Quarterly report pursuant to Section 13 or 15(d)

Significant Accounting Policies (Policies)

v3.4.0.3
Significant Accounting Policies (Policies)
 9 Months Ended
Mar. 31, 2016
Accounting Policies [Abstract]  
Marketable Securities, Available-for-sale Securities, Policy [Policy Text Block]
Available-For-Sale Investments:
 
The Company's available-for-sale securities are carried at fair value using Level 1 and Level 2 inputs. The fair value of the Company's available-for-sale investments at March 31, 2016 and June 30, 2015 were $18.9 million and $56.4 million, respectively. The cost basis of the Company's available-for-sale investments at March 31, 2016 and June 30, 2015 were $29.5 million and $33.6 million, respectively.
Inventory, Policy [Policy Text Block]
Inventories:
 
Inventories consist of (in thousands):
 
 
 
March 31,
 
 
June 30,
 
 
 
2016
 
 
2015
 
                 
Raw materials
   $ 22,621     $ 15,892  
Finished goods
     34,445       33,685  
Inventories, net
   $ 57,066     $ 49,577  
 
At March 31, 2016, the Company had $57.1 million of inventory compared to $50.0 million as of June 30, 2015. The increase is primarily driven by the acquisition of Cliniqa Corporation in July 2015. At both March 31, 2016 and June 30, 2015, the Company had approximately $24 million of excess protein, antibody and chemically-based inventory on hand which was not valued.
Property, Plant and Equipment, Policy [Policy Text Block]
Property and Equipment:
 
Property and equipment consist of (in thousands):
 
 
 
March 31,
 
 
June 30,
 
 
 
2016
 
 
2015
 
                 
Land
   $ 6,270     $ 7,370  
Buildings and improvements
     164,738       156,965  
Machinery and equipment
     78.536       74,385  
Property and equipment, cost
     249,544       238,720  
Accumulated depreciation and amortization
     (115,878
)
     (108,971
)
Property and equipment, net
   $ 133,666     $ 129,749  
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block]
Intangible Assets:
 
Intangible assets consist of (in thousands):         
                          
 
 
March 31,
 
 
June 30,
 
 
 
2016
 
 
2015
 
                 
Developed technology
   $ 125,340     $ 108,887  
Trade names
     63,901       63,867  
Customer relationships
     191,993       167,494  
Non-compete agreements
     3,278       3,298  
In process research and development     2,500       0  
Intangible assets
     387,012       343,546  
Accumulated amortization
     (71,702
)
     (50,707
)
Intangible assets, net
   $ 315,310     $ 292,839  
 
Changes to the carrying amount of net intangible assets for the nine months ended March 31, 2016 consist of (in thousands):
 
Beginning balance
   $ 292,839  
Acquisitions
     48,825  
Amortization expense
     (22,443
)
Currency translation
     (3,911
)
Ending balance
   $ 315,310  
 
The estimated future amortization expense for intangible assets as of March 31, 2016 is as follows (in thousands):
 
Period Ending June 30:
 
 
 
 
2016
   $ 7,546  
2017
     27,801  
2018
     27,801  
2019
     27,291  
2020
     26,664  
2021
     26,664  
Thereafter
     171,543  
Total
   $ 315,310  
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block]
G
oodwill:
 
Changes to the carrying amount of goodwill for the nine months ended March 31, 2016 consist of (in thousands):
 
Beginning balance
   $ 390,638  
Acquisitions
     51,635  
Currency translation
     (7,539
)
Ending balance
   $ 434,734  
Business Combinations Policy [Policy Text Block]
Contingent Consideration Payable
 
The Company made an initial payment of approximately $62.0 million to the stockholders of CyVek on November 3, 2014. Such purchase price was adjusted after closing based on the final levels of cash, indebtedness and transaction expenses of CyVek as of the closing. The Company will also pay CyVek’s previous stockholders up to $35.0 million based on the cumulative revenue generated by CyVek’s products before May 3, 2017 (30 months from the closing of the Merger). The Company will also pay CyVek’s previous stockholders 50% of the amount, if any, by which the revenue from CyVek’s products and related products exceeds $100 million in calendar year 2020. The Company has recorded the present value of these contingent payments as a long-term liability of $35.0 million at March 31, 2016.
 
The Company made an initial payment of approximately $8.0 million to the stockholders of Zephyrus on March 14, 2016. Such purchase price was adjusted after closing based on the final levels of cash and transaction expenses of Zephyrus as of the closing. The Company will also pay Zephyrus’ previous stockholders $3.5 million if and when $3.0 million of cumulative revenue is generated by the sale of Zephyrus products before September 14, 2020 (4 years and 6 months from the closing of the Merger). The Company will also pay Zephyrus’ previous stockholders another $3.5 million if and when 10 Zephyrus instruments are sold prior to March 14, 2019 (3 years from the closing of the Merger) resulting in a total potential payout of $7.0 million. The Company has performed a preliminary estimate and recorded the present value of these contingent payments as a long-term liability of $3.5 million, at March 31, 2016.