QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
Large accelerated filer | ☐ | ☒ | ||||
Non-accelerated filer |
☐ | Smaller reporting company | ||||
Emerging growth company |
Class |
Outstanding January 31, 2021 | |
Common Stock, no par value |
Page(s) |
||||||
PART I. |
||||||
Item 1. |
||||||
1 |
||||||
2 |
||||||
3 |
||||||
4-5 |
||||||
6 |
||||||
7-19 |
||||||
Item 2. |
19-28 |
|||||
Item 3. |
28 |
|||||
Item 4. |
28 |
|||||
PART II. |
||||||
Item 1. |
28 |
|||||
Item 1A. |
28 |
|||||
Item 6. |
28 |
|||||
29 |
Three Months Ended |
||||||||
December 31, |
||||||||
2020 |
2019 |
|||||||
NET REVENUES |
$ | $ | ||||||
COST OF SALES |
||||||||
|
|
|
|
|||||
GROSS PROFIT |
||||||||
|
|
|
|
|||||
OPERATING EXPENSES |
||||||||
Research and development |
||||||||
Selling and marketing |
||||||||
General and administrative |
||||||||
Change in fair value of acquisition consideration |
||||||||
Restructuring costs |
— | |||||||
Selected legal costs |
||||||||
|
|
|
|
|||||
Total operating expenses |
||||||||
|
|
|
|
|||||
OPERATING INCOME |
||||||||
OTHER INCOME (EXPENSE) |
||||||||
Interest income |
||||||||
Interest expense |
( |
) | ( |
) | ||||
RADx grant income |
|
|
|
|
|
|
— |
|
Other, net |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Total other expense, net |
( |
) | ( |
) | ||||
|
|
|
|
|||||
EARNINGS BEFORE INCOME TAXES |
||||||||
INCOME TAX PROVISION |
||||||||
|
|
|
|
|||||
NET EARNINGS |
$ | $ | ||||||
|
|
|
|
|||||
BASIC EARNINGS PER COMMON SHARE |
$ | $ | ||||||
DILUTED EARNINGS PER COMMON SHARE |
$ | $ | ||||||
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING—BASIC |
||||||||
EFFECT OF DILUTIVE STOCK OPTIONS AND RESTRICTED SHARE UNITS |
|
|||||||
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING—DILUTED |
||||||||
|
|
|
|
|||||
ANTI-DILUTIVE SECURITIES: |
||||||||
Common share options and restricted share units |
||||||||
|
|
|
|
Three Months Ended December 31, |
||||||||
2020 |
2019 |
|||||||
NET EARNINGS |
$ | |
$ | |
||||
Other comprehensive income (loss): |
||||||||
Foreign currency translation adjustment |
||||||||
Unrealized gain on cash flow hedge |
— | |||||||
Reclassification of amortization of gain on cash flow hedge |
( |
) | ( |
) | ||||
Income taxes related to items of other comprehensive income |
||||||||
|
|
|
|
|||||
Other comprehensive income, net of tax |
||||||||
|
|
|
|
|||||
COMPREHENSIVE INCOME |
$ | |
$ | |
||||
|
|
|
|
Three Months Ended December 31, |
2020 |
2019 |
||||||
CASH FLOWS FROM OPERATING ACTIVITIES |
||||||||
Net earnings |
$ | |
$ | |||||
Non-cash items included in net earnings: |
||||||||
Depreciation of property, plant and equipment |
||||||||
Amortization of intangible assets |
||||||||
Stock-based compensation |
||||||||
Deferred income taxes |
( |
) | ||||||
Change in acquisition consideration |
||||||||
Change in the following: |
||||||||
Accounts receivable |
( |
) | ||||||
Inventories |
( |
) | ( |
) | ||||
Prepaid expenses and other current assets |
||||||||
Accounts payable and accrued expenses |
( |
) | ( |
) | ||||
Income taxes payable |
( |
) | ||||||
Other, net |
( |
) | ||||||
|
|
|
|
|||||
Net cash provided by operating activities |
||||||||
|
|
|
|
|||||
CASH FLOWS FROM INVESTING ACTIVITIES |
||||||||
Purchase of property, plant and equipment |
( |
) | ( |
) | ||||
Payment of acquisition consideration holdback |
( |
) | — | |||||
|
|
|
|
|||||
Net cash used for investing activities |
( |
) | ( |
) | ||||
|
|
|
|
|||||
CASH FLOWS FROM FINANCING ACTIVITIES |
||||||||
Payment on revolving credit facility |
( |
) | — | |||||
|
|
|
|
|||||
Net cash used for financing activities |
( |
) | — | |||||
|
|
|
|
|||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents |
||||||||
|
|
|
|
|||||
Net Increase in Cash and Cash Equivalents |
||||||||
Cash and Cash Equivalents at Beginning of Period |
||||||||
|
|
|
|
|||||
Cash and Cash Equivalents at End of Period |
$ | |
$ | |
||||
|
|
|
|
December 31, 2020 (Unaudited) |
September 30, 2020 |
CURRENT ASSETS |
||||||||
Cash and cash equivalents |
$ | $ | ||||||
Accounts receivable, less allowances of $ |
||||||||
Inventories, net |
||||||||
Prepaid expenses and other current assets |
||||||||
|
|
|
|
|||||
Total current assets |
||||||||
|
|
|
|
|||||
PROPERTY, PLANT AND EQUIPMENT, at Cost |
||||||||
Land |
||||||||
Buildings and improvements |
||||||||
Machinery, equipment and furniture |
||||||||
Construction in progress |
||||||||
|
|
|
|
|||||
Subtotal |
||||||||
Less: accumulated depreciation and amortization |
||||||||
|
|
|
|
|||||
Property, plant and equipment, net |
||||||||
|
|
|
|
|||||
OTHER ASSETS |
||||||||
Goodwill |
||||||||
Other intangible assets, net |
||||||||
Right-of-use assets, net |
||||||||
Deferred income taxes |
||||||||
Other assets |
||||||||
|
|
|
|
|||||
Total other assets |
||||||||
|
|
|
|
|||||
TOTAL ASSETS |
$ | |
$ | |
||||
|
|
|
|
December 31, 2020 (Unaudited) |
September 30, 2020 |
|||||||
CURRENT LIABILITIES |
||||||||
Accounts payable |
$ | $ | ||||||
Accrued employee compensation costs |
||||||||
Current portion of acquisition consideration |
||||||||
Current operating lease obligations |
||||||||
Current government grant obligations |
||||||||
Other accrued expenses |
||||||||
Income taxes payable |
||||||||
|
|
|
|
|||||
Total current liabilities |
||||||||
|
|
|
|
|||||
NON-CURRENT LIABILITIES |
||||||||
Acquisition consideration |
||||||||
Post-employment benefits |
||||||||
Fair value of interest rate swaps |
||||||||
Long-term operating lease obligations |
||||||||
Long-term debt |
||||||||
Government grant obligations |
||||||||
Long-term income taxes payable |
||||||||
Deferred income taxes |
||||||||
Other non-current liabilities |
||||||||
|
|
|
|
|||||
Total non-current liabilities |
||||||||
|
|
|
|
|||||
COMMITMENTS AND CONTINGENCIES |
||||||||
SHAREHOLDERS’ EQUITY |
||||||||
Preferred stock, |
||||||||
Common shares, and shares issued, respectively |
||||||||
Additional paid-in capital |
||||||||
Retained earnings |
||||||||
Accumulated other comprehensive income (loss) |
( |
) | ||||||
|
|
|
|
|||||
Total shareholders’ equity |
||||||||
|
|
|
|
|||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ | |
$ | |
||||
|
|
|
|
Common Shares Issued |
Additional Paid-In Capital |
Retained Earnings |
Accumulated Other Comprehensive Income (Loss) |
Total Shareholders’ Equity |
||||||||||||||||
Balance at September 30, 2020 |
|
$ | |
$ | |
$ | ( |
$ | |
|||||||||||
Conversion of restricted share units and exercise of stock options |
( |
) |
— |
— |
( |
) | ||||||||||||||
Stock compensation expense |
— | — | — | |||||||||||||||||
Net earnings |
— | — | — | |||||||||||||||||
Foreign currency translation adjustment |
— | — | — | |||||||||||||||||
Hedging activity, net of tax |
— | — | — | ( |
( |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance at December 31, 2020 |
$ | |
$ | |
$ | |
$ | |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance at September 30, 2019 |
$ | |
$ | $ | ( |
$ | |
|||||||||||||
Conversion of restricted share units and exercise of stock options |
— | — | — | — | ||||||||||||||||
Stock compensation expense |
— | — | — | |||||||||||||||||
Net earnings |
— | — | — | |||||||||||||||||
Foreign currency translation adjustment |
— | — | — | |||||||||||||||||
Hedging activity, net of tax |
— | — | — | ( |
( |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance at December 31, 2019 |
$ | |
$ | $ | ( |
$ | |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
1. |
Nature of Business |
2. |
Basis of Presentation |
3. |
Significant Accounting Policies |
(b) |
Reclassifications – |
4. |
Revenue Recognition |
Three Months Ended December 31, |
||||||||||||
2020 |
2019 |
Inc (Dec) |
||||||||||
Diagnostics- |
||||||||||||
Americas |
$ | |
$ | |
( |
)% | ||||||
EMEA |
( |
)% | ||||||||||
ROW |
% | |||||||||||
|
|
|
|
|
|
|||||||
Total Diagnostics |
( |
)% | ||||||||||
|
|
|
|
|
|
|||||||
Life Science- |
||||||||||||
Americas |
% | |||||||||||
EMEA |
% | |||||||||||
ROW |
% | |||||||||||
|
|
|
|
|
|
|||||||
Total Life Science |
% | |||||||||||
|
|
|
|
|
|
|||||||
Consolidated |
$ | |
$ | |
% | |||||||
|
|
|
|
|
|
Three Months Ended |
||||||||||||
2020 |
2019 |
Inc |
||||||||||
Diagnostics- |
||||||||||||
Molecular assays |
$ | $ | ( |
)% | ||||||||
Non-molecular assays |
( |
)% | ||||||||||
|
|
|
|
|
|
|||||||
Total Diagnostics |
$ | |
$ | |
( |
)% | ||||||
|
|
|
|
|
|
|||||||
Life Science- |
||||||||||||
Molecular reagents |
$ | |
$ | % | ||||||||
Immunological reagents |
% | |||||||||||
|
|
|
|
|
|
|||||||
Total Life Science |
$ | |
$ | |
% | |||||||
|
|
|
|
|
|
Three Months Ended December 31, |
||||||||||||
2020 |
2019 |
Inc |
||||||||||
Diagnostics- |
||||||||||||
Gastrointestinal assays |
$ | |
$ | |
( |
)% | ||||||
Respiratory illness assays |
( |
)% | ||||||||||
Blood chemistry assays |
( |
)% | ||||||||||
Other |
( |
)% | ||||||||||
|
|
|
|
|
|
|||||||
Total Diagnostics |
$ | |
$ | |
( |
)% | ||||||
|
|
|
|
|
|
5. |
Fair Value Measurements |
Fair Value Measurements Using Inputs Considered as |
||||||||||||||||
Carrying Value |
Level 1 |
Level 2 |
Level 3 |
|||||||||||||
Interest rate swaps - |
||||||||||||||||
As of December 31, 2020 |
$ | ( |
) | $ | $ | ( |
) | $ | ||||||||
As of September 30, 2020 |
$ | ( |
) | $ | $ | ( |
) | $ | ||||||||
Contingent consideration (GeneP OC ) |
||||||||||||||||
As of December 31, 2020 |
$ | ( |
) | $ | $ | $ | ( |
) | ||||||||
As of September 30, 2020 |
$ | ( |
) | $ | $ | $ | ( |
) |
6. |
Business Combinations |
PRELIMINARY |
||||||||||||
April 30, 2020 (as initially reported) |
Measurement Period Adjustments |
April 30, 2020 (as adjusted) |
||||||||||
Fair value of assets acquired - |
||||||||||||
Cash |
$ | $ | — | $ | ||||||||
Accounts receivable |
— | |||||||||||
Inventories |
— | |||||||||||
Other current assets |
||||||||||||
Property, plant and equipment |
||||||||||||
Goodwill |
( |
) | ||||||||||
Other intangible assets (estimated useful life): |
||||||||||||
Non-compete agreement ( |
( |
) | ||||||||||
Trade name ( |
||||||||||||
Technology ( |
||||||||||||
Customer relationships ( |
||||||||||||
Right-of-use |
( |
) | ||||||||||
Deferred tax assets, net |
||||||||||||
|
|
|
|
|
|
|||||||
Fair value of liabilities assumed - |
||||||||||||
Accounts payable and accrued expenses (including current portion of lease and government grant obligations) |
||||||||||||
Long-term lease obligations |
||||||||||||
Long-term government grant obligations |
— | |||||||||||
Other non-current liabilities |
— | |||||||||||
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|||||||
Total consideration paid (including $ |
$ | |
$ | — | $ | |
||||||
|
|
|
|
|
|
Three Months Ended December 31, |
2020 |
2019 |
||||||
Net Revenues |
$ | $ | ||||||
Net Earnings |
$ | $ |
Three Months Ended December 31, |
2020 |
2019 |
||||||
Adjustments to Net Revenues |
||||||||
Exalenz pre-acquisition revenues |
$ |
$ | ||||||
|
|
|
|
|||||
Adjustments to Net Earnings |
||||||||
Exalenz pre-acquisition net losses |
$ |
$ | ( |
) | ||||
Pro forma adjustments: |
||||||||
Remove net impact of non-continuing personnel, locations or activities |
||||||||
Incremental depreciation and amortization |
( |
) | ||||||
Incremental interest costs, net |
( |
) | ||||||
Tax effects of pro forma adjustments and recognizing benefit on resulting Exalenz losses |
||||||||
|
|
|
|
|||||
Total Adjustments to Net Earnings |
$ | $ | ( |
) | ||||
|
|
|
|
7 . |
Cash and C ash |
December 31, 2020 |
September 30, 2020 |
|||||||
Institutional money market funds |
$ | $ | ||||||
Cash on hand, unrestricted |
||||||||
|
|
|
|
|||||
Total |
$ | |
$ | |
||||
|
|
|
|
8 . |
Inventories , Ne t |
December 31, 2020 |
September 30, 2020 |
|||||||
Raw materials |
$ | |
$ | |
||||
Work-in-process |
||||||||
Finished goods - instruments |
||||||||
Finished goods - kits and reagents |
||||||||
|
|
|
|
|||||
Total |
$ | |
$ | |
||||
|
|
|
|
9 . |
Leasing Arrangements |
December 31, 2020 |
||||
2021 (represents remainder of fiscal year) |
$ | |
||
2022 |
||||
2023 |
||||
2024 |
||||
2025 |
||||
Thereafter |
||||
|
|
|||
Total lease payments |
||||
Less amount of lease payments representing interest |
( |
) | ||
|
|
|||
Total present value of lease payments |
$ | |
||
|
|
Three Months Ended December 31, |
2020 |
2019 |
||||||
Cash paid for amounts included in the measurement of lease liabilities: |
||||||||
Operating cash flows from operating leases |
$ | |
$ | |
||||
|
|
|
|
10. |
Goodwill and Other Intangible Assets, Net |
December 31, 2020 |
September 30, 2020 |
|||||||||||||||
Gross Carrying Value |
Accumulated Amortization |
Gross Carrying Value |
Accumulated Amortization |
|||||||||||||
Manufacturing technologies, core products and cell lines |
$ | $ | |
$ | $ | |
||||||||||
Trade names, licenses and patents |
||||||||||||||||
Customer lists, customer relationships and supply agreements |
||||||||||||||||
Government grants |
||||||||||||||||
Non-compete agreements |
||||||||||||||||
Total |
$ | |
$ | |
$ | |
$ | |
||||||||
11 . |
Bank Credit Arrangements |
12. |
Contingent Obligations and Non-Current Liabilities |
13. |
National Institutes of Health Contract |
1 4 . |
Reportable Segment and Major Customers Information |
Three Months Ended December 31, 2020 |
||||||||
Segment Revenue % |
Consolidated Revenue % |
|||||||
Diagnostics |
||||||||
Customer A |
% | % | ||||||
Customer B |
% | % | ||||||
Customer C |
% | % | ||||||
|
|
|
|
|||||
% | % | |||||||
|
|
|
|
|||||
Life Science |
||||||||
Customer D |
% | % | ||||||
Customer E |
% | % | ||||||
Customer F |
% | % | ||||||
|
|
|
|
|||||
% | % | |||||||
|
|
|
|
Three Months Ended December 31, 2019 |
||||||||
Segment Revenue % |
Consolidated Revenue % |
|||||||
Diagnostics |
||||||||
Customer A |
% | % | ||||||
Customer B |
% | % | ||||||
Customer C |
% | % | ||||||
|
|
|
|
|||||
% | % | |||||||
|
|
|
|
|||||
Life Science |
||||||||
Customer D |
% | % | ||||||
Customer E |
% | % | ||||||
|
|
|
|
|||||
% | % | |||||||
|
|
|
|
Diagnostics |
Life Science |
Corporate (1) |
Eliminations (2) |
Total |
||||||||||||||||
Three Months Ended December 31, 2020 |
| |||||||||||||||||||
Net revenues - |
||||||||||||||||||||
Third-party |
$ | $ | $ | — | $ | — | $ | |||||||||||||
Inter-segment |
— | ( |
) | — | ||||||||||||||||
Operating income (loss) |
( |
) | ( |
) | ||||||||||||||||
Goodwill (December 31, 2020) |
— | — | ||||||||||||||||||
Other intangible assets, net (December 31, 2020) |
— | — | ||||||||||||||||||
Total assets (December 31, 2020) |
— | ( |
) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Three Months Ended December 31, 2019 |
||||||||||||||||||||
Net revenues - |
||||||||||||||||||||
Third-party |
$ | $ | $ | — | $ | — | $ | |||||||||||||
Inter-segment |
— | ( |
) | — | ||||||||||||||||
Operating income (loss) |
( |
) | ||||||||||||||||||
Goodwill (September 30, 2020) |
— | — | ||||||||||||||||||
Other intangible assets, net (September 30, 2020) |
— | — | ||||||||||||||||||
Total assets (September 30, 2020) |
— | ( |
) |
(1) |
Includes Selected Legal Costs of $ in the three months ended December 31, 2020 and Restructuring Costs and Selected Legal Costs of $in the three months ended December 31, 2019. |
(2) |
Eliminations consist of inter-segment transactions. |
Three Months Ended December 31, |
2020 |
2019 |
||||||
Operating income (loss) : |
|
|
|
|
|
|
|
|
Diagnostics segment |
|
$ |
( |
) |
|
$ |
|
|
Life Science segment |
|
|
|
|
|
|
|
|
Eliminations |
|
|
|
|
|
|
|
|
Total operating income |
|
|
||||||
Corporate expenses |
( |
) | ( |
) | ||||
Interest income |
||||||||
Interest expense |
( |
) | ( |
) | ||||
RADx initiative grant income |
|
|
|
|
|
|
— |
|
Other, net |
( |
) | ( |
) | ||||
|
|
|||||||
Consolidated earnings before income taxes |
$ |
|
$ | |
||||
|
|
1 5 . |
Income Taxes |
16. |
Litigation Matters |
17. |
Subsequent Event |
(i) | significantly higher revenues in the Life Science segment, due to supplying key molecular components and antibodies to diagnostic test manufacturers for use in COVID-19 related PCR and antibody tests (up $49,966); |
(ii) | higher research and development spending in the Diagnostics segment (up $895) under new product development programs; |
(iii) | increased cash-based incentive compensation (up $600) tied to higher revenues and profit levels; |
(iv) | increased intangible asset amortization, primarily resulting from purchase accounting amortization related to the acquisition of Exalenz in April 2020 (up $499); |
(v) | increased legal expenses related to the DOJ matter at the Billerica, Massachusetts facility (up $947) (see “Lead Testing Matters” below); and |
(vi) | the fiscal 2021 first quarter including $800 in grant income related to the National Institutes of Health RADx initiative (see Note 13 of the accompanying Condensed Consolidated Financial Statements). |
- | By Reportable Segment & Geographic Region |
- | By Product Platform/Type |
Three Months Ended December 31, |
||||||||||||
2020 |
2019 |
Change |
||||||||||
Gross Profit |
$ | 61,548 | $ | 27,651 | 123 | % | ||||||
Gross Profit Margin |
66 | % | 58 | % | 8 points |
Research & Development |
Selling & Marketing |
General & Administrative |
Other |
Total Operating Expenses |
||||||||||||||||
Fiscal 2020 First Quarter: |
||||||||||||||||||||
Diagnostics |
$ | 4,175 | $ | 5,396 | $ | 4,929 | $ | 1,317 | $ | 15,817 | ||||||||||
Life Science |
588 | 1,332 | 2,338 | 95 | 4,353 | |||||||||||||||
Corporate |
— | — | 1,717 | 370 | 2,087 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total 2020 First Quarter Expenses |
$ | 4,763 | $ | 6,728 | $ | 8,984 | $ | 1,782 | $ | 22,257 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Fiscal 2021 First Quarter: |
||||||||||||||||||||
Diagnostics |
$ | 5,070 | $ | 5,728 | $ | 5,748 | $ | 1,047 | $ | 17,593 | ||||||||||
Life Science |
581 | 1,293 | 3,454 | — | 5,328 | |||||||||||||||
Corporate |
— | — | 2,736 | 1,227 | 3,963 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total 2021 First Quarter Expenses |
$ | 5,651 | $ | 7,021 | $ | 11,938 | $ | 2,274 | $ | 26,884 | ||||||||||
|
|
|
|
|
|
|
|
|
|
Research & Development |
Selling & Marketing |
General & Administrative |
Other |
Total Operating Expenses |
||||||||||||||||
2020 First Quarter Expenses |
$ | 4,763 | $ | 6,728 | $ | 8,984 | $ | 1,782 | $ | 22,257 | ||||||||||
% of Revenues |
10 | % | 14 | % | 19 | % | 4 | % | 47 | % | ||||||||||
Fiscal 2021 Increases (Decreases): |
||||||||||||||||||||
Diagnostics |
895 | 332 | 819 | (270 | ) | 1,776 | ||||||||||||||
Life Science |
(7 | ) | (39 | ) | 1,116 | (95 | ) | 975 | ||||||||||||
Corporate |
— | — | 1,019 | 857 | 1,876 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
2021 First Quarter Expenses |
$ | 5,651 | $ | 7,021 | $ | 11,938 | $ | 2,274 | $ | 26,884 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
% of Revenues |
6 | % | 8 | % | 13 | % | 2 | % | 29 | % | ||||||||||
% Increase |
19 | % | 4 | % | 33 | % | 28 | % | 21 | % |
• | Increased Research & Development costs, primarily reflecting the development of the molecular SARS-CoV-2 |
• | Increased Selling & Marketing costs, primarily reflecting increased bonus and commissions paid to sustain the Diagnostics segment sales force during the downturn caused by the COVID-19 pandemic, partially offset by the effects of reduced travel from restrictions imposed during the pandemic and the effect such restrictions have had on general sales and marketing activities; |
• | Increased General & Administrative costs, primarily reflecting additional investment in incentive compensation, along with the addition of expenses related to Exalenz, including purchase accounting amortization; and |
• | Increased Selected Legal Costs, partially offset by a decrease in restructuring costs and a decrease in the effect of changes in the fair value of the contingent consideration obligation for the GenePOC business (reflected within “Other” in the above tables). |
10.1*† | Chief Executive Officer Cash-Based Incentive Compensation Plan for Fiscal Year 2021 | |
10.2*† | Executive Vice President Cash-Based Incentive Compensation Plan for Fiscal Year 2021 |
* | Certain portions of this exhibit have been omitted pursuant to Item 601(b)(2) of Regulation S-K. The omitted information is not material and would likely cause competitive harm to the Registrant if publicly disclosed. The Registrant hereby agrees to furnish a copy of any omitted portion to the SEC upon request. |
† | Management Compensatory Agreement |
MERIDIAN BIOSCIENCE, INC. | ||||||
Date: February 5, 2021 |
By: | /s/ Bryan T. Baldasare | ||||
Bryan T. Baldasare | ||||||
Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) |