Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 27, 2014 | |
Entity [Abstract] | ' | ' |
Entity Registrant Name | 'Luminex Corp | ' |
Entity Central Index Key | '0001033905 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 42,833,191 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-14 | ' |
Amendment Flag | 'false | ' |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $89,123 | $67,924 |
Short-term investments | 0 | 4,517 |
Accounts receivable, net | 27,354 | 30,948 |
Inventories, net | 33,129 | 30,487 |
Deferred income taxes | 8,169 | 7,265 |
Prepaids and other | 5,293 | 5,229 |
Total current assets | 163,068 | 146,370 |
Property and equipment, net | 37,096 | 32,793 |
Intangible assets, net | 57,346 | 60,295 |
Deferred income taxes | 11,913 | 11,913 |
Long-term investments | 7,975 | 0 |
Goodwill | 49,619 | 50,738 |
Other | 3,495 | 3,937 |
Total assets | 330,512 | 306,046 |
Current liabilities: | ' | ' |
Accounts payable | 10,138 | 10,698 |
Accrued liabilities | 13,066 | 11,624 |
Deferred revenue | 5,079 | 4,980 |
Current portion of long-term debt | 0 | 1,194 |
Total current liabilities | 28,283 | 28,496 |
Long-term debt | 0 | 463 |
Deferred revenue | 2,436 | 2,482 |
Other | 4,924 | 4,985 |
Total liabilities | 35,643 | 36,426 |
Stockholders' equity: | ' | ' |
Common stock, $.001 par value, 200,000,000 shares authorized; issued and outstanding: 41,717,679 shares at September 30, 2014; 41,133,653 shares at December 31, 2013 | 42 | 41 |
Preferred stock, $.001 par value, 5,000,000 shares authorized; no shares issued and outstanding | 0 | 0 |
Additional paid-in capital | 306,766 | 296,931 |
Accumulated other comprehensive (loss) income | -409 | 419 |
Accumulated deficit | -11,530 | -27,771 |
Total stockholders' equity | 294,869 | 269,620 |
Total liabilities and stockholders' equity | $330,512 | $306,046 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS Parenthetical (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Stockholders' equity: | ' | ' |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, issued (in shares) | 41,717,679 | 41,133,653 |
Common stock, outstanding (in shares) | 41,717,679 | 41,133,653 |
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Revenue | $56,684 | $50,780 | $168,877 | $158,267 |
Cost of revenue | 17,674 | 19,999 | 51,766 | 51,472 |
Gross profit | 39,010 | 30,781 | 117,111 | 106,795 |
Operating expenses: | ' | ' | ' | ' |
Research and development | 10,327 | 10,346 | 32,719 | 34,852 |
Selling, general and administrative | 21,423 | 21,466 | 61,838 | 67,429 |
Amortization of acquired intangible assets | 964 | 1,021 | 2,949 | 3,077 |
Restructuring costs | 1,300 | 2,142 | 1,653 | 2,142 |
Total operating expenses | 34,014 | 34,975 | 99,159 | 107,500 |
Income (loss) from operations | 4,996 | -4,194 | 17,952 | -705 |
Interest expense from long-term debt | 0 | -16 | -6 | -67 |
Other income, net | -15 | 6,638 | -35 | 6,730 |
Income before income taxes | 4,981 | 2,428 | 17,911 | 5,958 |
Income tax benefit (expense) | 569 | -1,632 | -1,670 | -3,978 |
Net income | 5,550 | 796 | 16,241 | 1,980 |
Other comprehensive (loss) income: | ' | ' | ' | ' |
Foreign currency translation adjustments | -410 | 106 | -814 | -515 |
Unrealized (loss) gain on available-for-sale securities, net of tax | -15 | 1 | -14 | -1 |
Other comprehensive (loss) income | -425 | 107 | -828 | -516 |
Comprehensive income | $5,125 | $903 | $15,413 | $1,464 |
Net income per share, basic | $0.13 | $0.02 | $0.39 | $0.05 |
Shares used in computing net income per share, basic | 41,714 | 40,752 | 41,496 | 40,712 |
Net income per share, diluted | $0.13 | $0.02 | $0.39 | $0.05 |
Shares used in computing net income per share, diluted | 42,381 | 41,919 | 42,127 | 41,771 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Document Fiscal Year Focus | ' | ' | '2014 | ' |
Net income | $5,550 | $796 | $16,241 | $1,980 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' | ' |
Depreciation and amortization | 3,400 | 3,994 | 10,935 | 11,747 |
Stock-based compensation | 2,622 | 1,889 | 7,052 | 6,733 |
Deferred income tax (benefit) expense | -3,568 | 1,989 | -1,048 | 3,415 |
Excess income tax (benefit) expense from employee stock-based awards | -1,315 | -15 | -1,315 | 274 |
Loss (gain) on disposal of assets | 48 | -5,388 | 231 | -5,305 |
Non-cash restructuring charges | 1,192 | 3,695 | 2,388 | 3,695 |
Other | -28 | -34 | -360 | -1,115 |
Changes in operating assets and liabilities: | ' | ' | ' | ' |
Accounts receivable, net | 203 | 1,384 | 3,742 | 3,076 |
Inventories, net | -1,943 | 1,769 | -3,465 | -1,914 |
Other assets | -829 | -415 | -792 | -2,058 |
Accounts payable | 1,227 | 2,215 | -878 | -718 |
Accrued liabilities | 4,922 | -1,184 | 407 | -2,727 |
Deferred revenue | 46 | 439 | 53 | 409 |
Net cash provided by operating activities | 11,527 | 11,134 | 33,191 | 17,492 |
Cash flows from investing activities: | ' | ' | ' | ' |
Purchases of available-for-sale securities | -8,000 | -2,997 | -10,996 | -8,489 |
Sales and maturities of available-for-sale securities | 2,996 | 2,996 | 7,509 | 19,632 |
Purchase of property and equipment | -5,540 | -6,914 | -11,795 | -15,136 |
Proceeds from sale of assets | 5 | 9,533 | 44 | 9,564 |
Acquired technology rights | 0 | 0 | -64 | -930 |
Net cash (used in) provided by investing activities | -10,539 | 2,618 | -15,302 | 4,641 |
Cash flows from financing activities: | ' | ' | ' | ' |
Payments on debt | 0 | 0 | -1,621 | -1,105 |
Proceeds from issuance of common stock | 327 | 5,973 | 3,807 | 7,891 |
Payments for stock repurchases | 0 | 0 | 0 | -14,343 |
Excess income tax benefit (expense) from employee stock-based awards | 1,315 | 15 | 1,315 | -274 |
Net cash provided by (used in) financing activities | 1,642 | 5,988 | 3,501 | -7,831 |
Effect of foreign currency exchange rate on cash | -217 | -49 | -191 | 78 |
Change in cash and cash equivalents | 2,413 | 19,691 | 21,199 | 14,380 |
Cash and cash equivalents, beginning of period | 86,710 | 37,478 | 67,924 | 42,789 |
Cash and cash equivalents, end of period | $89,123 | $57,169 | $89,123 | $57,169 |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
BASIS OF PRESENTATION | ' |
NOTE 1 — BASIS OF PRESENTATION | |
The accompanying unaudited condensed consolidated financial statements have been prepared by Luminex Corporation (the “Company” or “Luminex”) in accordance with United States generally accepted accounting principles ("U.S. GAAP") for interim financial information and the rules and regulations of the Securities and Exchange Commission ("SEC"). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. In the opinion of management, all adjustments (consisting of normal recurring entries) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. These financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013 (the "2013 10-K"). | |
The Company has two segments for financial reporting purposes: the technology and strategic partnerships (“TSP”) segment and the assays and related products (“ARP”) segment. See Note 10 — Segment Information. |
RESTRUCTURING_RESTRUCTURING
RESTRUCTURING RESTRUCTURING | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
RESTRUCTURING [Abstract] | ' | ||||||||
Restructuring and Related Activities Disclosure [Text Block] | ' | ||||||||
NOTE 2 — RESTRUCTURING | |||||||||
In August 2013, the Company announced a restructuring plan focused on its ARP segment's Newborn Screening Group and its Brisbane, Australia office where automated punching systems were designed and manufactured. The Company halted development of the newborn screening assay in 2013. In the first quarter of 2014, management determined that it would close the manufacturing facility in Brisbane, Australia in the current year and the facility was closed in the third quarter of 2014. The Company reviewed the requirements for held-for-sale and discontinued operations presentation and determined the manufacturing facility in Brisbane, Australia does not meet the altered definition of a discontinued operation under the recent amended accounting guidance as it is not a strategic shift with a major effect on the Company's operations and finances. Management has applied this new guidance for the facility in Brisbane, Australia. | |||||||||
The Company has recorded pre-tax restructuring charges primarily consisting of non-cash impairment of inventory, intangible assets and property and equipment, together with employee separation costs. The Company measured and accrued the liabilities associated with employee separation costs at fair value as of the date the plan was announced and terminations were communicated to employees, which primarily included severance pay and other separation costs such as outplacement services and benefits. As a result of the organizational change, the Company eliminated approximately 5% of its aggregate workforce. In conjunction with the restructuring plan, the Company evaluated its tangible and intangible assets for estimated impairment and recorded non-cash impairment charges of $4.1 million in 2013 and a further impairment of $2.4 million in the first nine months of 2014, including a write-down of goodwill of $1.2 million resulting from the disposal of the manufacturing facility in Brisbane, Australia. The Company determined the fair value of the assets based upon prices for similar assets. The amount of goodwill the Company included in the carrying amount of the disposed manufacturing facility in Brisbane, Australia was based upon the relative fair value of that business compared to the portion of the reporting unit that was retained. See Note 6 — Goodwill and Other Intangible Assets. | |||||||||
The Company measured and accrued the facilities exit costs at fair value upon the Company's exit in the third quarter. Facilities exit costs primarily consist of cease-use losses recorded upon vacating the facilities. | |||||||||
The following tables display the charges taken related to the restructuring through September 30, 2014 and a rollforward of the charges to the accrued balance as of September 30, 2014 (in thousands): | |||||||||
Restructuring Charges | 2013 Restructuring Plan | ||||||||
2013 | |||||||||
Non-cash impairment charges: | |||||||||
Inventory | $ | 2,326 | |||||||
Property and equipment | 1,110 | ||||||||
Intangible assets | 700 | ||||||||
Employee separation costs | 783 | ||||||||
Other | 50 | ||||||||
Total 2013 charges | $ | 4,969 | |||||||
Recorded to cost of revenue | 2,551 | ||||||||
Recorded to restructuring costs | $ | 2,418 | |||||||
2014 | |||||||||
Non-cash impairment charges: | |||||||||
Inventory | $ | 964 | |||||||
Property and equipment | 265 | ||||||||
Goodwill | 1,159 | ||||||||
Employee separation costs | 154 | ||||||||
Facility exit costs | 69 | ||||||||
Other | 41 | ||||||||
Total 2014 charges | $ | 2,652 | |||||||
Recorded to cost of revenue | 999 | ||||||||
Recorded to restructuring costs | $ | 1,653 | |||||||
Rollforward of Accrued Restructuring | September 30, 2014 | December 31, 2013 | |||||||
Balance at beginning of year | $ | 128 | $ | — | |||||
Total restructuring charges | 2,652 | 4,969 | |||||||
Non-cash impairment charges | (2,388 | ) | (4,136 | ) | |||||
Employee separation payments | (213 | ) | (655 | ) | |||||
Facility exit costs | (69 | ) | — | ||||||
Foreign exchange and other adjustments | (38 | ) | (50 | ) | |||||
Balance at end of period | $ | 72 | $ | 128 | |||||
The remaining restructuring accrual balance is expected to be paid in October 2014. As such, it is recorded as a current liability within accrued liabilities on the consolidated balance sheet as of September 30, 2014. |
INVESTMENTS
INVESTMENTS | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Investments [Abstract] | ' | |||||||||||||||
INVESTMENTS | ' | |||||||||||||||
NOTE 3 — INVESTMENTS | ||||||||||||||||
Marketable Securities | ||||||||||||||||
The Company determines the appropriate classification of its investments in debt and equity securities at the time of purchase and reevaluates such determinations at each balance sheet date. Marketable securities that are bought and held principally for the purpose of selling them in the near term are classified as trading securities and are reported at fair value, with unrealized gains and losses recognized in earnings. Debt securities are classified as held-to-maturity when the Company has the positive intent and ability to hold the securities to maturity. Held-to-maturity securities are stated at amortized cost, which approximates the fair value of these investments. Debt securities for which the Company does not have the intent or ability to hold to maturity are classified as available-for-sale. Debt and marketable equity securities not classified as held-to-maturity or as trading are classified as available-for-sale, and are carried at fair market value, with the unrealized gains and losses included in the determination of comprehensive income and reported in stockholders’ equity. As of September 30, 2014 and December 31, 2013, all of the Company’s marketable securities were classified as available for sale. Marketable securities are recorded as either short-term or long-term on the balance sheet based on the contractual maturity date. The fair value of all securities is determined by quoted market prices, market interest rates inputs, or other than quoted prices that are observable either directly or indirectly (as of the end of the reporting period). Declines in fair value below the Company’s carrying value deemed to be other than temporary are charged against net earnings. | ||||||||||||||||
Available-for-sale securities consisted of the following as of September 30, 2014 (in thousands): | ||||||||||||||||
Amortized Cost | Gains in Accumulated Other Comprehensive Income | Losses in Accumulated Other Comprehensive Income | Estimated Fair Value | |||||||||||||
Current: | ||||||||||||||||
Money Market funds | $ | 12,322 | $ | — | $ | — | $ | 12,322 | ||||||||
Non-government sponsored debt securities | — | — | — | — | ||||||||||||
Total current securities | 12,322 | — | — | 12,322 | ||||||||||||
Noncurrent: | ||||||||||||||||
Government sponsored debt securities | 4,000 | — | (4 | ) | 3,996 | |||||||||||
Non-government sponsored debt securities | 4,000 | — | (21 | ) | 3,979 | |||||||||||
Total noncurrent securities | 8,000 | — | (25 | ) | 7,975 | |||||||||||
Total available-for-sale securities | $ | 20,322 | $ | — | $ | (25 | ) | $ | 20,297 | |||||||
Available-for-sale securities consisted of the following as of December 31, 2013 (in thousands): | ||||||||||||||||
Amortized Cost | Gains in Accumulated Other Comprehensive Income | Losses in Accumulated Other Comprehensive Income | Estimated Fair Value | |||||||||||||
Current: | ||||||||||||||||
Money Market funds | $ | 46,422 | $ | — | $ | — | $ | 46,422 | ||||||||
Non-government sponsored debt securities | 4,517 | — | — | 4,517 | ||||||||||||
Total current securities | 50,939 | — | — | 50,939 | ||||||||||||
Noncurrent: | ||||||||||||||||
Non-government sponsored debt securities | — | — | — | — | ||||||||||||
Total noncurrent securities | — | — | — | — | ||||||||||||
Total available-for-sale securities | $ | 50,939 | $ | — | $ | — | $ | 50,939 | ||||||||
There were no proceeds from the sales of available-for-sale securities during the three months ended September 30, 2014 or 2013. Realized gains and losses on sales of investments are determined using the specific identification method. Realized gains and losses are included in other income (expense) in the Consolidated Statements of Comprehensive Income. All of the Company's available-for-sale securities with gross unrealized holding losses as of September 30, 2014 and December 31, 2013 had been in a loss position for less than 12 months. | ||||||||||||||||
The estimated fair value of available-for-sale debt securities at September 30, 2014 and December 31, 2013, by contractual maturity, was as follows (in thousands): | ||||||||||||||||
Estimated Fair Value | ||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||
Due in one year or less | $ | — | $ | 4,517 | ||||||||||||
Due after one year through two years | 7,975 | — | ||||||||||||||
$ | 7,975 | $ | 4,517 | |||||||||||||
Expected maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties. | ||||||||||||||||
Non-Marketable Securities and Other-Than-Temporary Impairment | ||||||||||||||||
The Company owns a minority interest in a private company based in the U.S. through its investment of $1.0 million in the third quarter of 2012. This minority interest is included at cost in other long-term assets on the Company’s Consolidated Balance Sheets as the Company does not have significant influence over the investee as the Company owns less than 20% of the voting equity in the investee and the investee is not publicly traded. | ||||||||||||||||
The Company's other minority interest in a private company was acquired by a third party in July 2013. The Company realized a gain of $5.4 million on this minority interest investment in the third quarter of 2013. | ||||||||||||||||
The Company regularly evaluates the carrying value of its cost-method investment for impairment and whether any events or circumstances are identified that would significantly harm the fair value of the investment. The primary indicators the Company utilizes to identify these events and circumstances are the investee's ability to remain in business, such as the investee's liquidity and rate of cash use, and the investee’s ability to secure additional funding and the value of that additional funding. In the event a decline in fair value is judged to be other-than-temporary, the Company will record an other-than-temporary impairment charge in other income, net in the Consolidated Statements of Comprehensive Income (Loss). As the inputs utilized for the Company's periodic impairment assessment are not based on observable market data, this cost-method investment is classified within Level 3 of the fair value hierarchy. To determine the fair value of this investment, the Company uses all available financial information related to the entities, including information based on recent or pending third-party equity investments in these entities. In certain instances, a cost-method investment's fair value is not estimated as there are no identified events or changes in the circumstances that may have a significant adverse effect on the fair value of the investment and to do so would be impractical. |
INVENTORY_NET
INVENTORY, NET | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Inventory, Net [Abstract] | ' | |||||||
INVENTORIES, NET | ' | |||||||
NOTE 4 — INVENTORIES, NET | ||||||||
Inventories are stated at the lower of cost or market, with cost determined according to the standard cost method, which approximates the first-in, first-out method. The Company routinely assesses its on-hand inventory for timely identification and measurement of obsolete, slow-moving or otherwise impaired inventory. Inventories consisted of the following (in thousands): | ||||||||
September 30, 2014 | December 31, 2013 | |||||||
Parts and supplies | $ | 16,988 | $ | 19,002 | ||||
Work-in-progress | 8,192 | 4,747 | ||||||
Finished goods | 7,949 | 6,738 | ||||||
$ | 33,129 | $ | 30,487 | |||||
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
FAIR VALUE MEASUREMENT | ' | |||||||||||||||
NOTE 5 — FAIR VALUE MEASUREMENT | ||||||||||||||||
The Fair Value Measurements and Disclosures Topic of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) defines fair value, establishes a framework for measuring fair value under U.S. GAAP and enhances disclosures about fair value measurements. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The ASC describes a fair value hierarchy based on the following three levels of inputs that may be used to measure fair value, of which the first two are considered observable and the last unobservable: | ||||||||||||||||
Level 1 – | Quoted prices in active markets for identical assets or liabilities. | |||||||||||||||
Level 2 – | Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | |||||||||||||||
Level 3 – | Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | |||||||||||||||
The Company determines the fair value of its investment portfolio assets by obtaining non-binding market prices from its third-party portfolio managers on the last day of the quarter, whose sources may use quoted prices in active markets for identical assets (Level 1 inputs) or inputs other than quoted prices that are observable either directly or indirectly (Level 2 inputs) in determining fair value. There were no transfers between Level 1, Level 2, or Level 3 measurements for the three month period ended September 30, 2014. | ||||||||||||||||
We record contingent consideration resulting from a business combination at its fair value on the acquisition date. The Company determines the fair value of the contingent consideration based primarily on the timing and probability of success of clinical events or regulatory approvals, the timing and probability of success of meeting commercial milestones, such as sales levels of a specific product, and discount rates. Our contingent consideration liability arose in connection with the GenturaDx, Inc. ("GenturaDx") acquisition. The Company re-evaluates its assumptions for its contingent consideration fair value determinations each quarter. Changes to the fair value of contingent consideration obligations can result from adjustments to discount rates, accretion of the discount rates due to the passage of time, changes in our estimates of the likelihood of or timing of achieving any development or commercial milestones, changes in the probability of certain clinical events or changes in the assumed probability associated with regulatory approval. As a result of changes in assumptions surrounding the probability of success of meeting the timing of commercial milestones contemplated in the GenturaDx acquisition agreement, the Company adjusted the contingent consideration liability related to the GenturaDx acquisition to $0 in 2013. The assumptions related to determining the value of contingent consideration include a significant amount of judgment, and any changes in the underlying estimates could have a material impact on the amount of contingent consideration expense recorded in any given period. | ||||||||||||||||
As of September 30, 2014 and December 31, 2013 the fair value of the Company's long-term debt was $0 and approximately $1.5 million, respectively. In May 2014, the Company repaid all of its outstanding debt. | ||||||||||||||||
The following table represents the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2014 and December 31, 2013 (in thousands): | ||||||||||||||||
Fair Value Measurements at September 30, 2014 Using | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Money Market funds | $ | 12,322 | $ | — | $ | — | $ | 12,322 | ||||||||
Government and non-government sponsored debt securities | — | 7,975 | — | 7,975 | ||||||||||||
Fair Value Measurements at December 31, 2013 Using | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Money Market funds | $ | 46,422 | $ | — | $ | — | $ | 46,422 | ||||||||
Non-government sponsored debt securities | — | 4,517 | — | 4,517 | ||||||||||||
Changes in financial assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the period were as follows (in thousands): | ||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||
Balance at beginning of year | $ | — | $ | 1,370 | ||||||||||||
Contingent consideration recorded at acquisition | — | — | ||||||||||||||
Fair value adjustments | — | (1,370 | ) | |||||||||||||
Balance at end of period | $ | — | $ | — | ||||||||||||
GOODWILL_AND_OTHER_INTANGIBLE_
GOODWILL AND OTHER INTANGIBLE ASSETS | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS | ' | |||||||||||||||||||
NOTE 6 — GOODWILL AND OTHER INTANGIBLE ASSETS | ||||||||||||||||||||
All of the Company's goodwill relates to one reporting unit, the ARP segment, for goodwill impairment testing. Goodwill is reviewed for impairment at least annually at the beginning of the fourth quarter, or more frequently if impairment indicators arise. The Company has not yet completed its annual analysis and is currently evaluating the impact of recent changes in product commercialization timelines. The estimated fair value of the ARP segment may not exceed its carrying value which would require the Company to perform further analysis to determine if goodwill is impaired. This goodwill is not expected to be deductible for tax purposes. | ||||||||||||||||||||
In connection with the closure of the manufacturing facility in Brisbane, Australia in the third quarter of 2014, the Company has recorded a write-down of goodwill of $1.2 million. The amount of goodwill the Company included in the carrying amount of the disposed manufacturing business in Brisbane, Australia was based upon the relative fair value of that facility compared to the portion of the reporting unit that was retained. | ||||||||||||||||||||
The changes in the carrying amount of the Company’s goodwill during the period are as follows (in thousands): | ||||||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||||||
Balance at beginning of year | $ | 50,738 | $ | 51,128 | ||||||||||||||||
Allocation in disposal of Brisbane, Australia business (See Note 2) | (1,159 | ) | — | |||||||||||||||||
Foreign currency translation adjustments | 40 | (390 | ) | |||||||||||||||||
Balance at end of period | $ | 49,619 | $ | 50,738 | ||||||||||||||||
The current in-process research and development project is related to the Company's acquisition of GenturaDx, the foundation of our ARIESTM System, in 2012 and is scheduled to be completed and commercialized in 2015. The estimated aggregate costs to complete this project are between $4.0 million and $7.0 million. The Company’s intangible assets are reflected in the table below (in thousands, except weighted average lives): | ||||||||||||||||||||
Finite-lived | Indefinite-lived | |||||||||||||||||||
Technology, trade secrets and know-how | Customer lists and contracts | Other identifiable intangible assets | IP R&D | Total | ||||||||||||||||
2013 | ||||||||||||||||||||
Balance at December 31, 2012 | $ | 30,030 | $ | 7,986 | $ | 1,941 | $ | 40,627 | $ | 80,584 | ||||||||||
Write-off / Impairment | (916 | ) | (168 | ) | (258 | ) | (454 | ) | (1,796 | ) | ||||||||||
Foreign currency translation adjustments | (140 | ) | (27 | ) | (41 | ) | (73 | ) | (281 | ) | ||||||||||
Balance at December 31, 2013 | 28,974 | 7,791 | 1,642 | 40,100 | 78,507 | |||||||||||||||
Less: accumulated amortization: | ||||||||||||||||||||
Accumulated amortization balance at December 31, 2012 | (13,193 | ) | (1,560 | ) | (613 | ) | — | (15,366 | ) | |||||||||||
Amortization expense | (3,172 | ) | (787 | ) | (140 | ) | — | (4,099 | ) | |||||||||||
Write-off / Impairment | 702 | 161 | 238 | — | 1,101 | |||||||||||||||
Foreign currency translation adjustments | 93 | 21 | 38 | — | 152 | |||||||||||||||
Accumulated amortization balance at December 31, 2013 | (15,570 | ) | (2,165 | ) | (477 | ) | — | (18,212 | ) | |||||||||||
Net balance at December 31, 2013 | $ | 13,404 | $ | 5,626 | $ | 1,165 | $ | 40,100 | $ | 60,295 | ||||||||||
Weighted average life (in years) | 10 | 11 | 9 | |||||||||||||||||
2014 | ||||||||||||||||||||
Balance at December 31, 2013 | $ | 28,974 | $ | 7,791 | $ | 1,642 | $ | 40,100 | $ | 78,507 | ||||||||||
Foreign currency translation adjustments | 39 | 9 | 13 | — | 61 | |||||||||||||||
Balance at September 30, 2014 | 29,013 | 7,800 | 1,655 | 40,100 | 78,568 | |||||||||||||||
Less: accumulated amortization: | ||||||||||||||||||||
Accumulated amortization balance at December 31, 2013 | (15,570 | ) | (2,165 | ) | (477 | ) | — | (18,212 | ) | |||||||||||
Amortization expense | (2,280 | ) | (567 | ) | (102 | ) | — | (2,949 | ) | |||||||||||
Foreign currency translation adjustments | (39 | ) | (9 | ) | (13 | ) | — | (61 | ) | |||||||||||
Accumulated amortization balance at September 30, 2014 | (17,889 | ) | (2,741 | ) | (592 | ) | — | (21,222 | ) | |||||||||||
Net balance at September 30, 2014 | $ | 11,124 | $ | 5,059 | $ | 1,063 | $ | 40,100 | $ | 57,346 | ||||||||||
Weighted average life (in years) | 10 | 11 | 11 | |||||||||||||||||
The estimated aggregate amortization expense for the next five fiscal years and thereafter is as follows (in thousands): | ||||||||||||||||||||
2014 (three months) | $ | 964 | ||||||||||||||||||
2015 | 3,232 | |||||||||||||||||||
2016 | 3,100 | |||||||||||||||||||
2017 | 2,144 | |||||||||||||||||||
2018 | 1,954 | |||||||||||||||||||
Thereafter | 5,852 | |||||||||||||||||||
17,246 | ||||||||||||||||||||
IP R&D | 40,100 | |||||||||||||||||||
$ | 57,346 | |||||||||||||||||||
OTHER_COMPREHENSIVE_LOSS_INCOM
OTHER COMPREHENSIVE (LOSS) INCOME | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Statement of Comprehensive Income [Abstract] | ' | |||||||||||||||||||||||
Comprehensive Income (Loss) Note | ' | |||||||||||||||||||||||
NOTE 7 — OTHER COMPREHENSIVE (LOSS) INCOME | ||||||||||||||||||||||||
Other comprehensive (loss) income represents a measure of all changes in equity that result from recognized transactions and other economic events other than those resulting from investments by and distributions to shareholders. Other comprehensive (loss) income for the Company includes foreign currency translation adjustments and net unrealized holding gains and losses on available-for-sale investments. | ||||||||||||||||||||||||
The following table presents the changes in each component of accumulated other comprehensive (loss) income, net of tax (in thousands): | ||||||||||||||||||||||||
Foreign Currency Items | Available for Sale Investments | Accumulated Other Comprehensive (Loss) Income Items | ||||||||||||||||||||||
Beginning balance, December 31, 2013 | $ | 419 | $ | — | $ | 419 | ||||||||||||||||||
Other comprehensive loss before reclassifications | (814 | ) | (7 | ) | (821 | ) | ||||||||||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income | — | (7 | ) | (7 | ) | |||||||||||||||||||
Net current-period other comprehensive loss | (814 | ) | (14 | ) | (828 | ) | ||||||||||||||||||
Ending balance, September 30, 2014 | $ | (395 | ) | $ | (14 | ) | $ | (409 | ) | |||||||||||||||
The following table presents the tax (expense) benefit allocated to each component of other comprehensive (loss) income (in thousands): | ||||||||||||||||||||||||
Three Months Ended September 30, 2014 | Nine Months Ended September 30, 2014 | |||||||||||||||||||||||
Before Tax | Tax Benefit | Net of Tax | Before Tax | Tax Benefit | Net of Tax | |||||||||||||||||||
Foreign currency translation adjustments | $ | (410 | ) | $ | — | $ | (410 | ) | $ | (814 | ) | $ | — | $ | (814 | ) | ||||||||
Unrealized losses on available-for-sale investments | (24 | ) | 9 | (15 | ) | (23 | ) | 9 | (14 | ) | ||||||||||||||
Other comprehensive (loss) income | $ | (434 | ) | $ | 9 | $ | (425 | ) | $ | (837 | ) | $ | 9 | $ | (828 | ) | ||||||||
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
EARNINGS PER SHARE | ' | |||||||||||||||
NOTE 8 — EARNINGS PER SHARE | ||||||||||||||||
A reconciliation of the denominators used in computing per share net income, or EPS, is as follows (in thousands, except per share amounts): | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Numerator: | ||||||||||||||||
Net income | $ | 5,550 | $ | 796 | $ | 16,241 | $ | 1,980 | ||||||||
Denominator: | ||||||||||||||||
Denominator for basic net income per share - weighted average common stock outstanding | 41,714 | 40,752 | 41,496 | 40,712 | ||||||||||||
Effect of dilutive securities: stock options and awards | 667 | 1,167 | 631 | 1,059 | ||||||||||||
Denominator for diluted net income per share - weighted average shares outstanding - diluted | 42,381 | 41,919 | 42,127 | 41,771 | ||||||||||||
Basic net income per share | $ | 0.13 | $ | 0.02 | $ | 0.39 | $ | 0.05 | ||||||||
Diluted net income per share | $ | 0.13 | $ | 0.02 | $ | 0.39 | $ | 0.05 | ||||||||
Basic net income per share is computed by dividing the net income for the period by the weighted average number of common shares outstanding during the period. Diluted net income per share is computed by dividing the net income for the period by the weighted average number of common and common equivalent shares outstanding during the period. Restricted stock (consisting of restricted stock awards, or RSAs, and restricted stock units, or RSUs) and stock options to acquire approximately 0.2 million and 0.2 million shares for the three months ended September 30, 2014 and 2013, respectively, and 0.2 million and 0.2 million shares for the nine months ended September 30, 2014 and 2013, respectively, were excluded from the computations of diluted EPS because the effect of including those RSAs, RSUs, and stock options would have been anti-dilutive. |
STOCKBASED_COMPENSATION
STOCK-BASED COMPENSATION | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
STOCK-BASED COMPENSATION | ' | |||||||||||||||
NOTE 9 — STOCK-BASED COMPENSATION | ||||||||||||||||
The Company’s stock option activity for the nine months ended September 30, 2014 was as follows: | ||||||||||||||||
Stock Options (shares in thousands) | Shares | Weighted Average Exercise Price | ||||||||||||||
Outstanding at December 31, 2013 | 967 | $ | 15.35 | |||||||||||||
Granted | — | — | ||||||||||||||
Exercised | (311 | ) | 9.73 | |||||||||||||
Cancelled or expired | (25 | ) | 19.85 | |||||||||||||
Outstanding at September 30, 2014 | 631 | $ | 17.94 | |||||||||||||
The Company had $1.0 million of total unrecognized compensation costs related to stock options at September 30, 2014 that are expected to be recognized over a weighted average period of 1.14 years years. | ||||||||||||||||
The Company’s restricted share activity for the nine months ended September 30, 2014 was as follows: | ||||||||||||||||
Restricted Stock Awards (shares in thousands) | Shares | Weighted Average Grant Price | ||||||||||||||
Non-vested at December 31, 2013 | 826 | $ | 18.62 | |||||||||||||
Granted | 535 | 20.04 | ||||||||||||||
Vested | (285 | ) | 18.08 | |||||||||||||
Cancelled or expired | (59 | ) | 19.23 | |||||||||||||
Non-vested at September 30, 2014 | 1,017 | $ | 19.48 | |||||||||||||
Restricted Stock Units (in thousands) | Shares | |||||||||||||||
Non-vested at December 31, 2013 | 833 | |||||||||||||||
Granted | 139 | |||||||||||||||
Vested | (59 | ) | ||||||||||||||
Cancelled or expired | (168 | ) | ||||||||||||||
Non-vested at September 30, 2014 | 745 | |||||||||||||||
As of September 30, 2014, there was $18.5 million and $4.3 million of unrecognized compensation costs related to RSAs and RSUs, respectively. That cost is expected to be recognized over a weighted average period of 2.99 years years for the RSAs and 2.02 years years for the RSUs. The Company issues a small number of cash settled restricted stock units pursuant to the Company's equity incentive plan in certain foreign countries. These grants do not result in the issuance of common stock and are considered immaterial by the Company. | ||||||||||||||||
The following are the stock-based compensation costs recognized in the Company’s condensed consolidated statements of comprehensive income (in thousands): | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Cost of revenue | $ | 233 | $ | 233 | $ | 743 | $ | 635 | ||||||||
Research and development | 726 | 675 | 1,862 | 1,892 | ||||||||||||
Selling, general and administrative | 1,663 | 981 | 4,447 | 4,206 | ||||||||||||
Stock-based compensation costs reflected in net income | $ | 2,622 | $ | 1,889 | $ | 7,052 | $ | 6,733 | ||||||||
SEGMENT_INFORMATION
SEGMENT INFORMATION | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||
SEGMENT INFORMATION | ' | |||||||||||||||||||||||
NOTE 10 — SEGMENT INFORMATION | ||||||||||||||||||||||||
Management has determined that the Company has two segments for financial reporting purposes: the TSP segment and the ARP segment. The accounting principles of the segments are the same as those described in the Summary of Significant Accounting Policies in the Company's 2013 10-K. | ||||||||||||||||||||||||
Intersegment sales are recorded at fixed prices that approximate the prices charged to third party strategic partners and are not a measure of segment operating earnings. Intersegment sales of approximately $3.6 million and $2.2 million for the quarters ending September 30, 2014 and 2013, and $9.0 million and $7.9 million for the nine months ended September 30, 2014 and 2013, respectively, have been eliminated upon consolidation. The following is selected segment information for the periods indicated (in thousands): | ||||||||||||||||||||||||
Three Months Ended September 30, 2014 | Three Months Ended September 30, 2013 | |||||||||||||||||||||||
TSP Segment | ARP Segment | Consolidated | TSP Segment | ARP Segment | Consolidated | |||||||||||||||||||
Revenues from external customers | $ | 32,645 | $ | 24,039 | $ | 56,684 | $ | 33,335 | $ | 17,445 | $ | 50,780 | ||||||||||||
Depreciation and amortization | 1,655 | 1,745 | $ | 3,400 | 2,087 | 1,907 | $ | 3,994 | ||||||||||||||||
Operating profit (loss) | 8,792 | (3,796 | ) | $ | 4,996 | 9,293 | (13,487 | ) | $ | (4,194 | ) | |||||||||||||
Segment assets | 174,548 | 155,964 | $ | 330,512 | 187,422 | 106,474 | $ | 293,896 | ||||||||||||||||
Nine Months Ended September 30, 2014 | Nine Months Ended September 30, 2013 | |||||||||||||||||||||||
TSP Segment | ARP Segment | Consolidated | TSP Segment | ARP Segment | Consolidated | |||||||||||||||||||
Revenues from external customers | $ | 98,094 | $ | 70,783 | $ | 168,877 | $ | 96,352 | $ | 61,915 | $ | 158,267 | ||||||||||||
Depreciation and amortization | 5,373 | 5,562 | $ | 10,935 | 5,826 | 5,921 | $ | 11,747 | ||||||||||||||||
Operating profit (loss) | 27,348 | (9,396 | ) | $ | 17,952 | 23,368 | (24,073 | ) | $ | (705 | ) | |||||||||||||
Segment assets | 174,548 | 155,964 | $ | 330,512 | 187,422 | 106,474 | $ | 293,896 | ||||||||||||||||
ACCRUED_WARRANTY_COSTS
ACCRUED WARRANTY COSTS | 9 Months Ended | |||
Sep. 30, 2014 | ||||
Product Warranties Disclosures [Abstract] | ' | |||
ACCRUED WARRANTY COSTS | ' | |||
NOTE 11 — ACCRUED WARRANTY COSTS | ||||
Sales of certain of the Company's systems are subject to a warranty. System warranties typically extend for a period of 12 months from the date of installation not to exceed 24 months from the date of shipment. The Company estimates the amount of warranty claims on sold products that may be incurred based on current and historical data. The actual warranty expense could differ from the estimates made by the Company based on product performance. Warranty expenses are evaluated and adjusted periodically. | ||||
The following table summarizes the changes in the warranty accrual (in thousands): | ||||
Accrued warranty costs at December 31, 2013 | $ | 721 | ||
Warranty expenses incurred | 728 | |||
Accrual for warranty costs | (773 | ) | ||
Accrued warranty costs at September 30, 2014 | $ | 676 | ||
INCOME_TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
INCOME TAXES | ' |
NOTE 12 — INCOME TAXES | |
At the end of each interim reporting period, an estimate is made of the effective tax rate expected to be applicable for the full year. The estimated full year’s effective tax rate is used to determine the income tax rate for each applicable interim reporting period. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period of the enactment date. The effective tax rate for the nine months ended September 30, 2014 was 9.30%, including amounts recorded for discrete events. This differs from the statutory rate of 35% primarily because of the worldwide mix of consolidated earnings and losses before taxes and an assessment regarding the realizability of the Company’s deferred tax assets. The Company’s tax expense reflects the full federal, various state, and foreign blended statutory rates. The Company is utilizing its net operating losses in the U.S., Canada, and the Netherlands; currently expects a full year effective tax rate of less than 20%, and therefore cash taxes to be paid are expected to continue to be less than 50% of book tax expense. | |
The Company or one of its subsidiaries files income tax returns in the U.S. federal jurisdiction, Australia, Canada, China, Hong Kong, Japan, the Netherlands, and various states. Due to net operating losses, the U.S., Canadian and Australian tax returns dating back to 2009, 2009, and 2010, respectively, can still be reviewed by the taxing authorities. No other material changes to this liability are expected within the next 12 months. For the nine months ended September 30, 2014, there were no material changes to the total amount of unrecognized tax benefits. The Company recognizes interest and penalties related to uncertain tax positions in the provision for income taxes. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
COMMITMENTS AND CONTINGENCIES | ' |
NOTE 13 - COMMITMENTS AND CONTINGENCIES | |
On August 30, 2012 Abbott Laboratories ("Abbott") was named as a defendant in the complaint filed by ENZO Life Sciences, Inc. ("ENZO") in U.S. District Court in Delaware for alleged infringement of its US Patent 7,064,197 as a result of Abbott's distribution of the Company's xTAG Respiratory Viral Panel. The Company and Abbott have entered into an agreement requiring the Company to defend and indemnify Abbott for any alleged infringement resulting from its distribution of the Company's xTAG Respiratory Viral Panel. The complaint seeks unspecified monetary damages and injunctive relief. Abbott filed an answer to the complaint on October 15, 2012. On November 30, 2012, the Company intervened in the lawsuit. On January 2, 2013 ENZO filed additional claims against the Company, alleging infringement of US Patent 7,064,197 resulting from the Company's sale of its xTAG, FlexScript LDA, SelecTAG, and xMAP Salmonella Serotyping Assay products and alleging infringement of US Patent 8,097,405 resulting from the Company's sale of Multicode products. The Company filed an answer to ENZO's additional claims on January 28, 2013. On October 2, 2013 ENZO filed additional claims against the Company, alleging infringement of U.S. Patent 6,992,180 resulting from the Company’s sale of Multicode products. The Company filed an answer to ENZO’s additional claims on October 21, 2013. A trial date has not been set. The parties to the lawsuit have engaged in the discovery process. | |
On November 1, 2013 Irori Technologies, Inc. ("Irori") filed a complaint against the Company in U.S. District Court in the Southern District of California, alleging infringement of its US Patent 6,372,428, 6,416,714, and 6,352,854 resulting from the Company’s sale of its xMAP and xTAG based products. The Company filed a motion to dismiss on January 9, 2014. Irori filed its response to the Company's motion to dismiss on February 7, 2014. The court granted the Company's motion to dismiss without prejudice on February 25, 2014. On March 18, 2014, Irori filed an amended complaint, again alleging infringement of its US Patent 6,372,428, 6,416,714, and 6,352,854 resulting from the Company’s sale of its xMAP and xTAG based products. The complaint seeks unspecified monetary damages and injunctive relief. The Company filed an answer to Irori’s amended complaint on April 2, 2014. On June 10, 2014 the Company filed with the United States Patent and Trademark Office's ("USPTO’s") Patent Trial and Appeal Board a total of five petitions for inter partes review seeking to invalidate the claims of the three patents involved in the litigation. On June 17, 2014, the Company filed a motion to stay proceedings in the district court pending the USPTO’s resolution of the inter partes review of Irori’s patents. Irori filed its opposition to the motion to stay on July 7, 2014, and the Company filed a reply on July 14, 2014. On July 16, 2014, the court granted the Company’s motion to stay the case until the earlier of i) a determination by the USPTO that reexamination proceedings will not take place or ii) the conclusion of reexamination proceedings and appeals. A trial date has not been set. | |
When and if it appears probable in management's judgment, and based upon consultation with outside counsel, that the Company will incur monetary damages or other costs in connection with any claims or proceedings, and such costs can be reasonably estimated, the Company records the estimated liability in the financial statements. If only a range of estimated losses can be estimated, the Company records an amount within the range that, in management's judgment, reflects the most likely outcome; if none of the estimates within that range is a better estimate than any other amount, the Company records the liability at the low end of the range of estimates. Any such accrual would be charged to expense in the appropriate period. The Company discloses significant contingencies when the loss is not probable and/or the amount of the loss is not estimable, when the Company believes there is at least a reasonable possibility that a loss has been incurred. The Company recognizes costs associated with legal proceedings in the period in which the services were provided. There can be no assurance that the Company will successfully defend these suits or that a judgment against the Company would not materially adversely affect operating results. | |
In January 2013, the Company finalized the termination of its molecular diagnostics distribution agreements and an expense of $7.0 million was recorded in selling, general and administrative expenses in the first quarter of 2013. All payments were made in the second quarter of 2013. |
RECENT_ACCOUNTING_PRONOUNCEMEN
RECENT ACCOUNTING PRONOUNCEMENTS | 9 Months Ended |
Sep. 30, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
RECENT ACCOUNTING PRONOUNCEMENTS | ' |
NOTE 14 — RECENT ACCOUNTING PRONOUNCEMENTS | |
In April 2014, the FASB amended guidance to clarify the accounting for disposals of groups of assets and business units. The amendments alter the definition of a discontinued operation to cover only asset disposals that are a strategic shift with a major effect on an entity's operations and finances. For the Company, the changes should be applied in fiscal years that start on December 15, 2014, or later, but the changes can be applied ahead of the effective date for asset disposals that have not been reported in a set of financial statements. Management applied this new guidance for the automated punching group and the related closure of the Brisbane, Australia manufacturing facility in the third quarter of 2014. | |
In May 2014, the FASB issued a new standard on revenue recognition which outlines a single comprehensive model to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The core principle of the revenue model is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard is designed to create greater comparability for financial statement users across industries and jurisdictions and also requires enhanced disclosures. The guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. Early adoption is not permitted. We are currently evaluating the impact of the adoption of this standard on our consolidated financial statements. |
RESTRUCTURING_RESTRUCTURING_Ta
RESTRUCTURING RESTRUCTURING (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
RESTRUCTURING [Abstract] | ' | ||||||||
Restructuring and Related Costs [Table Text Block] | ' | ||||||||
Restructuring Charges | 2013 Restructuring Plan | ||||||||
2013 | |||||||||
Non-cash impairment charges: | |||||||||
Inventory | $ | 2,326 | |||||||
Property and equipment | 1,110 | ||||||||
Intangible assets | 700 | ||||||||
Employee separation costs | 783 | ||||||||
Other | 50 | ||||||||
Total 2013 charges | $ | 4,969 | |||||||
Recorded to cost of revenue | 2,551 | ||||||||
Recorded to restructuring costs | $ | 2,418 | |||||||
2014 | |||||||||
Non-cash impairment charges: | |||||||||
Inventory | $ | 964 | |||||||
Property and equipment | 265 | ||||||||
Goodwill | 1,159 | ||||||||
Employee separation costs | 154 | ||||||||
Facility exit costs | 69 | ||||||||
Other | 41 | ||||||||
Total 2014 charges | $ | 2,652 | |||||||
Recorded to cost of revenue | 999 | ||||||||
Recorded to restructuring costs | $ | 1,653 | |||||||
Rollforward of Accrued Restructuring | September 30, 2014 | December 31, 2013 | |||||||
Balance at beginning of year | $ | 128 | $ | — | |||||
Total restructuring charges | 2,652 | 4,969 | |||||||
Non-cash impairment charges | (2,388 | ) | (4,136 | ) | |||||
Employee separation payments | (213 | ) | (655 | ) | |||||
Facility exit costs | (69 | ) | — | ||||||
Foreign exchange and other adjustments | (38 | ) | (50 | ) | |||||
Balance at end of period | $ | 72 | $ | 128 | |||||
The remaining restructuring accrual balance is expected to be paid in October 2014. As such, it is recorded as a current liability within accrued liabilities on the consolidated balance sheet as of September 30, 2014. |
INVESTMENTS_Tables
INVESTMENTS (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Investments [Abstract] | ' | |||||||||||||||
Components of available-for-sale securities | ' | |||||||||||||||
Available-for-sale securities consisted of the following as of September 30, 2014 (in thousands): | ||||||||||||||||
Amortized Cost | Gains in Accumulated Other Comprehensive Income | Losses in Accumulated Other Comprehensive Income | Estimated Fair Value | |||||||||||||
Current: | ||||||||||||||||
Money Market funds | $ | 12,322 | $ | — | $ | — | $ | 12,322 | ||||||||
Non-government sponsored debt securities | — | — | — | — | ||||||||||||
Total current securities | 12,322 | — | — | 12,322 | ||||||||||||
Noncurrent: | ||||||||||||||||
Government sponsored debt securities | 4,000 | — | (4 | ) | 3,996 | |||||||||||
Non-government sponsored debt securities | 4,000 | — | (21 | ) | 3,979 | |||||||||||
Total noncurrent securities | 8,000 | — | (25 | ) | 7,975 | |||||||||||
Total available-for-sale securities | $ | 20,322 | $ | — | $ | (25 | ) | $ | 20,297 | |||||||
Available-for-sale securities consisted of the following as of December 31, 2013 (in thousands): | ||||||||||||||||
Amortized Cost | Gains in Accumulated Other Comprehensive Income | Losses in Accumulated Other Comprehensive Income | Estimated Fair Value | |||||||||||||
Current: | ||||||||||||||||
Money Market funds | $ | 46,422 | $ | — | $ | — | $ | 46,422 | ||||||||
Non-government sponsored debt securities | 4,517 | — | — | 4,517 | ||||||||||||
Total current securities | 50,939 | — | — | 50,939 | ||||||||||||
Noncurrent: | ||||||||||||||||
Non-government sponsored debt securities | — | — | — | — | ||||||||||||
Total noncurrent securities | — | — | — | — | ||||||||||||
Total available-for-sale securities | $ | 50,939 | $ | — | $ | — | $ | 50,939 | ||||||||
Estimated fair value of available-for-sale debt securities, by contractual maturity | ' | |||||||||||||||
The estimated fair value of available-for-sale debt securities at September 30, 2014 and December 31, 2013, by contractual maturity, was as follows (in thousands): | ||||||||||||||||
Estimated Fair Value | ||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||
Due in one year or less | $ | — | $ | 4,517 | ||||||||||||
Due after one year through two years | 7,975 | — | ||||||||||||||
$ | 7,975 | $ | 4,517 | |||||||||||||
INVENTORY_NET_Tables
INVENTORY, NET (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Inventory, Net [Abstract] | ' | |||||||
Schedule of Inventory, Current | ' | |||||||
Inventories consisted of the following (in thousands): | ||||||||
September 30, 2014 | December 31, 2013 | |||||||
Parts and supplies | $ | 16,988 | $ | 19,002 | ||||
Work-in-progress | 8,192 | 4,747 | ||||||
Finished goods | 7,949 | 6,738 | ||||||
$ | 33,129 | $ | 30,487 | |||||
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair value, financial assets (cash equivalents and investments) measured on a recurring basis | ' | |||||||||||||||
The following table represents the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2014 and December 31, 2013 (in thousands): | ||||||||||||||||
Fair Value Measurements at September 30, 2014 Using | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Money Market funds | $ | 12,322 | $ | — | $ | — | $ | 12,322 | ||||||||
Government and non-government sponsored debt securities | — | 7,975 | — | 7,975 | ||||||||||||
Fair Value Measurements at December 31, 2013 Using | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Money Market funds | $ | 46,422 | $ | — | $ | — | $ | 46,422 | ||||||||
Non-government sponsored debt securities | — | 4,517 | — | 4,517 | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | ' | |||||||||||||||
Changes in financial assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the period were as follows (in thousands): | ||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||
Balance at beginning of year | $ | — | $ | 1,370 | ||||||||||||
Contingent consideration recorded at acquisition | — | — | ||||||||||||||
Fair value adjustments | — | (1,370 | ) | |||||||||||||
Balance at end of period | $ | — | $ | — | ||||||||||||
GOODWILL_AND_OTHER_INTANGIBLE_1
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||
Changes in the carrying amount of goodwill | ' | |||||||||||||||||||
The changes in the carrying amount of the Company’s goodwill during the period are as follows (in thousands): | ||||||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||||||
Balance at beginning of year | $ | 50,738 | $ | 51,128 | ||||||||||||||||
Allocation in disposal of Brisbane, Australia business (See Note 2) | (1,159 | ) | — | |||||||||||||||||
Foreign currency translation adjustments | 40 | (390 | ) | |||||||||||||||||
Balance at end of period | $ | 49,619 | $ | 50,738 | ||||||||||||||||
Schedule of intangible assets | ' | |||||||||||||||||||
The current in-process research and development project is related to the Company's acquisition of GenturaDx, the foundation of our ARIESTM System, in 2012 and is scheduled to be completed and commercialized in 2015. The estimated aggregate costs to complete this project are between $4.0 million and $7.0 million. The Company’s intangible assets are reflected in the table below (in thousands, except weighted average lives): | ||||||||||||||||||||
Finite-lived | Indefinite-lived | |||||||||||||||||||
Technology, trade secrets and know-how | Customer lists and contracts | Other identifiable intangible assets | IP R&D | Total | ||||||||||||||||
2013 | ||||||||||||||||||||
Balance at December 31, 2012 | $ | 30,030 | $ | 7,986 | $ | 1,941 | $ | 40,627 | $ | 80,584 | ||||||||||
Write-off / Impairment | (916 | ) | (168 | ) | (258 | ) | (454 | ) | (1,796 | ) | ||||||||||
Foreign currency translation adjustments | (140 | ) | (27 | ) | (41 | ) | (73 | ) | (281 | ) | ||||||||||
Balance at December 31, 2013 | 28,974 | 7,791 | 1,642 | 40,100 | 78,507 | |||||||||||||||
Less: accumulated amortization: | ||||||||||||||||||||
Accumulated amortization balance at December 31, 2012 | (13,193 | ) | (1,560 | ) | (613 | ) | — | (15,366 | ) | |||||||||||
Amortization expense | (3,172 | ) | (787 | ) | (140 | ) | — | (4,099 | ) | |||||||||||
Write-off / Impairment | 702 | 161 | 238 | — | 1,101 | |||||||||||||||
Foreign currency translation adjustments | 93 | 21 | 38 | — | 152 | |||||||||||||||
Accumulated amortization balance at December 31, 2013 | (15,570 | ) | (2,165 | ) | (477 | ) | — | (18,212 | ) | |||||||||||
Net balance at December 31, 2013 | $ | 13,404 | $ | 5,626 | $ | 1,165 | $ | 40,100 | $ | 60,295 | ||||||||||
Weighted average life (in years) | 10 | 11 | 9 | |||||||||||||||||
2014 | ||||||||||||||||||||
Balance at December 31, 2013 | $ | 28,974 | $ | 7,791 | $ | 1,642 | $ | 40,100 | $ | 78,507 | ||||||||||
Foreign currency translation adjustments | 39 | 9 | 13 | — | 61 | |||||||||||||||
Balance at September 30, 2014 | 29,013 | 7,800 | 1,655 | 40,100 | 78,568 | |||||||||||||||
Less: accumulated amortization: | ||||||||||||||||||||
Accumulated amortization balance at December 31, 2013 | (15,570 | ) | (2,165 | ) | (477 | ) | — | (18,212 | ) | |||||||||||
Amortization expense | (2,280 | ) | (567 | ) | (102 | ) | — | (2,949 | ) | |||||||||||
Foreign currency translation adjustments | (39 | ) | (9 | ) | (13 | ) | — | (61 | ) | |||||||||||
Accumulated amortization balance at September 30, 2014 | (17,889 | ) | (2,741 | ) | (592 | ) | — | (21,222 | ) | |||||||||||
Net balance at September 30, 2014 | $ | 11,124 | $ | 5,059 | $ | 1,063 | $ | 40,100 | $ | 57,346 | ||||||||||
Weighted average life (in years) | 10 | 11 | 11 | |||||||||||||||||
Estimated aggregate amortization expense for the next five years and thereafter | ' | |||||||||||||||||||
The estimated aggregate amortization expense for the next five fiscal years and thereafter is as follows (in thousands): | ||||||||||||||||||||
2014 (three months) | $ | 964 | ||||||||||||||||||
2015 | 3,232 | |||||||||||||||||||
2016 | 3,100 | |||||||||||||||||||
2017 | 2,144 | |||||||||||||||||||
2018 | 1,954 | |||||||||||||||||||
Thereafter | 5,852 | |||||||||||||||||||
17,246 | ||||||||||||||||||||
IP R&D | 40,100 | |||||||||||||||||||
$ | 57,346 | |||||||||||||||||||
OTHER_COMPREHENSIVE_LOSS_INCOM1
OTHER COMPREHENSIVE (LOSS) INCOME (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Statement of Comprehensive Income [Abstract] | ' | |||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||||||||||
The following table presents the changes in each component of accumulated other comprehensive (loss) income, net of tax (in thousands): | ||||||||||||||||||||||||
Foreign Currency Items | Available for Sale Investments | Accumulated Other Comprehensive (Loss) Income Items | ||||||||||||||||||||||
Beginning balance, December 31, 2013 | $ | 419 | $ | — | $ | 419 | ||||||||||||||||||
Other comprehensive loss before reclassifications | (814 | ) | (7 | ) | (821 | ) | ||||||||||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income | — | (7 | ) | (7 | ) | |||||||||||||||||||
Net current-period other comprehensive loss | (814 | ) | (14 | ) | (828 | ) | ||||||||||||||||||
Ending balance, September 30, 2014 | $ | (395 | ) | $ | (14 | ) | $ | (409 | ) | |||||||||||||||
Schedule of Comprehensive Income (Loss) | ' | |||||||||||||||||||||||
The following table presents the tax (expense) benefit allocated to each component of other comprehensive (loss) income (in thousands): | ||||||||||||||||||||||||
Three Months Ended September 30, 2014 | Nine Months Ended September 30, 2014 | |||||||||||||||||||||||
Before Tax | Tax Benefit | Net of Tax | Before Tax | Tax Benefit | Net of Tax | |||||||||||||||||||
Foreign currency translation adjustments | $ | (410 | ) | $ | — | $ | (410 | ) | $ | (814 | ) | $ | — | $ | (814 | ) | ||||||||
Unrealized losses on available-for-sale investments | (24 | ) | 9 | (15 | ) | (23 | ) | 9 | (14 | ) | ||||||||||||||
Other comprehensive (loss) income | $ | (434 | ) | $ | 9 | $ | (425 | ) | $ | (837 | ) | $ | 9 | $ | (828 | ) | ||||||||
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Schedule of Calculation of Numerator and Denominator in Earnings Per Share | ' | |||||||||||||||
A reconciliation of the denominators used in computing per share net income, or EPS, is as follows (in thousands, except per share amounts): | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Numerator: | ||||||||||||||||
Net income | $ | 5,550 | $ | 796 | $ | 16,241 | $ | 1,980 | ||||||||
Denominator: | ||||||||||||||||
Denominator for basic net income per share - weighted average common stock outstanding | 41,714 | 40,752 | 41,496 | 40,712 | ||||||||||||
Effect of dilutive securities: stock options and awards | 667 | 1,167 | 631 | 1,059 | ||||||||||||
Denominator for diluted net income per share - weighted average shares outstanding - diluted | 42,381 | 41,919 | 42,127 | 41,771 | ||||||||||||
Basic net income per share | $ | 0.13 | $ | 0.02 | $ | 0.39 | $ | 0.05 | ||||||||
Diluted net income per share | $ | 0.13 | $ | 0.02 | $ | 0.39 | $ | 0.05 | ||||||||
STOCKBASED_COMPENSATION_Tables
STOCK-BASED COMPENSATION (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Stock options activity | ' | |||||||||||||||
The Company’s stock option activity for the nine months ended September 30, 2014 was as follows: | ||||||||||||||||
Stock Options (shares in thousands) | Shares | Weighted Average Exercise Price | ||||||||||||||
Outstanding at December 31, 2013 | 967 | $ | 15.35 | |||||||||||||
Granted | — | — | ||||||||||||||
Exercised | (311 | ) | 9.73 | |||||||||||||
Cancelled or expired | (25 | ) | 19.85 | |||||||||||||
Outstanding at September 30, 2014 | 631 | $ | 17.94 | |||||||||||||
Restricted shares activity | ' | |||||||||||||||
The Company’s restricted share activity for the nine months ended September 30, 2014 was as follows: | ||||||||||||||||
Restricted Stock Awards (shares in thousands) | Shares | Weighted Average Grant Price | ||||||||||||||
Non-vested at December 31, 2013 | 826 | $ | 18.62 | |||||||||||||
Granted | 535 | 20.04 | ||||||||||||||
Vested | (285 | ) | 18.08 | |||||||||||||
Cancelled or expired | (59 | ) | 19.23 | |||||||||||||
Non-vested at September 30, 2014 | 1,017 | $ | 19.48 | |||||||||||||
Restricted Stock Units (in thousands) | Shares | |||||||||||||||
Non-vested at December 31, 2013 | 833 | |||||||||||||||
Granted | 139 | |||||||||||||||
Vested | (59 | ) | ||||||||||||||
Cancelled or expired | (168 | ) | ||||||||||||||
Non-vested at September 30, 2014 | 745 | |||||||||||||||
Stock-based compensation costs recognized in consolidated statements of income | ' | |||||||||||||||
The following are the stock-based compensation costs recognized in the Company’s condensed consolidated statements of comprehensive income (in thousands): | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Cost of revenue | $ | 233 | $ | 233 | $ | 743 | $ | 635 | ||||||||
Research and development | 726 | 675 | 1,862 | 1,892 | ||||||||||||
Selling, general and administrative | 1,663 | 981 | 4,447 | 4,206 | ||||||||||||
Stock-based compensation costs reflected in net income | $ | 2,622 | $ | 1,889 | $ | 7,052 | $ | 6,733 | ||||||||
SEGMENT_INFORMATION_Tables
SEGMENT INFORMATION (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||
Schedule of segment reporting information by segment | ' | |||||||||||||||||||||||
The following is selected segment information for the periods indicated (in thousands): | ||||||||||||||||||||||||
Three Months Ended September 30, 2014 | Three Months Ended September 30, 2013 | |||||||||||||||||||||||
TSP Segment | ARP Segment | Consolidated | TSP Segment | ARP Segment | Consolidated | |||||||||||||||||||
Revenues from external customers | $ | 32,645 | $ | 24,039 | $ | 56,684 | $ | 33,335 | $ | 17,445 | $ | 50,780 | ||||||||||||
Depreciation and amortization | 1,655 | 1,745 | $ | 3,400 | 2,087 | 1,907 | $ | 3,994 | ||||||||||||||||
Operating profit (loss) | 8,792 | (3,796 | ) | $ | 4,996 | 9,293 | (13,487 | ) | $ | (4,194 | ) | |||||||||||||
Segment assets | 174,548 | 155,964 | $ | 330,512 | 187,422 | 106,474 | $ | 293,896 | ||||||||||||||||
Nine Months Ended September 30, 2014 | Nine Months Ended September 30, 2013 | |||||||||||||||||||||||
TSP Segment | ARP Segment | Consolidated | TSP Segment | ARP Segment | Consolidated | |||||||||||||||||||
Revenues from external customers | $ | 98,094 | $ | 70,783 | $ | 168,877 | $ | 96,352 | $ | 61,915 | $ | 158,267 | ||||||||||||
Depreciation and amortization | 5,373 | 5,562 | $ | 10,935 | 5,826 | 5,921 | $ | 11,747 | ||||||||||||||||
Operating profit (loss) | 27,348 | (9,396 | ) | $ | 17,952 | 23,368 | (24,073 | ) | $ | (705 | ) | |||||||||||||
Segment assets | 174,548 | 155,964 | $ | 330,512 | 187,422 | 106,474 | $ | 293,896 | ||||||||||||||||
ACCRUED_WARRANTY_COSTS_Tables
ACCRUED WARRANTY COSTS (Tables) | 9 Months Ended | |||
Sep. 30, 2014 | ||||
Product Warranties Disclosures [Abstract] | ' | |||
Changes in warranty accrual | ' | |||
The following table summarizes the changes in the warranty accrual (in thousands): | ||||
Accrued warranty costs at December 31, 2013 | $ | 721 | ||
Warranty expenses incurred | 728 | |||
Accrual for warranty costs | (773 | ) | ||
Accrued warranty costs at September 30, 2014 | $ | 676 | ||
BASIS_OF_PRESENTATION_Details
BASIS OF PRESENTATION (Details) | Sep. 30, 2014 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Number of segments for financial reporting purposes (in number of segments) | 2 |
RESTRUCTURING_Details
RESTRUCTURING (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Asset Impairment Charges | ' | $2,388 | $4,136 | ' |
Employee Separation Costs | 154 | ' | 783 | ' |
Facility Exit Costs | 69 | -69 | 0 | ' |
Other Restructuring Costs | 41 | ' | 50 | ' |
Total Restructuring Charges | 2,652 | 2,652 | 4,969 | ' |
Restructuring Charges Included In Cost Of Revenue | 999 | ' | 2,551 | ' |
Restructuring Charges And Associated Cost | 1,653 | ' | 2,418 | ' |
Employee Separation Payments | ' | -213 | -655 | ' |
Foreign Exchange and Other Adjustments | ' | -38 | -50 | ' |
Restructuring Reserve | 72 | 72 | 128 | 0 |
Restructuring and Related Cost, Number of Positions Eliminated, Percent | 5.00% | ' | ' | ' |
Inventories [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Asset Impairment Charges | 964 | ' | 2,326 | ' |
Property, Plant and Equipment [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Asset Impairment Charges | 265 | ' | 1,110 | ' |
Goodwill [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Asset Impairment Charges | -1,159 | ' | 0 | ' |
Intangible assets (restructuring) [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Asset Impairment Charges | ' | ' | $700 | ' |
INVESTMENTS_Details
INVESTMENTS (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Components of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Amortized Cost | $20,322,000 | $20,322,000 | ' | $50,939,000 |
Gains in Accumulated Other Comprehensive Gain | ' | 0 | ' | 0 |
Losses in Accumulated Other Comprehensive Gain | ' | -25,000 | ' | 0 |
Estimated Fair Value | 20,297,000 | 20,297,000 | ' | 50,939,000 |
Available-for-sale Securities [Abstract] | ' | ' | ' | ' |
Proceeds from sales of available-for-sale-securities | 0 | ' | 0 | ' |
Available-for-sale securities, debt maturities [Abstract] | ' | ' | ' | ' |
Due in one year or less | 0 | 0 | ' | 4,517,000 |
Due after one year through two years | 7,975,000 | 7,975,000 | ' | 0 |
Total estimated fair value of available-for-sale debt securities | 7,975,000 | 7,975,000 | ' | 4,517,000 |
Ownership percentage in cost method investment | 20.00% | 20.00% | ' | ' |
Money Market Funds [Member] | ' | ' | ' | ' |
Components of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Amortized Cost | 12,322,000 | 12,322,000 | ' | 46,422,000 |
Gains in Accumulated Other Comprehensive Gain | ' | 0 | ' | 0 |
Losses in Accumulated Other Comprehensive Gain | ' | 0 | ' | 0 |
Estimated Fair Value | 12,322,000 | 12,322,000 | ' | 46,422,000 |
Current Non-Government Sponsored Debt Securities [Member] | ' | ' | ' | ' |
Components of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Amortized Cost | 0 | 0 | ' | 4,517,000 |
Gains in Accumulated Other Comprehensive Gain | ' | 0 | ' | 0 |
Losses in Accumulated Other Comprehensive Gain | ' | 0 | ' | 0 |
Estimated Fair Value | 0 | 0 | ' | 4,517,000 |
Total Current Available-for-sale Securities [Member] | ' | ' | ' | ' |
Components of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Amortized Cost | 12,322,000 | 12,322,000 | ' | 50,939,000 |
Gains in Accumulated Other Comprehensive Gain | ' | 0 | ' | 0 |
Losses in Accumulated Other Comprehensive Gain | ' | 0 | ' | 0 |
Estimated Fair Value | 12,322,000 | 12,322,000 | ' | 50,939,000 |
Non-current government sponsored debt securities | ' | ' | ' | ' |
Components of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Amortized Cost | 4,000,000 | 4,000,000 | ' | ' |
Gains in Accumulated Other Comprehensive Gain | ' | 0 | ' | ' |
Losses in Accumulated Other Comprehensive Gain | ' | -4,000 | ' | ' |
Estimated Fair Value | 3,996,000 | 3,996,000 | ' | ' |
Non-Current Non-Government Sponsored Debt Securities [Member] | ' | ' | ' | ' |
Components of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Amortized Cost | 4,000,000 | 4,000,000 | ' | 0 |
Gains in Accumulated Other Comprehensive Gain | ' | 0 | ' | 0 |
Losses in Accumulated Other Comprehensive Gain | ' | -21,000 | ' | 0 |
Estimated Fair Value | 3,979,000 | 3,979,000 | ' | 0 |
Total Non-Current Available-for-sale Securities [Member] | ' | ' | ' | ' |
Components of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Amortized Cost | 8,000,000 | 8,000,000 | ' | 0 |
Gains in Accumulated Other Comprehensive Gain | ' | 0 | ' | 0 |
Losses in Accumulated Other Comprehensive Gain | ' | -25,000 | ' | 0 |
Estimated Fair Value | 7,975,000 | 7,975,000 | ' | 0 |
Investment in Private Company 1 [Member] | ' | ' | ' | ' |
Available-for-sale securities, debt maturities [Abstract] | ' | ' | ' | ' |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 5,400,000 | ' | ' | ' |
Investment in Private Company 2 [Member] | ' | ' | ' | ' |
Available-for-sale securities, debt maturities [Abstract] | ' | ' | ' | ' |
Amount of investments in a private company | $1,000,000 | $1,000,000 | ' | ' |
INVENTORY_NET_Details
INVENTORY, NET (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory, Net [Abstract] | ' | ' |
Parts and supplies | $16,988 | $19,002 |
Work-in-progress | 8,192 | 4,747 |
Finished goods | 7,949 | 6,738 |
Inventory, net | $33,129 | $30,487 |
FAIR_VALUE_MEASUREMENTS_Detail
FAIR VALUE MEASUREMENTS (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Amounts included in asset accounts [Abstract] | ' | ' |
Money Market funds | $12,322,000 | $46,422,000 |
Non-government sponsored debt securities | 7,975,000 | 4,517,000 |
Amounts included in liability accounts [Abstract] | ' | ' |
Contingent consideration | ' | 0 |
Long-term debt | 0 | 1,500,000 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Amounts included in asset accounts [Abstract] | ' | ' |
Money Market funds | 12,322,000 | 46,422,000 |
Non-government sponsored debt securities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Amounts included in asset accounts [Abstract] | ' | ' |
Money Market funds | 0 | 0 |
Non-government sponsored debt securities | 7,975,000 | 4,517,000 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Amounts included in asset accounts [Abstract] | ' | ' |
Money Market funds | 0 | 0 |
Non-government sponsored debt securities | $0 | $0 |
FAIR_VALUE_MEASUREMENTS_Detail1
FAIR VALUE MEASUREMENTS (Details 1) (Fair Value, Inputs, Level 3 [Member], USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Balance at beginning of year | $0 | $1,370 |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 0 | 0 |
Fair value adjustments | 0 | -1,370 |
Balance at end of period | $0 | $0 |
GOODWILL_AND_OTHER_INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Asset Impairment Charges | ' | ' | $2,388,000 | ' | $4,136,000 |
Goodwill [Roll Forward] | ' | ' | ' | ' | ' |
Balance at beginning of year | ' | ' | 50,738,000 | 51,128,000 | 51,128,000 |
Foreign currency translation adjustments | ' | ' | 40,000 | ' | -390,000 |
Balance at end of period | 49,619,000 | ' | 49,619,000 | ' | 50,738,000 |
Finite and Indefinite-lived Intangible Assets [Roll Forward] | ' | ' | ' | ' | ' |
Balance, beginning | ' | ' | 78,507,000 | 80,584,000 | 80,584,000 |
Write Off Of In Process Research And Development Projects | ' | ' | ' | ' | -1,796,000 |
Foreign currency translation adjustments | ' | ' | 61,000 | ' | -281,000 |
Balance, ending | 78,568,000 | ' | 78,568,000 | ' | 78,507,000 |
Less: accumulated amortization [Abstract] | ' | ' | ' | ' | ' |
Accumulated amortization, beginning balance | ' | ' | -18,212,000 | -15,366,000 | -15,366,000 |
Amortization expense | -964,000 | -1,021,000 | -2,949,000 | -3,077,000 | -4,099,000 |
Write Off Of In Process Research And Development Amortization | ' | ' | ' | ' | 1,101,000 |
Foreign currency translation adjustments | -61,000 | ' | -61,000 | ' | 152,000 |
Accumulated amortization, ending balance | -21,222,000 | ' | -21,222,000 | ' | -18,212,000 |
Net balance | 57,346,000 | ' | 57,346,000 | ' | 60,295,000 |
Estimated aggregate amortization expense for the next five years and thereafter [Abstract] | ' | ' | ' | ' | ' |
2014 (three months) | 964,000 | ' | 964,000 | ' | ' |
2015 | 3,232,000 | ' | 3,232,000 | ' | ' |
2016 | 3,100,000 | ' | 3,100,000 | ' | ' |
2017 | 2,144,000 | ' | 2,144,000 | ' | ' |
2018 | 1,954,000 | ' | 1,954,000 | ' | ' |
Thereafter | 5,852,000 | ' | 5,852,000 | ' | ' |
Total | 17,246,000 | ' | 17,246,000 | ' | ' |
IP R&D | 40,100,000 | ' | 40,100,000 | ' | ' |
Total | 57,346,000 | ' | 57,346,000 | ' | ' |
In-process Research and Development [Member] | ' | ' | ' | ' | ' |
Finite and Indefinite-lived Intangible Assets [Roll Forward] | ' | ' | ' | ' | ' |
Balance, beginning | ' | ' | 40,100,000 | 40,627,000 | 40,627,000 |
Write Off Of In Process Research And Development Projects | ' | ' | ' | ' | -454,000 |
Foreign currency translation adjustments | ' | ' | 0 | ' | -73,000 |
Balance, ending | 40,100,000 | ' | 40,100,000 | ' | 40,100,000 |
Less: accumulated amortization [Abstract] | ' | ' | ' | ' | ' |
Accumulated amortization, beginning balance | ' | ' | 0 | 0 | 0 |
Amortization expense | ' | ' | 0 | ' | 0 |
Write Off Of In Process Research And Development Amortization | ' | ' | ' | ' | 0 |
Foreign currency translation adjustments | 0 | ' | 0 | ' | 0 |
Accumulated amortization, ending balance | 0 | ' | 0 | ' | 0 |
Net balance | 40,100,000 | ' | 40,100,000 | ' | 40,100,000 |
Technology, Trade Secrets, and Know-how [Member] | ' | ' | ' | ' | ' |
Finite and Indefinite-lived Intangible Assets [Roll Forward] | ' | ' | ' | ' | ' |
Balance, beginning | ' | ' | 28,974,000 | 30,030,000 | 30,030,000 |
Write Off Of In Process Research And Development Projects | ' | ' | ' | ' | -916,000 |
Finite-Lived Intangible Assets, Translation Adjustments | ' | ' | 39,000 | ' | ' |
Foreign currency translation adjustments | ' | ' | ' | ' | -140,000 |
Balance, ending | 29,013,000 | ' | 29,013,000 | ' | 28,974,000 |
Less: accumulated amortization [Abstract] | ' | ' | ' | ' | ' |
Accumulated amortization, beginning balance | ' | ' | -15,570,000 | -13,193,000 | -13,193,000 |
Amortization expense | ' | ' | -2,280,000 | ' | -3,172,000 |
Write Off Of In Process Research And Development Amortization | ' | ' | ' | ' | 702,000 |
Foreign currency translation adjustments | -39,000 | ' | -39,000 | ' | 93,000 |
Accumulated amortization, ending balance | -17,889,000 | ' | -17,889,000 | ' | -15,570,000 |
Net balance | 11,124,000 | ' | 11,124,000 | ' | 13,404,000 |
Weighted average life (in years) | ' | ' | '10 years | ' | '10 years |
Customer Lists and Contracts [Member] | ' | ' | ' | ' | ' |
Finite and Indefinite-lived Intangible Assets [Roll Forward] | ' | ' | ' | ' | ' |
Balance, beginning | ' | ' | 7,791,000 | 7,986,000 | 7,986,000 |
Write Off Of In Process Research And Development Projects | ' | ' | ' | ' | -168,000 |
Finite-Lived Intangible Assets, Translation Adjustments | ' | ' | 9,000 | ' | ' |
Foreign currency translation adjustments | ' | ' | ' | ' | -27,000 |
Balance, ending | 7,800,000 | ' | 7,800,000 | ' | 7,791,000 |
Less: accumulated amortization [Abstract] | ' | ' | ' | ' | ' |
Accumulated amortization, beginning balance | ' | ' | -2,165,000 | -1,560,000 | -1,560,000 |
Amortization expense | ' | ' | -567,000 | ' | -787,000 |
Write Off Of In Process Research And Development Amortization | ' | ' | ' | ' | 161,000 |
Foreign currency translation adjustments | -9,000 | ' | -9,000 | ' | 21,000 |
Accumulated amortization, ending balance | -2,741,000 | ' | -2,741,000 | ' | -2,165,000 |
Net balance | 5,059,000 | ' | 5,059,000 | ' | 5,626,000 |
Weighted average life (in years) | ' | ' | '11 years | ' | '11 years |
Other Identifiable Intangible Assets [Member] | ' | ' | ' | ' | ' |
Finite and Indefinite-lived Intangible Assets [Roll Forward] | ' | ' | ' | ' | ' |
Balance, beginning | ' | ' | 1,642,000 | 1,941,000 | 1,941,000 |
Write Off Of In Process Research And Development Projects | ' | ' | ' | ' | -258,000 |
Finite-Lived Intangible Assets, Translation Adjustments | ' | ' | 13,000 | ' | ' |
Foreign currency translation adjustments | ' | ' | ' | ' | -41,000 |
Balance, ending | 1,655,000 | ' | 1,655,000 | ' | 1,642,000 |
Less: accumulated amortization [Abstract] | ' | ' | ' | ' | ' |
Accumulated amortization, beginning balance | ' | ' | -477,000 | -613,000 | -613,000 |
Amortization expense | ' | ' | -102,000 | ' | -140,000 |
Write Off Of In Process Research And Development Amortization | ' | ' | ' | ' | 238,000 |
Foreign currency translation adjustments | -13,000 | ' | -13,000 | ' | 38,000 |
Accumulated amortization, ending balance | -592,000 | ' | -592,000 | ' | -477,000 |
Net balance | 1,063,000 | ' | 1,063,000 | ' | 1,165,000 |
Weighted average life (in years) | ' | ' | '11 years | ' | '9 years |
Minimum [Member] | ' | ' | ' | ' | ' |
Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Research and Development Expense, Estimated | ' | ' | 4,000,000 | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' |
Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Research and Development Expense, Estimated | ' | ' | 7,000,000 | ' | ' |
Goodwill [Member] | ' | ' | ' | ' | ' |
Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Asset Impairment Charges | ($1,159,000) | ' | ' | ' | $0 |
OTHER_COMPREHENSIVE_LOSS_INCOM2
OTHER COMPREHENSIVE (LOSS) INCOME (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' | ' |
Beginning balance, December 31, 2013 | ' | ' | $419 | ' |
Other comprehensive loss before reclassifications | ' | ' | -821 | ' |
Amounts reclassified from accumulated other comprehensive (loss) income | ' | ' | -7 | ' |
Net current-period other comprehensive loss | -425 | 107 | -828 | -516 |
Ending balance, September 30, 2014 | -409 | ' | -409 | ' |
Available-for-sale Securities [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' | ' |
Beginning balance, December 31, 2013 | ' | ' | 0 | ' |
Other comprehensive loss before reclassifications | ' | ' | -7 | ' |
Amounts reclassified from accumulated other comprehensive (loss) income | ' | ' | -7 | ' |
Net current-period other comprehensive loss | ' | ' | -14 | ' |
Ending balance, September 30, 2014 | -14 | ' | -14 | ' |
Accumulated Translation Adjustment [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' | ' |
Beginning balance, December 31, 2013 | ' | ' | 419 | ' |
Other comprehensive loss before reclassifications | ' | ' | -814 | ' |
Amounts reclassified from accumulated other comprehensive (loss) income | ' | ' | 0 | ' |
Net current-period other comprehensive loss | ' | ' | -814 | ' |
Ending balance, September 30, 2014 | ($395) | ' | ($395) | ' |
OTHER_COMPREHENSIVE_LOSS_INCOM3
OTHER COMPREHENSIVE (LOSS) INCOME (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' | ' |
Foreign currency translation adjustments, before tax | ($410) | ' | ($814) | ' |
Foreign currency translation adjustments, tax benefit | 0 | ' | 0 | ' |
Foreign currency translation adjustments, net of tax | -410 | ' | -814 | ' |
Unrealized gains on available-for-sale investments, before tax | -24 | ' | -23 | ' |
Unrealized gains on available-for-sale investments, tax benefit | 9 | ' | 9 | ' |
Unrealized gains on available-for-sale investments, net of tax | -15 | ' | -14 | ' |
Other comprehensive (loss) income, before tax | -434 | ' | -837 | ' |
Other comprehensive (loss) income, tax benefit | 9 | ' | 9 | ' |
Other comprehensive (loss) income, net of tax | ($425) | $107 | ($828) | ($516) |
EARNINGS_PER_SHARE_Details
EARNINGS PER SHARE (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Numerator: | ' | ' | ' | ' |
Net income | $5,550 | $796 | $16,241 | $1,980 |
Denominator: | ' | ' | ' | ' |
Denominator for basic net income per share - weighted average common stock outstanding | 41,714,000 | 40,752,000 | 41,496,000 | 40,712,000 |
Effect of dilutive securities: stock options and awards | 667,000 | 1,167,000 | 631,000 | 1,059,000 |
Denominator for diluted net income per share - weighted average shares outstanding - diluted | 42,381,000 | 41,919,000 | 42,127,000 | 41,771,000 |
Basic net income per share | $0.13 | $0.02 | $0.39 | $0.05 |
Diluted net income per share | $0.13 | $0.02 | $0.39 | $0.05 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Anti-dilutive restricted stock awards, stock options | 167,929 | 189,445 | 167,929 | 189,445 |
STOCKBASED_COMPENSATION_Detail
STOCK-BASED COMPENSATION (Details) (USD $) | 9 Months Ended |
In Millions, except Share data in Thousands, unless otherwise specified | Sep. 30, 2014 |
Stock options, additional Disclosures [Abstract] | ' |
Total unrecognized compensation costs | $1 |
Unrecognized compensation costs, weighted average period of recognition (in years) | '1 year 1 month 21 days |
Stock Options [Member] | ' |
Stock options, outstanding [Roll Forward] | ' |
Options outstanding, beginning balance (in shares) | 967 |
Granted (in shares) | 0 |
Exercised (in shares) | -311 |
Cancelled or expired (in shares) | -25 |
Options outstanding, ending balance (in shares) | 631 |
Stock options, additional Disclosures [Abstract] | ' |
Weighted-average price, beginning of period (in dollars per share) | $15.35 |
Weighted-average price, granted (in dollars per share) | $0 |
Weighted average price, exercised (in dollars per share) | $9.73 |
Weighted-average price, cancelled or expired (in dollars per share) | $19.85 |
Weighted-average price, end of period (in dollars per share) | $17.94 |
Restricted Stock [Member] | ' |
Stock options, additional Disclosures [Abstract] | ' |
Total unrecognized compensation costs | 18.5 |
Unrecognized compensation costs, weighted average period of recognition (in years) | '2 years 11 months 27 days |
Equity instruments other than options, nonvested [Roll Forward] | ' |
Non-vested, beginning balance (in shares) | 826 |
Granted (in shares) | 535 |
Vested (in shares) | -285 |
Cancelled or expired (in shares) | -59 |
Non-vested, ending balance (in shares) | 1,017 |
Equity instruments other than options, additional Disclosures [Abstract] | ' |
Non-vested, beginning balance (in dollars per share) | $18.62 |
Granted (in dollars per share) | $20.04 |
Vested (in dollars per share) | $18.08 |
Cancelled or expired (in dollars per share) | $19.23 |
Non-vested, ending balance (in dollars per share) | $19.48 |
Restricted Stock Units (RSUs) [Member] | ' |
Stock options, additional Disclosures [Abstract] | ' |
Total unrecognized compensation costs | $4.30 |
Unrecognized compensation costs, weighted average period of recognition (in years) | '2 years 7 days |
Equity instruments other than options, nonvested [Roll Forward] | ' |
Non-vested, beginning balance (in shares) | 833 |
Granted (in shares) | 139 |
Vested (in shares) | -59 |
Cancelled or expired (in shares) | -168 |
Non-vested, ending balance (in shares) | 745 |
STOCKBASED_COMPENSATION_Detail1
STOCK-BASED COMPENSATION (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Cost of revenue | ' | ' | ' | ' |
Share-based Compensation, allocation and classification in income statements [Abstract] | ' | ' | ' | ' |
Stock-based compensation costs | $233 | $233 | $743 | $635 |
Research and development | ' | ' | ' | ' |
Share-based Compensation, allocation and classification in income statements [Abstract] | ' | ' | ' | ' |
Stock-based compensation costs | 726 | 675 | 1,862 | 1,892 |
Selling, general and administrative | ' | ' | ' | ' |
Share-based Compensation, allocation and classification in income statements [Abstract] | ' | ' | ' | ' |
Stock-based compensation costs | 1,663 | 981 | 4,447 | 4,206 |
Selling, general and administrative | ' | ' | ' | ' |
Share-based Compensation, allocation and classification in income statements [Abstract] | ' | ' | ' | ' |
Stock-based compensation costs | $2,622 | $1,889 | $7,052 | $6,733 |
SEGMENT_INFORMATION_Details
SEGMENT INFORMATION (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Segment Reporting [Abstract] | ' | ' | ' | ' | ' |
Number of segments for financial reporting purposes (in number of segments) | 2 | ' | 2 | ' | ' |
Intersegment sales | $3,600,000 | $2,200,000 | $9,000,000 | $7,900,000 | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues from external customers | 56,684,000 | 50,780,000 | 168,877,000 | 158,267,000 | ' |
Depreciation and amortization | 3,400,000 | 3,994,000 | 10,935,000 | 11,747,000 | ' |
Operating profit (loss) | 4,996,000 | -4,194,000 | 17,952,000 | -705,000 | ' |
Assets | 330,512,000 | 293,896,000 | 330,512,000 | 293,896,000 | 306,046,000 |
Technology and Strategic Partnerships [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues from external customers | 32,645,000 | 33,335,000 | 98,094,000 | 96,352,000 | ' |
Depreciation and amortization | 1,655,000 | 2,087,000 | 5,373,000 | 5,826,000 | ' |
Operating profit (loss) | 8,792,000 | 9,293,000 | 27,348,000 | 23,368,000 | ' |
Assets | 174,548,000 | 187,422,000 | 174,548,000 | 187,422,000 | ' |
Assays and Related Products [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues from external customers | 24,039,000 | 17,445,000 | 70,783,000 | 61,915,000 | ' |
Depreciation and amortization | 1,745,000 | 1,907,000 | 5,562,000 | 5,921,000 | ' |
Operating profit (loss) | -3,796,000 | -13,487,000 | -9,396,000 | -24,073,000 | ' |
Assets | $155,964,000 | $106,474,000 | $155,964,000 | $106,474,000 | ' |
ACCRUED_WARRANTY_COSTS_Details
ACCRUED WARRANTY COSTS (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Accrued warranty costs [Roll Forward] | ' |
Accrued warranty costs at December 31, 2013 | $721 |
Warranty expenses incurred | 728 |
Accrual for warranty costs | -773 |
Accrued warranty costs at September 30, 2014 | $676 |
INCOME_TAXES_Details
INCOME TAXES (Details) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' | ' |
Effective tax rate, including amounts recorded for discrete events (in hundredths) | 9.30% | 20.00% |
Statutory rate (in hundredths) | 35.00% | ' |
Maximum rate for cash taxes expected to be paid (in hundredths) | 50.00% | ' |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2013 |
Commitments and Contingencies Disclosure [Abstract] | ' |
Distribution Agreement Settlement Expense | $7 |