Document_and_Entity_Informatio
Document and Entity Information (EUR €) | 12 Months Ended |
Dec. 31, 2013 | |
Document Type | '20-F |
Amendment Flag | 'false |
Document Period End Date | 31-Dec-13 |
Entity Registrant Name | 'EDAP TMS SA |
Entity Central Index Key | '0001041934 |
Current Fiscal Year End Date | '--12-31 |
Entity Filer Category | 'Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 21,789,670 |
Entity Current Reporting Status | 'Yes |
Entity Voluntary Filers | 'No |
Entity Well Known Seasoned Issuer | 'No |
Entity Public Float | € 13 |
Document Fiscal Year Focus | '2013 |
Document Fiscal Period Focus | 'FY |
Statement_of_Financial_Positio
Statement of Financial Position (EUR €) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | € 6,681 | € 7,041 |
Current portion of net trade accounts and notes receivable | 7,895 | 11,148 |
Other receivables | 1,497 | 842 |
Inventories | 4,698 | 4,263 |
Deferred tax assets | 22 | 32 |
Other assets, current portion | 331 | 367 |
Short-term investment | 1,000 | 1,036 |
Total current assets | 22,125 | 24,729 |
Noncurrent Assets | ' | ' |
Property and equipment, net | 1,655 | 2,035 |
Intangible assets, net | 36 | 71 |
Goodwill | 2,412 | 2,412 |
Deposits and other non-current assets | 331 | 396 |
Net Trade accounts and notes receivable, non current | 316 | 801 |
Total assets | 26,874 | 30,444 |
Current liabilities | ' | ' |
Trade accounts and notes payable | 5,435 | 6,336 |
Deferred revenues, current portion | 826 | 885 |
Social security and other payroll withholdings taxes | 760 | 729 |
Employee absences compensation | 506 | 473 |
Income taxes payable | 10 | 12 |
Other accrued liabilities | 1,570 | 1,928 |
Short-term borrowings | 2,208 | 2,095 |
Current portion of capital lease obligations | 184 | 459 |
Current portion of long-term debt | 90 | 207 |
Total current liabilities | 11,589 | 13,124 |
Deferred revenues, non current | 47 | 79 |
Capital lease obligations, non current | 378 | 494 |
Non Convertible debentures | 0 | 4,416 |
Financial instruments carried at fair value | 3,439 | 1,754 |
Long-term debt, non current | 239 | 415 |
Other long-term liabilities | 1,897 | 1,999 |
Total liabilities | 17,589 | 22,282 |
Shareholders' equity | ' | ' |
Common stock, €0.13 par value; 22,171,198 shares issued and 21,789,670 shares outstanding; 18,753,757 shares issued and 18,372,229 shares outstanding; at December 31, 2013 and 2012, respectively | 2,882 | 2,438 |
Additional paid-in capital | 51,385 | 45,791 |
Retained earnings | -40,590 | -35,569 |
Cumulative other comprehensive loss | -3,221 | -3,327 |
Treasury stock, at cost; 381,528 at December 31, 2012 and 2011, respectively | -1,172 | -1,172 |
Total shareholders' equity | 9,284 | 8,161 |
Total liabilities and shareholders' equity | € 26,874 | € 30,444 |
Statement_of_Financial_Positio1
Statement of Financial Position (Parenthetical) (EUR €) | Dec. 31, 2013 | Dec. 31, 2012 |
Common Stock [Member] | ' | ' |
Common Stock, Par Value Per Share | € 0.13 | € 0.13 |
Common Stock, Shares, Issued | 22,171,198 | 18,753,757 |
Common Stock, Shares, Outstanding | 21,789,670 | 18,372,229 |
Treasury Stock [Member] | ' | ' |
Treasury Stock, Shares | 381,528 | 381,528 |
Statement_of_Operations
Statement of Operations (EUR €) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues | ' | ' | ' |
Sales of goods | € 14,767 | € 17,009 | € 12,399 |
Sales of RPPs & leases | 3,922 | 3,988 | 4,508 |
Sales of spare parts and services | 5,375 | 5,021 | 5,365 |
Total sales | 24,065 | 26,018 | 22,272 |
Other revenues | 15 | 47 | 20 |
Total revenues | 24,080 | 26,065 | 22,292 |
Cost of goods | -8,883 | -9,735 | -7,365 |
Cost of RPPs & leases | -2,191 | -2,329 | -2,240 |
Cost of spare parts and services | -3,686 | -3,568 | -3,830 |
Total cost of sales | -14,761 | -15,632 | -13,435 |
Gross profit | 9,319 | 10,433 | 8,857 |
Operating Expenses | ' | ' | ' |
Research and development expenses | -2,595 | -2,659 | -2,436 |
Selling and marketing expenses | -6,279 | -6,620 | -5,874 |
General and administrative expenses | -3,200 | -3,185 | -3,044 |
Loss from operations | -2,755 | -2,030 | -2,497 |
Nonoperating Income (Expense) | ' | ' | ' |
Foreign currency exchange gain (loss), net | -1,230 | -733 | 482 |
Other income (expense), net | 0 | 0 | -50 |
Financial (expense) income, net | -901 | -4,594 | 1,522 |
Income (loss) before taxes | -4,886 | -7,358 | -543 |
Income tax (expense) benefit | -135 | -118 | -395 |
Net income (loss) | -€ 5,021 | -€ 7,475 | -€ 938 |
Earnings per share | ' | ' | ' |
Basic income (loss) per share | -€ 0.24 | -€ 0.43 | -€ 0.07 |
Diluted income (loss) per share | -€ 0.24 | -€ 0.43 | -€ 0.07 |
Basic Weighted average shares outstanding | 20,593,720 | 17,556,395 | 13,345,004 |
Diluted Weighted average shares outstanding | 20,593,720 | 17,556,395 | 13,345,004 |
Statement_of_Cash_Flows
Statement of Cash Flows (EUR €) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities | ' | ' | ' |
Net income (loss) | -€ 5,021 | -€ 7,475 | -€ 938 |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' | ' |
Depreciation and amortization | 1,179 | 931 | 1,413 |
Change in fair value | 630 | 3,915 | -2,435 |
Other Non-cash compensation | 367 | 76 | 199 |
Change in allowances for doubtful accounts & slow-moving inventories | -663 | 153 | 457 |
Change in long-term provisions | -127 | -51 | 431 |
Net capital loss on disposals of assets | 455 | 290 | 355 |
Deferred tax expense (benefit) | -65 | -52 | 293 |
Operating cash flow | -3,246 | -2,213 | -225 |
Increase/Decrease in operating assets and liabilities: | ' | ' | ' |
Decrease (Increase) in trade accounts and notes and other receivables | 2,554 | 2,507 | -172 |
Decrease (Increase) in inventories | -961 | -330 | -264 |
Decrease (Increase) in other assets | 24 | 75 | 259 |
(Decrease) Increase in trade accounts and notes payable | -822 | -91 | 508 |
(Decrease) Increase in accrued expenses, other current liabilities | -44 | -110 | -842 |
Net increase (decrease) in operating assets and liabilities | 751 | 2,051 | -511 |
Net cash used in operating activities | -2,495 | -162 | -737 |
Cash flows from investing activities: | ' | ' | ' |
Additions to capitalized assets produced by the Company | -528 | -334 | -756 |
Net proceeds from sale of leased back assets | 133 | 299 | 304 |
Acquisitions of property and equipment | -232 | -272 | -103 |
Acquisitions of intangible assets | 0 | -44 | -11 |
Acquisitions of short term investments, net | 0 | 0 | 0 |
Net proceeds from sale of short term investments, net | 36 | 536 | 0 |
Net proceeds from sale of assets | 0 | 0 | 0 |
Increase (decrease) in deposits and guarantees, net | 3 | 50 | -47 |
Net cash generated by (used in) investing activities | -589 | 234 | -612 |
Cash flow from financing activities: | ' | ' | ' |
Proceeds from capital increase | 5,671 | 1,898 | 758 |
Proceeds from long term borrowings, net of financing costs | 2,950 | 1,821 | 210 |
Repayment of long term borrowings | -6,210 | -2,176 | -299 |
Repayment of obligations under capital leases | -587 | -595 | -701 |
Increase (decrease) in bank overdrafts and short-term borrowings | 113 | 395 | -295 |
Net cash generated by (used in) financing activities | 1,937 | 1,342 | -328 |
Net effect of exchange rate changes on cash and cash equivalents | 788 | 727 | -789 |
Net increase (decrease) in cash and cash equivalents | -360 | 2,141 | -2,469 |
Cash and cash equivalents at end of year | € 6,681 | € 7,041 | € 4,900 |
Statement_of_Stockholders_Equi
Statement of Stockholders Equity (EUR €) | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Income [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Total |
In Thousands, except Share data | ||||||
Beginning Balance at Jan. 01, 2011 | ' | ' | ' | ' | ' | ' |
Net income (loss) | ' | ' | ' | -€ 938 | ' | -€ 938 |
Translation adjustment | ' | ' | -274 | ' | ' | -274 |
Warrants and stock options granted | ' | 199 | ' | ' | ' | 199 |
Warrants and stock options granted (Shares) | ' | ' | ' | ' | ' | 336,603 |
Capital increase | 44 | 714 | ' | ' | ' | 758 |
Provision for retirement indemnities | ' | ' | 70 | ' | ' | 70 |
Ending Balance at Dec. 31, 2011 | 1,784 | 39,784 | -3,590 | -28,093 | -1,172 | 8,714 |
Ending Balance (Shares) at Dec. 31, 2011 | ' | ' | ' | ' | ' | 13,345,004 |
Beginning Balance at Jan. 01, 2012 | ' | ' | ' | ' | ' | ' |
Net income (loss) | ' | ' | ' | -7,475 | ' | -7,475 |
Translation adjustment | ' | ' | 315 | ' | ' | 315 |
Warrants and stock options granted | ' | 881 | ' | ' | ' | 881 |
Capital increase | 654 | 5,126 | ' | ' | ' | 5,780 |
Capital increase (Shares) | ' | ' | ' | ' | ' | 5,027,225 |
Provision for retirement indemnities | ' | ' | -52 | ' | ' | -52 |
Ending Balance at Dec. 31, 2012 | 2,438 | 45,791 | -3,327 | -35,569 | -1,172 | 8,161 |
Ending Balance (Shares) at Dec. 31, 2012 | ' | ' | ' | ' | ' | 18,372,229 |
Beginning Balance at Jan. 01, 2013 | ' | ' | ' | ' | ' | ' |
Net income (loss) | ' | ' | ' | -5,021 | ' | -5,021 |
Translation adjustment | ' | ' | 154 | ' | ' | 154 |
Warrants and stock options granted | ' | 367 | ' | ' | ' | 367 |
Capital increase | 444 | 5,227 | ' | ' | ' | 5,671 |
Capital increase (Shares) | ' | ' | ' | ' | ' | 3,417,441 |
Provision for retirement indemnities | ' | ' | -48 | ' | ' | -48 |
Ending Balance at Dec. 31, 2013 | € 2,882 | € 51,385 | -€ 3,221 | -€ 40,590 | -€ 1,172 | € 9,284 |
Ending Balance (Shares) at Dec. 31, 2013 | ' | ' | ' | ' | ' | 21,789,670 |
Statement_of_Comprehensive_Inc
Statement of Comprehensive Income (EUR €) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net income (loss) | -€ 5,021 | -€ 7,475 | -€ 938 |
Other comprehensive loss: | ' | ' | ' |
Foreign currency translation adjustments | 154 | 315 | -274 |
Provision for retirement indemnities | -48 | -52 | 70 |
Comprehensive income (loss), net of tax | -€ 4,915 | -€ 7,213 | -€ 1,143 |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Summary Of Significant Accounting Policies [Text Block] | ' | ||||||||||||
1-1 Nature of operations | |||||||||||||
EDAP TMS S.A. and its subsidiaries (‘‘the Company’’) are engaged in the development, production, marketing, distribution and maintenance of a portfolio of minimally-invasive medical devices for the treatment of urological diseases. The Company currently produces devices for treating stones of the urinary tract and localized prostate cancer. Net sales consist primarily of direct sales to hospitals and clinics in France and Europe, export sales to third-party distributors and agents, and export sales through subsidiaries based in Germany, Italy and Asia. | |||||||||||||
The Company purchases the majority of the components used in its products from a number of suppliers but for some components, relies on a single source. Delay would be caused if the supply of these components or other components was interrupted and these delays could be extended in certain situations where a component substitution may require regulatory approval. Failure to obtain adequate supplies of these components in a timely manner could have a material adverse effect on the Company’s business, financial position and results of operation. | |||||||||||||
1-2 Management estimates | |||||||||||||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles (‘‘U.S. GAAP’’) requires management to make estimates and assumptions, such as business plans, that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||
1-3 Consolidation | |||||||||||||
The accompanying consolidated financial statements include the accounts of EDAP TMS S.A. and all its domestic and foreign owned subsidiaries, which include EDAP TMS France SAS, EDAP Technomed Inc., Edap Technomed Sdn Bhd, Edap Technomed Italia S.R.L, EDAP Technomed Co. Ltd. and EDAP TMS Gmbh. Edap Technomed Sdn Bhd was incorporated in early 1997. Edap Technomed Co. Ltd. was created in late 1996. EDAP TMS Gmbh was created in July 2006. EDAP SA, a subsidiary incorporating HIFU activities merged all of its activity into EDAP TMS France SAS in 2008. All intercompany transactions and balances are eliminated in consolidation | |||||||||||||
1-4 Revenue recognition | |||||||||||||
Sales of goods: | |||||||||||||
For medical device sales with no significant remaining vendor obligation, payments contingent upon customer financing, acceptance criteria that can be subjectively interpreted by the customer, or tied to the use of the device, revenue is recognized when evidence of an arrangement exists, title to the device passes (depending on terms, either upon shipment or delivery), and the customer has the intent and ability to pay in accordance with contract payment terms that are fixed or determinable. For sales in which payment is contingent upon customer financing, acceptance criteria can be subjectively interpreted by the customer, or payment depends on use of the device, revenue is recognized when the contingency is resolved. The Company provides training and provides a minimum of one-year warranty upon installation. The Company accrues for the warranty costs at the time of sale. Revenues related to disposables are recognized when goods are delivered. | |||||||||||||
Sales of RPPs and leases: | |||||||||||||
Revenues related to the sale of Ablatherm treatments invoiced on a ‘‘Revenue-Per-Procedure’’ (‘‘RPP’’) basis are recognized when the treatment procedure has been completed. Revenues from devices leased to customers under operating leases are recognized on a straight-line basis. | |||||||||||||
F-9 | |||||||||||||
EDAP TMS S.A. AND SUBSIDIARIES | |||||||||||||
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | |||||||||||||
(in thousands of euros unless otherwise noted, except per share data) | |||||||||||||
Sales of spare parts and services: | |||||||||||||
Revenues related to spare parts are recognized when goods are delivered. Maintenance contracts rarely exceed one year and are recognized on a straight line basis. Billings or cash receipts in advance of services due under maintenance contracts are recorded as deferred revenue. | |||||||||||||
1-5 Shipping and handling costs | |||||||||||||
The Company recognizes revenue from the shipping and handling of its products as a component of revenue. Shipping and handling costs are recorded as a component of cost of sales. | |||||||||||||
1-6 Cash equivalents and short term investments | |||||||||||||
Cash equivalents are cash investments which are highly liquid and have initial maturities of 90 days or less. | |||||||||||||
Cash investments with a maturity higher than 90 days are considered as short-term investments. | |||||||||||||
1-7 Accounts Receivables | |||||||||||||
Accounts receivables are stated at cost net of allowances for doubtful accounts. The Company makes judgments as to its ability to collect outstanding receivables and provides allowances for the portion of receivables when collection becomes doubtful. Provision is made based upon a specific review of all significant outstanding invoices. These estimates are based on our bad debt write-off experience, analysis of credit information, specific identification of probable bad debt based on our collection efforts, aging of accounts receivables and other known factors. | |||||||||||||
1-8 Inventories | |||||||||||||
Inventories are valued at the lower of manufacturing cost, which is principally comprised of components and labor costs, or market (net realizable value). Cost is determined on a first-in, first-out basis for components and spare parts and by specific identification for finished goods (medical devices). The Company establishes reserves for inventory estimated to be obsolete, unmarketable or slow moving, first based on a detailed comparison between quantity in inventory and historical consumption and then based on case-by-case analysis of the difference between the cost of inventory and the related estimated market value. | |||||||||||||
1-9 Property and equipment | |||||||||||||
Property and equipment is stated at historical cost. Depreciation and amortization of property and equipment are calculated using the straight-line method over the estimated useful life of the related assets, as follows: | |||||||||||||
Leasehold improvements | 10 years or lease term if shorter | ||||||||||||
Equipment | 3 - 10 years | ||||||||||||
Furniture, fixtures, fittings and other | 2 - 10 years | ||||||||||||
Equipment includes industrial equipment and research equipment that has alternative future uses. Equipment also includes devices that are manufactured by the Company and leased to customers through operating leases related to Revenue-Per-Procedure transactions and devices subject to sale and leaseback transactions. This equipment is depreciated over a period of seven years. | |||||||||||||
F-10 | |||||||||||||
EDAP TMS S.A. AND SUBSIDIARIES | |||||||||||||
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | |||||||||||||
(in thousands of euros unless otherwise noted, except per share data) | |||||||||||||
1-10 Long-lived assets | |||||||||||||
The Company reviews the carrying value of its long-lived assets, including fixed assets and intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be fully recoverable. Recoverability of long-lived assets is assessed by a comparison of the carrying amount of the assets (or the Group of assets, including the asset in question, that represents the lowest level of separately-identifiable cash flows) to the total estimated undiscounted cash flows expected to be generated by the asset or group of assets. If the future net undiscounted cash flows is less than the carrying amount of the asset or group of assets, the asset or group of assets is considered impaired and an expense is recognized equal to the amount required to reduce the carrying amount of the asset or group of assets to its then fair value. Fair value is determined by discounting the cash flows expected to be generated by the assets, when the quoted market prices are not available for the long-lived assets. Estimated future cash flows are based on assumptions and are subject to risk and uncertainty. | |||||||||||||
1-11 Goodwill and intangible assets | |||||||||||||
Goodwill represents the excess of purchase price over the fair value of identifiable net assets of businesses acquired. Goodwill is not amortized but instead tested annually for impairment or more frequently when events or change in circumstances indicate that the assets might be impaired by comparing the carrying value to the fair value of the reporting units to which it is assigned. Under ASC 350, “Goodwill and other intangible assets”, the impairment test is performed in two steps. The first step compares the fair value of the reporting unit with its carrying amount, including goodwill. If the fair value of the reporting unit is less than its carrying amount, a second step is performed to measure the amount of impairment loss. The second step allocates the fair value of the reporting unit to the Company’s tangible and intangible assets and liabilities. This derives an implied fair value for the reporting unit’s goodwill. If the carrying amount of the reporting units goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized equal to that excess. For the purpose of any impairment test, the Company relies upon projections of future undiscounted cash flows and takes into account assumptions regarding the evolution of the market and its ability to successfully develop and commercialize its products. | |||||||||||||
Changes in market conditions could have a major impact on the valuation of these assets and could result in additional impairment losses. | |||||||||||||
Intangible assets consist primarily of purchased patents relating to lithotripters, purchased licenses, a purchased trade name and a purchased trademark. The basis for valuation of these assets is their historical acquisition cost. Amortization of intangible assets is calculated by the straight-line method over the shorter of the contractual or estimated useful life of the assets, as follows: | |||||||||||||
Patents | 5 years | ||||||||||||
Licenses | 5 years | ||||||||||||
Trade name and trademark | 7 years | ||||||||||||
1-12 Treasury Stocks | |||||||||||||
Treasury stock purchases are accounted for at cost. The sale of treasury stocks is accounted for using the first in first out method. Gains on the sale or retirement of treasury stocks are accounted for as additional paid-in capital whereas losses on the sale or retirement of treasury stock are recorded as additional paid-in capital to the extent that previous net gains from sale or retirement of treasury stocks are included therein; otherwise the losses shall be recorded to accumulated benefit (deficit) account. Gains or losses from the sale or retirement of treasury stock do not affect reported results of operations. | |||||||||||||
F-11 | |||||||||||||
EDAP TMS S.A. AND SUBSIDIARIES | |||||||||||||
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | |||||||||||||
(in thousands of euros unless otherwise noted, except per share data) | |||||||||||||
1-13 Warranty expenses | |||||||||||||
The Company provides customers with a warranty for each product sold and accrues warranty expense at time of sale based upon historical claims experience. Standard warranty period may vary from 1 year to 5 years depending on the market. Actual warranty costs incurred are charged against the accrual when paid and are classified in cost of sales in the statement of income. Warranty expense amounted to € 354 thousand, € 469 thousand and € 362 thousand for the years ended December 31, 2013, 2012 and 2011 respectively. | |||||||||||||
1-14 Income taxes | |||||||||||||
The Company accounts for income taxes in accordance with ASC 740, ‘‘Accounting for Income Taxes’’ Under ASC 740, deferred tax assets and liabilities are determined based on differences between the financial reporting and tax basis of assets and liabilities and are measured by applying enacted tax rates and laws to taxable years in which such differences are expected to reverse. A valuation allowance is established if, based on the weight of available evidence, it is more likely than not that some portion, or all of the deferred tax assets, will not be realized. In accordance with ASC740, no provision has been made for income or withholding taxes on undistributed earnings of foreign subsidiaries, such undistributed earnings being permanently reinvested. | |||||||||||||
As of January 1, 2007, the Company adopted FIN48 (now ASC 740) “Accounting for uncertainty in income tax”. Under ASC740, the measurement of a tax position that meets the more-likely-that-not recognition threshold must take into consideration the amounts and probabilities of the outcomes that could be realized upon ultimate settlement using the facts, circumstances and information available at the reporting date. | |||||||||||||
1-15 Research and development costs | |||||||||||||
Research and development costs are recorded as an expense in the period in which they are incurred. | |||||||||||||
The French government provides tax credits to companies for innovative research and development. This tax credit is calculated based on a percentage of eligible research and development costs and it can be refundable in cash and is not contingent on future taxable income. As such, the Company considers the research tax credits as a grant, offsetting operating expenses . | |||||||||||||
The research tax credit amounted to € 561 thousand, € 256 thousand and € 411 thousand for the years ended December 31 2013, 2012 and 2011 respectively. | |||||||||||||
1-16 Advertising costs | |||||||||||||
Advertising costs are recorded as an expense in the period in which they are incurred. Advertising costs amounted to € 391 thousand, € 374 thousand and € 652 thousand for the years ended December 31, 2013, 2012 and 2011 respectively. | |||||||||||||
F-12 | |||||||||||||
EDAP TMS S.A. AND SUBSIDIARIES | |||||||||||||
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | |||||||||||||
(in thousands of euros unless otherwise noted, except per share data) | |||||||||||||
1-17 Foreign currency translation and transactions | |||||||||||||
Translation of the financial statements of consolidated companies | |||||||||||||
The reporting currency of EDAP TMS S.A. for all years presented is the euro (€). The functional currency of each subsidiary is its local currency. In accordance with ASC 830, all accounts in the financial statements are translated into euro from the functional currency at exchange rate as follows: | |||||||||||||
· | assets and liabilities are translated at year-end exchange rates; | ||||||||||||
· | shareholders’ equity is translated at historical exchange rates (as of the date of contribution); | ||||||||||||
· | statement of income items are translated at average exchange rates for the year; and | ||||||||||||
· | translation gains and losses are recorded in a separate component of shareholders’ equity. | ||||||||||||
Foreign currencies transactions | |||||||||||||
Transactions involving foreign currencies are translated into the functional currency using the exchange rate prevailing at the time of the transactions. Receivables and payables denominated in foreign currencies are translated at year-end exchange rates. The resulting unrealized exchange gains and losses are carried to the statement of income. | |||||||||||||
1-18 Earnings per share | |||||||||||||
Basic earnings per share is computed by dividing income available to common shareholders by the weighted average number of shares of common stock outstanding for the period. Diluted earnings per share reflects potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. The dilutive effects of the Company’s common stock options and warrants is determined using the treasury stock method to measure the number of shares that are assumed to have been repurchased using the average market price during the period, which is converted from U.S. dollars at the average exchange rate for the period. | |||||||||||||
1-19 Derivative instruments | |||||||||||||
ASC 815 requires the Company to recognize all of its derivative instruments as either assets or liabilities in the statement of financial position at fair value. The accounting for changes in the fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and further, on the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, the Company must classify the hedging instrument, based upon the exposure being hedged, as fair value hedge, cash flow hedge or a hedge of a net investment in a foreign operation. | |||||||||||||
Gains and losses from derivative instruments are recorded in the income statement. | |||||||||||||
F-13 | |||||||||||||
EDAP TMS S.A. AND SUBSIDIARIES | |||||||||||||
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | |||||||||||||
(in thousands of euros unless otherwise noted, except per share data) | |||||||||||||
1-20 Employee stock option plans | |||||||||||||
At December 31, 2013, the Company had four stock-based employee compensation plans. The Company adopted ASC 718, “Share-Based Payment”, effective January 1, 2006. ASC 718 requires the recognition of fair value of stock compensation as an expense in the calculation of net income (loss). | |||||||||||||
The fair value of each stock option granted during the year is estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 (1) | 2011 (1) | |||||||||||
Weighted-average expected life (years) | 6.25 | — | — | ||||||||||
Expected volatility rates | 71 | % | — | — | |||||||||
Expected dividend yield | — | — | — | ||||||||||
Risk-free interest rate | 1.35 | % | — | — | |||||||||
Weighted-average exercise price (€) | 1.91 | — | — | ||||||||||
Weighted-average fair value of options granted during the year (€) | 1.32 | — | — | ||||||||||
(1) The Company did not make any grants during the years ended December 31, 2012 and 2011. | |||||||||||||
1-21 Debentures and warrants | |||||||||||||
Debentures | |||||||||||||
On October 29, 2007, the Company issued $20 million in aggregate principal amount of non-secured, convertible debentures due October 29, 2012 (the ‘2007 Convertible Debentures’) with detachable warrants (the ‘2007 Warrants’). At the inception date, the Company elected to measure the instrument and the embedded derivatives in their entirety at fair value, with changes in fair value reported in the income statement under financial income, in accordance with ASC 815. Thus, the convertible debentures together with their embedded derivatives were recorded as a liability, with subsequent changes in fair value recorded in financial income and expenses. The Company used a binomial valuation model to measure the fair value of the Investor Warrants as defined below and a binomial valuation model with a Company specific credit spread to measure the fair value of the convertible debentures. | |||||||||||||
On January 19, 2012, the Company entered into a privately negotiated Exchange Agreement with all holders of the then outstanding 2007 Convertible Debentures and 2007 Warrants. Pursuant to the terms of the Exchange Agreement, certain holders agreed to exchange their outstanding securities for newly issued ordinary shares and an amount in cash (the ‘Option A Holders’), while all other holders (the ‘Option B Holders’) agreed to exchange their outstanding securities for new, non-convertible debentures due June 30, 2014 (the ‘2012 Non-convertible Debentures’) and new warrants (the ‘2012 Exchange Offer Warrants’). The Company closed the Exchange on January 25, 2012. The 2012 Non-convertible Debentures were recorded as a liability at their fair value at inception and subsequently valued on an amortized cost basis with changes recorded as a financial expense. The 2012 Exchange Offer Warrants were recorded as equity instruments and the Company used a Black-Scholes pricing model to determine their value at inception. On June 14, 2013, the Company fully redeemed its outstanding non-convertible Debentures. See Note 14, 16 and 19 for further discussion. | |||||||||||||
Warrants: | |||||||||||||
The 2007 Warrants were issued to both the investors in the 2007 Convertible Debentures and to the bank that assisted the Company as the Placement Agent. The warrants issued to the investors in the convertible debentures (the “2007 Investor Warrants”) and the Placement Agent (the “2007 Placement Agent Warrants”) were evaluated at issuance under FASB ASC 480-10-25, ASC 815-40-15 and ASC 815-40-25 (formerly EITF 07-5 and 00-19, respectively) as freestanding instruments, as they were both legally detachable and separately exercisable from any other instruments. Based on this analysis, the 2007 Warrants were classified as a derivative liability because the Company may have been required to pay a net-cash settlement upon the occurrence of certain events outside the control of the Company. Specifically, Section 3(e) (Certain Adjustments-Fundamental Transaction) of the 2007 Warrants provided that under certain circumstances outside the control of the Company, the Company might be required, at the Holder’s election, to pay an amount of cash equal to the value of the warrant as determined in accordance with the Black-Scholes option pricing model. As a result, the 2007 Warrants did not qualify for a scope exception from derivative accounting under ASC 815-10-15-74(a) as it was not always within the Company’s control to settle the contract in its own shares and therefore did not meet the guidance of ASC 815-40-25. | |||||||||||||
F-14 | |||||||||||||
The valuation model of the 2007 Investor Warrants used a binomial valuation model at inception to capture the complexity of the instruments. For subsequent years, the Company used a Black-Scholes valuation model with changes in fair value recorded as a financial expense or income. At December 31, 2012, all the 2007 Placement Agent Warrants had been exchanged for ADRs. | |||||||||||||
The 2012 Exchange Offer Warrants were issued to Option B Holders as part of the January 19, 2012 Exchange Agreement, closed on January 25, 2012. The warrants (also legally detachable and separately exercisable) do not provide for any net cash settlement in any circumstances. Specifically, the ‘Black- Scholes’ cash settlement provision has been eliminated in Section 3(e) of the 2012 Exchange Offer Warrants. Considering this and all the other relevant features of the 2012 Exchange Offer Warrants, the Company determined that the Warrants, which require settlement in shares, should be recognized as equity instruments. More specifically, the shares underlying the 2012 Exchange Offer Warrants were a fixed number of shares that were not redeemable outside of the Company’s control, and therefore the guidance of ASC 480-10-25 did not apply. Further, the 2012 Exchange Offer Warrants qualified for a scope exception from derivative accounting under ASC 815-10-15-74(a) as the New Warrants are both indexed to the Company’s own stock and can be classified in stockholders’ equity in the statement of financial position. See Note 7.6 for further discussion. | |||||||||||||
The Company used the Black-Scholes pricing model to value the 2012 Exchange Offer Warrants at inception. | |||||||||||||
On March 28, 2012, pursuant to a securities purchase agreement dated March 22, 2012, as amended, the Company issued new ordinary shares in the form of ADSs to selected institutional investors in a registered direct placement (the “March 2012 Placement”) with warrants attached (the “March 2012 Investor Warrants”). The Company also issued warrants to the placement agent, Rodman & Renshaw LLC (the “March 2012 Placement Agent Warrants” and together with the March 2012 Investor Warrants, the “March 2012 Warrants”). The Company has accounted for the March 2012 Warrants as a liability and reflected this analysis in the Company’s financial statements filed for the year 2012. | |||||||||||||
The Company used the Black-Scholes pricing model to value the March 2012 Warrants at inception, with changes in fair value recorded as a financial expense or income. | |||||||||||||
On May 28, 2013, pursuant to a securities purchase agreement dated May 20, 2013, as amended, the Company issued 3,000,000 new ordinary shares in the form of ADSs to selected institutional investors in a registered direct placement (the “May 2013 Placement”) with warrants attached (the “May 2013 Investor Warrants”). The Company also issued warrants to the placement agent, H.C. Wainwright & Co., LLC   (the “May 2013 Placement Agent Warrants” and together with the May 2013 Investor Warrants, the “May 2013 Warrants”). As the May 2013 Warrants comprised the same structure and provisions than the March 2012 Warrants, including an exercise price determined in U.S. dollars while the functional currency of the Company is the euro, the Company determined that the May 2013 Warrants should be accounted for as a liability. | |||||||||||||
The Company used the Black-Scholes pricing model to value the May 2013 Warrants at inception, with changes in fair value recorded as a financial expense or income. | |||||||||||||
F-15 | |||||||||||||
EDAP TMS S.A. AND SUBSIDIARIES | |||||||||||||
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | |||||||||||||
(in thousands of euros unless otherwise noted, except per share data) | |||||||||||||
1-22 Leases and Sales and leaseback transactions | |||||||||||||
In accordance with ASC 840, Accounting for Leases, the Company classifies all leases at the inception date as either a capital lease or an operating lease. A lease is a capital lease if it meets any one of the following criteria; otherwise, it is an operating lease: | |||||||||||||
- | Ownership is transferred to the lessee by the end of the lease term; | ||||||||||||
- | The lease contains a bargain purchase option; | ||||||||||||
- | The lease term is at least 75% of the property’s estimated remaining economic life; | ||||||||||||
- | The present value of the minimum lease payments at the beginning of the lease term is 90% or more of the fair value of the leased property to the lessor at the inception date. | ||||||||||||
The Company enters into sale and leaseback transactions from time to time. In accordance with ASC 840, any profit or loss on the sale is deferred and amortized prospectively over the term of the lease, in proportion to the leased asset if a capital lease, or in proportion to the related gross rental charged to expense over the lease term, if an operating lease. | |||||||||||||
1-23 New accounting pronouncements | |||||||||||||
In February 2013, the FASB issued ASU | |||||||||||||
2013-02, "Comprehensive Income" ("ASU 2013-02"). ASU 2013-02 requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. These disclosures may be presented on the face of the consolidated financial statements or in the notes thereto. ASU 2013-02 is effective for reporting periods beginning after December 15, 2012. The adoption of ASU 2013-02 had no effect on the consolidated financial position, results of operations or cash flows of the Company. | |||||||||||||
In July 2013, the FASB issued ASU 2013-11, presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists” (“ASU 2013-11”). ASU No. 2013-11 provides explicit guidance | |||||||||||||
on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. This guidance is effective for the Company’s interim and annual periods beginning December 15, 2014. The Company does not believe the adoption of this guidance will have a material impact on its consolidated financial statements. |
Cash_and_Cash_Equivalents_Disc
Cash and Cash Equivalents Disclosure | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Cash and Cash Equivalents Disclosure [Text Block] | ' | ||||||||
Cash and cash equivalents and short term investments are comprised of the following: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Total cash and cash equivalents | 6,681 | 7,041 | |||||||
Short term investments | 1,000 | 1,036 | |||||||
Total cash and cash equivalents, and short term investments | 7,681 | 8,077 | |||||||
Short term investments are comprised of money market funds. The aggregate fair value of the short term investments is consistent with their book value. In 2013 and 2012, short term investments comprise € 1.0 million pledged in favour of the bank as a collateral to a € 1.0 million short term loan. See Note 13. |
Trade_Accounts_And_Notes_Recei
Trade Accounts And Notes Receivable, Net | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Trade Accounts And Notes Receivable, Net [Text Block] | ' | ||||||||
Trade accounts and notes receivable consist of the following: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Trade accounts receivable | 8,566 | 12,938 | |||||||
Notes receivable | 738 | 613 | |||||||
Less: allowance for doubtful accounts | (1,094 | ) | (1,602 | ) | |||||
Total | 8,210 | 11,949 | |||||||
Less current portion | (7,895 | ) | (11,148 | ) | |||||
Total long-term portion | 316 | 801 | |||||||
Notes receivable usually represent commercial bills of exchange (drafts) with initial maturities of 90 days or less. | |||||||||
Bad debt expenses amount to € 163 thousand, € 516 thousand and € 191 thousand, for the years ended December 31, 2013, 2012 and 2011. | |||||||||
Long term portion consists mainly of capital leases of medical devices. Future minimum lease payments to be received over the five coming years are as follows: | |||||||||
December 31, | |||||||||
2014 | 274 | ||||||||
2015 | 106 | ||||||||
2016 | 54 | ||||||||
2017 | 5 | ||||||||
Total minimum lease payments | 439 |
Other_Receivables
Other Receivables | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Other Receivables [Text Block] | ' | ||||||||
Other receivables consist of the following: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Research and development tax credit receivable from the French State | 561 | 256 | |||||||
Research and development subsidies receivable from the French State | 494 | 90 | |||||||
Value-added taxes receivable | 294 | 427 | |||||||
Other receivables from Government and public authorities | 88 | 31 | |||||||
Others | 60 | 38 | |||||||
Total | 1,497 | 842 |
Inventories
Inventories | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventories [Text Block] | ' | ||||||||
Inventories consist of the following: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Components, spare parts | 3,650 | 4,032 | |||||||
Work-in-progress | 876 | 566 | |||||||
Finished goods | 910 | 600 | |||||||
Total gross inventories | 5,436 | 5,198 | |||||||
Less: provision for slow-moving inventory | (737 | ) | (934 | ) | |||||
Total | 4,698 | 4,263 | |||||||
The provision for slow moving inventory relates to components and spare parts. The allowance for slow moving inventory, the changes in which are classified within cost of sales, amounted to an income of € 162 thousand for the year ended December 31, 2013, an income of € 186 thousand and an expense of € 428 thousand for the years ended December 31, 2012 and 2011, respectively. |
Other_Assets
Other Assets | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Other Assets [Text Block] | ' | ||||||||
Other assets consist of the following: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Prepaid expenses, current portion | 331 | 367 | |||||||
Total | 331 | 367 | |||||||
Property_And_Equipment_Net
Property And Equipment, Net | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property And Equipment, Net [Text Block] | ' | ||||||||
Property and equipment consist of the following: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Equipment | 7,984 | 8,097 | |||||||
Furniture, fixture, and fittings and other | 2,833 | 2,921 | |||||||
Total gross value | 10,817 | 11,018 | |||||||
Less: accumulated depreciation and amortization | (9,162 | ) | (8,984 | ) | |||||
Total | 1,655 | 2,035 | |||||||
Depreciation and amortization expense related to property and equipment amounted to € 726 thousand, € 802 thousand, and € 870 thousand for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||
Capitalized costs on equipment held under capital leases of € 3,381 and € 3,639 thousand are included in property and equipment at December 31, 2013 and 2012, respectively. Accumulated amortization of these assets leased to third parties was € 2,624 thousand and € 2,646 thousand, at December 31, 2013 and 2012, respectively. Amortization expense on assets held under capital leases is included in total amortization expense and amounted to € 363 thousand, € 331 thousand and € 333 thousand for the years ended December 31, 2013, 2012 and 2011, respectively. |
Goodwill_And_Intangible_Assets
Goodwill And Intangible Assets | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Goodwill And Intangible Assets [Text Block] | ' | ||||||||
As discussed in Note 1-11, the Company adopted ASC 350, ‘‘Goodwill and Other Intangible Assets’’, on January 1, 2002. ASC 350 requires that goodwill and other intangible assets that have indefinite lives not be amortized but instead be tested at least annually for impairment, or more frequently when events or change in circumstances indicate that the asset might be impaired, by comparing the carrying value to the fair value of the reporting unit to which they are assigned. The Company considers its ASC 280 operating segment — High Intensity Focused Ultrasound (HIFU) and Urology Devices and Services (UDS) — to be its reporting units for purposes of testing for impairment. Goodwill amounts to € 1,767 thousand for the UDS division and to € 645 thousand for the HIFU division, at December 31, 2013. | |||||||||
The Company completed the required annual impairment test in the fourth quarter of 2013. To determine the fair value of the Company’s reporting units, the Company used the discounted cash flow approach for each of the two reportable units. The main assumptions used are the following: (i) a five-year business plan approved by management, (ii) a discount rate of 15% for HIFU, 10% for UDS, (iii) a residual value specific to each segment. In both cases, the fair value of the reporting unit was in excess of the reporting unit's book value, which resulted in no goodwill impairment. | |||||||||
A one percentage point increase in the HIFU discount rate assumed in the impairment testing would not lead the Company to record an impairment charge. Similarly, a one percentage point increase in the UDS discount rate assumed in the impairment testing would not lead the Company to record an impairment charge. A zero growth rate in the Company’s UDS business plan would not lead the Company to record any impairment charge. A 10% growth rate in the Company’s HIFU business plan would not lead the Company to record any impairment charge. | |||||||||
F- 19 | |||||||||
EDAP TMS S.A. AND SUBSIDIARIES | |||||||||
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | |||||||||
(in thousands of euros unless otherwise noted, except per share data) | |||||||||
Intangible assets consist of the following: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Licenses | 453 | 453 | |||||||
Trade name and trademark | 558 | 658 | |||||||
Patents | 412 | 412 | |||||||
Organization costs | 363 | 363 | |||||||
Total gross value | 1,785 | 1,886 | |||||||
Less: accumulated amortization | (1,749 | ) | (1,814 | ) | |||||
Total | 36 | 71 | |||||||
Amortization expenses related to intangible assets amounted to € 32 thousand, € 36 thousand and € 14 thousand, for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||
For the two coming years, the annual estimated amortization expense for intangible assets will be approximately € 30 thousand. | |||||||||
Accounts_Payable_and_Accrued_L
Accounts Payable and Accrued Liabilities Disclosure | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | ' | ||||||||
Trade accounts and notes payable consist of the following: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Trade accounts payable | 4,958 | 5,820 | |||||||
Notes payable | 477 | 516 | |||||||
Total | 5,435 | 6,336 | |||||||
Trade accounts payable usually represent invoices with a due date of 90 days or less and invoices to be received. | |||||||||
Notes payable represent commercial bills of exchange (drafts) with initial maturities of 90 days or less. |
Other_Accrued_Liabilities
Other Accrued Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Other Accrued Liabilities [Text Block] | ' | ||||||||
Other accrued liabilities consist of the following: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Retirement indemnities | 1,131 | 1,055 | |||||||
Provision for warranty costs | 705 | 1,062 | |||||||
Accruals for social expenses | 414 | 386 | |||||||
Conditional government subsidies | 391 | 341 | |||||||
Value added tax payable | 292 | 326 | |||||||
Accrued interests | 3 | 139 | |||||||
Others | 258 | 373 | |||||||
Total | 3,194 | 3,682 | |||||||
Less non-current portion | (1,624 | ) | (1,753 | ) | |||||
Current portion | 1,570 | 1,928 | |||||||
Conditional government subsidies are granted by French government to finance R&D project developments and are subject to reimbursement conditional to development milestones. | |||||||||
Changes in the provision for warranty costs are as follows: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Beginning of year | 1,062 | 1,287 | |||||||
Amount used during the year | (711 | ) | (694 | ) | |||||
New warranty expenses | 354 | 469 | |||||||
End of year | 705 | 1,062 | |||||||
Less current portion | (505 | ) | (666 | ) | |||||
Long term portion | 200 | 396 | |||||||
Lease_Obligations
Lease Obligations | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Lease Obligations [Text Block] | ' | ||||||||
12 - 1 Capital leases | |||||||||
The Company leases certain of its equipment under capital leases. At December 31, 2013, this equipment consists of medical devices for an amount of € 393 thousand and vehicles for an amount of € 170 thousand. Future minimum lease payments under capital leases for the years ending December 31, 2013 are as follows: | |||||||||
December 31, | |||||||||
2014 | 205 | ||||||||
2015 | 175 | ||||||||
2016 | 143 | ||||||||
2017 | 72 | ||||||||
2018 | 13 | ||||||||
Total minimum lease payments | 608 | ||||||||
Less: amount representing interest | (46 | ) | |||||||
Present value of minimum lease payments | 563 | ||||||||
Less: current portion | (184 | ) | |||||||
Long-term portion | 378 | ||||||||
Interest paid under capital lease obligations was € 35 thousand, € 53 thousand and € 81 thousand for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||
12 - 2 Operating leases | |||||||||
As of December 31, 2013, operating leases having initial or remaining non-cancelable lease terms greater than one year consist of one lease for the facilities of TMS S.A. in Vaulx-en-Velin, France and several leases for facilities in Japan. The French lease contract signed on November 2011 has a lease term of nine years expiring at the option of the lessee at the end of a first fixed six-year period, then a three-year period, through 2019 (i.e. in 2017 and 2019). | |||||||||
Future minimum lease payments for these operating leases consist of the following amounts, unless leases are otherwise cancelled by the lessees: | |||||||||
France | Japan | ||||||||
2014 | 297 | 152 | |||||||
2015 | 297 | 94 | |||||||
2016 | 297 | 91 | |||||||
2017 | 272 | 91 | |||||||
2018 | - | 30 | |||||||
Total | 1,163 | 458 | |||||||
Total rent expenses under operating leases amounted to € 693 thousand, € 772 thousand and € 751 thousand for the years ended December 31, 2013, 2012 and 2011, respectively. These total rent expenses include the above-mentioned operating leases, but also lease expenses related to subsidiaries office rentals, office equipment and car rentals. | |||||||||
LongTerm_Debt
Long-Term Debt | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Long-Term Debt [Text Block] | ' | ||||||||
14-1 Long-term debt: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Japanese yen term loan | 312 | 497 | |||||||
Italy term loan | 9 | 114 | |||||||
Malaysia term loan | 7 | 11 | |||||||
Total long term debt | 328 | 622 | |||||||
Less current portion | (90 | ) | (207 | ) | |||||
Total long-term portion | 239 | 415 | |||||||
As of December 31, 2013, long-term debt in Japan consists of 3 loans in Yen with the following conditions: | |||||||||
Initial Amount | Maturation | Interest rate | |||||||
EDAP Technomed Co. Ltd | 10,000,000 | 31-Mar-15 | 2.30% | ||||||
55,000,000 | 30-Jun-18 | 1.80% | |||||||
10,000,000 | 30-Jun-18 | 2.10% | |||||||
F-23 | |||||||||
EDAP TMS S.A. AND SUBSIDIARIES | |||||||||
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | |||||||||
(in thousands of euros unless otherwise noted, except per share data) | |||||||||
As of December 31, 2012, long-term debt in Japan consists of 3 loans in Yen with the following conditions: | |||||||||
Initial Amount | Maturation | Interest rate | |||||||
EDAP Technomed Co. Ltd | 10,000,000 | 31-Mar-15 | 0.10% | ||||||
55,000,000 | 30-Jun-18 | 1.80% | |||||||
10,000,000 | 30-Jun-18 | 0.10% | |||||||
The 10,000,000 JPY loan initially maturing on July 17, 2014 was repaid earlier in 2012. | |||||||||
As of December 31, 2013, long-term debt in Italy consists of a loan in euro of an initial amount of € 404 thousand with an interest rate at Euribor + 1.9% due to mature on February 28, 2014. | |||||||||
14-2 Debentures: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Non Convertible debentures | - | 4,416 | |||||||
Less current portion | - | - | |||||||
Total long-term portion | - | 4,416 | |||||||
As of December 31, 2012, Debentures consist of the $8.0 million of principal amount of the 9% non convertible New Debentures resulting from the January 2012 Exchange Agreement. New Debentures are evaluated at amortized cost, using an effective interest rate of 35%. | |||||||||
On January 19, 2012, the Company entered into a privately negotiated Exchange Agreement with all holders of the then outstanding 2007 Convertible Debentures and 2007 Investor Warrants. Pursuant to the terms of the Exchange Agreement: | |||||||||
· certain holders of an aggregate principal amount of $500,000 of Existing Debentures and Existing Warrants to purchase up to 42,000 ordinary shares agreed to exchange their outstanding securities for 22,186 newly issued ordinary shares, in the form of ADRs, and $500,000 in cash; and | |||||||||
· certain holders of an aggregate principal amount of $10 million of Convertible Debentures and warrants to purchase up to 840,000 ordinary shares agreed to exchange their outstanding securities for an aggregate principal amount of $10 million of 9% non-convertible Senior New Debentures due June 30, 2014 and January 2012 warrants to purchase up to 408,691 newly issued ordinary shares at an exercise price equal to the par value per share (the “January 2012 Warrants”), and 1,926,685 newly issued ordinary shares, in the form of restricted ADRs (collectively, the “Exchange”). | |||||||||
Under the Exchange Agreement, the Company undertook that in the event the Company raises capital then the Company shall be required to apply 40% of the net proceeds to redeem the New Debentures in whole or in part. The Exchange Agreement provided also for certain cases of early redemption at the election of the Holders of the New Debentures such as a change of control transaction or other types of fundamental transactions. | |||||||||
F-24 | |||||||||
EDAP TMS S.A. AND SUBSIDIARIES | |||||||||
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | |||||||||
(in thousands of euros unless otherwise noted, except per share data) | |||||||||
Under the Exchange Agreement, the Company also committed to certain covenants including not to pay cash dividends or distribution on any equity securities of the Company as long as any of the New Debentures remain outstanding. | |||||||||
On January 25, 2012, the Company closed the Exchange and all of the 2007 Convertible Debentures and the 2007 Investor Warrants were exchanged for the 2012 New Debentures of principal amount of $10 million, 1,948,871 newly issued ordinary shares, in the form of ADRs, the 2012 Exchange Offer Warrants and $500,000 in cash. | |||||||||
On May 9, 2012, the Company used $2.0 million of the net proceeds from the March 2012 Placement to partially reimburse the 2012 New Debentures, thus reducing their outstanding principal amount to $8.0 million. | |||||||||
The Company considered guidance contained in ASC 405-20 – Extinguishments of Liabilities, ASC 470-50 – Debt Modifications and Extinguishment and ASC 470-60 – Troubled Debt Restructuring, for the general concepts on debt modifications and restructurings. As a result, the Company determined that the Debt Extinguishment model should apply to account for the Exchange. | |||||||||
On June 14, 2013, the Company fully redeemed its $8.0 million outstanding long-term debt by using a portion of the net proceeds from the $12.0 million May 2013 Placement. | |||||||||
14-3 Financial instruments carried at fair value: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Investor Warrants | 3,150 | 1,571 | |||||||
Placement Agent Warrants | 289 | 183 | |||||||
Total | 3,439 | 1,754 | |||||||
Less current portion | - | - | |||||||
Total long-term portion | 3,439 | 1,754 | |||||||
On March 28, 2012, pursuant to a securities purchase agreement dated March 22, 2012, as amended, the Company issued 2,812,500 ordinary shares in the form of ADSs to selected institutional investors in a registered direct placement (the “March 2012 Placement”), at a price of $2.00 per share, with warrants attached (the “March 2012 Investor Warrants”). The March 2012 Investor Warrants allow investors to purchase up to 1,406,250 shares in the form of ADSs at an exercise price of $2.75. The March 2012 Investor Warrants are exercisable immediately and expire on March 28, 2017. The Company also issued warrants to purchase up to 168,750 shares in the form of ADSs to the placement agent, Rodman & Renshaw LLC, with an exercise price of $2.50 (the “March 2012 Placement Agent Warrants” and together with the Investor Warrants, the “March 2012 Warrants”). The March 2012 Placement Agent Warrants are exercisable from September 24, 2012 and expire on October 21, 2016. Total gross proceeds for the March 2012 Placement amounted to $5.625 million (€ 4.214 million), out of which $2.429 million (€ 1.821 million) allocated to the Investor and Placement Agent Warrants based on their fair value and accounted for as liability, and the remaining $3.196 million (€ 2.393 million) allocated to the share capital increase. | |||||||||
F-25 | |||||||||
EDAP TMS S.A. AND SUBSIDIARIES | |||||||||
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | |||||||||
(in thousands of euros unless otherwise noted, except per share data) | |||||||||
The Company determined that the March 2012 Warrants to purchase up to 1,575,000 new ordinary shares of the Company ( 1,406,250 shares underlying the March 2012 Investor Warrants and 168,750 shares underlying the March 2012 Placement Agent Warrants) should be accounted for as a liability. | |||||||||
On May 28, 2013, pursuant to a securities purchase agreement dated May 20, 2013, as amended, the Company issued 3,000,000 new ordinary shares in the form of ADSs to selected institutional investors in a registered direct placement (the “May 2013 Placement”), at a price of $4.00 per share, with warrants attached (the “May 2013 Investor Warrants”). The May 2013 Investor Warrants allow investors to purchase up to 1,500,000 shares in the form of ADSs at an exercise price of $4.25. The May 2013 Investor Warrants are exercisable as from November 29, 2013 and expire on November 29, 2018. The Company also issued warrants to the placement agent, H.C. Wainwright & Co., LLC with an exercise price of $5.00 per share (the “May 2013 Placement Agent Warrants” and together with the May 2013 Investor Warrants, the “May 2013 Warrants”), The May 2013 Placement Agent Warrants are exercisable from November 29, 2013 and expire on May 28, 2016. As the May 2013 Warrants comprised the same structure and provisions than the March 2012 Warrants, including an exercise price determined in U.S. dollars while the functional currency of the Company is the Euro, the Company determined that the May 2013 Warrants should be accounted for as a liability. Total gross proceeds for the May 2013 Placement amounted to $12 million (€ 9.270 million), out of which $3.817 million (€ 2.950 million) allocated to the Investor and Placement Agent Warrants based on their fair value and accounted for as liability, and the remaining $8.183 million (€ 6.320 million) allocated to the share capital increase (see note 16-1). | |||||||||
The Company used the Black-Scholes pricing model to value the May 2013 Warrants at inception, with changes in fair value recorded as a financial expense or income. | |||||||||
Fair Value of the March 2012 Investor Warrants: | |||||||||
The valuation model of the Investor Warrants uses a Black-Scholes model. | |||||||||
At inception date, the Black-Scholes valuation model used the following main assumptions and parameters: | |||||||||
- | Share price at closing date: $1.95 | ||||||||
- | Strike price of warrants: $2.75 | ||||||||
- | Risk free interest rate at 5 years: 1.05% | ||||||||
- | Share price volatility: 120% | ||||||||
- | Dividend rates: 0% | ||||||||
As of December 31, 2012, the Black-Scholes valuation model used the following main assumptions and parameters: | |||||||||
- | Share price at closing date: $2.04 | ||||||||
- | Strike price of warrants: $2.75 | ||||||||
- | Risk free interest rate at 5 years: 0.59% | ||||||||
- | Share price volatility: 113% | ||||||||
- | Dividend rates: 0% | ||||||||
As of December 31, 2013, the Black-Scholes valuation model used the following main assumptions and parameters: | |||||||||
- | Share price at closing date: $2.95 | ||||||||
- | Strike price of warrants: $2.75 | ||||||||
- | Risk free interest rate at 5 years: 0.9% | ||||||||
- | Share price volatility: 72% | ||||||||
- | Dividend rates: 0% | ||||||||
F-26 | |||||||||
EDAP TMS S.A. AND SUBSIDIARIES | |||||||||
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | |||||||||
(in thousands of euros unless otherwise noted, except per share data) | |||||||||
On that basis, the unit fair value of the Investor Warrants was $1.55 per warrant at inception date, $1.47 per warrant as of December 31, 2012, and $1.50 per warrant as of December 31, 2013. The total fair value for the Investor warrants was $2.173 million at inception date, $2.073 million as of December 31, 2012 and $2.100 million as of December 31, 2013. | |||||||||
Fair Value of the March 2012 Placement Agent Warrants: | |||||||||
The valuation model of the Placement Agent Warrants uses a Black-Scholes model. | |||||||||
At inception date, the Black-Scholes valuation model used the following main assumptions and parameters: | |||||||||
- | Share price at closing date: $1.95 | ||||||||
- | Strike price of warrants: $2.5 | ||||||||
- | Risk free interest rate at 4.5 years: 0.92% | ||||||||
- | Share price volatility: 120% | ||||||||
- | Dividend rates: 0% | ||||||||
As of December 31, 2012, the Black-Scholes valuation model used the following main assumptions and parameters: | |||||||||
- | Share price at closing date: $2.04 | ||||||||
- | Strike price of warrants: $2.5 | ||||||||
- | Risk free interest rate at 4.5 years: 0.50% | ||||||||
- | Share price volatility: 113% | ||||||||
- | Dividend rates: 0% | ||||||||
As of December 31, 2013, the Black-Scholes valuation model used the following main assumptions and parameters: | |||||||||
- | Share price at closing date: $2.95 | ||||||||
- | Strike price of warrants: $2.5 | ||||||||
- | Risk free interest rate at 4.5 years: 0.68% | ||||||||
- | Share price volatility: 72% | ||||||||
- | Dividend rates: 0% | ||||||||
On that basis, the unit fair value of the Placement Agent Warrants was $1.52 per warrant at inception date, $1.43 per warrant as of December 31, 2012 and $1.48 per warrant as of December 31, 2013. The total fair value for the Placement Agent warrants was $0.256 million at inception date, $0.242 million as of December 31, 2012, and $0.250 million as of December 31, 2013. | |||||||||
F-27 | |||||||||
EDAP TMS S.A. AND SUBSIDIARIES | |||||||||
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | |||||||||
(in thousands of euros unless otherwise noted, except per share data) | |||||||||
Fair Value of the May 2013 Investor Warrants: | |||||||||
The valuation model of the Investor Warrants uses a Black-Scholes model. | |||||||||
At inception date, the Black-Scholes valuation model used the following main assumptions and parameters: | |||||||||
- | Share price at closing date: $3.96 | ||||||||
- | Strike price of warrants: $4.25 | ||||||||
- | Risk free interest rate at 5.5 years: 1.07% | ||||||||
- | Share price volatility: 71% | ||||||||
- | Dividend rates: 0% | ||||||||
As of December 31, 2013, the Black-Scholes valuation model used the following main assumptions and parameters: | |||||||||
- | Share price at closing date: $2.95 | ||||||||
- | Strike price of warrants: $4.25 | ||||||||
- | Risk free interest rate at 5.5 years: 1.71% | ||||||||
- | Share price volatility: 71% | ||||||||
- | Dividend rates: 0% | ||||||||
On that basis, the unit fair value of the Investor Warrants was $2.35 per warrant at inception date, and $1.50 per warrant as of December 31, 2013. The total fair value for the Investor warrants was $3.525 million at inception date and $2.245 million as of December 31, 2013. | |||||||||
Fair Value of the May 2013 Placement Agent Warrants: | |||||||||
The valuation model of the Placement Agent Warrants uses a Black-Scholes model. | |||||||||
At inception date, the Black-Scholes valuation model used the following main assumptions and parameters: | |||||||||
- | Share price at closing date: $3.96 | ||||||||
- | Strike price of warrants: $5.00 | ||||||||
- | Risk free interest rate at 3 years: 0.36% | ||||||||
- | Share price volatility: 72% | ||||||||
- | Dividend rates: 0% | ||||||||
As of December 31, 2013, the Black-Scholes valuation model used the following main assumptions and parameters: | |||||||||
- | Share price at closing date: $2.95 | ||||||||
- | Strike price of warrants: $5.00 | ||||||||
- | Risk free interest rate at 3 years: 0.55% | ||||||||
- | Share price volatility: 72% | ||||||||
- | Dividend rates: 0% | ||||||||
On that basis, the unit fair value of the Placement Agent Warrants was $1.62 per warrant at inception date, and $0.83 per warrant as of December 31, 2013. The total fair value for the Placement Agent warrants was $0.292 million at inception date and $0.150 million as of December 31, 2013. | |||||||||
F-28 | |||||||||
EDAP TMS S.A. AND SUBSIDIARIES | |||||||||
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | |||||||||
(in thousands of euros unless otherwise noted, except per share data) | |||||||||
14-4 Long-term debt, Debentures and Financial instruments maturity : | |||||||||
Long-term debt, Debentures and Financial instruments carried at fair value at December 31, 2013 mature as follows: | |||||||||
2014 | 90 | ||||||||
2015 | 72 | ||||||||
2016 | 355 | ||||||||
2017 | 1,587 | ||||||||
2018 | 1,665 | ||||||||
Total | 3,768 | ||||||||
ShortTerm_Borrowings
Short-Term Borrowings | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Short-Term Borrowings [Text Block] | ' | |||
As of December 31, 2013, short-term borrowings consist mainly of € 1,206 thousand of account receivables factored and for which the Company is supporting the collection risk and a loan in euro amounting to € 1,000 thousand with the following conditions: | ||||
Amount | Maturation | Interest rate | ||
EDAP-TMS France SAS | 1,000 | 21-Oct-14 | Euribor + 0,7% | |
As of December 31, 2012, short-term borrowings consist mainly of € 1,093 thousand of account receivables factored and for which the Company is supporting the collection risk and a loan in euro amounting to € 1,000 thousand with the following conditions: | ||||
Amount | Maturation | Interest rate | ||
EDAP-TMS France SAS | 1,000 | 19-Oct-13 | Euribor + 0,5% | |
Other_LongTerm_Liabilities
Other Long-Term Liabilities | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Other Long-Term Liabilities [Text Block] | ' | ||||||||||||
Other long-term liabilities consist of the following: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Provision for retirement indemnities (Japan & France) | 1,128 | 1,016 | |||||||||||
Provision for employee termination indemnities (Italy) | 273 | 246 | |||||||||||
Provision for warranty costs, less current portion | 200 | 396 | |||||||||||
Conditional government subsidies, less current portion | 296 | 341 | |||||||||||
Total | 1,897 | 1,999 | |||||||||||
Pension, post-retirement, and post-employment benefits for most of the Company’s employees are sponsored by European governments. The Company’s liability with respect to these plans is mostly limited to specific payroll deductions. | |||||||||||||
In addition to government-sponsored plans, subsidiaries in Japan and France have defined benefit retirement indemnity plans in place. The provision for retirement indemnities at December 31, 2013 represents an accrual for lump-sum retirement indemnity payments to be paid at the time an employee retires. This provision has been calculated taking into account the estimated payment at retirement (discounted to the current date), turnover and salary increases. | |||||||||||||
F- 29 | |||||||||||||
EDAP TMS S.A. AND SUBSIDIARIES | |||||||||||||
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | |||||||||||||
(in thousands of euros unless otherwise noted, except per share data) | |||||||||||||
The provision is management best estimate based on the following assumptions as of year-end: | |||||||||||||
Pension Benefits – France | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Discount rate | 3.3 | % | 3.2 | % | 4.7 | % | |||||||
Salary increase | 2.5 | % | 2.5 | % | 2.5 | % | |||||||
Retirement age | 65 | 65 | 65 | ||||||||||
Average retirement remaining service period | 24 | 24 | 25 | ||||||||||
Pension Benefits – Japan | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Discount rate | 1.4 | % | 1.6 | % | 1 | % | |||||||
Salary increase | 2 | % | 1.5 | % | 1.5 | % | |||||||
Retirement age | 60 | 60 | 60 | ||||||||||
Average retirement remaining service period | 16 | 15 | 15 | ||||||||||
F- 30 | |||||||||||||
EDAP TMS S.A. AND SUBSIDIARIES | |||||||||||||
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | |||||||||||||
(in thousands of euros unless otherwise noted, except per share data) | |||||||||||||
In 2013, provision presentation according to ASC 715 in thousands of euros: | |||||||||||||
France | Japan | ||||||||||||
Non current liabilities | 491 | 637 | |||||||||||
Current liabilities | - | 3 | |||||||||||
Accumulated other comprehensive income | 7 | (280 | ) | ||||||||||
Total | 498 | 360 | |||||||||||
In 2012, provision presentation according to ASC 715 in thousands of euros: | |||||||||||||
France | Japan | ||||||||||||
Non current liabilities | 517 | 498 | |||||||||||
Current liabilities | - | 39 | |||||||||||
Accumulated other comprehensive income | (68 | ) | (157 | ) | |||||||||
Total | 449 | 380 | |||||||||||
The Company does not have a funded benefit plan. Detailed reconciliation of pension cost components (in thousands of euros) during fiscal year ending December 31, 2013: | |||||||||||||
France | 2013 | 2012 | 2011 | ||||||||||
Change in benefit obligations | |||||||||||||
Benefit obligations at beginning of year | 517 | 386 | 371 | ||||||||||
Service cost | 39 | 29 | 31 | ||||||||||
Interest cost | 17 | 18 | 17 | ||||||||||
Actuarial (gain) / loss | (75 | ) | 93 | (33 | ) | ||||||||
Amortization of net prior service cost | 4 | - | - | ||||||||||
Benefits paid | (11 | ) | (8 | ) | - | ||||||||
Benefit obligations at end of year (1) | 491 | 517 | 386 | ||||||||||
Unrecognized actuarial (gain) loss | 27 | 38 | (56 | ) | |||||||||
Unrecognized prior service cost | (33 | ) | 30 | 31 | |||||||||
Accrued pension cost | 498 | 449 | 411 | ||||||||||
(1) The accumulated benefit obligation was € 340 and € 353 thousand at December 31, 2013 and 2012 respectively. | |||||||||||||
F- 31 | |||||||||||||
EDAP TMS S.A. AND SUBSIDIARIES | |||||||||||||
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | |||||||||||||
(in thousands of euros unless otherwise noted, except per share data) | |||||||||||||
Japan | 2013 | 2012 | 2011 | ||||||||||
Change in benefit obligations | |||||||||||||
Benefit obligations at beginning of year | 538 | 646 | 562 | ||||||||||
Service cost | 46 | 61 | 68 | ||||||||||
Interest cost | 7 | 6 | 6 | ||||||||||
Amortization of net loss | 9 | - | - | ||||||||||
Actuarial (gain) / loss | 156 | (6 | ) | 37 | |||||||||
Benefits paid | (93 | ) | - | ||||||||||
Exchange rate impact | (116 | ) | (76 | ) | 47 | ||||||||
Benefit obligations at end of year (1) | 640 | 538 | 646 | ||||||||||
Unrecognized actuarial (gain) loss | 280 | 157 | 199 | ||||||||||
Unrecognized prior service cost | - | - | - | ||||||||||
Accrued pension cost | 360 | 380 | 447 | ||||||||||
(1) The accumulated benefit obligation was € 529 thousand and € 474 thousand at December 31, 2013 and 2012, respectively. | |||||||||||||
Shareholders_Equity
Shareholders Equity | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Shareholders Equity [Text Block] | ' | ||||||||||||||||||||||||
16-1 Common stock | |||||||||||||||||||||||||
As of December 31, 2013, EDAP TMS S.A.’s common stock consisted of 22,171,198 issued shares (including 3,000,000 new shares issued in the May 2013 Placement for an amount of € 5,599 thousand after deduction of capital increase costs of € 721 thousand) fully paid and with a par value of € 0.13 each. 21,789,670 of the shares were outstanding. | |||||||||||||||||||||||||
16-2 Pre-emptive subscription rights | |||||||||||||||||||||||||
Shareholders have preemptive rights to subscribe on a pro rata basis for additional shares issued by the Company for cash. Shareholders may waive such preemptive subscription rights at an extraordinary general meeting of shareholders under certain circumstances. Preemptive subscription rights, if not previously waived, are transferable during the subscription period relating to a particular offer of shares. | |||||||||||||||||||||||||
F-32 | |||||||||||||||||||||||||
EDAP TMS S.A. AND SUBSIDIARIES | |||||||||||||||||||||||||
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | |||||||||||||||||||||||||
(in thousands of euros unless otherwise noted, except per share data) | |||||||||||||||||||||||||
16-3 Dividend rights | |||||||||||||||||||||||||
Dividends may be distributed from the statutory retained earnings, subject to the requirements of French law and the Company’s by-laws. The Company has not distributed any dividends since its inception as the result of an accumulated statutory deficit of € 25,831 thousand. Dividend distributions, if any, will be made in euros. The Company has no plans to distribute dividends in the foreseeable future. | |||||||||||||||||||||||||
16-4 Treasury stock | |||||||||||||||||||||||||
As of December 31, 2013, the 381,528 shares of treasury stock consisted of (i) 190,238 shares acquired between August and December 1998 for € 649 thousand, and (ii) 191,290 shares acquired in June and July 2001 for € 523 thousand. All 381,528 shares of treasury stock have been acquired to cover outstanding stock options (see Note 16-5). | |||||||||||||||||||||||||
16-5 Stock-option plans | |||||||||||||||||||||||||
As of December 31, 2013, EDAP TMS S.A. sponsored four stock purchase and subscription option plans: | |||||||||||||||||||||||||
On January 29, 2004, the shareholders of EDAP TMS S.A. authorized the Board of Directors to grant up to 240,000 options to purchase pre-existing Shares at a fixed price to be set by the Board of Directors. All of the Shares that may be purchased through the exercise of stock options are currently held as treasury stock. Under this plan, 124,000 options are still in force on December 31, 2013. | |||||||||||||||||||||||||
On May 22, 2007, the shareholders of EDAP TMS S.A. authorized the Board of Directors to grant up to 600,000 options to subscribe to 600,000 new Shares. at a fixed price to be set by the Board of Directors. | |||||||||||||||||||||||||
Conforming to this stock option plan, on October 29, 2007, the Board of Directors granted 504,088 options to subscribe to new Shares to certain employees of EDAP TMS. The exercise price was fixed at € 3.99 per share. Options were to begin vesting one year after the date of grant and all options were fully vested as of October 29, 2011 (i.e., four years after the date of grant). Shares acquired pursuant to the options cannot be sold prior to four years from the date of grant. The options expire on October 29, 2017 (i.e., ten years after the date of grant) or when employment with the Company ceases, whichever occurs earlier. At December 31, 2007 the total fair value of the options granted under this plan was € 1,731 thousand. This non-cash financial charge has been recognized in the Company’s operating expenses over a period of 48 months, between October 2007 and October 2011. The impact on 2011 operating income, in accordance with ASC 718 was € 53 thousand and there was no more impact on 2012 and 2013 operating income. Under this plan, 416,838 options are still in force on December 31, 2013. | |||||||||||||||||||||||||
Conforming to this stock option plan, on June 25, 2010, the Board of Directors granted the remaining 95,912 options to subscribe to new Shares to certain employees of EDAP TMS. The exercise price was fixed at € 1.88 per share. Options were to begin vesting one year after the date of grant and will be fully vested as of June 25, 2014 (i.e., four years after the date of grant). Shares acquired pursuant to the options cannot be sold prior to four years from the date of grant. The options expire on June 25, 2020 (i.e., ten years after the date of grant) or when employment with the Company ceases, whichever occurs earlier. At June 25, 2010 the total fair value of the options granted under this plan was € 143 thousand. This non-cash financial charge will be recognized in the Company’s operating expenses over a period of 48 months; the impact on 2011 Operating Income was € 56 thousand. The impact on 2012 operating income was € 30 thousand. The impact on 2013 operating income was € 15 thousand. Under this plan, 95,912 options are still in force on December 31, 2013. | |||||||||||||||||||||||||
F-33 | |||||||||||||||||||||||||
EDAP TMS S.A. AND SUBSIDIARIES | |||||||||||||||||||||||||
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | |||||||||||||||||||||||||
(in thousands of euros unless otherwise noted, except per share data) | |||||||||||||||||||||||||
On June 24, 2010, the shareholders authorized the Board of Directors to grant up to 229,100 options to purchase pre-existing Shares at a fixed price to be set by the Board of Directors. All of the Shares that may be purchased through the exercise of stock options are currently held as treasury stock. Conforming to this stock option plan, on June 25, 2010, the Board of Directors granted 229,100 options to purchase existing Shares to certain employees of EDAP TMS. The exercise price was fixed at € 2.38 per share. Options were to begin vesting one year after the date of grant and will be fully vested as of June 25, 2014 (i.e., four years after the date of grant). Shares acquired pursuant to the options cannot be sold prior to four years from the date of grant. The options expire on June 25, 2020 (i.e., ten years after the date of grant) or when employment with the Company ceases, whichever occurs earlier. At June 24, 2010 the total fair value of the options granted under this plan was € 328 thousand. This non-cash financial charge will be recognized in the Company’s operating expenses over a period of 48 months; the impact on 2011 Operating Income was € 90 thousand. The impact on 2012 operating income was € 47 thousand. The impact on 2013 operating income was € 26 thousand. Under this plan, 174,100 options are still in force on December 31, 2013. | |||||||||||||||||||||||||
On December 19, 2012, the shareholders authorized the Board of Directors to grant up to 500,000 options to subscribe to 500,000 new shares at a fixed price to be set by the Board of Directors. Conforming to this stock option plan, the Board of Directors granted 500,000 options to subscribe Shares to certain employees of EDAP TMS on January 18, 2013. The exercise price was fixed at € 1.91 per share. Options were to begin vesting one year after the date of grant and all options will be fully vested as of January 18, 2017 (i.e., four years after the date of grant). Shares acquired pursuant to the options cannot be sold prior to four years from the date of grant. The options expire on January 18, 2023 (i.e., ten years after the date of grant) or when employment with the Company ceases, whichever occurs earlier. At December 31, 2013 the total fair value of the options granted under this plan was € 660 thousand. This non-cash financial charge has been recognized in the Company’s operating expenses over a period of 48 months,. The impact on 2013 operating income, in accordance with ASC 718 was € 327 thousand. Under this plan, 500,000 options are still in force on December 31, 2013. | |||||||||||||||||||||||||
As of December 31, 2013, a summary of stock option activity to purchase or to subscribe to Shares under these plans is as follows: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Options | Weighted | Options | Weighted | Options | Weighted | ||||||||||||||||||||
average | average | average | |||||||||||||||||||||||
exercise | exercise | exercise | |||||||||||||||||||||||
price | price | price | |||||||||||||||||||||||
(€) | (€) | (€) | |||||||||||||||||||||||
Outstanding on January 1, | 810,850 | 3.18 | 830,025 | 3.23 | 906,775 | 3.19 | |||||||||||||||||||
Granted | 500,000 | 1.91 | - | - | - | - | |||||||||||||||||||
Exercised | - | - | - | - | - | - | |||||||||||||||||||
Forfeited | - | - | (15,750 | ) | 3.17 | (51,750 | ) | 3.03 | |||||||||||||||||
Expired | - | - | (3,425 | ) | 2.02 | (25,000 | ) | 2.08 | |||||||||||||||||
Outstanding on December 31, | 1,310,850 | 2.7 | 810,850 | 3.18 | 830,025 | 3.23 | |||||||||||||||||||
Exercisable on December 31, | 743,347 | 3.27 | 675,844 | 3.38 | 621,516 | 3.5 | |||||||||||||||||||
Share purchase options available for grant on December 31 | 83,428 | 83,428 | 72,003 | ||||||||||||||||||||||
F- 34 | |||||||||||||||||||||||||
EDAP TMS S.A. AND SUBSIDIARIES | |||||||||||||||||||||||||
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | |||||||||||||||||||||||||
(in thousands of euros unless otherwise noted, except per share data) | |||||||||||||||||||||||||
The following table summarizes information about options to purchase existing Shares held by the Company, or to subscribe to new Shares, at December 31, 2013: | |||||||||||||||||||||||||
Outstanding options | Exercisable options | ||||||||||||||||||||||||
Exercise price (€) | Options | Weighted | Weighted | Options | Weighted | ||||||||||||||||||||
average | average | average | |||||||||||||||||||||||
remaining | exercise | exercise | |||||||||||||||||||||||
contractual | price | price | |||||||||||||||||||||||
life | (€) | (€) | |||||||||||||||||||||||
3.99 | 416,838 | 3.8 | 3.99 | 416,838 | 3.99 | ||||||||||||||||||||
2.6 | 124,000 | 0.2 | 2.6 | 124,000 | 2.6 | ||||||||||||||||||||
2.38 | 174,100 | 6.5 | 2.38 | 130,575 | 2.38 | ||||||||||||||||||||
1.91 | 500,000 | 9 | 1.91 | - | - | ||||||||||||||||||||
1.88 | 95,912 | 6.5 | 1.88 | 71,934 | 1.88 | ||||||||||||||||||||
1.88 | to | 3.99 | 1,310,850 | 6 | 2.7 | 743,347 | 3.27 | ||||||||||||||||||
A summary of the status of the non-vested options to purchase shares or to subscribe to new shares as of December 31, 2013, and changes during the year ended December, 2013, is presented below: | |||||||||||||||||||||||||
Options | Weighted average | ||||||||||||||||||||||||
Grant-Date Fair | |||||||||||||||||||||||||
Value (€) | |||||||||||||||||||||||||
Non-vested at January 1, 2013 | 135,006 | 1.45 | |||||||||||||||||||||||
Granted | 500,000 | 1.32 | |||||||||||||||||||||||
Vested | (67,503 | ) | 1.45 | ||||||||||||||||||||||
Forfeited | - | - | |||||||||||||||||||||||
Non-vested at December 31, 2013 | 567,503 | 1.34 | |||||||||||||||||||||||
16 - 6 Warrants | |||||||||||||||||||||||||
On January 25, 2012, pursuant to the Exchange Agreement, we issued warrants (the “2012 Exchange Offer Warrants”) to purchase 408,691 newly issued ordinary shares, to certain holders of the New Debentures, at an exercise price equal to the par value per share. The 2012 Exchange Offer Warrants are exercisable immediately and will expire on January 24, 2022. The fair value of the 2012 Exchange Offer Warrants at inception amounts to € 805 thousand. | |||||||||||||||||||||||||
At inception, the Black-Scholes valuation model used the following main assumptions and parameters: | |||||||||||||||||||||||||
- | Share price at closing date: $2.59 | ||||||||||||||||||||||||
- | Strike price of warrants: € 0.13 | ||||||||||||||||||||||||
- | Risk free interest rate at 10 years: 2.08% | ||||||||||||||||||||||||
- | Share price volatility: 120% | ||||||||||||||||||||||||
On that basis, the unit fair value of the 2012 Exchange Offer Warrants was $2.56 per warrant at inception date. The total fair value for the 408,691 issued 2012 Exchange Offer Warrants was $1.047 million at inception date. | |||||||||||||||||||||||||
On January 16, 2013, the holders exercised in full the 408,691 2012 Exchange Offer Warrants. |
Other_Revenues
Other Revenues | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Other Revenues [Text Block] | ' | ||||||||||||
Other revenues consist of the following: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Grants and others | 15 | 47 | 20 | ||||||||||
Total | 15 | 47 | 20 | ||||||||||
In 2013, 2012 and 2011, other revenues mainly consist of sales of a license. |
Research_And_Development_Expen
Research And Development Expenses | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Research And Development Expenses [Text Block] | ' | ||||||||||||
Research and development expenses consist of the following: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Gross research and development expenses | (3,711 | ) | (3,654 | ) | (2,851 | ) | |||||||
Research Tax Credit | 561 | 256 | 411 | ||||||||||
Grants | 555 | 739 | 4 | ||||||||||
Net Research and development expenses | (2,595 | ) | (2,659 | ) | (2,436 | ) | |||||||
In 2013 and 2012, grants mainly consisted of European, national and regional grants for the development of innovative imaging solutions for the focal treatment of prostate cancer. | |||||||||||||
Financial_Income_Net
Financial Income, Net | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Financial Income, Net [Text Block] | ' | ||||||||||||
Interest (expense) income, net consists of the following: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Interest income | 59 | 126 | 185 | ||||||||||
Interest expense | (1,967 | ) | (2,065 | ) | (875 | ) | |||||||
Depreciation of prepaid expenses on debt grant | - | (31 | ) | (224 | ) | ||||||||
Changes in fair value of the 2007 Convertible Debentures | - | (282 | ) | 1,301 | |||||||||
Changes in fair value of the warrants | 1,007 | (92 | ) | 1,133 | |||||||||
Impact from the January 2012 Exchange Agreement | - | (2,250 | ) | - | |||||||||
Total | (901 | ) | (4,594 | ) | 1,522 | ||||||||
In 2013, interest expense on the 2012 Non-convertible Debenture amounted to € 1,889 thousand, of which € 252 thousand expense for the payment of the 9% interest coupon. | |||||||||||||
In 2012, interest expense on the 2012 Non-convertible Debenture amounted to € 1,895 thousand, of which € 597 thousand expense for the payment of the 9% interest coupon. | |||||||||||||
Interest expense in 2011 comprised a € 687 thousand expense for the payment of the 9% interest coupon on the Convertible Debentures and accelerated conversion. | |||||||||||||
The 2007 Convertible Debenture was recorded at fair value. As a result of the January 2012 Exchange Offer, the 2007 Convertible Debt was remeasured, which resulted in a loss of € 2,250 thousand in 2012. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Taxes [Text Block] | ' | ||||||||||||
20 - 1 Loss before income taxes | |||||||||||||
Loss before income taxes is comprised of the following: | 2013 | 2012 | 2011 | ||||||||||
France | (2,018 | ) | (5,392 | ) | 1,192 | ||||||||
EDAP Inc, U.S.A. | (2,060 | ) | (1,739 | ) | (1,146 | ) | |||||||
Other countries | (808 | ) | (227 | ) | (589 | ) | |||||||
Total | (4,886 | ) | (7,358 | ) | (543 | ) | |||||||
20 - 2 Income tax (expense)/ benefit | |||||||||||||
Income tax (expense)/benefit consists of the following: | 2013 | 2012 | 2011 | ||||||||||
Current income tax expense: | |||||||||||||
France | (101 | ) | (102 | ) | (95 | ) | |||||||
Other countries | (24 | ) | (22 | ) | (45 | ) | |||||||
Sub-total current income tax expense | (125 | ) | (124 | ) | (140 | ) | |||||||
Deferred income tax (expense) benefit: | |||||||||||||
France | (2 | ) | (2 | ) | (0 | ) | |||||||
Other countries | (7 | ) | 8 | (255 | ) | ||||||||
Sub-total deferred income tax (expense) benefit | (9 | ) | 6 | (255 | ) | ||||||||
Total | (135 | ) | (118 | ) | (395 | ) | |||||||
F- 37 | |||||||||||||
EDAP TMS S.A. AND SUBSIDIARIES | |||||||||||||
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | |||||||||||||
(in thousands of euros unless otherwise noted, except per share data) | |||||||||||||
20 - 3 Deferred income taxes: | |||||||||||||
Deferred income taxes reflect the impact of temporary differences between the amounts of assets and liabilities reported for financial reporting purposes and such amounts as measured in accordance with tax laws. The tax effects of temporary differences which give rise to significant deferred tax assets (liabilities) are as follows: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Net operating loss carryforwards | 21,732 | 19,563 | |||||||||||
Elimination of intercompany profit in inventory | 136 | 119 | |||||||||||
Elimination of intercompany profit in fixed assets | 68 | 122 | |||||||||||
Other items | 663 | 689 | |||||||||||
Total deferred tax assets | 22,599 | 20,493 | |||||||||||
Capital leases treated as operating leases for tax | (26 | ) | (76 | ) | |||||||||
Other items | (8 | ) | (11 | ) | |||||||||
Total deferred tax liabilities | (34 | ) | (87 | ) | |||||||||
Net deferred tax assets | 22,565 | 20,406 | |||||||||||
Valuation allowance for deferred tax assets | (22,543 | ) | (20,375 | ) | |||||||||
Deferred tax assets (liabilities), net of allowance | 22 | 32 | |||||||||||
Net operating loss carryforwards of € 12,615 thousand, € 1,600 thousand, € 2,352 thousand, € 408 thousand, € 687 thousand, € 168 thousand and € 46,452 thousand as of December 31, 2013 are available at EDAP Technomed Inc., EDAP-TMS France S.A.S., Edap Technomed Co Ltd Japan, Edap Technomed Sdn Bhd Malaysia, EDAP TMS GmbH, EDAP Technomed Italia S.R.L. and EDAP TMS S.A., respectively. These net operating losses generate deferred tax assets of € 21,732 thousand. Realization of these assets is contingent on future taxable earnings in the applicable tax jurisdictions. As of December 31, 2013, € 16,356 thousand out of these € ,,21,732 thousand net operating loss carry-forwards have no expiration date. The remaining tax loss carry-forwards expire in years 2014 through 2033. In accordance with ASC 740, a valuation allowance is recorded as realization of those amounts is not considered probable. | |||||||||||||
20 - 4 Effective tax rate | |||||||||||||
A reconciliation of differences between the statutory French income tax rate and the Company’s effective tax rate is as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
French statutory rate | 33.3 | % | 33.3 | % | 34.4 | % | |||||||
Income of foreign subsidiaries taxed at different tax rates | 1.9 | % | 0.4 | % | 12.6 | % | |||||||
Effect of net operating loss carry-forwards and valuation allowances | (51.5 | %) | (37.6 | %) | (287.3 | %) | |||||||
Non taxable debt fair value variation | (4.3 | %) | (1.1 | %) | 154.1 | % | |||||||
Non deductible entertainment expenses | 2.6 | % | 1.9 | % | 9.5 | % | |||||||
Other | 15.2 | % | 1.5 | % | 4 | % | |||||||
Effective tax rate | (2.8 | %) | (1.6 | %) | (72.7 | %) | |||||||
20 - 5 Uncertainty in Income Taxes | |||||||||||||
According to ASC 740, the Company reviewed the tax positions of each subsidiary. On December 31, 2013 there is no uncertainty in the Company’s tax positions. | |||||||||||||
F- 38 | |||||||||||||
EDAP TMS S.A. AND SUBSIDIARIES | |||||||||||||
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | |||||||||||||
(in thousands of euros unless otherwise noted, except per share data) | |||||||||||||
In July 2010, the Company was requested by the French Tax Authorities to pay the amount of € 772,822 to comply with the European Court of Justice ruling on fair competition and illegal state aids (C- 214/07 "Commission of the European Communities vs. French Republic"). The amount was related to a state aid received by EDAP-TMS France in 1994 for the acquisition of the activities of Technomed International and included € 374,156 of late interest. The Company reversed consequently the € 50 thousand reserve that had been taken as of December 31, 2009. | |||||||||||||
In March 2011, the Company engaged in a contentious procedure against the French Tax Authorities to contest this position and ask for the recuperation of the paid amounts. On December 6, 2013, the Company received notice from the French Administrative Courts that this contentious procedure was rejected. | |||||||||||||
The tax years that remain subject to examination by major tax jurisdictions are 2011, 2012 and 2013. |
Deferred_Revenues
Deferred Revenues | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Deferred Revenues [Text Block] | ' | ||||||||
Deferred revenues consist of the following: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Deferred revenues on maintenance contracts | 731 | 600 | |||||||
Deferred revenue on RPP | 16 | 50 | |||||||
Deferred revenue on sale of devices | 121 | 304 | |||||||
Deferral of the gain on sale-lease-back transactions | 5 | 9 | |||||||
Total | 873 | 964 | |||||||
Less long term portion | (47 | ) | (79 | ) | |||||
Current portion | 826 | 885 | |||||||
Earnings_Loss_Per_Share
Earnings (Loss) Per Share | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Earnings (Loss) Per Share [Text Block] | ' | ||||||||||||||||||||||||||||||||||||
A reconciliation of the numerators and denominators of the basic and diluted EPS calculations for the years ended December 31, 2013, 2012 and 2011 is as follows: | |||||||||||||||||||||||||||||||||||||
For the year ended Dec. 31, | For the year ended Dec. 31, | For the year ended Dec. 31, | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||
Loss in | Shares | Per-Share | Loss in | Shares | Per- | Loss in euro | Shares | Per- | |||||||||||||||||||||||||||||
euro | (Denominator) | Amount | euro | (Denomin- | Share | (Numerator) | (Denomin- | Share | |||||||||||||||||||||||||||||
(Numera- | (Numerator) | ator) | Amount | ator) | Amount | ||||||||||||||||||||||||||||||||
tor) | |||||||||||||||||||||||||||||||||||||
Basic EPS | |||||||||||||||||||||||||||||||||||||
Income (loss) available to common Shareholders | (5,021,229 | ) | 20,593,720 | (0.24 | ) | (7,475,490 | ) | 17,556,395 | (0.43 | ) | (938,636 | ) | 13,345,004 | (0.07 | ) | ||||||||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||||||||||||||||
Stock options only in the money | - | - | |||||||||||||||||||||||||||||||||||
Diluted EPS | |||||||||||||||||||||||||||||||||||||
Income (Loss) available to | |||||||||||||||||||||||||||||||||||||
common shareholders, | |||||||||||||||||||||||||||||||||||||
including assumed | |||||||||||||||||||||||||||||||||||||
Conversions | (5,021,229 | ) | 20,593,720 | (0.24 | ) | (7,475,490 | ) | 17,556,395 | (0.43 | ) | (938,636 | ) | 13,345,004 | (0.07 | ) | ||||||||||||||||||||||
The effects of dilutive securities, representing a number of shares of 2,158,112, 388,256 and 8,981 for the years ended December 31, 2013, 2012 and 2011 respectively, were excluded from the calculation of earnings per share as a net loss was reported in these periods. | |||||||||||||||||||||||||||||||||||||
Commitments_And_Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments And Contingencies [Text Block] | ' |
22 - 1 Commitments | |
The Company currently has commitments regarding its operating leases as described in Note 12-2. | |
22 - 2 Litigation | |
As of the date of these financial statements, the Company is not involved in any material legal proceedings. | |
22 - 3 Contingencies | |
The Company currently has contingencies relating to warranties provided to customers for products as described in Note 1-13 and Note 11. | |
Fair_Value_Of_Financial_Instru
Fair Value Of Financial Instruments | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Fair Value Of Financial Instruments [Text Block] | ' | ||||||||||||||||||||||||||||||||||||||||
The following disclosure of the estimated fair value of financial instruments was made in accordance with the requirements of ASC 820 ‘‘Disclosure about fair value of financial instruments’’ and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value. | |||||||||||||||||||||||||||||||||||||||||
ASC 820 defines three levels of inputs that may be used to measure fair value and requires that the assets or liabilities carried at fair value be disclosed by the input level under which they were valued. The input levels are defined as follows: | |||||||||||||||||||||||||||||||||||||||||
Level 1: | Quoted (unadjusted) prices in active markets for identical assets and liabilities that the reporting entity can access at the measurement date. | ||||||||||||||||||||||||||||||||||||||||
Level 2: | Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. | ||||||||||||||||||||||||||||||||||||||||
Level 3: | Unobservable inputs for the asset or liability. | ||||||||||||||||||||||||||||||||||||||||
ASC 820 | December 31, | December 31, | |||||||||||||||||||||||||||||||||||||||
Level | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | Level 1 | 6,681 | 7,041 | ||||||||||||||||||||||||||||||||||||||
Short term investments | Level 1 | 1,000 | 1,036 | ||||||||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | Level 1 | 2,208 | 2,095 | ||||||||||||||||||||||||||||||||||||||
Long-Term Debt | Level 1 | 328 | 622 | ||||||||||||||||||||||||||||||||||||||
Debentures | Level 3 | - | 4,416 | ||||||||||||||||||||||||||||||||||||||
Investor Warrants | Level 3 | 3,150 | 1,571 | ||||||||||||||||||||||||||||||||||||||
Placement Agent Warrants | Level 3 | 289 | 183 | ||||||||||||||||||||||||||||||||||||||
The recorded amount of cash and cash equivalents, short term investment and short-term borrowings are a reasonable estimate of their fair value due to the short-term maturities of these instruments. | |||||||||||||||||||||||||||||||||||||||||
The fair market value (Level 1 measurement) of the Company’s long-term debt is estimated using interest rate available to the Company in corresponding markets for debt with similar terms and maturities (see note 14-1 Long-term debt). | |||||||||||||||||||||||||||||||||||||||||
Concerning Investor and Placement Agent Warrants, the Company uses a Black-Scholes option pricing model. The fair value of the Warrants will change over time depending on the volatility and share price at balance sheet date (see note 14-3 - Financial instruments carried at fair value). | |||||||||||||||||||||||||||||||||||||||||
Concerning Debentures, they were recorded as a liability at their fair value at inception and subsequently valued on an amortized cost basis with changes recorded as a financial expense, using an effective interest rate of 35% (see notes 1-21 Debentures and 14 - 2 Debentures). | |||||||||||||||||||||||||||||||||||||||||
F-41 | |||||||||||||||||||||||||||||||||||||||||
The following tables provide a reconciliation of fair value for which the Company used Level 3 inputs, for the period from December 31, 2012 to December 31, 2013: | |||||||||||||||||||||||||||||||||||||||||
All amounts in thousands | As of | Impact of the May 2013 | Fair-value adjustments | USD/EUR | As of | ||||||||||||||||||||||||||||||||||||
Euros unless otherwise | Dec. 31, | Placement | & amortized costs | Exch. | Dec. 31, | ||||||||||||||||||||||||||||||||||||
stated | 2013 | impact | 2012 | ||||||||||||||||||||||||||||||||||||||
Reimburse- | New | FV adjust- | Amorti- | ||||||||||||||||||||||||||||||||||||||
ment of | granted | ments | zation | ||||||||||||||||||||||||||||||||||||||
non- | Warrants | (see note 19) | costs | ||||||||||||||||||||||||||||||||||||||
Convertible | |||||||||||||||||||||||||||||||||||||||||
Debentures | |||||||||||||||||||||||||||||||||||||||||
Outstanding nominal amount in thousand US Dollar | - | (8,000 | ) | - | - | - | - | 8,000 | |||||||||||||||||||||||||||||||||
Non Convertible Debentures | - | (6,015 | ) | - | - | 1,637 | (38 | ) | 4,416 | ||||||||||||||||||||||||||||||||
TOTAL Debentures | - | (6,015 | ) | - | - | 1,637 | (38 | ) | 4,416 | ||||||||||||||||||||||||||||||||
Investor Warrants 2012 | 1,522 | - | 18 | - | (67 | ) | 1,571 | ||||||||||||||||||||||||||||||||||
Placement Agent Warrants 2012 | 181 | - | 5 | - | (7 | ) | 183 | ||||||||||||||||||||||||||||||||||
Investor Warrants 2013 | 1,628 | - | 2,725 | (928 | ) | - | (169 | ) | - | ||||||||||||||||||||||||||||||||
Placement Agent Warrants 2013 | 109 | - | 225 | (103 | ) | - | (13 | ) | - | ||||||||||||||||||||||||||||||||
Total Financial instruments carried at fair value | 3,439 | - | 2,950 | (1, 007 | ) | - | (256 | ) | 1,754 | ||||||||||||||||||||||||||||||||
TOTAL =font> | 3,439 | (6,015 | ) | 2,950 | (1, 007 | ) | 1,637 | (294 | ) | 6,170 | |||||||||||||||||||||||||||||||
F-42 | |||||||||||||||||||||||||||||||||||||||||
The following tables provide a reconciliation of fair value for which the Company used Level 3 inputs, for the period from December 31, 2011 to December 31, 2012: | |||||||||||||||||||||||||||||||||||||||||
All amounts in thousands | As of | Impact of the January 2012 | Impact of the March | Fair-value | USD/EUR | As of | |||||||||||||||||||||||||||||||||||
Euros unless otherwise | Dec. 31, | Exchange Agreement | 2012 Placement | adjustments & | Exch. | Dec. 31, | |||||||||||||||||||||||||||||||||||
stated | 2012 | amortized costs | impact | 2011 | |||||||||||||||||||||||||||||||||||||
Cash | Exchange | Debt | Reimburse- | New | FV adjust- | Amorti- | |||||||||||||||||||||||||||||||||||
Issuan- | ment of | granted | ments | zation | |||||||||||||||||||||||||||||||||||||
ce Costs | non- | Warrants | (see note | costs | |||||||||||||||||||||||||||||||||||||
Convertible | 19) | ||||||||||||||||||||||||||||||||||||||||
Debentures | |||||||||||||||||||||||||||||||||||||||||
Outstanding nominal amount in thousand US Dollar | 8,000 | (500 | ) | - | - | (2,000 | ) | - | - | - | - | 10,500 | |||||||||||||||||||||||||||||
Convertible Debentures carried at fair value | - | (385 | ) | (6,948 | ) | - | - | - | 282 | - | (34 | ) | 7,085 | ||||||||||||||||||||||||||||
Non Convertible Debentures | 4,416 | - | 4,883 | (171 | ) | (1,526 | ) | - | - | 1,292 | (62 | ) | |||||||||||||||||||||||||||||
TOTAL Debentures | 4,416 | (385 | ) | (2,065 | ) | (171 | ) | (1,526 | ) | - | 282 | 1,292 | (96 | ) | 7,085 | ||||||||||||||||||||||||||
Investor Warrants 2007 | - | - | (373 | ) | - | - | - | 178 | - | - | 195 | ||||||||||||||||||||||||||||||
Investor Warrants 2012 | 1,571 | - | - | - | - | 1,629 | (75 | ) | - | 17 | - | ||||||||||||||||||||||||||||||
Placement Agent Warrants | 183 | - | - | - | - | 192 | (11 | ) | - | 2 | - | ||||||||||||||||||||||||||||||
Total Financial instruments carried at fair value | 1,754 | - | (373 | ) | - | - | 1,821 | 92 | - | 19 | 195 | ||||||||||||||||||||||||||||||
TOTAL =font> | 6,170 | (385 | ) | (2,437 | ) | (171 | ) | (1,526 | ) | 1,821 | 374 | 1,292 | (78 | ) | 7,280 | ||||||||||||||||||||||||||
The January 2012 Exchange Offer resulted in a loss of € 2,250 thousand as detailed below. | |||||||||||||||||||||||||||||||||||||||||
Extinguishment of Convertible Debentures and cancellation of 2007 Warrants and issuance of New Debentures – See Notes 14-2 & 14 - 3 | 2,437 | ||||||||||||||||||||||||||||||||||||||||
Issuance of new shares and warrants – See Statements of Shareholders Equity (See Note 16-7) | (4,687 | ) | |||||||||||||||||||||||||||||||||||||||
Financial loss from the 2012 January Exchange Agreement (See Note 19) | (2,250 | ) | |||||||||||||||||||||||||||||||||||||||
Concentration_Of_Credit_Risk
Concentration Of Credit Risk | 12 Months Ended |
Dec. 31, 2013 | |
Concentration Of Credit Risk [Text Block] | ' |
Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of cash and cash equivalents and trade accounts and notes receivable from customers, primarily located in France, Japan and the United States. The Company maintains cash deposits with major banks. Management periodically assesses the financial condition of these institutions and believes that any possible credit risk is limited. | |
The Company has procedures in effect to monitor the creditworthiness of its customers. The Company obtains bank guarantees for first-time or infrequent customers, and in certain cases obtains insurance against the risk of a payment default by the customer. The Company reviewed individual customer balances considering current and historical loss experience and general economic conditions in determining the allowance for doubtful accounts receivable of € 1.1 million and € 1.6 million, for the years ended December 31, 2013 and 2012, respectively. | |
Ultimate losses may vary from the current estimates, and any adjustments are reported in earnings in the periods in which they become known. | |
In 2013, 2012 and 2011, the Company did not generate significant revenue with a single customer. | |
Foreign_Currency_Transactions
Foreign Currency Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Foreign Currency Transactions [Text Block] | ' |
The Company generates a significant percentage of its revenues, and of its operating expenses, in currencies other than euro. The Company’s operating profitability could be materially adversely affected by large fluctuations in the rate of exchange between the euro and such other currencies. The Company engages in foreign exchange hedging activities when it deems necessary, but there can be no assurance that hedging activities will be offset by the impact of movements in exchange rates on the Company’s results of operations. As of December 31, 2013, there were no outstanding hedging instruments. |
Segment_Information
Segment Information | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Segment Information [Text Block] | ' | ||||||||||||||||||||
In July 2002, the Company announced an organizational realignment that created two operating divisions within the Company. For reporting purposes, this organizational realignment created three reporting segments: the corporate activities of the holding Company, EDAP TMS S.A., the High Intensity Focused Ultrasound division and the Urological Devices and Services division. Then, in 2007, the Company created a new reporting segment dedicated to the FDA approval for Ablatherm-HIFU activity. The following tables set forth the key income statement figures, by segment for fiscal years 2013, 2012 and 2011 and the key balance sheet figures, by segment, for fiscal years 2013, 2012 and 2011. | |||||||||||||||||||||
The business in which the Company operates is the development and production of minimally invasive medical devices, primarily for the treatment of urological diseases. Substantially all revenues result from the sale of medical devices and their related license and royalty payments from third parties. The segments derive their revenues from this activity. | |||||||||||||||||||||
F-44 | |||||||||||||||||||||
EDAP TMS S.A. AND SUBSIDIARIES | |||||||||||||||||||||
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | |||||||||||||||||||||
(in thousands of euros unless otherwise noted, except per share data) | |||||||||||||||||||||
Segment operating profit or loss and segment assets are determined in accordance with the same policies as those described in the summary of significant accounting policies. Interest income and expense, current and deferred income taxes are not allocated to individual segments. A reconciliation of segment operating profit or loss to consolidated net loss is as follows: | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Segment operating loss | (2,755 | ) | (2,030 | ) | (2,497 | ) | |||||||||||||||
Financial income (expense), net | (901 | ) | (4,594 | ) | 1,522 | ||||||||||||||||
Foreign Currency exchange (losses) gains, net | (1,230 | ) | (733 | ) | 482 | ||||||||||||||||
Other income (expense), net | - | - | (50 | ) | |||||||||||||||||
Income tax (expense) credit | (135 | ) | (118 | ) | (395 | ) | |||||||||||||||
Consolidated net loss | (5,021 | ) | (7,475 | ) | (938 | ) | |||||||||||||||
F-45 | |||||||||||||||||||||
EDAP TMS S.A. AND SUBSIDIARIES | |||||||||||||||||||||
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | |||||||||||||||||||||
(in thousands of euros unless otherwise noted, except per share data) | |||||||||||||||||||||
A summary of the Company’s operations by segment is presented below for years ending December 31, 2013, 2012 and 2011: | |||||||||||||||||||||
HIFU Division | UDS Division | EDAP TMS | FDA | Total | |||||||||||||||||
(Corporate) | consolidated | ||||||||||||||||||||
2013 | |||||||||||||||||||||
Sales of goods | 1,747 | 13,020 | 14,767 | ||||||||||||||||||
Sales of RPPs & leases | 2,335 | 1,588 | 3,922 | ||||||||||||||||||
Sales of spare parts and services | 1,031 | 4,344 | 5,375 | ||||||||||||||||||
Total sales | 5,113 | 18,952 | 24,065 | ||||||||||||||||||
External other revenues | 15 | 15 | |||||||||||||||||||
Total revenues | 5,128 | 18,952 | 24,080 | ||||||||||||||||||
Total COS | (2,490 | ) | (12,271 | ) | (14,761 | ) | |||||||||||||||
Gross margin | 2,638 | 6,681 | 9,319 | ||||||||||||||||||
R&D | (1,097 | ) | (525 | ) | (973 | ) | (2,595 | ) | |||||||||||||
Selling and marketing expenses | (1,587 | ) | (4,692 | ) | (6,279 | ) | |||||||||||||||
G&A | (657 | ) | (963 | ) | (1,415 | ) | (165 | ) | (3,200 | ) | |||||||||||
Total expenses | (3,342 | ) | (6,179 | ) | (1,415 | ) | (1,138 | ) | (12,074 | ) | |||||||||||
Operating income (loss) | (704 | ) | 502 | (1,415 | ) | (1,138 | ) | (2,755 | ) | ||||||||||||
Total Assets | 6,769 | 18,303 | 1,692 | 110 | 26,874 | ||||||||||||||||
Capital expenditures | 38 | 720 | 758 | ||||||||||||||||||
Long-lived assets | 1,251 | 2,981 | 202 | - | 4,434 | ||||||||||||||||
Goodwill | 645 | 1,767 | - | - | 2,412 | ||||||||||||||||
HIFU Division | UDS Division | EDAP TMS | FDA | Total | |||||||||||||||||
(Corporate) | consolidated | ||||||||||||||||||||
2012 | |||||||||||||||||||||
Sales of goods | 1,884 | 15,126 | - | - | 17,009 | ||||||||||||||||
Sales of RPPs & leases | 2,695 | 1,293 | - | - | 3,988 | ||||||||||||||||
Sales of spare parts and services | 1,006 | 4,015 | - | - | 5,021 | ||||||||||||||||
Total sales | 5,585 | 20,433 | - | - | 26,018 | ||||||||||||||||
External other revenues | 47 | - | - | - | 47 | ||||||||||||||||
Total revenues | 5,632 | 20,433 | - | - | 26,065 | ||||||||||||||||
Total COS | (2,909 | ) | (12,723 | ) | - | - | (15,632 | ) | |||||||||||||
Gross margin | 2,723 | 7,710 | - | - | 10,433 | ||||||||||||||||
R&D | (920 | ) | (746 | ) | - | (992 | ) | (2,659 | ) | ||||||||||||
Selling and marketing expenses | (1,825 | ) | (4,794 | ) | - | - | (6,620 | ) | |||||||||||||
G&A | (723 | ) | (1,014 | ) | (1,352 | ) | (97 | ) | (3,185 | ) | |||||||||||
Total expenses | (3,468 | ) | (6,554 | ) | (1,352 | ) | (1,089 | ) | (12,463 | ) | |||||||||||
Operating income (loss) | (746 | ) | 1,156 | (1,352 | ) | (1,089 | ) | (2,030 | ) | ||||||||||||
Total Assets | 7,316 | 20,894 | 2,071 | 162 | 30,444 | ||||||||||||||||
Capital expenditures | 22 | 539 | 39 | - | 600 | ||||||||||||||||
Long-lived assets | 1,504 | 3,129 | 217 | 64 | 4,913 | ||||||||||||||||
Goodwill | 645 | 1,767 | - | - | 2,412 | ||||||||||||||||
F-46 | |||||||||||||||||||||
HIFU Division | UDS Division | EDAP TMS | FDA | Total | |||||||||||||||||
(Corporate) | consolidated | ||||||||||||||||||||
2011 | |||||||||||||||||||||
Sales of goods | 1,442 | 10,957 | - | - | 12,399 | ||||||||||||||||
Sales of RPPs & leases | 3,270 | 1,238 | - | - | 4,508 | ||||||||||||||||
Sales of spare parts and services | 1,153 | 4,212 | - | - | 5,365 | ||||||||||||||||
Total sales | 5,865 | 16,407 | - | - | 22,272 | ||||||||||||||||
External other revenues | 20 | - | - | - | 20 | ||||||||||||||||
Total revenues | 5,885 | 16,407 | - | - | 22,292 | ||||||||||||||||
Total COS | (2,621 | ) | (10,815 | ) | - | - | (13,435 | ) | |||||||||||||
Gross margin | 3,264 | 5,592 | - | - | 8,857 | ||||||||||||||||
R&D | (950 | ) | (792 | ) | - | (694 | ) | (2,436 | ) | ||||||||||||
Selling and marketing expenses | (1,968 | ) | (3,865 | ) | (41 | ) | - | (5,874 | ) | ||||||||||||
G&A | (604 | ) | (813 | ) | (1,547 | ) | (79 | ) | (3,044 | ) | |||||||||||
Total expenses | (3,521 | ) | (5,471 | ) | (1,588 | ) | (773 | ) | (11,353 | ) | |||||||||||
Operating income (loss) | (257 | ) | 122 | (1,588 | ) | (773 | ) | (2,497 | ) | ||||||||||||
Total Assets | 7,677 | 21,309 | 2,984 | 268 | 32,238 | ||||||||||||||||
Capital expenditures | 84 | 760 | 27 | - | 871 | ||||||||||||||||
Long-lived assets | 1,948 | 3,391 | 150 | 9 | 5,498 | ||||||||||||||||
Goodwill | 645 | 1,767 | - | - | 2,412 | ||||||||||||||||
Valuation_Accounts
Valuation Accounts | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Valuation Accounts [Text Block] | ' | ||||||||
Allowance | Slow- | ||||||||
for | moving | ||||||||
doubtful | inventory | ||||||||
accounts | |||||||||
Balance as of January 1, 2011 | 1,079 | 871 | |||||||
Charges to costs and expenses | 191 | 428 | |||||||
Deductions: write-off and others | 2 | (133 | ) | ||||||
Balance as of December 31, 2011 | 1,272 | 1,166 | |||||||
Charges to costs and expenses | 516 | 124 | |||||||
Deductions: write-off and others | (186 | ) | (356 | ) | |||||
Balance as of December 31, 2012 | 1,602 | 934 | |||||||
Charges to costs and expenses | 186 | 225 | |||||||
Deductions: write-off and others | (693 | ) | (422 | ) | |||||
Balance as of December 31, 2013 | 1,094 | 737 | |||||||
Supplemental_Disclosures_Of_Ca
Supplemental Disclosures Of Cash Flow Information | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Supplemental Disclosures Of Cash Flow Information [Text Block] | ' | ||||||||||||
Interest and income taxes paid are as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Income taxes paid (refunds received) | 118 | 143 | 143 | ||||||||||
Interest paid | 293 | 401 | 38 | ||||||||||
Interest received | 6 | 16 | 40 | ||||||||||
Non-cash transactions: | 2013 | 2012 | 2011 | ||||||||||
Capital lease obligations incurred | 64 | 137 | 29 |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Text Block] | ' |
The General Manager of the Company's Korean branch "EDAP-TMS Korea" is also Chairman of a Korean company named Dae You. EDAP-TMS Korea subcontracts to Dae You the service contract maintenance of our medical devices installed in Korea. The amounts invoiced by Dae You under this contract were € 65 thousand, € 61 thousand and € 60 thousand for 2013, 2012 and 2011 respectively. As of December 31, 2013, payables to Dae You amounted to € 66 thousand As of December 31, 2012, our payables to them amounted to € 44 thousand. | |
Dae You has purchased medical devices from us, which it operates in partnership with hospitals or clinics. These purchases (‘Sales of goods’) amounted to € 516 thousand, € 371 thousand and € 768 thousand in 2013, 2012 and 2011, respectively. As of December 31, 2013, receivables (‘Net trade accounts and notes receivable’) amounted to € 423 thousand. As of December 31, 2012, receivables from Dae You amounted to € 350 thousand. |
Subsequent_Significant_Events
Subsequent Significant Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Significant Events [Text Block] | ' |
Not applicable. |
Recovered_Sheet1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Nature of operations [Policy Text Block] | ' | ||||||||||||
1-1 Nature of operations | |||||||||||||
EDAP TMS S.A. and its subsidiaries (‘‘the Company’’) are engaged in the development, production, marketing, distribution and maintenance of a portfolio of minimally-invasive medical devices for the treatment of urological diseases. The Company currently produces devices for treating stones of the urinary tract and localized prostate cancer. Net sales consist primarily of direct sales to hospitals and clinics in France and Europe, export sales to third-party distributors and agents, and export sales through subsidiaries based in Germany, Italy and Asia. | |||||||||||||
The Company purchases the majority of the components used in its products from a number of suppliers but for some components, relies on a single source. Delay would be caused if the supply of these components or other components was interrupted and these delays could be extended in certain situations where a component substitution may require regulatory approval. Failure to obtain adequate supplies of these components in a timely manner could have a material adverse effect on the Company’s business, financial position and results of operation. | |||||||||||||
Use of Estimates, Policy [Policy Text Block] | ' | ||||||||||||
1-2 Management estimates | |||||||||||||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles (‘‘U.S. GAAP’’) requires management to make estimates and assumptions, such as business plans, that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||
Consolidation, Policy [Policy Text Block] | ' | ||||||||||||
1-3 Consolidation | |||||||||||||
The accompanying consolidated financial statements include the accounts of EDAP TMS S.A. and all its domestic and foreign owned subsidiaries, which include EDAP TMS France SAS, EDAP Technomed Inc., Edap Technomed Sdn Bhd, Edap Technomed Italia S.R.L, EDAP Technomed Co. Ltd. and EDAP TMS Gmbh. Edap Technomed Sdn Bhd was incorporated in early 1997. Edap Technomed Co. Ltd. was created in late 1996. EDAP TMS Gmbh was created in July 2006. EDAP SA, a subsidiary incorporating HIFU activities merged all of its activity into EDAP TMS France SAS in 2008. All intercompany transactions and balances are eliminated in consolidation | |||||||||||||
Revenue Recognition, Policy [Policy Text Block] | ' | ||||||||||||
1-4 Revenue recognition | |||||||||||||
Sales of goods: | |||||||||||||
For medical device sales with no significant remaining vendor obligation, payments contingent upon customer financing, acceptance criteria that can be subjectively interpreted by the customer, or tied to the use of the device, revenue is recognized when evidence of an arrangement exists, title to the device passes (depending on terms, either upon shipment or delivery), and the customer has the intent and ability to pay in accordance with contract payment terms that are fixed or determinable. For sales in which payment is contingent upon customer financing, acceptance criteria can be subjectively interpreted by the customer, or payment depends on use of the device, revenue is recognized when the contingency is resolved. The Company provides training and provides a minimum of one-year warranty upon installation. The Company accrues for the warranty costs at the time of sale. Revenues related to disposables are recognized when goods are delivered. | |||||||||||||
Sales of RPPs and leases: | |||||||||||||
Revenues related to the sale of Ablatherm treatments invoiced on a ‘‘Revenue-Per-Procedure’’ (‘‘RPP’’) basis are recognized when the treatment procedure has been completed. Revenues from devices leased to customers under operating leases are recognized on a straight-line basis. | |||||||||||||
F-9 | |||||||||||||
EDAP TMS S.A. AND SUBSIDIARIES | |||||||||||||
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | |||||||||||||
(in thousands of euros unless otherwise noted, except per share data) | |||||||||||||
Sales of spare parts and services: | |||||||||||||
Revenues related to spare parts are recognized when goods are delivered. Maintenance contracts rarely exceed one year and are recognized on a straight line basis. Billings or cash receipts in advance of services due under maintenance contracts are recorded as deferred revenue. | |||||||||||||
Shipping and Handling Cost, Policy [Policy Text Block] | ' | ||||||||||||
1-5 Shipping and handling costs | |||||||||||||
The Company recognizes revenue from the shipping and handling of its products as a component of revenue. Shipping and handling costs are recorded as a component of cost of sales. | |||||||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | ' | ||||||||||||
1-6 Cash equivalents and short term investments | |||||||||||||
Cash equivalents are cash investments which are highly liquid and have initial maturities of 90 days or less. | |||||||||||||
Cash investments with a maturity higher than 90 days are considered as short-term investments. | |||||||||||||
Receivables, Policy [Policy Text Block] | ' | ||||||||||||
1-7 Accounts Receivables | |||||||||||||
Accounts receivables are stated at cost net of allowances for doubtful accounts. The Company makes judgments as to its ability to collect outstanding receivables and provides allowances for the portion of receivables when collection becomes doubtful. Provision is made based upon a specific review of all significant outstanding invoices. These estimates are based on our bad debt write-off experience, analysis of credit information, specific identification of probable bad debt based on our collection efforts, aging of accounts receivables and other known factors. | |||||||||||||
Inventory, Policy [Policy Text Block] | ' | ||||||||||||
1-8 Inventories | |||||||||||||
Inventories are valued at the lower of manufacturing cost, which is principally comprised of components and labor costs, or market (net realizable value). Cost is determined on a first-in, first-out basis for components and spare parts and by specific identification for finished goods (medical devices). The Company establishes reserves for inventory estimated to be obsolete, unmarketable or slow moving, first based on a detailed comparison between quantity in inventory and historical consumption and then based on case-by-case analysis of the difference between the cost of inventory and the related estimated market value. | |||||||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | ' | ||||||||||||
1-9 Property and equipment | |||||||||||||
Property and equipment is stated at historical cost. Depreciation and amortization of property and equipment are calculated using the straight-line method over the estimated useful life of the related assets, as follows: | |||||||||||||
Leasehold improvements | 10 years or lease term if shorter | ||||||||||||
Equipment | 3 - 10 years | ||||||||||||
Furniture, fixtures, fittings and other | 2 - 10 years | ||||||||||||
Equipment includes industrial equipment and research equipment that has alternative future uses. Equipment also includes devices that are manufactured by the Company and leased to customers through operating leases related to Revenue-Per-Procedure transactions and devices subject to sale and leaseback transactions. This equipment is depreciated over a period of seven years. | |||||||||||||
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | ' | ||||||||||||
1-10 Long-lived assets | |||||||||||||
The Company reviews the carrying value of its long-lived assets, including fixed assets and intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be fully recoverable. Recoverability of long-lived assets is assessed by a comparison of the carrying amount of the assets (or the Group of assets, including the asset in question, that represents the lowest level of separately-identifiable cash flows) to the total estimated undiscounted cash flows expected to be generated by the asset or group of assets. If the future net undiscounted cash flows is less than the carrying amount of the asset or group of assets, the asset or group of assets is considered impaired and an expense is recognized equal to the amount required to reduce the carrying amount of the asset or group of assets to its then fair value. Fair value is determined by discounting the cash flows expected to be generated by the assets, when the quoted market prices are not available for the long-lived assets. Estimated future cash flows are based on assumptions and are subject to risk and uncertainty. | |||||||||||||
Goodwill and Intangible Assets, Policy [Policy Text Block] | ' | ||||||||||||
1-11 Goodwill and intangible assets | |||||||||||||
Goodwill represents the excess of purchase price over the fair value of identifiable net assets of businesses acquired. Goodwill is not amortized but instead tested annually for impairment or more frequently when events or change in circumstances indicate that the assets might be impaired by comparing the carrying value to the fair value of the reporting units to which it is assigned. Under ASC 350, “Goodwill and other intangible assets”, the impairment test is performed in two steps. The first step compares the fair value of the reporting unit with its carrying amount, including goodwill. If the fair value of the reporting unit is less than its carrying amount, a second step is performed to measure the amount of impairment loss. The second step allocates the fair value of the reporting unit to the Company’s tangible and intangible assets and liabilities. This derives an implied fair value for the reporting unit’s goodwill. If the carrying amount of the reporting units goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized equal to that excess. For the purpose of any impairment test, the Company relies upon projections of future undiscounted cash flows and takes into account assumptions regarding the evolution of the market and its ability to successfully develop and commercialize its products. | |||||||||||||
Changes in market conditions could have a major impact on the valuation of these assets and could result in additional impairment losses. | |||||||||||||
Intangible assets consist primarily of purchased patents relating to lithotripters, purchased licenses, a purchased trade name and a purchased trademark. The basis for valuation of these assets is their historical acquisition cost. Amortization of intangible assets is calculated by the straight-line method over the shorter of the contractual or estimated useful life of the assets, as follows: | |||||||||||||
Patents | 5 years | ||||||||||||
Licenses | 5 years | ||||||||||||
Trade name and trademark | 7 years | ||||||||||||
Treasury stocks [Policy Text Block] | ' | ||||||||||||
1-12 Treasury Stocks | |||||||||||||
Treasury stock purchases are accounted for at cost. The sale of treasury stocks is accounted for using the first in first out method. Gains on the sale or retirement of treasury stocks are accounted for as additional paid-in capital whereas losses on the sale or retirement of treasury stock are recorded as additional paid-in capital to the extent that previous net gains from sale or retirement of treasury stocks are included therein; otherwise the losses shall be recorded to accumulated benefit (deficit) account. Gains or losses from the sale or retirement of treasury stock do not affect reported results of operations. | |||||||||||||
Warranty expenses [Policy Text Block] | ' | ||||||||||||
1-13 Warranty expenses | |||||||||||||
The Company provides customers with a warranty for each product sold and accrues warranty expense at time of sale based upon historical claims experience. Standard warranty period may vary from 1 year to 5 years depending on the market. Actual warranty costs incurred are charged against the accrual when paid and are classified in cost of sales in the statement of income. Warranty expense amounted to € 354 thousand, € 469 thousand and € 362 thousand for the years ended December 31, 2013, 2012 and 2011 respectively. | |||||||||||||
Income Tax, Policy [Policy Text Block] | ' | ||||||||||||
1-14 Income taxes | |||||||||||||
The Company accounts for income taxes in accordance with ASC 740, ‘‘Accounting for Income Taxes’’ Under ASC 740, deferred tax assets and liabilities are determined based on differences between the financial reporting and tax basis of assets and liabilities and are measured by applying enacted tax rates and laws to taxable years in which such differences are expected to reverse. A valuation allowance is established if, based on the weight of available evidence, it is more likely than not that some portion, or all of the deferred tax assets, will not be realized. In accordance with ASC740, no provision has been made for income or withholding taxes on undistributed earnings of foreign subsidiaries, such undistributed earnings being permanently reinvested. | |||||||||||||
As of January 1, 2007, the Company adopted FIN48 (now ASC 740) “Accounting for uncertainty in income tax”. Under ASC740, the measurement of a tax position that meets the more-likely-that-not recognition threshold must take into consideration the amounts and probabilities of the outcomes that could be realized upon ultimate settlement using the facts, circumstances and information available at the reporting date. | |||||||||||||
Research, Development, and Computer Software, Policy [Policy Text Block] | ' | ||||||||||||
1-15 Research and development costs | |||||||||||||
Research and development costs are recorded as an expense in the period in which they are incurred. | |||||||||||||
The French government provides tax credits to companies for innovative research and development. This tax credit is calculated based on a percentage of eligible research and development costs and it can be refundable in cash and is not contingent on future taxable income. As such, the Company considers the research tax credits as a grant, offsetting operating expenses . | |||||||||||||
The research tax credit amounted to € 561 thousand, € 256 thousand and € 411 thousand for the years ended December 31 2013, 2012 and 2011 respectively. | |||||||||||||
Advertising Costs, Policy [Policy Text Block] | ' | ||||||||||||
1-16 Advertising costs | |||||||||||||
Advertising costs are recorded as an expense in the period in which they are incurred. Advertising costs amounted to € 391 thousand, € 374 thousand and € 652 thousand for the years ended December 31, 2013, 2012 and 2011 respectively. | |||||||||||||
Foreign Currency Transactions and Translations Policy [Policy Text Block] | ' | ||||||||||||
1-17 Foreign currency translation and transactions | |||||||||||||
Translation of the financial statements of consolidated companies | |||||||||||||
The reporting currency of EDAP TMS S.A. for all years presented is the euro (€). The functional currency of each subsidiary is its local currency. In accordance with ASC 830, all accounts in the financial statements are translated into euro from the functional currency at exchange rate as follows: | |||||||||||||
· | assets and liabilities are translated at year-end exchange rates; | ||||||||||||
· | shareholders’ equity is translated at historical exchange rates (as of the date of contribution); | ||||||||||||
· | statement of income items are translated at average exchange rates for the year; and | ||||||||||||
· | translation gains and losses are recorded in a separate component of shareholders’ equity. | ||||||||||||
Foreign currencies transactions | |||||||||||||
Transactions involving foreign currencies are translated into the functional currency using the exchange rate prevailing at the time of the transactions. Receivables and payables denominated in foreign currencies are translated at year-end exchange rates. The resulting unrealized exchange gains and losses are carried to the statement of income. | |||||||||||||
Earnings Per Share, Policy [Policy Text Block] | ' | ||||||||||||
1-18 Earnings per share | |||||||||||||
Basic earnings per share is computed by dividing income available to common shareholders by the weighted average number of shares of common stock outstanding for the period. Diluted earnings per share reflects potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. The dilutive effects of the Company’s common stock options and warrants is determined using the treasury stock method to measure the number of shares that are assumed to have been repurchased using the average market price during the period, which is converted from U.S. dollars at the average exchange rate for the period. | |||||||||||||
Derivatives, Policy [Policy Text Block] | ' | ||||||||||||
1-19 Derivative instruments | |||||||||||||
ASC 815 requires the Company to recognize all of its derivative instruments as either assets or liabilities in the statement of financial position at fair value. The accounting for changes in the fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and further, on the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, the Company must classify the hedging instrument, based upon the exposure being hedged, as fair value hedge, cash flow hedge or a hedge of a net investment in a foreign operation. | |||||||||||||
Gains and losses from derivative instruments are recorded in the income statement. | |||||||||||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' | ||||||||||||
1-20 Employee stock option plans | |||||||||||||
At December 31, 2013, the Company had four stock-based employee compensation plans. The Company adopted ASC 718, “Share-Based Payment”, effective January 1, 2006. ASC 718 requires the recognition of fair value of stock compensation as an expense in the calculation of net income (loss). | |||||||||||||
The fair value of each stock option granted during the year is estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 (1) | 2011 (1) | |||||||||||
Weighted-average expected life (years) | 6.25 | — | — | ||||||||||
Expected volatility rates | 71 | % | — | — | |||||||||
Expected dividend yield | — | — | — | ||||||||||
Risk-free interest rate | 1.35 | % | — | — | |||||||||
Weighted-average exercise price (€) | 1.91 | — | — | ||||||||||
Weighted-average fair value of options granted during the year (€) | 1.32 | — | — | ||||||||||
(1) The Company did not make any grants during the years ended December 31, 2012 and 2011. | |||||||||||||
Debt, Policy [Policy Text Block] | ' | ||||||||||||
1-21 Debentures and warrants | |||||||||||||
Debentures | |||||||||||||
On October 29, 2007, the Company issued $20 million in aggregate principal amount of non-secured, convertible debentures due October 29, 2012 (the ‘2007 Convertible Debentures’) with detachable warrants (the ‘2007 Warrants’). At the inception date, the Company elected to measure the instrument and the embedded derivatives in their entirety at fair value, with changes in fair value reported in the income statement under financial income, in accordance with ASC 815. Thus, the convertible debentures together with their embedded derivatives were recorded as a liability, with subsequent changes in fair value recorded in financial income and expenses. The Company used a binomial valuation model to measure the fair value of the Investor Warrants as defined below and a binomial valuation model with a Company specific credit spread to measure the fair value of the convertible debentures. | |||||||||||||
On January 19, 2012, the Company entered into a privately negotiated Exchange Agreement with all holders of the then outstanding 2007 Convertible Debentures and 2007 Warrants. Pursuant to the terms of the Exchange Agreement, certain holders agreed to exchange their outstanding securities for newly issued ordinary shares and an amount in cash (the ‘Option A Holders’), while all other holders (the ‘Option B Holders’) agreed to exchange their outstanding securities for new, non-convertible debentures due June 30, 2014 (the ‘2012 Non-convertible Debentures’) and new warrants (the ‘2012 Exchange Offer Warrants’). The Company closed the Exchange on January 25, 2012. The 2012 Non-convertible Debentures were recorded as a liability at their fair value at inception and subsequently valued on an amortized cost basis with changes recorded as a financial expense. The 2012 Exchange Offer Warrants were recorded as equity instruments and the Company used a Black-Scholes pricing model to determine their value at inception. On June 14, 2013, the Company fully redeemed its outstanding non-convertible Debentures. See Note 14, 16 and 19 for further discussion. | |||||||||||||
Warrants: | |||||||||||||
The 2007 Warrants were issued to both the investors in the 2007 Convertible Debentures and to the bank that assisted the Company as the Placement Agent. The warrants issued to the investors in the convertible debentures (the “2007 Investor Warrants”) and the Placement Agent (the “2007 Placement Agent Warrants”) were evaluated at issuance under FASB ASC 480-10-25, ASC 815-40-15 and ASC 815-40-25 (formerly EITF 07-5 and 00-19, respectively) as freestanding instruments, as they were both legally detachable and separately exercisable from any other instruments. Based on this analysis, the 2007 Warrants were classified as a derivative liability because the Company may have been required to pay a net-cash settlement upon the occurrence of certain events outside the control of the Company. Specifically, Section 3(e) (Certain Adjustments-Fundamental Transaction) of the 2007 Warrants provided that under certain circumstances outside the control of the Company, the Company might be required, at the Holder’s election, to pay an amount of cash equal to the value of the warrant as determined in accordance with the Black-Scholes option pricing model. As a result, the 2007 Warrants did not qualify for a scope exception from derivative accounting under ASC 815-10-15-74(a) as it was not always within the Company’s control to settle the contract in its own shares and therefore did not meet the guidance of ASC 815-40-25. | |||||||||||||
F-14 | |||||||||||||
The valuation model of the 2007 Investor Warrants used a binomial valuation model at inception to capture the complexity of the instruments. For subsequent years, the Company used a Black-Scholes valuation model with changes in fair value recorded as a financial expense or income. At December 31, 2012, all the 2007 Placement Agent Warrants had been exchanged for ADRs. | |||||||||||||
The 2012 Exchange Offer Warrants were issued to Option B Holders as part of the January 19, 2012 Exchange Agreement, closed on January 25, 2012. The warrants (also legally detachable and separately exercisable) do not provide for any net cash settlement in any circumstances. Specifically, the ‘Black- Scholes’ cash settlement provision has been eliminated in Section 3(e) of the 2012 Exchange Offer Warrants. Considering this and all the other relevant features of the 2012 Exchange Offer Warrants, the Company determined that the Warrants, which require settlement in shares, should be recognized as equity instruments. More specifically, the shares underlying the 2012 Exchange Offer Warrants were a fixed number of shares that were not redeemable outside of the Company’s control, and therefore the guidance of ASC 480-10-25 did not apply. Further, the 2012 Exchange Offer Warrants qualified for a scope exception from derivative accounting under ASC 815-10-15-74(a) as the New Warrants are both indexed to the Company’s own stock and can be classified in stockholders’ equity in the statement of financial position. See Note 7.6 for further discussion. | |||||||||||||
The Company used the Black-Scholes pricing model to value the 2012 Exchange Offer Warrants at inception. | |||||||||||||
On March 28, 2012, pursuant to a securities purchase agreement dated March 22, 2012, as amended, the Company issued new ordinary shares in the form of ADSs to selected institutional investors in a registered direct placement (the “March 2012 Placement”) with warrants attached (the “March 2012 Investor Warrants”). The Company also issued warrants to the placement agent, Rodman & Renshaw LLC (the “March 2012 Placement Agent Warrants” and together with the March 2012 Investor Warrants, the “March 2012 Warrants”). The Company has accounted for the March 2012 Warrants as a liability and reflected this analysis in the Company’s financial statements filed for the year 2012. | |||||||||||||
The Company used the Black-Scholes pricing model to value the March 2012 Warrants at inception, with changes in fair value recorded as a financial expense or income. | |||||||||||||
On May 28, 2013, pursuant to a securities purchase agreement dated May 20, 2013, as amended, the Company issued 3,000,000 new ordinary shares in the form of ADSs to selected institutional investors in a registered direct placement (the “May 2013 Placement”) with warrants attached (the “May 2013 Investor Warrants”). The Company also issued warrants to the placement agent, H.C. Wainwright & Co., LLC   (the “May 2013 Placement Agent Warrants” and together with the May 2013 Investor Warrants, the “May 2013 Warrants”). As the May 2013 Warrants comprised the same structure and provisions than the March 2012 Warrants, including an exercise price determined in U.S. dollars while the functional currency of the Company is the euro, the Company determined that the May 2013 Warrants should be accounted for as a liability. | |||||||||||||
The Company used the Black-Scholes pricing model to value the May 2013 Warrants at inception, with changes in fair value recorded as a financial expense or income. | |||||||||||||
Lease, Policy [Policy Text Block] | ' | ||||||||||||
1-22 Leases and Sales and leaseback transactions | |||||||||||||
In accordance with ASC 840, Accounting for Leases, the Company classifies all leases at the inception date as either a capital lease or an operating lease. A lease is a capital lease if it meets any one of the following criteria; otherwise, it is an operating lease: | |||||||||||||
- | Ownership is transferred to the lessee by the end of the lease term; | ||||||||||||
- | The lease contains a bargain purchase option; | ||||||||||||
- | The lease term is at least 75% of the property’s estimated remaining economic life; | ||||||||||||
- | The present value of the minimum lease payments at the beginning of the lease term is 90% or more of the fair value of the leased property to the lessor at the inception date. | ||||||||||||
The Company enters into sale and leaseback transactions from time to time. In accordance with ASC 840, any profit or loss on the sale is deferred and amortized prospectively over the term of the lease, in proportion to the leased asset if a capital lease, or in proportion to the related gross rental charged to expense over the lease term, if an operating lease. | |||||||||||||
NewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock [Policy Text Block] | ' | ||||||||||||
1-23 New accounting pronouncements | |||||||||||||
In February 2013, the FASB issued ASU | |||||||||||||
2013-02, "Comprehensive Income" ("ASU 2013-02"). ASU 2013-02 requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. These disclosures may be presented on the face of the consolidated financial statements or in the notes thereto. ASU 2013-02 is effective for reporting periods beginning after December 15, 2012. The adoption of ASU 2013-02 had no effect on the consolidated financial position, results of operations or cash flows of the Company. | |||||||||||||
In July 2013, the FASB issued ASU 2013-11, presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists” (“ASU 2013-11”). ASU No. 2013-11 provides explicit guidance | |||||||||||||
on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. This guidance is effective for the Company’s interim and annual periods beginning December 15, 2014. The Company does not believe the adoption of this guidance will have a material impact on its consolidated financial statements. |
Cash_and_Cash_Equivalents_Disc1
Cash and Cash Equivalents Disclosure (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Schedule of Cash and Cash Equivalents [Table Text Block] | ' | ||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Total cash and cash equivalents | 6,681 | 7,041 | |||||||
Short term investments | 1,000 | 1,036 | |||||||
Total cash and cash equivalents, and short term investments | 7,681 | 8,077 |
Trade_Accounts_And_Notes_Recei1
Trade Accounts And Notes Receivable, Net (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | ' | ||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Trade accounts receivable | 8,566 | 12,938 | |||||||
Notes receivable | 738 | 613 | |||||||
Less: allowance for doubtful accounts | (1,094 | ) | (1,602 | ) | |||||
Total | 8,210 | 11,949 | |||||||
Less current portion | (7,895 | ) | (11,148 | ) | |||||
Total long-term portion | 316 | 801 | |||||||
Schedule of capital leases future minimum payments receivable [Table Text Block] | ' | ||||||||
December 31, | |||||||||
2014 | 274 | ||||||||
2015 | 106 | ||||||||
2016 | 54 | ||||||||
2017 | 5 | ||||||||
Total minimum lease payments | 439 |
Other_Receivables_Tables
Other Receivables (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Schedule of other receivables [Table Text Block] | ' | ||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Research and development tax credit receivable from the French State | 561 | 256 | |||||||
Research and development subsidies receivable from the French State | 494 | 90 | |||||||
Value-added taxes receivable | 294 | 427 | |||||||
Other receivables from Government and public authorities | 88 | 31 | |||||||
Others | 60 | 38 | |||||||
Total | 1,497 | 842 |
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Schedule of Inventory, Current [Table Text Block] | ' | ||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Components, spare parts | 3,650 | 4,032 | |||||||
Work-in-progress | 876 | 566 | |||||||
Finished goods | 910 | 600 | |||||||
Total gross inventories | 5,436 | 5,198 | |||||||
Less: provision for slow-moving inventory | (737 | ) | (934 | ) | |||||
Total | 4,698 | 4,263 |
Other_Assets_Tables
Other Assets (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Schedule of Other Assets [Table Text Block] | ' | ||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Prepaid expenses, current portion | 331 | 367 | |||||||
Total | 331 | 367 |
Property_And_Equipment_Net_Tab
Property And Equipment, Net (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Schedule of Property, Plant and Equipment [Table Text Block] | ' | ||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Equipment | 7,984 | 8,097 | |||||||
Furniture, fixture, and fittings and other | 2,833 | 2,921 | |||||||
Total gross value | 10,817 | 11,018 | |||||||
Less: accumulated depreciation and amortization | (9,162 | ) | (8,984 | ) | |||||
Total | 1,655 | 2,035 |
Goodwill_And_Intangible_Assets1
Goodwill And Intangible Assets (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Schedule of Intangible Assets and Goodwill [Table Text Block] | ' | ||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Licenses | 453 | 453 | |||||||
Trade name and trademark | 558 | 658 | |||||||
Patents | 412 | 412 | |||||||
Organization costs | 363 | 363 | |||||||
Total gross value | 1,785 | 1,886 | |||||||
Less: accumulated amortization | (1,749 | ) | (1,814 | ) | |||||
Total | 36 | 71 |
Accounts_Payable_and_Accrued_L1
Accounts Payable and Accrued Liabilities Disclosure (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | ' | ||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Trade accounts payable | 4,958 | 5,820 | |||||||
Notes payable | 477 | 516 | |||||||
Total | 5,435 | 6,336 |
Other_Accrued_Liabilities_Tabl
Other Accrued Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Schedule of Accrued Liabilities [Table Text Block] | ' | ||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Retirement indemnities | 1,131 | 1,055 | |||||||
Provision for warranty costs | 705 | 1,062 | |||||||
Accruals for social expenses | 414 | 386 | |||||||
Conditional government subsidies | 391 | 341 | |||||||
Value added tax payable | 292 | 326 | |||||||
Accrued interests | 3 | 139 | |||||||
Others | 258 | 373 | |||||||
Total | 3,194 | 3,682 | |||||||
Less non-current portion | (1,624 | ) | (1,753 | ) | |||||
Current portion | 1,570 | 1,928 | |||||||
Schedule of changes in warranty costs provision [Table Text Block] | ' | ||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Beginning of year | 1,062 | 1,287 | |||||||
Amount used during the year | (711 | ) | (694 | ) | |||||
New warranty expenses | 354 | 469 | |||||||
End of year | 705 | 1,062 | |||||||
Less current portion | (505 | ) | (666 | ) | |||||
Long term portion | 200 | 396 |
Lease_Obligations_Tables
Lease Obligations (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | ' | ||||||||
December 31, | |||||||||
2014 | 205 | ||||||||
2015 | 175 | ||||||||
2016 | 143 | ||||||||
2017 | 72 | ||||||||
2018 | 13 | ||||||||
Total minimum lease payments | 608 | ||||||||
Less: amount representing interest | (46 | ) | |||||||
Present value of minimum lease payments | 563 | ||||||||
Less: current portion | (184 | ) | |||||||
Long-term portion | 378 | ||||||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | ||||||||
France | Japan | ||||||||
2014 | 297 | 152 | |||||||
2015 | 297 | 94 | |||||||
2016 | 297 | 91 | |||||||
2017 | 272 | 91 | |||||||
2018 | - | 30 | |||||||
Total | 1,163 | 458 |
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Schedule of Debt [Table Text Block] | ' | ||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Japanese yen term loan | 312 | 497 | |||||||
Italy term loan | 9 | 114 | |||||||
Malaysia term loan | 7 | 11 | |||||||
Total long term debt | 328 | 622 | |||||||
Less current portion | (90 | ) | (207 | ) | |||||
Total long-term portion | 239 | 415 | |||||||
Schedule of debentures [Table Text Block] | ' | ||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Non Convertible debentures | - | 4,416 | |||||||
Less current portion | - | - | |||||||
Total long-term portion | - | 4,416 | |||||||
Schedule of f inancial instruments carried at fair value [Table Text Block] | ' | ||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Investor Warrants | 3,150 | 1,571 | |||||||
Placement Agent Warrants | 289 | 183 | |||||||
Total | 3,439 | 1,754 | |||||||
Less current portion | - | - | |||||||
Total long-term portion | 3,439 | 1,754 | |||||||
Schedule of variations in debentures and financial instruments [Table Text Block] | ' | ||||||||
2014 | 90 | ||||||||
2015 | 72 | ||||||||
2016 | 355 | ||||||||
2017 | 1,587 | ||||||||
2018 | 1,665 | ||||||||
Total | 3,768 | ||||||||
Long Term Debt Schedule 2 [Table Text Block] | ' | ||||||||
Initial Amount | Maturation | Interest rate | |||||||
EDAP Technomed Co. Ltd | 10,000,000 | 31-Mar-15 | 2.30% | ||||||
55,000,000 | 30-Jun-18 | 1.80% | |||||||
10,000,000 | 30-Jun-18 | 2.10% | |||||||
Long Term Debt Schedule 3 [Table Text Block] | ' | ||||||||
Initial Amount | Maturation | Interest rate | |||||||
EDAP Technomed Co. Ltd | 10,000,000 | 31-Mar-15 | 0.10% | ||||||
55,000,000 | 30-Jun-18 | 1.80% | |||||||
10,000,000 | 30-Jun-18 | 0.10% |
Other_LongTerm_Liabilities_Tab
Other Long-Term Liabilities (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Schedule of other long term liabilities [Table Text Block] | ' | ||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Provision for retirement indemnities (Japan & France) | 1,128 | 1,016 | |||||||||||
Provision for employee termination indemnities (Italy) | 273 | 246 | |||||||||||
Provision for warranty costs, less current portion | 200 | 396 | |||||||||||
Conditional government subsidies, less current portion | 296 | 341 | |||||||||||
Total | 1,897 | 1,999 | |||||||||||
Schedule of provision presentation according to ASC 715 [Table Text Block] | ' | ||||||||||||
France | Japan | ||||||||||||
Non current liabilities | 491 | 637 | |||||||||||
Current liabilities | - | 3 | |||||||||||
Accumulated other comprehensive income | 7 | (280 | ) | ||||||||||
Total | 498 | 360 | |||||||||||
Schedule of pension cost components France [Table Text Block] | ' | ||||||||||||
France | 2013 | 2012 | 2011 | ||||||||||
Change in benefit obligations | |||||||||||||
Benefit obligations at beginning of year | 517 | 386 | 371 | ||||||||||
Service cost | 39 | 29 | 31 | ||||||||||
Interest cost | 17 | 18 | 17 | ||||||||||
Actuarial (gain) / loss | (75 | ) | 93 | (33 | ) | ||||||||
Amortization of net prior service cost | 4 | - | - | ||||||||||
Benefits paid | (11 | ) | (8 | ) | - | ||||||||
Benefit obligations at end of year (1) | 491 | 517 | 386 | ||||||||||
Unrecognized actuarial (gain) loss | 27 | 38 | (56 | ) | |||||||||
Unrecognized prior service cost | (33 | ) | 30 | 31 | |||||||||
Accrued pension cost | 498 | 449 | 411 | ||||||||||
Schedule of pension cost components Japan [Table Text Block] | ' | ||||||||||||
Japan | 2013 | 2012 | 2011 | ||||||||||
Change in benefit obligations | |||||||||||||
Benefit obligations at beginning of year | 538 | 646 | 562 | ||||||||||
Service cost | 46 | 61 | 68 | ||||||||||
Interest cost | 7 | 6 | 6 | ||||||||||
Amortization of net loss | 9 | - | - | ||||||||||
Actuarial (gain) / loss | 156 | (6 | ) | 37 | |||||||||
Benefits paid | (93 | ) | - | ||||||||||
Exchange rate impact | (116 | ) | (76 | ) | 47 | ||||||||
Benefit obligations at end of year (1) | 640 | 538 | 646 | ||||||||||
Unrecognized actuarial (gain) loss | 280 | 157 | 199 | ||||||||||
Unrecognized prior service cost | - | - | - | ||||||||||
Accrued pension cost | 360 | 380 | 447 | ||||||||||
Schedule of actuarial assumptions of post retirement benefit plan [Table Text Block] | ' | ||||||||||||
Pension Benefits – France | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Discount rate | 3.3 | % | 3.2 | % | 4.7 | % | |||||||
Salary increase | 2.5 | % | 2.5 | % | 2.5 | % | |||||||
Retirement age | 65 | 65 | 65 | ||||||||||
Average retirement remaining service period | 24 | 24 | 25 | ||||||||||
Schedule Of Actuarial Assumptions Of Post Retirement Benefit Plan 2 [Table Text Block] | ' | ||||||||||||
Pension Benefits – Japan | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Discount rate | 1.4 | % | 1.6 | % | 1 | % | |||||||
Salary increase | 2 | % | 1.5 | % | 1.5 | % | |||||||
Retirement age | 60 | 60 | 60 | ||||||||||
Average retirement remaining service period | 16 | 15 | 15 | ||||||||||
Schedule Of Provision Presentation According To ASC715 2 [Table Text Block] | ' | ||||||||||||
France | Japan | ||||||||||||
Non current liabilities | 517 | 498 | |||||||||||
Current liabilities | - | 39 | |||||||||||
Accumulated other comprehensive income | (68 | ) | (157 | ) | |||||||||
Total | 449 | 380 |
Shareholders_Equity_Tables
Shareholders Equity (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | ' | ||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Options | Weighted | Options | Weighted | Options | Weighted | ||||||||||||||||||||
average | average | average | |||||||||||||||||||||||
exercise | exercise | exercise | |||||||||||||||||||||||
price | price | price | |||||||||||||||||||||||
(€) | (€) | (€) | |||||||||||||||||||||||
Outstanding on January 1, | 810,850 | 3.18 | 830,025 | 3.23 | 906,775 | 3.19 | |||||||||||||||||||
Granted | 500,000 | 1.91 | - | - | - | - | |||||||||||||||||||
Exercised | - | - | - | - | - | - | |||||||||||||||||||
Forfeited | - | - | (15,750 | ) | 3.17 | (51,750 | ) | 3.03 | |||||||||||||||||
Expired | - | - | (3,425 | ) | 2.02 | (25,000 | ) | 2.08 | |||||||||||||||||
Outstanding on December 31, | 1,310,850 | 2.7 | 810,850 | 3.18 | 830,025 | 3.23 | |||||||||||||||||||
Exercisable on December 31, | 743,347 | 3.27 | 675,844 | 3.38 | 621,516 | 3.5 | |||||||||||||||||||
Share purchase options available for grant on December 31 | 83,428 | 83,428 | 72,003 | ||||||||||||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | ' | ||||||||||||||||||||||||
Outstanding options | Exercisable options | ||||||||||||||||||||||||
Exercise price (€) | Options | Weighted | Weighted | Options | Weighted | ||||||||||||||||||||
average | average | average | |||||||||||||||||||||||
remaining | exercise | exercise | |||||||||||||||||||||||
contractual | price | price | |||||||||||||||||||||||
life | (€) | (€) | |||||||||||||||||||||||
3.99 | 416,838 | 3.8 | 3.99 | 416,838 | 3.99 | ||||||||||||||||||||
2.6 | 124,000 | 0.2 | 2.6 | 124,000 | 2.6 | ||||||||||||||||||||
2.38 | 174,100 | 6.5 | 2.38 | 130,575 | 2.38 | ||||||||||||||||||||
1.91 | 500,000 | 9 | 1.91 | - | - | ||||||||||||||||||||
1.88 | 95,912 | 6.5 | 1.88 | 71,934 | 1.88 | ||||||||||||||||||||
1.88 | to | 3.99 | 1,310,850 | 6 | 2.7 | 743,347 | 3.27 | ||||||||||||||||||
Disclosure of sharebased compensation arrangements by sharebased payment award nonvested [Table Text Block] | ' | ||||||||||||||||||||||||
Options | Weighted average | ||||||||||||||||||||||||
Grant-Date Fair | |||||||||||||||||||||||||
Value (€) | |||||||||||||||||||||||||
Non-vested at January 1, 2013 | 135,006 | 1.45 | |||||||||||||||||||||||
Granted | 500,000 | 1.32 | |||||||||||||||||||||||
Vested | (67,503 | ) | 1.45 | ||||||||||||||||||||||
Forfeited | - | - | |||||||||||||||||||||||
Non-vested at December 31, 2013 | 567,503 | 1.34 |
Other_Revenues_Tables
Other Revenues (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Schedule of other revenues [Table Text Block] | ' | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Grants and others | 15 | 47 | 20 | ||||||||||
Total | 15 | 47 | 20 |
Research_And_Development_Expen1
Research And Development Expenses (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Schedule of Research and development expenses [Table Text Block] | ' | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Gross research and development expenses | (3,711 | ) | (3,654 | ) | (2,851 | ) | |||||||
Research Tax Credit | 561 | 256 | 411 | ||||||||||
Grants | 555 | 739 | 4 | ||||||||||
Net Research and development expenses | (2,595 | ) | (2,659 | ) | (2,436 | ) |
Financial_Income_Net_Tables
Financial Income, Net (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Schedule of financial income (expense) [Table Text Block] | ' | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Interest income | 59 | 126 | 185 | ||||||||||
Interest expense | (1,967 | ) | (2,065 | ) | (875 | ) | |||||||
Depreciation of prepaid expenses on debt grant | - | (31 | ) | (224 | ) | ||||||||
Changes in fair value of the 2007 Convertible Debentures | - | (282 | ) | 1,301 | |||||||||
Changes in fair value of the warrants | 1,007 | (92 | ) | 1,133 | |||||||||
Impact from the January 2012 Exchange Agreement | - | (2,250 | ) | - | |||||||||
Total | (901 | ) | (4,594 | ) | 1,522 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | ' | ||||||||||||
Loss before income taxes is comprised of the following: | 2013 | 2012 | 2011 | ||||||||||
France | (2,018 | ) | (5,392 | ) | 1,192 | ||||||||
EDAP Inc, U.S.A. | (2,060 | ) | (1,739 | ) | (1,146 | ) | |||||||
Other countries | (808 | ) | (227 | ) | (589 | ) | |||||||
Total | (4,886 | ) | (7,358 | ) | (543 | ) | |||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | ||||||||||||
Income tax (expense)/benefit consists of the following: | 2013 | 2012 | 2011 | ||||||||||
Current income tax expense: | |||||||||||||
France | (101 | ) | (102 | ) | (95 | ) | |||||||
Other countries | (24 | ) | (22 | ) | (45 | ) | |||||||
Sub-total current income tax expense | (125 | ) | (124 | ) | (140 | ) | |||||||
Deferred income tax (expense) benefit: | |||||||||||||
France | (2 | ) | (2 | ) | (0 | ) | |||||||
Other countries | (7 | ) | 8 | (255 | ) | ||||||||
Sub-total deferred income tax (expense) benefit | (9 | ) | 6 | (255 | ) | ||||||||
Total | (135 | ) | (118 | ) | (395 | ) | |||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Net operating loss carryforwards | 21,732 | 19,563 | |||||||||||
Elimination of intercompany profit in inventory | 136 | 119 | |||||||||||
Elimination of intercompany profit in fixed assets | 68 | 122 | |||||||||||
Other items | 663 | 689 | |||||||||||
Total deferred tax assets | 22,599 | 20,493 | |||||||||||
Capital leases treated as operating leases for tax | (26 | ) | (76 | ) | |||||||||
Other items | (8 | ) | (11 | ) | |||||||||
Total deferred tax liabilities | (34 | ) | (87 | ) | |||||||||
Net deferred tax assets | 22,565 | 20,406 | |||||||||||
Valuation allowance for deferred tax assets | (22,543 | ) | (20,375 | ) | |||||||||
Deferred tax assets (liabilities), net of allowance | 22 | 32 | |||||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
French statutory rate | 33.3 | % | 33.3 | % | 34.4 | % | |||||||
Income of foreign subsidiaries taxed at different tax rates | 1.9 | % | 0.4 | % | 12.6 | % | |||||||
Effect of net operating loss carry-forwards and valuation allowances | (51.5 | %) | (37.6 | %) | (287.3 | %) | |||||||
Non taxable debt fair value variation | (4.3 | %) | (1.1 | %) | 154.1 | % | |||||||
Non deductible entertainment expenses | 2.6 | % | 1.9 | % | 9.5 | % | |||||||
Other | 15.2 | % | 1.5 | % | 4 | % | |||||||
Effective tax rate | (2.8 | %) | (1.6 | %) | (72.7 | %) |
Deferred_Revenues_Tables
Deferred Revenues (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Schedule of deferred revenues [Table Text Block] | ' | ||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Deferred revenues on maintenance contracts | 731 | 600 | |||||||
Deferred revenue on RPP | 16 | 50 | |||||||
Deferred revenue on sale of devices | 121 | 304 | |||||||
Deferral of the gain on sale-lease-back transactions | 5 | 9 | |||||||
Total | 873 | 964 | |||||||
Less long term portion | (47 | ) | (79 | ) | |||||
Current portion | 826 | 885 |
Earnings_Loss_Per_Share_Tables
Earnings (Loss) Per Share (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||
For the year ended Dec. 31, | For the year ended Dec. 31, | For the year ended Dec. 31, | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||
Loss in | Shares | Per-Share | Loss in | Shares | Per- | Loss in euro | Shares | Per- | |||||||||||||||||||||||||||||
euro | (Denominator) | Amount | euro | (Denomin- | Share | (Numerator) | (Denomin- | Share | |||||||||||||||||||||||||||||
(Numera- | (Numerator) | ator) | Amount | ator) | Amount | ||||||||||||||||||||||||||||||||
tor) | |||||||||||||||||||||||||||||||||||||
Basic EPS | |||||||||||||||||||||||||||||||||||||
Income (loss) available to common Shareholders | (5,021,229 | ) | 20,593,720 | (0.24 | ) | (7,475,490 | ) | 17,556,395 | (0.43 | ) | (938,636 | ) | 13,345,004 | (0.07 | ) | ||||||||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||||||||||||||||
Stock options only in the money | - | - | |||||||||||||||||||||||||||||||||||
Diluted EPS | |||||||||||||||||||||||||||||||||||||
Income (Loss) available to | |||||||||||||||||||||||||||||||||||||
common shareholders, | |||||||||||||||||||||||||||||||||||||
including assumed | |||||||||||||||||||||||||||||||||||||
Conversions | (5,021,229 | ) | 20,593,720 | (0.24 | ) | (7,475,490 | ) | 17,556,395 | (0.43 | ) | (938,636 | ) | 13,345,004 | (0.07 | ) |
Fair_Value_Of_Financial_Instru1
Fair Value Of Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value Measurement Inputs Level 1 [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||||||
ASC 820 | December 31, | December 31, | |||||||||||||||||||||||||||||||||||||||
Level | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | Level 1 | 6,681 | 7,041 | ||||||||||||||||||||||||||||||||||||||
Short term investments | Level 1 | 1,000 | 1,036 | ||||||||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | Level 1 | 2,208 | 2,095 | ||||||||||||||||||||||||||||||||||||||
Long-Term Debt | Level 1 | 328 | 622 | ||||||||||||||||||||||||||||||||||||||
Debentures | Level 3 | - | 4,416 | ||||||||||||||||||||||||||||||||||||||
Investor Warrants | Level 3 | 3,150 | 1,571 | ||||||||||||||||||||||||||||||||||||||
Placement Agent Warrants | Level 3 | 289 | 183 | ||||||||||||||||||||||||||||||||||||||
Schedule Of Fair Value Measurement Inputs Level 3 [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||||||
All amounts in thousands | As of | Impact of the May 2013 | Fair-value adjustments | USD/EUR | As of | ||||||||||||||||||||||||||||||||||||
Euros unless otherwise | Dec. 31, | Placement | & amortized costs | Exch. | Dec. 31, | ||||||||||||||||||||||||||||||||||||
stated | 2013 | impact | 2012 | ||||||||||||||||||||||||||||||||||||||
Reimburse- | New | FV adjust- | Amorti- | ||||||||||||||||||||||||||||||||||||||
ment of | granted | ments | zation | ||||||||||||||||||||||||||||||||||||||
non- | Warrants | (see note 19) | costs | ||||||||||||||||||||||||||||||||||||||
Convertible | |||||||||||||||||||||||||||||||||||||||||
Debentures | |||||||||||||||||||||||||||||||||||||||||
Outstanding nominal amount in thousand US Dollar | - | (8,000 | ) | - | - | - | - | 8,000 | |||||||||||||||||||||||||||||||||
Non Convertible Debentures | - | (6,015 | ) | - | - | 1,637 | (38 | ) | 4,416 | ||||||||||||||||||||||||||||||||
TOTAL Debentures | - | (6,015 | ) | - | - | 1,637 | (38 | ) | 4,416 | ||||||||||||||||||||||||||||||||
Investor Warrants 2012 | 1,522 | - | 18 | - | (67 | ) | 1,571 | ||||||||||||||||||||||||||||||||||
Placement Agent Warrants 2012 | 181 | - | 5 | - | (7 | ) | 183 | ||||||||||||||||||||||||||||||||||
Investor Warrants 2013 | 1,628 | - | 2,725 | (928 | ) | - | (169 | ) | - | ||||||||||||||||||||||||||||||||
Placement Agent Warrants 2013 | 109 | - | 225 | (103 | ) | - | (13 | ) | - | ||||||||||||||||||||||||||||||||
Total Financial instruments carried at fair value | 3,439 | - | 2,950 | (1, 007 | ) | - | (256 | ) | 1,754 | ||||||||||||||||||||||||||||||||
TOTAL =font> | 3,439 | (6,015 | ) | 2,950 | (1, 007 | ) | 1,637 | (294 | ) | 6,170 | |||||||||||||||||||||||||||||||
ScheduleOfFairValueMeasurement Input Level 3 bis [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||||||
All amounts in thousands | As of | Impact of the January 2012 | Impact of the March | Fair-value | USD/EUR | As of | |||||||||||||||||||||||||||||||||||
Euros unless otherwise | Dec. 31, | Exchange Agreement | 2012 Placement | adjustments & | Exch. | Dec. 31, | |||||||||||||||||||||||||||||||||||
stated | 2012 | amortized costs | impact | 2011 | |||||||||||||||||||||||||||||||||||||
Cash | Exchange | Debt | Reimburse- | New | FV adjust- | Amorti- | |||||||||||||||||||||||||||||||||||
Issuan- | ment of | granted | ments | zation | |||||||||||||||||||||||||||||||||||||
ce Costs | non- | Warrants | (see note | costs | |||||||||||||||||||||||||||||||||||||
Convertible | 19) | ||||||||||||||||||||||||||||||||||||||||
Debentures | |||||||||||||||||||||||||||||||||||||||||
Outstanding nominal amount in thousand US Dollar | 8,000 | (500 | ) | - | - | (2,000 | ) | - | - | - | - | 10,500 | |||||||||||||||||||||||||||||
Convertible Debentures carried at fair value | - | (385 | ) | (6,948 | ) | - | - | - | 282 | - | (34 | ) | 7,085 | ||||||||||||||||||||||||||||
Non Convertible Debentures | 4,416 | - | 4,883 | (171 | ) | (1,526 | ) | - | - | 1,292 | (62 | ) | |||||||||||||||||||||||||||||
TOTAL Debentures | 4,416 | (385 | ) | (2,065 | ) | (171 | ) | (1,526 | ) | - | 282 | 1,292 | (96 | ) | 7,085 | ||||||||||||||||||||||||||
Investor Warrants 2007 | - | - | (373 | ) | - | - | - | 178 | - | - | 195 | ||||||||||||||||||||||||||||||
Investor Warrants 2012 | 1,571 | - | - | - | - | 1,629 | (75 | ) | - | 17 | - | ||||||||||||||||||||||||||||||
Placement Agent Warrants | 183 | - | - | - | - | 192 | (11 | ) | - | 2 | - | ||||||||||||||||||||||||||||||
Total Financial instruments carried at fair value | 1,754 | - | (373 | ) | - | - | 1,821 | 92 | - | 19 | 195 | ||||||||||||||||||||||||||||||
TOTAL =font> | 6,170 | (385 | ) | (2,437 | ) | (171 | ) | (1,526 | ) | 1,821 | 374 | 1,292 | (78 | ) | 7,280 |
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Reconciliation of operating profit (loss) from segments to consolidated [Table] [Table Text Block] | ' | ||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Segment operating loss | (2,755 | ) | (2,030 | ) | (2,497 | ) | |||||||||||||||
Financial income (expense), net | (901 | ) | (4,594 | ) | 1,522 | ||||||||||||||||
Foreign Currency exchange (losses) gains, net | (1,230 | ) | (733 | ) | 482 | ||||||||||||||||
Other income (expense), net | - | - | (50 | ) | |||||||||||||||||
Income tax (expense) credit | (135 | ) | (118 | ) | (395 | ) | |||||||||||||||
Consolidated net loss | (5,021 | ) | (7,475 | ) | (938 | ) | |||||||||||||||
ScheduleOfSegment Reporting Information By Segment Bis [Table Text Block] | ' | ||||||||||||||||||||
HIFU Division | UDS Division | EDAP TMS | FDA | Total | |||||||||||||||||
(Corporate) | consolidated | ||||||||||||||||||||
2013 | |||||||||||||||||||||
Sales of goods | 1,747 | 13,020 | 14,767 | ||||||||||||||||||
Sales of RPPs & leases | 2,335 | 1,588 | 3,922 | ||||||||||||||||||
Sales of spare parts and services | 1,031 | 4,344 | 5,375 | ||||||||||||||||||
Total sales | 5,113 | 18,952 | 24,065 | ||||||||||||||||||
External other revenues | 15 | 15 | |||||||||||||||||||
Total revenues | 5,128 | 18,952 | 24,080 | ||||||||||||||||||
Total COS | (2,490 | ) | (12,271 | ) | (14,761 | ) | |||||||||||||||
Gross margin | 2,638 | 6,681 | 9,319 | ||||||||||||||||||
R&D | (1,097 | ) | (525 | ) | (973 | ) | (2,595 | ) | |||||||||||||
Selling and marketing expenses | (1,587 | ) | (4,692 | ) | (6,279 | ) | |||||||||||||||
G&A | (657 | ) | (963 | ) | (1,415 | ) | (165 | ) | (3,200 | ) | |||||||||||
Total expenses | (3,342 | ) | (6,179 | ) | (1,415 | ) | (1,138 | ) | (12,074 | ) | |||||||||||
Operating income (loss) | (704 | ) | 502 | (1,415 | ) | (1,138 | ) | (2,755 | ) | ||||||||||||
Total Assets | 6,769 | 18,303 | 1,692 | 110 | 26,874 | ||||||||||||||||
Capital expenditures | 38 | 720 | 758 | ||||||||||||||||||
Long-lived assets | 1,251 | 2,981 | 202 | - | 4,434 | ||||||||||||||||
Goodwill | 645 | 1,767 | - | - | 2,412 | ||||||||||||||||
ScheduleOfSegment Reporting Information By Segment Ter [Table Text Block] | ' | ||||||||||||||||||||
HIFU Division | UDS Division | EDAP TMS | FDA | Total | |||||||||||||||||
(Corporate) | consolidated | ||||||||||||||||||||
2012 | |||||||||||||||||||||
Sales of goods | 1,884 | 15,126 | - | - | 17,009 | ||||||||||||||||
Sales of RPPs & leases | 2,695 | 1,293 | - | - | 3,988 | ||||||||||||||||
Sales of spare parts and services | 1,006 | 4,015 | - | - | 5,021 | ||||||||||||||||
Total sales | 5,585 | 20,433 | - | - | 26,018 | ||||||||||||||||
External other revenues | 47 | - | - | - | 47 | ||||||||||||||||
Total revenues | 5,632 | 20,433 | - | - | 26,065 | ||||||||||||||||
Total COS | (2,909 | ) | (12,723 | ) | - | - | (15,632 | ) | |||||||||||||
Gross margin | 2,723 | 7,710 | - | - | 10,433 | ||||||||||||||||
R&D | (920 | ) | (746 | ) | - | (992 | ) | (2,659 | ) | ||||||||||||
Selling and marketing expenses | (1,825 | ) | (4,794 | ) | - | - | (6,620 | ) | |||||||||||||
G&A | (723 | ) | (1,014 | ) | (1,352 | ) | (97 | ) | (3,185 | ) | |||||||||||
Total expenses | (3,468 | ) | (6,554 | ) | (1,352 | ) | (1,089 | ) | (12,463 | ) | |||||||||||
Operating income (loss) | (746 | ) | 1,156 | (1,352 | ) | (1,089 | ) | (2,030 | ) | ||||||||||||
Total Assets | 7,316 | 20,894 | 2,071 | 162 | 30,444 | ||||||||||||||||
Capital expenditures | 22 | 539 | 39 | - | 600 | ||||||||||||||||
Long-lived assets | 1,504 | 3,129 | 217 | 64 | 4,913 | ||||||||||||||||
Goodwill | 645 | 1,767 | - | - | 2,412 | ||||||||||||||||
Schedule Of Segment Reporting Information By Segment Quarter [Table Text Block] | ' | ||||||||||||||||||||
HIFU Division | UDS Division | EDAP TMS | FDA | Total | |||||||||||||||||
(Corporate) | consolidated | ||||||||||||||||||||
2011 | |||||||||||||||||||||
Sales of goods | 1,442 | 10,957 | - | - | 12,399 | ||||||||||||||||
Sales of RPPs & leases | 3,270 | 1,238 | - | - | 4,508 | ||||||||||||||||
Sales of spare parts and services | 1,153 | 4,212 | - | - | 5,365 | ||||||||||||||||
Total sales | 5,865 | 16,407 | - | - | 22,272 | ||||||||||||||||
External other revenues | 20 | - | - | - | 20 | ||||||||||||||||
Total revenues | 5,885 | 16,407 | - | - | 22,292 | ||||||||||||||||
Total COS | (2,621 | ) | (10,815 | ) | - | - | (13,435 | ) | |||||||||||||
Gross margin | 3,264 | 5,592 | - | - | 8,857 | ||||||||||||||||
R&D | (950 | ) | (792 | ) | - | (694 | ) | (2,436 | ) | ||||||||||||
Selling and marketing expenses | (1,968 | ) | (3,865 | ) | (41 | ) | - | (5,874 | ) | ||||||||||||
G&A | (604 | ) | (813 | ) | (1,547 | ) | (79 | ) | (3,044 | ) | |||||||||||
Total expenses | (3,521 | ) | (5,471 | ) | (1,588 | ) | (773 | ) | (11,353 | ) | |||||||||||
Operating income (loss) | (257 | ) | 122 | (1,588 | ) | (773 | ) | (2,497 | ) | ||||||||||||
Total Assets | 7,677 | 21,309 | 2,984 | 268 | 32,238 | ||||||||||||||||
Capital expenditures | 84 | 760 | 27 | - | 871 | ||||||||||||||||
Long-lived assets | 1,948 | 3,391 | 150 | 9 | 5,498 | ||||||||||||||||
Goodwill | 645 | 1,767 | - | - | 2,412 | ||||||||||||||||
Valuation_Accounts_Tables
Valuation Accounts (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Schedule of Valuation accounts [Table Text Block] | ' | ||||||||
Allowance | Slow- | ||||||||
for | moving | ||||||||
doubtful | inventory | ||||||||
accounts | |||||||||
Balance as of January 1, 2011 | 1,079 | 871 | |||||||
Charges to costs and expenses | 191 | 428 | |||||||
Deductions: write-off and others | 2 | (133 | ) | ||||||
Balance as of December 31, 2011 | 1,272 | 1,166 | |||||||
Charges to costs and expenses | 516 | 124 | |||||||
Deductions: write-off and others | (186 | ) | (356 | ) | |||||
Balance as of December 31, 2012 | 1,602 | 934 | |||||||
Charges to costs and expenses | 186 | 225 | |||||||
Deductions: write-off and others | (693 | ) | (422 | ) | |||||
Balance as of December 31, 2013 | 1,094 | 737 |
Supplemental_Disclosures_Of_Ca1
Supplemental Disclosures Of Cash Flow Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | ' | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Income taxes paid (refunds received) | 118 | 143 | 143 | ||||||||||
Interest paid | 293 | 401 | 38 | ||||||||||
Interest received | 6 | 16 | 40 |
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Narrative) (Details) (EUR €) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Advertising Expense | € 391 | € 374 | € 652 |
Cash_and_Cash_Equivalents_Disc2
Cash and Cash Equivalents Disclosure (Narrative) (Details) (EUR €) | 12 Months Ended | 24 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
Short term Investments pledged | € 1 | ' | € 1 |
Collateral to short term loan | € 1 | € 1 | ' |
Trade_Accounts_And_Notes_Recei2
Trade Accounts And Notes Receivable, Net (Narrative) (Details) (EUR €) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
NotesReceivableInitialMaturities | 90 | ' | ' |
Bad debt expenses | € 163 | € 516 | € 191 |
Inventories_Narrative_Details
Inventories (Narrative) (Details) (EUR €) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Inventory Write-down | € 162 | € 186 | € 428 |
Property_And_Equipment_Net_Nar
Property And Equipment, Net (Narrative) (Details) (EUR €) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | -€ 9,162 | -€ 8,984 | ' |
Depreciation, Depletion and Amortization, Nonproduction | 726 | 802 | 870 |
Assets Held under Capital Leases [Member] | ' | ' | ' |
Depreciation, Depletion and Amortization, Nonproduction | 363 | 331 | 333 |
Capital Leased Assets, Gross | 3,381 | 3,639 | ' |
Assets leased to third parties [Member] | ' | ' | ' |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | € 2,624 | € 2,646 | ' |
Goodwill_And_Intangible_Assets2
Goodwill And Intangible Assets (Narrative) (Details) (EUR €) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Amortization expenses related to intangible assets | € 32 | € 36 | € 14 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 30 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 30 | ' | ' |
Goodwill | 2,412 | 2,412 | ' |
Urology Devices and Services (UDS) [Member] | ' | ' | ' |
Goodwill | 1,767 | 1,767 | 1,767 |
Fair Value Inputs, Discount Rate | 10.00% | ' | ' |
High Intensity Focused Ultrasound (HIFU) [Member] | ' | ' | ' |
Goodwill | € 645 | ' | € 645 |
Fair Value Inputs, Discount Rate | 15.00% | ' | ' |
Fair Value Inputs, Long-term Revenue Growth Rate | 10.00% | ' | ' |
Lease_Obligations_Narrative_De
Lease Obligations (Narrative) (Details) (EUR €) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Interest Expense, Lessee, Assets under Capital Lease | € 35 | € 53 | € 81 |
Operating Leases, Rent Expense | 693 | 772 | 751 |
Assets Held under Capital Leases [Member] | ' | ' | ' |
medical devices | 393 | ' | ' |
vehicles | € 170 | ' | ' |
LongTerm_Debt_Narrative_Detail
Long-Term Debt (Narrative) (Details) (ITALY [Member], EUR €) | 12 Months Ended |
Dec. 31, 2013 | |
ITALY [Member] | ' |
Initial Amount | € 404,000 |
Interest rate | € 1.90 |
ShortTerm_Borrowings_Narrative
Short-Term Borrowings (Narrative) (Details) (EUR €) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
account receivables factored | € 1,206 | € 1,093 |
loan in euro | € 1,000 | € 1,000 |
Other_LongTerm_Liabilities_Nar
Other Long-Term Liabilities (Narrative) (Details) (EUR €) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
FRANCE [Member] | ' | ' |
Defined Benefit Plan, Accumulated Benefit Obligation | € 340 | € 353 |
JAPAN [Member] | ' | ' |
Defined Benefit Plan, Accumulated Benefit Obligation | € 529 | € 474 |
Shareholders_Equity_Narrative_
Shareholders Equity (Narrative) (Details) (EUR €) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Jan. 29, 2004 | Dec. 31, 2011 | Dec. 31, 2007 | Dec. 31, 2013 | 22-May-07 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Jun. 24, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 19, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, except Share data, unless otherwise specified | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Plan 1 - 2004 [Member] | Plan 1 - 2004 [Member] | Plan 2 - 2007 [Member] | Plan 2 - 2007 [Member] | Plan 2 - 2007 [Member] | Plan 2 - 2007 [Member] | Plan 3 - 2010 [Member] | Plan 3 - 2010 [Member] | Plan 3 - 2010 [Member] | Plan 3 - 2010 [Member] | Plan 3 - 2010 [Member] | Plan 4 - 2012 [Member] | Plan 4 - 2012 [Member] | Plan 4 - 2012 [Member] | Plan 2b - 2007 [Member] | Plan 2b - 2007 [Member] | Plan 2b - 2007 [Member] | Plan 2b - 2007 [Member] | |
Common Class A [Member] | Common Class A [Member] | Common Class A [Member] | Common Class A [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | ||
Common Class A [Member] | Common Class A [Member] | Common Class A [Member] | Common Class A [Member] | Common Class A [Member] | Common Class A [Member] | Common Class A [Member] | Common Class A [Member] | Common Class A [Member] | Common Class A [Member] | Common Class A [Member] | Common Class A [Member] | Common Class A [Member] | Common Class A [Member] | Common Class A [Member] | Common Class A [Member] | Common Class A [Member] | Common Class A [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | ' | ' | ' | ' | ' | ' | 240,000 | ' | ' | ' | 600,000 | ' | ' | ' | ' | 229,100 | ' | ' | 500,000 | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | ' | 500,000 | ' | ' | ' | ' | ' | ' | 504,088 | ' | ' | ' | ' | ' | 229,100 | ' | ' | 500,000 | ' | ' | ' | ' | 95,912 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Exercise Price | ' | € 1.91 | ' | ' | ' | ' | ' | ' | € 3.99 | ' | ' | ' | ' | ' | € 2.38 | ' | ' | € 1.91 | ' | ' | ' | ' | € 1.88 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | € 1,731 | ' | ' | ' | ' | ' | € 328 | ' | ' | € 660 | ' | ' | ' | ' | € 143 |
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsNonCashFinancialCharge | ' | ' | ' | ' | ' | ' | ' | € 53 | ' | ' | ' | € 26 | € 47 | € 90 | ' | ' | € 327 | ' | ' | € 15 | € 30 | € 56 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 567,503 | 1,310,850 | 810,850 | 830,025 | 906,775 | 124,000 | ' | ' | ' | 416,838 | ' | 174,100 | ' | ' | ' | ' | 500,000 | ' | ' | 95,912 | ' | ' | ' |
Other_Revenues_Narrative_Detai
Other Revenues (Narrative) (Details) (EUR €) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenue from Grants | € 15 | € 47 | € 20 |
Other Revenue, Net | € 15 | € 47 | € 20 |
Financial_Income_Net_Narrative
Financial Income, Net (Narrative) (Details) (EUR €) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Interest expense on Non convertible debenture | € 1,889 | € 1,895 | € 687 |
Interest on Non convertible debenture | 252 | 597 | ' |
interest coupon | 9.00% | 9.00% | 9.00% |
Loss on remeasured convertible debt | ' | € 2,250 | ' |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (EUR €) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Income Tax Examination, Penalties from Examination | € 772,822 |
of which late interest | 374,156 |
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | 21,732 |
Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration | 16,356 |
Other Tax Carryforward, Expiration Dates | 31-Dec-32 |
Foreign Tax Authority [Member] | Edap TechnomedI nc [Member] | ' |
Operating Loss Carryforwards | 12,615 |
Foreign Tax Authority [Member] | Edap Tms France Sas [Member] | ' |
Operating Loss Carryforwards | 1,600 |
Foreign Tax Authority [Member] | Edap Technomed Co Ltd [Member] | ' |
Operating Loss Carryforwards | 2,352 |
Foreign Tax Authority [Member] | Edap Technomed Sdn Bhd Malaysia [Member] | ' |
Operating Loss Carryforwards | 408 |
Foreign Tax Authority [Member] | Edap Tms Gmbh [Member] | ' |
Operating Loss Carryforwards | 687 |
Foreign Tax Authority [Member] | Edap Tms Sa [Member] | ' |
Operating Loss Carryforwards | 46,452 |
Foreign Tax Authority [Member] | Edap technomed italia srl [Member] | ' |
Operating Loss Carryforwards | € 168 |
Earnings_Loss_Per_Share_Narrat
Earnings (Loss) Per Share (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Weighted Average Number Diluted Shares Outstanding Adjustment | 2,158,112 | 388,256 | 8,981 |
Fair_Value_Of_Financial_Instru2
Fair Value Of Financial Instruments (Narrative) (Details) (EUR €) | Dec. 31, 2013 |
Loss Of Exchange Offer | € 2,250,000 |
Estinguishment Of Convertible Debentures | 2,437 |
Issuance Of New Share And Warrants | -4,687 |
Financial Loss From Exchange Agreement | -€ 2,250 |
Concentration_Of_Credit_Risk_N
Concentration Of Credit Risk (Narrative) (Details) (EUR €) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Allowance for Doubtful Accounts Receivable | € 1.10 | € 1.60 |
Related_Party_Transactions_Nar
Related Party Transactions (Narrative) (Details) (EUR €) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenue from Related Parties | € 516 | € 371 | € 768 |
Related Parties Amount in Cost of Sales | 65 | 61 | 60 |
Due to Related Parties, Current | 66 | 44 | ' |
Accounts Receivable, Related Parties, Current | € 423 | € 350 | ' |
Schedule_of_Cash_and_Cash_Equi
Schedule of Cash and Cash Equivalents (Details) (EUR €) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Cash and cash equivalents | € 6,681 | € 7,041 | € 4,900 | € 7,369 |
Short-term investment | 1,000 | 1,036 | ' | ' |
Total cash and cash equivalents, and short term investments | € 7,681 | € 8,077 | ' | ' |
Schedule_of_Accounts_Notes_Loa
Schedule of Accounts, Notes, Loans and Financing Receivable (Details) (EUR €) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Trade accounts receivable | € 8,566 | € 12,938 |
Notes receivable | 738 | 613 |
Less: allowance for doubtful accounts | -1,094 | -1,602 |
Total | 8,210 | 11,949 |
Current portion of net trade accounts and notes receivable | 7,895 | 11,148 |
Total long-term portion | € 316 | € 801 |
Schedule_of_capital_leases_fut
Schedule of capital leases future minimum payments receivable (Details) (EUR €) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
2014 | € 274 |
2015 | 106 |
2016 | 54 |
2017 | 5 |
Total minimum lease payments | € 439 |
Schedule_of_other_receivables_
Schedule of other receivables (Details) (EUR €) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ValueAddedTaxReceivableCurrent | € 294 | € 427 |
InvestmentTaxReceivableCurrent | 561 | 256 |
Research and development subsidies receivable from the French State | 494 | 90 |
Personnel advances | 88 | 31 |
OtherReceivables | 60 | 38 |
NontradeReceivablesCurrent | € 1,497 | € 842 |
Schedule_of_Inventory_Current_
Schedule of Inventory, Current (Details) (EUR €) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Components, spare parts | € 3,650 | € 4,032 |
Work-in-progress | 876 | 566 |
Finished goods | 910 | 600 |
Total gross inventories | 5,436 | 5,198 |
Less: provision for slow-moving inventory | -737 | -934 |
Total | € 4,698 | € 4,263 |
Schedule_of_Other_Assets_Detai
Schedule of Other Assets (Details) (EUR €) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Other prepaid expenses, current portion | € 331 | € 367 |
Total | € 331 | € 367 |
Schedule_of_Property_Plant_and
Schedule of Property, Plant and Equipment (Details) (EUR €) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Equipment [Member] | Equipment [Member] | Equipment [Member] | Equipment [Member] | Furniture and Fixtures [Member] | Furniture and Fixtures [Member] | Furniture and Fixtures [Member] | Furniture and Fixtures [Member] | Leaseholds and Leasehold Improvements [Member] | ||
Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | |||||||
Total gross value | € 10,817 | € 11,018 | € 7,984 | € 8,097 | ' | ' | € 2,833 | € 2,921 | ' | ' | ' |
Less: accumulated depreciation and amortization | -9,162 | -8,984 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total | € 1,655 | € 2,035 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | ' | ' | ' | '10 years | '3 years | ' | ' | '10 years | '2 years | '10 years |
Schedule_of_FiniteLived_Intang
Schedule of Finite-Lived Intangible Assets (Details) (Maximum [Member]) | 12 Months Ended |
Dec. 31, 2013 | |
Licenses [Member] | ' |
Finite-Lived Intangible Asset, Useful Life | '5 years |
Patents [Member] | ' |
Finite-Lived Intangible Asset, Useful Life | '5 years |
Trade Names [Member] | ' |
Finite-Lived Intangible Asset, Useful Life | '7 years |
Schedule_of_Intangible_Assets_
Schedule of Intangible Assets and Goodwill (Details) (EUR €) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Finite-Lived License Agreements, Gross | € 453 | € 453 |
Finite-Lived Trade Names, Gross | 558 | 658 |
Finite-Lived Patents, Gross | 412 | ' |
Other Finite-Lived Intangible Assets, Gross | 363 | ' |
Finite-Lived Intangible Assets, Gross | 1,785 | 1,886 |
Finite-Lived Intangible Assets, Accumulated Amortization | -1,749 | -1,814 |
Finite-Lived Intangible Assets, Net | € 36 | € 71 |
Schedule_of_Accounts_Payable_a
Schedule of Accounts Payable and Accrued Liabilities (Details) (EUR €) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Trade accounts payable | € 4,958 | € 5,820 |
Notes payable | 477 | 516 |
Total | € 5,435 | € 6,336 |
Schedule_of_Accrued_Liabilitie
Schedule of Accrued Liabilities (Details) (EUR €) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Retirement indemnities | € 1,131 | € 1,055 |
Provision for warranty costs | 705 | 1,062 |
Accruals for social expenses | 414 | 386 |
Conditional government subsidies | 391 | 341 |
Value added tax payable | 292 | 326 |
Accrued interests | 3 | 139 |
Others | 258 | 373 |
Accrued Liabilities and Other Liabilities | 3,194 | 3,682 |
Less non current portion | -€ 1,624 | -€ 1,753 |
Schedule_of_changes_in_warrant
Schedule of changes in warranty costs provision (Details) (EUR €) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Warranty costs provision, Beginning of year | ' | € 1,062 | € 1,287 |
Amounts used during the year (payments) | -711 | -694 | ' |
New Warranty Expenses | 354 | 469 | ' |
Warranty costs provision, End of year | 705 | 1,062 | ' |
WarrantyCostsProvision | 200 | 396 | ' |
Current portion of provision for warranty costs | -€ 505 | -€ 666 | ' |
Schedule_of_Future_Minimum_Lea
Schedule of Future Minimum Lease Payments for Capital Leases (Details) (EUR €) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
2014 | € 205 | ' |
2015 | 175 | ' |
2016 | 143 | ' |
2017 | 72 | ' |
Thereafter | 13 | ' |
Total minimum lease payments | 608 | ' |
Less: amount representing interest | -46 | ' |
Present value of minimum lease payments | 563 | ' |
Current portion of capital lease obligations | 184 | 459 |
Long-term portion | € 378 | € 494 |
Schedule_of_Future_Minimum_Ren
Schedule of Future Minimum Rental Payments for Operating Leases (Details) (EUR €) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
FRANCE [Member] | ' |
2014 | € 297 |
2015 | 297 |
2016 | 297 |
2017 | 272 |
Thereafter | 0 |
Total | 1,163 |
JAPAN [Member] | ' |
2014 | 152 |
2015 | 94 |
2016 | 91 |
2017 | 91 |
Thereafter | 30 |
Total | € 458 |
Schedule_of_Debt_Details
Schedule of Debt (Details) (EUR €) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Total long term debt | € 328 | € 622 |
Less current portion | 90 | 207 |
Total long-term portion | 239 | 415 |
JAPAN [Member] | ' | ' |
Total long term debt | 312 | 497 |
ITALY [Member] | ' | ' |
Total long term debt | 9 | 114 |
MALAYSIA [Member] | ' | ' |
Total long term debt | € 7 | € 11 |
Schedule_of_debentures_Details
Schedule of debentures (Details) (EUR €) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Non Convertible debentures | € 0 | € 4,416 |
Schedule_of_f_inancial_instrum
Schedule of f inancial instruments carried at fair value (Details) (EUR €) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Total long-term portion | € 3,439 | € 1,754 |
Total Financial Instruments [Member] | ' | ' |
Total Financial Instruments | 3,439 | 1,754 |
Placement Agent Warrants [Member] | ' | ' |
Total Financial Instruments | 289 | 183 |
Investor warrants [Member] | ' | ' |
Total Financial Instruments | € 3,150 | € 1,571 |
Schedule_of_details_of_debts_D
Schedule of details of debts (Details) | 12 Months Ended | ||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
JAPAN [Member] | JAPAN [Member] | JAPAN [Member] | JAPAN [Member] | JAPAN [Member] | JAPAN [Member] | ITALY [Member] | |
Edap Technomed Co Ltd [Member] | Edap Technomed Co Ltd [Member] | Edap Technomed Co Ltd [Member] | Edap Technomed Co Ltd [Member] | Edap Technomed Co Ltd [Member] | Edap Technomed Co Ltd [Member] | EUR (€) | |
Loan One [Member] | Loan One [Member] | Loan Two [Member] | Loan Two [Member] | Loan Three [Member] | Loan Three [Member] | ||
JPY (¥) | JPY (¥) | JPY (¥) | JPY (¥) | JPY (¥) | JPY (¥) | ||
Initial Amount | ¥ 10,000,000 | ¥ 10,000,000 | ¥ 55,000,000 | ¥ 55,000,000 | ¥ 10,000,000 | ¥ 10,000,000 | € 404,000 |
Interest rate | ¥ 2.3 | ¥ 0.1 | ¥ 1.8 | ¥ 1.8 | ¥ 2.1 | ¥ 0.1 | € 1.90 |
Schedule_Of_Longterm_Debt_Debe
Schedule Of Long-term Debt, Debentures And Financial InstrumentsMaturities (Details) (EUR €) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
2014 | € 90 |
2015 | 72 |
2016 | 355 |
2017 | 1,587 |
2018 | 1,665 |
Total Long-term Debt | € 3,768 |
Long_Term_Debt_Schedule_2_Deta
Long Term Debt Schedule 2 (Details) (JAPAN [Member], Edap Technomed Co Ltd [Member], JPY ¥) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Loan One [Member] | ' | ' |
Initial Amount | ¥ 10,000,000 | ¥ 10,000,000 |
Interest rate | 2.3 | 0.1 |
Loan Two [Member] | ' | ' |
Initial Amount | 55,000,000 | 55,000,000 |
Interest rate | 1.8 | 1.8 |
Loan Three [Member] | ' | ' |
Initial Amount | 10,000,000 | 10,000,000 |
Interest rate | ¥ 2.1 | ¥ 0.1 |
Long_Term_Debt_Schedule_3_Deta
Long Term Debt Schedule 3 (Details) (JAPAN [Member], Edap Technomed Co Ltd [Member], JPY ¥) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Loan One [Member] | ' | ' |
Initial Amount | ¥ 10,000,000 | ¥ 10,000,000 |
Interest rate | 2.3 | 0.1 |
Loan Two [Member] | ' | ' |
Initial Amount | 55,000,000 | 55,000,000 |
Interest rate | 1.8 | 1.8 |
Loan Three [Member] | ' | ' |
Initial Amount | 10,000,000 | 10,000,000 |
Interest rate | ¥ 2.1 | ¥ 0.1 |
Schedule_of_other_long_term_li
Schedule of other long term liabilities (Details) (EUR €) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Provision for retirement indemnities (Japan & France) | € 1,128 | € 1,016 |
Provision for employee termination indemnities (Italy) | 273 | 246 |
Provision for warranty costs, less current portion | 200 | 396 |
Conditional government subsidies, less current portion | 296 | 341 |
Total | € 1,897 | € 1,999 |
Schedule_of_Projected_Benefit_
Schedule of Projected Benefit Obligations and the accumulated benefit obligations (Details) (EUR €) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
FRANCE [Member] | FRANCE [Member] | FRANCE [Member] | JAPAN [Member] | JAPAN [Member] | JAPAN [Member] | |
Normal cost | € 17 | € 18 | € 17 | € 7 | € 6 | € 6 |
Schedule_of_provision_presenta
Schedule of provision presentation according to ASC 715 (Details) (EUR €) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Non current liabilities | € 1,128 | € 1,016 | ' |
FRANCE [Member] | ' | ' | ' |
Non current liabilities | 491 | 517 | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 7 | -68 | ' |
Total | 498 | 449 | ' |
JAPAN [Member] | ' | ' | ' |
Non current liabilities | 637 | 498 | 0 |
Current liabilities | 3 | 39 | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | -280 | -157 | ' |
Total | € 360 | € 380 | ' |
Schedule_of_pension_cost_compo
Schedule of pension cost components France (Details) (EUR €) | 12 Months Ended | 12 Months Ended | |||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 31, 2012 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
FRANCE [Member] | FRANCE [Member] | FRANCE [Member] | FRANCE [Member] | FRANCE [Member] | JAPAN [Member] | JAPAN [Member] | JAPAN [Member] | JAPAN [Member] | |
Benefit obligations | € 491 | € 517 | € 386 | € 517 | € 371 | € 640 | € 538 | € 646 | € 562 |
Service cost | 39 | 29 | 31 | ' | ' | 46 | 61 | 68 | ' |
Interest cost | 17 | 18 | 17 | ' | ' | 7 | 6 | 6 | ' |
Actuarial (gain) loss | -75 | 93 | -33 | ' | ' | 156 | -6 | 37 | ' |
Amortization of net prior service cost (Credit) | 4 | ' | ' | ' | ' | ' | ' | ' | ' |
Benefits paid | -11 | -8 | 0 | ' | ' | ' | -93 | ' | ' |
Unrecognized actuarial (gain) loss | 27 | 38 | -56 | ' | ' | 280 | 157 | 199 | ' |
Unrecognized prior service cost | -33 | 30 | 31 | ' | ' | ' | ' | ' | ' |
Accrued pension cost | € 498 | € 449 | € 411 | ' | ' | € 360 | € 380 | € 447 | ' |
Schedule_of_pension_cost_compo1
Schedule of pension cost components Japan (Details) (EUR €) | 12 Months Ended | 12 Months Ended | |||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 31, 2012 | Dec. 31, 2010 |
JAPAN [Member] | JAPAN [Member] | JAPAN [Member] | JAPAN [Member] | FRANCE [Member] | FRANCE [Member] | FRANCE [Member] | FRANCE [Member] | FRANCE [Member] | |
Benefit obligations | € 640 | € 538 | € 646 | € 562 | € 491 | € 517 | € 386 | € 517 | € 371 |
Service cost | 46 | 61 | 68 | ' | 39 | 29 | 31 | ' | ' |
Normal cost | 7 | 6 | 6 | ' | 17 | 18 | 17 | ' | ' |
Actuarial (gain) loss | 156 | -6 | 37 | ' | -75 | 93 | -33 | ' | ' |
Benefits paid | ' | -93 | ' | ' | -11 | -8 | 0 | ' | ' |
Exchange rate impact | -116 | -76 | 47 | ' | ' | ' | ' | ' | ' |
Unrecognized actuarial (gain) loss | 280 | 157 | 199 | ' | 27 | 38 | -56 | ' | ' |
Accrued pension cost | 360 | 380 | 447 | ' | 498 | 449 | 411 | ' | ' |
Amortization of (Gains) Losses | € 9 | € 0 | € 0 | ' | ' | ' | ' | ' | ' |
Schedule_of_actuarial_assumpti
Schedule of actuarial assumptions of post retirement benefit plan (Details) (Foreign Pension Plans, Defined Benefit [Member]) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
FRANCE [Member] | ' | ' | ' |
Discount rate | 3.30% | 3.20% | 4.70% |
Salary increase | 2.50% | 2.50% | 2.50% |
Retirement age | 65 | 65 | 65 |
Average retirement remaining service period | 24 | 24 | 25 |
JAPAN [Member] | ' | ' | ' |
Discount rate | 1.40% | 1.60% | 1.00% |
Salary increase | 2.00% | 1.50% | 1.50% |
Retirement age | 60 | 60 | 60 |
Average retirement remaining service period | 16 | 15 | 15 |
Recovered_Sheet2
Schedule Of Actuarial Assumptions Of Post Retirement Benefit Plan 2 (Details) (Foreign Pension Plans, Defined Benefit [Member]) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
FRANCE [Member] | ' | ' | ' |
Discount rate | 3.30% | 3.20% | 4.70% |
Salary increase | 2.50% | 2.50% | 2.50% |
Retirement age | 65 | 65 | 65 |
Average retirement remaining service period | 24 | 24 | 25 |
JAPAN [Member] | ' | ' | ' |
Discount rate | 1.40% | 1.60% | 1.00% |
Salary increase | 2.00% | 1.50% | 1.50% |
Retirement age | 60 | 60 | 60 |
Average retirement remaining service period | 16 | 15 | 15 |
Recovered_Sheet3
Schedule Of Provision Presentation According To ASC715 2 (Details) (EUR €) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Non current liabilities | € 1,128 | € 1,016 | ' |
Provision for employee termination indemnities (Italy) | 273 | 246 | ' |
Provision for warranty costs, less current portion | 200 | 396 | ' |
Conditional government subsidies, less current portion | 296 | 341 | ' |
Other long-term liabilities | 1,897 | 1,999 | ' |
FRANCE [Member] | ' | ' | ' |
Non current liabilities | 491 | 517 | ' |
JAPAN [Member] | ' | ' | ' |
Non current liabilities | € 637 | € 498 | € 0 |
Disclosure_of_Sharebased_Compe
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award (Details) (EUR €) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2007 | Dec. 31, 2013 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2010 | Dec. 31, 2013 |
Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Plan 1 - 2004 [Member] | Plan 2 - 2007 [Member] | Plan 2 - 2007 [Member] | Plan 3 - 2010 [Member] | Plan 3 - 2010 [Member] | Plan 4 - 2012 [Member] | Plan 4 - 2012 [Member] | Plan 2b - 2007 [Member] | Plan 2b - 2007 [Member] | ||
Common Class A [Member] | Common Class A [Member] | Common Class A [Member] | Common Class A [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | ||
Common Class A [Member] | Common Class A [Member] | Common Class A [Member] | Common Class A [Member] | Common Class A [Member] | Common Class A [Member] | Common Class A [Member] | Common Class A [Member] | Common Class A [Member] | ||||||
Granted - Number | ' | 500,000 | ' | ' | ' | ' | 504,088 | ' | 229,100 | ' | 500,000 | ' | 95,912 | ' |
Forfeited - Number | ' | ' | -15,750 | -51,750 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expired - Number | ' | ' | -3,425 | -25,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding - Number | 567,503 | 1,310,850 | 810,850 | 830,025 | 906,775 | 124,000 | ' | 416,838 | ' | 174,100 | ' | 500,000 | ' | 95,912 |
Exercisable - Number | ' | 743,347 | 675,844 | 621,516 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share purchase options available for grant - Number | ' | 83,428 | 83,428 | 72,003 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding - Weighted average exercise price | € 1.34 | € 2.70 | € 3.18 | € 3.23 | € 3.19 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted - Weighted average exercise price | ' | € 1.91 | ' | ' | ' | ' | € 3.99 | ' | € 2.38 | ' | € 1.91 | ' | € 1.88 | ' |
Forfeited - Weighted average exercise price | ' | ' | € 3.17 | € 3.03 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expired - Weighted average exercise price | ' | ' | € 2.02 | € 2.08 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercisable - Weighted average exercise price | ' | € 3.27 | € 3.38 | € 3.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule_of_Sharebased_Compens
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range (Details) (EUR €) | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
1.88 [Member] | 1.88 [Member] | 2.38 [Member] | 2.60 [Member] | 3.99 [Member] | 1.91 [Member] | 1.91 [Member] | 1.88 to 3.99 [Member] | ||
Outstanding options - Number | ' | ' | ' | 174,100 | 124,000 | 416,838 | 500,000 | ' | 1,310,850 |
Outstanding options - Weighted average remaining contractual life | ' | '6 years 6 months | ' | '6 years 6 months | '0 years 2 months 12 days | '3 years 9 months 18 days | '9 years | ' | '6 years |
Outstanding options - Weighted average exercise price | € 1.88 | ' | ' | € 2.38 | € 2.60 | € 3.99 | ' | € 1.91 | € 2.70 |
Exercisable options - Number | 71,934 | ' | ' | 130,575 | 124,000 | 416,838 | ' | ' | 743,347 |
Exercisable options - Weighted average exercise price | € 1.88 | ' | € 95,912 | € 2.38 | € 2.60 | € 3.99 | ' | ' | € 3.27 |
Recovered_Sheet4
Disclosure of sharebased compensation arrangements by sharebased payment award nonvested (Details) (EUR €) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Non-vested options outstanding | ' | 135,006 |
Non-vested options outstanding - Weighted average Grant-Date Fair Value | ' | € 1.45 |
Non-vested options granted | 500,000 | ' |
Non-vested options granted - Weighted average Grant-Date Fair Value | € 1.32 | ' |
Non-vested options vested | -67,503 | ' |
Non-vested options vested - Weighted average Grant-Date Fair Value | € 1.45 | ' |
Changes_In_Warrants_Stock_Opti
Changes In Warrants Stock Options And Capital Increase (Details) (EUR €) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Warrants and stock options granted | € 367 | € 881 | € 199 |
Capital increase | € 5,671 | € 5,780 | € 758 |
Schedule_of_other_revenues_Det
Schedule of other revenues (Details) (EUR €) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenue from Grants | € 15 | € 47 | € 20 |
Other Revenue, Net | € 15 | € 47 | € 20 |
Schedule_of_Research_and_devel
Schedule of Research and development expenses (Details) (EUR €) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Gross research and development expenses | -€ 3,711 | -€ 3,654 | -€ 2,851 |
Research tax credit | 561 | 256 | 411 |
Research grants credit | 555 | 739 | 4 |
Research and Development Expense | € 2,595 | € 2,659 | € 2,436 |
Schedule_of_financial_income_e
Schedule of financial income (expense) (Details) (EUR €) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Interest income | € 59 | € 126 | € 185 |
Interest expense | -1,967 | -2,065 | -875 |
Depreciation of prepaid expenses on debt grant | ' | -31 | -224 |
Changes in fair value of convertible debentures | ' | -282 | 1,301 |
Changes in fair value of hte Placement Agent Warrants | 1,007 | -92 | 1,133 |
Impact from the January 2012 Exchange Agreement | ' | -2,250 | ' |
Financial (expense) income, net | -€ 901 | -€ 4,594 | € 1,522 |
Schedule_of_Income_before_Inco
Schedule of Income before Income Tax, Domestic and Foreign (Details) (EUR €) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income (Loss) from Continuing Operations before Income Taxes, Foreign | -€ 4,886 | -€ 7,358 | -€ 543 |
FRANCE [Member] | ' | ' | ' |
Income (Loss) from Continuing Operations before Income Taxes, Foreign | -2,018 | -5,392 | 1,192 |
UNITED STATES [Member] | ' | ' | ' |
Income (Loss) from Continuing Operations before Income Taxes, Foreign | -2,060 | -1,739 | -1,146 |
UNKNOWN COUNTRY [Member] | ' | ' | ' |
Income (Loss) from Continuing Operations before Income Taxes, Foreign | -€ 808 | -€ 227 | -€ 589 |
Schedule_of_Components_of_Inco
Schedule of Components of Income Tax Expense (Benefit) (Details) (EUR €) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current Income Tax (Expense) Benefit | -€ 125 | -€ 124 | -€ 140 |
Deferred Income Tax (Expense) Benefit | -65 | -52 | 293 |
Sub total deferred income tax (expense) benefit | -9 | 6 | -255 |
Income tax (expense) benefit | -135 | -118 | -395 |
FRANCE [Member] | ' | ' | ' |
Current Income Tax (Expense) Benefit | -101 | -102 | -95 |
Deferred Income Tax (Expense) Benefit | -2 | -2 | 0 |
UNKNOWN COUNTRY [Member] | ' | ' | ' |
Current Income Tax (Expense) Benefit | -24 | -22 | -45 |
Deferred Income Tax (Expense) Benefit | -€ 7 | € 8 | -€ 255 |
Schedule_of_Deferred_Tax_Asset
Schedule of Deferred Tax Assets and Liabilities (Details) (EUR €) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Elimination of intercompany profit in inventory | € 136 | € 119 |
Elimination of intercompany profit in fixed assets | 68 | 122 |
Other items | 663 | 689 |
Net operating loss carryforwards | 21,732 | 19,563 |
Total deferred tax assets | 22,599 | 20,493 |
capital leases treated as operating leases for tax | -26 | -76 |
Other items | -8 | -11 |
Total deferred tax liabilities | -34 | -87 |
Net deferred tax assets | 22,565 | 20,406 |
Valuation allowance for deferred tax assets | -22,543 | -20,375 |
Deferred tax assets (liabilities), net of allowance | € 22 | € 32 |
Schedule_of_Effective_Income_T
Schedule of Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 33.30% | 33.30% | 34.40% |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential | 1.90% | 0.40% | 12.60% |
Effect of net operating loss carry-forwards and valuation allowances | -51.50% | -37.60% | -287.30% |
Non taxable debt fair value variation | -4.30% | -1.10% | 154.10% |
Non deductible entertainment expenses | 2.60% | 1.90% | 9.50% |
Other | 15.20% | 1.50% | 4.00% |
Effective tax rate | -2.80% | -1.60% | -72.70% |
Schedule_of_deferred_revenues_
Schedule of deferred revenues (Details) (EUR €) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred revenues on maintenance contracts | € 731 | € 600 |
Deferred revenue on RPP | 16 | 50 |
Deferred revenue on sale of devices | 121 | 304 |
Deferral of the gain on sale-lease-back transactions | 5 | 9 |
Total | € 873 | € 964 |
Schedule_of_Earnings_Per_Share
Schedule of Earnings Per Share, Basic and Diluted (Details) (EUR €) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income (loss) available to common Shareholders | -€ 5,021,229 | -€ 7,475,490 | -€ 938,636 |
Weighted Average Number of Shares Issued, Basic | 20,593,720 | 17,556,395 | 13,345,004 |
Stock options only in the money | 0 | 0 | ' |
Weighted Average Number of Shares Outstanding, Diluted | 20,593,720 | 17,556,395 | 13,345,004 |
Basic income (loss) per share | -€ 0.24 | -€ 0.43 | -€ 0.07 |
Diluted income (loss) per share | -€ 0.24 | -€ 0.43 | -€ 0.07 |
Schedule_of_Fair_Value_Measure
Schedule of Fair Value Measurement Inputs Level 1 (Details) (EUR €) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Cash and cash equivalents | € 6,681 | € 7,041 | € 4,900 | € 7,369 |
Trade accounts and notes receivable, net | 8,210 | 11,949 | ' | ' |
Short-term investment | 1,000 | 1,036 | ' | ' |
Short-term borrowings | 2,208 | 2,095 | ' | ' |
Trade accounts payable | 4,958 | 5,820 | ' | ' |
Long-term Debt | 328 | 622 | ' | ' |
Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | ' |
Cash and cash equivalents | 6,681 | 7,041 | ' | ' |
Short-term investment | 1,000 | 1,036 | ' | ' |
Short-term borrowings | 2,208 | 2,095 | ' | ' |
Long-term Debt | 328 | 622 | ' | ' |
Debentures and other Long Term Debt | 0 | 4,416 | ' | ' |
Investor Warrants | 3,150 | 1,571 | ' | ' |
Placement Agent Warrants | € 289 | € 183 | ' | ' |
Recovered_Sheet5
Schedule Of Fair Value Measurement Inputs Level 3 (Details) (Fair Value, Inputs, Level 3 [Member], EUR €) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Total Financial Instruments [Member] | ' | ' | ' |
Fair Value | € 3,439 | € 1,754 | € 195 |
Impact of Placement, Reimbursement Of Convertible Debentures | 0 | 0 | ' |
Impact of Placement, New Granted Warrants | 2,950 | 1,821 | ' |
Fair-value Adjustments | -1,007 | 92 | ' |
Fair-value, Amortization Costs | 0 | 0 | ' |
USD EUR Exchange Impact | -256 | 19 | ' |
Non Convertible Debentures [Member] | ' | ' | ' |
Fair Value | 0 | 4,416 | ' |
Impact of Placement, Reimbursement Of Convertible Debentures | -6,015 | -1,526 | ' |
Impact of Placement, New Granted Warrants | 0 | 0 | ' |
Fair-value Adjustments | 0 | 0 | ' |
Fair-value, Amortization Costs | 1,637 | 1,292 | ' |
USD EUR Exchange Impact | -38 | -62 | ' |
Outstanding Nominal Amount [Member] | ' | ' | ' |
Fair Value | 0 | 8,000 | 10,500 |
Impact of Placement, Reimbursement Of Convertible Debentures | -8,000 | -2,000 | ' |
Impact of Placement, New Granted Warrants | 0 | 0 | ' |
Fair-value Adjustments | 0 | 0 | ' |
Fair-value, Amortization Costs | 0 | 0 | ' |
USD EUR Exchange Impact | 0 | 0 | ' |
TotalDebentures [Member] | ' | ' | ' |
Fair Value | 0 | 4,416 | 7,085 |
Impact of Placement, Reimbursement Of Convertible Debentures | -6,015 | -1,526 | ' |
Impact of Placement, New Granted Warrants | 0 | 0 | ' |
Fair-value Adjustments | 0 | 282 | ' |
Fair-value, Amortization Costs | 1,637 | 1,292 | ' |
USD EUR Exchange Impact | -38 | -96 | ' |
InvestorWarrants2012 [Member] | ' | ' | ' |
Fair Value | 1,522 | 1,571 | 0 |
Impact of Placement, Reimbursement Of Convertible Debentures | 0 | 0 | ' |
Impact of Placement, New Granted Warrants | ' | 1,629 | ' |
Fair-value Adjustments | 18 | -75 | ' |
Fair-value, Amortization Costs | 0 | 0 | ' |
USD EUR Exchange Impact | -67 | 17 | ' |
PlacementAgentsWarrants2012 [Member] | ' | ' | ' |
Fair Value | 181 | 183 | ' |
Impact of Placement, Reimbursement Of Convertible Debentures | 0 | ' | ' |
Fair-value Adjustments | 5 | ' | ' |
Fair-value, Amortization Costs | 0 | ' | ' |
USD EUR Exchange Impact | -7 | ' | ' |
Investor Warrants 2013 [Member] | ' | ' | ' |
Fair Value | 1,628 | 0 | ' |
Impact of Placement, Reimbursement Of Convertible Debentures | 0 | ' | ' |
Impact of Placement, New Granted Warrants | 2,725 | ' | ' |
Fair-value Adjustments | -928 | ' | ' |
Fair-value, Amortization Costs | 0 | ' | ' |
USD EUR Exchange Impact | -169 | ' | ' |
Placement Agent Warrants 2013 [Member] | ' | ' | ' |
Fair Value | 109 | 0 | ' |
Impact of Placement, Reimbursement Of Convertible Debentures | 0 | ' | ' |
Impact of Placement, New Granted Warrants | 225 | ' | ' |
Fair-value Adjustments | -103 | ' | ' |
Fair-value, Amortization Costs | 0 | ' | ' |
USD EUR Exchange Impact | -13 | ' | ' |
Total Of Long Term Debt Types [Member] | ' | ' | ' |
Fair Value | 3,439 | 6,170 | 7,280 |
Impact of Placement, Reimbursement Of Convertible Debentures | -6,015 | -1,526 | ' |
Impact of Placement, New Granted Warrants | 2,950 | 1,821 | ' |
Fair-value Adjustments | -1,007 | 374 | ' |
Fair-value, Amortization Costs | 1,637 | 1,292 | ' |
USD EUR Exchange Impact | -€ 294 | -€ 78 | ' |
ScheduleOfFairValueMeasurement
ScheduleOfFairValueMeasurement Input Level 3 bis (Details) (Fair Value, Inputs, Level 3 [Member], EUR €) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Convertible Debt [Member] | ' | ' | ' |
Fair Value | ' | € 0 | € 7,085 |
Impact of Placement, Reimbursement Of Convertible Debentures | ' | 0 | ' |
Impact of Placement, New Granted Warrants | ' | 0 | ' |
Fair-value Adjustments | ' | 282 | ' |
Fair-value, Amortization Costs | ' | 0 | ' |
USD EUR Exchange Impact | ' | -34 | ' |
Exchange Agreement, Cash | ' | -385 | ' |
Exchange Agreement, Exchange | ' | -6,948 | ' |
Exchange Agreement, Debt Issuance Costs | ' | 0 | ' |
Non Convertible Debentures [Member] | ' | ' | ' |
Fair Value | 0 | 4,416 | ' |
Impact of Placement, Reimbursement Of Convertible Debentures | -6,015 | -1,526 | ' |
Impact of Placement, New Granted Warrants | 0 | 0 | ' |
Fair-value Adjustments | 0 | 0 | ' |
Fair-value, Amortization Costs | 1,637 | 1,292 | ' |
USD EUR Exchange Impact | -38 | -62 | ' |
Exchange Agreement, Cash | ' | 0 | ' |
Exchange Agreement, Exchange | ' | 4,883 | ' |
Exchange Agreement, Debt Issuance Costs | ' | -171 | ' |
Outstanding Nominal Amount [Member] | ' | ' | ' |
Fair Value | 0 | 8,000 | 10,500 |
Impact of Placement, Reimbursement Of Convertible Debentures | -8,000 | -2,000 | ' |
Impact of Placement, New Granted Warrants | 0 | 0 | ' |
Fair-value Adjustments | 0 | 0 | ' |
Fair-value, Amortization Costs | 0 | 0 | ' |
USD EUR Exchange Impact | 0 | 0 | ' |
Exchange Agreement, Cash | ' | -500 | ' |
Exchange Agreement, Exchange | ' | 0 | ' |
Exchange Agreement, Debt Issuance Costs | ' | 0 | ' |
TotalDebentures [Member] | ' | ' | ' |
Fair Value | 0 | 4,416 | 7,085 |
Impact of Placement, Reimbursement Of Convertible Debentures | -6,015 | -1,526 | ' |
Impact of Placement, New Granted Warrants | 0 | 0 | ' |
Fair-value Adjustments | 0 | 282 | ' |
Fair-value, Amortization Costs | 1,637 | 1,292 | ' |
USD EUR Exchange Impact | -38 | -96 | ' |
Exchange Agreement, Cash | ' | -385 | ' |
Exchange Agreement, Exchange | ' | -2,065 | ' |
Exchange Agreement, Debt Issuance Costs | ' | -171 | ' |
InvestorWarrants2007 [Member] | ' | ' | ' |
Fair Value | ' | 0 | 195 |
Impact of Placement, Reimbursement Of Convertible Debentures | ' | 0 | ' |
Impact of Placement, New Granted Warrants | ' | 0 | ' |
Fair-value Adjustments | ' | 178 | ' |
Fair-value, Amortization Costs | ' | 0 | ' |
USD EUR Exchange Impact | ' | 0 | ' |
Exchange Agreement, Cash | ' | 0 | ' |
Exchange Agreement, Exchange | ' | -373 | ' |
Exchange Agreement, Debt Issuance Costs | ' | 0 | ' |
InvestorWarrants2012 [Member] | ' | ' | ' |
Fair Value | 1,522 | 1,571 | 0 |
Impact of Placement, Reimbursement Of Convertible Debentures | 0 | 0 | ' |
Impact of Placement, New Granted Warrants | ' | 1,629 | ' |
Fair-value Adjustments | 18 | -75 | ' |
Fair-value, Amortization Costs | 0 | 0 | ' |
USD EUR Exchange Impact | -67 | 17 | ' |
Exchange Agreement, Cash | ' | 0 | ' |
Exchange Agreement, Exchange | ' | 0 | ' |
Exchange Agreement, Debt Issuance Costs | ' | 0 | ' |
Placement Agent Warrants [Member] | ' | ' | ' |
Fair Value | ' | 183 | 0 |
Impact of Placement, Reimbursement Of Convertible Debentures | ' | 0 | ' |
Impact of Placement, New Granted Warrants | ' | 192 | ' |
Fair-value Adjustments | ' | -11 | ' |
Fair-value, Amortization Costs | ' | 0 | ' |
USD EUR Exchange Impact | ' | 2 | ' |
Exchange Agreement, Cash | ' | 0 | ' |
Exchange Agreement, Exchange | ' | 0 | ' |
Exchange Agreement, Debt Issuance Costs | ' | 0 | ' |
Total Financial Instruments [Member] | ' | ' | ' |
Fair Value | 3,439 | 1,754 | 195 |
Impact of Placement, Reimbursement Of Convertible Debentures | 0 | 0 | ' |
Impact of Placement, New Granted Warrants | 2,950 | 1,821 | ' |
Fair-value Adjustments | -1,007 | 92 | ' |
Fair-value, Amortization Costs | 0 | 0 | ' |
USD EUR Exchange Impact | -256 | 19 | ' |
Exchange Agreement, Cash | ' | 0 | ' |
Exchange Agreement, Exchange | ' | -373 | ' |
Exchange Agreement, Debt Issuance Costs | ' | 0 | ' |
Total Of Long Term Debt Types [Member] | ' | ' | ' |
Fair Value | 3,439 | 6,170 | 7,280 |
Impact of Placement, Reimbursement Of Convertible Debentures | -6,015 | -1,526 | ' |
Impact of Placement, New Granted Warrants | 2,950 | 1,821 | ' |
Fair-value Adjustments | -1,007 | 374 | ' |
Fair-value, Amortization Costs | 1,637 | 1,292 | ' |
USD EUR Exchange Impact | -294 | -78 | ' |
Exchange Agreement, Cash | ' | -385 | ' |
Exchange Agreement, Exchange | ' | -2,437 | ' |
Exchange Agreement, Debt Issuance Costs | ' | -€ 171 | ' |
Reconciliation_of_operating_pr
Reconciliation of operating profit (loss) from segments to consolidated [Table] (Details) (EUR €) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment operating loss | -€ 2,755 | -€ 2,030 | -€ 2,497 |
Foreign currency exchange gain (loss), net | -1,230 | -733 | 482 |
FinancialExpenseIncomeNet | -901 | -4,594 | 1,522 |
Income tax (expense) benefit | -135 | -118 | -395 |
Net income (loss) | -€ 5,021 | -€ 7,475 | -€ 938 |
ScheduleOfSegment_Reporting_In
ScheduleOfSegment Reporting Information By Segment Bis (Details) (EUR €) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Sales of goods | € 14,767 | € 17,009 | € 12,399 |
Sales of RPPs and leases | 3,922 | 3,988 | 4,508 |
Sales of spare parts and services | 5,375 | 5,021 | 5,365 |
Total sales | 24,065 | 26,018 | 22,272 |
Other Revenue, Net | 15 | 47 | 20 |
Total revenues | 24,080 | 26,065 | 22,292 |
Total cost of sales | -14,761 | -15,632 | -13,435 |
Gross profit | 9,319 | 10,433 | 8,857 |
Research and development expenses | -2,595 | -2,659 | -2,436 |
Selling and marketing expenses | -6,279 | -6,620 | -5,874 |
General and administrative expenses | -3,200 | -3,185 | -3,044 |
Loss from operations | -2,755 | -2,030 | -2,497 |
Total assets | 26,874 | 30,444 | ' |
Capital expenditures | 758 | 600 | 871 |
Long-lived assets | 4,434 | 4,913 | 5,498 |
Goodwill | 2,412 | 2,412 | ' |
Urology Devices and Services (UDS) [Member] | ' | ' | ' |
Sales of goods | 13,020 | 15,126 | 10,957 |
Sales of RPPs and leases | 1,588 | 1,293 | 1,238 |
Sales of spare parts and services | 4,344 | 4,015 | 4,212 |
Total net sales | ' | 20,433 | 16,407 |
Total revenues | 18,952 | 20,433 | 16,407 |
Total cost of sales | -12,271 | -12,723 | -10,815 |
Gross profit | 6,681 | 7,710 | 5,592 |
Research and development expenses | -525 | -746 | -792 |
Selling and marketing expenses | -4,692 | -4,794 | -3,865 |
General and administrative expenses | -963 | -1,014 | -813 |
Total expenses | -6,179 | -6,554 | -5,471 |
Loss from operations | 502 | 1,156 | 122 |
Total assets | 18,303 | 20,894 | 21,309 |
Capital expenditures | 720 | 539 | 760 |
Long-lived assets | 2,981 | 3,129 | 3,391 |
Goodwill | 1,767 | 1,767 | 1,767 |
FDA [Member] | ' | ' | ' |
Research and development expenses | -973 | -992 | -694 |
General and administrative expenses | -165 | -97 | -79 |
Total expenses | -1,138 | -1,089 | -773 |
Loss from operations | -1,138 | -1,089 | -773 |
Total assets | 110 | 162 | 268 |
Long-lived assets | ' | 64 | 9 |
EDAP TMS (Corporate) [Member] | ' | ' | ' |
Selling and marketing expenses | ' | ' | -41 |
General and administrative expenses | -1,415 | -1,352 | -1,547 |
Total expenses | -1,415 | -1,352 | -1,588 |
Loss from operations | -1,415 | -1,352 | -1,588 |
Total assets | 1,692 | 2,071 | 2,984 |
Capital expenditures | ' | 39 | 27 |
Long-lived assets | 202 | 217 | 150 |
High Intensity Focused Ultrasound (HIFU) [Member] | ' | ' | ' |
Sales of goods | 1,747 | 1,884 | 1,442 |
Sales of RPPs and leases | 2,335 | 2,695 | 3,270 |
Sales of spare parts and services | 1,031 | 1,006 | 1,153 |
Total net sales | ' | 5,585 | 5,865 |
Other Revenue, Net | 15 | 47 | 20 |
Total revenues | 5,128 | 5,632 | 5,885 |
Total cost of sales | -2,490 | -2,909 | -2,621 |
Gross profit | 2,638 | 2,723 | 3,264 |
Research and development expenses | -1,097 | -920 | -950 |
Selling and marketing expenses | -1,587 | -1,825 | -1,968 |
General and administrative expenses | -657 | -723 | -604 |
Total expenses | -3,342 | -3,468 | -3,521 |
Loss from operations | -704 | -746 | -257 |
Total assets | 6,769 | 7,316 | 7,677 |
Capital expenditures | 38 | 22 | 84 |
Long-lived assets | 1,251 | 1,504 | 1,948 |
Goodwill | € 645 | ' | € 645 |
ScheduleOfSegment_Reporting_In1
ScheduleOfSegment Reporting Information By Segment Ter (Details) (EUR €) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Sales of goods | € 14,767 | € 17,009 | € 12,399 |
Sales of RPPs & leases | 3,922 | 3,988 | 4,508 |
Sales of spare parts and services | 5,375 | 5,021 | 5,365 |
Total sales | 24,065 | 26,018 | 22,272 |
Other Revenue, Net | 15 | 47 | 20 |
Total revenues | 24,080 | 26,065 | 22,292 |
Total cost of sales | 14,761 | 15,632 | 13,435 |
Gross profit | 9,319 | 10,433 | 8,857 |
Research and development expenses | 2,595 | 2,659 | 2,436 |
Selling and marketing expenses | 6,279 | 6,620 | 5,874 |
General and administrative expenses | 3,200 | 3,185 | 3,044 |
Loss from operations | -2,755 | -2,030 | -2,497 |
Total assets | 26,874 | 30,444 | ' |
Capital expenditures | 758 | 600 | 871 |
Long-lived assets | 4,434 | 4,913 | 5,498 |
Goodwill | 2,412 | 2,412 | ' |
Urology Devices and Services (UDS) [Member] | ' | ' | ' |
Sales of goods | 13,020 | 15,126 | 10,957 |
Sales of RPPs & leases | 1,588 | 1,293 | 1,238 |
Sales of spare parts and services | 4,344 | 4,015 | 4,212 |
Total net sales | ' | 20,433 | 16,407 |
Total revenues | 18,952 | 20,433 | 16,407 |
Total cost of sales | 12,271 | 12,723 | 10,815 |
Gross profit | 6,681 | 7,710 | 5,592 |
Research and development expenses | 525 | 746 | 792 |
Selling and marketing expenses | 4,692 | 4,794 | 3,865 |
General and administrative expenses | 963 | 1,014 | 813 |
Total expenses | -6,179 | -6,554 | -5,471 |
Loss from operations | 502 | 1,156 | 122 |
Total assets | 18,303 | 20,894 | 21,309 |
Capital expenditures | 720 | 539 | 760 |
Long-lived assets | 2,981 | 3,129 | 3,391 |
Goodwill | 1,767 | 1,767 | 1,767 |
FDA [Member] | ' | ' | ' |
Research and development expenses | 973 | 992 | 694 |
General and administrative expenses | 165 | 97 | 79 |
Total expenses | -1,138 | -1,089 | -773 |
Loss from operations | -1,138 | -1,089 | -773 |
Total assets | 110 | 162 | 268 |
Long-lived assets | ' | 64 | 9 |
EDAP TMS (Corporate) [Member] | ' | ' | ' |
Selling and marketing expenses | ' | ' | 41 |
General and administrative expenses | 1,415 | 1,352 | 1,547 |
Total expenses | -1,415 | -1,352 | -1,588 |
Loss from operations | -1,415 | -1,352 | -1,588 |
Total assets | 1,692 | 2,071 | 2,984 |
Capital expenditures | ' | 39 | 27 |
Long-lived assets | 202 | 217 | 150 |
High Intensity Focused Ultrasound (HIFU) [Member] | ' | ' | ' |
Sales of goods | 1,747 | 1,884 | 1,442 |
Sales of RPPs & leases | 2,335 | 2,695 | 3,270 |
Sales of spare parts and services | 1,031 | 1,006 | 1,153 |
Total net sales | ' | 5,585 | 5,865 |
Other Revenue, Net | 15 | 47 | 20 |
Total revenues | 5,128 | 5,632 | 5,885 |
Total cost of sales | 2,490 | 2,909 | 2,621 |
Gross profit | 2,638 | 2,723 | 3,264 |
Research and development expenses | 1,097 | 920 | 950 |
Selling and marketing expenses | 1,587 | 1,825 | 1,968 |
General and administrative expenses | 657 | 723 | 604 |
Total expenses | -3,342 | -3,468 | -3,521 |
Loss from operations | -704 | -746 | -257 |
Total assets | 6,769 | 7,316 | 7,677 |
Capital expenditures | 38 | 22 | 84 |
Long-lived assets | 1,251 | 1,504 | 1,948 |
Goodwill | € 645 | ' | € 645 |
Schedule_Of_Segment_Reporting_
Schedule Of Segment Reporting Information By Segment Quarter (Details) (EUR €) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Sales of goods | € 14,767 | € 17,009 | € 12,399 |
Sales of RPPs & leases | 3,922 | 3,988 | 4,508 |
Sales of spare parts and services | 5,375 | 5,021 | 5,365 |
Total sales | 24,065 | 26,018 | 22,272 |
Other Revenue, Net | 15 | 47 | 20 |
Total revenues | 24,080 | 26,065 | 22,292 |
Total cost of sales | 14,761 | 15,632 | 13,435 |
Gross profit | 9,319 | 10,433 | 8,857 |
Research and development expenses | 2,595 | 2,659 | 2,436 |
Selling and marketing expenses | 6,279 | 6,620 | 5,874 |
General and administrative expenses | 3,200 | 3,185 | 3,044 |
Loss from operations | -2,755 | -2,030 | -2,497 |
Total assets | 26,874 | 30,444 | ' |
Capital expenditures | 758 | 600 | 871 |
Long-lived assets | 4,434 | 4,913 | 5,498 |
Goodwill | 2,412 | 2,412 | ' |
Urology Devices and Services (UDS) [Member] | ' | ' | ' |
Sales of goods | 13,020 | 15,126 | 10,957 |
Sales of RPPs & leases | 1,588 | 1,293 | 1,238 |
Sales of spare parts and services | 4,344 | 4,015 | 4,212 |
Total net sales | ' | 20,433 | 16,407 |
Total revenues | 18,952 | 20,433 | 16,407 |
Total cost of sales | 12,271 | 12,723 | 10,815 |
Gross profit | 6,681 | 7,710 | 5,592 |
Research and development expenses | 525 | 746 | 792 |
Selling and marketing expenses | 4,692 | 4,794 | 3,865 |
General and administrative expenses | 963 | 1,014 | 813 |
Total expenses | -6,179 | -6,554 | -5,471 |
Loss from operations | 502 | 1,156 | 122 |
Total assets | 18,303 | 20,894 | 21,309 |
Capital expenditures | 720 | 539 | 760 |
Long-lived assets | 2,981 | 3,129 | 3,391 |
Goodwill | 1,767 | 1,767 | 1,767 |
FDA [Member] | ' | ' | ' |
Research and development expenses | 973 | 992 | 694 |
General and administrative expenses | 165 | 97 | 79 |
Total expenses | -1,138 | -1,089 | -773 |
Loss from operations | -1,138 | -1,089 | -773 |
Total assets | 110 | 162 | 268 |
Long-lived assets | ' | 64 | 9 |
EDAP TMS (Corporate) [Member] | ' | ' | ' |
Selling and marketing expenses | ' | ' | 41 |
General and administrative expenses | 1,415 | 1,352 | 1,547 |
Total expenses | -1,415 | -1,352 | -1,588 |
Loss from operations | -1,415 | -1,352 | -1,588 |
Total assets | 1,692 | 2,071 | 2,984 |
Capital expenditures | ' | 39 | 27 |
Long-lived assets | 202 | 217 | 150 |
High Intensity Focused Ultrasound (HIFU) [Member] | ' | ' | ' |
Sales of goods | 1,747 | 1,884 | 1,442 |
Sales of RPPs & leases | 2,335 | 2,695 | 3,270 |
Sales of spare parts and services | 1,031 | 1,006 | 1,153 |
Total net sales | ' | 5,585 | 5,865 |
Other Revenue, Net | 15 | 47 | 20 |
Total revenues | 5,128 | 5,632 | 5,885 |
Total cost of sales | 2,490 | 2,909 | 2,621 |
Gross profit | 2,638 | 2,723 | 3,264 |
Research and development expenses | 1,097 | 920 | 950 |
Selling and marketing expenses | 1,587 | 1,825 | 1,968 |
General and administrative expenses | 657 | 723 | 604 |
Total expenses | -3,342 | -3,468 | -3,521 |
Loss from operations | -704 | -746 | -257 |
Total assets | 6,769 | 7,316 | 7,677 |
Capital expenditures | 38 | 22 | 84 |
Long-lived assets | 1,251 | 1,504 | 1,948 |
Goodwill | € 645 | ' | € 645 |
Schedule_of_Valuation_accounts
Schedule of Valuation accounts (Details) (EUR €) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Allowance for Doubtful Accounts [Member] | ' | ' | ' | ' |
Valuation Allowances and Reserves, Balance | € 1,094 | € 1,602 | € 1,272 | € 1,079 |
Charges to costs and expenses | 186 | 516 | 191 | ' |
Deductions: write-off provided in prior periods | -693 | -186 | 2 | ' |
Inventory Valuation Reserve [Member] | ' | ' | ' | ' |
Valuation Allowances and Reserves, Balance | 737 | 934 | 1,166 | 871 |
Charges to costs and expenses | 225 | 124 | 428 | ' |
Deductions: write-off provided in prior periods | -€ 422 | -€ 356 | -€ 133 | ' |
Schedule_of_Cash_Flow_Suppleme
Schedule of Cash Flow, Supplemental Disclosures (Details) (EUR €) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income taxes paid (refunds received) | € 118 | € 143 | € 143 |
Interest paid | 293 | 401 | 38 |
Interest received | € 6 | € 16 | € 40 |