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Basis of Presentation
9 Months Ended
Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation
1.
Basis of Presentation
The interim condensed consolidated financial statements are unaudited and are prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information, and the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. In the opinion of Management, the interim financial statements include all normal adjustments and disclosures necessary to present fairly the Company’s financial position as of June 30, 2020, the results of its operations for the three- and nine-month periods ended June 30, 2020 and 2019, and its cash flows for the nine-month periods ended June 30, 2020 and 2019. These statements should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Company’s fiscal 2019 Annual Report on Form
10-K. Financial
information as of September 30, 2019 has been derived from the Company’s audited consolidated financial statements.
The results of operations for interim periods are not necessarily indicative of the results to be expected for the year. In December 2019, the
SARS-CoV-2
virus emerged in Wuhan, China and spread to other parts of the world. In March 2020, the World Health Organization (“WHO”) designated
COVID-19
(the disease caused by
SARS-CoV-2)
a global pandemic. Governments around the world implemented lockdown and
shelter-in-place
orders, requiring many
non-essential
businesses to shut down operations throughout a substantial portion of the last five months, some of which remain in effect as of the date of this filing. The Company’s business, however, was deemed “essential” and we have continued to operate, manufacture and distribute our products to customers globally.
While revenues within our Life Science segment have been positively impacted by the COVID-19 pandemic, to-date, the negative impacts of
COVID-19
on the Company have been limited to decreased demand for certain of our Diagnostics segment’s products and the pausing and/or slowing of clinical trials for new product development programs, as diagnostics testing has focused primarily on
COVID-19
and critical care ailments. Although we do not expect to sustain the level of Life Science revenues experienced during the fiscal quarter ended June 30, 2020, over the next twelve months, we do expect current general directional trends in our revenues to continue. Specifically, we expect our Life Science segment to continue to experience elevated levels of demand for
COVID-19
reagents, but we also expect our Diagnostics segment’s level of revenues to improve as health care facilities return to
pre-pandemic
non-critical
care testing and treatments. However, due to the many uncertainties surrounding the COVID-19 pandemic, we can provide no assurances with respect to our views of the longevity, severity or impacts to our financial condition of the
COVID-19
pandemic. See Management’s Discussion and Analysis of Financial Condition and Results of Operations included herein for additional discussion of the effects of the
COVID-19
pandemic on the Company and its results of
operations.