordingly, accrue for estimates of related warranty expenses.
Accounts Receivable and Allowance for Credit Losses Trade accounts receivable are reported at net realizable value on the accompanying Consolidated Balance Sheets, adjusted for allowances for credit losses and write-offs. Allowances for credit losses represent our best estimate of expected credit losses from trade accounts receivable. We estimate expected credit losses based on historical experience, current and expected economic and market conditions, and evaluations of the status of our customers’ outstanding receivable balances. When we become aware that a specific customer may be unable to meet its financial obligations, we record a specific allowance to reduce the carrying amount of the receivable to the amount reasonably expected to be collected. To mitigate credit risk, we assess the creditworthiness of new and existing customers, establish credit limits, and regularly review outstanding balances and payment histories. In certain circumstances, we may require customer prepayments or limit future purchases until past due amounts are settled.
We do not believe our trade accounts receivable represent significant concentrations of credit risk due to our diversified customer base and geographic presence. Actual credit losses may differ from estimated amounts, which could materially affect the provision for credit losses and, therefore, net income (loss). We recorded $1,495, $218, and $790 of expense associated with credit losses for the years ended March 31, 2026, 2025, and 2024, respectively.
Cash Equivalents We classify highly liquid investments with original maturities of three months or less at the date of purchase as cash equivalents. No cash equivalents are included on our Consolidated Balance Sheets as of March 31, 2026 or 2025.
Inventories Inventories are stated at the lower of cost or net realizable value. Inventories are expensed to cost of revenues upon sale to customers using a weighted-average costing methodology. Inventories acquired in business combinations are recorded at acquisition date fair value. Our work-in-process and finished goods inventories include the costs of raw materials, labor and overhead. Labor and overhead costs involve estimates based on historical and budgeted costs, expected inflation, expected labor costs and expected standard productivity rates as inputs. The rates are evaluated annually unless specific circumstances require a more frequent review for particular items.
We monitor inventory costs relative to selling prices and perform physical cycle counts throughout the year to assess whether a lower of cost or net realizable value adjustment is necessary. We estimate and maintain inventory reserves for excess or obsolete inventory, shrinkage and scrap. These reserves may fluctuate as assumptions change due to new information, discrete events, or changes in our business, such as entering new markets or discontinuing specific products. Once inventory is written down, the reduced amount becomes the new cost basis and is not subsequently increased in future fiscal years.
Property, Plant and Equipment Property, plant and equipment are recorded at cost, net of accumulated depreciation, except for assets acquired in business acquisitions, which are recorded at acquisition-date fair value. Expenditures for major enhancements and improvements that extend the life of assets are capitalized, while expenditures for minor replacements, maintenance and repairs are expensed as incurred.
Depreciation is calculated using the straight-line method over our assets’ estimated useful lives. Upon asset retirement or disposal, the related gross carrying amount and accumulated depreciation are derecognized, and any related gain or loss is recognized in our results of operations. In certain circumstances, including business consolidation or facility closure activities, impairment losses or accelerated depreciation may be recorded to reflect revised estimates of remaining useful lives for assets designated to be retired from service.
We periodically evaluate and adjust as necessary the estimated useful lives of property, plant and equipment. Any changes in estimated useful lives are recorded prospectively. Estimated useful lives of significant classes of depreciable assets are as follows:
Land is not depreciated. Construction in progress is not depreciated until placed in service, at which time it is assigned a useful life consistent with the applicable asset category.
Leases We determine whether an arrangement is or contains a lease at contract inception. If a lease is identified, we classify the lease as either a finance or operating lease. We did not have any finance leases during any fiscal year presented herein. As of March 31, 2026, our operating leases have remaining terms ranging from month to 11 years.
A lease exists when a contract conveys the right to control the use of, and obtain substantially all the economic benefits from, use of an identified asset for a period of time in exchange for consideration. For our operating leases, we have elected to account for non-lease components together with the lease components to which they relate. Operating lease right-of-use ("ROU") assets and lease liabilities are recognized at lease commencement. We do not recognize ROU assets or lease liabilities for leases with original durations of less than 12 months, and our short-term leases are not material.
Operating lease liabilities represent the present value of capitalized lease payments not yet paid, discounted using the rate implicit in the lease when readily determinable or, otherwise, our incremental borrowing rate based on information available at lease commencement. ROU assets represent our right to use the underlying leased asset and are measured based on the related operating lease liability, adjusted for payments made prior to commencement, any initial direct costs incurred, and other such items as applicable. Adjustments to ROU assets would also be made for impairment losses, if necessary. In connection with business acquisitions, we generally retain the acquiree's classification of leases, and recognize ROU assets and liabilities in accordance with ASC 842.
Several of our leases contain fixed rent escalations over the lease term, which are recognized as lease expense on a straight-line basis over the lease term. Lease expense is recorded in cost of revenues or selling, general and administrative, or research and development expense in our Consolidated Statements of Operations, depending on the nature of use of the underlying asset.
Certain leases include one or more renewal or termination options exercisable at our discretion. Renewal periods are included in the lease term when we are reasonably certain to exercise the option. Renewal terms typically allow us to extend lease terms between one and three years.
We also have leases that include variable payments based on, for example, a pro-rata portion of actual maintenance costs incurred by the lessor. Such variable lease payments are recognized in the period in which those payments are incurred as lease costs.
See Note 5. “Leases” for further information.
Intangible Assets, Impairment Testing Our goodwill and other intangible assets result primarily from business acquisitions. Intangible assets with finite lives affect future amortization expense. We could incur impairment losses associated with goodwill and other intangible assets.
We amortize finite-lived intangible assets, which generally have estimated useful lives ranging from to years at the time of acquisition, using the straight-line method over their estimated useful lives. We estimate useful lives based on the specific facts and circumstances related to each asset, and we evaluate the appropriateness of assigned useful lives at least annually. Changes to remaining useful lives, if necessary, are accounted for prospectively. In determining useful lives, we consider factors such as contractual terms, historical performance, our long-term strategy for using the asset, applicable legal or regulatory constraints, and economic factors such as competition or specific market conditions. Amortization expense is recorded within cost of revenues or general and administrative expense in the Consolidated Statements of Operations.
Finite-lived intangibles are assessed for impairment whenever events or changes in circumstances indicate that the carrying value of an asset group may not be recoverable. Events or conditions indicating potential impairment include, but are not limited to, adverse changes in business or market conditions, changes in the extent or manner in which the assets are used, internal strategic decisions, loss of significant customers, declines in business performance, adverse regulatory changes, or other events that could materially impact future cash flows. If impairment indicators are present, we assess recoverability by comparing the carrying value of the asset or asset group to the undiscounted estimated future cash flows expected to be generated from use of the asset or asset group. If the carrying value is not recoverable, we estimate fair value using discounted cash flow models and other valuation techniques utilizing Level 3 inputs. We recognize impairment losses for the excess of carrying value over estimated fair value as necessary.
Goodwill is not amortized. We test goodwill for impairment at least annually as of January 1st, or more frequently if events or circumstances indicate it is more likely than not that the fair value of a goodwill reporting unit is less than its carrying value. Events that could indicate impairment and that could trigger interim impairment testing include, but are not limited to, adverse current or expected economic, market, or industry-specific conditions; sustained declines in our market capitalization; sustained adverse changes or expected changes in business climate or in the operating performance of the business; adverse legal or regulatory actions; or other factors that could adversely affect the fair value of a reporting unit. We monitor for indicators of impairment throughout the year. Our annual impairment tests may begin with a qualitative assessment, and quantitative testing is performed i) if we determine it is more likely than not that the fair value of a reporting unit is less than the carrying amount, ii) at least every five years, or iii) if we otherwise elect to perform quantitative assessments.
The fair value measurements used in testing goodwill and other intangible assets for impairment are estimated using a combination of income and market approaches, using Level 3 inputs. See “Fair Value Measurements” for a description of input levels. Significant assumptions include, among others, discount rates, forecasted results including EBITDA, revenue growth rates, cost assumptions, terminal growth rates, customer attrition rates (for customer relationships), royalty rates and technology obsolescence rates (for patents, tradenames and other intellectual property), the selection of comparable public entities, and applied market multiples. In certain cases, management uses other market information when available to estimate fair value. Impairment losses, when recognized, represent the excess of the carrying amount over estimated fair value and are recorded in earnings.
Based on qualitative and quantitative testing performed as of January 1, 2026, we do not believe our goodwill or other intangible assets were impaired as of March 31, 2026. During fiscal year 2024, we recorded impairment losses of $156,892 and $117,641 related to goodwill and long-lived intangible assets, respectively.
See Footnote 6. “Goodwill and Intangibles” for further information.
Research & Development Costs We conduct research and development activities for the purpose of enhancing the functionality, effectiveness, reliability and accuracy of existing products and to develop new products. Research and development costs are expensed as incurred. Research and development expense is predominantly comprised of labor, third-party consultant costs, and project-related materials. From time to time, we may acquire in-process research and development with the intention of developing a saleable product.
Stock-based Compensation
We issue stock‑based awards in the form of full‑value awards and, in prior periods, stock options (collectively, “stock awards”) to employees and non‑employee directors pursuant to the Amended and Restated Mesa Laboratories, Inc.
2021 Equity Incentive Plan (the
“2021 Equity Plan”).
The 2021 Equity Plan is administered by the Compensation Committee of the Board of Directors, which has the authority to grant equity awards, or to delegate its authority under the plan to make grants (subject to certain legal and regulatory restrictions), including the authority to determine award recipients, the type and timing of awards to be granted, the number of shares underlying each award, vesting schedules and all other terms and conditions of the awards.
Under the 2021 Equity Plan, each share underlying a full value time-based award or stock option counts as one share against shares available for issuance. Performance-based awards count against shares available for issuance based on the maximum number of shares achievable under the award agreement unless or until a lower quantity is finalized. We issue new shares of common stock upon the vesting of time-based restricted stock units ("RSUs") and performance-based RSUs ("PSUs"), and upon exercise of stock options.
RSUs and stock options generally vest in equal installments on the first, second, and anniversaries of the grant date. Stock options generally expire after years. PSUs vest upon achievement of specified performance conditions and completion of a requisite service period, generally years. Awards granted to non‑employee directors generally vest year from the grant date.
Stock‑based compensation expense is measured based on the grant‑date fair value of the award and is recognized over the longer of any requisite service or performance period using a straight‑line method, net of estimated forfeitures. We estimate expected forfeitures using a dynamic forfeiture model based on company-specific historical data. The 2021 Equity Plan includes retiree provisions which result in the acceleration of stock-based compensation expense. For retirement-eligible participants, compensation expense is recognized on a straight-line basis from the grant date through the date the participant becomes retirement-eligible, at which time the participant retains full rights to the awards in accordance with plan provisions. We record stock-based compensation expense in cost of revenues, selling, research and development, and general and administrative expense in the Consolidated Statements of Operations.
Certain PSUs include a total shareholder return ("TSR") market condition, which compares Mesa's share price to a peer group, generally over a three-year period. Achievement under the plan affects the number of awards that will vest. The TSR condition may function either as a standalone performance metric or as a modifier that adjusts the quantity of shares earned for company performance up or down by a maximum of 20%. The grant‑date fair value of these awards incorporates the effect of the market condition and is estimated using a Monte Carlo simulation valuation model utilizing Level 3 inputs. Compensation expense for TSR awards is not subsequently adjusted for changes in estimated performance outcomes, provided requisite service is rendered.
The fair values of RSUs and PSUs other than those that include a TSR condition are based on the closing price of Mesa's common stock on the award date, less the present value of expected dividends
not received during the vesting period. RSUs and PSUs we issue are equivalent to nonvested shares under applicable accounting guidance. Expense for PSUs with non-TSR performance conditions, such as cumulative revenues growth or profitability targets determined by the Board of Directors, is adjusted at each reporting period. At each reporting date, we estimate the number of non-TSR PSUs expected to vest based on our current estimate of the probable achievement of applicable performance targets specified in the award documents, and if necessary, we record a cumulative-effect adjustment.
Stock options, when granted, are valued using the Black-Scholes option pricing model.
No stock options were awarded in fiscal year
2026 or fiscal year
2025.
See Note
9. “Stock Transactions and Stock-Based Compensation” for further information.
Income Taxes Income tax expense includes U.S., state, local and international income taxes. Deferred tax assets and liabilities are recognized and reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the tax basis of existing assets and liabilities used for income tax purposes. The tax rate used to determine the deferred tax assets and liabilities is based on the enacted tax rate for the year and the manner in which the differences are expected to reverse. Valuation allowances are recorded to reduce deferred tax assets to the amount that will more likely than not be realized.
From time to time, we engage in transactions in which the tax consequences may be subject to uncertainty, such as acquisitions. Significant judgment is required in assessing and estimating the tax consequences of these transactions. We prepare and file tax returns based on interpretation of tax laws and regulations. In the normal course of business, our tax returns are subject to examination by various taxing authorities. Such examinations may result in future tax, interest and penalty assessments by these taxing authorities. In determining our income tax provision for financial reporting purposes, we establish allowances for uncertain tax income positions unless we determine it is not more likely than not that such positions would be sustained upon examination, based on their technical merits. That is, for financial reporting purposes, we only recognize tax benefits taken on the tax return that we believe are more likely than not to be sustained. There is considerable judgment involved in determining whether positions taken on the tax return are more likely than not to be sustained. We adjust our tax reserve estimates periodically because of ongoing examinations by, and settlements with, the various taxing authorities, as well as changes in tax laws, regulations and interpretations. The consolidated income tax provision in any given year includes adjustments to prior year income tax accruals that are considered appropriate and any related estimated interest. Our policy is to recognize, when applicable, interest and penalties on uncertain income tax positions as part of general administrative expense.
See Note 12. “Income Taxes” for further information.
Net Earnings (Loss) Per Share Basic net earnings (loss) per share (“EPS”) is computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the reporting period. Diluted earnings (loss) per share (“diluted EPS”) is computed similarly to basic EPS, except it includes the effects of potential dilution that could occur if dilutive securities vested, were exercised, or were converted. Potentially dilutive securities in fiscal year 2026 include unvested RSUs and PSUs and outstanding stock options. In prior fiscal years, common shares underlying the Notes were also potentially dilutive. Potentially dilutive securities are excluded from the calculation of diluted EPS in the event they are subject to performance conditions that have not yet been achieved as of the reporting date or if they would otherwise be antidilutive. Diluted EPS considers the impact of potentially dilutive securities except in periods in which there is a net loss; in such cases the inclusion of the potential common shares would have an antidilutive effect. See Note 10. “Net Earnings (Loss) per Share” for EPS calculations for the years ended March 31, 2026, 2025 and 2024.
Weighted average outstanding shares includes awards that have not yet vested and are not yet legally outstanding, but for which all vesting criteria other than the passage of time have been satisfied. For example, this includes RSUs granted to retirement-eligible employees that are not subject to continued service requirements but have not yet vested.
Legal Contingencies We are party to various claims and legal proceedings that arise in the normal course of business. We record an accrual for legal contingencies when we determine it is probable we have incurred a liability and can reasonably estimate the amount of the loss.
See Note 13. “Commitments and Contingencies” for further information.
Purchase Accounting for Acquisitions We account for all business combinations in which we obtain control over another entity using the acquisition method of accounting, which requires most assets (both tangible and intangible) and liabilities to be recorded at fair value at the date of acquisition. The excess of the purchase price over the fair value of identifiable acquired assets less liabilities is recognized as goodwill. We determine fair value using widely accepted income and market valuation techniques, which rely heavily on Level 3 inputs. These types of analyses require us to make assumptions and estimates regarding industry and economic factors, the profitability of future business strategies, discount rates and cash flows. For all material acquisitions, we engage external valuation specialists to aid management in preparing fair value models. Certain adjustments to the assessed fair values of acquired assets or liabilities made subsequent to the acquisition date, but within a measurement period not to exceed one year, are recorded as adjustments to goodwill. Any adjustments subsequent to the measurement period are recorded within earnings. We expense acquisition-related costs, such as legal and advisory fees, as incurred in general, and administrative expenses in the Consolidated Statements of Operations.
Results of operations of acquired companies are included in our Consolidated Financial Statements from the date of the acquisition forward. If actual results are not consistent with our assumptions and estimates, or if our assumptions and estimates change due to new information, we may be exposed to losses. We did not acquire any businesses in fiscal year 2026 or 2025. In the year ended March 31, 2024, we acquired businesses for total net purchase prices of $87,187.
See Note 4. “Significant Transactions” for further information.
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 are based on management’s judgment regarding future events and circumstances, the outcomes of which are inherently uncertain. Actual results may differ from those estimates.
We have evaluated the estimates used in preparing the consolidated financial statements and identified the following areas for which there is a reasonable possibility that estimates could be materially affected in the near term:
We do not believe that there are any significant risks that have not already been disclosed in the accompanying Consolidated Financial Statements.
Recently Adopted Accounting Pronouncements For the year ended March 31, 2026, we adopted Accounting Standards Update (“ASU”) 2023‑09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU requires public business entities to provide enhanced disclosures related to the reconciliation of the effective tax rate to the statutory federal, state, and foreign income tax rates, including disaggregation of individual reconciling items when their impact exceeds specified quantitative thresholds. The ASU also requires disaggregated disclosure of income taxes paid (net of refunds received) by federal, state, and foreign jurisdictions, and further disaggregation for specific jurisdictions when amounts exceed defined thresholds. In addition, certain reconciling items must be disaggregated based on their nature, determined by reference to the item’s fundamental characteristics, including the underlying transaction or event that gave rise to the reconciling item and the activity with which it is associated. ASU 2023‑09 eliminates the previous requirement to disclose information about unrecognized tax benefits that have a reasonable possibility of significantly increasing or decreasing within the 12 months following the reporting date. We adopted ASU 2023-09 on a prospective basis, which resulted in the new disclosure requirements presented in Note 12, Income Taxes.
Recently Issued Accounting Pronouncements In November 2024, the FASB issued ASU 2024-03, "Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses." ASU 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 intend to adopt the standard on a prospective basis and are currently assessing the effect the adoption will have on our consolidated financial statement disclosures.
In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Improvements to the Measurement of Credit Losses for Receivables and Contract Assets. ASU 2025-05 introduces a practical expedient that removes the requirement to incorporate macroeconomic forecasts into the estimation of expected credit losses. The guidance is effective for fiscal years beginning after December 15, 2025, including interim periods within those fiscal years. Prospective adoption is required, and early adoption is permitted. We intend to early adopt ASU 2025-05 for our fiscal year beginning April 1, 2026, including interim periods. Upon adoption, we plan to elect the practical expedient allowing us to assume conditions at the balance sheet date will remain unchanged for the remaining life of the asset. We do not expect adoption to have a material impact on our consolidated financial statements or related disclosures.
In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other (Topic 350): Internal-Use Software. ASU 2025-06 modernizes accounting for costs incurred in the development of internal-use software by eliminating the requirement to evaluate distinct development stages. The guidance is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years. ASU 2025-06 permits prospective, retrospective or modified retrospective adoption. Early adoption is permitted as of the beginning of an entity's annual reporting period. We intend to early adopt ASU 2025-06 prospectively for our fiscal year beginning April 1, 2026, including interim periods. We do not expect the guidance to have a material impact on our consolidated financial statements or related 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. |
Note 2 - Revenue |
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Note 2. 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 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 requiring 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.
We also offer maintenance, calibration and testing service contracts.
We disclose revenues consistently with how management evaluates the business, i.e., based on business unit and the nature of goods and services provided.
The following tables present disaggregated revenues from contracts with customers for the years ended March 31, 2026, 2025 and 2024:
Contract Balances Our contracts have varying payment terms and conditions. Some customers prepay for products and services, resulting in either unearned revenues or customer deposits, called contract liabilities. Short-term contract liabilities are included within unearned revenues in the accompanying Consolidated Balance Sheets, and long-term contract liabilities are included within other long-term liabilities in the accompanying Consolidated Balance Sheets. The significant majority of our revenues and related receivables and contract liabilities are generated from contracts with customers with original expected durations of twelve 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:
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Note 3. Fair Value Measurements
Our financial instruments generally consist of cash and cash equivalents, trade accounts receivable, obligations under trade accounts payable and debt. Due to their short-term nature, the carrying values of 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 concentrations 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 March 31, 2026.
The carrying amounts of our Credit Facility on the Consolidated Balance Sheets approximate fair value due to the variable interest rate pricing on the debt, with the principal balances bearing an interest rate approximating current market rates.
On August 15, 2025, our outstanding 1.375% convertible notes matured. No balances remained outstanding related to the Notes as of March 31, 2026. See Note 8. "Indebtedness" for further information. While outstanding, we estimated 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 was approximately correlated to our stock price.
There were no nonrecurring fair value adjustments or transfers between the levels of the fair value hierarchy during the fiscal years ended March 31, 2026 and 2025.
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Note 4 - Significant Transactions |
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Note 4. Significant Transactions
Acquisition of GKE, Fiscal year 2024 We acquired 100% of the outstanding shares of GKE GmbH and SAL GmbH effective October 16, 2023, and effective December 31, 2023, we acquired 100% of the outstanding shares of Beijing GKE Science & Technology Co. Ltd.
GKE develops, manufactures and sells a portfolio of chemical sterilization indicators, biologics and process challenge devices to support sterility validation and protect patient safety across global healthcare markets. GKE is included in our Sterilization and Disinfection Control ("SDC") division. GKE's strengths in chemical indicators complement SDC's portfolio of biological indicators, as chemical and biological indicators may be used in the same sterility validation workflows. Additionally, GKE’s healthcare-focused commercial capabilities in Europe and APAC expand our reach in those markets.
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 acquired and financial liabilities assumed and inclusive of working capital adjustments. We funded the acquisition through a combination of cash on hand and a total of $71,000 borrowed under our line of credit.
During fiscal year 2026, we paid the GKE sellers $9,555 to settle an acquisition-related holdback.
GKE's operations contributed $9,289 to revenues and $1,046 of net income (including $2,271 of non-cash amortization expense related to acquired intangible assets and $1,229 of non-cash inventory step up expense) to our consolidated results during the twelve months ended March 31, 2024.
Supplemental unaudited pro-forma information Combined revenues from Mesa and GKE for fiscal year 2024 would have been approximately $229,260 had the GKE acquisition occurred at the beginning of the earliest period presented, on April 1, 2023.
It is impracticable for us to disclose pro-forma net earnings information regarding the combined results of the operations of Mesa and GKE as if the acquisition had occurred at an earlier date. Prior to acquisition, GKE was a privately owned company with financial statements prepared on a statutory, rather than GAAP, basis, using a different fiscal year end than Mesa's. Certain financial information cannot be recreated for accurate financial results. For example, prior to Mesa's ownership, GKE accounted for inventory at an unburdened rate and performed only annual inventory counts, such that we cannot accurately estimate cost of goods sold. Additionally, all transactions occurring between the three GKE entities, which are substantial, were accounted for at arms-length prior to acquisition; we eliminated intercompany transactions from a revenue perspective above, but we do not have sufficient historical detail to eliminate intercompany cost of revenues accurately. As presentation of pro-forma net earnings information would require extensive estimation and could not be sourced from sufficiently factual information reasonably aligned with GAAP, it is impracticable for us to disclose pro-forma net earnings information. |
Note 5 - Leases |
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Note 5. Leases
We have operating leases for buildings and office equipment used in manufacturing and distribution, engineering, research and development, sales and marketing, and administration activities. The following table presents the lease balances within the Consolidated Balance Sheets related to our operating leases:
The components of lease costs, the weighted average remaining lease term and the weighted average discount rate were as follows:
Supplemental cash flow information related to leases was as follows:
As of March 31, 2026 maturities of lease liabilities are as follows for future years ending March 31:
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| Intangible Asset and Goodwill [Text Block] |
Note 6. Goodwill and Intangible Assets, Net
Goodwill
Goodwill arises from the excess purchase price of acquired businesses over the fair value of acquired tangible and intangible assets, less assumed liabilities. Changes in the carrying amount of goodwill were as follows:
Finite-Lived Intangible Assets
Intangible assets other than goodwill consisted of the following:
Amortization expense for intangible assets was as follows:
The range of useful lives and weighted-average remaining useful lives of amortizable intangible assets as of March 31, 2026 were as follows:
Estimated future amortization expense for the fiscal years ending March 31 is presented below, based on foreign currency exchange rates in effect as of March 31, 2026:
During fiscal year 2024, we recorded goodwill impairment losses totaling $156,892, consisting of $118,741 in our Clinical Genomics division and $38,151 in our Biopharmaceutical Development division. In addition, we recorded impairments of other intangible assets in our Clinical Genomics division totaling $117,641. These impairment losses were primarily driven by increases in the weighted average cost of capital, which reduced the estimated fair value of the related businesses, as well as downward revisions to expected future financial performance during fiscal year 2024. |
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Note 7 - Supplemental Information |
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| Supplemental Balance Sheet Disclosures [Text Block] |
Note 7. Supplemental Information
Inventories consisted of the following:
Prepaid expenses and other consisted of the following:
Property, plant and equipment consisted of the following:
Depreciation expense was as follows:
Accrued payroll and benefits consisted of the following:
Other accrued expenses consisted of the following:
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Note 8 - Indebtedness |
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| Debt Disclosure [Text Block] |
Note 8. Indebtedness
Credit Facility
Our secured credit agreement matures in April 2029 and includes:
We refer to the agreement in whole as the “Credit Facility.”
Borrowings under our Credit Facility bear interest at a SOFR rate or a base rate, plus an applicable spread that varies with our total net leverage ratio. On October 10, 2025 we amended the Credit Facility to reduce the range of the spread from 1.5% - 3.0% to 1.25% - 2.50%.
The weighted average interest rate on borrowings under the Credit Facility as of March 31, 2026 was 5.9%.
The financial covenants in the Credit Facility include a maximum leverage ratio of 4.00 to 1.00 on each of the quarterly 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. 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 March 31, 2026, we were in compliance with all required covenants under the terms of the Credit Facility.
Term Loan
We are required to make quarterly principal payments on the Term Loan. During the year ended March 31, 2026, we made required principal payments on the Term Loan of $3,750. For the fiscal years ending March 31, required future principal debt payments on the Term Loan are as follows:
Unamortized debt issuance costs related to the Term Loan are reflected as a discount to the debt’s carrying value in our Consolidated Balance Sheets and are being amortized to interest expense through maturity. The net carrying amount of the Term Loan was as follows:
Revolver As of March 31, 2026, the outstanding balance under our Revolver was $84,500, and $40,500 was available for borrowing.
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. We incurred unused commitment fees of $157 and $269 for the years ended March 31, 2026, and March 31, 2025, respectively.
The balance of unamortized customary lender fees related to the Revolver was $1,018 and $1,203 as of March 31, 2026 and 2025, respectively. The lender fees are being amortized to interest expense through maturity.
Convertible Notes On August 12, 2019, we issued an aggregate principal amount of $172,500 of Notes bearing interest at a rate of 1.375%. Debt issuance costs related to the Notes, consisting of $2,925 of commissions payable to the initial purchasers and $152 of third-party offering costs, were recorded as a reduction to the carrying amount of the Notes and amortized to interest expense over the life of the Notes.
During fiscal year 2025, we repurchased $75,000 principal amount of the Notes in privately negotiated transactions, which resulted in the recognition of a gain on extinguishment of $2,887 recorded in other income for the year ended March 31, 2025.
The Notes matured on August 15, 2025. Upon maturity, we settled the remaining aggregate principal balance of $97,500, as well as $670 of accrued interest, in cash by drawing $97,000 under our Revolver and using $1,170 of cash on hand.
The historical net carrying amount of the Notes was as follows:
We recognized interest expense on the Notes as follows:
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Note 9 - Stock Transactions and Stock-based Compensation |
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| Share-Based Payment Arrangement [Text Block] |
Note 9. Stock Transactions and Stock-Based Compensation (dollars and shares in thousands, except per share values)
Stock-Based Compensation On August 22, 2025, our shareholders approved an amendment to the 2021 Equity Plan that increased the number of shares authorized for issuance from 660 shares to 1,156 shares, an increase of 496 shares. There were 537 shares available for future grants under the 2021 Equity Plan as of March 31, 2026.
Stock-based compensation expense recognized in the Consolidated Financial Statements was as follows:
Time-Based Restricted Stock Units (RSUs) RSU activity under the 2021 Equity Plan was as follows (shares and dollars in thousands, except per-share data):
For the years ended March 31, 2025 and 2024, the weighted average fair values per RSU granted was $94.30 and $133.30, respectively. Unrecognized stock-based compensation expense for RSUs that we have determined are probable of vesting was $6,749 as of March 31, 2026 and is expected to be recognized over a weighted average period of 1.9 years.
The following table summarizes RSU valuation information:
Performance-Based Restricted Stock Units (PSUs) We grant performance-based RSUs to certain key employees. Vesting of the awards is contingent upon meeting certain service conditions, as well as meeting certain performance and/or market conditions.
PSU activity under the 2021 Equity Plan was as follows (shares and dollars in thousands, except per-share data):
For the years ended March 31, 2025 and 2024, the average fair value per PSU granted was $102.57 and $132.29, respectively. Unrecognized stock-based compensation expense for PSUs that we have determined probable of vesting was $2,200 as of March 31, 2026 and is expected to be recognized over a weighted average period of 1.8 years. The total fair value of PSUs vested was $4,289 and $3,492 during the years ended March 31, 2026 and 2025, respectively. There were no PSUs vested or distributed during the fiscal year 2024.
During the year ended March 31, 2026, the Compensation Committee of the Board of Directors created a plan to award 44 PSUs at target (“the FY26 PSUs”) to eligible employees. The FY26 PSUs are subject to market-based performance conditions measured relative to a selected peer index and service conditions. The market performance measurement period and service period is from June 15, 2025 through June 15, 2028. The number of shares that will be earned is based on market performance and will range from 0% to 200% of the target number of shares. If defined minimum targets are not met, no shares will vest.
In October 2021, the Compensation Committee of the Board of Directors granted a special long-term equity award consisting of performance stock units subject to both performance and service conditions to our former CEO. Based on actual achievement of the performance metrics as of the performance period ended March 31, 2024, 23 shares were distributed in fiscal years 2026 and 2025. The remaining 12 shares will vest on October 27, 2026. The unamortized expense associated with the remaining awards was recorded in full in fiscal year 2026 in conjunction with our former CEO’s departure.
Stock Options During the years ended March 31, 2026 and 2025 there were no options granted. We used the Black-Scholes option-pricing model to estimate the fair value of stock option awards granted in the year ended March 31, 2024. Our weighted‑average assumptions included an expected life of 3.52 years, expected volatility of 37.8%, a risk‑free interest rate of 4.16%, and an expected dividend yield of 0.07%. The weighted‑average Black-Scholes grant date fair value per option granted in fiscal 2024 was $42.76.
Stock option activity was as follows (shares and dollars in thousands, except per-share data):
The total intrinsic value of stock options exercised was $24 during each of the years ended March 31, 2025 and 2024. Unrecognized stock-based compensation expense for stock options expected to vest as of March 31, 2026 was $104 and is expected to be recognized over a weighted average period of 0.5 years. The total fair value of options vested was zero, $2,168, and $2,749 during the years ended March 31, 2026, 2025 and 2024, respectively.
Repurchases and Treasury Stock In November 2005, our Board of Directors approved a program to repurchase up to 300 shares of our outstanding common stock. Under the program, shares of common stock may be purchased from time to time in the open market at prevailing prices or in negotiated transactions off the market. Shares of common stock repurchased will be cancelled and repurchases of shares of common stock will be funded through existing cash reserves. There were no repurchases of our shares of common stock under this plan during the years ended March 31, 2026, 2025 or 2024. As of March 31, 2026, we have repurchased 162 shares under this plan.
Under applicable law, Colorado corporations are not permitted to retain treasury stock. The price paid for repurchased shares is allocated between common stock and retained earnings based on management’s estimate of the original sales price of the underlying shares.
CEO Transition and Retention Awards On March 9, 2026, we announced the departure of our former CEO. As a result, we recognized approximately $3,700 of incremental stock‑based compensation expense in March 2026, consisting of accelerated recognition of previously unrecognized expense for awards that were no longer subject to service conditions, partially offset by forfeitures.
In connection with the CEO departure, we granted retention RSUs to certain key executives during fiscal year 2026. These awards are subject to service conditions and will vest in equal installments on the first, second and third anniversaries of the grant date. The effects of our former CEO's departure and the retention awards are reflected in the tables above.
Subsequent to our fiscal year end, we awarded our new CEO a sign-on equity award consisting of 35 RSUs. The total grant-date fair value of the award was approximately $3,000. The award is subject to service conditions and will vest evenly on the first, second and third anniversaries of the grant date.
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Note 10 - Net Earnings (Loss) per Share |
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| Earnings Per Share [Text Block] |
Note 10. Net Earnings (Loss) Per Share (dollars and shares in thousands, except per share values)
The following table presents a reconciliation of the denominators used in the computation of basic and diluted net (loss) earnings per share:
The following contingently issuable stock awards were excluded from the calculation of diluted EPS as their inclusion would be anti-dilutive:
Stock awards are potentially dilutive securities and as such are excluded from the calculation of diluted EPS if their inclusion would be antidilutive, or if achievement of performance-based thresholds as of our reporting date would not result in the awards vesting. Shares underlying the Notes were also potentially dilutive until maturity on August 15, 2025; however, these shares have been excluded from the diluted EPS calculation for the years ended March 31, 2026, 2025 and 2024 as the impact of the assumed conversion of the Notes calculated under the if-converted method was anti-dilutive in each period. |
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Note 11 - Employee Benefit Plans |
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| Retirement Benefits [Text Block] |
Note 11. Employee Benefit Plans
We adopted the Mesa Laboratories, Inc. 401(k) Retirement Plan effective January 1, 2000. Under this plan, we match 100% of the first 4% of eligible pay contributed by each eligible employee, and contributions vest immediately. Participation is voluntary, and employees are eligible on the first day of the month following their start date. Our contributions to the Mesa Laboratories, Inc. 401(k) retirement plan were $1,711, $1,645 and $2,078 during the years ended March 31, 2026, 2025 and 2024, respectively. |
Note 12 - Income Taxes |
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| Income Tax Disclosure [Text Block] |
Note 12. Income Taxes
Provision for Income Taxes
Earnings (loss) before income taxes was as follows:
The components of our provision for income taxes were as follows:
The reconciliation of the U.S. federal statutory rate of 21% to the effective income tax rate for the year ended March 31, 2026, following the adoption of ASU 2023-09 is as follows:
The reconciliation of the U.S. federal statutory rate of 21% to the effective income tax rate for the years ended March 31, 2025 and 2024, prior to the adoption of ASU 2023-09 is as follows:
Cash Paid for Income Taxes
We made income tax payments, net of refunds received, during the year ended March 31, 2026 as follows:
For fiscal year 2026, Montana, Germany, France and China cash taxes paid equaled or exceeded 5% of total income taxes paid. No other jurisdiction comprised 5% or more of total income taxes paid.
Deferred Tax Assets and Liabilities
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of our deferred tax assets (liabilities) were as follows:
Valuation Allowance
In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. In evaluating the need for a valuation allowance, management takes into account various factors, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies, and results of recent operations. Based on this evaluation, we have concluded that a valuation allowance is necessary on our U.S. and certain German operations and we do not expect to fully realize our deferred tax assets as of March 31, 2026.
The following table summarizes the changes in our valuation allowance for deferred tax assets:
Net Operating Loss Credit and Carryforwards
As of March 31, 2026, we had U.S. and Foreign net operating loss (“NOL”) carryforwards consisting of the following:
As of March 31, 2026, we had U.S. tax credit carryforwards consisting of the following:
Undistributed earnings in foreign subsidiaries
For the year ended March 31, 2026, provisions have not been made for income taxes on undistributed earnings that were deemed permanently reinvested in foreign subsidiaries at March 31, 2026. Determination of the amount of unrecognized deferred income tax liabilities on these earnings is not practicable because such liability, if any, depends on certain circumstances existing if and when remittance occurs. A deferred tax liability will be recognized if and when we no longer plan to permanently reinvest these undistributed earnings.
Uncertain Tax Positions
As of March 31, 2026, we had gross unrecognized tax benefits. We recognize any interest and penalties accrued on uncertain income tax positions in other expense and general and administrative expense, respectively. Interest and penalties included in other long-term liabilities on our accompanying Consolidated Balance Sheets were for each of the years ended March 31, 2026, 2025 and 2024. We do not expect a material change in unrecognized tax benefits or interest in the next 12 months.
Income Tax Examinations We file income tax returns in the U.S. various states and foreign jurisdictions. In the normal course of business, we are subject to examination by taxing authorities throughout the world. The tax year ended March 31, 2024 for Mesa Laboratories, Inc. is under review by the U.S. Internal Revenue Service.
The following tax years remain subject to examination:
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Note 13 - Commitments and Contingencies |
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Mar. 31, 2026 | |
| Notes to Financial Statements | |
| Commitments and Contingencies Disclosure [Text Block] |
Note 13. Commitments and Contingencies
We are party to various legal proceedings arising in the ordinary course of business.
During fiscal 2026, a civil complaint was filed against Mesa in the United States District Court for the Northern District of Ohio alleging, among other things, misappropriation of trade secrets and tortious interference with a contract in connection with the departure of a former executive of a third party and that individual’s subsequent employment with Mesa. The complaint seeks injunctive relief, monetary damages, attorneys’ fees, and other remedies. Mesa denies the allegations and intends to vigorously defend itself. Due to the early stage of the proceedings, we are unable to predict the outcome of this matter or reasonably estimate the amount of any potential loss, if any. While it is reasonably possible that the resolution of this matter could result in a loss to Mesa, which may be material, we have not recorded an accrual as of March 31, 2026, as any such loss cannot be reasonably estimated at this time.
Other than as described above, as of March 31, 2026, we are not party to any legal proceeding that management believes could have a material adverse effect on our consolidated financial position, results of operations, or cash flows.
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Note 14 - Segment Data |
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| Segment Reporting [Text Block] |
Note 14. Segment Data
Segment information is prepared on the same basis that our chief operating decision maker, our CEO, uses to assess performance, allocate resources, evaluate financial results, and make key operating decisions. Our reportable segments are organized primarily by the nature of the goods and services they sell. Our CODM regularly reviews segment-level U.S. GAAP revenues and gross profit relative to forecasted and prior period amounts, as well as non-GAAP adjusted operating expense compared to budgeted amounts. Our CODM also reviews non-GAAP organic revenues growth and non-GAAP adjusted operating income to support strategic planning and resource development. The accounting policies of our operating segments are the same as those described in Note 1. "Description of Business and Summary of Significant Accounting Policies.
Effective April 13, 2026, Dr. Siddhartha Kadia began his tenure as Mesa’s CEO and CODM. The presentation of segment information below is consistent with the manner in which our segments were evaluated and operated throughout fiscal year 2026.
The following tables set forth our segment information:
The following table sets forth inventories by reportable segment. Our CODM is not provided with any other segment asset information.
The following table sets forth a summary of long-lived assets by geographic area. Long-lived assets exclude goodwill and intangible assets acquired in a business combination, deferred tax assets and other non-tangible assets.
Revenues from external customers are attributed to individual countries based upon the location to which the product is shipped or exported, as follows:
No customer accounts for 10% or more of our consolidated revenues. No foreign country exceeds 10% of total revenues. |
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Significant Accounting Policies (Policies) |
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| Accounting Policies [Abstract] | |||||||||||||
| Basis of Accounting, Policy [Policy Text Block] | Principles of Consolidation and Basis of Presentation
Our Consolidated Financial Statements are 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 (“GAAP”), and include our accounts and those of our wholly owned subsidiaries after elimination of all intercompany accounts and transactions.
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| Use of Estimates, Policy [Policy Text Block] | Management Estimates
The preparation of our Consolidated Financial Statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in our Consolidated Financial Statements and accompanying notes. Actual results could differ from our estimates under different assumptions or conditions.
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| Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Exchange rate adjustments resulting from foreign currency transactions are recognized in net income (loss), while the effects of translating the financial statements of foreign subsidiaries into U.S. dollars are reflected as a component of accumulated other comprehensive income within stockholders’ equity. Assets and liabilities of subsidiaries operating outside the United States with functional currencies other than the U.S. dollar are translated into U.S. dollars at period end exchange rates, and results of operations are translated using weighted average exchange rates for the period.
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| Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements Fair value is the price we would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. We determine fair value based on the following input hierarchy:
Level 1: Quoted prices for identical assets or liabilities in active markets.
Level 2: Observable inputs other than prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or that can be corroborated with observable market data.
Level 3: Unobservable inputs supported by little or no market activity. Pricing models, discounted cash flow methodologies, and other similar techniques involving significant management judgment or estimation typically require unobservable inputs.
Most assets and liabilities purchased in business acquisitions are measured, recognized and disclosed at fair value in the Consolidated Financial Statements on a non-recurring basis upon acquisition, or as applicable, during the measurement period. Additionally, assets such as property and equipment, operating lease assets, and goodwill and other intangible assets are measured and presented at fair value on a nonrecurring basis if impaired. Such fair value measurements require the use of Level 3 inputs.
See Note 3. “Fair Value Measurements” for further information.
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| Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition Our revenues are derived from sales of products and services. Product sales consist primarily of consumables and hardware, while services consist primarily of maintenance, calibration and testing services.
Revenues are recognized when or as we satisfy our performance obligations under the terms of a contract, which occurs when control of the promised products or services transfers to the customer. We recognize revenue in an amount that reflects the consideration we expect to receive in exchange for those products and services (the transaction price). For our revenue contracts, prices are fixed at the time of purchase, and price protections or other forms of variable consideration are not typically offered.
Product sales: Our performance obligations related to product sales generally consist of the promise to sell tangible goods to distributors or end customers. Revenues from consumables and hardware are recognized at the point in time when control transfers to the customer. Control of products sold in the United States and APAC typically transfers upon shipment, whereas control of products sold in Europe more typically transfers upon delivery to the customer site or when customers collect the good from our warehouse.
Services: We generate service revenues from discrete and ongoing maintenance, calibration and testing services related to our physical products. For discrete services, our obligation to complete specified work is satisfied and revenue is recognized upon performance of the service. Obligations arising from ongoing service contracts, in which we promise to stand ready to provide maintenance or other services on an as-needed basis over a specified contract period, are satisfied by completing any services that are contractually required during the contract period, if requested by the customer, or by the passage of time if no services are requested. For ongoing service contracts, revenue is recognized on a straight-line basis over the contract term in a faithful depiction of our obligation to provide services over the contract period.
Purchase orders or formal contracts typically provide evidence of the existence and key terms of arrangements with customers with respect to sales of our products and services. Collectability is assessed through our customer review process and is considered reasonably assured. Payment terms typically require settlement within 60 days or less.
We expense commission costs, which are typically our only significant incremental cost to obtain a contract, as incurred. The substantial majority of our contracts have original durations of one year or less, and we have elected not to disclose the expected timing or allocated transaction prices of remaining performance obligations. Additionally, we have elected to not assess whether a significant financing component exists when the period between satisfaction of a performance obligation and customer payment is one year or less. None of our contracts contained significant financing components as of or for the fiscal years ended March 31, 2026, 2025 or 2024.
Contracts with customers may contain multiple performance obligations. In such arrangements, the contract transaction price is allocated to each performance obligation based on the estimated relative standalone selling prices of the promised products or services. Standalone selling prices represent the price at which a product or service would be sold separately. If a standalone selling price is not directly observable, we estimate the standalone selling price using available information, including market conditions and internally approved pricing guidelines. In limited circumstances, for performance obligations with highly variable or unobservable standalone selling prices, we may assign standalone prices to obligations based on the residual transaction price after all observable standalone selling prices have been determined. Discounts may be approved at the time of purchase and are included within a contract’s fixed transaction price. Discounts are typically allocated to obligations included in the contract based on the standalone values of such obligations. All expected and actual consideration from customers is included in the transaction price.
See Note 2. “Revenue” for further information.
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| Shipping and Handling Cost, Policy [Policy Text Block] | Shipping and Handling Payments we receive from customers for shipping and handling are included in revenues in our Consolidated Statements of Operations, and the related shipping and handling expenses are included in cost of revenues. We account for shipping and handling costs arising from contracts with customers as fulfillment costs. Shipping and handling costs associated with inventory and materials we purchase are capitalized as a component of inventory on the Consolidated Balance Sheets and are expensed to cost of revenues when the related products are sold.
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| Revenue from Contract with Customer, Deferred Revenue [Policy Text Block] | Unearned Revenues Certain of our products may be sold with associated service contracts that require us to provide repairs, technical support, parts, and various analytical or maintenance services over a specified period of time, generally one year. When these contracts are paid in advance, the contract consideration is recorded as an unearned revenue liability and is recognized as revenue ratably over the service period. Customer prepayments related to other products and services are also recorded as unearned revenue liabilities and are recognized as revenue when earned.
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| Standard Product Warranty, Policy [Policy Text Block] | Accrued Warranty Expense We typically provide assurance-type limited product warranties on our products and, accordingly, accrue for estimates of related warranty expenses.
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| Accounts Receivable [Policy Text Block] | Accounts Receivable and Allowance for Credit Losses Trade accounts receivable are reported at net realizable value on the accompanying Consolidated Balance Sheets, adjusted for allowances for credit losses and write-offs. Allowances for credit losses represent our best estimate of expected credit losses from trade accounts receivable. We estimate expected credit losses based on historical experience, current and expected economic and market conditions, and evaluations of the status of our customers’ outstanding receivable balances. When we become aware that a specific customer may be unable to meet its financial obligations, we record a specific allowance to reduce the carrying amount of the receivable to the amount reasonably expected to be collected. To mitigate credit risk, we assess the creditworthiness of new and existing customers, establish credit limits, and regularly review outstanding balances and payment histories. In certain circumstances, we may require customer prepayments or limit future purchases until past due amounts are settled.
We do not believe our trade accounts receivable represent significant concentrations of credit risk due to our diversified customer base and geographic presence. Actual credit losses may differ from estimated amounts, which could materially affect the provision for credit losses and, therefore, net income (loss). We recorded $1,495, $218, and $790 of expense associated with credit losses for the years ended March 31, 2026, 2025, and 2024, respectively.
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| Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Equivalents We classify highly liquid investments with original maturities of three months or less at the date of purchase as cash equivalents. No cash equivalents are included on our Consolidated Balance Sheets as of March 31, 2026 or 2025.
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| Inventory, Policy [Policy Text Block] | Inventories Inventories are stated at the lower of cost or net realizable value. Inventories are expensed to cost of revenues upon sale to customers using a weighted-average costing methodology. Inventories acquired in business combinations are recorded at acquisition date fair value. Our work-in-process and finished goods inventories include the costs of raw materials, labor and overhead. Labor and overhead costs involve estimates based on historical and budgeted costs, expected inflation, expected labor costs and expected standard productivity rates as inputs. The rates are evaluated annually unless specific circumstances require a more frequent review for particular items.
We monitor inventory costs relative to selling prices and perform physical cycle counts throughout the year to assess whether a lower of cost or net realizable value adjustment is necessary. We estimate and maintain inventory reserves for excess or obsolete inventory, shrinkage and scrap. These reserves may fluctuate as assumptions change due to new information, discrete events, or changes in our business, such as entering new markets or discontinuing specific products. Once inventory is written down, the reduced amount becomes the new cost basis and is not subsequently increased in future fiscal years.
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| Property, Plant, and Equipment [Policy Text Block] | Property, Plant and Equipment Property, plant and equipment are recorded at cost, net of accumulated depreciation, except for assets acquired in business acquisitions, which are recorded at acquisition-date fair value. Expenditures for major enhancements and improvements that extend the life of assets are capitalized, while expenditures for minor replacements, maintenance and repairs are expensed as incurred.
Depreciation is calculated using the straight-line method over our assets’ estimated useful lives. Upon asset retirement or disposal, the related gross carrying amount and accumulated depreciation are derecognized, and any related gain or loss is recognized in our results of operations. In certain circumstances, including business consolidation or facility closure activities, impairment losses or accelerated depreciation may be recorded to reflect revised estimates of remaining useful lives for assets designated to be retired from service.
We periodically evaluate and adjust as necessary the estimated useful lives of property, plant and equipment. Any changes in estimated useful lives are recorded prospectively. Estimated useful lives of significant classes of depreciable assets are as follows:
Land is not depreciated. Construction in progress is not depreciated until placed in service, at which time it is assigned a useful life consistent with the applicable asset category.
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| Lessee, Leases [Policy Text Block] | Leases We determine whether an arrangement is or contains a lease at contract inception. If a lease is identified, we classify the lease as either a finance or operating lease. We did not have any finance leases during any fiscal year presented herein. As of March 31, 2026, our operating leases have remaining terms ranging from month to 11 years.
A lease exists when a contract conveys the right to control the use of, and obtain substantially all the economic benefits from, use of an identified asset for a period of time in exchange for consideration. For our operating leases, we have elected to account for non-lease components together with the lease components to which they relate. Operating lease right-of-use ("ROU") assets and lease liabilities are recognized at lease commencement. We do not recognize ROU assets or lease liabilities for leases with original durations of less than 12 months, and our short-term leases are not material.
Operating lease liabilities represent the present value of capitalized lease payments not yet paid, discounted using the rate implicit in the lease when readily determinable or, otherwise, our incremental borrowing rate based on information available at lease commencement. ROU assets represent our right to use the underlying leased asset and are measured based on the related operating lease liability, adjusted for payments made prior to commencement, any initial direct costs incurred, and other such items as applicable. Adjustments to ROU assets would also be made for impairment losses, if necessary. In connection with business acquisitions, we generally retain the acquiree's classification of leases, and recognize ROU assets and liabilities in accordance with ASC 842.
Several of our leases contain fixed rent escalations over the lease term, which are recognized as lease expense on a straight-line basis over the lease term. Lease expense is recorded in cost of revenues or selling, general and administrative, or research and development expense in our Consolidated Statements of Operations, depending on the nature of use of the underlying asset.
Certain leases include one or more renewal or termination options exercisable at our discretion. Renewal periods are included in the lease term when we are reasonably certain to exercise the option. Renewal terms typically allow us to extend lease terms between one and three years.
We also have leases that include variable payments based on, for example, a pro-rata portion of actual maintenance costs incurred by the lessor. Such variable lease payments are recognized in the period in which those payments are incurred as lease costs.
See Note 5. “Leases” for further information.
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| Goodwill and Intangible Assets, Policy [Policy Text Block] | Intangible Assets, Impairment Testing Our goodwill and other intangible assets result primarily from business acquisitions. Intangible assets with finite lives affect future amortization expense. We could incur impairment losses associated with goodwill and other intangible assets.
We amortize finite-lived intangible assets, which generally have estimated useful lives ranging from to years at the time of acquisition, using the straight-line method over their estimated useful lives. We estimate useful lives based on the specific facts and circumstances related to each asset, and we evaluate the appropriateness of assigned useful lives at least annually. Changes to remaining useful lives, if necessary, are accounted for prospectively. In determining useful lives, we consider factors such as contractual terms, historical performance, our long-term strategy for using the asset, applicable legal or regulatory constraints, and economic factors such as competition or specific market conditions. Amortization expense is recorded within cost of revenues or general and administrative expense in the Consolidated Statements of Operations.
Finite-lived intangibles are assessed for impairment whenever events or changes in circumstances indicate that the carrying value of an asset group may not be recoverable. Events or conditions indicating potential impairment include, but are not limited to, adverse changes in business or market conditions, changes in the extent or manner in which the assets are used, internal strategic decisions, loss of significant customers, declines in business performance, adverse regulatory changes, or other events that could materially impact future cash flows. If impairment indicators are present, we assess recoverability by comparing the carrying value of the asset or asset group to the undiscounted estimated future cash flows expected to be generated from use of the asset or asset group. If the carrying value is not recoverable, we estimate fair value using discounted cash flow models and other valuation techniques utilizing Level 3 inputs. We recognize impairment losses for the excess of carrying value over estimated fair value as necessary.
Goodwill is not amortized. We test goodwill for impairment at least annually as of January 1st, or more frequently if events or circumstances indicate it is more likely than not that the fair value of a goodwill reporting unit is less than its carrying value. Events that could indicate impairment and that could trigger interim impairment testing include, but are not limited to, adverse current or expected economic, market, or industry-specific conditions; sustained declines in our market capitalization; sustained adverse changes or expected changes in business climate or in the operating performance of the business; adverse legal or regulatory actions; or other factors that could adversely affect the fair value of a reporting unit. We monitor for indicators of impairment throughout the year. Our annual impairment tests may begin with a qualitative assessment, and quantitative testing is performed i) if we determine it is more likely than not that the fair value of a reporting unit is less than the carrying amount, ii) at least every five years, or iii) if we otherwise elect to perform quantitative assessments.
The fair value measurements used in testing goodwill and other intangible assets for impairment are estimated using a combination of income and market approaches, using Level 3 inputs. See “Fair Value Measurements” for a description of input levels. Significant assumptions include, among others, discount rates, forecasted results including EBITDA, revenue growth rates, cost assumptions, terminal growth rates, customer attrition rates (for customer relationships), royalty rates and technology obsolescence rates (for patents, tradenames and other intellectual property), the selection of comparable public entities, and applied market multiples. In certain cases, management uses other market information when available to estimate fair value. Impairment losses, when recognized, represent the excess of the carrying amount over estimated fair value and are recorded in earnings.
Based on qualitative and quantitative testing performed as of January 1, 2026, we do not believe our goodwill or other intangible assets were impaired as of March 31, 2026. During fiscal year 2024, we recorded impairment losses of $156,892 and $117,641 related to goodwill and long-lived intangible assets, respectively.
See Footnote 6. “Goodwill and Intangibles” for further information.
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| Research and Development Expense, Policy [Policy Text Block] | Research & Development Costs We conduct research and development activities for the purpose of enhancing the functionality, effectiveness, reliability and accuracy of existing products and to develop new products. Research and development costs are expensed as incurred. Research and development expense is predominantly comprised of labor, third-party consultant costs, and project-related materials. From time to time, we may acquire in-process research and development with the intention of developing a saleable product.
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| Share-Based Payment Arrangement [Policy Text Block] | Stock-based Compensation
We issue stock‑based awards in the form of full‑value awards and, in prior periods, stock options (collectively, “stock awards”) to employees and non‑employee directors pursuant to the Amended and Restated Mesa Laboratories, Inc.
2021 Equity Incentive Plan (the
“2021 Equity Plan”).
The 2021 Equity Plan is administered by the Compensation Committee of the Board of Directors, which has the authority to grant equity awards, or to delegate its authority under the plan to make grants (subject to certain legal and regulatory restrictions), including the authority to determine award recipients, the type and timing of awards to be granted, the number of shares underlying each award, vesting schedules and all other terms and conditions of the awards.
Under the 2021 Equity Plan, each share underlying a full value time-based award or stock option counts as one share against shares available for issuance. Performance-based awards count against shares available for issuance based on the maximum number of shares achievable under the award agreement unless or until a lower quantity is finalized. We issue new shares of common stock upon the vesting of time-based restricted stock units ("RSUs") and performance-based RSUs ("PSUs"), and upon exercise of stock options.
RSUs and stock options generally vest in equal installments on the first, second, and anniversaries of the grant date. Stock options generally expire after years. PSUs vest upon achievement of specified performance conditions and completion of a requisite service period, generally years. Awards granted to non‑employee directors generally vest year from the grant date.
Stock‑based compensation expense is measured based on the grant‑date fair value of the award and is recognized over the longer of any requisite service or performance period using a straight‑line method, net of estimated forfeitures. We estimate expected forfeitures using a dynamic forfeiture model based on company-specific historical data. The 2021 Equity Plan includes retiree provisions which result in the acceleration of stock-based compensation expense. For retirement-eligible participants, compensation expense is recognized on a straight-line basis from the grant date through the date the participant becomes retirement-eligible, at which time the participant retains full rights to the awards in accordance with plan provisions. We record stock-based compensation expense in cost of revenues, selling, research and development, and general and administrative expense in the Consolidated Statements of Operations.
Certain PSUs include a total shareholder return ("TSR") market condition, which compares Mesa's share price to a peer group, generally over a three-year period. Achievement under the plan affects the number of awards that will vest. The TSR condition may function either as a standalone performance metric or as a modifier that adjusts the quantity of shares earned for company performance up or down by a maximum of 20%. The grant‑date fair value of these awards incorporates the effect of the market condition and is estimated using a Monte Carlo simulation valuation model utilizing Level 3 inputs. Compensation expense for TSR awards is not subsequently adjusted for changes in estimated performance outcomes, provided requisite service is rendered.
The fair values of RSUs and PSUs other than those that include a TSR condition are based on the closing price of Mesa's common stock on the award date, less the present value of expected dividends
not received during the vesting period. RSUs and PSUs we issue are equivalent to nonvested shares under applicable accounting guidance. Expense for PSUs with non-TSR performance conditions, such as cumulative revenues growth or profitability targets determined by the Board of Directors, is adjusted at each reporting period. At each reporting date, we estimate the number of non-TSR PSUs expected to vest based on our current estimate of the probable achievement of applicable performance targets specified in the award documents, and if necessary, we record a cumulative-effect adjustment.
Stock options, when granted, are valued using the Black-Scholes option pricing model.
No stock options were awarded in fiscal year
2026 or fiscal year
2025.
See Note
9. “Stock Transactions and Stock-Based Compensation” for further information.
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| Income Tax, Policy [Policy Text Block] | Income Taxes Income tax expense includes U.S., state, local and international income taxes. Deferred tax assets and liabilities are recognized and reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the tax basis of existing assets and liabilities used for income tax purposes. The tax rate used to determine the deferred tax assets and liabilities is based on the enacted tax rate for the year and the manner in which the differences are expected to reverse. Valuation allowances are recorded to reduce deferred tax assets to the amount that will more likely than not be realized.
From time to time, we engage in transactions in which the tax consequences may be subject to uncertainty, such as acquisitions. Significant judgment is required in assessing and estimating the tax consequences of these transactions. We prepare and file tax returns based on interpretation of tax laws and regulations. In the normal course of business, our tax returns are subject to examination by various taxing authorities. Such examinations may result in future tax, interest and penalty assessments by these taxing authorities. In determining our income tax provision for financial reporting purposes, we establish allowances for uncertain tax income positions unless we determine it is not more likely than not that such positions would be sustained upon examination, based on their technical merits. That is, for financial reporting purposes, we only recognize tax benefits taken on the tax return that we believe are more likely than not to be sustained. There is considerable judgment involved in determining whether positions taken on the tax return are more likely than not to be sustained. We adjust our tax reserve estimates periodically because of ongoing examinations by, and settlements with, the various taxing authorities, as well as changes in tax laws, regulations and interpretations. The consolidated income tax provision in any given year includes adjustments to prior year income tax accruals that are considered appropriate and any related estimated interest. Our policy is to recognize, when applicable, interest and penalties on uncertain income tax positions as part of general administrative expense.
See Note 12. “Income Taxes” for further information.
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| Earnings Per Share, Policy [Policy Text Block] | Net Earnings (Loss) Per Share Basic net earnings (loss) per share (“EPS”) is computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the reporting period. Diluted earnings (loss) per share (“diluted EPS”) is computed similarly to basic EPS, except it includes the effects of potential dilution that could occur if dilutive securities vested, were exercised, or were converted. Potentially dilutive securities in fiscal year 2026 include unvested RSUs and PSUs and outstanding stock options. In prior fiscal years, common shares underlying the Notes were also potentially dilutive. Potentially dilutive securities are excluded from the calculation of diluted EPS in the event they are subject to performance conditions that have not yet been achieved as of the reporting date or if they would otherwise be antidilutive. Diluted EPS considers the impact of potentially dilutive securities except in periods in which there is a net loss; in such cases the inclusion of the potential common shares would have an antidilutive effect. See Note 10. “Net Earnings (Loss) per Share” for EPS calculations for the years ended March 31, 2026, 2025 and 2024.
Weighted average outstanding shares includes awards that have not yet vested and are not yet legally outstanding, but for which all vesting criteria other than the passage of time have been satisfied. For example, this includes RSUs granted to retirement-eligible employees that are not subject to continued service requirements but have not yet vested.
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| Commitments and Contingencies, Policy [Policy Text Block] | Legal Contingencies We are party to various claims and legal proceedings that arise in the normal course of business. We record an accrual for legal contingencies when we determine it is probable we have incurred a liability and can reasonably estimate the amount of the loss.
See Note 13. “Commitments and Contingencies” for further information.
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| Business Combination [Policy Text Block] | Purchase Accounting for Acquisitions We account for all business combinations in which we obtain control over another entity using the acquisition method of accounting, which requires most assets (both tangible and intangible) and liabilities to be recorded at fair value at the date of acquisition. The excess of the purchase price over the fair value of identifiable acquired assets less liabilities is recognized as goodwill. We determine fair value using widely accepted income and market valuation techniques, which rely heavily on Level 3 inputs. These types of analyses require us to make assumptions and estimates regarding industry and economic factors, the profitability of future business strategies, discount rates and cash flows. For all material acquisitions, we engage external valuation specialists to aid management in preparing fair value models. Certain adjustments to the assessed fair values of acquired assets or liabilities made subsequent to the acquisition date, but within a measurement period not to exceed one year, are recorded as adjustments to goodwill. Any adjustments subsequent to the measurement period are recorded within earnings. We expense acquisition-related costs, such as legal and advisory fees, as incurred in general, and administrative expenses in the Consolidated Statements of Operations.
Results of operations of acquired companies are included in our Consolidated Financial Statements from the date of the acquisition forward. If actual results are not consistent with our assumptions and estimates, or if our assumptions and estimates change due to new information, we may be exposed to losses. We did not acquire any businesses in fiscal year 2026 or 2025. In the year ended March 31, 2024, we acquired businesses for total net purchase prices of $87,187.
See Note 4. “Significant Transactions” for further information.
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| 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 are based on management’s judgment regarding future events and circumstances, the outcomes of which are inherently uncertain. Actual results may differ from those estimates.
We have evaluated the estimates used in preparing the consolidated financial statements and identified the following areas for which there is a reasonable possibility that estimates could be materially affected in the near term:
We do not believe that there are any significant risks that have not already been disclosed in the accompanying Consolidated Financial Statements.
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| New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements For the year ended March 31, 2026, we adopted Accounting Standards Update (“ASU”) 2023‑09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU requires public business entities to provide enhanced disclosures related to the reconciliation of the effective tax rate to the statutory federal, state, and foreign income tax rates, including disaggregation of individual reconciling items when their impact exceeds specified quantitative thresholds. The ASU also requires disaggregated disclosure of income taxes paid (net of refunds received) by federal, state, and foreign jurisdictions, and further disaggregation for specific jurisdictions when amounts exceed defined thresholds. In addition, certain reconciling items must be disaggregated based on their nature, determined by reference to the item’s fundamental characteristics, including the underlying transaction or event that gave rise to the reconciling item and the activity with which it is associated. ASU 2023‑09 eliminates the previous requirement to disclose information about unrecognized tax benefits that have a reasonable possibility of significantly increasing or decreasing within the 12 months following the reporting date. We adopted ASU 2023-09 on a prospective basis, which resulted in the new disclosure requirements presented in Note 12, Income Taxes.
Recently Issued Accounting Pronouncements In November 2024, the FASB issued ASU 2024-03, "Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses." ASU 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 intend to adopt the standard on a prospective basis and are currently assessing the effect the adoption will have on our consolidated financial statement disclosures.
In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Improvements to the Measurement of Credit Losses for Receivables and Contract Assets. ASU 2025-05 introduces a practical expedient that removes the requirement to incorporate macroeconomic forecasts into the estimation of expected credit losses. The guidance is effective for fiscal years beginning after December 15, 2025, including interim periods within those fiscal years. Prospective adoption is required, and early adoption is permitted. We intend to early adopt ASU 2025-05 for our fiscal year beginning April 1, 2026, including interim periods. Upon adoption, we plan to elect the practical expedient allowing us to assume conditions at the balance sheet date will remain unchanged for the remaining life of the asset. We do not expect adoption to have a material impact on our consolidated financial statements or related disclosures.
In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other (Topic 350): Internal-Use Software. ASU 2025-06 modernizes accounting for costs incurred in the development of internal-use software by eliminating the requirement to evaluate distinct development stages. The guidance is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years. ASU 2025-06 permits prospective, retrospective or modified retrospective adoption. Early adoption is permitted as of the beginning of an entity's annual reporting period. We intend to early adopt ASU 2025-06 prospectively for our fiscal year beginning April 1, 2026, including interim periods. We do not expect the guidance to have a material impact on our consolidated financial statements or related 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. |
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| Disaggregation of Revenue [Table Text Block] |
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| Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] |
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Note 3 - Fair Value Measurements (Tables) |
12 Months Ended | |||||||||||||||||||||||||||
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Mar. 31, 2026 | ||||||||||||||||||||||||||||
| Notes Tables | ||||||||||||||||||||||||||||
| Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] |
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Note 5 - Leases (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Notes Tables | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lease Assets and Liabilities [Table Text Block] |
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| Lease, Cost [Table Text Block] |
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| Supplemental Cash Flow Information Related to Leases [Table Text Block] |
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| Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] |
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Note 6 - Goodwill and Intangible Assets, Net (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Notes Tables | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill [Table Text Block] |
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| Intangible Asset, Finite-Lived [Table Text Block] |
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| Intangible Asset, Finite-Lived, Amortization Expense [Table Text Block] |
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| Intangible Asset, Finite-Lived, and Capitalized Cost, Software to be Sold, Leased, or Marketed, Estimated Amortization Expense [Table Text Block] |
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Note 7 - Supplemental Information (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Notes Tables | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Inventory, Current [Table Text Block] |
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| Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] |
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| Property, Plant, and Equipment [Table Text Block] |
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| Schedule of Employee Related Liabilities [Table Text Block] |
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| Schedule of Accrued Liabilities [Table Text Block] |
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Note 8 - Indebtedness (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Notes Tables | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Maturities of Long-Term Debt [Table Text Block] |
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| Convertible Debt [Table Text Block] |
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| Interest Expense on Convertible Debt [Table Text Block] |
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| Term Loan [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Notes Tables | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Convertible Debt [Table Text Block] |
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Note 9 - Stock Transactions and Stock-based Compensation (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Notes Tables | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] |
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| Share-Based Payment Arrangement, Activity [Table Text Block] |
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| Share-Based Compensation Arrangements by Share-Based Payment Award, Restricted Stock Units, Vested and Expected to Vest [Table Text Block] |
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| Share-Based Payment Arrangement, Performance Shares, Activity [Table Text Block] |
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| Share-Based Payment Arrangement, Option, Activity [Table Text Block] |
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Note 10 - Net Earnings (Loss) per Share (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Notes Tables | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] |
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| Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] |
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Note 12 - Income Taxes (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Notes Tables | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] |
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| Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] |
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| Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] |
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| Schedule of Income Taxes Paid [Table Text Block] |
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| Schedule of Deferred Tax Assets and Liabilities [Table Text Block] |
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| Summary of Valuation Allowance [Table Text Block] |
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| Summary of Operating Loss Carryforwards [Table Text Block] |
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| Summary of Tax Credit Carryforwards [Table Text Block] |
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| Summary of Income Tax Examinations [Table Text Block] |
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Note 14 - Segment Data (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Notes Tables | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Table Text Block] |
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| Schedule of Segment Reporting Information, by Inventory Segment [Table Text Block] |
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| Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Long-Lived Asset [Table Text Block] |
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| Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Table Text Block] |
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Note 1 - Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) - USD ($) shares in Thousands, $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
Mar. 31, 2024 |
|
| Accounts Receivable, Credit Loss Expense (Reversal) | $ 1,495 | $ 218 | $ 790 |
| Goodwill, Impairment Loss | 0 | 0 | 156,892 |
| Intangible Asset, Finite-Lived, Impairment Loss | $ 0 | $ 0 | 117,641 |
| Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | ||
| Expected Payments to Acquire Businesses, Net of Cash Acquired | $ 87,187 | ||
| Equity Plan 2014 [Member] | |||
| Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | 0 | |
| Equity Plan 2014 [Member] | Director [Member] | |||
| Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 1 year | ||
| Equity Plan 2014 [Member] | Share-Based Payment Arrangement, Option [Member] | |||
| Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | ||
| Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 6 years | ||
| Equity Plan 2014 [Member] | Performance Stock Units [Member] | |||
| Share-Based Compensation Arrangement by Share-Based Payment Award, Award Requisite Service Period (Year) | 3 years | ||
| Minimum [Member] | |||
| Lessee, Operating Lease, Remaining Lease Term (Month) | 1 month | ||
| Intangible Asset, Finite-Lived, Useful Life (Year) | 3 years | ||
| Maximum [Member] | |||
| Lessee, Operating Lease, Remaining Lease Term (Month) | 11 years | ||
| Intangible Asset, Finite-Lived, Useful Life (Year) | 15 years | ||
Note 1 - Basis of Presentation and Summary of Significant Accounting Policies - Estimated Useful Lives (Details) - Maximum [Member] |
Mar. 31, 2026 |
|---|---|
| Building and Building Improvements [Member] | |
| Property plant and equipment (Year) | 40 years |
| Manufacturing Equipment [Member] | |
| Property plant and equipment (Year) | 10 years |
| Office, Lab and Other Equipment [Member] | |
| Property plant and equipment (Year) | 7 years |
| Computer Equipment [Member] | |
| Property plant and equipment (Year) | 3 years |
Note 2 - Revenue (Details Textual) - USD ($) $ in Thousands |
12 Months Ended | ||||
|---|---|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
Mar. 31, 2024 |
|||
| Revenue from Contract with Customer, Excluding Assessed Tax | [1] | $ 249,130 | $ 240,978 | $ 216,187 | |
| Sterilization and Disinfection Control [Member] | GKE GmbH and SAL GmbH [Member] | |||||
| Revenue from Contract with Customer, Excluding Assessed Tax | $ 9,289 | ||||
| |||||
Note 2 - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
Mar. 31, 2024 |
|||||||
| Revenues | [1] | $ 249,130 | $ 240,978 | $ 216,187 | |||||
| Consumables [Member] | Transferred at Point in Time [Member] | |||||||||
| Revenues | 145,942 | 138,734 | 120,976 | ||||||
| Hardware and Software [Member] | Transferred at Point in Time [Member] | |||||||||
| Revenues | 57,450 | 59,661 | 55,820 | ||||||
| Service [Member] | |||||||||
| Revenues | 45,738 | 42,583 | 39,391 | ||||||
| Service [Member] | Transferred at Point in Time [Member] | |||||||||
| Revenues | 45,738 | 42,583 | 39,391 | ||||||
| Operating Segments [Member] | Sterilization and Disinfection Control [Member] | |||||||||
| Revenues | [1],[2],[3] | 101,567 | 93,418 | 75,124 | |||||
| Operating Segments [Member] | Biopharmaceutical Development [Member] | |||||||||
| Revenues | [1] | 48,626 | 48,730 | 40,712 | |||||
| Operating Segments [Member] | Calibration Solutions [Member] | |||||||||
| Revenues | [1] | 53,551 | 51,749 | 47,763 | |||||
| Operating Segments [Member] | Clinical Genomics [Member] | |||||||||
| Revenues | [1] | 45,386 | 47,081 | 52,588 | |||||
| Operating Segments [Member] | Consumables [Member] | Transferred at Point in Time [Member] | Sterilization and Disinfection Control [Member] | |||||||||
| Revenues | [3] | 90,521 | 82,736 | 65,459 | |||||
| Operating Segments [Member] | Consumables [Member] | Transferred at Point in Time [Member] | Biopharmaceutical Development [Member] | |||||||||
| Revenues | 16,869 | 17,287 | 17,086 | ||||||
| Operating Segments [Member] | Consumables [Member] | Transferred at Point in Time [Member] | Calibration Solutions [Member] | |||||||||
| Revenues | 2,737 | 3,039 | 2,345 | ||||||
| Operating Segments [Member] | Consumables [Member] | Transferred at Point in Time [Member] | Clinical Genomics [Member] | |||||||||
| Revenues | 35,815 | 35,672 | 36,086 | ||||||
| Operating Segments [Member] | Hardware and Software [Member] | Transferred at Point in Time [Member] | Sterilization and Disinfection Control [Member] | |||||||||
| Revenues | [3] | 505 | 496 | 549 | |||||
| Operating Segments [Member] | Hardware and Software [Member] | Transferred at Point in Time [Member] | Biopharmaceutical Development [Member] | |||||||||
| Revenues | 19,170 | 19,649 | 12,993 | ||||||
| Operating Segments [Member] | Hardware and Software [Member] | Transferred at Point in Time [Member] | Calibration Solutions [Member] | |||||||||
| Revenues | 32,479 | 31,827 | 30,024 | ||||||
| Operating Segments [Member] | Hardware and Software [Member] | Transferred at Point in Time [Member] | Clinical Genomics [Member] | |||||||||
| Revenues | 5,296 | 7,689 | 12,254 | ||||||
| Operating Segments [Member] | Service [Member] | Transferred at Point in Time [Member] | Sterilization and Disinfection Control [Member] | |||||||||
| Revenues | [3] | 10,541 | 10,186 | 9,116 | |||||
| Operating Segments [Member] | Service [Member] | Transferred at Point in Time [Member] | Biopharmaceutical Development [Member] | |||||||||
| Revenues | 12,587 | 11,794 | 10,633 | ||||||
| Operating Segments [Member] | Service [Member] | Transferred at Point in Time [Member] | Calibration Solutions [Member] | |||||||||
| Revenues | 18,335 | 16,883 | 15,394 | ||||||
| Operating Segments [Member] | Service [Member] | Transferred at Point in Time [Member] | Clinical Genomics [Member] | |||||||||
| Revenues | $ 4,275 | $ 3,720 | $ 4,248 | ||||||
| |||||||||
Note 2 - Revenue - Contract Liabilities (Details) $ in Thousands |
12 Months Ended |
|---|---|
|
Mar. 31, 2026
USD ($)
| |
| Contract liabilities, balance | $ 14,803 |
| Prior year liabilities recognized in revenues during the year ended March 31, 2026 | (10,155) |
| Contract liabilities added during the year ended March 31, 2026, net of revenues recognized | 10,075 |
| Contract liabilities, balance | $ 14,723 |
Note 3 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands |
Mar. 31, 2026 |
Mar. 31, 2025 |
Aug. 12, 2019 |
|---|---|---|---|
| 2025 Convertible Notes [Member] | |||
| Long-Term Debt, Gross | $ 0 | ||
| Senior Notes [Member] | The Notes [Member] | |||
| Debt Instrument, Interest Rate, Stated Percentage | 1.375% | 1.375% | |
| Long-Term Debt, Gross | $ 97,500 |
Note 3 - Fair Value Measurements - Fair Value and Carrying Value of the Notes (Details) - Senior Notes [Member] $ in Thousands |
Mar. 31, 2026
USD ($)
|
|---|---|
| Reported Value Measurement [Member] | |
| Notes | $ 97,297 |
| Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | |
| Notes | $ 95,063 |
Note 4 - Significant Transactions (Details Textual) - USD ($) $ in Thousands |
12 Months Ended | |||
|---|---|---|---|---|
Oct. 16, 2023 |
Mar. 31, 2026 |
Mar. 31, 2025 |
Mar. 31, 2024 |
|
| Payment for Acquisition Holdback, Financing Activities | $ 9,555 | $ (0) | $ (0) | |
| Net Income (Loss) Attributable to Parent | 6,712 | (1,974) | (254,246) | |
| Intangible Asset, Finite-Lived, Amortization Expense | 18,017 | 19,145 | 27,341 | |
| GKE Acquisition [Member] | ||||
| Payments to Acquire Businesses, Gross | 87,187 | |||
| Proceeds from Lines of Credit | $ 71,000 | |||
| Payment for Acquisition Holdback, Financing Activities | $ 9,555 | |||
| Revenues | 9,289 | |||
| Net Income (Loss) Attributable to Parent | 1,046 | |||
| Intangible Asset, Finite-Lived, Amortization Expense | 2,271 | |||
| Non-cash Inventory Step Up Expense | $ 1,229 | |||
| Business Acquisition, Pro Forma Revenue | $ 229,260 | |||
| GKE Acquisition [Member] | GKE GmbH and SAL GmbH [Member] | ||||
| Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||
| GKE Acquisition [Member] | Beijing GKE Science & Technology Co. Ltd. [Member] | ||||
| Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||
Note 5 - Leases - Lease Assets and Liabilities (Details) - USD ($) $ in Thousands |
Mar. 31, 2026 |
Mar. 31, 2025 |
|---|---|---|
| Operating lease ROU asset | $ 17,500 | $ 16,382 |
| Current operating lease liabilities | 3,687 | 3,523 |
| Noncurrent operating lease liabilities | $ 13,662 | $ 12,380 |
Note 5 - Leases - Lease Assets and Liabilities (Details) (Parentheticals) |
Mar. 31, 2026 |
Mar. 31, 2025 |
|---|---|---|
| Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets, Noncurrent | Other Assets, Noncurrent |
| Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued Liabilities, Current | Accrued Liabilities, Current |
| Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Noncurrent | Other Liabilities, Noncurrent |
Note 5 - Leases - Lease Cost, Lease Term and Lease Discounts (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
Mar. 31, 2024 |
|
| Operating lease expense | $ 4,990 | $ 4,025 | $ 3,453 |
| Variable lease expense | 1,781 | 1,316 | 1,039 |
| Short term lease expense | 388 | 571 | 423 |
| Total lease expense | $ 7,159 | $ 5,912 | $ 4,915 |
| Weighted average remaining lease term in years (Year) | 7 years 7 months 6 days | 6 years 9 months 18 days | 4 years 7 months 6 days |
| Weighted average discount rate | 6.70% | 6.20% | 4.10% |
Note 5 - Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
Mar. 31, 2024 |
|
| Cash paid for amounts included in the measurements of lease liabilities | $ 5,041,000 | $ 4,534,000 | $ 3,392,000 |
| Operating lease assets obtained in exchange for operating lease liabilities | $ 4,151 | $ 9,863 | $ 4,265 |
Note 5 - Leases - Maturities of Lease Liabilities (Details) $ in Thousands |
Mar. 31, 2026
USD ($)
|
|---|---|
| 2027 | $ 4,732 |
| 2028 | 1,702 |
| 2029 | 2,385 |
| 2030 | 2,284 |
| 2031 | 2,269 |
| Thereafter | 9,125 |
| Future value of lease liabilities | 22,497 |
| Less: imputed interest | (5,148) |
| Present value of lease liabilities | $ 17,349 |
Note 6 - Goodwill and Intangible Assets, Net (Details Textual) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
Mar. 31, 2024 |
|
| Goodwill, Impairment Loss | $ 0 | $ 0 | $ 156,892 |
| Intangible Asset, Finite-Lived, Impairment Loss | $ 0 | $ 0 | 117,641 |
| Clinical Genomics [Member] | |||
| Goodwill, Impairment Loss | 118,741 | ||
| Biopharmaceutical Development [Member] | |||
| Goodwill, Impairment Loss | $ 38,151 | ||
Note 6 - Goodwill and Intangible Assets, Net - Change in the Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Goodwill | $ 181,760 | $ 180,096 |
| Effect of foreign currency translation | 5,103 | 1,664 |
| Goodwill | 186,863 | 181,760 |
| Operating Segments [Member] | Sterilization and Disinfection Control [Member] | ||
| Goodwill | 79,408 | 79,430 |
| Effect of foreign currency translation | 3,402 | (22) |
| Goodwill | 82,810 | 79,408 |
| Operating Segments [Member] | Biopharmaceutical Development [Member] | ||
| Goodwill | 48,211 | 46,515 |
| Effect of foreign currency translation | 1,455 | 1,696 |
| Goodwill | 49,666 | 48,211 |
| Operating Segments [Member] | Calibration Solutions [Member] | ||
| Goodwill | 37,213 | 37,211 |
| Effect of foreign currency translation | 53 | 2 |
| Goodwill | 37,266 | 37,213 |
| Operating Segments [Member] | Clinical Genomics [Member] | ||
| Goodwill | 16,928 | 16,940 |
| Effect of foreign currency translation | 193 | (12) |
| Goodwill | $ 17,123 | $ 16,928 |
Note 6 - Goodwill and Intangible Assets, Net - Other Intangible Assets (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Gross carrying amount | $ 248,500 | $ 251,261 |
| Accumulated amortization | (165,153) | (154,386) |
| Net carrying amount | $ 83,347 | 96,875 |
| Minimum [Member] | ||
| Estimated useful life (Year) | 3 years | |
| Maximum [Member] | ||
| Estimated useful life (Year) | 15 years | |
| Customer Relationships [Member] | ||
| Gross carrying amount | $ 188,192 | 190,069 |
| Accumulated amortization | (124,981) | (117,189) |
| Net carrying amount | $ 63,211 | 72,880 |
| Weighted average remaining life (Year) | 6 years 7 months 6 days | |
| Customer Relationships [Member] | Minimum [Member] | ||
| Estimated useful life (Year) | 5 years | |
| Customer Relationships [Member] | Maximum [Member] | ||
| Estimated useful life (Year) | 12 years | |
| Other Intangible Assets [Member] | ||
| Gross carrying amount | $ 60,308 | 61,192 |
| Accumulated amortization | (40,172) | (37,197) |
| Net carrying amount | $ 20,136 | $ 23,995 |
| Other Intangibles [Member] | ||
| Weighted average remaining life (Year) | 5 years | |
| Other Intangibles [Member] | Minimum [Member] | ||
| Estimated useful life (Year) | 7 years | |
| Other Intangibles [Member] | Maximum [Member] | ||
| Estimated useful life (Year) | 12 years |
Note 6 - Goodwill and Intangible Assets, Net - Amortization Expense for Finite-lived Intangible Assets (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
Mar. 31, 2024 |
|
| Intangible Asset, Finite-Lived, Amortization Expense | $ 18,017 | $ 19,145 | $ 27,341 |
Note 6 - Goodwill and Intangible Assets, Net - Amortization Expense for Finite-lived Intangible Assets 2 (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
Mar. 31, 2024 |
|
| Intangible Asset, Finite-Lived, Amortization Expense | $ 18,017 | $ 19,145 | $ 27,341 |
| Location, Statement of Income, Balance [Axis]: us-gaap:CostOfRevenue | |||
| Intangible Asset, Finite-Lived, Amortization Expense | 2,803 | 2,641 | 6,052 |
| Location, Statement of Income, Balance [Axis]: us-gaap:GeneralAndAdministrativeExpense | |||
| Intangible Asset, Finite-Lived, Amortization Expense | $ 15,214 | $ 16,504 | $ 21,289 |
Note 6 - Goodwill and Intangible Assets, Net - Estimated Amortization Expense (Details) $ in Thousands |
Mar. 31, 2026
USD ($)
|
|---|---|
| 2027 | $ 17,182 |
| 2028 | 16,553 |
| 2029 | 15,993 |
| 2030 | 11,316 |
| 2031 | $ 4,854 |
Note 7 - Supplemental Information - Inventories (Details) - USD ($) $ in Thousands |
Mar. 31, 2026 |
Mar. 31, 2025 |
|---|---|---|
| Raw materials | $ 14,873 | $ 14,775 |
| Work in process | 925 | 560 |
| Finished goods | 10,575 | 10,030 |
| Total inventories | $ 26,373 | $ 25,365 |
Note 7 - Supplemental Information - Prepaid and Other Current Assets (Details) - USD ($) $ in Thousands |
Mar. 31, 2026 |
Mar. 31, 2025 |
|---|---|---|
| Prepaid expenses | $ 2,785 | $ 2,364 |
| Deposits | 1,644 | 1,752 |
| Prepaid income taxes | 819 | 1,040 |
| Other current assets | 3,620 | 2,873 |
| Total prepaid expenses and other | $ 8,868 | $ 8,029 |
Note 7 - Supplemental Information - Property, Plant and Equipment (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
Mar. 31, 2024 |
|
| Land | $ 889 | $ 889 | |
| Buildings and building improvements | 23,368 | 23,280 | |
| Manufacturing equipment | 23,424 | 22,694 | |
| Computer equipment | 3,658 | 3,093 | |
| Other | 7,922 | 7,188 | |
| Construction in progress | 1,467 | 1,610 | |
| Gross total | 60,728 | 58,754 | |
| Accumulated depreciation | (30,115) | (26,421) | |
| Total property, plant and equipment, net | 30,613 | 32,333 | |
| Depreciation, Total | $ 5,254 | $ 5,382 | $ 4,233 |
Note 7 - Supplemental Information - Property, Plant and Equipment 2 (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
Mar. 31, 2024 |
|
| Depreciation, Total | $ 5,254 | $ 5,382 | $ 4,233 |
| Location, Statement of Income, Balance [Axis]: us-gaap:CostOfRevenue | |||
| Depreciation, Total | 3,113 | 3,160 | 3,031 |
| Location, Statement of Income, Balance [Axis]: us-gaap:OperatingExpenses | |||
| Depreciation, Total | $ 2,141 | $ 2,222 | $ 1,202 |
Note 7 - Supplemental Information - Accrued Payroll and Benefits (Details) - USD ($) $ in Thousands |
Mar. 31, 2026 |
Mar. 31, 2025 |
|---|---|---|
| Bonus payable | $ 10,509 | $ 10,891 |
| Wages and paid-time-off payable | 3,333 | 3,672 |
| Payroll related taxes | 2,317 | 2,475 |
| Severance | 2,294 | 273 |
| Other benefits payable | 553 | 547 |
| Total accrued payroll and benefits | $ 19,006 | $ 17,858 |
Note 7 - Supplemental Information - Other Accrued Expenses (Details) - USD ($) $ in Thousands |
Mar. 31, 2026 |
Mar. 31, 2025 |
|---|---|---|
| Accrued business taxes | $ 6,950 | $ 5,996 |
| Current operating lease liabilities | 3,687 | 3,523 |
| Income taxes payable | 4,745 | 2,157 |
| Other | 2,234 | 3,610 |
| Total other accrued expenses | 17,616 | 24,601 |
| GKE Acquisition [Member] | ||
| GKE acquisition holdback | $ 0 | $ 9,315 |
Note 8 - Indebtedness (Details Textual) $ in Thousands |
6 Months Ended | 12 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|
Aug. 15, 2025
USD ($)
|
Apr. 05, 2024 |
Mar. 31, 2026
USD ($)
|
Oct. 09, 2025 |
Mar. 31, 2026
USD ($)
|
Mar. 31, 2025
USD ($)
|
Mar. 31, 2024
USD ($)
|
Oct. 05, 2023
USD ($)
|
Mar. 05, 2021
USD ($)
|
Aug. 12, 2019
USD ($)
|
|
| Gain (Loss) on Extinguishment of Debt | $ (0) | $ 2,887 | $ (0) | |||||||
| Repayments of Debt | 36,749 | 44,251 | $ 33,500 | |||||||
| Senior Secured Credit Agreement [Member] | ||||||||||
| Line of Credit Facility, Remaining Borrowing Capacity | $ 40,500 | 40,500 | ||||||||
| Line of Credit Facility, Commitment Fee Amount | 157 | 269 | ||||||||
| Debt Issuance Costs, Net | $ 1,018 | $ 1,018 | 1,203 | |||||||
| Debt Instrument, Face Amount | $ 172,500 | |||||||||
| Senior Secured Credit Agreement [Member] | Revolving Credit Facility [Member] | ||||||||||
| Line of Credit Facility, Maximum Borrowing Capacity | $ 75,000 | |||||||||
| Debt, Weighted Average Interest Rate | 5.90% | 5.90% | ||||||||
| Proceeds from Lines of Credit | $ 97,000 | |||||||||
| Senior Secured Credit Agreement [Member] | Maximum [Member] | ||||||||||
| Debt Instrument, Basis Spread on Variable Rate | 3.00% | |||||||||
| Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.35% | |||||||||
| Senior Secured Credit Agreement [Member] | Maximum [Member] | Swingline Loan [Member] | ||||||||||
| Line of Credit Facility, Maximum Borrowing Capacity | 5,000 | |||||||||
| Senior Secured Credit Agreement [Member] | Maximum [Member] | Revolving Credit Facility [Member] | ||||||||||
| Line of Credit Facility, Maximum Borrowing Capacity | $ 125,000 | |||||||||
| Debt Instrument, Basis Spread on Variable Rate | 2.50% | |||||||||
| Senior Secured Credit Agreement [Member] | Maximum [Member] | Letter of Credit [Member] | ||||||||||
| Line of Credit Facility, Maximum Borrowing Capacity | $ 2,500 | |||||||||
| Senior Secured Credit Agreement [Member] | Minimum [Member] | ||||||||||
| Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||||||||
| Fixed Charge Coverage Ratio | 1.25 | |||||||||
| Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.20% | |||||||||
| Senior Secured Credit Agreement [Member] | Minimum [Member] | Revolving Credit Facility [Member] | ||||||||||
| Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||||||||
| The Credit Facility Term Loan [Member] | ||||||||||
| 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] | ||||||||||
| Debt Instrument, Periodic Payment, Principal | $ 3,750 | |||||||||
| Line of Credit Facility, Current Borrowing Capacity | $ 84,500 | $ 84,500 | ||||||||
| The Notes [Member] | Senior Notes [Member] | ||||||||||
| Debt Issuance Costs, Net | 203 | |||||||||
| Debt Instrument, Interest Rate, Stated Percentage | 1.375% | 1.375% | 1.375% | |||||||
| Debt Instrument, Unamortized Discount and Commissions Including Equity Component | $ 2,925 | |||||||||
| Third Party Offering Costs | $ 152 | |||||||||
| Payments For Repurchase of Debt | 75,000 | |||||||||
| Gain (Loss) on Extinguishment of Debt | $ 2,887 | |||||||||
| 2025 Convertible Notes [Member] | ||||||||||
| Debt Instrument, Repurchased Face Amount | 97,500 | |||||||||
| Interest Paid, Financing Activity | 670 | |||||||||
| Repayments of Debt | $ 1,170 | |||||||||
Note 8 - Indebtedness - Quarterly Periodic Payments (Details) $ in Thousands |
Mar. 31, 2026
USD ($)
|
|---|---|
| 2027 | $ 5,625 |
| 2028 | 5,625 |
| 2029 | 7,500 |
| 2030 | 48,750 |
| Total principal remaining | $ 67,500 |
Note 8 - Indebtedness - Carrying Amount of the Term Loan (Details) - USD ($) $ in Thousands |
Mar. 31, 2026 |
Mar. 31, 2025 |
|---|---|---|
| Less: current portion | $ (5,625) | $ (3,750) |
| Noncurrent portion | 61,357 | 66,902 |
| Term Loan [Member] | ||
| Principal Outstanding | 67,500 | 71,250 |
| Less: debt issuance costs | (518) | (598) |
| Less: current portion | (5,625) | (3,750) |
| Noncurrent portion | $ 61,357 | $ 66,902 |
Note 8 - Indebtedness - Carrying Amount of the Term Loan (Details) (Parentheticals) |
12 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Term Loan [Member] | ||
| Current interest rate | 5.90% | 7.20% |
Note 8 - Indebtedness - Carrying Amount of the Notes (Details) - USD ($) $ in Thousands |
Mar. 31, 2026 |
Mar. 31, 2025 |
|---|---|---|
| Total principal remaining | $ 67,500 | |
| The Notes [Member] | Senior Notes [Member] | ||
| Principal Outstanding | $ 97,500 | |
| Unamortized debt issuance costs | (203) | |
| Total principal remaining | $ 97,297 |
Note 8 - Indebtedness - Interest Expense on the Notes (Details) - The Notes [Member] - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
Mar. 31, 2024 |
|
| Coupon interest expense at 1.375% | $ 503 | $ 1,372 | $ 2,372 |
| Amortization of debt issuance costs | 203 | 546 | 926 |
| Total interest on the Notes | $ 706 | $ 1,918 | $ 3,298 |
Note 9 - Stock Transactions and Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands |
1 Months Ended | 12 Months Ended | |||||
|---|---|---|---|---|---|---|---|
Mar. 09, 2026 |
Aug. 22, 2025 |
Apr. 30, 2026 |
Mar. 31, 2026 |
Mar. 31, 2025 |
Mar. 31, 2024 |
Nov. 30, 2005 |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number (in shares) | 131,000 | ||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Net of Forfeitures (in shares) | 0 | 0 | |||||
| Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 0 | $ 24 | $ 24 | ||||
| Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested in Period, Fair Value | 0 | 2,168 | 2,749 | ||||
| Share Repurchase Program, Authorized, Number of Shares (in shares) | 300,000 | ||||||
| Stock Repurchased During Period, Value | $ 0 | 0 | 0 | ||||
| Stock Repurchased During Period, Shares (in shares) | 162,000 | ||||||
| Share-Based Payment Arrangement, Expense | $ 17,868 | $ 13,142 | $ 11,936 | ||||
| Black-Scholes Option-Pricing Model [Member] | |||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term (Year) | 3 years 6 months 7 days | ||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 37.80% | ||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 4.16% | ||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.07% | ||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 42.76 | ||||||
| Former CEO [Member] | |||||||
| Share-Based Payment Arrangement, Expense | $ 3,700 | ||||||
| Chief Executive Officer [Member] | Subsequent Event [Member] | |||||||
| Stock Issued During Period, Shares, Issued for Services (in shares) | 35,000 | ||||||
| Stock Issued During Period, Value, Issued for Services | $ 3,000 | ||||||
| Restricted Stock Units (RSUs) [Member] | |||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 90.91 | $ 94.3 | $ 133.3 | ||||
| Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 6,749 | ||||||
| Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 10 months 24 days | ||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 7,575 | $ 6,173 | $ 5,881 | ||||
| Performance Stock Units [Member] | |||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 99.56 | $ 102.57 | $ 132.29 | ||||
| Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 2,200 | ||||||
| Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 9 months 18 days | ||||||
| Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other Than Options, Expected to Vest (in shares) | 13,000 | ||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 4,289 | $ 3,492 | $ 0 | ||||
| Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 16,000 | ||||||
| Performance Stock Units [Member] | Chief Executive Officer and Board Director [Member] | |||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number (in shares) | 23,000 | ||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 12,000 | ||||||
| The FY26 PSUs [Member] | Eligible Employees [Member] | |||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 44 | ||||||
| The FY26 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 FY26 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% | ||||||
| Share-Based Payment Arrangement, Option [Member] | |||||||
| Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 104 | ||||||
| Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 6 months | ||||||
| The 2021 Equity Plan [Member] | |||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 1,156,000 | 660,000 | |||||
| Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized (in shares) | 496,000 | ||||||
| Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 537,000 | ||||||
Note 9 - Stock Transactions and Stock-based Compensation - Allocation of Share-based Compensation (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
Mar. 31, 2024 |
|
| Share-Based Payment Arrangement, Expense | $ 17,868 | $ 13,142 | $ 11,936 |
| Amount of income tax expense recognized in earnings | 2,616 | 2,068 | 2,718 |
| Stock-based compensation expense, net of tax | $ 20,484 | $ 15,210 | $ 14,654 |
Note 9 - Stock Transactions and Stock-based Compensation - Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
Mar. 31, 2024 |
|
| Awards granted, weighted average grant date fair value per share (in dollars per share) | $ 90.91 | $ 94.3 | $ 133.3 |
| Awards distributed, aggregate intrinsic value | $ 5,808 | $ 3,928 | $ 3,658 |
| Equity Plan 2014 [Member] | |||
| Nonvested (in shares) | 145 | ||
| Nonvested, weighted average grant date fair value per share (in dollars per share) | $ 106.54 | ||
| Nonvested, aggregate intrinsic value | $ 16,503 | $ 17,197 | |
| Awards granted (in shares) | 122 | ||
| Awards granted, weighted average grant date fair value per share (in dollars per share) | $ 90.91 | ||
| Awards forfeited or expired (in shares) | (15) | ||
| Awards forfeited or expired, weighted average grant date fair value per share (in dollars per share) | $ 97.38 | ||
| Awards distributed (in shares) | (65) | ||
| Awards distributed, weighted average grant date fair value per share (in dollars per share) | $ 117.13 | ||
| Awards distributed, aggregate intrinsic value | $ 5,808 | ||
| Nonvested (in shares) | 187 | 145 | |
| Nonvested, weighted average grant date fair value per share (in dollars per share) | $ 93.39 | $ 106.54 | |
| Expected to vest (in shares) | 165 | ||
| Expected to vest, weighted average grant date fair value per share (in dollars per share) | $ 93.13 | ||
| Expected to vest, aggregate intrinsic value | $ 14,558 | ||
Note 9 - Stock Transactions and Stock-based Compensation - Restricted Stock Valuation Assumptions (Details) - Restricted Stock Units (RSUs) [Member] - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
Mar. 31, 2024 |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 7,575 | $ 6,173 | $ 5,881 |
| Intrinsic value of awards vested | $ 5,808 | $ 3,928 | $ 3,658 |
| Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 90.91 | $ 94.3 | $ 133.3 |
Note 9 - Stock Transactions and Stock-based Compensation - Performance Stock Unit Activity (Details) - Performance Stock Units [Member] - USD ($) |
12 Months Ended | ||||
|---|---|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
Mar. 31, 2024 |
|||
| Nonvested (in shares) | 85,000 | ||||
| Nonvested, weighted average grant date fair value per share (in dollars per share) | $ 166.31 | ||||
| Nonvested, aggregate intrinsic val | $ 9,966 | $ 10,101 | |||
| Awards granted (in shares) | 44,000 | ||||
| Awards granted, weighted average grant date fair value per share (in dollars per share) | $ 99.56 | $ 102.57 | $ 132.29 | ||
| Performance adjustment(1) (in shares) | [1] | (3) | |||
| Performance adjustment, weighted average grant date fair value per share (in dollars per share) | [1] | $ 132.29 | |||
| Awards forfeited or expired (in shares) | 0 | ||||
| Awards forfeited or expired, weighted average grant date fair value per share (in dollars per share) | $ 0 | ||||
| Awards distributed (in shares) | (16,000) | ||||
| Awards distributed, weighted average grant date fair value per share (in dollars per share) | $ 265.32 | ||||
| Nonvested (in shares) | 110,000 | 85,000 | |||
| Nonvested, weighted average grant date fair value per share (in dollars per share) | $ 126.18 | $ 166.31 | |||
| Expected to vest (in shares) | 101,000 | ||||
| Expected to vest, weighted average grant date fair value per share (in dollars per share) | $ 128.47 | ||||
| Expected to vest, aggregate intrinsic val | $ 8,970 | ||||
| |||||
Note 9 - Stock Transactions and Stock-based Compensation - Stock Option and Non-vested Stock Award Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
Mar. 31, 2024 |
|
| Options outstanding (in shares) | 155 | ||
| Options outstanding, weighted average exercise price (in dollars per share) | $ 192.92 | ||
| Outstanding, Weighted- Average Remaining Contractual Life (Year) | 1 year 8 months 12 days | 2 years 8 months 12 days | |
| Outstanding, Aggregate Intrinsic Value | $ 0 | $ 52 | |
| Options granted (in shares) | 0 | ||
| Awards granted, weighted average exercise price (in dollars per share) | $ 0 | ||
| Options forfeited or expired (in shares) | (23) | ||
| Awards forfeited or expired, weighted average exercise price (in dollars per share) | $ 202.3 | ||
| Options exercised or distributed (in shares) | 0 | ||
| Awards exercised or distributed, weighted average exercise price (in dollars per share) | $ 0 | ||
| Exercised, Aggregate Intrinsic Value | $ 0 | $ 24 | $ 24 |
| Options outstanding (in shares) | 132 | 155 | |
| Options outstanding, weighted average exercise price (in dollars per share) | $ 191.22 | $ 192.92 | |
| Options exercisable (in shares) | 117 | ||
| Exercisable, weighted average exercise price (in dollars per share) | $ 199.04 | ||
| Exercisable, Weighted- Average Remaining Contractual Life (Year) | 1 year 6 months | ||
| Exercisable, Aggregate Intrinsic Value | $ 0 | ||
| Exercisable and expected to vest (in shares) | 131 | ||
| Exercisable and expected to vest, weighted average exercise price (in dollars per share) | $ 191.35 | ||
| Exercisable and expected to vest, Weighted- Average Remaining Contractual Life (Year) | 1 year 8 months 12 days | ||
| Exercisable awards and awards expected to vest | $ 0 | ||
Note 10 - Net Earnings (Loss) per Share - Computation of Net Income per Share, Basic & Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
12 Months Ended | ||||
|---|---|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
Mar. 31, 2024 |
|||
| Net earnings (loss) available for shareholders | $ 6,712 | $ (1,974) | $ (254,246) | ||
| Weighted average outstanding shares of common stock (in shares) | [1] | 5,514 | 5,421 | 5,386 | |
| Fully diluted shares (in shares) | 5,565 | 5,421 | 5,386 | ||
| Basic earnings (loss) per share (in dollars per share) | $ 1.22 | $ (0.36) | $ (47.2) | ||
| Diluted earnings (loss) per share (in dollars per share) | $ 1.21 | $ (0.36) | $ (47.2) | ||
| Share-Based Payment Arrangement, Option [Member] | |||||
| Dilutive effect of shares (in shares) | 0 | 0 | 0 | ||
| Unvested Stock Awards [Member] | |||||
| Dilutive effect of shares (in shares) | 51 | 0 | 0 | ||
| |||||
Note 10 - Net Earnings (Loss) per Share - Antidilutive Securities Excluded From Computation of Earnings per Share (Details) - shares shares in Thousands |
12 Months Ended | ||
|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
Mar. 31, 2024 |
|
| Total stock awards excluded from diluted EPS (in shares) | 334 | 737 | 876 |
| Assumed Conversion of Convertible Debt [Member] | |||
| Total stock awards excluded from diluted EPS (in shares) | 128 | 351 | 608 |
| Stock Awards that were Antidilutive [Member] | |||
| Total stock awards excluded from diluted EPS (in shares) | 206 | 386 | 268 |
Note 11 - Employee Benefit Plans (Details Textual) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
Mar. 31, 2024 |
|
| Defined Contribution Plan, Cost | $ 1,711 | $ 1,645 | $ 2,078 |
| The 401K Retirement Plan [Member] | |||
| Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% | ||
| Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 4.00% | ||
Note 12 - Income Taxes (Details Textual) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
Mar. 31, 2024 |
|
| Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 21.00% |
| Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 0 | ||
| Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 0 | $ 0 | $ 0 |
Note 12 - Income Taxes - Earnings Before Income Taxes (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
Mar. 31, 2024 |
|
| Domestic | $ 6,856 | $ 12,615 | $ (233,853) |
| Foreign | 5,158 | (6,654) | (41,795) |
| Total earnings (loss) before income taxes | $ 12,014 | $ 5,961 | $ (275,648) |
Note 12 - Income Taxes - Provisions for Income Taxes (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
Mar. 31, 2024 |
|
| Current tax provision: | |||
| U.S. Federal | $ 753 | $ 3,994 | $ 3,002 |
| U.S. State | 502 | 1,212 | 1,678 |
| Foreign | 5,328 | 2,790 | 2,330 |
| Total current tax expense | 6,583 | 7,996 | 7,010 |
| Deferred tax provision: | |||
| U.S. Federal | 1,450 | 63 | (20,387) |
| U.S. State | 443 | 13 | (1,853) |
| Foreign | (3,174) | (137) | (6,172) |
| Total deferred tax (benefit) | (1,281) | (61) | (28,412) |
| Total income tax expense (benefit) | $ 5,302 | $ 7,935 | $ (21,402) |
Note 12 - Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Thousands |
12 Months Ended | |||||
|---|---|---|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
Mar. 31, 2024 |
||||
| Total earnings (loss) before income taxes | $ 12,014 | $ 5,961 | $ (275,648) | |||
| U.S. Federal Statutory Tax Rate | $ 2,523 | $ 1,251 | $ (57,886) | |||
| Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 21.00% | |||
| State and Local Income Taxes, Net of Federal Income Tax Effect(1) | $ 746 | [1] | $ 317 | $ (2,508) | ||
| State and Local Income Taxes, Net of Federal Income Tax Effect, percent | 6.20% | [1] | 5.30% | 0.90% | ||
| Federal statutory rate difference | $ 2,047 | $ (566) | ||||
| Federal statutory rate difference, percent | 34.30% | 0.20% | ||||
| Deferred tax rate change | $ 0 | |||||
| Deferred tax rate change, percent | 0.00% | |||||
| Changes in valuation allowance | $ (2,259) | $ 3,019 | $ 5,398 | |||
| Changes in valuation allowance, percent | (18.80%) | 50.60% | (2.00%) | |||
| Other | $ 113 | |||||
| Other, percent | 0.90% | |||||
| GILTI | $ 375 | |||||
| GILTI, percent | 3.10% | |||||
| Subpart F Income | $ 259 | |||||
| Subpart F Income, percent | 2.20% | |||||
| Other | $ 48 | |||||
| Other, percent | 0.40% | |||||
| Tax Credits | $ (580) | |||||
| Tax Credits, percent | (4.80%) | |||||
| Compensation adjustments | $ 2,808 | |||||
| Compensation adjustments, percent | 23.40% | |||||
| Changes in Unrecognized Tax Benefits | $ 0 | |||||
| Changes in Unrecognized Tax Benefits, percent | 0.00% | |||||
| Deferred charges on intercompany profit | $ 139 | |||||
| Deferred charges on intercompany profit, percent | 1.20% | |||||
| Total income tax expense (benefit) | $ 5,302 | $ 7,935 | $ (21,402) | |||
| Effective Tax Rate, percent | 44.10% | 133.12% | 7.76% | |||
| Federal income taxes at statutory rates, percent | 21.00% | 21.00% | 21.00% | |||
| State income taxes, net of federal benefit, percent | 6.20% | [1] | 5.30% | 0.90% | ||
| Compensation adjustments, amount | $ 2,283 | $ 2,738 | ||||
| Compensation adjustments, percent | 38.30% | (1.00%) | ||||
| Research and development credit, amount | $ (1,054) | $ (1,093) | ||||
| Research and development credit, percent | (17.70%) | (0.40%) | ||||
| Research and development credit, percent | 17.70% | 0.40% | ||||
| Return to provision adjustment, amount | $ 516 | $ (182) | ||||
| Return to provision adjustment, percent | 8.70% | 0.10% | ||||
| Subpart F, GILTI, & FDII, amount | $ (484) | $ (412) | ||||
| Subpart F, GILTI, & FDII, percent | (8.10%) | 0.10% | ||||
| Foreign rate differential, amount | $ 2,047 | $ (566) | ||||
| Foreign rate differential, percent | 34.30% | 0.20% | ||||
| Permanent difference | $ 47 | $ 479 | ||||
| Permanent difference, percent | 0.80% | (0.20%) | ||||
| Goodwill impairment, amount | $ 0 | $ 32,594 | ||||
| Goodwill impairment, percent | 0.00% | (11.80%) | ||||
| Valuation allowance | $ (2,259) | $ 3,019 | $ 5,398 | |||
| Valuation allowance, percent | (18.80%) | 50.60% | (2.00%) | |||
| Other, amount | $ (7) | $ 36 | ||||
| Other, percent | (0.10%) | 0.00% | ||||
| Total income tax (benefit) expense, percent | 44.10% | 133.12% | 7.76% | |||
| Federal Ministry of Finance, Germany [Member] | ||||||
| Federal statutory rate difference | $ (492) | |||||
| Federal statutory rate difference, percent | (4.10%) | |||||
| Surcharge/trade tax charge | $ 2,022 | |||||
| Surcharge/trade tax charge, percent | 16.80% | |||||
| Deferred tax rate change | $ (304) | |||||
| Deferred tax rate change, percent | (2.50%) | |||||
| Changes in valuation allowance | $ (171) | |||||
| Changes in valuation allowance, percent | (1.40%) | |||||
| Other | $ 65 | |||||
| Other, percent | 0.50% | |||||
| Foreign rate differential, amount | $ (492) | |||||
| Foreign rate differential, percent | (4.10%) | |||||
| Valuation allowance | $ (171) | |||||
| Valuation allowance, percent | (1.40%) | |||||
| Other Foreign Tax Jurisdictions [Member] | ||||||
| Federal statutory rate difference | $ 10 | |||||
| Federal statutory rate difference, percent | 0.10% | |||||
| Foreign rate differential, amount | $ 10 | |||||
| Foreign rate differential, percent | 0.10% | |||||
| ||||||
Note 12 - Income Taxes - Schedule of Income Taxes Paid (Details) $ in Thousands |
12 Months Ended |
|---|---|
|
Mar. 31, 2026
USD ($)
| |
| Federal | $ 0 |
| Income taxes paid, net of amounts refunded | 1,870 |
| Montana Tax Authority [Member] | |
| State | 97 |
| Other State Income Tax Authorities [Member] | |
| State | 633 |
| Federal Ministry of Finance, Germany [Member] | |
| Foreign | 430 |
| Ministry of the Economy, Finance and Industry, France [Member] | |
| Foreign | 477 |
| State Administration of Taxation, China [Member] | |
| Foreign | $ 233 |
Note 12 - Income Taxes - Components of Net Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands |
Mar. 31, 2026 |
Mar. 31, 2025 |
Mar. 31, 2024 |
|---|---|---|---|
| Capitalized research expenditures | $ 4,041 | $ 8,148 | |
| Income tax credits | 2,618 | 2,774 | |
| Allowances and reserves | 3,317 | 2,687 | |
| Stock compensation deductible differences | 1,890 | 1,632 | |
| Operating lease liabilities | 1,972 | 1,860 | |
| Inventories | 1,058 | 1,153 | |
| Net operating loss carryforwards | 3,660 | 3,219 | |
| Other temporary differences | 615 | 265 | |
| Net deferred tax assets, gross | 19,171 | 21,738 | |
| Valuation allowance | (6,408) | (8,999) | $ (5,975) |
| Net deferred tax assets, net | 12,763 | 12,739 | |
| Operating lease right-of-use assets | (2,051) | (1,843) | |
| Goodwill and intangible assets | (25,275) | (26,854) | |
| Property, plant and equipment | (2,268) | (2,273) | |
| Other temporary differences | (1,753) | (579) | |
| Total deferred tax liabilities | (31,347) | (31,549) | |
| Net deferred tax assets/(liabilities) | $ (18,584) | $ (18,810) |
Note 12 - Income Taxes - Valuation Allowance for Deferred Tax Assets (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Beginning balance | $ 8,999 | $ 5,975 |
| (Reductions) Additions charged to income tax expense and other accounts | (2,648) | 3,657 |
| Deductions from reserves | 0 | (637) |
| Cumulative translation adjustment | 57 | 4 |
| Ending balance | $ 6,408 | $ 8,999 |
Note 12 - Income Taxes - Summary of Operating Loss Carryforwards (Details) $ in Thousands |
Mar. 31, 2026
USD ($)
|
|---|---|
| Income Tax Jurisdiction, Domestic Federal [Member] | Tax Year Pre-2018 [Member] | |
| NOL carryforwards | $ 0 |
| Income Tax Jurisdiction, Domestic Federal [Member] | Tax Year Post -2018 [Member] | |
| NOL carryforwards | 0 |
| Income Tax Jurisdiction, Domestic State and Local [Member] | |
| NOL carryforwards | 9,690 |
| Income Tax Jurisdiction, Foreign [Member] | |
| NOL carryforwards | $ 13,846 |
Note 12 - Income Taxes - Summary of Tax Credit Carryforwards (Details) $ in Thousands |
12 Months Ended |
|---|---|
|
Mar. 31, 2026
USD ($)
| |
| Research Tax Credit Carryforward [Member] | Income Tax Jurisdiction, Domestic Federal [Member] | |
| Tax credit carryforwards | $ 0 |
| Research Tax Credit Carryforward [Member] | Income Tax Jurisdiction, Domestic State and Local [Member] | |
| Tax credit carryforwards | $ 3,295 |
| Tax credit carryforwards, expiration date | Mar. 31, 2039 |
| Research Tax Credit Carryforward [Member] | Income Tax Jurisdiction, Foreign [Member] | |
| Tax credit carryforwards | $ 15 |
| Foreign Tax Credit Carryforwards [Member] | Income Tax Jurisdiction, Domestic Federal [Member] | |
| Tax credit carryforwards, expiration date | Mar. 31, 2037 |
Note 12 - Income Taxes - Open Tax Years (Details) |
12 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Income Tax Jurisdiction, Domestic Federal [Member] | |
| U.S. Federal | 2022 2023 2024 |
| Income Tax Jurisdiction, Domestic State and Local [Member] | Montana Tax Authority [Member] | |
| U.S. Federal | 2022 2023 2024 |
| Income Tax Jurisdiction, Domestic State and Local [Member] | Other State Income Tax Authorities [Member] | |
| U.S. Federal | 2021 2022 2023 2024 |
| Income Tax Jurisdiction, Foreign [Member] | |
| U.S. Federal | 2019 2020 2021 2022 2023 2024 |
Note 14 - Segment Data (Details Textual) |
12 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Number of Reportable Segments | 4 |
Note 14 - Segment Data - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
Mar. 31, 2024 |
|||||||||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | [1] | $ 249,130 | $ 240,978 | $ 216,187 | |||||||||||
| Depreciation in cost of revenues | 3,113 | 3,160 | 3,031 | ||||||||||||
| Amortization in cost of revenues | 2,803 | 2,641 | 6,052 | ||||||||||||
| Other cost of revenues (b) | [2] | 84,944 | 83,075 | 72,625 | |||||||||||
| Total segment cost of revenues | 90,860 | 90,108 | 82,937 | ||||||||||||
| Gross Profit (c) | [3] | 158,270 | 150,870 | 133,250 | |||||||||||
| Operating expense | 139,759 | 134,534 | 405,325 | ||||||||||||
| Operating income | 18,511 | 16,336 | (272,075) | ||||||||||||
| Nonoperating expense, net | 6,497 | 10,375 | 3,573 | ||||||||||||
| Earnings before income taxes | 12,014 | (275,648) | |||||||||||||
| Non-cash GKE inventory step-up amortization | 0 | 1,232 | 1,229 | ||||||||||||
| Operating Segments [Member] | Sterilization and Disinfection Control [Member] | |||||||||||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | [1],[4],[5] | 101,567 | 93,418 | 75,124 | |||||||||||
| Depreciation in cost of revenues | [4] | 1,779 | 1,419 | 1,204 | |||||||||||
| Amortization in cost of revenues | [4] | 526 | 503 | 266 | |||||||||||
| Other cost of revenues (b) | [2],[4] | 27,555 | 25,604 | 19,123 | |||||||||||
| Total segment cost of revenues | [4] | 29,860 | 28,758 | 21,822 | |||||||||||
| Gross Profit (c) | [3],[4] | 71,707 | 64,660 | 53,302 | |||||||||||
| Non-cash GKE inventory step-up amortization | [4] | 1,232 | 1,229 | ||||||||||||
| Operating Segments [Member] | Biopharmaceutical Development [Member] | |||||||||||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | [1] | 48,626 | 48,730 | 40,712 | |||||||||||
| Depreciation in cost of revenues | 308 | 224 | 224 | ||||||||||||
| Amortization in cost of revenues | 1,512 | 1,373 | 1,338 | ||||||||||||
| Other cost of revenues (b) | [2] | 18,253 | 17,220 | 13,750 | |||||||||||
| Total segment cost of revenues | 20,073 | 18,817 | 15,312 | ||||||||||||
| Gross Profit (c) | [3] | 28,553 | 29,913 | 25,400 | |||||||||||
| Non-cash GKE inventory step-up amortization | 0 | 0 | |||||||||||||
| Operating Segments [Member] | Calibration Solutions [Member] | |||||||||||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | [1] | 53,551 | 51,749 | 47,763 | |||||||||||
| Depreciation in cost of revenues | 448 | 837 | 666 | ||||||||||||
| Amortization in cost of revenues | 0 | 0 | 0 | ||||||||||||
| Other cost of revenues (b) | [2] | 21,121 | 20,275 | 19,550 | |||||||||||
| Total segment cost of revenues | 21,569 | 21,112 | 20,216 | ||||||||||||
| Gross Profit (c) | [3] | 31,982 | 30,637 | 27,547 | |||||||||||
| Non-cash GKE inventory step-up amortization | 0 | 0 | |||||||||||||
| Operating Segments [Member] | Clinical Genomics [Member] | |||||||||||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | [1] | 45,386 | 47,081 | 52,588 | |||||||||||
| Depreciation in cost of revenues | 578 | 680 | 937 | ||||||||||||
| Amortization in cost of revenues | 765 | 765 | 4,448 | ||||||||||||
| Other cost of revenues (b) | [2] | 18,015 | 19,966 | 20,125 | |||||||||||
| Total segment cost of revenues | 19,358 | 21,411 | 25,510 | ||||||||||||
| Gross Profit (c) | [3] | 26,028 | 25,670 | 27,078 | |||||||||||
| Non-cash GKE inventory step-up amortization | 0 | 0 | |||||||||||||
| Segment Reporting, Reconciling Item, Corporate Nonsegment [Member] | |||||||||||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | [1],[6] | 0 | 0 | 0 | |||||||||||
| Depreciation in cost of revenues | [6] | 0 | 0 | 0 | |||||||||||
| Amortization in cost of revenues | [6] | 0 | 0 | 0 | |||||||||||
| Other cost of revenues (b) | [2],[6] | 0 | 10 | 77 | |||||||||||
| Total segment cost of revenues | [6] | 0 | 10 | 77 | |||||||||||
| Gross Profit (c) | [3],[6] | $ 0 | (10) | (77) | |||||||||||
| Earnings before income taxes | 5,961 | ||||||||||||||
| Non-cash GKE inventory step-up amortization | [6] | $ 0 | $ 0 | ||||||||||||
| |||||||||||||||
Note 14 - Segment Data - Segment Inventory (Details) - USD ($) $ in Thousands |
Mar. 31, 2026 |
Mar. 31, 2025 |
|---|---|---|
| Total inventories | $ 26,373 | $ 25,365 |
| Operating Segments [Member] | Sterilization and Disinfection Control [Member] | ||
| Total inventories | 5,943 | 5,545 |
| Operating Segments [Member] | Biopharmaceutical Development [Member] | ||
| Total inventories | 6,512 | 4,934 |
| Operating Segments [Member] | Calibration Solutions [Member] | ||
| Total inventories | 5,603 | 5,110 |
| Operating Segments [Member] | Clinical Genomics [Member] | ||
| Total inventories | $ 8,315 | $ 9,776 |
Note 14 - Segment Data - Long-lived Assets by Geographic Area (Details) - USD ($) $ in Thousands |
Mar. 31, 2026 |
Mar. 31, 2025 |
|---|---|---|
| Long-lived assets | $ 47,919 | $ 48,715 |
| UNITED STATES | ||
| Long-lived assets | 29,893 | 29,200 |
| SWEDEN | ||
| Long-lived assets | 10,858 | 11,634 |
| GERMANY | ||
| Long-lived assets | 5,955 | 6,712 |
| Non-US [Member] | ||
| Long-lived assets | $ 1,213 | $ 1,169 |
Note 14 - Segment Data - Revenues From External Customers (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||
|---|---|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
Mar. 31, 2024 |
|||
| Revenues | [1] | $ 249,130 | $ 240,978 | $ 216,187 | |
| UNITED STATES | |||||
| Revenues | 116,895 | 116,615 | 106,395 | ||
| CHINA | |||||
| Revenues | 20,449 | 25,312 | 24,933 | ||
| Other [Member] | |||||
| Revenues | $ 111,786 | $ 99,051 | $ 84,859 | ||
| |||||