Vascular Solutions 10-Q 21 Apr 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015	Apr. 17, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	VASCULAR SOLUTIONS INC
Entity Central Index Key	1030206
Current Fiscal Year End Date	-19
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		17,264,019
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Document Type	10-Q
Amendment Flag	FALSE
Document Period End Date	31-Mar-15

Consolidated_Balance_Sheets_un

Consolidated Balance Sheets (unaudited) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$34,167,000	$36,461,000
Accounts receivable, net of reserves of $355,000 and $300,000 in 2015 and 2014, respectively	18,133,000	17,105,000
Inventories	17,907,000	15,908,000
Prepaid expenses and other	5,148,000	5,231,000
Current portion of deferred tax assets	4,050,000	3,681,000
Total current assets	79,405,000	78,386,000
Property, plant and equipment, net	29,893,000	25,665,000
Goodwill	10,033,000	10,259,000
Intangible assets, net	9,650,000	10,164,000
Deferred tax assets, net of current portion	2,160,000	2,894,000
Total assets	131,141,000	127,368,000
Current liabilities:
Accounts payable	6,253,000	4,806,000
Accrued compensation	5,000,000	4,580,000
Accrued expenses	3,575,000	3,016,000
Accrued royalties	193,000	230,000
Current portion of deferred revenue	341,000	391,000
Total current liabilities	15,362,000	13,023,000
Long-term deferred revenue, net of current portion	150,000	202,000
Long-term deferred tax liabilities	824,000	803,000
Total long-term liabilities	974,000	1,005,000
Shareholders' equity:
Common stock, $0.01 par value: Authorized shares - 40,000,000 Issued and outstanding shares - 17,264,443 - 2015; 17,202,365 - 2014	173,000	172,000
Additional paid-in capital	97,293,000	97,324,000
Accumulated other comprehensive earnings (loss)	-1,437,000	-725,000
Retained earnings	18,776,000	16,569,000
Total shareholders' equity	114,805,000	113,340,000
Total liabilities and shareholders' equity	$131,141,000	$127,368,000

Consolidated_Balance_Sheets_un1

Consolidated Balance Sheets (unaudited) (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Current assets:
Reserves for accounts receivable	$355,000	$300,000
Shareholders' equity:
Common stock, par value (in dollars per share)	$0.01	$0.01
Common stock, authorized shares (in shares)	40,000,000	40,000,000
Common stock, shares issued (in shares)	17,264,443	17,202,365
Common stock, shares outstanding (in shares)	17,264,443	17,202,365

Consolidated_Statements_of_Ear

Consolidated Statements of Earnings (unaudited) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Net revenue:
Product revenue	$34,441,000	$29,845,000
License, royalty and collaboration revenue	170,000	62,000
Total revenue	34,611,000	29,907,000
Product costs and operating expenses:
Cost of goods sold	11,296,000	9,583,000
Collaboration expenses	54,000	11,000
Research and development	4,067,000	3,290,000
Clinical and regulatory	1,481,000	1,300,000
Sales and marketing	8,732,000	7,736,000
General and administrative	4,777,000	2,859,000
Medical device excise taxes	376,000	345,000
Amortization of purchased technology and intangibles	405,000	412,000
Total product costs and operating expenses	31,188,000	25,536,000
Operating earnings	3,423,000	4,371,000
Other earnings	28,000	2,000
Earnings before income taxes	3,451,000	4,373,000
Income tax expense	-1,244,000	-1,574,000
Net earnings	$2,207,000	$2,799,000
Net earnings per share - basic (in dollars per share)	$0.13	$0.17
Net earnings per share - diluted (in dollars per share)	$0.12	$0.16

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Earnings (unaudited) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Consolidated Statements of Comprehensive Earnings (unaudited) [Abstract]
Net earnings	$2,207,000	$2,799,000
Other comprehensive earnings (losses), net of $0 tax: Foreign currency translation adjustments	-712,000	-304,000
Comprehensive earnings	$1,495,000	$2,495,000

Consolidated_Statements_of_Com1

Consolidated Statements of Comprehensive Earnings (unaudited) (Parenthetical) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Consolidated Statements of Comprehensive Earnings (unaudited) [Abstract]
Foreign currency translation adjustments, tax	$0	$0

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (unaudited) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Operating activities
Net earnings	$2,207,000	$2,799,000
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation	1,048,000	772,000
Amortization	405,000	412,000
Stock-based compensation	1,511,000	1,285,000
Deferred taxes, net	638,000	446,000
Tax benefit from stock-based awards	-248,000	-397,000
Gain on disposal of equipment	0	-5,000
Change in accounts receivable allowance	55,000	80,000
Changes in operating assets and liabilities:
Accounts receivable	-1,102,000	-1,443,000
Inventories	-2,089,000	-1,233,000
Prepaid expenses and other	128,000	-629,000
Accounts payable	1,482,000	1,548,000
Accrued expenses and compensation	967,000	404,000
Amortization of deferred license fees and other deferred revenue	-102,000	-77,000
Net cash provided by operating activities	4,900,000	3,962,000
Investing activities
Purchase of property and equipment	-2,661,000	-1,323,000
Purchase of building and land	-2,748,000	0
Proceeds from the sale of equipment	0	9,000
Net cash used in investing activities	-5,409,000	-1,314,000
Financing activities
Repurchase of common shares	-1,951,000	-1,805,000
Tax benefit from stock-based awards	248,000	397,000
Proceeds from the exercise of stock options and sale of stock, net of expenses	162,000	895,000
Net cash used in financing activities	-1,541,000	-513,000
Increase (decrease) in cash and cash equivalents	-2,050,000	2,135,000
Effect of exchange rate changes on cash and cash equivalents	-244,000	-158,000
Cash and cash equivalents at beginning of period	36,461,000	30,785,000
Cash and cash equivalents at end of period	34,167,000	32,762,000
Supplemental disclosure of cash flow
Cash paid for interest	0	3,000
Cash paid for taxes	$256,000	$459,000

Basis_of_Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2015
Basis of Presentation [Abstract]
Basis of Presentation	-1	Basis of Presentation
	The accompanying unaudited consolidated financial statements of Vascular Solutions, Inc. (the Company) have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.  In the opinion of management, all normal, recurring adjustments considered necessary for a fair presentation have been included.  The consolidated financial statements should be read in conjunction with the audited consolidated financial statements contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 filed with the Securities and Exchange Commission.  Interim results of operations are not necessarily indicative of the results to be expected for the full year or any other interim periods.

Net_Earnings_per_Share

Net Earnings per Share	3 Months Ended
	Mar. 31, 2015
Net Earnings per Share [Abstract]
Net Earnings per Share	-2	Net Earnings per Share
	In accordance with Accounting Standards Codification (ASC) 260, Earnings Per Share, basic net earnings per share for the three months ended March 31, 2015 and 2014 is computed by dividing net earnings by the weighted average common shares outstanding during the periods presented.  Diluted net earnings per weighted average common share is computed by dividing net earnings by the weighted average common shares outstanding during the period, increased to include dilutive potential common shares issuable upon the exercise of stock options and restricted stock awards that were outstanding during the period.
	Weighted average common shares outstanding for the three months ended March 31, 2015 and 2014 were as follows:
			Three Months Ended
			March 31,
			2015		2014
			(unaudited)
	Weighted average shares outstanding – basic			16,939,000		16,686,000
	Weighted average shares outstanding – diluted			17,940,000		17,538,000

Revenue_Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2015
Revenue Recognition [Abstract]
Revenue Recognition	-3	Revenue Recognition
	In the United States, the Company sells its products and services directly to hospitals and clinics.  Revenue is recognized in accordance with generally accepted accounting principles as outlined in ASC 605-10-S99, Revenue Recognition, which requires that four basic criteria be met before revenue can be recognized: (i) persuasive evidence of an arrangement exists; (ii) the price is fixed or determinable; (iii) collectability is reasonably assured; and (iv) product delivery has occurred or services have been rendered.  The Company recognizes revenue as products are shipped and title passes to customers based on FOB shipping point terms.  The Company negotiates credit terms on a customer-by-customer basis and products are shipped at an agreed-upon price.  All product returns must be pre-approved and, if approved, customers are subject to a 20% restocking charge.
	In all international markets, the Company sells its products to international distributors which subsequently resell the products to hospitals and clinics.  The Company has agreements with each of its distributors which provide that title and risk of loss pass to the distributor upon shipment of the products to the distributor. The Company warrants that its products are free from manufacturing defects at the time of shipment to the distributor.  Revenue is recognized upon shipment of products to distributors following the receipt and acceptance of a distributor’s purchase order and is reported on a gross basis.  Allowances are provided for estimated returns and costs at the time of shipment.  Sales and use taxes are reported on a net basis, excluding them from revenue.
	The Company’s revenues from license agreements and research collaborations are recognized when earned.  In accordance with ASC 605, for revenues which contain multiple deliverables, the Company separates the deliverables into separate accounting units if they meet the following criteria: (i) the delivered items have a stand-alone value to the customer; (ii) the fair value of any undelivered items can be reliably determined; and (iii) if the arrangement includes a general right of return, delivery of the undelivered items is probable and substantially controlled by the seller.  Deliverables that do not meet these criteria are combined with one or more other deliverables into one accounting unit.  Revenue from each accounting unit is recognized based on the applicable accounting literature, primarily ASC 605.
	The Company currently has a license agreement with King Pharmaceuticals, Inc. (King), now a subsidiary of Pfizer, Inc., under which the Company licensed the exclusive rights of Thrombi-Pad®, Thrombi-Gel® and Thrombi-PasteTM products to King in exchange for a license fee.  The Company is amortizing the license fees on a straight-line basis over the projected 10 year economic life of the products.  The Company determines the economic life of the products under its license agreements by evaluating similar products the Company has launched or other similar products in the medical industry.
	Starting in January 2012, the Company began to generate revenue from selling a reprocessing service for ClosureFAST® radiofrequency catheters.  In accordance with ASC 605-45, the Company recognizes this revenue gross, with the amount paid to the supplier of the reprocessing service reflected as cost of goods sold.
	In addition, the Company has reviewed the provisions of ASC 808, Collaborative Arrangements, and the adoption of this ASC has had no impact on the amounts recorded under these agreements.
	In accordance with ASC 605-45-45, the Company includes shipping and handling revenues in net revenue, and shipping and handling costs in cost of goods sold.
	In May 2014, the Financial Accounting Standards Board (FASB) issued guidance creating ASC 606, “Revenue from Contracts with Customers.”  The new section will replace ASC 605, “Revenue Recognition” and creates modifications to various other revenue accounting standards for specialized transactions and industries.  The new ASC is intended to conform United States revenue accounting principles with concurrently issued International Financial Reporting Standards.  Prior to the guidance, revenue recognition differed between United States practice and those of much of the rest of the world.  The guidance also is intended to enhance disclosures related to disaggregated revenue information.  The updated guidance is effective for annual reporting periods beginning on or after December 15, 2016, and interim periods within those annual periods.  The Company will adopt the new provisions of this accounting standard at the beginning of fiscal year 2017, given that early adoption is not an option.  The Company does not expect adoption will have an impact on the consolidated financial statements.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2015
Inventories [Abstract]
Inventories	-4	Inventories
	Inventories are stated at the lower of cost (weighted average first-in, first-out method) or market.  Appropriate consideration is given to deterioration, obsolescence and other factors in evaluating net realizable value.  Inventories are comprised of the following:
			March 31,		31-Dec-14
			2015
			(unaudited)
	Raw materials		$	8,796,000	$	8,251,000
	Work-in-process			1,828,000		1,139,000
	Finished goods			7,283,000		6,518,000
			$	17,907,000	$	15,908,000

Goodwill_and_Other_Intangible_

Goodwill and Other Intangible Assets	3 Months Ended
	Mar. 31, 2015
Goodwill and Other Intangible Assets [Abstract]
Goodwill and Other Intangible Assets	-5	Goodwill and Other Intangible Assets
	The changes in the carrying amount of goodwill and acquired intangible assets for the three months ended March 31, 2015 are as follows:
			Goodwill			Acquired
						Intangibles
			(unaudited)
	Balance at December 31, 2014		$	10,259,000		$	10,164,000
	Amortization			–			(405,000	)
	Foreign currency translation adjustments			(226,000	)		(109,000	)
	Balance at March 31, 2015		$	10,033,000		$	9,650,000

Credit_Risk_and_Allowance_for_

Credit Risk and Allowance for Doubtful Accounts	3 Months Ended
	Mar. 31, 2015
Credit Risk and Allowance for Doubtful Accounts [Abstract]
Credit Risk and Allowance for Doubtful Accounts	-6	Credit Risk and Allowance for Doubtful Accounts
	The Company maintains allowances for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments.  This allowance is regularly evaluated by the Company for adequacy by taking into consideration factors such as past experience, credit quality of the customer base, age of the receivable balances, both individually and in the aggregate, and current economic conditions that may affect a customer’s ability to pay.  Accounts receivable over 60 days past due are considered past due.  The Company does not accrue interest on past due accounts receivable.  Receivables are written off only after all collection attempts have failed and are based on individual credit evaluation and the specific circumstances of the customer.  At March 31, 2015 and December 31, 2014, the allowance for doubtful accounts was $280,000 and $220,000, respectively.
	All product returns must be pre-approved and, if approved, customers are subject to a 20% restocking charge.  The Company analyzes the rate of historical returns when evaluating the adequacy of the allowance for sales returns, which is included with the allowance for doubtful accounts on its balance sheet.  At March 31, 2015 and December 31, 2014, the sales and return allowance was $75,000 and $80,000, respectively.
	Accounts receivable are shown net of the combined total of the allowance for doubtful accounts and allowance for sales returns of $355,000 and $300,000 at March 31, 2015 and December 31, 2014, respectively.

Concentrations_of_Credit_and_O

Concentrations of Credit and Other Risks	3 Months Ended
	Mar. 31, 2015
Concentrations of Credit and Other Risks [Abstract]
Concentrations of Credit and Other Risks	(7)	Concentrations of Credit and Other Risks
	In the United States, the Company sells its products directly to hospitals and clinics.  In all international markets, the Company sells its products to distributors who, in turn, sell to hospitals and clinics.  Loss or termination of distributors, or their inability to effectively promote the Company’s products, could have a material adverse effect on the Company’s financial condition and results of operations.
	With respect to accounts receivable, the Company performs credit evaluations of its customers and does not require collateral.  No single customer represented greater than 10% of gross accounts receivable as of either March 31, 2015 or December 31, 2014.  There have been no material losses on customer receivables.
	Revenue by geographic destination as a percentage of total net revenue for the three month periods ended March 31, 2015 and 2014 was 78% and 84% in the United States and 22% and 16% in international markets, respectively.  Revenues are attributable to countries based on location of the customer.  No single customer represented greater than 10% of the total net revenue for the three months ended March 31, 2015 or 2014.

Dependence_on_Key_Suppliers

Dependence on Key Suppliers	3 Months Ended
	Mar. 31, 2015
Dependence on Key Suppliers [Abstract]
Dependence on Key Suppliers	-8	Dependence on Key Suppliers
	The Company purchases certain key components from single-source suppliers.  Any significant component delay or interruption could require the Company to qualify new sources of supply, if available, and could have a material adverse effect on the Company’s financial condition and results of operations.
	King Pharmaceuticals
	The Company purchases its requirements for thrombin (a component in the Hemostat products) under a Thrombin-JMI Supply Agreement entered into with King on January 9, 2007.  Under the terms of the Thrombin-JMI Supply Agreement, King agrees to manufacture and supply thrombin to the Company on a non-exclusive basis.  The Thrombin-JMI Supply Agreement does not contain any minimum purchase requirements.  King agrees to supply the Company with such quantity of thrombin as the Company may order at a fixed price throughout the term of the Thrombin-JMI Supply Agreement as adjusted for inflation, variations in potency and other factors.  The Thrombin-JMI Supply Agreement has an initial term of 10 years, followed by successive automatic one-year extensions, subject to termination by the parties under certain circumstances, including: (i) termination by King without cause any time after the fifth anniversary of the date of the Thrombin-JMI Supply Agreement upon five years prior written notice to the Company, and (ii) termination by the Company without cause any time after the fifth anniversary of the date of the Thrombin-JMI Supply Agreement upon five years prior written notice to King provided that the Device Supply Agreement, which the Company also entered into with King on January 9, 2007, has expired on its terms or the parties have agreed to terminate it.

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2015
Commitments and Contingencies [Abstract]
Commitments and Contingencies	-9	Commitments and Contingencies
	Governmental Proceedings
	On June 28, 2011, the Company received a subpoena from the U.S. Attorney’s Office for the Western District of Texas under the Health Insurance Portability & Accountability Act of 1996 (HIPAA) requesting the production of documents related to Vari-Lase products, and in particular the use of the Vari-Lase Short Kit for the treatment of perforator veins.  Subsequently, the Company learned that the U.S. Attorney’s Office also had commenced a criminal investigation of the same matter.  The Vari-Lase Short Kit was sold under a 510(k) clearance for the treatment of incompetence and reflux of superficial veins in the lower extremity from 2007 until it was voluntarily withdrawn from the market in July 2014 with total U.S. sales of approximately $534,000 (0.1% of the Company’s total U.S. sales for such period) and has not been the subject of any reported serious adverse clinical event.  On August 14, 2012, the United States District Court for the Western District of Texas unsealed a qui tam complaint that had been filed on November 19, 2010 by Desalle Bui, a former sales employee of the Company, which was the basis for the U.S. Attorney’s civil investigation, to which the federal government, after three extensions of time, elected to intervene.  The complaint contained allegations of off-label promotion of Vari-Lase products for the treatment of perforator veins, re-use of single-use Vari-Lase products and kickbacks to physicians, resulting in alleged damages to the government of approximately $20 million.  An amended complaint limited to allegations of off-label promotion of the Vari-Lase Short Kit resulting in an unspecified amount of damages and penalties was filed by the U.S. Attorney’s Office in December 2012.  On January 22, 2014, the Company agreed with the U.S. Attorney’s Office to settle the civil lawsuit, and the settlement agreement was executed on July 28, 2014.  Under the terms of the settlement agreement, the Company made a payment of $520,000, the Company made no admission of fault or liability, and the U.S. Attorney’s Office dismissed the civil lawsuit with prejudice and released all civil claims brought against the Company in the civil lawsuit.  Settlement of the civil lawsuit had no effect upon the criminal investigation.
	On November 13, 2014, a criminal indictment was issued in the United States District Court for the Western District of Texas related to the Vari-Lase Short Kit investigation.  The indictment alleges that the Company and its Chief Executive Officer introduced adulterated and misbranded medical devices into interstate commerce and conspired to introduce adulterated and misbranded medical devices into interstate commerce through the alleged off-label promotion of the Vari-Lase Short Kit.  The Company believes the allegations are false and intends to contest them vigorously.  Defending the Company against the indictment will entail costs that are expected to be material and will require significant attention from the Company’s management.  If the Company were to be convicted of the crimes alleged in the indictment, remedies could include fines, penalties, forfeitures and compliance conditions.  Given the early stage of this proceeding, the Company cannot estimate the amount or range of loss if the Company were to be convicted; however, it would likely be material.  If the Company were to be convicted of a crime related to the delivery of an item or service under Title XVIII of the Social Security Act, or a felony related to health care fraud, it would become automatically excluded by the Department of Health and Human Services (“HHS”) from participation in U.S. government health care programs, including Medicare and Medicaid.  If the Company were to be convicted of a misdemeanor related to health care fraud, it could be excluded by HHS from participation in U.S. government health care programs, including Medicare and Medicaid.  Exclusion from participation in U.S. government health care programs would substantially adversely affect the Company’s ability to continue to conduct its business.  Conviction of the Company’s chief executive officer of a crime under statutes related to misbranding and health care fraud could require the termination of his employment with the Company.
	From time to time, the Company is involved in additional legal proceedings arising in the normal course of business.  As of the date of this report, the Company is not a party to any legal proceeding not described in this section in which an adverse outcome would reasonably be expected to have a material adverse effect on the Company’s results of operations or financial condition.

Income_Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2015
Income Taxes [Abstract]
Income Taxes	-10	Income Taxes
	The Company is subject to income tax in numerous jurisdictions and at various rates and the use of estimates is required in determining the provision for income taxes.  For the three month periods ended March 31, 2015 and 2014, the Company recorded a provision for taxes of $1,244,000 and $1,574,000 on earnings before tax of $3,451,000 and $4,373,000 resulting in an effective income tax rate of 36% for both periods.  The effective tax rate of 36% for the three months ended March 31, 2015 and 2014 consists of a graduated federal rate slightly higher than 34% and state taxes.
	The Company regularly assesses the likelihood that the deferred tax assets will be recovered from future taxable earnings.  The Company considers projected future taxable earnings and ongoing tax planning strategies, and then records a valuation allowance to reduce the carrying value of the net deferred taxes to an amount that is more likely than not to be realized.  If the Company’s actual results and updated projections vary significantly from the projections used as a basis for determining its valuation allowance, the Company may need to increase or decrease the valuation allowance against the gross deferred tax assets.  The Company will adjust earnings for the deferred tax in the period in which any such determination is made.
	The Company applies ASC 740, Income Taxes, which clarifies the accounting for uncertainty in tax positions recognized in the financial statements. These provisions create a single model to address uncertainty in tax positions and clarify the accounting for income taxes by prescribing the minimum recognition threshold a tax position is required to meet before being recognized in the financial statements.  ASC 740 also provides guidance on derecognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition.  The Company had an unrecognized tax asset of $1,262,000 as of both March 31, 2015 and December 31, 2014.  The impact of tax related interest and penalties is recorded as a component of income tax expense.  As of March 31, 2015, the Company has recorded $-0- for the payment of tax related interest and there were no tax penalties or interest recognized in the statements of earnings.
	The Company is subject to income tax examinations in the U.S. Federal jurisdiction, as well as in the Republic of Ireland and various state jurisdictions.  At March 31, 2015, the Company’s 2013 U.S. Federal 1120 tax filing was under exam by the U.S. Internal Revenue Service.  To date no finding or adjustments have been proposed to the Company.  At March 31, 2015, tax years 2011 through 2014 remain open to examination.

Products_and_Services

Products and Services	3 Months Ended
	Mar. 31, 2015
Products and Services [Abstract]
Products and Services	-11	Products and Services
	Historically, the Company has described its business in terms of three product categories as follows:
		·	Catheter products consist principally of catheters used in minimally invasive medical procedures for the diagnosis or treatment of vascular conditions, such as the GuideLiner® catheter used to access discrete regions of the coronary anatomy and the Pronto® extraction catheters used in treating acute myocardial infarction.  This category also includes products used in connection with gaining percutaneous access to the vasculature to perform minimally invasive procedures, such as micro-introducer kits.
		·	Hemostat products consist principally of blood clotting products, such as the D-Stat® Dry hemostat, a topical thrombin-based pad with a bandage used to control surface bleeding, and the D-Stat Flowable, a thick yet flowable thrombin-based mixture for preventing bleeding in subcutaneous pockets.  This category also includes products used in radial artery access catheterizations, such as the Accumed™ wrist positioning splints and Vasc™ Band inflatable compression bands.
		·	Vein products and services consist principally of the Vari-Lase® endovenous laser products consisting of laser consoles and procedure kits used for the treatment of varicose veins, and a reprocessing service for a competitor’s radiofrequency vein ablation catheter.
	The following tables set forth, for the periods indicated, net revenue by product category along with the percent change from the previous period:
			Three Months Ended March 31,
			2015							2014
			Net			Percent				Net			Percent
			Revenue			Change				Revenue			Change
	Catheter products		$	23,857,000			24	%		$	19,164,000			15	%
	Hemostat products			6,177,000			3	%			5,997,000			4	%
	Vein products and services			4,407,000			(6	%)			4,684,000			31	%
	Total product revenue			34,441,000			15	%			29,845,000			15	%
	License			170,000			173	%			62,000			(29	%)
	Total revenue		$	34,611,000			16	%		$	29,907,000			15	%
	Due to the growth in the number of the company’s  product offerings and in order to present a more detailed product-specific revenue analysis, beginning in the first quarter of 2015 the Company commenced reporting net revenue for each of its top product lines in each of its primary markets.  Beginning in the second quarter of 2015, the Company will no longer report its revenue according to the three product categories outlined above.  The following tables set forth, for the periods indicated, net revenue by product line along with the percent change from the previous period for each of the Company’s top seven products by net revenue:
				Three months ended March 31,
				2015							2014
	Product Line	Primary Market		Net Revenue			Percent				Net Revenue
							Change
	GuideLiner catheters	Interventional cardiology		$	10,340,000			54	%		$	6,703,000
	Pronto catheters	Interventional cardiology			4,382,000			(6	%)			4,676,000
	Hemostatic patches	Interventional cardiology			3,022,000			(4	%)			3,164,000
	Micro-introducer kits	Interventional radiology			2,854,000			22	%			2,333,000
	Vein catheter reprocessing	Phlebology			2,712,000			1	%			2,680,000
	Radial access products	Interventional cardiology			1,638,000			23	%			1,333,000
	D-Stat Flowable hemostat	Electrophysiology			1,371,000			1	%			1,352,000
	The Company sells its products into four primary clinical markets:  interventional cardiology, interventional radiology, electrophysiology, and phlebology (vein treatment).   The Company estimates the percentage of its revenue that is generated in each market by estimating the percentage of sales of each product that is made to customers for use in that market.  During the first quarter of 2015, the Company estimates that 73% of its product sales by revenue were generated from the interventional cardiology market, 13% from the phlebology market, 10% from the interventional radiology market and 4% from the electrophysiology market.

Net_Earnings_per_Share_Tables

Net Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2015
Net Earnings per Share [Abstract]
Weighted average common shares outstanding	Weighted average common shares outstanding for the three months ended March 31, 2015 and 2014 were as follows:
		Three Months Ended
		March 31,
		2015		2014
		(unaudited)
	Weighted average shares outstanding – basic		16,939,000		16,686,000
	Weighted average shares outstanding – diluted		17,940,000		17,538,000

Inventories_Tables

Inventories (Tables)	3 Months Ended
	Mar. 31, 2015
Inventories [Abstract]
Inventories	Inventories are comprised of the following:
		March 31,		31-Dec-14
		2015
		(unaudited)
	Raw materials	$	8,796,000	$	8,251,000
	Work-in-process		1,828,000		1,139,000
	Finished goods		7,283,000		6,518,000
		$	17,907,000	$	15,908,000

Goodwill_and_Other_Intangible_1

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2015
Goodwill and Other Intangible Assets [Abstract]
Goodwill and acquired intangible assets	The changes in the carrying amount of goodwill and acquired intangible assets for the three months ended March 31, 2015 are as follows:
		Goodwill			Acquired
					Intangibles
		(unaudited)
	Balance at December 31, 2014	$	10,259,000		$	10,164,000
	Amortization		–			(405,000	)
	Foreign currency translation adjustments		(226,000	)		(109,000	)
	Balance at March 31, 2015	$	10,033,000		$	9,650,000

Products_and_Services_Tables

Products and Services (Tables)	3 Months Ended
	Mar. 31, 2015
Products and Services [Abstract]
Revenue by product category	The following tables set forth, for the periods indicated, net revenue by product category along with the percent change from the previous period:
			Three Months Ended March 31,
			2015							2014
			Net			Percent				Net			Percent
			Revenue			Change				Revenue			Change
	Catheter products		$	23,857,000			24	%		$	19,164,000			15	%
	Hemostat products			6,177,000			3	%			5,997,000			4	%
	Vein products and services			4,407,000			(6	%)			4,684,000			31	%
	Total product revenue			34,441,000			15	%			29,845,000			15	%
	License			170,000			173	%			62,000			(29	%)
	Total revenue		$	34,611,000			16	%		$	29,907,000			15	%
	The following tables set forth, for the periods indicated, net revenue by product line along with the percent change from the previous period for each of the Company’s top seven products by net revenue:
				Three months ended March 31,
				2015							2014
	Product Line	Primary Market		Net Revenue			Percent				Net Revenue
							Change
	GuideLiner catheters	Interventional cardiology		$	10,340,000			54	%		$	6,703,000
	Pronto catheters	Interventional cardiology			4,382,000			(6	%)			4,676,000
	Hemostatic patches	Interventional cardiology			3,022,000			(4	%)			3,164,000
	Micro-introducer kits	Interventional radiology			2,854,000			22	%			2,333,000
	Vein catheter reprocessing	Phlebology			2,712,000			1	%			2,680,000
	Radial access products	Interventional cardiology			1,638,000			23	%			1,333,000
	D-Stat Flowable hemostat	Electrophysiology			1,371,000			1	%			1,352,000

Net_Earnings_per_Share_Details

Net Earnings per Share (Details)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Net Earnings per Share [Abstract]
Weighted average shares outstanding - basic (in shares)	16,939,000	16,686,000
Weighted average shares outstanding - diluted (in shares)	17,940,000	17,538,000

Revenue_Recognition_Details

Revenue Recognition (Details)	3 Months Ended
	Mar. 31, 2015
Revenue Recognition [Abstract]
Restocking charge (in hundredths)	20.00%
Thrombi Pad [Member]
Revenue Recognition, Amortization of License Fee [Line Items]
Years to amortize license fees	10 years
Thrombi Gel [Member]
Revenue Recognition, Amortization of License Fee [Line Items]
Years to amortize license fees	10 years
Thrombi Paste [Member]
Revenue Recognition, Amortization of License Fee [Line Items]
Years to amortize license fees	10 years

Inventories_Details

Inventories (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Inventories [Abstract]
Raw materials	$8,796,000	$8,251,000
Work-in-process	1,828,000	1,139,000
Finished goods	7,283,000	6,518,000
Inventory, Total	$17,907,000	$15,908,000

Goodwill_and_Other_Intangible_2

Goodwill and Other Intangible Assets (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Goodwill [Abstract]
Beginning balance	$10,259,000
Foreign currency translation adjustments	-226,000
Ending balance	10,033,000
Acquired Intangibles [Abstract]
Beginning balance	10,164,000
Amortization	-405,000	-412,000
Foreign currency translation adjustments	-109,000
Ending balance	$9,650,000

Credit_Risk_and_Allowance_for_1

Credit Risk and Allowance for Doubtful Accounts (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Valuation and Qualifying Accounts Disclosure [Line Items]
Number of days before considered past due	60 days
Restocking charge (in hundredths)	20.00%
Reserves for accounts receivable, net	$355,000	$300,000
Allowance for Doubtful Accounts [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Reserves for accounts receivable, net	280,000	220,000
Sales Return Allowances [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Reserves for accounts receivable, net	$75,000	$80,000

Concentrations_of_Credit_and_O1

Concentrations of Credit and Other Risks (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2013
Concentration Risk [Line Items]
Threshold for reporting customers revenues by customer (in hundredths)	10.00%	10.00%
Threshold for reporting customers gross receivables by customer (in hundredths)	10.00%		10.00%
United States [Member]
Concentration Risk [Line Items]
Concentration risk, percentage (in hundredths)	78.00%	84.00%
International Markets [Member]
Concentration Risk [Line Items]
Concentration risk, percentage (in hundredths)	22.00%	16.00%

Dependence_on_Key_Suppliers_De

Dependence on Key Suppliers (Details)	3 Months Ended
	Mar. 31, 2015
Kings Pharmaceuticals [Abstract]
Initial agreement period	10 years
Contract extension period	1 year
Period of written notice to supplier	5 years

Commitments_and_Contingencies_

Commitments and Contingencies (Details) (USD $)	3 Months Ended		0 Months Ended	91 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Jul. 28, 2014	Jul. 31, 2014
Governmental Proceedings [Abstract]
Product revenue	$34,441,000	$29,845,000
Governmental Proceedings [Member]
Governmental Proceedings [Abstract]
Product revenue				534,000
Percentage of sales revenue (in hundredths)				0.10%
Alleged damages from product defects to government				20,000,000
Payment on settlement of litigation			$520,000

Income_Taxes_Details

Income Taxes (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Income Taxes [Abstract]
Income tax expense (benefit)	$1,244,000	$1,574,000
Earnings before income tax	3,451,000	4,373,000
Effective income tax rate (in hundredths)	36.00%	36.00%
Federal statutory income tax rate (in hundredths)	34.00%	34.00%
Unrecognized income tax asset	1,262,000		1,262,000
Tax related interest expense	0
Tax related penalties expense	$0

Products_and_Services_Details

Products and Services (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
	Product
	Category
Product Information [Line Items]
Number of product categories	3
Number of products	7
Total revenue	$34,611,000	$29,907,000
Total revenue percentage change (in hundredths)	16.00%	15.00%
Sales Revenue, Net [Member] | Interventional cardiology [Member]
Product Information [Line Items]
Percentage of sales revenue (in hundredths)	73.00%
Sales Revenue, Net [Member] | Phlebology [Member]
Product Information [Line Items]
Percentage of sales revenue (in hundredths)	13.00%
Sales Revenue, Net [Member] | Interventional radiology [Member]
Product Information [Line Items]
Percentage of sales revenue (in hundredths)	10.00%
Sales Revenue, Net [Member] | Electrophysiology [Member]
Product Information [Line Items]
Percentage of sales revenue (in hundredths)	4.00%
GuideLiner catheter [Member]
Product Information [Line Items]
Class of primary market	Interventional cardiology
Total revenue	10,340,000	6,703,000
Total revenue percentage change (in hundredths)	54.00%
Pronto catheter [Member]
Product Information [Line Items]
Class of primary market	Interventional cardiology
Total revenue	4,382,000	4,676,000
Total revenue percentage change (in hundredths)	-6.00%
Hemostatic patches [Member]
Product Information [Line Items]
Class of primary market	Interventional cardiology
Total revenue	3,022,000	3,164,000
Total revenue percentage change (in hundredths)	-4.00%
Micro-introducer kits [Member]
Product Information [Line Items]
Class of primary market	Interventional radiology
Total revenue	2,854,000	2,333,000
Total revenue percentage change (in hundredths)	22.00%
Vein catheter reprocessing [Member]
Product Information [Line Items]
Class of primary market	Phlebology
Total revenue	2,712,000	2,680,000
Total revenue percentage change (in hundredths)	1.00%
Radial access [Member]
Product Information [Line Items]
Class of primary market	Interventional cardiology
Total revenue	1,638,000	1,333,000
Total revenue percentage change (in hundredths)	23.00%
D-Stat Flowable hemostat [Member]
Product Information [Line Items]
Class of primary market	Electrophysiology
Total revenue	1,371,000	1,352,000
Total revenue percentage change (in hundredths)	1.00%
Catheter Products [Member]
Product Information [Line Items]
Total revenue	23,857,000	19,164,000
Total revenue percentage change (in hundredths)	24.00%	15.00%
Hemostat Products [Member]
Product Information [Line Items]
Total revenue	6,177,000	5,997,000
Total revenue percentage change (in hundredths)	3.00%	4.00%
Vein Products and Services [Member]
Product Information [Line Items]
Total revenue	4,407,000	4,684,000
Total revenue percentage change (in hundredths)	-6.00%	31.00%
Total Product Revenue [Member]
Product Information [Line Items]
Total revenue	34,441,000	29,845,000
Total revenue percentage change (in hundredths)	15.00%	15.00%
License, Royalty and Collaboration [Member]
Product Information [Line Items]
Total revenue	$170,000	$62,000
Total revenue percentage change (in hundredths)	173.00%	-29.00%