Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 21, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Document period end date | Dec. 31, 2015 | ||
Amendment flag | false | ||
Document Period Focus | FY | ||
Document Fiscal Year Focus | 2,015 | ||
Current fiscal year end date | --12-31 | ||
Entity central index key | 1,123,494 | ||
Entity current reporting status | Yes | ||
Entity filer category | Accelerated Filer | ||
Entity registrant name | HARVARD BIOSCIENCE INC | ||
Entity voluntary filers | No | ||
Entity well known seasoned issuer | No | ||
Entity common stock shares outstanding | 34,041,949 | ||
Entity public float | $ 183,544,144 | ||
Non Affiliate Share Holding | 32,200,727 | ||
Trading Symbol | HBIO |
Statements of Financial Positio
Statements of Financial Position - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current Assets: | ||
Cash and cash equivalents | $ 6,744 | $ 14,134 |
Accounts receivable, net of allowance for doubtful accounts of $330 and $328, respectively | 17,547 | 16,141 |
Inventories | 22,343 | 20,531 |
Deferred income tax assets - current | 42 | 1,515 |
Other receivables and other assets | 3,873 | 4,742 |
Total current assets | 50,549 | 57,063 |
Property, plant and equipment, net | 5,902 | 5,190 |
Deferred income tax assets - non-current | 995 | 11,056 |
Amortizable intangible assets, net | 20,872 | 21,153 |
Goodwill | 40,357 | 39,822 |
Other indefinite lived intangible assets | 1,223 | 1,252 |
Other assets | 319 | 380 |
Total Assets | 120,217 | 135,916 |
Current liabilities: | ||
Current portion, long-term debt | 2,450 | 5,000 |
Accounts payable | 8,782 | 6,294 |
Deferred revenue | 752 | 655 |
Accrued income taxes payable | 290 | 554 |
Deferred income tax liabilities - current | 2,246 | 121 |
Accrued expenses | 4,021 | 4,452 |
Other liabilities - current | 868 | 1,023 |
Total current liabilities | 19,409 | 18,099 |
Long-term debt | 16,450 | 16,450 |
Deferred income tax liabilities - non-current | 3,775 | 1,325 |
Other liabilities- non current | 2,985 | 4,574 |
Total liabilities | 42,619 | 40,448 |
Stockholders Equity Abstract | ||
Preferred stock, par value $0.01 per share, 5,000,000 shares authorized | 0 | 0 |
Common stock, par value $0.01 per share, 80,000,000 shares authorized; 41,724,772 and 40,308,763 shares issued and 33,979,265 and 32,563,256 shares outstanding, respectively | 416 | 397 |
Additional paid-in-capital | 211,457 | 206,656 |
Accumulated deficit | (111,723) | (92,684) |
Accumulated other comprehensive loss | (11,884) | (8,233) |
Treasury stock at cost, 7,745,507 common shares | (10,668) | (10,668) |
Total stockholders' equity | 77,598 | 95,468 |
Total liabilities and stockholders' equity | $ 120,217 | $ 135,916 |
Statements of Financial Positi3
Statements of Financial Position (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
CONSOLIDATED BALANCE SHEETS | ||
Allowance for doubtful accounts | $ 310 | $ 328 |
Preferred Stock Par value | $ 0.01 | $ 0.01 |
Preferred Stock - Shares Authorized | 5,000,000 | 5,000,000 |
Common stock par value | $ 0.01 | $ 0.01 |
Common Stock- Shares Authorized | 80,000,000 | 80,000,000 |
Common Stock- Shares Issued | 41,724,772 | 40,308,763 |
Common Stock- Shares Outstanding | 33,979,265 | 32,563,256 |
Treasury Stock common shares | 7,745,507 | 7,745,507 |
Statements of Operations
Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
CONSOLIDATED STATEMENTS OF OPERATIONS | |||
Revenues | $ 108,664 | $ 108,663 | $ 105,171 |
Cost of revenues (exclusive of items shown separately below) | 59,941 | 59,319 | 57,475 |
Gross profit | 48,723 | 49,344 | 47,696 |
Sales and marketing expenses | 20,577 | 18,225 | 17,330 |
General and administrative expenses | 19,832 | 16,826 | 17,887 |
Research and development expenses | 6,420 | 4,880 | 4,154 |
HART transaction costs | 0 | 0 | 2,048 |
Restructuring charges (credits) | 788 | 1,027 | 2,150 |
Gain on sale of assets | 0 | 810 | 0 |
Amortization of intangible assets | 2,819 | 2,578 | 2,590 |
Total Operating Expenses | 50,436 | 42,726 | 46,159 |
Operating income | (1,713) | 6,618 | 1,537 |
Other (expense) income: | |||
Foreign exchange | 210 | (150) | (139) |
Interest expense | (854) | (990) | (955) |
Interest income | 8 | 74 | 43 |
Other income (expense), net | (1,259) | (1,135) | (51) |
Other expense, net | (1,895) | (2,201) | (1,102) |
Income from continuing operations before income taxes | (3,608) | 4,417 | 435 |
Total Income Tax Expense | 15,431 | 2,062 | (288) |
Net income (loss) | $ (19,039) | $ 2,355 | $ (1,830) |
Earnings (loss) per share: | |||
Basic earnings per common share from continuing operations | $ (0.57) | $ 0.07 | $ 0.02 |
Discontinued operations | 0 | 0 | (0.08) |
Basic earnings per common share | (0.57) | 0.07 | (0.06) |
Diluted earnings per common share from continuing operations | (0.57) | 0.07 | 0.02 |
Discontinued operations | 0 | 0 | (0.08) |
Diluted Earnings Per Common Share | $ (0.57) | $ 0.07 | $ (0.06) |
Weighted average common shares: | |||
Basic | 33,592,775 | 32,170,683 | 30,384,010 |
Diluted | 33,592,775 | 33,236,569 | 31,913,799 |
Statement of Comprehensive Inco
Statement of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Consolidated Statements of Comprehensive Income [Abstract] | |||
Net income (loss) | $ (19,039) | $ 2,355 | $ (1,830) |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Foreign currency translation adjustments | (4,936) | (5,941) | 1,573 |
Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Period Increase Decrease [Abstract] | |||
Loss on derivative instruments designated and qualifying as cash flow hedges | (85) | (99) | (116) |
Amounts reclassified from accumulated other comprehensive income to net income | 93 | 130 | 67 |
Derivatives qualifying as hedges, net of tax total | 8 | 31 | (49) |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax [Abstract] | |||
Amount of net loss included in net periodic pension costs, net of tax expense of $58, $52 and $62 in 2015, 2014 and 2013, respectively | (248) | (207) | (243) |
Net gain (loss), net of tax expense (benefits) of $241, $29 and $115 in 2015, 2014 and 2013, respectively | 1,029 | 114 | 452 |
Unrealized losses on pension benefit obligation, net of tax | 1,277 | 321 | 695 |
Other Comprehensive Income (Loss), Net of Tax, total | (3,651) | (5,589) | 2,219 |
Total Comprehensive Income (Loss), Net of Tax, total | $ (22,690) | $ (3,234) | $ 389 |
Statement of Comprehensive Inc6
Statement of Comprehensive Income (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Consolidated Statements of Comprehensive Income [Abstract] | |||
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, Tax | $ 58 | $ 52 | $ 62 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Tax | $ 241 | $ 29 | $ 115 |
Statement of Shareholders Equit
Statement of Shareholders Equity - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] |
Total stockholders' equity at begining of the year, Value at Dec. 31, 2012 | $ 104,213,000 | $ 370,000 | $ 196,634,000 | $ (77,260,000) | $ (4,863,000) | $ (10,668,000) |
Stock option exercises during the year, Value | 4,051,000 | 20,000 | 4,031,000 | 0 | 0 | 0 |
Stock issued during the year, Value, Employee Stock Purchase Plan | 194,000 | 0 | 194,000 | 0 | 0 | 0 |
Shares Withheld For Taxes- Value | (1,083,000) | 0 | (1,083,000) | 0 | 0 | 0 |
Stockholders Equity Note Spinoff Transaction | (15,949,000) | 0 | 0 | (15,949,000) | 0 | 0 |
Stock-based compensation expense | 2,670,000 | 0 | 2,670,000 | 0 | 0 | 0 |
Net income (loss) | (1,830,000) | 0 | 0 | (1,830,000) | 0 | 0 |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||
Other Comprehensive Income (Loss), Net of Tax | 2,219,000 | 0 | 0 | 0 | 2,219,000 | 0 |
Total stockholders' equity at year end, Value at Dec. 31, 2013 | $ 94,485,000 | 390,000 | 202,446,000 | (95,039,000) | (2,644,000) | (10,668,000) |
Beginning balance shares at Dec. 31, 2012 | 37,124,000 | |||||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||
Stock option exercises during the year, Shares | 2,135,000 | |||||
Stock issued during the year, Shares, Employee Stock Purchase Plans | 56,938 | |||||
Restricted Stock Unit Issuance | 282,000 | |||||
Shares Withheld For Taxes | (213,000) | |||||
Ending balance shares at Dec. 31, 2013 | 39,385,000 | |||||
Stock option exercises during the year, Value | $ 2,160,000 | 7,000 | 2,153,000 | 0 | 0 | 0 |
Stock issued during the year, Value, Employee Stock Purchase Plan | 228,000 | 0 | 228,000 | 0 | 0 | 0 |
Shares Withheld For Taxes- Value | (327,000) | 0 | (327,000) | 0 | 0 | 0 |
Stock-based compensation expense | 2,156,000 | 0 | 2,156,000 | 0 | 0 | 0 |
Net income (loss) | 2,355,000 | 0 | 0 | 2,355,000 | 0 | 0 |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||
Other Comprehensive Income (Loss), Net of Tax | (5,589,000) | 0 | 0 | 0 | (5,589,000) | 0 |
Total stockholders' equity at year end, Value at Dec. 31, 2014 | $ 95,468,000 | 397,000 | 206,656,000 | (92,684,000) | (8,233,000) | (10,668,000) |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||
Stock option exercises during the year, Shares | 695,000 | |||||
Stock issued during the year, Shares, Employee Stock Purchase Plans | 57,848 | |||||
Restricted Stock Unit Issuance | 233,000 | |||||
Shares Withheld For Taxes | (62,000) | |||||
Ending balance shares at Dec. 31, 2014 | 40,309,000 | |||||
Stock option exercises during the year, Value | $ 2,630,000 | 25,000 | 2,605,000 | 0 | 0 | 0 |
Stock issued during the year, Value, Employee Stock Purchase Plan | 208,000 | 0 | 208,000 | 0 | 0 | 0 |
Shares Withheld For Taxes- Value | (773,000) | (6,000) | (767,000) | 0 | 0 | 0 |
Stock-based compensation expense | 2,755,000 | 0 | 2,755,000 | 0 | 0 | 0 |
Net income (loss) | (19,039,000) | 0 | 0 | (19,039,000) | 0 | 0 |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||
Other Comprehensive Income (Loss), Net of Tax | (3,651,000) | 0 | 0 | 0 | (3,651,000) | 0 |
Total stockholders' equity at year end, Value at Dec. 31, 2015 | $ 77,598,000 | $ 416,000 | $ 211,457,000 | $ (111,723,000) | $ (11,884,000) | $ (10,668,000) |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||
Stock option exercises during the year, Shares | 1,772,000 | |||||
Stock issued during the year, Shares, Employee Stock Purchase Plans | 58,823 | |||||
Restricted Stock Unit Issuance | 237,000 | |||||
Shares Withheld For Taxes | (652,000) | |||||
Ending balance shares at Dec. 31, 2015 | 41,725,000 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||
Net income (loss) | $ (19,039) | $ 2,355 | $ (1,830) |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Stock-based compensation expense | 2,755 | 2,156 | 2,670 |
Depreciation | 1,745 | 1,253 | 1,298 |
Receivable for the earn-out related to discontinued assets | 0 | 0 | (440) |
(Gain) loss on sales of fixed assets | 25 | (810) | 0 |
Non cash restructuring charge | (85) | (120) | (46) |
Amortization Of Catalog Costs | 9 | 47 | 101 |
Provision for allowance for doubtful accounts | (7) | (67) | 172 |
Amortization of intangible assets | 2,819 | 2,578 | 2,590 |
Amortization of deferred financing costs | 86 | 61 | 46 |
Deferrred Income Taxes | 15,116 | 1,412 | (2,441) |
Changes in operating assets and liabilities: | |||
(Increase) decrease in accounts receivable | (1,340) | (735) | 436 |
Increase in inventories | (1,223) | (3,056) | 1,921 |
Increase in other receivables and other assets | 755 | (370) | (1,020) |
Increase in trade accounts payable | 2,577 | 1,069 | (41) |
(Decrease) increase in accrued income taxes | (311) | (269) | 323 |
Increase in accrued expenses | (1,511) | (345) | 847 |
(Decrease) increase in deferred revenue | 120 | 28 | 146 |
Increase (decrease) in other liabilities | (1,786) | (836) | (672) |
Net cash provided by operating activities | 705 | 4,351 | 4,060 |
Cash flows (used in) provided by investing activities: | |||
Additions to property, plant and equipment | (2,960) | (2,005) | (1,622) |
Additions to catalog costs | (18) | 0 | (57) |
Proceeds from sales of property, plant and equipment | 6 | 1,141 | 66 |
Proceeds from sale of discontinued operations | 0 | 0 | 1,784 |
Acquisitions, net of cash acquired | (4,545) | (12,653) | 0 |
Net cash used in investing activities | (7,517) | (13,517) | 171 |
Cash flows provided by (used in) financing activities: | |||
Repayments of debt | (8,350) | (5,500) | (2,750) |
Net proceeds from issuance of debt | 5,800 | 2,200 | 14,550 |
Transfer of cash and cash equivalents to HART | 0 | 0 | (15,041) |
Payments of debt issuance costs | (32) | 0 | (312) |
Net proceeds from issuance of common stock | 2,042 | 2,066 | 3,621 |
Net cash (used in) provided by financing activities | (540) | (1,234) | 68 |
Effect of exchange rate changes on cash | (38) | (1,237) | 791 |
Increase in cash and cash equivalents | (7,390) | (11,637) | 5,090 |
Cash and cash equivalents at the begining of period | 14,134 | 25,771 | 20,681 |
Cash and cash equivalents at the end of period | 6,744 | 14,134 | 25,771 |
Supplemental disclosures of cash flow information [Abstract] | |||
Cash paid for interest | 854 | 997 | 892 |
Cash paid for income taxes, net of refunds | $ 963 | $ 843 | $ 1,479 |
Organiziation
Organiziation | 12 Months Ended |
Dec. 31, 2015 | |
Organization Disclosure [Abstract] | |
Organization Disclosure [Text Block] | 1 . Organization Harvard Bioscience, Inc. ( “Harvard Bioscience” or “the Company”) is a global developer, manufacturer and marketer of a broad range of scientific instruments, systems and lab consumables used to advance life science for basic research, drug discovery, clinical and environmental testing. The Company’s products are sold to thousands of researchers in over 100 countries through its global sales organization, catalo gs, websites, and through distributors including GE Healthcare, Thermo Fisher Scientific Inc., VWR and other specialized distributors. The Company has sales and manufacturing operations in the United States, the United Kingdom, Germany, Sweden, Spain, Fran ce, Canada and China. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Basis of Presentation and Summary of Significant Accounting Policies Disclosure [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies Disclosure [Text Block] | 2. Summary of Significant Accounting Policies (a) Principles of Consolidation The consolidated financial statements include the accounts of Harvard Bioscience, Inc. and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. (b) Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires the use of management estimates. Such estimates include the determination and establishment of certain accruals and provisions, including those for invent ory excess and obsolescence, income tax and reserves for bad debts. In addition, certain estimates are required in order to determine the value of assets and liabilities associated with acquisitions, as well as the Company’s defined benefit pension obligations . Estimates are also required to e valuate the value and recoverability of existing long-lived and intangible assets, including goodwill. On an ongoing basis, the Company reviews its estimates based upon currently available information. Actual results could differ materially from those esti mates. (c) Cash and Cash Equivalents For purposes of the consolidated balance sheets and statements of cash flows, the Company considers all highly liquid instruments with original maturities of three months or less to be cash equivalents. (d) Allowance for Doubtful Accounts Allowance for doubtful accounts is based on the Company’s assessment of collectability of customer accounts. The Company regularly reviews the allowance by considering factors such as historical experience, credit quality, age of the accounts receivable balances and other factors that may affect a customer’s ability to pay. (e) Inventories The Company values its inventories at the lower of the actual cost to purchase (first-in, first-out method) and/or manufacture the in ventories or the current estimated market value of the inventories. The Company regularly reviews inventory quantities on hand and records a provision to write down excess and obsolete inventories to its estimated net realizable value if less than cost, ba sed primarily on historical inventory usage and estimated forecast of product demand. (f) Property, Plant and Equipment Property, plant and equipment are stated at cost and depreciated using the straight-line method over the estimated useful lives of th e assets as follows: Buildings 40 years Machinery and equipment 3 - 10 years Computer equipment and software 3 - 7 years Furniture and fixtures 5 - 10 years Automobiles 3 - 6 years Property and equipment held under capital leases and leasehold improvements are amortized using the straight line method over the shorter of the lease term or estimated useful life of the asset. (g) Catalog Costs Significant costs of product catalog design, development and production are capitalized and amortized over the expected useful life of the catalog (usually one to three years). (h) Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and l iabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to be applied to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is more than 5 0% likely of being realized. Changes in recognition are reflected in the period in which the judgement occurs. ( i ) Foreign Currency Translation The functional currency of the Company’s foreign subsidiaries is generally their local currency. All assets and liabilities of its foreign subsidiaries are translated at exchange rates in effect at period-end. Income and expenses are translated at rates which approximate those in effect on the transaction dates. The resulting translation adjustment is recorded a s a separate component of stockholders’ equity in accumulated other comprehensive (loss) income (“AOCI”) in the consolidated balance sheets. Gains and losses resulting from foreign currency transactions are included in net (loss) income. (j) Earnings per Share Basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the periods presented. The computation of diluted earnings per share is similar to the computation of basic earn ings per share, except that the denominator is increased for the assumed exercise of dilutive options and other potentially dilutive securities using the treasury stock method unless the effect is antidilutive. Since the Company is reporting discontinued o perations, it used income from continuing operations as the control number in determining whether those potential dilutive securities are dilutive or antidilutive. (k) Comprehensive (Loss) Income The Company follows the provisions of Financial Accountin g Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 220, “Comprehensive Income”. FASB ASC 220 requires companies to report all changes in equity during a period, resulting from net (loss) income and transactions from non-owner sources, in a financial statement in the period in which they are recognized. The Company has chosen to disclose comprehensive (loss) income, which encompasses net (loss) income, foreign currency translation adjustments, gains and losses on derivatives, the underfunde d status of its pension plans, and pension minimum additional liability adjustments, net of tax, in the consolidated statements of comprehensive (loss) income. (l) Revenue Recognition The Company follows the provisions of FASB ASC 605, “Revenue Recognit ion”. The Company recognizes product revenues when persuasive evidence of a sales arrangement exists, the price to the buyer is fixed or determinable, delivery has occurred, and collectability of the sales price is reasonably assured. Sales of some of its products include provisions to provide additional services such as installation and training. Revenues on these products are recognized when the additional services have been performed. Service agreements on its equipment are typically sold separately from the sale of the equipment. Cash received prior to rendering of the service on these contracts is recorded as deferred revenue and the revenues are recognized ratably over the life of the agreement, typically one year, in accordance with the provisions of FASB ASC 605-20, “Revenue Recognition—Services”. The Company accounts for shipping and handling fees and costs in accordance with the provisions of FASB ASC 605-45-45, “Revenue Recognition—Principal Agent Considerations”, which requires all amounts charged to customers for shipping and handling to be classified as revenues. The costs incurred related to shipping and handling is classified as cost of product revenues. Warranties and product returns are estimated and accrued for at the time sales are recorded. The Company has no obligations to customers after the date products are shipped or installed, if applicable, other than pursuant to warranty obligations and service or maintenance contracts. The Company provides for the estimated amount of future returns upon shipment of products or installation, if applicable, based on histor ical experience. (m) Valuation of Identifiable Intangible Assets Acquired in Business Combinations The determination of the fair value of intangible assets, which represents a significant portion of the purchase price in the Company’s acquisitions, requ ires the use of significant judgment with regard to ( i ) the fair value; and (ii) whether such intangibles are amortizable or not amortizable and, if the former, the period and the method by which the intangibles asset will be amortized. The Company estimat es the fair value of acquisition-related intangible assets principally based on projections of cash flows that will arise from identifiable assets of acquired businesses. The projected cash flows are discounted to determine the present value of the assets at the dates of acquisitions. At December 31, 2015 , amortizable intangible assets include existing technology, trade names, distribution agreements, customer relationships and patents. These amortizable intangible assets are amortized on a straight -line basis over 7 to 15 years, 10 to 15 years, 4 to 5 years, 5 to 15 years and 5 to 15 years, respectively. (n) Goodwill and Other Intangible Assets Goodwill and unamortizable intangible assets acquired in a business combination and determined to have an indefinite useful life are not amortized, but instead are tested for impairment annually or more frequently if events or changes in circumstances indicate that the asset might be impaired, in accordance with the provisions of FASB ASC 350, “Intangibles—Goodwill and Other”. For the purpose of its goodwill analysis, the Company has one reporting unit. The Company conducted its annual impairment analysis in the fourth quarter of f iscal year 2015 . The goodwill impairment test is a two-step process. The first step of the impairment analysis compares the Company’s fair value to its carrying value to determine if there is any indication of impairment. Step two of the analysis c ompares the implied fair value of goodwill to its carrying amount in a manner similar to a purchase price allocation for business combination. If the carrying amount of goodwill exceeds its implied fair value, an impairment loss is recognized equal to that excess. For indefinite-lived intangible assets if the carrying amount exceeds the fair value of the asset, the Company would write down the indefinite-lived intangible asset to fair value. At December 31, 2015 , the fair value of the Company significantly exceeded the carrying value. The Company concluded that none of its goodwill was impaired. The Company evaluates indefinite-lived intangible assets for impairment annually and when events occur or circumstances change that may reduce the fair value of the asset below its carrying amount. Events or circumstances that might require an interim evaluation include unexpected adverse business conditions, econo mic factors, unanticipated technological changes or competitive activities, loss of key personnel and acts by governments and courts. At December 31, 2015 , the Company concluded that none of its indefinite-lived intangible assets were impaired. ( o) Impairment of Long-Lived Assets The Company assesses recoverability of its long-lived assets that are held for use, such as property, plant and equipment and amortizable intangible assets in accordance with FASB ASC 360, “Property, Plant and Equipment ” when events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. Recoverability of assets or an asset group to be held and used is measured by a comparison of the carrying amount of an asset or asset group to estimated undiscounted future cash flows expected to be generated by the asset or the asset group. Cash flow projections are based on trends of historical performance and management’s estimate of future performance. If the carrying amount of the asset or asset group exceeds the estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset or asset group exceeds its estimated fair value. At December 31, 2015 , the Company conclu ded that none of its long-lived assets were impaired. (p) Derivatives The Company uses interest-rate-related derivative instruments to manage its exposure related to changes in interest rates on its variable-rate debt instruments. The Company does not e nter into derivative instruments for any purpose other than cash flow hedging. The Company does not speculate using derivative instruments. The Company recognizes all derivative instruments as either assets or liabilities in the balance sheet at their resp ective fair values. For derivatives designated in hedging relationships, changes in the fair value are either offset through earnings against the change in fair value of the hedged item attributable to the risk being hedged or recognized in AOCI, to the ex tent the derivative is effective at offsetting the changes in cash flows being hedged until the hedged item affects earnings. The Company only enters into derivative contracts that it intends to designate as a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (cash flow hedge). For all hedging relationships, the Company formally documents the hedging relationship and its risk-management objective and strategy for underta king the hedge, the hedging instrument, the hedged transaction, the nature of the risk being hedged, how the hedging instrument’s effectiveness in offsetting the hedged risk will be assessed prospectively and retrospectively, and a description of the metho d used to measure ineffectiveness. The Company also formally assesses, both at the inception of the hedging relationship and on an ongoing basis, whether the derivatives that are used in hedging relationships are highly effective in offsetting changes in cash flows of hedged transactions. For derivative instruments that are designated and qualify as part of a cash flow hedging relationship, the effective portion of the gain or loss on the derivative is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Gains and losses on the derivative representing either hedge ineffectiveness or hedge components excluded from the assessment of effectivenes s are recognized in current earnings. The Company discontinues hedge accounting prospectively when it determines that the derivative is no longer effective in offsetting cash flows attributable to the hedged risk, the derivative expires or is sold, term inated, or exercised, the cash flow hedge is de-designated because a forecasted transaction is not probable of occurring, or management determines to remove the designation of the cash flow hedge. In all situations in which hedge accounting is discontinue d and the derivative remains outstanding, the Company continues to carry the derivative at its fair value on the balance sheet and recognizes any subsequent changes in its fair value in earnings. When it is probable that a forecasted transaction will not o ccur, the Company discontinues hedge accounting and recognizes immediately in earnings gains and losses that were accumulated in other comprehensive income related to the hedging relationship. (q) Fair Value of Financial Instruments The carrying values of the Company’s cash and cash equivalents, trade accounts receivable and trade accounts payable and short-term debt approximate their fair values because of the short maturities of those instruments. The fair value of the Company’s long-term debt approxim ates its carrying value and is based on the amount of future cash flows associated with the debt discounted using current borrowing rates for similar debt instruments of comparable maturity. Financial reporting standards define a fair value hierarchy that consists of three levels: Level 1 includes instruments for which quoted prices in active markets for identical assets or liabilities accessible to the Company at the measurement date. Level 2 includes instruments for which the valuations are based on quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities. Level 3 includes valuations based on inputs that are unobservable and significant to the overall fair value measurement. (r) Stock-based Compensation The Company accounts for stock-based payment awards in accordance with the provisions of FASB ASC 718, “Compensation—Stock Compensation”, which requires it to recognize compensation expense for all stock-based payment awards made to employees and directors including stock options, restricted stock units, restricted stock units with a market condition and em ployee stock purchases (“employee stock purchases”) related to its Employee Stock Purchase Plan (as amended, the “ESPP”). The Company issues new shares upon stock option exercises, upon vesting of restricted stock units and restricted stock units with a ma rket condition, and under the Company’s ESPP. Stock-based compensation expense recognized is based on the value of the portion of stock-based payment awards that is ultimately expected to vest and has been reduced for estimated forfeitures. The Company va lues stock-based payment awards, except restricted stock units at grant date using the Black-Scholes option-pricing model (“Black-Scholes model”). The Company values restricted stock units with a market condition using a Monte-Carlo valuation simulation. T he determination of fair value of stock-based payment awards on the date of grant using an option-pricing model or Monte-Carlo valuation simulation is affected by its stock price as well as assumptions regarding certain va riables. These variables include, but are not limited to its expected stock price volatility over the term of the awards and actual and projected stock option exercise behaviors. The fair value of restricted stock units are based on the market price of th e Company’s stock on the date of grant and are recorded as compensation expense ratably over the applicable service period, which ranges from one to four years. Unvested restricted stock units are forfeited in the event of termination of employment with th e Company. Stock-based compensation expense recognized under FASB ASC 718 for the years ended December 31, 2015 , 2014 and 2013 consisted of stock-based compensation expense related to stock options, the employee stock purc hase plan, and the restricted stock units and was recorded as a component of cost of product revenues, sales and marketing expenses, general and administrative expenses, research and development expenses and discontinued operations. Refer to footnote 19 fo r further details. (s) Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, “Revenue from Contracts with Customers,” a new accounting standard that provides for a comprehensive model to use in the accounting for revenue arising from contracts with customers that will replace most existing revenue recognition guidance within generally accepted accounting principles in th e United States. Under this standard, revenue will be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or servi ces. At its July 2015 meeting, the FASB agreed to defer the mandatory effective date of ASU 2014-09 one year. Under the one year deferral, the standard will take effect in 2018 for calendar year-end public entities. The Company is assessing the new standar d and has not yet determined the impact to the consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs . The update requires de bt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability, instead of being presented as an asset. Debt disclosures will include the face amoun t of the debt liability and the effective interest rate. The update requires retrospective application and represents a change in accounting principle. The update is effective for fiscal years beginning after December 15, 2015. Early adoption is permitted for financial statements that have not been previously issued. The Company believes the adoption of this new guidance will not have a material impact on its consolidated financial position or results of operations. In July 2015, the FASB issued ASU 2015-11, Simplifying Measurement of Inventory . The update requires measurement of most inventory “at the lower of cost and net realizable value”, and applies to all entities that recognize inventory within the scope of ASC 330, except for invent ory measured under the last-in, first-out (LIFO) method or the retail inventory method (RIM). ASU 2015-11 requires prospective application and represents a change in accounting principle. The update is effective for fiscal years beginning after December 15 , 2016. Early adoption is permitted for financial statements that have not been previously issued. The Company is evaluating the impact of ASU 2015-11 on its consolidated financial statements and the possibility of early adoption by the Company. In Septe mber 2015, the FASB issued ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments . The update eliminates the requirement to retrospectively adjust financial statements for measurement-period adjustments that occur in periods after a bus iness combination. Under the update, measurement-period adjustments are to be calculated as if they were known at the acquisition date, but are recognized in the reporting period in which they are determined. Additional disclosures are required about the i mpact on current-period earnings. ASU 2015-16 requires prospective application to adjustments of provisional amounts that occur after the effective date. The update is effective for fiscal years beginning after December 15, 2016. Early adoption is permitt ed for financial statements that have not been previously issued. The Company is evaluating the impact of ASU 2015-16 on its consolidated financial statements and the possibility of early adoption by the Company. In November 2015, the FASB issued ASU 2015 -17, Balance Sheet Classification of Deferred Taxes . The update requires all deferred income taxes to be presented on the balance sheet as noncurrent. The new guidance is intended to simplify financial reporting by eliminating the requirement to classify d eferred taxes between current and noncurrent. The update is effective for fiscal years beginning after December 15, 2016. Early adoption is permitted at the beginning of an interim or annual period. The Company is evaluating the impact of ASU 2015-17 on i ts consolidated financial statements and the possibility of early adoption by the Company. In February 2016, the FASB issued ASU 2016-02, Leases , which is intended to improve financial reporting about leasing transactions. The update requires a lessee to record on the balance sheet the assets and liabilities for the rights and obligations created by lease terms of more than 12 months. The update is effective for fiscal years beginning after December 15, 2018. The Company is evaluating the impact of ASU 201 6-02 on its consolidated financial statements. |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2015 | |
Recently Issued Accounting Pronouncements [Abstract] | |
Recently Issued Accounting Pronouncements Disclosure [Text Block] | (s) Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, “Revenue from Contracts with Customers,” a new accounting standard that provides for a comprehensive model to use in the accounting for revenue arising from contracts with customers that will replace most existing revenue recognition guidance within generally accepted accounting principles in th e United States. Under this standard, revenue will be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or servi ces. At its July 2015 meeting, the FASB agreed to defer the mandatory effective date of ASU 2014-09 one year. Under the one year deferral, the standard will take effect in 2018 for calendar year-end public entities. The Company is assessing the new standar d and has not yet determined the impact to the consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs . The update requires de bt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability, instead of being presented as an asset. Debt disclosures will include the face amoun t of the debt liability and the effective interest rate. The update requires retrospective application and represents a change in accounting principle. The update is effective for fiscal years beginning after December 15, 2015. Early adoption is permitted for financial statements that have not been previously issued. The Company believes the adoption of this new guidance will not have a material impact on its consolidated financial position or results of operations. In July 2015, the FASB issued ASU 2015-11, Simplifying Measurement of Inventory . The update requires measurement of most inventory “at the lower of cost and net realizable value”, and applies to all entities that recognize inventory within the scope of ASC 330, except for invent ory measured under the last-in, first-out (LIFO) method or the retail inventory method (RIM). ASU 2015-11 requires prospective application and represents a change in accounting principle. The update is effective for fiscal years beginning after December 15 , 2016. Early adoption is permitted for financial statements that have not been previously issued. The Company is evaluating the impact of ASU 2015-11 on its consolidated financial statements and the possibility of early adoption by the Company. In Septe mber 2015, the FASB issued ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments . The update eliminates the requirement to retrospectively adjust financial statements for measurement-period adjustments that occur in periods after a bus iness combination. Under the update, measurement-period adjustments are to be calculated as if they were known at the acquisition date, but are recognized in the reporting period in which they are determined. Additional disclosures are required about the i mpact on current-period earnings. ASU 2015-16 requires prospective application to adjustments of provisional amounts that occur after the effective date. The update is effective for fiscal years beginning after December 15, 2016. Early adoption is permitt ed for financial statements that have not been previously issued. The Company is evaluating the impact of ASU 2015-16 on its consolidated financial statements and the possibility of early adoption by the Company. In November 2015, the FASB issued ASU 2015 -17, Balance Sheet Classification of Deferred Taxes . The update requires all deferred income taxes to be presented on the balance sheet as noncurrent. The new guidance is intended to simplify financial reporting by eliminating the requirement to classify d eferred taxes between current and noncurrent. The update is effective for fiscal years beginning after December 15, 2016. Early adoption is permitted at the beginning of an interim or annual period. The Company is evaluating the impact of ASU 2015-17 on i ts consolidated financial statements and the possibility of early adoption by the Company. In February 2016, the FASB issued ASU 2016-02, Leases , which is intended to improve financial reporting about leasing transactions. The update requires a lessee to record on the balance sheet the assets and liabilities for the rights and obligations created by lease terms of more than 12 months. The update is effective for fiscal years beginning after December 15, 2018. The Company is evaluating the impact of ASU 201 6-02 on its consolidated financial statements. |
Concentrations
Concentrations | 12 Months Ended |
Dec. 31, 2015 | |
Concentrations Disclosure [Abstract] | |
Concentrations Disclosure [Text Block] | 3 . Concentrations No customer accounted for more than 10% of the revenues for the years ended December 31, 2015 , 2014 and 2013 . At December 31, 2015 and 2014 , no customer accounted for more than 10% of net accounts receivable. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2015 | |
Accumulated Other Comprehensive Income [Abstract] | |
Accumulated Other Comprehensive Income Disclosure [Text Block] | 4 . Accumulated Other Comprehensive Loss Changes in each component of accumulated other comprehensive loss, net of tax are as follows: Foreign currency Derivatives translation qualifying as Defined benefit (in thousands) adjustments hedges pension plans Total Balance at December 31, 2013 $ 1,283 $ (49) $ (3,878) $ (2,644) Other comprehensive (loss) income before reclassifications (5,941) (99) 114 (5,926) Amounts reclassified from AOCI - 130 207 337 Net other comprehensive (loss) income (5,941) 31 321 (5,589) Balance at December 31, 2014 $ (4,658) $ (18) $ (3,557) $ (8,233) Other comprehensive (loss) income before reclassifications (4,936) (85) 1,029 (3,992) Amounts reclassified from AOCI - 93 248 341 Other comprehensive (loss) income (4,936) 8 1,277 (3,651) Balance at December 31, 2015 $ (9,594) $ (10) $ (2,280) $ (11,884) The amounts reclassified out of accumulated other comprehensive (loss) income are as follows: Affected line item in the Year Ended December 31, (in thousands) Statements of Operations 2015 2014 2013 Amounts Reclassified From AOCI Derivatives qualifying as hedges Realized loss on derivatives qualifying as hedges Interest expense $ 93 $ 130 $ 67 Income tax Income tax (benefit) expense - - - 93 130 67 Defined benefit pension plans Amortization of net losses included in net periodic pension costs General and administrative expenses 306 259 305 Income tax Income tax (benefit) expense (58) (52) (62) 248 207 243 Total reclassifications $ 341 $ 337 $ 310 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2015 | |
Inventories Disclosure [Abstract] | |
Inventories Disclosure [Text Block] | 5 . Inventories Inventories consist of the following: December 31, December 31, 2015 2014 (in thousands) Finished goods $ 10,957 $ 10,138 Work in process 888 946 Raw materials 10,498 9,447 Total $ 22,343 $ 20,531 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment Disclosure [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | 6 . Property , Plant and Equipment Property, plant and equipment consist of the following: December 31, December 31, 2015 2014 (in thousands) Land, buildings and leasehold improvements $ 2,825 $ 2,595 Machinery and equipment 10,131 10,102 Computer equipment and software 7,503 6,322 Furniture and fixtures 1,358 1,125 Automobiles 103 56 21,920 20,200 Less: accumulated depreciation (16,018) (15,010) Property, plant and equipment, net $ 5,902 $ 5,190 |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2015 | |
Acquisition Disclosure [Abstract] | |
Acquisitions Disclosure [Text Block] | 7 . Acquisitions The Company completed one acquisition during the year ended December 31, 2015 . HEKA Elektronik On January 8, 2015, the Company, through its wholly-owned Ealing Scientific Limited and Multi Channel Systems MCS GmbH (“MCS”) subsidiaries, acquired all of the issued and outstanding shares of HEKA Elektronik (“HEKA”) for approximately $5.9 million, or $4.5 million, net of cash acquired. Included in the acquisition of HEKA were: HEKA Electronik Dr. Schul ze GmbH, based in Lambrecht , Germany (“HEKA Germany”); HEKA Electronics Incorporated, based in Chester, Nova Scotia, Canada (“HEKA Canada”); and HEKA Instruments Incorporated, based in Bellmore, New York. The Company funded the acquisition from its existin g cash balances. HEKA is a developer, manufacturer and marketer of sophisticated electrophysiology instrumentation and software for biomedical and industrial research applications. This acquisition is complementary to the electrophysiology line currently offered by the Company’s wholly-owned Warner Instruments and MCS subsidiaries. The aggregate purchase price for this acquisition was allocated to tangible and intangible assets acquired as follows: (in thousands) Tangible assets $ 4,165 Liabilities assumed (2,376) Net assets 1,789 Goodwill and intangible assets: Goodwill 1,618 Trade name 774 Customer relationships 1,627 Developed technology 1,338 Non-compete agreements 27 Deferred tax liabilities (1,245) Total goodwill and intangible assets, net of tax 4,139 Acquisition purchase price $ 5,928 Goodwill recorded as a result of the acquisition of HEKA is not deductible for tax purposes. The results of operations for HEKA have been included in the Company’s consolidated financial statements from the date of acquisition . The following consolidated pro forma information is based on the assumption that the acquisition of HEKA occurred on January 1, 2013. Accordingly, the historical results have been adjusted to reflect amortization expense that would have been recognized on suc h a pro forma basis. The pro forma information is presented for comparative purposes only and is not necessarily indicative of the financial position or results of operations which would have been reported had we completed the acquisition during these peri ods or which might be reported in the future. Year Ended December 31, 2015 2014 2013 (in thousands) Pro Forma Revenues $ 108,761 $ 114,185 $ 111,246 Net (loss) income (19,027) 2,646 (1,327) The Company completed two acquisitions during 2014. Multi Channel Systems MCS GmbH On October 1, 2014, the Company, through its wholly-owned Biochrom Limited subsidiary, acquired all of the issued and outstanding shares of MCS, which has its principal offices in Germany, for approximately $11.2 million, including a working capital adjustment, or $10.7 million, net of cash acquired . The Company funded the acquisition from its existing cash balances. MCS is a developer, manufacturer and marketer of in vitro and in vivo electrophysiology instr umentation for extracellular recording and stimulation. This acquisition is complementary to the in vitro electrophysiology line currently offered by the Company’s wholly-owned Warner Instruments subsidiary. The aggregate purchase price for this acquisiti on was allocated to tangible and intangible assets acquired as follows: (in thousands) Tangible assets $ 5,070 Liabilities assumed (1,207) Net assets 3,863 Goodwill and intangible assets: Goodwill 4,117 Trade name 1,008 Customer relationships 1,204 Developed technology 2,452 Non-compete agreements 148 Deferred tax liabilities (1,603) Total goodwill and intangible assets, net of tax 7,326 Acquisition purchase price $ 11,189 Goodwill recorded as a result of the acquisition of MCS is not deductible for tax purposes. At December 31, 2015 , an immaterial correction was made to the allocation of the aggregate purchase price to the tangible and intangible assets acquired to decrease inventory and increase goodwill by $0.4 million. This correction has been reflected in the table above. The results of operations for MCS have been included in the Company’s consolidated financial statements from the date of acquisition. The following consolidated pro forma information is based on the assumption that the acqu isition of MCS occurred on January 1, 2013. Accordingly, the historical results have been adjusted to reflect amortization expense that would have been recognized on such a pro forma basis. The pro forma information is presented for comparative purposes on ly and is not necessarily indicative of the financial position or results of operations which would have been reported had we completed the acquisition during these periods or which might be reported in the future. Year Ended December 31, 2014 2013 (in thousands) Pro Forma Revenues $ 114,066 $ 114,300 Net income (loss) 2,600 (672) Triangle BioSystems , Inc. On October 1, 2014, the Company acquired all of the issued and outstanding shares of Triangle BioSystems , Inc. (“TBSI”), which has it s principal offices in North Carolina, for approximately $2.2 million, including a working capital adjustment, or $1.7 million, net of cash acquired . The Company funded the acquisition from borrowings under its credit facility. TBSI is a developer, manufacturer and marketer of wireless neural interface equipment to aid in vivo neuroscience research, especially in the fields of electrophysiology, psychology, neurology and pharmacology. This acquisition is complementary to the behavioral neuroscience lines currently offered by the Company’s whol ly-owned Panlab and Coulbourn subsidiaries. The aggregate purchase price for this acquisition was allocated to tangible and intangible assets acquired as follows: (in thousands) Tangible assets $ 1,278 Liabilities assumed (530) Net assets 748 Goodwill and intangible assets: Goodwill 946 Trade name 143 Customer relationships 308 Developed technology 363 Non-compete agreements 30 Deferred tax liabilities (325) Total goodwill and intangible assets, net of tax 1,465 Acquisition purchase price $ 2,213 The results of operations for TBSI have been included in the Company’s consolidated financial statements from the date of acquisition . The Company considers this acquisition immaterial for the purposes of proforma financial statement disclosures. Goodwill recorded as a result of the acquisition of TBSI is not deductible for tax purposes. Direct acquisition costs recorded in other expense, net in the Company’s consolidated statements of operations were $ 1.2 million, $ 1.1 million and $0 for the years ended December 31, 2015 , 2014 and 2013 , respectively . |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations [Abstract] | |
Discontinued Operations Disclosure [Text Block] | 8. Discontinued Operations UBI In September 2008, the Company completed the sale of assets of its Union Biometrica Division (“UBI”) to UBIO Acquisition Company. During 2013, the Company received earn-out payments, including interest, from UBIO Acquisition Company, of $1.8 million related to the 2008 acquisition. The Company received its final payment under the earn-out obligation from UBIO Acquisition Company in October 2013. Biostage (f/k/a Harvard Apparatus Regenerative Technology, Inc.) On November 1, 2013, the spin-off of Harvard Apparatus Regenerative Technology, Inc., now known as Biostage , Inc. (“ Biostage ”), from the Company was completed. Through the spin-off date, the historical operations of HART were reported as continuing operations in the consolidated statements of operations of the Company. Following the spin-off, the historical operations of Biostage have been reclassified and reported as discontinued operations for all periods presented. As a result of the spin-off and related separation, Biostage became an independent company that operates the regenerative medicine business previously owned by Harvard Bioscience. The spin-off was completed through the distribution to Harvard Bioscience’s stockholders of record all of the shares of common stock of Biostage (the “Distribution”). In the Distribution, the Company distributed to its stockholders one share of Biostage common stock for every four shares of Harvard Bioscience common stock outstanding as of the close of business on October 21, 2013, the record date for the Distribution. Effective with the spin-off, the Company contributed $15.0 million in cash to Biostage to fund its operations. In addition, the Company transferred approximately $0.9 million in assets, made up primarily of property, plant and equipment, to Biostage as part of the spin-off. Harvard Bioscience intends for the Distribution and related separation, taken together, to qualify as a reorganization pursuant to which no gain or loss is recognized by Harvard Bioscience or its stockholders for federal income tax purposes under Sections 355, 368(a)(1)(D) and related provisions of the Internal Revenue Code. On June 28, 2013, Harvard Bioscience received a Supplemental Ruling to the Private Letter Ruling dated March 22, 2013 from the IRS to the effect that, among other things, the spin-off will qualify as a transaction that is tax-free for U.S. federal income tax purposes under Section 355 and 368(a )( 1)(D) of the Internal Revenue Code continuing in effect. Harvard Bioscience has also received an opinion from its outside tax advisor to such effect. In connection with the ruling and the opinion, Harvard Bioscience made certain representations regarding it and its business. The Company and Biostage have each agreed that it will not take or fail to take any action which prevents or could reasonably be expected to prevent the tax-free status of the spin-off. Biostage also agreed to certain specific restrictions that expired two years following the Distribution, and which were intended to preserve the tax-free status of the contribution and the Distribution. In addition, current U.S. federal income tax law creates a presumption that the spin-off of Biostage would be taxable to the Company, but not its stockholders, if such spin-off is part of a “plan or series of related transactions” pursuant to which one or more persons acquire directly or indirectly stock representing a 50% or greater interest (by vote or value) in the Company or Biostage . Acquisitions that occur during the four-year period that begins two years before the date of the spin-off are presumed to occur pursuant to a plan or series of related transactions, unless it is established that the acquisition is not pursuant to a plan or series of transactions that includes the spin-off. U.S. Treasury regulations currently in effect generally provide that whether an acquisition and a spin-off are part of a plan is determined based on all of the facts and circumstances, including, but not limited to, specific factors described in the U.S. Treasury regulations. In addition, the U.S. Treasury regulations provide several “safe harbors” for acquisitions that are not considered to be part of a plan. These rules limited the Company’s ability during the two-year period following the spin-off to enter into certain transactions that may be advantageous to the Company and its stockholders, particularly issuing equity securities to satisfy financing needs, repurchasing equity securities, disposing of certain assets, engaging in mergers and acquisitions, and, under certain circumstances, acquiring businesses or assets with equity securities or agreeing to be acquired. The following table sets forth the impact of discontinued operations on the Company’s consolidated statements of operations for the year ended December 31, 2013 . Year Ended December 31, 2013 (in thousands) Gain on disposal of discontinued operations, UBI $ 440 (Loss) from discontinued operations, Biostage (4,861) Income tax (benefit) (1,868) (Loss) from discontinued operations, net of tax $ (2,553) |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill And Other Intangible Assets Disclosure [Abstract] | |
Goodwill And Other Intangible Assets Disclosure [Text Block] | 9 . Goodwill and Other Intangible Assets Intangible assets consist of the following: Weighted Average December 31, 2015 December 31, 2014 Life (a) (in thousands) Amortizable intangible assets: Gross Accumulated Amortization Gross Accumulated Amortization Existing technology $ 16,022 $ (11,686) $ 15,538 $ (11,198) 7.3 Years Trade names 7,636 (3,076) 7,114 (2,557) 9.0 Years Distribution agreements/customer relationships 23,676 (11,849) 22,730 (10,681) 9.9 Years Patents 245 (96) 256 (49) 3.2 Years Total amortizable intangible assets 47,579 $ (26,707) 45,638 $ (24,485) Indefinite-lived intangible assets: Goodwill 40,357 39,822 Other indefinite-lived intangible assets 1,223 1,252 Total goodwill and other indefinite-lived intangible assets 41,580 41,074 Total intangible assets $ 89,159 $ 86,712 (a) Weighted average life as of December 31, 2015. The change in the carrying amount of goodwill for the year ended December 31, 2015 is as follows: (in thousands) Balance at December 31, 2013 $ 36,605 Goodwill arising from business combination 4,691 Effect of change in currency translation (1,474) Balance at December 31, 2014 39,822 Goodwill arising from business combinations 1,618 Adjustment to purchase price allocation of prior year acquisition 372 Effect of change in currency translation (1,455) Balance at December 31, 2015 $ 40,357 Intangible asset amortization expense was $ 2.8 million, $ 2.6 million and $ 2.6 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. Amortization expense of existing amortizable intangible assets is currently estimated to be $ 2.8 million for the year ending December 31, 2016 , $ 2.7 million for the year ending December 31, 2017 , $ 2.5 million for the year ending December 31, 2018 , $ 2.3 million for the year ending December 31, 2019 and $ 2.2 million for the year ending December 31, 2020 . |
Restructuring and Other Exit Co
Restructuring and Other Exit Costs | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Restructuring And Other Exit Costs Disclosure [Text Block] | 10 . Restructuring and Other Exit Costs Q4 201 5 Restructuring Plan The Company committed to a restructuring plan on October 27, 2015, which included eliminating certain positions made redundant as a result of its site consolidations, as well as a realignment of its commercial sales team. During the year ended December 31, 2015 , the Company recorded restructuring charges related to this plan of approximately $0.2 million. Payments related to this plan are expected to be made through the second quarter of 201 6. Activity and liability balances related to these charges were as follows: Severance Costs (in thousands) Restructuring charges $ 200 Cash payments (110) Restructuring balance at December 31, 2015 $ 90 Q2 201 5 Restructuring Plan During the second quarter of 201 5 , management of Harvard Bioscience initiated a plan to consolidate the manufacturing operations of HEKA Canad a to HEKA Germa n y in order to create organizational efficiencies . No further charges are expected to be incurred on this matter. At December 31, 2015 , the Company has no remaining liability related to this plan on its balance sheet. Activity and liability balances related to these ch arges were as follows: Severance Costs Other Total (in thousands) Restructuring charges $ 14 34 $ 48 Cash payments (14) (34) (48) Restructuring balance at December 31, 2015 $ - - $ - Q1 201 5 Restructuring Plan During the first quarter of 201 5 , management of Harvard Bioscience initiated a plan to relocate certain manufacturing operations in order to create organizational efficiencies and reduce op erating expenses. The 2015 restructuring plan included plans to consolidate the manufacturing operations of its Coulbourn subsidiary to its headquarters in Holliston, MA. During the year ended December 31, 2015 , t he Company recorded restructuring charges related to this plan of app roximate ly $ 0.2 million . Payments related to this plan are expected to be made through the first quarter of 2016 . Activity and liability balances related to these charges were as follows: Severance Costs Other Total (in thousands) Restructuring charges $ 126 45 $ 171 Non-cash reversal of restructuring charges (6) - (6) Cash payments (109) (45) (154) Restructuring balance at December 31, 2015 $ 11 - $ 11 201 4 Restructuring Plan During the fourth quarter of 201 4 , management of Harvard Bioscience initiated a plan to relocate certain distribution and manufacturing operations in order to create organizational efficiencies and reduce op erating expenses. The 2014 restructuring plan included plans to relocate the distribution operations of the Company’s Denville Scientific subsidiary from New Jersey to North Carolina, as well as consolidating the manufacturing operations of its Biochrom subsidiary to its headquarters in H olliston, MA. Payments related to this plan are expected to be made through the first quarter of 2016 . Activity and liability balances related to these charges were as follows: Severance Costs Other Total (in thousands) Restructuring charges $ 655 $ - $ 655 Cash payments (29) - (29) Restructuring balance at December 31, 2014 626 - 626 Restructuring charges 94 360 454 Non-cash reversal of restructuring charges (79) - (79) Cash payments (600) (360) (960) Effect of change in currency translation (10) - (10) Restructuring balance at December 31, 2015 $ 31 $ - $ 31 2013 Restructuring Plan During the fourth quarter of 2013, the management of Harvard Bioscience initiated a plan to realign global operations to improve organizational efficiencies and reduce operating exp enses throughout the Company. The plan included an approximately 13% reduction in the workforce, as well as the elimination of the position of Chief Operating Officer. No further charges are expected to be incurred on this matter. At December 31, 2014, the Company had no remaining liability related to this plan on its balance sheet. Activity and liability balances related to these charges were as follows: Severance and Fixed Asset Related Costs Write Offs Other Total (in thousands) Restructuring charges $ 2,100 $ - $ - $ 2,100 Cash payments (666) - - (666) Restructuring balance at December 31, 2013 1,434 - - 1,434 Restructuring charges 199 13 293 505 Non-cash reversal of restructuring charges (117) (13) - (130) Cash payments (1,516) - (293) (1,809) Restructuring balance at December 31, 2014 $ - $ - $ - $ - As part of the fourth quarter 2013 restructuring plan, the Company decided to close one of its facilities in the United Kingdom. During the fourth quarter of 2014 , the facility was sold. The gain of $0.8 million was recorded in a separate line in the Company’s statements of operations within operating expenses. During the third quarter of 2013, the management of Harvard Bioscience initiated a plan to reduce operating expenses at one of its foreign subsidiaries. No further charges are expected to be incurred on this matter. As of December 31, 2013 , the Company had no remaining liability related to this plan on its balance sheet. Activity and liability balances related t o these charges were as follows : Severance and Related Costs (in thousands) Restructuring charges $ 96 Cash payments (96) Restructuring balance at December 31, 2013 $ - 2012 Restructuring Plan During 2012, the management of Harvard Bioscience initiated a plan to reduce operating expenses at one of its foreign subsidiaries. No further charges are expected to be incurred on this matter. At December 31, 2014 , the Company had no remaining liability related to this plan on its balance sheet. Activity and liability balances related to these charges were as follows: Severance and Related Costs Other Total (in thousands) Restructuring balance at December 31, 2012 $ 133 $ 11 $ 144 Cash payments (84) (11) (95) Non-cash reversal of restructuring charges (46) - (46) Restructuring balance at December 31, 2013 3 - 3 Non-cash reversal of restructuring charges (3) - (3) Restructuring balance at December 31, 2014 $ - $ - $ - Aggregate net restructuring charges for the years ended December 31, 2015 , 2014 and 2013 were as follows: Year Ended December 31, 2015 2014 2013 (in thousands) Restructuring charges $ 788 $ 1,027 $ 2,150 |
Long Term Debt
Long Term Debt | 12 Months Ended |
Dec. 31, 2015 | |
Long Term Debt Disclosure [Abstract] | |
Long Term Debt Disclosure [Text Block] | 11. Long Term Debt On August 7, 2009, the Company entered into an Amended and Restated Revolving Credit Loan Agreement related to a $20.0 million revolving credit facility with Bank of America, as agent, and Bank of America and Brown Brothers Harriman & Co as lenders (as amended, the “2009 Credit Agreement”) . On September 30, 2011, the Company entered into the First Amendment to the Amended and Restated Revolving Credit Loan Agreement (the “First Amendment”) with Bank of America as agent, and Bank of Ame rica and Brown Brothers Harriman & Co as lenders. The First Amendment extended the maturity date of the credit facility to August 7, 2013 and reduced the interest rate to the London Interbank Offered Rate plus 3.0%. On October 4, 2012, the Company entered into the Second Amendment to the Amended and Restated Revolving Credit Loan Agreement (the “Second Amendment”) with Bank of America as agent, and Bank of America and Brown Brothers Harriman & Co as lende rs. The Second Amendment extended the maturity date o f the credit facility to August 7, 2014 . On March 29, 2013, the Company entered into a Second Amended and Restated Revolving Credit Agreement ( as amended, the “Credit Agreement”) with Bank of America, as agent, and Bank of America and Brown Brothers Harri man & Co as lenders , that amended and restated the 2009 Credit Agreement . The Credit Agreement converted the Company’s existing outstanding revolving advances into a term loan in the principal amount of $15.0 million (the “Term Loan”), provides a revolving credit facility in the maximum principal amount of $25.0 million (“Revolving Line”) and provides a delayed draw term loan of up to $15.0 million (the “DDTL”) to fund capital contributions to the Company’s former subsidiary, Biostage . The maximum amount avail able under the Credit Agreement is $50.0 million as borrowings against the DDTL in excess of $10.0 million results in a dollar for dollar reduction in the Revolving Line capacity. The Revolving Line, Term Loan and DDTL each have a maturity date of March 29 , 2018 (the maturity date of the Revolving Line was extended from March 29, 2016 in connection with the Third Amendment discussed below). On October 31, 2013, the Company amended the Credit Agreement to reduce the DDTL from up to $15.0 million to u p to $10.0 million and allow for an additional $5.0 million to be available for drawing as advances under the Revolving Line. On April 24, 2015, the Company entered into the Third Amendment to the Second Amended and Restated Credit Agreement (the “Third A mendment”). The Third Amendment extended the maturity date of the Revolving Line to March 29, 2018 and reduced the interest rates on the Revolving Line, Term Loan and DDTL. B orrowings under the Term Loan and the DDTL accrued interest at a rate based on ei ther the effective London Interbank Offered Rate (LIBOR) for certain interest periods selected by the Company, or a daily floating rate based on the British Bankers’ Association (BBA) LIBOR as published by Reuters (or other commercially available source pr oviding quotations of BBA LIBOR), plus in either case, a margin of 2.75 %. Additionally, t he Revolving Line accrued interest at a rate based on either the effective LIBOR for certain interest periods selected by the Company, or a daily floating rate based o n the BBA LIBOR, plus in either case, a margin of 2. 25 %. The Company was required to fix the rate of interest on at least 50% of the Term Loan and the DDTL through the purchase of interest rate swaps. The Term Loan and DDTL each have interest payments due at the end of the applicable LIBOR period, or monthly with respect to BBA LIBOR borrowings, and principal payments due quarterly. The Revolving Line has interest payments due at the end of the applicable LIBOR period, or monthly with respect to BBA LIBOR borrowings. On June 30, 2015, the Company entered into the Fourth Amendment to the Second Amended and Restated Credit Agreement, which amended the Company’s quarterly minimum fixed charge coverage financial covenant. On November 5, 2015, the Company ent ered into the Fifth Amendment to the Second Amended and Restated Credit Agreement, which eliminated the Company’s 2015 fourth quarter minimum fixed charge coverage financial covenant requirement. As part of the agreement, the maximum principal amount on th e Revolving Line was reduced to $10.0 million until June 30, 2016, at which time, the maximum principal amount will be restored to $25.0 million, as long as the Company remains in compliance with all covenants. On March 9, 2016 , the Company entered into the Sixth Amendment to the Second Amended and Restated Credit Agreement, which amended the principal payment amortization of the Term Loan and DDTL to five years, as well as amended the Company’s quarterly minimum fixed charge coverage financial covenant. The loans evidenced by the Credit Agreement, or the Loans, are guaranteed by all of the Company’s direct and indirect domestic subsidiaries, and secured by substantially all of the assets of the Company and the guarantors. The Loans are subject to restric tive covenants under the Credit Agreement, and financial covenants that require the Company and its subsidiaries to maintain certain financial ratios on a consolidated basis, including a maximum leverage, minimum fixed charge coverage and minimum working c apital. Prepayment of the Loans is allowed by the Credit Agreement at any time during the terms of the Loans. The Loans also contain limitations on the Company’s ability to incur additional indebtedness and requires lender approval for acquisitions funded with cash, promissory notes and/or other consideration in excess of $6.0 million and for acquisitions funded solely with equity in excess of $10.0 million. As of December 31, 2015 and December 31, 2014 , the C ompany had borrowings of $ 18.9 million and $ 21.5 million, respectively, outstanding under its Credit Agreement. As of December 31, 2015 , the Company was in compliance with all financial covenants contained in the Credit A greement, was subject to covenant and w orking capital borrowing restriction s and had available borrowing capacity under its Credit Agreement of $ 2.3 million. As of December 31, 2015 , the weighted effective interest rates , net of the impact of the Company’s interest rate swaps, on its Term Loan, DDTL and Revolving Line borrowings were 3.96% , 3.55% and 2.67% , respectively. As of December 31, 2015 and December 31, 2014 , the Company’s borrowings were comprised of: December 31, December 31, 2015 2014 (in thousands) Long-term debt: Term loan $ 6,750 $ 9,750 DDTL 5,500 7,500 Revolving line 6,650 4,200 Total debt 18,900 21,450 Less: current installments (2,450) (5,000) Long-term debt $ 16,450 $ 16,450 The aggregate amounts of debt maturing during the next five years are as follows: (in thousands) 2016 $ 2,450 2017 2,450 2018 14,000 2019 - 2020 - Total $ 18,900 |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 12 . Derivatives The Company uses interest -rate -related derivative instruments to manage its exposure related to changes in interest rates on its variable -rate debt instruments. The Company does not enter into derivative instruments for any purpose other than cash flow hedging. The Company does not speculate using derivative instruments. By using derivative financial instruments to hedge exposures to changes in interest rates, the Company exposes itself to credit risk and market risk. Credit risk is the f ailure of the counterparty to perform under the terms of the derivative contract. When the fair value of a derivative contract is positive, the counterparty owes the Company, which creates credit risk for the Company. When the fair value of a derivative co ntract is negative, the Company owes the counterparty and, therefore, the Company is not exposed to the counterparty’s credit risk in those circumstances. The Company minimizes counterparty credit risk in derivative instruments by entering into transaction s with carefully selected major financial institutions based upon their credit profile. Market risk is the adverse effect on the value of a derivative instrument that results from a change in interest rates. The market risk associated with interest -rat e contracts is managed by establishing and monitoring parameters that limit the types and degree of market risk that may be undertaken. The Company assesses interest rate risk by continually identifying and monitoring changes in interest rate exposures th at may adversely impact expected future cash flows and by evaluating hedging opportunities. The Company maintains risk management control systems to monitor interest rate risk attributable to both the Company’s outstanding or forecasted debt obligations as well as the Company’s offsetting hedge positions. The risk management control systems involve the use of analytical techniques, including cash flow sensitivity analysis, to estimate the expected impact of changes in interest rates on the Company’s future cash flows. The Company uses variable -rate London Interbank Offered Rate (LIBOR) debt to finance its operations. The debt obligations expose the Company to variability in interest payments due to changes in interest rates. Management believes that it is p rudent to limit the variability of a portion of its interest payments. To meet this objective, management enters into LIBOR based interest rate swap agreements to manage fluctuations in cash flows resulting from changes in the benchmark interest rate of LI BOR. These swaps change the variable -rate cash flow exposure on the debt obligations to fixed cash flows. Under the terms of the interest rate swaps, the Company receives LIBOR based variable interest rate payments and makes fixed interest rate payments, thereby creating the equivalent of fixed-rate debt for the notional amount of its debt hedged. In accordance with its Credit Agreement, the Company was required to fix the rate of interest on at least 50% of its Term Loan and the DDTL through the purchase of interest rate swaps. On June 5, 2013, the Company entered into an interest rate swap contract with an original notional amount of $15.0 million and a maturity date of March 29, 2018 in order to hedge the risk of changes in the effective benchmark inter est rate (LIBOR) associated with the Company’s Term Loan. On November 29, 2013, the Company entered into a second interest rate swap contract with an original notional amount of $5.0 million and a maturity date of March 29, 2018 in order to hedge the risk of changes in the effective benchmark interest rate (LIBOR) associated with the DDTL. The notional amount of the Company’s derivative instruments as of December 31, 2015 was $9 .5 million . The Term Loan swap contract effectively converted specific variable-rate debt into fixed-rate debt and fixed the LIBOR rate associated with the Term Loan at 0.96% plus a ba nk margin of 3.0% . The DDTL swap contract effectively converted specific variable-rate debt into fixed-rate debt an d fixed the LIBOR rate associated with the Term Loan at 0.93% plus a bank margin of 3.0% .The interest rate swap s were designated as cash flow hedge s in accordance with ASC 815, Derivatives and Hedging . The following table p resents the notional amount and fair value of the Company ’ s derivative instrument s as of December 31, 2015 and December 31, 2014 . December 31, 2015 December 31, 2015 Notional Amount Fair Value (a) Derivatives designated as hedging instruments under ASC 815 Balance sheet classification (in thousands) Interest rate swaps Other liabilities-non current $ 9,500 $ (10) December 31, 2014 December 31, 2014 Notional Amount Fair Value (a) Derivatives designated as hedging instruments under ASC 815 Balance sheet classification (in thousands) Interest rate swaps Other liabilities-non current $ 13,500 $ (18) (a) See Note 13 for the fair value measurements related to these financial instruments. All of the Company’s derivative instruments are designated as hedging instruments. The Company has structured its interest rate swap agreements to be 100% effective and as a result, there was no impact to earnings resulting from hedge ineffectiveness. Changes in the fair value of interest rate swaps designated as hedging instruments that effectively offset the variability of cash flows associate d with variable -rate, long -term debt obligations are reported in accumulated other comprehensive income (“AOCI”). These amounts subsequently are reclassified into interest expense as a yield adjustment of the hedged interest payments in the same period in which the related interest affects earnings. The Company’s interest rate swap agreement was deemed to be fully effective in accordance with ASC 815, and, as such, unrealized gains and losses related to these derivatives were recorded as AOCI. The followi ng table summarizes the effect of derivatives designated as cash flow hedging instruments and their classification within comprehensive loss for the years ended December 31, 2015 , 2014 and 2013 : Derivatives in Hedging Relationships Amount of gain or (loss) recognized in OCI on derivative (effective portion) Year Ended December 31, 2015 2014 2013 (in thousands) Interest rate swaps $ (85) $ (99) $ (116) The following table summarizes the reclassifications out of accumulated other comprehensive loss for the years ended December 31, 2015 , 2014 and 2013 : Details about AOCI Components Amount reclassified from AOCI into income (effective portion) Location of amount Year Ended December 31, reclassified from AOCI 2015 2014 2013 into income (effective portion) (in thousands) Interest rate swaps $ 93 $ 130 $ 67 Interest expense As of December 31, 2015 , $ 24,000 of deferred losses on derivative instruments accumulated in AOCI are expected to be reclassified to earnings during the next twelve months. Transactions and events expected to occur over the next twelve months that will necessitate reclassifying these derivatives’ losses to earnings include the repricing of variable -rate debt. There were no cash flow hedges discontinued during 2015 or 2014 . |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | 13 . Fair Value Measurements Fair value measurement is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. A fair value hierarchy is established, which prioritizes the inputs used in measuring fair value into three broad levels as follows: Level 1—Quoted prices in active markets for identical assets or liabilities. Level 2—Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly. Level 3—Unobservable inputs based on the Company’s own assumptions. The following table s present the fair value hierarchy for those liabili ties measured at fair value on a recurring basis: Fair Value as of December 31, 2015 (In thousands) Level 1 Level 2 Level 3 Total Liabilities: Interest rate swap agreements $ - $ 10 $ - $ 10 Fair Value as of December 31, 2014 (In thousands) Level 1 Level 2 Level 3 Total Liabilities: Interest rate swap agreements $ - $ 18 $ - $ 18 The Company uses the market approach technique to value its financial liabilities. The Company’s financial liabilities carried at fair value include derivative instruments used to hedge the Company’s interest rate risks. The fair value of the Company’s interest rate swap agreement s was based on LIBOR yield curves at the reporting date. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2015 | |
Leases Disclosure [Abstract] | |
Leases Disclosure [Text Block] | 14 . Leases The Company has noncancelable operating leases for office and warehouse space expiring at various dates through 2020 and thereafter. Rent expense, which is recorded on a straight-line basis, was $ 2.1 million, $ 1.7 million and $ 1.3 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. Future minimum lease payments for operating leases, with initial or remaining terms in excess of one year at December 31, 2015 , are as follows: Operating Leases (in thousands) 2016 $ 1,843 2017 1,749 2018 1,727 2019 1,526 2020 1,527 Thereafter 4,193 Net minimum lease payments $ 12,565 |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2015 | |
Accrued Liabilities Current [Abstract] | |
Accrued Expenses Disclosure [Text Block] | 15 . Accrued Expenses Accrued expenses consist of: December 31, 2015 2014 (in thousands) Accrued compensation and payroll $ 1,264 $ 1,824 Accrued professional fees 1,055 761 Accrued severance 132 626 Warranty costs 147 240 Other 1,423 1,001 Total $ 4,021 $ 4,452 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax [Abstract] | |
Income Taxes Disclosure [Text Block] | 16 . Income Tax Year Ended December 31, 2015 2014 2013 (in thousands) Current income tax expense (benefit): Federal and state $ (4) $ 27 $ 47 Foreign 677 424 413 673 451 460 Deferred income tax expense (benefit): Federal and state 15,598 1,793 (594) Foreign (840) (182) (154) 14,758 1,611 (748) Total income tax expense (benefit) $ 15,431 $ 2,062 $ (288) Income tax expense (benefit) for the years ended December 31, 2015 , 2014 and 2013 differed from the amount computed by applying the U.S. federal income tax rate of 34% to pre-tax continuing operations income as a result of the following: Year Ended December 31, 2015 2014 2013 (in thousands) Computed "expected" income tax (benefit) expense $ (1,227) $ 1,503 $ 147 Increase (decrease) in income taxes resulting from: Permanent differences, net 32 (93) 482 Foreign tax rate differential (12) (364) (64) State income taxes, net of federal income tax benefit 82 22 6 Non-deductible stock compensation expense (161) 67 1 Impact of prior year pension deductions - - (294) Impact of foreign rate change 89 - - Tax credits (169) (385) (615) Change in reserve for uncertain tax position 35 - - Impact of change to prior year tax accruals 370 - - Change in valuation allowance allocated to income tax expense (benefit) 16,401 1,346 31 Other (9) (34) 18 Total income tax expense (benefit) $ 15,431 $ 2,062 $ (288) Certain prior year amounts in the above table have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the Company’s consolidated financial statements. Income tax expense (benefit) is based on the following pre-tax income from continuing operations for the years ended December 31, 2015 , 2014 and 2013 : Year Ended December 31, 2015 2014 2013 (in thousands) Domestic $ (3,331) $ 1,846 $ (2,549) Foreign (277) 2,571 2,984 Total $ (3,608) $ 4,417 $ 435 The tax effects of temporary differences that give rise to significant components of the deferred tax assets and deferred tax liabilities from continuing operations at December 31, 2015 and 2014 are as follows: December 31, 2015 2014 (in thousands) Deferred tax assets: Accounts receivable $ 45 $ 45 Inventory 1,447 1,416 Operating loss and credit carryforwards 14,456 12,803 Accrued expenses 125 188 Pension liabilities 535 889 Contingent consideration 2,987 2,806 Tax credits on repatriation 1,728 - Other assets 2,079 1,832 Total gross deferred assets 23,402 19,979 Less: valuation allowance (18,823) (2,423) Deferred tax assets $ 4,579 $ 17,556 Deferred tax liabilities: Indefinite-lived intangible assets $ 4,593 $ 4,291 Definite-lived intangible assets 2,587 1,730 Property, plant and equipment - 27 Accrued tax liability on repatriation 1,728 - Other accrued liabilities 655 383 Total deferred tax liabilities 9,563 6,431 Net deferred tax (liabilities) assets $ (4,984) $ 11,125 The Company’s deferred tax assets in the table above as of December 31, 2015 and December 31, 2014, do not include reductions of $0.9 million and $0.2 million, respectively, related to excess tax benefits from the exercise of employee stock options that are a component of net operating losses as these benefits can only be recognized when the related tax deduction reduces income taxes payable. The amounts recorded as deferred tax assets as of December 31, 2015 and 2014 represent the amou nt of tax benefits of existing deductible temporary differences and carryforwards that are more likely than not to be realized through the generation of sufficient future taxable income within the carryforward period. Significant management judgment is req uired in determining any valuation allowance recorded against deferred tax assets and liabilities. During the year ended December 31, 2015 , the Company determined that it was more likely than not that its U.S. deferred tax assets would not be r e alized and therefore recorded a net increase to the valuation allowance of $16. 4 million to offset U.S. deferred tax assets net of deferred tax liabilities except for certain indefinite-lived intangible assets. The Company’s judgment was based on consider ation of all available evidence . At December 31, 2015 , the Company had federal and state net operating loss carryforwards available to offset f uture taxable income of approximately $ 29.6 million. The operating loss carryforwards will begin to expire in 2016. Furthermore, the Company had foreign operating loss carryforwards to offset future taxable income of approximately $ 7.2 million, which can b e carried forward indefinitely. The Company also had federal and state general business and minimum tax credit carryforwards available to reduce future federal and state regular income taxes of approximately $ 4.6 million, which begin to expire in 2016. App roximately $5.4 million of net operating losses are subject to an annual limitation of $0.7 million imposed by change in ownership provisions of Section 382 of the Internal Revenue Code. As mentioned above, these net operating loss and credit carryforwards have full valuation allowances set up against them. Undistributed earnings of the Company’s foreign subsidiaries amounted to approximately $48.7 million, $51.9 million, and $49.2 million at December 31, 2015 , 2014 and 2013 , respectively . At December 31, 2015 and 2014 , cash and cash equivalents held by the Company’s foreign subsidiaries was $5.7 million and $12.7 million, respectively. Funds held by the Company’s foreign subsidiaries are not available for do mestic operations unless the funds are repatriated. If the Company planned to or did repatriate these funds, then U.S. federal and state income taxes would have to be recorded on such amounts. The Company’s reinvestment determination is based on the future operational and capital requirements of its U.S. and non-U.S. operations. As of December 31, 2015 , the Company determined that the assertion of permanent reinvestment at its foreign subsidiaries in Canada and France was no longer appropriate and it intends to repatriate approximately $3.2 million. The total tax liability associated with the intention to repatriate undistributed earnings in Canada and France is estimated to be approximately $1.7 million, however the liability is expected to be ent irely offset by the foreign tax credits generated from the repatriation. The Company currently has no plans and does not intend to repatriate any of its undistributed foreign earnings in any other countries outside of Canada and France. These balances are considered permanently reinvested and will be used for foreign items including foreign acquisitions, capital investments, pension obligations and operations. It is impracticable to estimate the total tax liability, if any, which would be created by the fut ure distribution of these earnings. In October of 2014, the Company acquired all issued and outstanding shares of MCS, a German manufacturer, and utilized approximately $11.2 million of foreign cash on hand to do so. In January of 2015, the Company acquire d all issued and outstanding shares of HEKA, a manufacturer with operations in Germany and Canada, utilizing approximately $5.9 million of foreign cash on hand. In 2015 , the Company also used $0.3 million of foreign cash on hand for capital improve ments at AHN, a German manufacturer. (in thousands) Balance at December 31, 2013 $ 191 Additions based on tax positions of acquired entities 59 Balance at December 31, 2014 250 Additions based on tax positions of prior years 35 Balance at December 31, 2015 $ 285 The Company or one of its subsidiaries files income tax returns in the U.S. federal jurisdiction, and various states and foreign jurisdictions. With few exceptions, the Company is no longer subject to income tax examinations by tax authorities for years before 2011. During 2013, the Company closed its IRS audit for the 2009 and 2 010 tax years. There were no material adjustments. During 2014 the Company closed its audit for tax years 2009 and 2010 by the Massachusetts Department of Revenue with no mate rial adjustments. The Company’s Canadian subsidiary audit by the Canadi an Revenue Agency for the 2011 tax year was closed in February 2015 with no adjustments. During 2015, one of the Company’s German subsidiaries began an income tax audit. As of December 31, 2015, there were no material adjustments. In June 201 5, the Company’s acquired German subsidiary, HEKA, closed an income tax audit for 2008-2012 with no material adjustments. Also, HEKA began an income tax audit for tax years 2013-2014 in November 2015. As of December 31, 2015, no issues have been raised. The Company is not aware of any tax audits in other major jurisdictions. During 2013 , the Company spun off its Biostage subsidiary. All related carryforward tax attributes remained with Harvard Bioscience. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Employee Benefit Plans Disclosure [Abstract] | |
Employee Benefit Plans Disclosure [Text Block] | 17 . Employee Benefit Plans The Company sponsors profit sharing retirement plans for its U.S. employees, which includes employee savings plans established under Section 401(k) of the U.S. Internal Revenue Code (the “401(k) Plans”). The 401(k) Plans cover substantially all full-time employees who meet certain eligibility requirements. Contributions to the profit sharing retirement plans are at the discretion of management. For the years ended December 31, 2015 , 2014 and 2013 , the Company contributed approximately $0.5 million, $0.5 million and $0.6 million , respectively, to the 401(k) Plans. Certain of the Company’s subs idiaries in the United Kingdom, Harvard Apparatus Limited and Biochrom, maintain contributory, defin ed benefit or defined contribution pension plans for substantially all of their employees. As of December 31, 2014, the principal employer of the Harvard Apparatus Limited pension plan was changed from Harvard Apparatus Limited to Biochrom. As of December 31, 2014, these defined benefit pension plans were closed to new employees, as well as closed to the future accrual of benefits for existing employees. The provisions of FASB ASC 715-20 require that the funded status of the Company’s pension plans be rec ognized in its balance sheet. FASB ASC 715-20 does not change the measurement or income statement recognition of these plans, although it does require that plan assets and benefit obligations be measured as of the balance sheet date. The Company has histor ically measured the plan assets and benefit obligations as of the balance sheet date. The components of the Company’s defined benefit pension expense were as follows: Year Ended December 31, 2015 2014 2013 (in thousands) Components of net periodic benefit cost: Service cost $ - $ - $ 288 Interest cost 711 893 797 Expected return on plan assets (668) (649) (524) Net amortization loss 306 259 305 Curtailment gain - - (197) Net periodic benefit cost $ 349 $ 503 $ 669 The measurement date is December 31 for these plans. The funded status of the Company’s defined benefit pension plans and the amount recognized in the consolidated balance sheets at December 31, 2015 and 2014 is as follo ws: December 31, 2015 2014 (in thousands) Change in benefit obligation: Balance at beginning of year $ 21,170 $ 20,403 Interest cost 711 893 Participants' contributions - 5 Actuarial (gain) loss (1,360) 1,628 Benefits paid (1,021) (457) Currency translation adjustment (918) (1,302) Balance at end of year $ 18,582 $ 21,170 December 31, 2015 2014 (in thousands) Change in fair value of plan assets: Balance at beginning of year $ 16,724 $ 15,540 Actual return on plan assets 70 1,119 Participants' contributions - 5 Employer contributions 752 1,546 Benefits paid (1,021) (457) Currency translation adjustment (758) (1,029) Balance at end of year $ 15,767 $ 16,724 December 31, 2015 2014 (in thousands) Change in benefit obligation: Funded status $ (2,815) $ (4,446) Unrecognized net loss N/A N/A Net amount recognized $ (2,815) $ (4,446) The accumulated benefit obligation for all defined benefit pension plans was $ 18.6 million and $ 21.2 million at December 31, 2015 and 2014 , respectively. The amounts recognized in the consolidated balance sheets consist of: December 31, 2015 2014 (in thousands) Deferred income tax assets $ 535 $ 889 Other long term liabilities (2,815) (4,446) Net amount recognized $ (2,280) $ (3,557) The amounts recognized in accumulated other comprehensive loss , net of tax consist of: December 31, 2015 2014 (in thousands) Underfunded status of pension plans $ (2,280) $ (3,557) Net amount recognized $ (2,280) $ (3,557) The weighted average assumptions used in determining the net pension cost for these plans follows: Year Ended December 31, 2015 2014 2013 Discount rate 3.57% 4.43% 4.43% Expected return on assets 4.43% 4.15% 3.79% Rate of compensation increase 0.00% 0.00% 2.99% The discount rate assumptions used for pension accounting reflect the prevailing rates available on high-quality, fixed-income debt instruments with terms that match the average expected duration of the Company’s defined benefit pension plan obligations. The Company use s the iBoxx AA 15yr+ index, which matches the average duration of its pension plan liability of approximately 15 years. With the current base of assets in the pension plans, a 0.1% increase/decrease in the discount rate assumption would decr ease/increase annual pension expense by approximately $ 56,000 . The Company’s mix of pension plan investments among asset classes also affects the long-term expected rate of return on plan assets. As of December 31, 2015 , the Co mpany’s actual asset mix approximated its target mix. Differences between actual and expected returns are recognized in the calculation of net periodic pension (income)/cost over the average remaining expected future working lifetime, which is approximatel y 1 5 years, of active plan participants. With the current base of assets, a 0.1% increase/decrease in the asset return assumption would decrease/increase annual pension expense by approximately $ 16,000 . The fair value and asset alloca tions of the Company’s pension benefits as of December 31, 2015 and 2014 measurement dates were as follows: December 31, 2015 2014 (in thousands) Asset category: Equity securities $ 8,506 54% $ 8,145 49% Debt securities 7,103 45% 7,260 43% Cash and cash equivalents 158 1% 1,319 8% Total $ 15,767 100% $ 16,724 100% Financial reporting standards define a fair value hierarchy that consists of three levels. The fair values of the plan assets by fair value hierarchy level as of December 31, 2015 and 2014 is as follows: December 31, 2015 2014 (in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) $ 158 $ 1,319 Significant Other Observable Inputs (Level 2) 15,609 15,405 Significant Other Unobservable Inputs (Level 3) - - Total $ 15,767 $ 16,724 Level 1 assets consist of cash and cash equivalents held in the pension plans at December 31, 2015 . The Level 2 assets primarily consist of investments in private investment funds that are valued using the net asset values provided by the trust or fund, including an insurance contract. Although these funds are not traded in an active market with quoted prices, the investments underlying the net asset value are based on quoted prices. Level 3 assets consist of an investment in a longevity fund which invests in a portfolio of physical life insurance settlements that are valued using the net asset values provided by the fund. Since June 2011, the fund has been closed to all activity. Due to the illiquidity and inactivity of the fund, during the year en ded December 31, 2014, the Company wrote down its Level 3 investment by an additional $0.6 million, which reduced its value to $0. The following table presents a summary of changes in the Company’s Level 3 investments measured at fair value on a recurrin g basis: December 31, 2015 2014 (in thousands) Balance at beginning of year $ - $ 587 Purchases during the year - - Unrealized loss - (587) Balance at end of year $ - $ - The Company expects to contribute approximately $ 0.8 million to its pension plans during 2016 . The benefits expected to be paid from the pension plans are $ 0.6 million in 2016 , $ 0.6 million in 2017 , $ 0.5 million in 2018 , $ 0.7 million in 2019 and $ 0.6 million in 2020 . The expected benefits to be paid in the five years from 2021 —2025 are $ 4 million. The expected benefits are based on the same assumptions used to measure the Company’s benefit obligation at December 31, 2015 . |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 18 . Commitments and Contingent Liabilities From time to time, the Company may be involved in various claims and legal proceedings arising in the ordinary course of business. The Company is not currently a party to any such material claims or proceedings. |
Capital Stock
Capital Stock | 12 Months Ended |
Dec. 31, 2015 | |
Capital Stock Disclosure [Abstract] | |
Capital Stock Disclosure [Text Block] | 19 . Capital Stock Common Stock On February 5, 2008, the Company’s Board of Directors adopted a Shareholder Rights Plan and declared a dividend distribution of one preferred stock purchase right for each outstanding share of the Company’s common stock to shareholders of record as of the close of business on February 6, 2 008. Initially, these rights will not be exercisable and will trade with the shares of the Company’s common stock. Under the Shareholder Rights Plan, the rights generally will become exercisable if a person becomes an “acquiring person” by acquiring 20% or more of the common stock of the Company or if a person commences a tender offer that could result in that person owning 20% or more of the common stock of the Company. If a person becomes an acquiring person, each holder of a right (other than the acquiri ng person) would be entitled to purchase, at the then-current exercise price, such number of shares of preferred stock which are equivalent to shares of the Company’s common stock having a value of twice the exercise price of the right. If the Company is a cquired in a merger or other business combination transaction after any such event, each holder of a right would then be entitled to purchase, at the then-current exercise price, shares of the acquiring company’s common stock having a value of twice the ex ercise price of the right. Preferred Stock The Company’s Board of Directors has the authority to issue up to 5.0 million shares of preferred stock and to determine the price privileges and other terms of the shares. The Board of Directors may exercise th is authority without any further approval of stockholders. As of December 31, 2015 , the Company had no preferred stock issued or outstanding . Employee Stock Purchase Plan (as amended, the “ESPP”) In 2000, the Company approved the ESPP . Under thi s ESPP , participating employees can authorize the Company to withhold a portion of their base pay during consecutive six-month payment periods for the purchase of shares of the Company’s common stock. At the conclusion of the period, participating employee s can purchase shares of the Company’s common stock at 85% of the lower of the fair market value of the Company’s common stock at the beginning or end of the period. Shares are iss ued under the ESPP for the six-month periods ending June 30 and December 31. Under this plan, 750,000 shares of common stock are authorized for issuance of which 644,011 shares were issue d as of December 31, 2015 . During the years ended December 31, 2015 , 2014 and 2013 , the C ompany issued 58,823 shares, 57,848 shares and 56,938 , respectively, of the Company’s common stock under the ESPP. Stock Option Plans Third Amended and Restated 2000 Stock Option and Incentive Plan (as amended, the “Thi rd A&R Plan”) The Second Amendment to the Third A&R Plan (the “Amendment”) was adopted by the Board of Directors on April 3, 2015. Such Amendment was approved by the stockholders at the Company’s 2015 Annual Meeting of Stockholders . Pursuant to the Amendment, the aggregate number of shares authorized for issuance under the Third A&R Plan was increased by 2,500,000 shares to 17,508,929. Through December 31, 2015 , 2014 and 2013 , incentive stock options to purchase 10,218, 057 shares and non-qualified stock options to purchase 13,088,374, 12,143,374 and 11,028,074 shares, respectively, had been granted to employees and directors under the Stock Plans. Generally, both the incentive stock options and non -qualified stock option s become fully vested over a range of one to four-year periods. Restricted Stock Units with a Market Condition (the “Market Condition RSU’s”) On August 3, 2015, the Compensation Committee of the Board of Directors of the Company approved and granted defe rred stock awards of Market Condition RSU’s to members of the Company’s management team under the Third A&R Plan. The vesting of these Market Condition RSU’s is cliff-based and linked to the achievement of a relative total shareholder return of the Compan y’s common stock from August 3, 2015 to the earlier of ( i ) August 3, 2018 or (ii) upon a change of control (measured relative to the Russell 3000 index and based on the 20-day trading average price before each such date). As of December 31, 2015 , t he target number of these restricted stock units that may be earned is 196,785 shares; the maximum amount is 150% of the target number. Stock-Based Payment Awards The Company accounts for stock-based payment awards in accordance with the provisions of F ASB ASC 718, which requires it to recognize compensation expense for all stock-based payment awards made to employees and directors including stock options, restricted stock units, Market Condition RSU’s and employee stock purchases related to the ESPP. F ASB ASC 718 requires companies to estimate the fair value of stock-based payment awards, except restricted stock units, on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recogni zed as expense over the requisite service periods in its consolidated statements of operations. The Company values stock-based payment awards, except restricted stock units, using the Black-Scholes option-pricing mo del. The Company values the Market Condition RSU’s using a Monte-Carlo valuation simulation. The determination of fair value of stock-based payment awards on the date of grant using an option-pricing model or Monte-Ca rlo valuation simulation is affected by its stock price as well as assumptions regarding certain variables . These variables include, but are not limited to its expected stock price volatility over the term of the awards and actual and projected stock optio n exercise behaviors. The Company records stock compensation expense on a straight-line basis over the requisite service period for all awards granted since the adoption of FASB ASC 718. Earnings per share Basic earnings per share is based upon net income divided by the number of weighted average common shares outstanding during the period. The calculation of diluted earnings per share assumes conversion of stock options, restricted stock units and Market Condition RSU’s into common stock using the treasury method. The weighted av erage number of shares used to compute basic and diluted earnings per share consists of the following: Year Ended December 31, 2015 2014 2013 Basic 33,592,775 32,170,683 30,384,010 Effect of assumed conversion of employee and director stock options, restricted stock units and Market Condition RSU's - 1,065,886 1,529,789 Diluted 33,592,775 33,236,569 31,913,799 Stock Options Restricted Stock Units Market Condition RSU's Weighted Stock Average Restricted Market Options Exercise Stock Units Grant Date Condition RSU's Grant Date Outstanding Price Outstanding Fair Value Outstanding Fair Value Balance at December 31, 2012 8,078,509 $ 4.25 677,193 $ 3.97 - $ - Granted 3,349,052 4.44 259,931 4.62 - - Exercised (3,410,483) 3.20 - - - - Vested (RSUs) - - (281,650) - - - Cancelled / forfeited (1,326,233) 5.26 (191,501) 4.07 - - Balance at December 31, 2013 6,690,845 3.42 463,973 4.32 - - Granted 1,115,300 4.18 116,400 4.12 - - Exercised (695,173) 3.08 - - - - Vested (RSUs) - - (233,098) - - - Cancelled / forfeited (847,860) 4.67 (40,878) 4.36 - - Balance at December 31, 2014 6,263,112 3.42 306,397 4.30 - - Granted 945,000 5.31 254,685 5.56 196,785 4.81 Exercised (1,772,062) 3.04 - - - - Vested (RSUs) - - (237,188) - - - Cancelled / forfeited (413,864) 4.15 (10,335) 5.56 (11,247) 4.81 Balance at December 31, 2015 5,022,186 $ 3.85 313,559 $ 5.29 185,538 $ 4.81 For 2013 and included in the table above are grants of 1,715,164 options and 135,650 restricted stock units related to the spin-off of Biostage . Pursuant to the spin-off, share amounts and exercise prices of Harvard Bioscience options, as well as share amounts of Harvard Bioscience restricted stock units were adjusted so that the intrinsic value held by the holder pertaining to the existing option or award was maintained immediately following the spin-off. The Company’s po licy is to issue stock available from its registered but unissued stock pool through its transfer agent to satisfy stock option exercises and vesting of the restricted stock units. The following table summarizes information concerning currently outstandi ng and exercisable options as of December 31, 2015 (Aggregate Intrinsic Value, in thousands): Options Outstanding Options Exercisable Weighted Weighted Average Weighted Average Weighted Range of Shares Remaining Average Aggregate Shares Remaining Average Aggregate Exercise Outstanding at Contractual Life Exercise Intrinsic Exercisable at Contractual Life Exercise Intrinsic Price Dec. 31, 2015 in Years Price Value Dec. 31, 2015 in Years Price Value $ 2.02-2.42 505,949 3.25 $ 2.21 $ 637 505,949 3.25 $ 2.21 $ 637 2.43-2.58 621,136 6.42 2.56 565 472,617 6.42 2.56 430 2.59-3.59 369,758 4.27 3.04 159 292,758 2.80 3.04 126 3.60-3.68 529,191 7.41 3.64 - 271,884 7.41 3.64 - 3.69-4.07 592,477 4.85 3.98 - 581,227 4.78 3.98 - 4.08-4.17 700,375 8.41 4.12 - 165,625 8.41 4.12 - 4.18-4.26 71,500 8.66 4.21 - 19,750 8.58 4.21 - 4.27-4.41 750,000 7.88 4.31 - 125,000 7.88 4.31 - 4.42-5.51 596,800 9.11 5.36 - 29,309 8.68 4.79 - 5.52-5.63 285,000 9.42 5.56 - - - - - $ 2.02-5.63 5,022,186 6.88 $ 3.85 $ 1,361 2,464,119 5.32 $ 3.23 $ 1,193 The aggregate intrinsic value in the preceding table represents the total pre-tax intrinsic value, based on the Company’s closing stock price of $ 3.47 as of December 31, 2015 , which would have been received by the option holders had all option holders exercised their options as of that date. T he aggregate in trinsic value of options exercised for the years ended December 31, 2015 , 2014 and 2013 was approximately $ 0.8 million, $ 1.8 million and $ 5.1 million , respectively. The to tal number of in-the-money options that were exercisable as of December 31, 2015 was 1,196,226 . For the year ended December 31, 2015 , the total compensation costs related to unvested awards not yet recognized is $ 4.2 million and the weighted average period over which it is expected to be recognized is 2.3 years. Valuation and Expense Information under Stock-Based-Payment Accounting Stock-based compensation expense related to stock option s, restricted stock units, Market Condition RSU’s and the employee stock purchase plan for the years ended December 31, 2015 , 2014 and 2013 was allocated as follows: Year Ended December 31, 2015 2014 2013 (in thousands) Cost of revenues $ 70 $ 132 $ 131 Sales and marketing 418 343 223 General and administrative 2,170 1,620 2,200 Research and development 97 61 45 Discontinued operations - - 71 Total stock-based compensation $ 2,755 $ 2,156 $ 2,670 On April 28, 2015, the Company announced the appointment of James Green to its Board of Directors and the retirement of Robert Dishman from its Board of Directors . As part of Dr. Dishman’s retirement, the Company ( i ) awarded an unrestricted stock award to Dr. Dishman on April 28, 2015, having an aggregate cash value of $80,000, (ii) accelerated the vesting of all outstanding stock options and restricted stock units that were unvested as of April 28, 2015, and (iii) extended the post-retirement option exercise period for each option to the earlier to occur of the respective scheduled expiration date or April 28, 2016. Total compensation expense recognized as part of general and administrative expenses for the year ended December 31, 2015 , as part of these modifications, was approximately $0.1 million. The Company did not capitalize any stock-based compensation. The weighted-average estimated fair value per share of stock options granted during 2015 , 2014 and 2013 was $ 2.12 , $ 2.18 and $ 2.41 , respectively, using the Black Scholes option-pricing model with the following weighted-average assumptions: Year Ended December 31, 2015 2014 2013 Volatility 40.97 % 55.78 % 57.18 % Risk-free interest rate 1.72 % 1.80 % 1.42 % Expected holding period (in years) 5.50 years 5.76 years 5.67 years Dividend yield - % - % - % The weighted average fair value of the Market Condition RSU’s granted under the Third A&R Plan during the year ended December 31, 2015 was $ 4.81 . The following assumptions were used to estimate the fair value , using a Monte-Carlo valuation simulation, of the Market Condition RSU’s granted during the year ended December 31, 2015 : Year Ended December 31, 2015 Volatility 35.88 % Risk-free interest rate 0.99 % Correlation coefficient 0.25 % Dividend yield - % The Company used historical volatility to calculate the expected volatility as of December 31, 2015 . Historical volatility was determined by calculating the mean reversion of the daily adjusted closing stock price. The risk-free interest rate assumption is based upon observed U.S. Treasury bill interest rates (risk-free) appropriate for the term of the Co mpany’s stock options. The expected holding period of stock options represents the period of time options are expected to be outstanding and were based on historical experience. The vesting period ranges from one to four years and the contractual life is t en years. Stock-based compensation expense recognized in the consolidated statement s of operations for the years ended December 31, 2015 , 2014 and 2013 is based on awards ultimately expected to vest and has be en reduced for annual ized estimated forfeitures of 8.06% , 7.05% and 6.54% , respectively. Stock-based-payment accounting requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitur es differ from those estimates. Forfeitures were estimated based on historical experience. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | 20 . Related Party Transactions As part of the acquisitions of MCS and TBSI, the Company signed lease agreements with the former owners of the acquired companies. The principals of such former owners were employees of the Com pany as of December 31, 2015 . Pursuant to a lease agreement , the Company incurred rent expense of approximately $ 0.2 million and $ 62,000 to the former owners of MCS for the years ended December 31, 2015 and 2014 , respectively . Pursuant to a lease agreement , the Company incurred rent expense of approximately $ 42,000 and $ 11,000 to the former owner of TBSI for the years ended December 31, 2015 and 2014 , respectively . |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2015 | |
Segment and Related Information Disclosure [Abstract] | |
Segment Reporting Disclosure [Text Block] | 21 . Segment and Related Information Operating segments are determined by products and services provided by each segment, internal organization structure, the manner in which operations are managed, criteria used by the C hief Operating Decision Maker, or CODM, to assess the segment performance, as well as resource allocation and the availability of discrete financial information. Following the spin-off of Biostage , the Company’s former Regenerative Medicine Device segment, the Company has one operati ng segment. As such, segment results and consolidated results are the same. The following tables summarize selected financial information of the Company’s continuing operations by geographic location: Revenues originating from the following geographic areas consist of: Year Ended December 31, 2015 2014 2013 (in thousands) United States $ 64,766 $ 63,727 $ 63,810 Germany 15,755 8,240 5,751 United Kingdom 18,051 24,754 23,123 Rest of the world 10,092 11,942 12,487 Total revenues $ 108,664 $ 108,663 $ 105,171 Long-lived assets by geographic area consist of the following: December 31, 2015 2014 (in thousands) United States $ 13,610 $ 14,335 Germany 7,817 6,981 United Kingdom 1,440 1,698 Rest of the world 3,907 3,329 Total long-lived assets (1) $ 26,774 $ 26,343 (1) Total long-lived assets includes property, plant and equipment, net and amortizable intangible assets, net. Net assets by geographic area consist of the following: December 31, 2015 2014 (in thousands) United States $ 22,312 $ 43,556 Germany 18,512 18,516 United Kingdom 17,908 15,607 Rest of the world 18,866 17,789 Total net assets $ 77,598 $ 95,468 |
Allowance for Doubtful Debts
Allowance for Doubtful Debts | 12 Months Ended |
Dec. 31, 2015 | |
Allowance For Doubtful Debts Disclosure [Abstract] | |
Allowance For Doubtful Debts Disclosure [Text Block] | 22 . Allowance for Doubtful Accounts Allowance for doubtful accounts is based on the Company’s assessment of the collectability of customer accounts . A rollforward of allowance for doubtful accounts is as follows: Charged (credited) to Beginning Bad Debt Charged to Ending Balance Expense (Recoveries) Allowance (1) Other (2) Balance (in thousands) Year ended December 31, 2013 $ 194 172 (8) - $ 358 Year ended December 31, 2014 $ 358 (67) 56 (19) $ 328 Year ended December 31, 2015 $ 328 (4) 4 (18) $ 310 (1) Consists of accounts written off, net of recoveries. (2) Consists of the effect of currency translation. |
Warranties
Warranties | 12 Months Ended |
Dec. 31, 2015 | |
Warranties Disclosure [Abstract] | |
Warranties Disclosure [Text Block] | 23 . Warranties Warranties are estimated and accrued at the time revenues are recorded. A rollforward of the Company’s product warranty accrual is as follows: Beginning Additions/ Ending Balance Payments (Credits) Balance (in thousands) Year ended December 31, 2013 $ 222 (179) 262 $ 305 Year ended December 31, 2014 $ 305 (102) 49 $ 252 Year ended December 31, 2015 $ 252 (81) (24) $ 147 |
Quarterly Financial Information
Quarterly Financial Information (unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information (unaudited) Disclosure [Text Block] | 24 . Quarterly Financial Information (unaudited) Statement of Operations Data: First Second Third Fourth Fiscal 2015 Quarter Quarter Quarter Quarter Year (in thousands, except per share data) Revenues $ 25,763 $ 28,800 $ 25,731 $ 28,370 $ 108,664 Cost of revenues 14,285 16,205 14,005 15,446 59,941 Gross profit 11,478 12,595 11,726 12,924 48,723 Total operating expenses 12,628 12,496 12,501 12,811 50,436 Operating (loss) income (1,150) 99 (775) 113 (1,713) Other expense, net (614) (526) (321) (434) (1,895) (Loss) income before income taxes (1,764) (427) (1,096) (321) (3,608) Income tax (benefit) expense (363) (776) (249) 16,819 15,431 Net (loss) income $ (1,401) $ 349 $ (847) $ (17,140) $ (19,039) (Loss) earnings per share: Basic (loss) earnings per common share $ (0.04) $ 0.01 $ (0.02) $ (0.51) $ (0.57) Diluted (loss) earnings per common share $ (0.04) $ 0.01 $ (0.02) $ (0.51) $ (0.57) Statement of Operations Data : First Second Third Fourth Fiscal 2014 Quarter Quarter Quarter Quarter Year (in thousands, except per share data) Revenues $ 25,893 $ 26,958 $ 25,448 $ 30,364 $ 108,663 Cost of revenues 14,132 14,680 14,006 16,501 59,319 Gross profit 11,761 12,278 11,442 13,863 49,344 Total operating expenses 10,427 10,540 10,017 11,742 42,726 Operating income 1,334 1,738 1,425 2,121 6,618 Other expense, net (315) (468) (469) (949) (2,201) Income before income taxes 1,019 1,270 956 1,172 4,417 Income tax expense 300 248 323 1,191 2,062 Net income (loss) $ 719 $ 1,022 $ 633 $ (19) $ 2,355 Earnings per share: Basic earnings per common share $ 0.02 $ 0.03 $ 0.02 $ - $ 0.07 Diluted earnings per common share $ 0.02 $ 0.03 $ 0.02 $ - $ 0.07 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 25 . Subsequent Events On March 9 , 2016, the Company entered into an agreement with its lenders which amended the principal payment amortization of the Term Loan and DDTL to five years , as well as amended the Company’s quarterly minimum fixed charge coverage financial covenant. Refer to footnote 11 for additional details. |
Summary of Significant Accounti
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Principles of Consolidation [Policy Text Block] | (a) Principles of Consolidation The consolidated financial statements include the accounts of Harvard Bioscience, Inc. and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates [Policy Text Block] | (b) Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires the use of management estimates. Such estimates include the determination and establishment of certain accruals and provisions, including those for invent ory excess and obsolescence, income tax and reserves for bad debts. In addition, certain estimates are required in order to determine the value of assets and liabilities associated with acquisitions, as well as the Company’s defined benefit pension obligations . Estimates are also required to e valuate the value and recoverability of existing long-lived and intangible assets, including goodwill. On an ongoing basis, the Company reviews its estimates based upon currently available information. Actual results could differ materially from those esti mates. |
Cash and Cash Equivalents [Policy Text Block] | (c) Cash and Cash Equivalents For purposes of the consolidated balance sheets and statements of cash flows, the Company considers all highly liquid instruments with original maturities of three months or less to be cash equivalents. |
Allowance for Doubtful Accounts [Policy Text Block] | (d) Allowance for Doubtful Accounts Allowance for doubtful accounts is based on the Company’s assessment of collectability of customer accounts. The Company regularly reviews the allowance by considering factors such as historical experience, credit quality, age of the accounts receivable balances and other factors that may affect a customer’s ability to pay. |
Inventories [Policy Text Block] | (e) Inventories The Company values its inventories at the lower of the actual cost to purchase (first-in, first-out method) and/or manufacture the in ventories or the current estimated market value of the inventories. The Company regularly reviews inventory quantities on hand and records a provision to write down excess and obsolete inventories to its estimated net realizable value if less than cost, ba sed primarily on historical inventory usage and estimated forecast of product demand. |
Property, Plant and Equipment [Policy Text Block] | (f) Property, Plant and Equipment Property, plant and equipment are stated at cost and depreciated using the straight-line method over the estimated useful lives of th e assets as follows: Buildings 40 years Machinery and equipment 3 - 10 years Computer equipment and software 3 - 7 years Furniture and fixtures 5 - 10 years Automobiles 3 - 6 years Property and equipment held under capital leases and leasehold improvements are amortized using the straight line method over the shorter of the lease term or estimated useful life of the asset. |
Catalog Costs [Policy Text Block] | (g) Catalog Costs Significant costs of product catalog design, development and production are capitalized and amortized over the expected useful life of the catalog (usually one to three years). |
Income Taxes [Policy Text Block] | (h) Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and l iabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to be applied to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is more than 5 0% likely of being realized. Changes in recognition are reflected in the period in which the judgement occurs. |
Foreign Currency Transaction [Policy Text Block] | ( i ) Foreign Currency Translation The functional currency of the Company’s foreign subsidiaries is generally their local currency. All assets and liabilities of its foreign subsidiaries are translated at exchange rates in effect at period-end. Income and expenses are translated at rates which approximate those in effect on the transaction dates. The resulting translation adjustment is recorded a s a separate component of stockholders’ equity in accumulated other comprehensive (loss) income (“AOCI”) in the consolidated balance sheets. Gains and losses resulting from foreign currency transactions are included in net (loss) income. |
Earnings Per Share [Policy Text Block] | (j) Earnings per Share Basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the periods presented. The computation of diluted earnings per share is similar to the computation of basic earn ings per share, except that the denominator is increased for the assumed exercise of dilutive options and other potentially dilutive securities using the treasury stock method unless the effect is antidilutive. Since the Company is reporting discontinued o perations, it used income from continuing operations as the control number in determining whether those potential dilutive securities are dilutive or antidilutive. |
Comprehensive Income Loss [Policy Text Block] | (k) Comprehensive (Loss) Income The Company follows the provisions of Financial Accountin g Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 220, “Comprehensive Income”. FASB ASC 220 requires companies to report all changes in equity during a period, resulting from net (loss) income and transactions from non-owner sources, in a financial statement in the period in which they are recognized. The Company has chosen to disclose comprehensive (loss) income, which encompasses net (loss) income, foreign currency translation adjustments, gains and losses on derivatives, the underfunde d status of its pension plans, and pension minimum additional liability adjustments, net of tax, in the consolidated statements of comprehensive (loss) income. |
Revenue Recognition [Policy Text Block] | (l) Revenue Recognition The Company follows the provisions of FASB ASC 605, “Revenue Recognit ion”. The Company recognizes product revenues when persuasive evidence of a sales arrangement exists, the price to the buyer is fixed or determinable, delivery has occurred, and collectability of the sales price is reasonably assured. Sales of some of its products include provisions to provide additional services such as installation and training. Revenues on these products are recognized when the additional services have been performed. Service agreements on its equipment are typically sold separately from the sale of the equipment. Cash received prior to rendering of the service on these contracts is recorded as deferred revenue and the revenues are recognized ratably over the life of the agreement, typically one year, in accordance with the provisions of FASB ASC 605-20, “Revenue Recognition—Services”. The Company accounts for shipping and handling fees and costs in accordance with the provisions of FASB ASC 605-45-45, “Revenue Recognition—Principal Agent Considerations”, which requires all amounts charged to customers for shipping and handling to be classified as revenues. The costs incurred related to shipping and handling is classified as cost of product revenues. Warranties and product returns are estimated and accrued for at the time sales are recorded. The Company has no obligations to customers after the date products are shipped or installed, if applicable, other than pursuant to warranty obligations and service or maintenance contracts. The Company provides for the estimated amount of future returns upon shipment of products or installation, if applicable, based on histor ical experience. |
Intangible Assets Finite Lived [Policy Text Block] | (m) Valuation of Identifiable Intangible Assets Acquired in Business Combinations The determination of the fair value of intangible assets, which represents a significant portion of the purchase price in the Company’s acquisitions, requ ires the use of significant judgment with regard to ( i ) the fair value; and (ii) whether such intangibles are amortizable or not amortizable and, if the former, the period and the method by which the intangibles asset will be amortized. The Company estimat es the fair value of acquisition-related intangible assets principally based on projections of cash flows that will arise from identifiable assets of acquired businesses. The projected cash flows are discounted to determine the present value of the assets at the dates of acquisitions. At December 31, 2015 , amortizable intangible assets include existing technology, trade names, distribution agreements, customer relationships and patents. These amortizable intangible assets are amortized on a straight -line basis over 7 to 15 years, 10 to 15 years, 4 to 5 years, 5 to 15 years and 5 to 15 years, respectively. |
Goodwill and Other Intangible Assets [Policy Text Block] | (n) Goodwill and Other Intangible Assets Goodwill and unamortizable intangible assets acquired in a business combination and determined to have an indefinite useful life are not amortized, but instead are tested for impairment annually or more frequently if events or changes in circumstances indicate that the asset might be impaired, in accordance with the provisions of FASB ASC 350, “Intangibles—Goodwill and Other”. For the purpose of its goodwill analysis, the Company has one reporting unit. The Company conducted its annual impairment analysis in the fourth quarter of f iscal year 2015 . The goodwill impairment test is a two-step process. The first step of the impairment analysis compares the Company’s fair value to its carrying value to determine if there is any indication of impairment. Step two of the analysis c ompares the implied fair value of goodwill to its carrying amount in a manner similar to a purchase price allocation for business combination. If the carrying amount of goodwill exceeds its implied fair value, an impairment loss is recognized equal to that excess. For indefinite-lived intangible assets if the carrying amount exceeds the fair value of the asset, the Company would write down the indefinite-lived intangible asset to fair value. At December 31, 2015 , the fair value of the Company significantly exceeded the carrying value. The Company concluded that none of its goodwill was impaired. The Company evaluates indefinite-lived intangible assets for impairment annually and when events occur or circumstances change that may reduce the fair value of the asset below its carrying amount. Events or circumstances that might require an interim evaluation include unexpected adverse business conditions, econo mic factors, unanticipated technological changes or competitive activities, loss of key personnel and acts by governments and courts. At December 31, 2015 , the Company concluded that none of its indefinite-lived intangible assets were impaired. |
Impairment Of Long-Lived Assets [Policy Text Block] | ( o) Impairment of Long-Lived Assets The Company assesses recoverability of its long-lived assets that are held for use, such as property, plant and equipment and amortizable intangible assets in accordance with FASB ASC 360, “Property, Plant and Equipment ” when events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. Recoverability of assets or an asset group to be held and used is measured by a comparison of the carrying amount of an asset or asset group to estimated undiscounted future cash flows expected to be generated by the asset or the asset group. Cash flow projections are based on trends of historical performance and management’s estimate of future performance. If the carrying amount of the asset or asset group exceeds the estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset or asset group exceeds its estimated fair value. At December 31, 2015 , the Company conclu ded that none of its long-lived assets were impaired. |
Derivatives [Policy Text Block] | (p) Derivatives The Company uses interest-rate-related derivative instruments to manage its exposure related to changes in interest rates on its variable-rate debt instruments. The Company does not e nter into derivative instruments for any purpose other than cash flow hedging. The Company does not speculate using derivative instruments. The Company recognizes all derivative instruments as either assets or liabilities in the balance sheet at their resp ective fair values. For derivatives designated in hedging relationships, changes in the fair value are either offset through earnings against the change in fair value of the hedged item attributable to the risk being hedged or recognized in AOCI, to the ex tent the derivative is effective at offsetting the changes in cash flows being hedged until the hedged item affects earnings. The Company only enters into derivative contracts that it intends to designate as a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (cash flow hedge). For all hedging relationships, the Company formally documents the hedging relationship and its risk-management objective and strategy for underta king the hedge, the hedging instrument, the hedged transaction, the nature of the risk being hedged, how the hedging instrument’s effectiveness in offsetting the hedged risk will be assessed prospectively and retrospectively, and a description of the metho d used to measure ineffectiveness. The Company also formally assesses, both at the inception of the hedging relationship and on an ongoing basis, whether the derivatives that are used in hedging relationships are highly effective in offsetting changes in cash flows of hedged transactions. For derivative instruments that are designated and qualify as part of a cash flow hedging relationship, the effective portion of the gain or loss on the derivative is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Gains and losses on the derivative representing either hedge ineffectiveness or hedge components excluded from the assessment of effectivenes s are recognized in current earnings. The Company discontinues hedge accounting prospectively when it determines that the derivative is no longer effective in offsetting cash flows attributable to the hedged risk, the derivative expires or is sold, term inated, or exercised, the cash flow hedge is de-designated because a forecasted transaction is not probable of occurring, or management determines to remove the designation of the cash flow hedge. In all situations in which hedge accounting is discontinue d and the derivative remains outstanding, the Company continues to carry the derivative at its fair value on the balance sheet and recognizes any subsequent changes in its fair value in earnings. When it is probable that a forecasted transaction will not o ccur, the Company discontinues hedge accounting and recognizes immediately in earnings gains and losses that were accumulated in other comprehensive income related to the hedging relationship. |
Fair Value of Financial Instruments [Policy Text Block] | (q) Fair Value of Financial Instruments The carrying values of the Company’s cash and cash equivalents, trade accounts receivable and trade accounts payable and short-term debt approximate their fair values because of the short maturities of those instruments. The fair value of the Company’s long-term debt approxim ates its carrying value and is based on the amount of future cash flows associated with the debt discounted using current borrowing rates for similar debt instruments of comparable maturity. Financial reporting standards define a fair value hierarchy that consists of three levels: Level 1 includes instruments for which quoted prices in active markets for identical assets or liabilities accessible to the Company at the measurement date. Level 2 includes instruments for which the valuations are based on quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities. Level 3 includes valuations based on inputs that are unobservable and significant to the overall fair value measurement. |
Share-based Compensation [Policy Text Block] | (r) Stock-based Compensation The Company accounts for stock-based payment awards in accordance with the provisions of FASB ASC 718, “Compensation—Stock Compensation”, which requires it to recognize compensation expense for all stock-based payment awards made to employees and directors including stock options, restricted stock units, restricted stock units with a market condition and em ployee stock purchases (“employee stock purchases”) related to its Employee Stock Purchase Plan (as amended, the “ESPP”). The Company issues new shares upon stock option exercises, upon vesting of restricted stock units and restricted stock units with a ma rket condition, and under the Company’s ESPP. Stock-based compensation expense recognized is based on the value of the portion of stock-based payment awards that is ultimately expected to vest and has been reduced for estimated forfeitures. The Company va lues stock-based payment awards, except restricted stock units at grant date using the Black-Scholes option-pricing model (“Black-Scholes model”). The Company values restricted stock units with a market condition using a Monte-Carlo valuation simulation. T he determination of fair value of stock-based payment awards on the date of grant using an option-pricing model or Monte-Carlo valuation simulation is affected by its stock price as well as assumptions regarding certain va riables. These variables include, but are not limited to its expected stock price volatility over the term of the awards and actual and projected stock option exercise behaviors. The fair value of restricted stock units are based on the market price of th e Company’s stock on the date of grant and are recorded as compensation expense ratably over the applicable service period, which ranges from one to four years. Unvested restricted stock units are forfeited in the event of termination of employment with th e Company. Stock-based compensation expense recognized under FASB ASC 718 for the years ended December 31, 2015 , 2014 and 2013 consisted of stock-based compensation expense related to stock options, the employee stock purc hase plan, and the restricted stock units and was recorded as a component of cost of product revenues, sales and marketing expenses, general and administrative expenses, research and development expenses and discontinued operations. Refer to footnote 19 fo r further details. |
Recently Issued Accounting Pronouncements [Abstract] | |
Recently Issued Accounting Pronouncements Disclosure [Text Block] | (s) Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, “Revenue from Contracts with Customers,” a new accounting standard that provides for a comprehensive model to use in the accounting for revenue arising from contracts with customers that will replace most existing revenue recognition guidance within generally accepted accounting principles in th e United States. Under this standard, revenue will be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or servi ces. At its July 2015 meeting, the FASB agreed to defer the mandatory effective date of ASU 2014-09 one year. Under the one year deferral, the standard will take effect in 2018 for calendar year-end public entities. The Company is assessing the new standar d and has not yet determined the impact to the consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs . The update requires de bt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability, instead of being presented as an asset. Debt disclosures will include the face amoun t of the debt liability and the effective interest rate. The update requires retrospective application and represents a change in accounting principle. The update is effective for fiscal years beginning after December 15, 2015. Early adoption is permitted for financial statements that have not been previously issued. The Company believes the adoption of this new guidance will not have a material impact on its consolidated financial position or results of operations. In July 2015, the FASB issued ASU 2015-11, Simplifying Measurement of Inventory . The update requires measurement of most inventory “at the lower of cost and net realizable value”, and applies to all entities that recognize inventory within the scope of ASC 330, except for invent ory measured under the last-in, first-out (LIFO) method or the retail inventory method (RIM). ASU 2015-11 requires prospective application and represents a change in accounting principle. The update is effective for fiscal years beginning after December 15 , 2016. Early adoption is permitted for financial statements that have not been previously issued. The Company is evaluating the impact of ASU 2015-11 on its consolidated financial statements and the possibility of early adoption by the Company. In Septe mber 2015, the FASB issued ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments . The update eliminates the requirement to retrospectively adjust financial statements for measurement-period adjustments that occur in periods after a bus iness combination. Under the update, measurement-period adjustments are to be calculated as if they were known at the acquisition date, but are recognized in the reporting period in which they are determined. Additional disclosures are required about the i mpact on current-period earnings. ASU 2015-16 requires prospective application to adjustments of provisional amounts that occur after the effective date. The update is effective for fiscal years beginning after December 15, 2016. Early adoption is permitt ed for financial statements that have not been previously issued. The Company is evaluating the impact of ASU 2015-16 on its consolidated financial statements and the possibility of early adoption by the Company. In November 2015, the FASB issued ASU 2015 -17, Balance Sheet Classification of Deferred Taxes . The update requires all deferred income taxes to be presented on the balance sheet as noncurrent. The new guidance is intended to simplify financial reporting by eliminating the requirement to classify d eferred taxes between current and noncurrent. The update is effective for fiscal years beginning after December 15, 2016. Early adoption is permitted at the beginning of an interim or annual period. The Company is evaluating the impact of ASU 2015-17 on i ts consolidated financial statements and the possibility of early adoption by the Company. In February 2016, the FASB issued ASU 2016-02, Leases , which is intended to improve financial reporting about leasing transactions. The update requires a lessee to record on the balance sheet the assets and liabilities for the rights and obligations created by lease terms of more than 12 months. The update is effective for fiscal years beginning after December 15, 2018. The Company is evaluating the impact of ASU 201 6-02 on its consolidated financial statements. |
Summary of Significant Accoun36
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Property Plant And Equipment Useful Life [Table Text Block] | Buildings 40 years Machinery and equipment 3 - 10 years Computer equipment and software 3 - 7 years Furniture and fixtures 5 - 10 years Automobiles 3 - 6 years |
Accumulated Other Comprehensi37
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accumulated Other Comprehensive Income [Abstract] | |
Accumulated Other Comprehensive Income [Table Text Block] | Foreign currency Derivatives translation qualifying as Defined benefit (in thousands) adjustments hedges pension plans Total Balance at December 31, 2013 $ 1,283 $ (49) $ (3,878) $ (2,644) Other comprehensive (loss) income before reclassifications (5,941) (99) 114 (5,926) Amounts reclassified from AOCI - 130 207 337 Net other comprehensive (loss) income (5,941) 31 321 (5,589) Balance at December 31, 2014 $ (4,658) $ (18) $ (3,557) $ (8,233) Other comprehensive (loss) income before reclassifications (4,936) (85) 1,029 (3,992) Amounts reclassified from AOCI - 93 248 341 Other comprehensive (loss) income (4,936) 8 1,277 (3,651) Balance at December 31, 2015 $ (9,594) $ (10) $ (2,280) $ (11,884) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Affected line item in the Year Ended December 31, (in thousands) Statements of Operations 2015 2014 2013 Amounts Reclassified From AOCI Derivatives qualifying as hedges Realized loss on derivatives qualifying as hedges Interest expense $ 93 $ 130 $ 67 Income tax Income tax (benefit) expense - - - 93 130 67 Defined benefit pension plans Amortization of net losses included in net periodic pension costs General and administrative expenses 306 259 305 Income tax Income tax (benefit) expense (58) (52) (62) 248 207 243 Total reclassifications $ 341 $ 337 $ 310 Details about AOCI Components Amount reclassified from AOCI into income (effective portion) Location of amount Year Ended December 31, reclassified from AOCI 2015 2014 2013 into income (effective portion) (in thousands) Interest rate swaps $ 93 $ 130 $ 67 Interest expense |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Inventories Disclosure [Abstract] | |
Schedule of Inventory [Table Text Block] | December 31, December 31, 2015 2014 (in thousands) Finished goods $ 10,957 $ 10,138 Work in process 888 946 Raw materials 10,498 9,447 Total $ 22,343 $ 20,531 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment Disclosure [Abstract] | |
Schedule Of Property Plant And Equipment [Table Text Block] | December 31, December 31, 2015 2014 (in thousands) Land, buildings and leasehold improvements $ 2,825 $ 2,595 Machinery and equipment 10,131 10,102 Computer equipment and software 7,503 6,322 Furniture and fixtures 1,358 1,125 Automobiles 103 56 21,920 20,200 Less: accumulated depreciation (16,018) (15,010) Property, plant and equipment, net $ 5,902 $ 5,190 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Acquisition Disclosure [Abstract] | |
Schedule of Business Acquisitions [Table Text Block] | (in thousands) Tangible assets $ 4,165 Liabilities assumed (2,376) Net assets 1,789 Goodwill and intangible assets: Goodwill 1,618 Trade name 774 Customer relationships 1,627 Developed technology 1,338 Non-compete agreements 27 Deferred tax liabilities (1,245) Total goodwill and intangible assets, net of tax 4,139 Acquisition purchase price $ 5,928 Year Ended December 31, 2015 2014 2013 (in thousands) Pro Forma Revenues $ 108,761 $ 114,185 $ 111,246 Net (loss) income (19,027) 2,646 (1,327) (in thousands) Tangible assets $ 5,070 Liabilities assumed (1,207) Net assets 3,863 Goodwill and intangible assets: Goodwill 4,117 Trade name 1,008 Customer relationships 1,204 Developed technology 2,452 Non-compete agreements 148 Deferred tax liabilities (1,603) Total goodwill and intangible assets, net of tax 7,326 Acquisition purchase price $ 11,189 Year Ended December 31, 2014 2013 (in thousands) Pro Forma Revenues $ 114,066 $ 114,300 Net income (loss) 2,600 (672) (in thousands) Tangible assets $ 1,278 Liabilities assumed (530) Net assets 748 Goodwill and intangible assets: Goodwill 946 Trade name 143 Customer relationships 308 Developed technology 363 Non-compete agreements 30 Deferred tax liabilities (325) Total goodwill and intangible assets, net of tax 1,465 Acquisition purchase price $ 2,213 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations [Abstract] | |
Schedule Of Disposal Groups Including Discontinued Operations Income Statement Balance Sheet And Additional Disclosures [Table Text Block] | Year Ended December 31, 2013 (in thousands) Gain on disposal of discontinued operations, UBI $ 440 (Loss) from discontinued operations, Biostage (4,861) Income tax (benefit) (1,868) (Loss) from discontinued operations, net of tax $ (2,553) |
Goodwill and Other Intangible42
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill And Other Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | Weighted Average December 31, 2015 December 31, 2014 Life (a) (in thousands) Amortizable intangible assets: Gross Accumulated Amortization Gross Accumulated Amortization Existing technology $ 16,022 $ (11,686) $ 15,538 $ (11,198) 7.3 Years Trade names 7,636 (3,076) 7,114 (2,557) 9.0 Years Distribution agreements/customer relationships 23,676 (11,849) 22,730 (10,681) 9.9 Years Patents 245 (96) 256 (49) 3.2 Years Total amortizable intangible assets 47,579 $ (26,707) 45,638 $ (24,485) Indefinite-lived intangible assets: Goodwill 40,357 39,822 Other indefinite-lived intangible assets 1,223 1,252 Total goodwill and other indefinite-lived intangible assets 41,580 41,074 Total intangible assets $ 89,159 $ 86,712 (a) Weighted average life as of December 31, 2015. |
Goodwill Rollforward [Table Text Block] | (in thousands) Balance at December 31, 2013 $ 36,605 Goodwill arising from business combination 4,691 Effect of change in currency translation (1,474) Balance at December 31, 2014 39,822 Goodwill arising from business combinations 1,618 Adjustment to purchase price allocation of prior year acquisition 372 Effect of change in currency translation (1,455) Balance at December 31, 2015 $ 40,357 |
Restructuring and Other Exit 43
Restructuring and Other Exit Costs (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Plan Table [Table Text Block] | Severance Costs (in thousands) Restructuring charges $ 200 Cash payments (110) Restructuring balance at December 31, 2015 $ 90 Severance Costs Other Total (in thousands) Restructuring charges $ 14 34 $ 48 Cash payments (14) (34) (48) Restructuring balance at December 31, 2015 $ - - $ - Severance Costs Other Total (in thousands) Restructuring charges $ 126 45 $ 171 Non-cash reversal of restructuring charges (6) - (6) Cash payments (109) (45) (154) Restructuring balance at December 31, 2015 $ 11 - $ 11 Severance Costs Other Total (in thousands) Restructuring charges $ 655 $ - $ 655 Cash payments (29) - (29) Restructuring balance at December 31, 2014 626 - 626 Restructuring charges 94 360 454 Non-cash reversal of restructuring charges (79) - (79) Cash payments (600) (360) (960) Effect of change in currency translation (10) - (10) Restructuring balance at December 31, 2015 $ 31 $ - $ 31 Severance and Fixed Asset Related Costs Write Offs Other Total (in thousands) Restructuring charges $ 2,100 $ - $ - $ 2,100 Cash payments (666) - - (666) Restructuring balance at December 31, 2013 1,434 - - 1,434 Restructuring charges 199 13 293 505 Non-cash reversal of restructuring charges (117) (13) - (130) Cash payments (1,516) - (293) (1,809) Restructuring balance at December 31, 2014 $ - $ - $ - $ - Severance and Related Costs (in thousands) Restructuring charges $ 96 Cash payments (96) Restructuring balance at December 31, 2013 $ - Severance and Related Costs Other Total (in thousands) Restructuring balance at December 31, 2012 $ 133 $ 11 $ 144 Cash payments (84) (11) (95) Non-cash reversal of restructuring charges (46) - (46) Restructuring balance at December 31, 2013 3 - 3 Non-cash reversal of restructuring charges (3) - (3) Restructuring balance at December 31, 2014 $ - $ - $ - Year Ended December 31, 2015 2014 2013 (in thousands) Restructuring charges $ 788 $ 1,027 $ 2,150 |
Long Term Debt (Tables)
Long Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Long Term Debt Disclosure [Abstract] | |
Schedule of Maturities of Long-term Debt [Table Text Block] | The aggregate amounts of debt maturing during the next five years are as follows: (in thousands) 2016 $ 2,450 2017 2,450 2018 14,000 2019 - 2020 - Total $ 18,900 |
Schedule of Debt [Table Text Block] | December 31, December 31, 2015 2014 (in thousands) Long-term debt: Term loan $ 6,750 $ 9,750 DDTL 5,500 7,500 Revolving line 6,650 4,200 Total debt 18,900 21,450 Less: current installments (2,450) (5,000) Long-term debt $ 16,450 $ 16,450 |
Derivative (Tables)
Derivative (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | December 31, 2015 December 31, 2015 Notional Amount Fair Value (a) Derivatives designated as hedging instruments under ASC 815 Balance sheet classification (in thousands) Interest rate swaps Other liabilities-non current $ 9,500 $ (10) December 31, 2014 December 31, 2014 Notional Amount Fair Value (a) Derivatives designated as hedging instruments under ASC 815 Balance sheet classification (in thousands) Interest rate swaps Other liabilities-non current $ 13,500 $ (18) (a) See Note 13 for the fair value measurements related to these financial instruments. |
Schedule of Cash Flow Hedges Included in AOCI [Table Text Block] | Derivatives in Hedging Relationships Amount of gain or (loss) recognized in OCI on derivative (effective portion) Year Ended December 31, 2015 2014 2013 (in thousands) Interest rate swaps $ (85) $ (99) $ (116) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Affected line item in the Year Ended December 31, (in thousands) Statements of Operations 2015 2014 2013 Amounts Reclassified From AOCI Derivatives qualifying as hedges Realized loss on derivatives qualifying as hedges Interest expense $ 93 $ 130 $ 67 Income tax Income tax (benefit) expense - - - 93 130 67 Defined benefit pension plans Amortization of net losses included in net periodic pension costs General and administrative expenses 306 259 305 Income tax Income tax (benefit) expense (58) (52) (62) 248 207 243 Total reclassifications $ 341 $ 337 $ 310 Details about AOCI Components Amount reclassified from AOCI into income (effective portion) Location of amount Year Ended December 31, reclassified from AOCI 2015 2014 2013 into income (effective portion) (in thousands) Interest rate swaps $ 93 $ 130 $ 67 Interest expense |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule Of Fair Value Assets And Liabilities Measured On Recurring Basis [Table Text Block] | Fair Value as of December 31, 2015 (In thousands) Level 1 Level 2 Level 3 Total Liabilities: Interest rate swap agreements $ - $ 10 $ - $ 10 Fair Value as of December 31, 2014 (In thousands) Level 1 Level 2 Level 3 Total Liabilities: Interest rate swap agreements $ - $ 18 $ - $ 18 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Leases Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Operating Leases (in thousands) 2016 $ 1,843 2017 1,749 2018 1,727 2019 1,526 2020 1,527 Thereafter 4,193 Net minimum lease payments $ 12,565 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accrued Liabilities Current [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | December 31, 2015 2014 (in thousands) Accrued compensation and payroll $ 1,264 $ 1,824 Accrued professional fees 1,055 761 Accrued severance 132 626 Warranty costs 147 240 Other 1,423 1,001 Total $ 4,021 $ 4,452 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, 2015 2014 2013 (in thousands) Current income tax expense (benefit): Federal and state $ (4) $ 27 $ 47 Foreign 677 424 413 673 451 460 Deferred income tax expense (benefit): Federal and state 15,598 1,793 (594) Foreign (840) (182) (154) 14,758 1,611 (748) Total income tax expense (benefit) $ 15,431 $ 2,062 $ (288) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 2015 2014 2013 (in thousands) Computed "expected" income tax (benefit) expense $ (1,227) $ 1,503 $ 147 Increase (decrease) in income taxes resulting from: Permanent differences, net 32 (93) 482 Foreign tax rate differential (12) (364) (64) State income taxes, net of federal income tax benefit 82 22 6 Non-deductible stock compensation expense (161) 67 1 Impact of prior year pension deductions - - (294) Impact of foreign rate change 89 - - Tax credits (169) (385) (615) Change in reserve for uncertain tax position 35 - - Impact of change to prior year tax accruals 370 - - Change in valuation allowance allocated to income tax expense (benefit) 16,401 1,346 31 Other (9) (34) 18 Total income tax expense (benefit) $ 15,431 $ 2,062 $ (288) |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Year Ended December 31, 2015 2014 2013 (in thousands) Domestic $ (3,331) $ 1,846 $ (2,549) Foreign (277) 2,571 2,984 Total $ (3,608) $ 4,417 $ 435 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2015 2014 (in thousands) Deferred tax assets: Accounts receivable $ 45 $ 45 Inventory 1,447 1,416 Operating loss and credit carryforwards 14,456 12,803 Accrued expenses 125 188 Pension liabilities 535 889 Contingent consideration 2,987 2,806 Tax credits on repatriation 1,728 - Other assets 2,079 1,832 Total gross deferred assets 23,402 19,979 Less: valuation allowance (18,823) (2,423) Deferred tax assets $ 4,579 $ 17,556 Deferred tax liabilities: Indefinite-lived intangible assets $ 4,593 $ 4,291 Definite-lived intangible assets 2,587 1,730 Property, plant and equipment - 27 Accrued tax liability on repatriation 1,728 - Other accrued liabilities 655 383 Total deferred tax liabilities 9,563 6,431 Net deferred tax (liabilities) assets $ (4,984) $ 11,125 |
Summary of Income Tax Contingencies [Table Text Block] | (in thousands) Balance at December 31, 2013 $ 191 Additions based on tax positions of acquired entities 59 Balance at December 31, 2014 250 Additions based on tax positions of prior years 35 Balance at December 31, 2015 $ 285 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Employee Benefit Plans Disclosure [Abstract] | |
Schedule Of Costs Of Retirement Plans [Table Text Block] | Year Ended December 31, 2015 2014 2013 (in thousands) Components of net periodic benefit cost: Service cost $ - $ - $ 288 Interest cost 711 893 797 Expected return on plan assets (668) (649) (524) Net amortization loss 306 259 305 Curtailment gain - - (197) Net periodic benefit cost $ 349 $ 503 $ 669 |
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | December 31, 2015 2014 (in thousands) Change in benefit obligation: Balance at beginning of year $ 21,170 $ 20,403 Interest cost 711 893 Participants' contributions - 5 Actuarial (gain) loss (1,360) 1,628 Benefits paid (1,021) (457) Currency translation adjustment (918) (1,302) Balance at end of year $ 18,582 $ 21,170 |
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] | December 31, 2015 2014 (in thousands) Change in fair value of plan assets: Balance at beginning of year $ 16,724 $ 15,540 Actual return on plan assets 70 1,119 Participants' contributions - 5 Employer contributions 752 1,546 Benefits paid (1,021) (457) Currency translation adjustment (758) (1,029) Balance at end of year $ 15,767 $ 16,724 |
Schedule of Net Funded Status [Table Text Block] | December 31, 2015 2014 (in thousands) Change in benefit obligation: Funded status $ (2,815) $ (4,446) Unrecognized net loss N/A N/A Net amount recognized $ (2,815) $ (4,446) |
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | December 31, 2015 2014 (in thousands) Deferred income tax assets $ 535 $ 889 Other long term liabilities (2,815) (4,446) Net amount recognized $ (2,280) $ (3,557) |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | December 31, 2015 2014 (in thousands) Underfunded status of pension plans $ (2,280) $ (3,557) Net amount recognized $ (2,280) $ (3,557) |
Schedule of Assumptions Used [Table Text Block] | Year Ended December 31, 2015 2014 2013 Discount rate 3.57% 4.43% 4.43% Expected return on assets 4.43% 4.15% 3.79% Rate of compensation increase 0.00% 0.00% 2.99% |
Schedule of Allocation of Plan Assets [Table Text Block] | December 31, 2015 2014 (in thousands) Asset category: Equity securities $ 8,506 54% $ 8,145 49% Debt securities 7,103 45% 7,260 43% Cash and cash equivalents 158 1% 1,319 8% Total $ 15,767 100% $ 16,724 100% December 31, 2015 2014 (in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) $ 158 $ 1,319 Significant Other Observable Inputs (Level 2) 15,609 15,405 Significant Other Unobservable Inputs (Level 3) - - Total $ 15,767 $ 16,724 |
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block] | December 31, 2015 2014 (in thousands) Balance at beginning of year $ - $ 587 Purchases during the year - - Unrealized loss - (587) Balance at end of year $ - $ - |
Capital Stock (Tables)
Capital Stock (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Capital Stock Disclosure [Abstract] | |
Schedule Of Stock Options And Restricted Stock Units Activity Rollforward [Table Text Block] | Stock Options Restricted Stock Units Market Condition RSU's Weighted Stock Average Restricted Market Options Exercise Stock Units Grant Date Condition RSU's Grant Date Outstanding Price Outstanding Fair Value Outstanding Fair Value Balance at December 31, 2012 8,078,509 $ 4.25 677,193 $ 3.97 - $ - Granted 3,349,052 4.44 259,931 4.62 - - Exercised (3,410,483) 3.20 - - - - Vested (RSUs) - - (281,650) - - - Cancelled / forfeited (1,326,233) 5.26 (191,501) 4.07 - - Balance at December 31, 2013 6,690,845 3.42 463,973 4.32 - - Granted 1,115,300 4.18 116,400 4.12 - - Exercised (695,173) 3.08 - - - - Vested (RSUs) - - (233,098) - - - Cancelled / forfeited (847,860) 4.67 (40,878) 4.36 - - Balance at December 31, 2014 6,263,112 3.42 306,397 4.30 - - Granted 945,000 5.31 254,685 5.56 196,785 4.81 Exercised (1,772,062) 3.04 - - - - Vested (RSUs) - - (237,188) - - - Cancelled / forfeited (413,864) 4.15 (10,335) 5.56 (11,247) 4.81 Balance at December 31, 2015 5,022,186 $ 3.85 313,559 $ 5.29 185,538 $ 4.81 |
Table Of Assumptions [Table Text Block] | Year Ended December 31, 2015 2014 2013 Volatility 40.97 % 55.78 % 57.18 % Risk-free interest rate 1.72 % 1.80 % 1.42 % Expected holding period (in years) 5.50 years 5.76 years 5.67 years Dividend yield - % - % - % Year Ended December 31, 2015 Volatility 35.88 % Risk-free interest rate 0.99 % Correlation coefficient 0.25 % Dividend yield - % |
Stock Based Compensation Expense Activity By Function [Table Text Block] | Year Ended December 31, 2015 2014 2013 (in thousands) Cost of revenues $ 70 $ 132 $ 131 Sales and marketing 418 343 223 General and administrative 2,170 1,620 2,200 Research and development 97 61 45 Discontinued operations - - 71 Total stock-based compensation $ 2,755 $ 2,156 $ 2,670 |
Basic and Diluted Shares [Table Text Block] | Year Ended December 31, 2015 2014 2013 Basic 33,592,775 32,170,683 30,384,010 Effect of assumed conversion of employee and director stock options, restricted stock units and Market Condition RSU's - 1,065,886 1,529,789 Diluted 33,592,775 33,236,569 31,913,799 |
Schedule of Summary of Outstanding and Exercisable Options [Table Text Block] | Options Outstanding Options Exercisable Weighted Weighted Average Weighted Average Weighted Range of Shares Remaining Average Aggregate Shares Remaining Average Aggregate Exercise Outstanding at Contractual Life Exercise Intrinsic Exercisable at Contractual Life Exercise Intrinsic Price Dec. 31, 2015 in Years Price Value Dec. 31, 2015 in Years Price Value $ 2.02-2.42 505,949 3.25 $ 2.21 $ 637 505,949 3.25 $ 2.21 $ 637 2.43-2.58 621,136 6.42 2.56 565 472,617 6.42 2.56 430 2.59-3.59 369,758 4.27 3.04 159 292,758 2.80 3.04 126 3.60-3.68 529,191 7.41 3.64 - 271,884 7.41 3.64 - 3.69-4.07 592,477 4.85 3.98 - 581,227 4.78 3.98 - 4.08-4.17 700,375 8.41 4.12 - 165,625 8.41 4.12 - 4.18-4.26 71,500 8.66 4.21 - 19,750 8.58 4.21 - 4.27-4.41 750,000 7.88 4.31 - 125,000 7.88 4.31 - 4.42-5.51 596,800 9.11 5.36 - 29,309 8.68 4.79 - 5.52-5.63 285,000 9.42 5.56 - - - - - $ 2.02-5.63 5,022,186 6.88 $ 3.85 $ 1,361 2,464,119 5.32 $ 3.23 $ 1,193 |
Segment and Related Information
Segment and Related Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment and Related Information Disclosure [Abstract] | |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | Revenues originating from the following geographic areas consist of: Year Ended December 31, 2015 2014 2013 (in thousands) United States $ 64,766 $ 63,727 $ 63,810 Germany 15,755 8,240 5,751 United Kingdom 18,051 24,754 23,123 Rest of the world 10,092 11,942 12,487 Total revenues $ 108,664 $ 108,663 $ 105,171 |
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] | Long-lived assets by geographic area consist of the following: December 31, 2015 2014 (in thousands) United States $ 13,610 $ 14,335 Germany 7,817 6,981 United Kingdom 1,440 1,698 Rest of the world 3,907 3,329 Total long-lived assets (1) $ 26,774 $ 26,343 (1) Total long-lived assets includes property, plant and equipment, net and amortizable intangible assets, net. |
Net Assets By Geographic Area [Table Text Block] | Net assets by geographic area consist of the following: December 31, 2015 2014 (in thousands) United States $ 22,312 $ 43,556 Germany 18,512 18,516 United Kingdom 17,908 15,607 Rest of the world 18,866 17,789 Total net assets $ 77,598 $ 95,468 |
Allowance for Doubtful Debts (T
Allowance for Doubtful Debts (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Allowance For Doubtful Debts Disclosure [Abstract] | |
Schedule of Credit Losses for Financing Receivables, Current [Table Text Block] | Charged (credited) to Beginning Bad Debt Charged to Ending Balance Expense (Recoveries) Allowance (1) Other (2) Balance (in thousands) Year ended December 31, 2013 $ 194 172 (8) - $ 358 Year ended December 31, 2014 $ 358 (67) 56 (19) $ 328 Year ended December 31, 2015 $ 328 (4) 4 (18) $ 310 (1) Consists of accounts written off, net of recoveries. (2) Consists of the effect of currency translation. |
Warranties (Tables)
Warranties (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Warranties Disclosure [Abstract] | |
Warranty Rollforward Disclosure [Table Text Block] | Beginning Additions/ Ending Balance Payments (Credits) Balance (in thousands) Year ended December 31, 2013 $ 222 (179) 262 $ 305 Year ended December 31, 2014 $ 305 (102) 49 $ 252 Year ended December 31, 2015 $ 252 (81) (24) $ 147 |
Quarterly Financial Informati55
Quarterly Financial Information (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Data [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | First Second Third Fourth Fiscal 2015 Quarter Quarter Quarter Quarter Year (in thousands, except per share data) Revenues $ 25,763 $ 28,800 $ 25,731 $ 28,370 $ 108,664 Cost of revenues 14,285 16,205 14,005 15,446 59,941 Gross profit 11,478 12,595 11,726 12,924 48,723 Total operating expenses 12,628 12,496 12,501 12,811 50,436 Operating (loss) income (1,150) 99 (775) 113 (1,713) Other expense, net (614) (526) (321) (434) (1,895) (Loss) income before income taxes (1,764) (427) (1,096) (321) (3,608) Income tax (benefit) expense (363) (776) (249) 16,819 15,431 Net (loss) income $ (1,401) $ 349 $ (847) $ (17,140) $ (19,039) (Loss) earnings per share: Basic (loss) earnings per common share $ (0.04) $ 0.01 $ (0.02) $ (0.51) $ (0.57) Diluted (loss) earnings per common share $ (0.04) $ 0.01 $ (0.02) $ (0.51) $ (0.57) First Second Third Fourth Fiscal 2014 Quarter Quarter Quarter Quarter Year (in thousands, except per share data) Revenues $ 25,893 $ 26,958 $ 25,448 $ 30,364 $ 108,663 Cost of revenues 14,132 14,680 14,006 16,501 59,319 Gross profit 11,761 12,278 11,442 13,863 49,344 Total operating expenses 10,427 10,540 10,017 11,742 42,726 Operating income 1,334 1,738 1,425 2,121 6,618 Other expense, net (315) (468) (469) (949) (2,201) Income before income taxes 1,019 1,270 956 1,172 4,417 Income tax expense 300 248 323 1,191 2,062 Net income (loss) $ 719 $ 1,022 $ 633 $ (19) $ 2,355 Earnings per share: Basic earnings per common share $ 0.02 $ 0.03 $ 0.02 $ - $ 0.07 Diluted earnings per common share $ 0.02 $ 0.03 $ 0.02 $ - $ 0.07 |
Summary of Significant Accoun56
Summary of Significant Accounting Policy (Details 1) | 12 Months Ended |
Dec. 31, 2015 | |
Land, Buildings and Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment useful life | 40 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment useful life | 10 years |
Machinery and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment useful life | 3 years |
Computer Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment useful life | 7 years |
Computer Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment useful life | 3 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment useful life | 10 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment useful life | 5 years |
Automobiles [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment useful life | 6 years |
Automobiles [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment useful life | 3 years |
Developed Technology Rights [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Weighted Average Useful Life | 7 years 3 months 18 days |
Developed Technology Rights [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Weighted Average Useful Life | 15 years |
Developed Technology Rights [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Weighted Average Useful Life | 7 years |
Trade Names [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Weighted Average Useful Life | 9 years |
Trade Names [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Weighted Average Useful Life | 15 years |
Trade Names [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Weighted Average Useful Life | 10 years |
Distribution Agreements [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Weighted Average Useful Life | 5 years |
Distribution Agreements [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Weighted Average Useful Life | 4 years |
Customer Relationships [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Weighted Average Useful Life | 9 years 10 months 24 days |
Customer Relationships [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Weighted Average Useful Life | 15 years |
Customer Relationships [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Weighted Average Useful Life | 5 years |
Patents [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Weighted Average Useful Life | 3 years 2 months 12 days |
Patents [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Weighted Average Useful Life | 15 years |
Patents [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Weighted Average Useful Life | 5 years |
Concentrations (Narratives) (De
Concentrations (Narratives) (Details) - Customers | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Sales Revenue, Goods, Net [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Customer | Revenues: No customer accounted for more than 10% of the revenues for the years ended December 31, 2015, 2014 and 2013. | ||
Number Of Customers With Benchmark Contribution Of More Than 10% | 0 | 0 | 0 |
Accounts Receivable [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Customer | Receivables: At December 31, 2015 and 2014, no customer accounted for more than 10% of net accounts receivable. | ||
Number Of Customers With Benchmark Contribution Of More Than 10% | 0 | 0 |
Accumulated Other Comprehensi58
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Opening Balance | $ (8,233) | $ (2,644) | |
Other Comprehensive Income (Loss) before Reclassifications | (3,992) | (5,926) | |
Reclassification from Accumulated Other Comprehensive Income | 341 | 337 | $ 310 |
Other Comprehensive Income (Loss), Net of Tax, total | (3,651) | (5,589) | 2,219 |
Closing Balance | (11,884) | (8,233) | (2,644) |
Foreign currency translation adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Opening Balance | (4,658) | 1,283 | |
Other Comprehensive Income (Loss) before Reclassifications | (4,936) | (5,941) | |
Reclassification from Accumulated Other Comprehensive Income | 0 | 0 | |
Other Comprehensive Income (Loss), Net of Tax, total | (4,936) | (5,941) | |
Closing Balance | (9,594) | (4,658) | 1,283 |
Derivatives qualifying as hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Opening Balance | (18) | (49) | |
Other Comprehensive Income (Loss) before Reclassifications | (85) | (99) | |
Reclassification from Accumulated Other Comprehensive Income | 93 | 130 | |
Other Comprehensive Income (Loss), Net of Tax, total | 8 | 31 | |
Closing Balance | (10) | (18) | (49) |
Defined benefit pension plans [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Opening Balance | (3,557) | (3,878) | |
Other Comprehensive Income (Loss) before Reclassifications | 1,029 | 114 | |
Reclassification from Accumulated Other Comprehensive Income | 248 | 207 | |
Other Comprehensive Income (Loss), Net of Tax, total | 1,277 | 321 | |
Closing Balance | $ (2,280) | $ (3,557) | $ (3,878) |
Accumulated Other Comprehensi59
Accumulated Other Comprehensive Income (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reclassifications Out of Accumulated Other Comprehensive Income [Line Items] | |||
Derivatives Reclassification Adjustment from AOCI, net tax | $ (93) | $ (130) | $ (67) |
Pension Plan Reclassification Adjustment from AOCI, net tax | (248) | (207) | (243) |
Reclassification from Accumulated Other Comprehensive Income | (341) | (337) | (310) |
Interest Expense [Member] | |||
Reclassifications Out of Accumulated Other Comprehensive Income [Line Items] | |||
Derivatives Reclassification Adjustment from AOCI, before tax | 93 | 130 | 67 |
General and Administrative Expense [Member] | |||
Reclassifications Out of Accumulated Other Comprehensive Income [Line Items] | |||
Pension Plan Reclassification Adjustment from AOCI, before tax | 306 | 259 | 305 |
Income Tax Expense (Benefit) [Member] | |||
Reclassifications Out of Accumulated Other Comprehensive Income [Line Items] | |||
Derivatives Reclassification Adjustment from AOCI, tax | 0 | 0 | 0 |
Pension Plan Reclassification Adjustment from AOCI, tax | $ (58) | $ (52) | $ (62) |
Inventories (Details 1)
Inventories (Details 1) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Inventories Disclosure [Abstract] | ||
Finished Goods | $ 10,957 | $ 10,138 |
Work in Process | 888 | 946 |
Raw Materials | 10,498 | 9,447 |
Total Inventories, Net | $ 22,343 | $ 20,531 |
Property, Plant and Equipment61
Property, Plant and Equipment (Details 1) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 21,920 | $ 20,200 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (16,018) | (15,010) |
Property, plant and equipment, net | 5,902 | 5,190 |
Land, Buildings and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 2,825 | 2,595 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 10,131 | 10,102 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 7,503 | 6,322 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 1,358 | 1,125 |
Automobiles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 103 | $ 56 |
Acquisitions (Narratives) (Deta
Acquisitions (Narratives) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Business Acquisition [Line Items] | |||
Business Acquisition Direct Acquisition Costs In Income Statement | $ 1,200 | $ 1,100 | $ 0 |
Goodwill Other Changes | $ 372 |
Acquisitions (Details 1)
Acquisitions (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jan. 08, 2015 | Oct. 02, 2014 | |
Multi Channel Systems MCS GmbH [Member] | |||||
Business Acquisition [Line Items] | |||||
Tangible Assets Acquired | $ 5,070 | ||||
Liabilities Assumed | (1,207) | ||||
Net Tangible Assets Acquired | 3,863 | ||||
Business Acquisition Purchase Price Allocation Intangible Assets [Abstract] | |||||
Purchase Price Allocation, Goodwill Amount | 4,117 | ||||
Deferred Tax Liabilities | 1,603 | ||||
Business Acquisition Purchase Price Allocation Total Intangible Assets Amount Including Goodwill | 7,326 | ||||
Total Acquisition Purchase Price | 11,189 | ||||
Business Acquisition, Cost of Acquired Entity 1 [Abstract] | |||||
Business Acquisition Cost Of Acquired Entity Purchase Price 1 | 11,189 | ||||
Business Acquisitions Pro Forma Revenue | $ 114,066 | $ 114,300 | |||
Business Acquisitions Pro Forma Net Income Loss | 2,600 | (672) | |||
Multi Channel Systems MCS GmbH [Member] | Unpatented Technology [Member] | |||||
Business Acquisition Purchase Price Allocation Intangible Assets [Abstract] | |||||
Purchase Price Allocation, Amortizable Intangible Assets | 2,452 | ||||
Multi Channel Systems MCS GmbH [Member] | Customer Relationships [Member] | |||||
Business Acquisition Purchase Price Allocation Intangible Assets [Abstract] | |||||
Purchase Price Allocation, Amortizable Intangible Assets | 1,204 | ||||
Multi Channel Systems MCS GmbH [Member] | Trade Names [Member] | |||||
Business Acquisition Purchase Price Allocation Intangible Assets [Abstract] | |||||
Purchase Price Allocation, Amortizable Intangible Assets | 1,008 | ||||
Multi Channel Systems MCS GmbH [Member] | Non compete Agreements [Member] | |||||
Business Acquisition Purchase Price Allocation Intangible Assets [Abstract] | |||||
Purchase Price Allocation, Amortizable Intangible Assets | 148 | ||||
Triangle BioSystems, Inc. [Member] | |||||
Business Acquisition [Line Items] | |||||
Tangible Assets Acquired | 1,278 | ||||
Liabilities Assumed | (530) | ||||
Net Tangible Assets Acquired | 748 | ||||
Business Acquisition Purchase Price Allocation Intangible Assets [Abstract] | |||||
Purchase Price Allocation, Goodwill Amount | 946 | ||||
Deferred Tax Liabilities | 325 | ||||
Business Acquisition Purchase Price Allocation Total Intangible Assets Amount Including Goodwill | 1,465 | ||||
Total Acquisition Purchase Price | 2,213 | ||||
Business Acquisition, Cost of Acquired Entity 1 [Abstract] | |||||
Business Acquisition Cost Of Acquired Entity Purchase Price 1 | 2,213 | ||||
Triangle BioSystems, Inc. [Member] | Customer Relationships [Member] | |||||
Business Acquisition Purchase Price Allocation Intangible Assets [Abstract] | |||||
Purchase Price Allocation, Amortizable Intangible Assets | 308 | ||||
Triangle BioSystems, Inc. [Member] | Trade Names [Member] | |||||
Business Acquisition Purchase Price Allocation Intangible Assets [Abstract] | |||||
Purchase Price Allocation, Amortizable Intangible Assets | 143 | ||||
Triangle BioSystems, Inc. [Member] | Patented Technology [Member] | |||||
Business Acquisition Purchase Price Allocation Intangible Assets [Abstract] | |||||
Purchase Price Allocation, Amortizable Intangible Assets | 363 | ||||
Triangle BioSystems, Inc. [Member] | Non compete Agreements [Member] | |||||
Business Acquisition Purchase Price Allocation Intangible Assets [Abstract] | |||||
Purchase Price Allocation, Amortizable Intangible Assets | $ 30 | ||||
HEKA Elektronik [Member] | |||||
Business Acquisition [Line Items] | |||||
Tangible Assets Acquired | $ 4,165 | ||||
Liabilities Assumed | (2,376) | ||||
Net Tangible Assets Acquired | 1,789 | ||||
Business Acquisition Purchase Price Allocation Intangible Assets [Abstract] | |||||
Purchase Price Allocation, Goodwill Amount | 1,618 | ||||
Deferred Tax Liabilities | 1,245 | ||||
Business Acquisition Purchase Price Allocation Total Intangible Assets Amount Including Goodwill | 4,139 | ||||
Total Acquisition Purchase Price | 5,928 | ||||
Business Acquisition, Cost of Acquired Entity 1 [Abstract] | |||||
Business Acquisition Cost Of Acquired Entity Purchase Price 1 | 5,928 | ||||
Business Acquisitions Pro Forma Revenue | $ 108,761 | 114,185 | 111,246 | ||
Business Acquisitions Pro Forma Net Income Loss | $ (19,027) | $ 2,646 | $ (1,327) | ||
HEKA Elektronik [Member] | Unpatented Technology [Member] | |||||
Business Acquisition Purchase Price Allocation Intangible Assets [Abstract] | |||||
Purchase Price Allocation, Amortizable Intangible Assets | 1,338 | ||||
HEKA Elektronik [Member] | Customer Relationships [Member] | |||||
Business Acquisition Purchase Price Allocation Intangible Assets [Abstract] | |||||
Purchase Price Allocation, Amortizable Intangible Assets | 1,627 | ||||
HEKA Elektronik [Member] | Trade Names [Member] | |||||
Business Acquisition Purchase Price Allocation Intangible Assets [Abstract] | |||||
Purchase Price Allocation, Amortizable Intangible Assets | 774 | ||||
HEKA Elektronik [Member] | Non compete Agreements [Member] | |||||
Business Acquisition Purchase Price Allocation Intangible Assets [Abstract] | |||||
Purchase Price Allocation, Amortizable Intangible Assets | $ 27 |
Discontinued Operations (Narrat
Discontinued Operations (Narratives) (Details) - USD ($) $ in Thousands | Nov. 01, 2013 | Oct. 21, 2013 | Jun. 28, 2013 | Mar. 22, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Loss from Discontinued Operations, Net of Tax, Attributable to Parent | $ 0 | $ 0 | $ (2,553) | ||||
Assets transferred as part of HART spin-off | $ 900 | ||||||
Transfer of cash and cash equivalents to HART | $ (15,000) | 0 | 0 | (15,041) | |||
Date of Separation Plan Completed | November 1, 2013 | ||||||
Dividends Payable Date Of Record Day Month And Year | Oct. 21, 2013 | ||||||
Spin-off distribution ratio spinnee to spinnor | 1 for 4 | ||||||
Options Granted due to the Spin-off of HART | 1,715,164 | ||||||
Restricted Stock Units Granted due to the Spin-off of HART | 135,650 | ||||||
Date of Private Letter Ruling | 22-Mar-13 | ||||||
Date of Supplemental Ruling to Private Letter Ruling | 28-Jun-13 | ||||||
Percent of Acquired Stock to Create Taxable Spin-off | 50.00% | ||||||
Proceeds from sale of discontinued operations | $ 0 | $ 0 | 1,784 | ||||
Union Biometrica Division [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Loss from Discontinued Operations, Net of Tax, Attributable to Parent | 440 | ||||||
Proceeds from sale of discontinued operations | 1,800 | ||||||
Harvard Apparatus Regnerative Technology [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Loss from Discontinued Operations, Net of Tax, Attributable to Parent | (4,861) | ||||||
Income Taxes [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Loss from Discontinued Operations, Net of Tax, Attributable to Parent | $ (1,868) |
Goodwill and Other Intangible65
Goodwill and Other Intangible Assets (Narratives) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill And Other Intangible Assets Disclosure [Abstract] | |||
Amortization of intangible assets | $ 2,819 | $ 2,578 | $ 2,590 |
Estimated Amortization Expense Next Twelve Months | 2,800 | ||
Estimated Amortization Expense Year 2 | 2,700 | ||
Estimated Amortization Expense Year 3 | 2,500 | ||
Estimated Amortization Expense Year 4 | 2,300 | ||
Estimated Amortization Expense Year 5 | $ 2,200 |
Goodwill and Other Intangible66
Goodwill and Other Intangible Assets (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | $ 47,579 | $ 45,638 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (26,707) | (24,485) | |
Goodwill | 40,357 | 39,822 | $ 36,605 |
Other indefinite lived intangible assets | 1,223 | 1,252 | |
Total goodwill and other indefinite lived intangible assets | 41,580 | 41,074 | |
Total intangible assets | 89,159 | 86,712 | |
Developed Technology Rights [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 16,022 | 15,538 | |
Finite-Lived Intangible Assets, Accumulated Amortization | $ (11,686) | (11,198) | |
Finite-Lived Intangible Assets, Weighted Average Useful Life | 7 years 3 months 18 days | ||
Trade Names [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | $ 7,636 | 7,114 | |
Finite-Lived Intangible Assets, Accumulated Amortization | $ (3,076) | (2,557) | |
Finite-Lived Intangible Assets, Weighted Average Useful Life | 9 years | ||
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | $ 23,676 | 22,730 | |
Finite-Lived Intangible Assets, Accumulated Amortization | $ (11,849) | (10,681) | |
Finite-Lived Intangible Assets, Weighted Average Useful Life | 9 years 10 months 24 days | ||
Patents [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | $ 245 | 256 | |
Finite-Lived Intangible Assets, Accumulated Amortization | $ (96) | $ (49) | |
Finite-Lived Intangible Assets, Weighted Average Useful Life | 3 years 2 months 12 days |
Goodwill and Other Intangible67
Goodwill and Other Intangible Assets (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill And Other Intangible Assets Disclosure [Abstract] | ||
Goodwill, Beginning Balance | $ 39,822 | $ 36,605 |
Acquired during the period | 1,618 | 4,691 |
Goodwill Other Changes | 372 | |
Foreign currency translation adjustments related to goodwill balance | (1,455) | (1,474) |
Goodwill, Ending Balance | $ 40,357 | $ 39,822 |
Restructuring and Other Exit 68
Restructuring and Other Exit Cots (Narratives) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges (credits) | $ 788 | $ 1,027 | $ 2,150 |
Restructuring Plan December 2013 [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges (credits) | 505 | $ 2,100 | |
Restructuring number of positions eliminated, percent | 13.00% | ||
Employee Severance [Member] | Restructuring Plan 2013 [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges (credits) | $ 96 | ||
Employee Severance [Member] | Restructuring Plan December 2013 [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges (credits) | 199 | 2,100 | |
Fixed Assets Write Off [Member] | Restructuring Plan December 2013 [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges (credits) | 13 | 0 | |
Other Costs [Member] | Restructuring Plan December 2013 [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges (credits) | $ 293 | $ 0 |
Restructuring and Other Exit 69
Restructuring and Other Exit Costs (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restructuring Reserve [Roll Forward] | |||
Restructuring charges (credits) | $ 788 | $ 1,027 | $ 2,150 |
Restructuring Plan 2012 [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve, Beginning Balance | 0 | 3 | 144 |
Restructuring Reserve, Settled with Cash | (95) | ||
Restructuring Reserve, Accrual Adjustment | (3) | (46) | |
Restructuring Reserve, Ending Balance | 0 | 3 | |
Restructuring Plan December 2013 [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve, Beginning Balance | 0 | 1,434 | |
Restructuring charges (credits) | 505 | 2,100 | |
Restructuring Reserve, Settled with Cash | (1,809) | (666) | |
Restructuring Reserve, Accrual Adjustment | (130) | ||
Restructuring Reserve, Ending Balance | 0 | 1,434 | |
Restructuring Plan 2014 [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve, Beginning Balance | 626 | ||
Restructuring charges (credits) | 454 | 655 | |
Restructuring Reserve, Settled with Cash | (960) | (29) | |
Restructuring Reserve, Accrual Adjustment | (79) | ||
Restructuring Reserve, Translation Adjustment | (10) | ||
Restructuring Reserve, Ending Balance | 31 | 626 | |
Restructuring Plan Q1 2015 [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring charges (credits) | 171 | ||
Restructuring Reserve, Settled with Cash | (154) | ||
Restructuring Reserve, Accrual Adjustment | (6) | ||
Restructuring Reserve, Ending Balance | 11 | ||
Restructuring Plan Q2 2015 [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring charges (credits) | 48 | ||
Restructuring Reserve, Settled with Cash | (48) | ||
Restructuring Reserve, Ending Balance | 0 | ||
Employee Severance [Member] | Restructuring Plan 2012 [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve, Beginning Balance | 0 | 3 | 133 |
Restructuring Reserve, Settled with Cash | (84) | ||
Restructuring Reserve, Accrual Adjustment | (3) | (46) | |
Restructuring Reserve, Ending Balance | 0 | 3 | |
Employee Severance [Member] | Restructuring Plan 2013 [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve, Beginning Balance | 0 | ||
Restructuring charges (credits) | 96 | ||
Restructuring Reserve, Settled with Cash | (96) | ||
Restructuring Reserve, Ending Balance | 0 | ||
Employee Severance [Member] | Restructuring Plan December 2013 [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve, Beginning Balance | 0 | 1,434 | |
Restructuring charges (credits) | 199 | 2,100 | |
Restructuring Reserve, Settled with Cash | (1,516) | (666) | |
Restructuring Reserve, Accrual Adjustment | (117) | ||
Restructuring Reserve, Ending Balance | 0 | 1,434 | |
Employee Severance [Member] | Restructuring Plan 2014 [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve, Beginning Balance | 626 | ||
Restructuring charges (credits) | 94 | 655 | |
Restructuring Reserve, Settled with Cash | (600) | (29) | |
Restructuring Reserve, Accrual Adjustment | (79) | ||
Restructuring Reserve, Translation Adjustment | (10) | ||
Restructuring Reserve, Ending Balance | 31 | 626 | |
Employee Severance [Member] | Restructuring Plan Q1 2015 [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring charges (credits) | 126 | ||
Restructuring Reserve, Settled with Cash | (109) | ||
Restructuring Reserve, Accrual Adjustment | (6) | ||
Restructuring Reserve, Ending Balance | 11 | ||
Employee Severance [Member] | Restructuring Plan Q2 2015 [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring charges (credits) | 14 | ||
Restructuring Reserve, Settled with Cash | (14) | ||
Restructuring Reserve, Ending Balance | 0 | ||
Employee Severance [Member] | Restructuring Plan Q4 2015 [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring charges (credits) | 200 | ||
Restructuring Reserve, Settled with Cash | (110) | ||
Restructuring Reserve, Ending Balance | 90 | ||
Fixed Assets Write Off [Member] | Restructuring Plan December 2013 [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve, Beginning Balance | 0 | 0 | |
Restructuring charges (credits) | 13 | 0 | |
Restructuring Reserve, Settled with Cash | 0 | 0 | |
Restructuring Reserve, Accrual Adjustment | (13) | ||
Restructuring Reserve, Ending Balance | 0 | 0 | |
Other Costs [Member] | Restructuring Plan 2012 [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve, Beginning Balance | 0 | 0 | 11 |
Restructuring Reserve, Settled with Cash | (11) | ||
Restructuring Reserve, Accrual Adjustment | 0 | 0 | |
Restructuring Reserve, Ending Balance | 0 | 0 | |
Other Costs [Member] | Restructuring Plan December 2013 [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve, Beginning Balance | 0 | 0 | |
Restructuring charges (credits) | 293 | 0 | |
Restructuring Reserve, Settled with Cash | (293) | 0 | |
Restructuring Reserve, Accrual Adjustment | 0 | ||
Restructuring Reserve, Ending Balance | 0 | $ 0 | |
Other Costs [Member] | Restructuring Plan 2014 [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve, Beginning Balance | 0 | ||
Restructuring charges (credits) | 360 | 0 | |
Restructuring Reserve, Settled with Cash | (360) | 0 | |
Restructuring Reserve, Accrual Adjustment | 0 | ||
Restructuring Reserve, Translation Adjustment | 0 | ||
Restructuring Reserve, Ending Balance | 0 | $ 0 | |
Other Costs [Member] | Restructuring Plan Q1 2015 [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring charges (credits) | 45 | ||
Restructuring Reserve, Settled with Cash | (45) | ||
Restructuring Reserve, Accrual Adjustment | 0 | ||
Restructuring Reserve, Ending Balance | 0 | ||
Other Costs [Member] | Restructuring Plan Q2 2015 [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring charges (credits) | 34 | ||
Restructuring Reserve, Settled with Cash | (34) | ||
Restructuring Reserve, Ending Balance | $ 0 |
Long Term Debt (Narratives) (De
Long Term Debt (Narratives) (Details) - USD ($) $ in Thousands | Apr. 24, 2015 | Oct. 31, 2013 | Mar. 29, 2013 | Aug. 07, 2009 | Dec. 31, 2015 | Dec. 31, 2014 |
Credit Agreement [Line Items] | ||||||
Previous Approved Credit Facility | $ 20,000 | |||||
Secured Debt | $ 18,900 | $ 21,450 | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50,000 | |||||
Minimum percentage of Term Loan and the DDTL that company was required to fix the rate of interest on | 50.00% | |||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 2,300 | |||||
Interest Rate In Excess Of LIBOR On Credit Facility | 3.00% | |||||
DDTL Threshold For Dollar For Dollar Reduction In Revolving Line | 10,000 | |||||
Transfer Of Delayed Draw Down Term Loan Capacity To Revolver Capacity | $ 5,000 | |||||
Lender Approval To Fund Acquisition With Cash Promissory Note In Excess Of Threshold | 6,000 | |||||
Lender Approval To Fund Acquisition With Equity In Excess Of Threshold | 10,000 | |||||
Revolving Credit Facility [Member] | ||||||
Credit Agreement [Line Items] | ||||||
Secured Debt | $ 25,000 | $ 6,650 | 4,200 | |||
Maturity Dates | Mar. 29, 2016 | |||||
Basis Spread Over LIBOR | 2.25% | |||||
Interest Rate As Of Reporting Date | 2.67% | |||||
Term Loan [Member] | ||||||
Credit Agreement [Line Items] | ||||||
Secured Debt | $ 15,000 | $ 6,750 | 9,750 | |||
Maturity Dates | Mar. 29, 2018 | |||||
Basis Spread Over LIBOR | 2.75% | |||||
Interest Rate As Of Reporting Date | 3.96% | |||||
Delayed Drawdown Term Loan [Member] | ||||||
Credit Agreement [Line Items] | ||||||
Secured Debt | $ 15,000 | $ 5,500 | $ 7,500 | |||
Maturity Dates | Mar. 29, 2018 | |||||
Basis Spread Over LIBOR | 2.75% | |||||
Maximum Borrowings Available Under The Current Credit Agreement | $ 10,000 | |||||
Interest Rate As Of Reporting Date | 3.55% |
Long Term Debt (Details 1)
Long Term Debt (Details 1) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Mar. 29, 2013 |
Debt Instrument [Line Items] | |||
Secured Debt | $ 18,900 | $ 21,450 | |
Current portion, long-term debt | (2,450) | (5,000) | |
Long-term debt | 16,450 | 16,450 | |
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Secured Debt | 6,650 | 4,200 | $ 25,000 |
Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Secured Debt | 6,750 | 9,750 | 15,000 |
Delayed Drawdown Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Secured Debt | $ 5,500 | $ 7,500 | $ 15,000 |
Long Term Debt (Details 2)
Long Term Debt (Details 2) $ in Thousands | Dec. 31, 2015USD ($) |
Long Term Debt Disclosure [Abstract] | |
Debt repayments of principal in the next twelve months | $ 2,450 |
Debt repayments of principal in Year Two | 2,450 |
Debt repayments of principal in Year Three | 14,000 |
Debt repayments of principal in Year Four | 0 |
Debt repayments of principal in Year Five | 0 |
Long-term Debt | $ 18,900 |
Derivative (Narratives) (Detail
Derivative (Narratives) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Nov. 30, 2013 | Jun. 05, 2013 | |
Derivative Instruments And Hedging Activities Disclosure [Line Items] | |||
Minimum percentage of Term Loan and the DDTL that company was required to fix the rate of interest on | 50.00% | ||
Deferred losses on derivative instruments accumulated in AOCI expected to be reclassified to earnings | $ 24,000 | ||
Derivative Interest Rate Swap Effective Percentage | 100.00% | ||
Delayed Drawdown Term Loan [Member] | |||
Derivative Instruments And Hedging Activities Disclosure [Line Items] | |||
Notional Amount of Interest Rate Swaps | $ 5,000,000 | ||
LIBOR Fixed Rate | 0.93% | ||
Term Loan [Member] | |||
Derivative Instruments And Hedging Activities Disclosure [Line Items] | |||
Notional Amount of Interest Rate Swaps | $ 15,000,000 | ||
LIBOR Fixed Rate | 0.96% |
Derivative (Details 1)
Derivative (Details 1) - Other liabilities-non current [Member] - Derivatives qualifying as hedges [Member] - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Derivatives, Fair Value [Line Items] | ||
Notional Amount of Interest Rate Derivatives | $ 9,500 | $ 13,500 |
Derivative Liability, Fair Value, Net | $ (10) | $ (18) |
Derivative (Details 2)
Derivative (Details 2) - Derivatives qualifying as hedges [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Loss Recognized in Other Comprehensive Income (Loss), Effective Portion | $ (85) | $ (99) | $ (116) |
Interest Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Loss Reclassified from Accumulated OCI into Income, Effective Portion | $ 93 | $ 130 | $ 67 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - Derivatives qualifying as hedges [Member] - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative Liabilities | $ 10 | $ 18 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative Liabilities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative Liabilities | 10 | 18 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative Liabilities | $ 0 | $ 0 |
Leases (Details 1)
Leases (Details 1) $ in Thousands | Dec. 31, 2015USD ($) |
Leases Disclosure [Abstract] | |
2,016 | $ 1,843 |
2,017 | 1,749 |
2,018 | 1,727 |
2,019 | 1,526 |
2,020 | 1,527 |
Thereafter | 4,193 |
Operating Leases, Total Future Minimum Payments Due | $ 12,565 |
Leases (Narratives) (Details)
Leases (Narratives) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Leases Disclosure [Abstract] | |||
Operating Leases, Rent Expense, Net | $ 2.1 | $ 1.7 | $ 1.3 |
Accrued Expenses (Details 1)
Accrued Expenses (Details 1) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accrued Liabilities Current [Abstract] | ||
Employee Related Liabilities Current | $ 1,264 | $ 1,824 |
Accrued Professional Fees Current | 1,055 | 761 |
Accrued Severance Current | 132 | 626 |
Product Warranty Accrual Current | 147 | 240 |
Other Accrued Liabilities Current | 1,423 | 1,001 |
Total Accrued Expenses | $ 4,021 | $ 4,452 |
Income Tax (Narratives) (Detail
Income Tax (Narratives) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jan. 08, 2015 | Oct. 02, 2014 | |
Income Tax [Abstract] | |||||
Increase (Decrease) In Income Taxes Resulting From Release Of Uncertain Tax Position Liability Due To Expiration Of Statute Of Limitations | $ 35 | $ 0 | $ 0 | ||
US Federal Income Tax Rate | 34.00% | ||||
Change In Valuation Allowances For Deferred Tax Assets | $ 16,700 | ||||
Net Operating Loss Carryforward Federal And State | 29,600 | ||||
Net Operating Loss Carryforward Foreign | 7,200 | ||||
Tax Credit Carryforwards | 4,600 | ||||
Net Operating Loss Carryforwards Subject To Annual Limitation | 5,400 | ||||
Net Operating Loss Carryforwards Annual Limitation | 700 | ||||
Undistributed Foreign Earnings | 48,700 | 51,900 | 49,200 | ||
Cash In Foreign Subsidiaries | 5,700 | 12,700 | |||
Cash Held In Foreign Subsidiaries Used For Foreign Capital Improvements | 300 | ||||
Additions Based On Tax Positions Of Prior Years | 35 | 59 | |||
Unrecognized Tax Benefits | 285 | 250 | $ 191 | ||
Income Tax Disclosure [Line Items] | |||||
Foreign Earnings Repatriated | 3,200 | ||||
Tax Liability On Foreign Earnings Repatriated | 1,700 | ||||
Additional Paid In Capital Net Operating Loss Impact On Deferred Tax Assets | $ 900 | $ 200 | |||
Multi Channel Systems MCS GmbH [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Cash Held In Foreign Subsidiaries Used For Acquisitions | $ 11,200 | ||||
HEKA Elektronik [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Cash Held In Foreign Subsidiaries Used For Acquisitions | $ 6,000 |
Income Tax (Details 1)
Income Tax (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Expense (benefit) Attributable To Income From Continuing Operations [Abstract] | |||||||||||
Current Federal And State Income Tax Expense Benefit Continuing Operations | $ (4) | $ 27 | $ 47 | ||||||||
Current Foreign Income Tax Expense (benefit) From Continuing Operations | 677 | 424 | 413 | ||||||||
Current Income Tax Expense (Benefit), Total | 673 | 451 | 460 | ||||||||
Deferred Federal And State Income Tax Expense Benefit Continuing Operations | 15,598 | 1,793 | (594) | ||||||||
Deferred Foreign Income Tax Expense (Benefit) | (840) | (182) | (154) | ||||||||
Deferred Income Taxes Amount | 14,758 | 1,611 | (748) | ||||||||
Income Tax Expense, Total | $ 16,819 | $ (249) | $ (776) | $ (363) | $ 1,191 | $ 323 | $ 248 | $ 300 | 15,431 | 2,062 | (288) |
Effective Tax Rate Reconciliation [Abstract] | |||||||||||
Computed "Expected" Income Tax Expense | (1,227) | 1,503 | 147 | ||||||||
Net Change In Income Tax Expense Benefit Resulting From Permanent Differences | 32 | (93) | 482 | ||||||||
Increase (Decrease) In Income Taxes Resulting From Foreign Tax Rate Differential | (12) | (364) | (64) | ||||||||
Increase (Decrease) In Income Taxes Resulting From State Income Taxes, Net Of Federal Income Tax Benefit | 82 | 22 | 6 | ||||||||
Income Tax Reconciliation, Nondeductible Expense, Share-based Compensation Cost | (161) | 67 | 1 | ||||||||
Increase (Decrease) In Income Taxes Resulting From Adjustment Of Prior Year Tax Accruals | 370 | 0 | (294) | ||||||||
Net Impact Of Foreign Rate Changes | 89 | 0 | 0 | ||||||||
Income Tax Reconciliation, Tax Credits | (169) | (385) | (615) | ||||||||
Increase (Decrease) In Income Taxes Resulting From Release Of Uncertain Tax Position Liability Due To Expiration Of Statute Of Limitations | 35 | 0 | 0 | ||||||||
Increase (Decrease) In Income Taxes Resulting From Change In Valuation Allowance Allocated To Income Tax Expense Benefit | 16,401 | 1,346 | 31 | ||||||||
Increase (Decrease) In Income Taxes Resulting From Other | (9) | (34) | 18 | ||||||||
Income Tax Expense, Total | 16,819 | (249) | (776) | (363) | 1,191 | 323 | 248 | 300 | 15,431 | 2,062 | (288) |
Operating Income (Loss) [Abstract] | |||||||||||
Income From Continuing Operations, Domestic | (3,331) | 1,846 | (2,549) | ||||||||
Income from continuing operations, Foreign | (277) | 2,571 | 2,984 | ||||||||
Income from continuing operations before income taxes | $ (321) | $ (1,096) | $ (427) | $ (1,764) | $ 1,172 | $ 956 | $ 1,270 | $ 1,019 | $ (3,608) | $ 4,417 | $ 435 |
Income Tax (Details 2)
Income Tax (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Components Of Deferred Tax Assets And Liabilities [Abstract] | ||
Deferred Tax Assets, Accounts Receivable | $ 45 | $ 45 |
Deferred Tax Assets, Inventory | 1,447 | 1,416 |
Deferred Tax Assets Operating Loss And Credits Carryforwards | 14,456 | 12,803 |
Deferred Tax Assets, Accrued Expenses | 125 | 188 |
Deferred Tax Assets, Pension Liabilities | 535 | 889 |
Deferred Tax Assets, Tax Deferred Expense, Reserves And Accruals, Contingencies | 2,987 | 2,806 |
Deferred Tax Assets Tax Credits On Repatriation | 1,728 | 0 |
Deferred Tax Assets, Other Accrued Liabilities | 2,079 | 1,832 |
Deferred Tax Assets, Gross | 23,402 | 19,979 |
Deferred Tax Assets, Valuation Allowance | (18,823) | (2,423) |
Deferred Tax Assets, Net | 4,579 | 17,556 |
Deferred Tax Liabilities [Abstract] | ||
Deferred Tax Liabilities Indefinite Lived Intangible Assets | 4,593 | 4,291 |
Deferred Tax Liabilities Definite Lived Intangible Assets | 2,587 | 1,730 |
Deferred Tax Liabilities, Property, Plant and Equipment | 0 | 27 |
Deferred Tax Liabilities On Repatriation | 1,728 | 0 |
Deferred Tax Liabilities, Other | 655 | 383 |
Total Deferred Tax Liabilities | 9,563 | 6,431 |
Net Deferred Tax Assets | (4,984) | 11,125 |
Reconciliation Of Uncertain Tax Liabilities [abstract] | ||
Beginning Balance | 250 | 191 |
Additions Based On Tax Positions Of Prior Years | 35 | 59 |
Ending Balance | $ 285 | $ 250 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narratives) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Employee Benefit Plans Disclosure [Abstract] | |||
Defined Contribution Plan Payments In Current Fiscal Year | $ 500,000 | $ 500,000 | $ 600,000 |
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | $ 800,000 | ||
Fair Value Impairment Of Pension Assets | 0 | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate Support, Methodology and Source Data | The discount rate assumptions used for pension accounting reflect the prevailing rates available on high-quality, fixed-income debt instruments with terms that match the average expected duration of the Company’s defined benefit pension plan obligations. The Company uses the iBoxx AA 15yr+ index, which matches the average duration of its pension plan liability of approximately 15 years. With the current base of assets in the pension plans, a 0.1% increase/decrease in the discount rate assumption would decrease/increase annual pension expense by approximately $##D . | ||
Defined Benefit Plan Increase (Decrease) In Discount Rate Percentage | 0.10% | ||
Defined Benefit Plan Average Pension Plan Liability | 15 years | ||
Defined Benefit Plan Increase (Decrease) In Discount Rate Value | $ 56,000 | ||
Defined Benefit Plan Increase (Decrease) In Asset Return Percentage | 0.10% | ||
Defined Benefit Plan Average Remaining Work Lifetime | 15 years | ||
Defined Benefit Plan Increase (Decrease) In Asset Return Value | $ 16,000 | ||
Defined Benefit Plan Payments In Current Fiscal Year | 752,000 | 1,546,000 | |
Unrealized losses on pension benefit obligation, net of tax | (1,277,000) | $ (321,000) | $ (695,000) |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | |||
Defined Benefit Plan, Expected Future Benefit Payments in Year One | 600,000 | ||
Defined Benefit Plan, Expected Future Benefit Payments in Year Two | 600,000 | ||
Defined Benefit Plan, Expected Future Benefit Payments in Year Three | 500,000 | ||
Defined Benefit Plan, Expected Future Benefit Payments in Year Four | 700,000 | ||
Defined Benefit Plan, Expected Future Benefit Payments in Year Five | 600,000 | ||
Defined Benefit Plan, Expected Future Benefit Payments in Five Fiscal Years Thereafter | $ 4,000,000 | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate Support, Methodology and Source Data | The discount rate assumptions used for pension accounting reflect the prevailing rates available on high-quality, fixed-income debt instruments with terms that match the average expected duration of the Company’s defined benefit pension plan obligations. The Company uses the iBoxx AA 15yr+ index, which matches the average duration of its pension plan liability of approximately 15 years. With the current base of assets in the pension plans, a 0.1% increase/decrease in the discount rate assumption would decrease/increase annual pension expense by approximately $##D . |
Employee Benefit Plans (Details
Employee Benefit Plans (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Employee Benefit Plans Disclosure [Abstract] | |||
Service Cost | $ 0 | $ 0 | $ 288 |
Interest Cost | 711 | 893 | 797 |
Expected Return on Plan Assets | (668) | (649) | (524) |
Net Amortization Loss | 306 | 259 | 305 |
Curtailment Gain | 0 | 0 | (197) |
Net Periodic Benefit Cost, Total | 349 | 503 | 669 |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Defined Benefit Plan, Benefit Obligation | 21,170 | 20,403 | |
Service Cost for Defined Benefit Plan | 0 | 0 | |
Interest Cost | 711 | 893 | 797 |
Defined Benefit Plan, Contributions by Plan Participants | 0 | 5 | |
Defined Benefit Plan, Actuarial Net (Gains) Losses | (1,360) | 1,628 | |
Defined Benefit Plan, Benefits Paid | (1,021) | (457) | |
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Benefit Obligation | (918) | (1,302) | |
Defined Benefit Plan, Benefit Obligation | 18,582 | 21,170 | 20,403 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 16,724 | 15,540 | |
Defined Benefit Plan, Actual Return on Plan Assets | 70 | 1,119 | |
Defined Benefit Plan, Contributions by Plan Participants | 0 | 5 | |
Defined Benefit Plan Payments In Current Fiscal Year | 752 | 1,546 | |
Defined Benefit Plan, Benefits Paid | (1,021) | (457) | |
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Plan Assets | (758) | (1,029) | |
Defined Benefit Plan, Fair Value of Plan Assets | 15,767 | 16,724 | $ 15,540 |
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||
Defined Benefit Plan Funded Status Of Plan | (2,815) | (4,446) | |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | |||
Deferred Income Taxes On Pension Liabilities | 535 | 889 | |
Pension Defined Benefit Plans, Liabilities | (2,815) | (4,446) | |
Defined Benefit Plan, Amounts Recognized in Balance Sheet | (2,280) | (3,557) | |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract] | |||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | $ (2,280) | $ (3,557) |
Employee Benefit Plans (Detai85
Employee Benefit Plans (Details 2) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.57% | 4.43% | 4.43% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 4.43% | 4.15% | 3.79% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 0.00% | 0.00% | 2.99% |
Employee Benefit Plans (Detai86
Employee Benefit Plans (Details 3) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 15,767 | $ 16,724 | $ 15,540 |
Defined Benefit Plan, Actual Plan Asset Allocations | 100.00% | 100.00% | |
Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 158 | $ 1,319 | |
Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 15,609 | 15,405 | |
Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 8,506 | $ 8,145 | |
Defined Benefit Plan, Actual Plan Asset Allocations | 54.00% | 49.00% | |
Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 587 | ||
Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 7,103 | $ 7,260 | |
Defined Benefit Plan, Actual Plan Asset Allocations | 45.00% | 43.00% | |
Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 158 | $ 1,319 | |
Defined Benefit Plan, Actual Plan Asset Allocations | 1.00% | 8.00% | |
Other Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 0 | $ 0 | |
Defined Benefit Plan, Actual Plan Asset Allocations | 0.00% | 0.00% |
Employee Benefit Plans (Detai87
Employee Benefit Plans (Details 4) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 16,724 | $ 15,540 |
Defined Benefit Plan, Fair Value of Plan Assets | 15,767 | 16,724 |
Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |
Defined Benefit Plan Purchases During Year | 0 | 0 |
Defined Benefit Plan Unrealized Loss Gain | 0 | (587) |
Defined Benefit Plan, Fair Value of Plan Assets | $ 0 | $ 0 |
Capital Stock (Narratives) (Det
Capital Stock (Narratives) (Details) - USD ($) | Apr. 28, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Apr. 03, 2015 | Nov. 01, 2013 |
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Offering Date | 85.00% | ||||||
Employee Stock Purchase Plan Shares Authorized | 750,000 | 750,000 | |||||
Stock issued during the year, Shares, Employee Stock Purchase Plans | 58,823 | 57,848 | 56,938 | 644,011 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 17,508,929 | ||||||
Increase In Number Of Shares Authorized For Issuance Under Stock Option And Incentive Plan | 2,500,000 | ||||||
Equity Instruments Other than Options, Grants in Period | 254,685 | 116,400 | 259,931 | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 5,521,283 | 2,526,441 | 2,547,580 | ||||
Percentage Of Outstanding Common Stock | 20.00% | 20.00% | |||||
Incentive Stock Options Granted To Date | 10,218,057 | 10,218,057 | 10,218,057 | 10,218,057 | |||
Non Qualified Stock Options Granted To Date | 13,088,374 | 12,143,374 | 11,028,074 | 13,088,374 | |||
Common Stock Market Value Per Share On Reporting Date | $ 3.47 | $ 3.47 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | $ 800,000 | $ 1,800,000 | $ 5,100,000 | ||||
In The Money Stock Options Exercisable At The Reporting Date | 1,196,226 | 1,196,226 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 4,200,000 | $ 4,200,000 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 2 years 2 months 4 days | ||||||
Annualized Estimated Forfeiture Rate | 8.06% | 7.05% | 6.54% | ||||
Weighted Average Estimated Black Scholes Value Of Option Grants | $ 2.12 | $ 2.18 | $ 2.41 | ||||
Options Granted due to the Spin-off of HART | 1,715,164 | ||||||
Restricted Stock Units Granted due to the Spin-off of HART | 135,650 | ||||||
Preferred Stock - Shares Authorized | 5,000,000 | 5,000,000 | 5,000,000 | ||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 80,000 | ||||||
Accelerated Share Based Compensation Expense | $ 100,000 | ||||||
Market Condition Restricted Stock Unit [Member] | |||||||
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items] | |||||||
Equity Instruments Other than Options, Grants in Period | 196,785 | 0 | 0 |
Capital Stock (Details 1)
Capital Stock (Details 1) - $ / shares | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Apr. 03, 2015 | |
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items] | ||||
Opening Balance Stock Options Outstanding | 6,263,112 | 6,690,845 | 8,078,509 | |
Begining Balance Weighted Average Exercise Price | $ 3.42 | $ 3.42 | $ 4.25 | |
Increase In Number Of Shares Authorized For Issuance Under Stock Option And Incentive Plan | 2,500,000 | |||
Options, Grants in Period, Gross | 945,000 | 1,115,300 | 3,349,052 | |
Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 5.31 | $ 4.18 | $ 4.44 | |
Stock option exercises during the year, Shares | (1,772,000) | (695,000) | (2,135,000) | |
Options, Forfeitures and Expirations in Period | (413,864) | (847,860) | (1,326,233) | |
Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 4.15 | $ 4.67 | $ 5.26 | |
Closing Balance Stock Options Outstanding | 5,022,186 | 6,263,112 | 6,690,845 | |
Closing Balance Weighted Average Exercise Price | $ 3.85 | $ 3.42 | $ 3.42 | |
Begining Balance Restricted Stock Units Outstanding | 306,397 | 463,973 | 677,193 | |
Equity Instruments Other than Options, Grants in Period | 254,685 | 116,400 | 259,931 | |
Equity Instruments Other than Options, Vested in Period | (237,188) | (233,098) | (281,650) | |
Closing Balance Restricted Stock Units Outstanding | 313,559 | 306,397 | 463,973 | |
Begining Balance Grant Date Fair Value Of Restricted Stock Units | $ 4.3 | $ 4.32 | $ 3.97 | |
Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 5.56 | 4.12 | 4.62 | |
Closing Balance Grant Date Fair Value Of Restricted Stock Units | $ 5.29 | $ 4.3 | $ 4.32 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||||
Fair Value Assumptions, Expected Volatility Rate | 40.97% | 55.78% | 57.18% | |
Fair Value Assumptions, Risk Free Interest Rate | 1.72% | 1.80% | 1.42% | |
Fair Value Assumptions, Expected Term | 5 years 6 months | 5 years 9 months 3 days | 5 years 8 months 1 day | |
Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% | 0.00% | |
Options, Exercises in Period, Weighted Average Exercise Price | $ 3.04 | $ 3.08 | $ 3.2 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period, Weighted Average Grant Date Fair Value | $ 5.56 | $ 4.36 | $ 4.07 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (10,335) | (40,878) | (191,501) | |
Preferred Stock - Shares Authorized | 5,000,000 | 5,000,000 | ||
Market Condition Restricted Stock Unit [Member] | ||||
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items] | ||||
Begining Balance Restricted Stock Units Outstanding | 0 | 0 | 0 | |
Equity Instruments Other than Options, Grants in Period | 196,785 | 0 | 0 | |
Equity Instruments Other than Options, Vested in Period | 0 | 0 | 0 | |
Closing Balance Restricted Stock Units Outstanding | 185,538 | 0 | 0 | |
Begining Balance Grant Date Fair Value Of Restricted Stock Units | $ 0 | $ 0 | $ 0 | |
Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 4.81 | 0 | 0 | |
Closing Balance Grant Date Fair Value Of Restricted Stock Units | $ 4.81 | 0 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||||
Fair Value Assumptions, Expected Volatility Rate | 35.88% | |||
Fair Value Assumptions, Risk Free Interest Rate | 0.99% | |||
Fair Value Assumptions, Expected Dividend Rate | 0.00% | |||
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Correlation Coefficient | 0.25% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period, Weighted Average Grant Date Fair Value | $ 4.81 | $ 0 | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (11,247) | 0 | 0 |
Capital Stock (Details 2)
Capital Stock (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based Compensation | $ 2,755 | $ 2,156 | $ 2,670 |
Weighted Average Number Diluted Shares Outstanding Adjustment [Abstract] | |||
Basic | 33,592,775 | 32,170,683 | 30,384,010 |
Weighted Average Number Diluted Shares Outstanding Adjustment | 0 | 1,065,886 | 1,529,789 |
Diluted | 33,592,775 | 33,236,569 | 31,913,799 |
Cost of Sales [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based Compensation | $ 70 | $ 132 | $ 131 |
Research and Development Expense [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based Compensation | 97 | 61 | 45 |
Selling and Marketing Expense [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based Compensation | 418 | 343 | 223 |
General and Administrative Expense [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based Compensation | $ 2,170 | $ 1,620 | $ 2,200 |
Capital Stock (Details 3)
Capital Stock (Details 3) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 5,022,186 | 6,263,112 | 6,690,845 | 8,078,509 |
Two Dollars Two Cents To Two Dollars Forty Two Cents [Member] | ||||
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 505,949 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 3 years 3 months | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 2.21 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 637 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 505,949 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 3 years 3 months | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 2.21 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 637 | |||
Two Dollars Forty Three Cents To Two Dollars Fifty Eight Cents [Member] | ||||
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 621,136 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 6 years 5 months 1 day | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 2.56 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 565 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 472,617 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 6 years 5 months 1 day | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 2.56 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 430 | |||
Two Dollars Fifty Nine Cents To Three Dollars Fifty Nine Cents [Member] | ||||
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 369,758 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 4 years 3 months 7 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 3.04 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 159 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 292,758 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 2 years 9 months 18 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 3.04 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 126 | |||
Three Dollars Sixty Cents To Three Dollars Sixty Eight Cents [Member] | ||||
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 529,191 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 7 years 4 months 28 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 3.64 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 271,884 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 7 years 4 months 28 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 3.64 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 0 | |||
Three Dollars Sixty Nine Cents To Four Dollars Seven Cents [Member] | ||||
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 592,477 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 4 years 10 months 6 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 3.98 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 581,227 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 4 years 9 months 10 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 3.98 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 0 | |||
Four Dollars Eight Cents To Four Dollars Seventeen Cents [Member] | ||||
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 700,375 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 8 years 4 months 28 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 4.12 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 165,625 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 8 years 4 months 28 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 4.12 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 0 | |||
Four Dollars Eighteen Cents To Four Dollars Twenty Six Cents [Member] | ||||
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 71,500 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 8 years 7 months 28 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 4.21 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 19,750 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 8 years 6 months 29 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 4.21 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 0 | |||
Four Dollars Twenty Seven Cents To Four Dollars Forty One Cents [Member] | ||||
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 750,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 7 years 10 months 17 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 4.31 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 125,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 7 years 10 months 17 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 4.31 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 0 | |||
Four Dollars Forty Two Cents To Five Dollars Fifty One Cents [Member] | ||||
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 596,800 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 9 years 1 month 9 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 5.36 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 29,309 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 8 years 8 months 4 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 4.79 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 0 | |||
Five Dollars Fifty Two Cents To Five Dollars Sixty Three Cents [Member] | ||||
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 285,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 9 years 5 months 1 day | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 5.56 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 0 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 0 | |||
Two Dollars Two Cents To Five Dollars Sixty Three Cents [Member] | ||||
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 5,022,186 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 6 years 10 months 17 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 3.85 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 1,361 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 2,464,119 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 5 years 3 months 25 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 3.23 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 1,193 |
Related Party Transactions (Nar
Related Party Transactions (Narratives) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Business Acquisition [Line Items] | |||
Operating Leases, Rent Expense, Net | $ 2,100,000 | $ 1,700,000 | $ 1,300,000 |
Multi Channel Systems MCS GmbH [Member] | |||
Business Acquisition [Line Items] | |||
Operating Leases, Rent Expense, Net | 200,000 | 62,000 | |
Triangle BioSystems, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Operating Leases, Rent Expense, Net | $ 42,000 | $ 11,000 |
Segment and Related Informati93
Segment and Related Information (Narratives) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment and Related Information Disclosure [Abstract] | |||||||||||
Revenues | $ 28,370 | $ 25,731 | $ 28,800 | $ 25,763 | $ 30,364 | $ 25,448 | $ 26,958 | $ 25,893 | $ 108,664 | $ 108,663 | $ 105,171 |
Segment and Related Informati94
Segment and Related Information (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 28,370 | $ 25,731 | $ 28,800 | $ 25,763 | $ 30,364 | $ 25,448 | $ 26,958 | $ 25,893 | $ 108,664 | $ 108,663 | $ 105,171 |
Net Assets | 77,598 | 95,468 | 77,598 | 95,468 | |||||||
Long-lived assets, net | 26,774 | 26,343 | 26,774 | 26,343 | |||||||
Segment, Geographical, United States [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 64,766 | 63,727 | 63,810 | ||||||||
Net Assets | 22,312 | 43,556 | 22,312 | 43,556 | |||||||
Long-lived assets, net | 13,610 | 14,335 | 13,610 | 14,335 | |||||||
Segment, Geographical, Germany [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 15,755 | 8,240 | 5,751 | ||||||||
Net Assets | 18,512 | 18,516 | 18,512 | 18,516 | |||||||
Long-lived assets, net | 7,817 | 6,981 | 7,817 | 6,981 | |||||||
Segment, Geographical, United Kingdom [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 18,051 | 24,754 | 23,123 | ||||||||
Net Assets | 17,908 | 15,607 | 17,908 | 15,607 | |||||||
Long-lived assets, net | 1,440 | 1,698 | 1,440 | 1,698 | |||||||
Rest Of The World [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 10,092 | 11,942 | 12,487 | ||||||||
Net Assets | 18,866 | 17,789 | 18,866 | 17,789 | |||||||
Long-lived assets, net | 3,907 | 3,329 | 3,907 | 3,329 | |||||||
Total [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 108,664 | 108,663 | $ 105,171 | ||||||||
Net Assets | 77,598 | 95,468 | 77,598 | 95,468 | |||||||
Long-lived assets, net | $ 26,774 | $ 26,343 | $ 26,774 | $ 26,343 |
Allowance for doubtful debts (D
Allowance for doubtful debts (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Movement in Valuation Allowances and Reserves Roll Forward [Abstract] | |||
Beginning Balance | $ 328 | $ 358 | $ 194 |
Charged To Bad Debt Expense | (4) | (67) | 172 |
Charged To Allowance | 4 | 56 | (8) |
Valuation Allowances And Reserves Currency Translation | (18) | (19) | 0 |
Ending Balance | $ 310 | $ 328 | $ 358 |
Warranties (Details 1)
Warranties (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Product Warranty Disclosure [Abstract] | |||
Warranty, Beginning Balance | $ 252 | $ 305 | $ 222 |
Warranty payments | (81) | (102) | (179) |
Warranty additions | (24) | 49 | 262 |
Warranty, Ending Balance | $ 147 | $ 252 | $ 305 |
Quarterly Financial Informati97
Quarterly Financial Information (unaudited) (Details 1) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 28,370 | $ 25,731 | $ 28,800 | $ 25,763 | $ 30,364 | $ 25,448 | $ 26,958 | $ 25,893 | $ 108,664 | $ 108,663 | $ 105,171 |
Cost of revenues (exclusive of items shown separately below) | 15,446 | 14,005 | 16,205 | 14,285 | 16,501 | 14,006 | 14,680 | 14,132 | 59,941 | 59,319 | 57,475 |
Gross profit | 12,924 | 11,726 | 12,595 | 11,478 | 13,863 | 11,442 | 12,278 | 11,761 | 48,723 | 49,344 | 47,696 |
Total operating expenses | 12,811 | 12,501 | 12,496 | 12,628 | 11,742 | 10,017 | 10,540 | 10,427 | 50,436 | 42,726 | 46,159 |
Operating income | 113 | (775) | 99 | (1,150) | 2,121 | 1,425 | 1,738 | 1,334 | (1,713) | 6,618 | 1,537 |
Other expense, net | (434) | (321) | (526) | (614) | (949) | (469) | (468) | (315) | (1,895) | (2,201) | (1,102) |
Income From Continuing Operations, Total | (321) | (1,096) | (427) | (1,764) | 1,172 | 956 | 1,270 | 1,019 | (3,608) | 4,417 | 435 |
Total Income Tax Expense | 16,819 | (249) | (776) | (363) | 1,191 | 323 | 248 | 300 | 15,431 | 2,062 | (288) |
Net income (loss) | $ (17,140) | $ (847) | $ 349 | $ (1,401) | $ (19) | $ 633 | $ 1,022 | $ 719 | (19,039) | 2,355 | (1,830) |
Income from continuing operations | (19,039) | 2,355 | 723 | ||||||||
Loss from Discontinued Operations, Net of Tax, Attributable to Parent | $ 0 | $ 0 | $ (2,553) | ||||||||
Earnings (loss) per share: | |||||||||||
Basic earnings per common share | $ (0.51) | $ (0.02) | $ 0.01 | $ (0.04) | $ 0 | $ 0.02 | $ 0.03 | $ 0.02 | $ (0.57) | $ 0.07 | $ (0.06) |
Diluted Earnings Per Common Share | $ (0.51) | $ (0.02) | $ 0.01 | $ (0.04) | $ 0 | $ 0.02 | $ 0.03 | $ 0.02 | (0.57) | 0.07 | (0.06) |
Basic earnings per common share from continuing operations | (0.57) | 0.07 | 0.02 | ||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Per Basic Share | 0 | 0 | (0.08) | ||||||||
Diluted earnings per common share from continuing operations | (0.57) | 0.07 | 0.02 | ||||||||
Discontinued operations | $ 0 | $ 0 | $ (0.08) |