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Summary of Significant Accounting Policies and Select Balance Sheet Information (Tables)
12 Months Ended
Sep. 30, 2021
Accounting Policies [Abstract]  
Amortized Cost, Unrealized Holding Gains (Losses) and Fair Value of Available for Sale Securities

The amortized cost, unrealized holding gains and losses, and fair value of available-for-sale securities were as follows:

 

 

September 30, 2021

 

 

 

Valuation

 

 

Balance Sheet Classification

 

(In thousands)

 

Amortized

Cost

 

 

Unrealized

Gains

 

 

Unrealized

Losses

 

 

Fair

Value

 

 

Current Assets

 

 

Noncurrent Assets

 

Commercial paper and

    corporate bonds

 

$

9,718

 

 

$

2

 

 

$

(1

)

 

$

9,719

 

 

$

7,717

 

 

$

2,002

 

Total

 

$

9,718

 

 

$

2

 

 

$

(1

)

 

$

9,719

 

 

$

7,717

 

 

$

2,002

 

 

 

 

September 30, 2020

 

 

 

Valuation

 

 

Balance Sheet Classification

 

(In thousands)

 

Amortized

Cost

 

 

Unrealized

Gains

 

 

Unrealized

Losses

 

 

Fair

Value

 

 

Current Assets

 

 

Noncurrent Assets

 

Commercial paper and

    corporate bonds

 

$

30,313

 

 

$

19

 

 

$

(19

)

 

$

30,313

 

 

$

30,313

 

 

$

 

Total

 

$

30,313

 

 

$

19

 

 

$

(19

)

 

$

30,313

 

 

$

30,313

 

 

$

 

 

Components of Inventories Inventories consisted of the following components:

 

 

September 30,

 

(In thousands)

 

2021

 

 

2020

 

Raw materials

 

$

4,165

 

 

$

3,758

 

Work-in process

 

 

1,295

 

 

 

817

 

Finished products

 

 

1,300

 

 

 

1,391

 

Total

 

$

6,760

 

 

$

5,966

 

Summary of Prepaids and Other Current Assets

Prepaids and other current assets consisted of the following:

 

 

September 30,

 

(In thousands)

 

2021

 

 

2020

 

Prepaid expenses

 

$

1,712

 

 

$

1,418

 

Irish research and development credits receivable

 

 

1,164

 

 

 

1,177

 

CARES Act employee retention credit receivable

 

 

3,577

 

 

 

 

Other

 

 

 

 

 

775

 

Prepaids and other

 

$

6,453

 

 

$

3,370

 

Schedule of Property, Plant and Equipment

Property and equipment consisted of the following components:

 

 

Useful Life

 

September 30,

 

(Dollars in thousands)

 

(Years)

 

2021

 

 

2020

 

Land

 

N/A

 

$

4,419

 

 

$

4,419

 

Laboratory fixtures and equipment

 

3 to 10

 

 

29,482

 

 

 

28,600

 

Buildings and improvements

 

3 to 20

 

 

26,573

 

 

 

25,638

 

Leasehold improvements

 

5 to 10

 

 

6,499

 

 

 

4,836

 

Office furniture and equipment

 

3 to 10

 

 

8,713

 

 

 

7,334

 

Construction-in-progress

 

 

 

 

2,120

 

 

 

2,238

 

Less: Accumulated depreciation

 

 

 

 

(47,716

)

 

 

(42,962

)

Property and equipment, net

 

 

 

$

30,090

 

 

$

30,103

 

Schedule of Intangible Assets

Intangible assets consisted of the following:

 

 

September 30, 2021

 

(Dollars in thousands)

 

Weighted Average Original Life (Years)

 

 

Gross Carrying Amount

 

 

Accumulated Amortization

 

 

Net

 

Definite-lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer lists and relationships

 

 

8.9

 

 

$

13,216

 

 

$

(8,878

)

 

$

4,338

 

Developed technology

 

 

11.9

 

 

 

36,531

 

 

 

(5,652

)

 

 

30,879

 

Patents and other

 

 

14.1

 

 

 

3,551

 

 

 

(2,294

)

 

 

1,257

 

Total definite-lived intangible assets

 

 

 

 

 

 

53,298

 

 

 

(16,824

)

 

 

36,474

 

Unamortized intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trademarks and trade names

 

 

 

 

 

 

580

 

 

 

 

 

 

580

 

Total intangible assets

 

 

 

 

 

$

53,878

 

 

$

(16,824

)

 

$

37,054

 

 

 

 

September 30, 2020

 

(Dollars in thousands)

 

Weighted Average Original Life (Years)

 

 

Gross Carrying Amount

 

 

Accumulated Amortization

 

 

Net

 

Definite-lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer lists and relationships

 

 

8.9

 

 

$

13,356

 

 

$

(7,594

)

 

$

5,762

 

Developed technology

 

 

11.5

 

 

 

9,685

 

 

 

(4,200

)

 

 

5,485

 

Patents and other

 

 

14.1

 

 

 

3,551

 

 

 

(2,095

)

 

 

1,456

 

Total definite-lived intangible assets

 

 

 

 

 

 

26,592

 

 

 

(13,889

)

 

 

12,703

 

Unamortized intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trademarks and trade names

 

 

 

 

 

 

580

 

 

 

 

 

 

580

 

Total intangible assets

 

 

 

 

 

$

27,172

 

 

$

(13,889

)

 

$

13,283

 

 

Estimated Amortization Expense

Based on the intangible assets in service as of September 30, 2021, estimated amortization expense for future fiscal years is as follows:

(In thousands)

 

 

 

 

2022

 

$

4,668

 

2023

 

 

4,070

 

2024

 

 

3,978

 

2025

 

 

3,940

 

2026

 

 

2,992

 

Thereafter

 

 

16,826

 

Definite-lived intangible assets

 

$

36,474

 

Schedule of Carrying Amount of Goodwill By Reportable Segment

Changes in the carrying amount of goodwill by segment were as follows:

(In thousands)

 

In Vitro Diagnostics

 

 

Medical Device

 

 

Total

 

Goodwill as of September 30, 2019

 

$

8,010

 

 

$

18,161

 

 

$

26,171

 

Foreign currency translation adjustment

 

 

 

 

 

1,014

 

 

 

1,014

 

Goodwill as of September 30, 2020

 

 

8,010

 

 

 

19,175

 

 

 

27,185

 

Acquisition of Vetex Medical Limited

 

 

 

 

 

19,089

 

 

 

19,089

 

Foreign currency translation adjustment

 

 

 

 

 

(668

)

 

 

(668

)

Goodwill as of September 30, 2021

 

$

8,010

 

 

$

37,596

 

 

$

45,606

 

Summary of Other Noncurrent Assets

Other noncurrent assets consisted of the following:

 

 

September 30,

 

(In thousands)

 

2021

 

 

2020

 

Operating lease right-of-use assets

 

$

2,435

 

 

$

2,508

 

Other noncurrent assets

 

 

1,283

 

 

 

1,761

 

Other assets, net

 

$

3,718

 

 

$

4,269

 

Schedule of Accrued Other Liabilities

Accrued other liabilities consisted of the following:

 

 

September 30,

 

(In thousands)

 

2021

 

 

2020

 

Accrued professional fees

 

$

489

 

 

$

239

 

Accrued clinical study expense

 

 

1,667

 

 

 

2,206

 

Accrued purchases

 

 

1,195

 

 

 

647

 

Acquisition of in-process research and development and

    intangible assets

 

 

494

 

 

 

1,148

 

Due to customers

 

 

112

 

 

 

321

 

Construction-in-progress

 

 

23

 

 

 

272

 

Operating lease liability, current portion

 

 

518

 

 

 

436

 

Other

 

 

407

 

 

 

278

 

Total accrued other liabilities

 

$

4,905

 

 

$

5,547

 

Schedule of Other Long-term Liabilities

Other long-term liabilities consisted of the following:

 

 

September 30,

 

(In thousands)

 

2021

 

 

2020

 

Deferred consideration (1)

 

$

5,106

 

 

$

2,216

 

Contingent consideration (2)

 

 

817

 

 

 

 

Unrecognized tax benefits (3)

 

 

2,538

 

 

 

2,464

 

Operating lease liabilities

 

 

3,188

 

 

 

3,340

 

Other long-term liabilities

 

$

11,649

 

 

$

8,020

 

 

(1)

Deferred consideration consists of the present value of guaranteed payments to be made in connection with the fiscal 2021 Vetex acquisition (Note 12) and with in-process R&D technology asset acquisitions in fiscal 2019 and 2018 (Note 11).

 

(2)

Contingent consideration consists of the fair value of contingent consideration liabilities associated with the fiscal 2021 Vetex acquisition (Note 5 and Note 12).

 

(3)

Balance of unrecognized tax benefits (Note 9) includes accrued interest and penalties, if applicable.

Balance Sheet Classification and Amounts of Right-of-Use Assets and Lease Liabilities

Operating lease right-of-use assets and lease liabilities were as follows:

 

 

September 30,

 

(In thousands)

 

2021

 

 

2020

 

Right-of-use assets:

 

 

 

 

 

 

 

 

Other assets

 

$

2,435

 

 

$

2,508

 

 

 

 

 

 

 

 

 

 

Operating lease liabilities:

 

 

 

 

 

 

 

 

Other accrued liabilities

 

$

518

 

 

$

436

 

Other long-term liabilities

 

 

3,188

 

 

 

3,340

 

Total operating lease liabilities

 

$

3,706

 

 

$

3,776

 

Schedule of Operating Lease Maturities

As of September 30, 2021, operating lease maturities were as follows:

(In thousands)

 

 

 

 

2022

 

$

657

 

2023

 

 

671

 

2024

 

 

685

 

2025

 

 

699

 

2026

 

 

604

 

Thereafter

 

 

892

 

Total expected operating lease payments

 

 

4,208

 

Less: Imputed interest

 

 

(502

)

Total operating lease liabilities

 

$

3,706

 

Denominator for Computation of Diluted Weighted Average Shares Outstanding

The following table presents the denominator for the computation of diluted weighted average shares outstanding:

 

 

Fiscal Year

 

(In thousands)

 

2021

 

 

2020

 

 

2019

 

Basic weighted average shares outstanding

 

 

13,765

 

 

 

13,552

 

 

 

13,389

 

Dilutive effect of outstanding stock options, non-vested

    restricted stock, and non-vested restricted stock units

 

 

224

 

 

 

260

 

 

 

390

 

Diluted weighted average shares outstanding

 

 

13,989

 

 

 

13,812

 

 

 

13,779