Supplemental Balance Sheet Information |
5. Supplemental Balance Sheet Information Investments — Available-for-sale Securities The amortized cost, unrealized holding gains and losses, and fair value of available-for-sale securities were as follows:
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June 30, 2024 |
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(In thousands) |
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Amortized Cost |
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Unrealized Gains |
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Unrealized Losses |
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Fair Value |
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Commercial paper and corporate bonds |
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$ |
13,883 |
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$ |
— |
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$ |
(9 |
) |
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$ |
13,874 |
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Available-for-sale securities |
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$ |
13,883 |
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$ |
— |
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$ |
(9 |
) |
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$ |
13,874 |
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September 30, 2023 |
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(In thousands) |
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Amortized Cost |
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Unrealized Gains |
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Unrealized Losses |
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Fair Value |
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Commercial paper and corporate bonds |
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$ |
3,936 |
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$ |
— |
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$ |
(3 |
) |
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$ |
3,933 |
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Available-for-sale securities |
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$ |
3,936 |
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$ |
— |
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$ |
(3 |
) |
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$ |
3,933 |
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Inventories Inventories consisted of the following components:
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June 30, |
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September 30, |
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(In thousands) |
2024 |
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2023 |
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Raw materials |
$ |
9,116 |
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$ |
8,063 |
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Work-in process |
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2,162 |
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2,607 |
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Finished products |
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4,127 |
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4,169 |
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Inventories |
$ |
15,405 |
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$ |
14,839 |
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Prepaids and Other Assets, Current Prepaids and other current assets consisted of the following:
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June 30, |
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September 30, |
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(In thousands) |
2024 |
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2023 |
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Prepaid expenses |
$ |
2,718 |
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$ |
2,600 |
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Irish research and development credits receivable |
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647 |
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1,322 |
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CARES Act employee retention credit receivable (1) |
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— |
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3,441 |
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Prepaids and other |
$ |
3,365 |
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$ |
7,363 |
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(1)As of September 30, 2023, receivable consisted of anticipated reimbursement of personnel expenses, which were incurred in fiscal 2021 and fiscal 2020, as the result of our eligibility for the employee retention credit under the provisions of the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”). During the second quarter of fiscal 2024, we received payment for this receivable. Intangible Assets Intangible assets consisted of the following:
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June 30, 2024 |
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(Dollars in thousands) |
Weighted Average Original Life (Years) |
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Gross Carrying Amount |
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Accumulated Amortization |
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Net |
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Definite-lived intangible assets: |
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Customer lists and relationships |
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9.3 |
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$ |
11,407 |
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$ |
(10,206 |
) |
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$ |
1,201 |
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Developed technology |
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11.9 |
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34,292 |
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(13,165 |
) |
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21,127 |
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Patents and other |
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14.9 |
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2,338 |
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(1,544 |
) |
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794 |
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Total definite-lived intangible assets |
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48,037 |
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(24,915 |
) |
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23,122 |
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Unamortized intangible assets: |
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Trademarks and trade names |
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580 |
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— |
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580 |
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Total intangible assets |
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$ |
48,617 |
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$ |
(24,915 |
) |
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$ |
23,702 |
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September 30, 2023 |
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(Dollars in thousands) |
Weighted Average Original Life (Years) |
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Gross Carrying Amount |
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Accumulated Amortization |
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Net |
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Definite-lived intangible assets: |
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Customer lists and relationships |
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9.3 |
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$ |
11,260 |
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$ |
(9,435 |
) |
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$ |
1,825 |
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Developed technology |
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11.9 |
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33,929 |
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(11,048 |
) |
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22,881 |
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Patents and other |
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14.9 |
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2,338 |
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(1,418 |
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920 |
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Total definite-lived intangible assets |
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47,527 |
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(21,901 |
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25,626 |
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Unamortized intangible assets: |
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Trademarks and trade names |
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580 |
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— |
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580 |
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Total intangible assets |
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$ |
48,107 |
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$ |
(21,901 |
) |
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$ |
26,206 |
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Intangible asset amortization expense was $0.9 million for each of the three months ended June 30, 2024 and 2023 and $2.8 and $2.9 million for the nine months ended June 30, 2024 and 2023, respectively. Based on the intangible assets in service as of June 30, 2024, estimated amortization expense for future fiscal years was as follows:
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(In thousands) |
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Remainder of 2024 |
$ |
933 |
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2025 |
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3,696 |
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2026 |
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2,810 |
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2027 |
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2,562 |
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2028 |
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2,551 |
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2029 |
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2,551 |
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Thereafter |
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8,019 |
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Definite-lived intangible assets |
$ |
23,122 |
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Future amortization amounts presented above are estimates. Actual future amortization expense may be different as a result of future acquisitions, impairments, changes in amortization periods, foreign currency translation rates, or other factors. Goodwill Changes in the carrying amount of goodwill by segment were as follows:
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(In thousands) |
In Vitro Diagnostics |
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Medical Device |
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Total |
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Goodwill as of September 30, 2023 |
$ |
8,010 |
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$ |
34,936 |
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$ |
42,946 |
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Currency translation adjustment |
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— |
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409 |
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409 |
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Goodwill as of June 30, 2024 |
$ |
8,010 |
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$ |
35,345 |
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$ |
43,355 |
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Other Assets, Noncurrent Other noncurrent assets consisted of the following:
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June 30, |
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September 30, |
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(In thousands) |
2024 |
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2023 |
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Operating lease right-of-use assets |
$ |
3,233 |
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$ |
2,987 |
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Contract asset (1) |
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750 |
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— |
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Other |
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698 |
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877 |
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Other assets |
$ |
4,681 |
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$ |
3,864 |
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(1)As of June 30, 2024, consisted of the noncurrent portion of the contract asset associated with estimated SurVeil DCB profit-sharing (Note 3). Accrued Other Liabilities Accrued other liabilities consisted of the following:
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June 30, |
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September 30, |
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(In thousands) |
2024 |
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2023 |
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Accrued professional fees |
$ |
467 |
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$ |
178 |
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Accrued clinical study expense |
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701 |
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1,056 |
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Accrued purchases |
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1,021 |
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1,142 |
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Deferred consideration (1) |
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1,750 |
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2,661 |
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Operating lease liabilities, current portion |
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1,021 |
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|
872 |
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Other |
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468 |
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|
535 |
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Total accrued other liabilities |
$ |
5,428 |
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$ |
6,444 |
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(1)As of June 30, 2024, deferred consideration consisted of the present value of a guaranteed payment to be made in connection with the fiscal 2021 acquisition of Vetex Medical Limited (“Vetex”). As of September 30, 2023, deferred consideration consisted of the present value of guaranteed payments to be made in connection with the fiscal 2021 Vetex acquisition and a fiscal 2018 asset acquisition (Note 11). Other Long-term Liabilities Other long-term liabilities consisted of the following:
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June 30, |
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September 30, |
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(In thousands) |
2024 |
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2023 |
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Deferred consideration (1) |
$ |
1,653 |
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$ |
1,629 |
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Unrecognized tax benefits (2) |
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2,951 |
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3,332 |
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Operating lease liabilities, less current portion |
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2,915 |
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2,974 |
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Other |
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266 |
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125 |
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Other long-term liabilities |
$ |
7,785 |
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$ |
8,060 |
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(1)Deferred consideration consisted of the present value of a guaranteed payment to be made in connection with the fiscal 2021 Vetex acquisition (Note 11). (2)Balance of unrecognized tax benefits includes accrued interest and penalties, if applicable (Note 10).
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