INVESTMENT IN UNCONSOLIDATED AFFILIATES	9 Months Ended
Dec. 31, 2017
INVESTMENT IN UNCONSOLIDATED AFFILIATES [Abstract]
INVESTMENT IN UNCONSOLIDATED AFFILIATES	NOTE 8. INVESTMENT IN UNCONSOLIDATED AFFILIATES In June 2016, we invested a total of $3.0 million in a privately-held company. Our investment was initially recorded under the cost method as we did not exercise significant influence over the investee’s operating or financial activities. The carrying value of our cost method investment was reviewed quarterly for changes in circumstances or the occurrence of events that suggest our investment may not be recoverable. The fair value of cost method investments was not adjusted if there were no identified events or changes in circumstances that may have a material adverse effect on the fair value of the investment. In January 2017, we entered into a letter agreement with the privately-held company. Under the terms of the letter agreement, the privately-held company will, pending negotiation and execution of a definitive agreement, commence chemistry development activities for us using its intellectual product and technology. As consideration for these development efforts, we agreed to pay a total of up to $1.5 million to the privately-held company, which includes an upfront payment of $0.3 million that we paid in January 2017, and any remaining obligation to the investee is contingent upon the achievement of certain development milestones. As a result of our ability to exercise significant influence over operating and financial policies in our investment, which we do not control, we accounted for our investment in the privately-held company using the equity method on a prospective basis beginning in January 2017 based on our early adoption of ASU 2016-07. Our allocated portion of net loss in our equity method investment in the privately-held company during the three months ended December 31, 2017 and 2016, was $46,000 and $0, respectively, and during the nine months ended December 31, 2017 and 2016, were $0.1 million and $0, respectively. Our proportionate share of the privately-held company’s net income or loss is recorded in “Interest and other income (expense), net” on the condensed consolidated statements of income. As of December 31, 2017 and March 31, 2017, the carrying value of our equity method investment in this privately-held company was $2.7 million and $2.9 million, respectively. See Note 20, “Subsequent Events,” for information regarding additional investment in the privately-held company after December 31, 2017. In February 2011, we purchased a 15% equity ownership interest in Scandinavian Micro Biodevices APS (“SMB”), a developer and manufacturer of point-of-care diagnostic products for veterinary use, for $2.8 million in cash. SMB, based in Farum, Denmark, has been the original equipment manufacturer of the Abaxis VetScan VSpro point-of-care specialty analyzer since 2008. We accounted for our investment in SMB using the equity method due to our significant influence over SMB’s operations. In August 2016, we sold our 15% equity ownership interest in SMB in connection with Zoetis Inc.’s acquisition of SMB. The total purchase price paid to us for our equity method investment in SMB was approximately $9.7 million in cash, subject to a holdback for certain adjustments that may occur. The holdback payment is expected to be released 18 months following the closing date. In connection with the sale, we received an initial cash payment of $8.5 million and recorded a pre-tax gain of $6.1 million ($3.8 million after tax) on the sale of our equity method investment during the period ended September 30, 2016. Our allocated portion of SMB’s net loss during the three months ended December 31, 2017 and 2016 was $0 in each period and during the nine months ended December 31, 2017 and 2016 was $0 and $34,000, respectively. Our proportionate share of SMB’s net income or loss is recorded in “Interest and other income (expense), net” on the condensed consolidated statements of income. As of December 31, 2017 and March 31, 2017, the carrying value of our equity method investment in SMB was $0. We have been notified that the holdback will be released in full and expect to receive payment of the holdback amount of approximately $1.2 million in February 2018.

NOTE 8. INVESTMENT IN UNCONSOLIDATED AFFILIATES

In June 2016, we invested a total of $3.0 million in a privately-held company. Our investment was initially recorded under the cost method as we did not exercise significant influence over the investee’s operating or financial activities. The carrying value of our cost method investment was reviewed quarterly for changes in circumstances or the occurrence of events that suggest our investment may not be recoverable. The fair value of cost method investments was not adjusted if there were no identified events or changes in circumstances that may have a material adverse effect on the fair value of the investment.

In January 2017, we entered into a letter agreement with the privately-held company. Under the terms of the letter agreement, the privately-held company will, pending negotiation and execution of a definitive agreement, commence chemistry development activities for us using its intellectual product and technology. As consideration for these development efforts, we agreed to pay a total of up to $1.5 million to the privately-held company, which includes an upfront payment of $0.3 million that we paid in January 2017, and any remaining obligation to the investee is contingent upon the achievement of certain development milestones. As a result of our ability to exercise significant influence over operating and financial policies in our investment, which we do not control, we accounted for our investment in the privately-held company using the equity method on a prospective basis beginning in January 2017 based on our early adoption of ASU 2016-07. Our allocated portion of net loss in our equity method investment in the privately-held company during the three months ended December 31, 2017 and 2016, was $46,000 and $0, respectively, and during the nine months ended December 31, 2017 and 2016, were $0.1 million and $0, respectively. Our proportionate share of the privately-held company’s net income or loss is recorded in “Interest and other income (expense), net” on the condensed consolidated statements of income. As of December 31, 2017 and March 31, 2017, the carrying value of our equity method investment in this privately-held company was $2.7 million and $2.9 million, respectively. See Note 20, “Subsequent Events,” for information regarding additional investment in the privately-held company after December 31, 2017.

In February 2011, we purchased a 15% equity ownership interest in Scandinavian Micro Biodevices APS (“SMB”), a developer and manufacturer of point-of-care diagnostic products for veterinary use, for $2.8 million in cash. SMB, based in Farum, Denmark, has been the original equipment manufacturer of the Abaxis VetScan VSpro point-of-care specialty analyzer since 2008. We accounted for our investment in SMB using the equity method due to our significant influence over SMB’s operations. In August 2016, we sold our 15% equity ownership interest in SMB in connection with Zoetis Inc.’s acquisition of SMB. The total purchase price paid to us for our equity method investment in SMB was approximately $9.7 million in cash, subject to a holdback for certain adjustments that may occur. The holdback payment is expected to be released 18 months following the closing date. In connection with the sale, we received an initial cash payment of $8.5 million and recorded a pre-tax gain of $6.1 million ($3.8 million after tax) on the sale of our equity method investment during the period ended September 30, 2016. Our allocated portion of SMB’s net loss during the three months ended December 31, 2017 and 2016 was $0 in each period and during the nine months ended December 31, 2017 and 2016 was $0 and $34,000, respectively. Our proportionate share of SMB’s net income or loss is recorded in “Interest and other income (expense), net” on the condensed consolidated statements of income. As of December 31, 2017 and March 31, 2017, the carrying value of our equity method investment in SMB was $0. We have been notified that the holdback will be released in full and expect to receive payment of the holdback amount of approximately $1.2 million in February 2018.