Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | May 01, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | LMAT | |
Entity Registrant Name | LEMAITRE VASCULAR INC | |
Entity Central Index Key | 1,158,895 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 18,809,313 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 25,810 | $ 24,288 |
Accounts receivable, net of allowances of $271 at March 31, 2017 and $258 at December 31, 2016, | 14,090 | 13,191 |
Inventory and other deferred costs | 20,596 | 19,578 |
Prepaid expenses and other current assets | 2,008 | 1,970 |
Total current assets | 62,504 | 59,027 |
Property and equipment, net | 9,279 | 8,012 |
Goodwill | 23,629 | 23,426 |
Other intangibles, net | 9,524 | 9,897 |
Deferred tax assets | 1,421 | 1,399 |
Other assets | 165 | 163 |
Total assets | 106,522 | 101,924 |
Current liabilities: | ||
Accounts payable | 2,220 | 1,217 |
Accrued expenses | 8,286 | 8,804 |
Acquisition-related obligations | 259 | 461 |
Total current liabilities | 10,765 | 10,482 |
Deferred tax liabilities | 1,941 | 1,941 |
Other long-term liabilities | 2,198 | 2,001 |
Total liabilities | 14,904 | 14,424 |
Commitments and contingencies (Note 7) | ||
Stockholders' equity: | ||
Preferred stock, $0.01 par value; authorized 3,000,000 shares; none outstanding | ||
Common stock, $0.01 par value; authorized 37,000,000 shares; issued 20,155,198 shares at March 31, 2017, and 20,040,348 shares at December 31, 2016 | 202 | 200 |
Additional paid-in capital | 86,683 | 85,378 |
Retained earnings | 17,526 | 15,335 |
Accumulated other comprehensive loss | (3,963) | (4,583) |
Treasury stock, at cost; 1,452,810 shares at March 31, 2017 and 1,452,810 shares at December 31, 2016 | (8,830) | (8,830) |
Total stockholders' equity | 91,618 | 87,500 |
Total liabilities and stockholders' equity | $ 106,522 | $ 101,924 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowances | $ 271 | $ 258 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 3,000,000 | 3,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 37,000,000 | 37,000,000 |
Common stock, shares issued | 20,155,198 | 20,040,348 |
Treasury stock, at cost | 1,452,810,000 | 1,452,810,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Income Statement [Abstract] | ||
Net sales | $ 24,139 | $ 20,258 |
Cost of sales | 6,786 | 5,902 |
Gross profit | 17,353 | 14,356 |
Sales and marketing | 6,954 | 6,273 |
General and administrative | 4,548 | 3,337 |
Research and development | 1,658 | 1,446 |
Total operating expenses | 13,160 | 11,056 |
Income from operations | 4,193 | 3,300 |
Other income (expense): | ||
Interest income | 20 | 15 |
Interest expense | 0 | 0 |
Foreign currency gain (loss) | 26 | (50) |
Income before income taxes | 4,239 | 3,265 |
Provision for income taxes | 1,020 | 1,099 |
Net income | $ 3,219 | $ 2,166 |
Earnings per share of common stock: | ||
Basic | $ 0.17 | $ 0.12 |
Diluted | $ 0.16 | $ 0.11 |
Weighted-average shares outstanding: | ||
Basic | 18,631 | 18,336 |
Diluted | 19,707 | 18,860 |
Cash dividends declared per common share | $ 0.055 | $ 0.045 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||
Net income | $ 3,219 | $ 2,166 |
Other comprehensive income (loss): | ||
Foreign currency translation adjustment, net | 620 | 929 |
Total other comprehensive income (loss) | 620 | 929 |
Comprehensive income (loss) | $ 3,839 | $ 3,095 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Operating activities | ||
Net income | $ 3,219 | $ 2,166 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 979 | 881 |
Stock-based compensation | 487 | 330 |
Provision for doubtful accounts and sales allowances | 48 | 52 |
Provision for inventory write-downs | 137 | 36 |
Foreign currency transaction gain (loss) | (51) | 4 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (858) | (825) |
Inventory | (1,102) | (392) |
Prepaid expenses and other assets | (16) | 827 |
Accounts payable and other liabilities | (367) | (1,821) |
Net cash provided by (used in) operating activities | 2,476 | 1,258 |
Investing activities | ||
Purchases of property and equipment | (1,691) | (720) |
Payments related to acquisitions | (2,382) | |
Net cash used in investing activities | (1,691) | (3,102) |
Financing activities | ||
Payments related to acquisitions | (260) | |
Proceeds from issuance of common stock | 819 | 141 |
Net cash provided by (used in) financing activities | 559 | 141 |
Effect of exchange rate changes on cash and cash equivalents | 178 | 193 |
Net increase (decrease) in cash and cash equivalents | 1,522 | (1,510) |
Cash and cash equivalents at beginning of period | 24,288 | 27,451 |
Cash and cash equivalents at end of period | $ 25,810 | $ 25,941 |
Organization and Basis for Pres
Organization and Basis for Presentation | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis for Presentation | 1. Organization and Basis for Presentation Description of Business Unless the context requires otherwise, references to LeMaitre Vascular, we, our, and us refer to LeMaitre Vascular, Inc. and our subsidiaries. We develop, manufacture, and market medical devices and implants used primarily in the field of vascular surgery. We also derive revenues from the processing and cryopreservation of human tissues for implantation in patients. We operate in a single segment in which our principal product lines include the following: valvulotomes, biologic vascular patches, balloon catheters, carotid shunts, biologic vascular grafts, anastomotic clips, radiopaque marking tape, prosthetic vascular grafts, remote endarterectomy devices, laparoscopic cholecystectomy devices, angioscopes, and powered phlebectomy devices. Our offices are located in Burlington, Massachusetts; Fox River Grove, Illinois; Mississauga, Canada; Sulzbach, Germany; Milan, Italy; Madrid, Spain; North Melbourne, Australia; Tokyo, Japan; and Shanghai, China. Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and with the instructions to Form 10-Q S-X. 10-K Consolidation Our consolidated financial statements include the accounts of LeMaitre Vascular and the accounts of our wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. Recent Accounting Pronouncements In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (ASU) 2017-04, In January 2017, the FASB issued ASU 2017-01 In August 2016, the FASB issued ASU 2016-15, In May 2014, the FASB and the International Accounting Standards Board issued substantially converged final standards on revenue recognition. The FASB’s ASU No. 2014-09, |
Income Tax Expense
Income Tax Expense | 3 Months Ended |
Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Tax Expense | 2. Income Tax Expense As part of the process of preparing our consolidated financial statements we are required to determine our income taxes in each of the jurisdictions in which we operate. This process involves estimating our actual current tax expense together with assessing temporary differences resulting from recognition of items for income tax and accounting purposes. These differences result in deferred tax assets and liabilities, which are included within our consolidated balance sheet. We must then assess the likelihood that our deferred tax assets will be recovered from taxable income during the carryback period or in the future; and to the extent we believe that recovery is not more likely than not, we must establish a valuation allowance. To the extent we establish a valuation allowance or increase this allowance in a period, we must reflect this increase as an expense within the tax provision in the statement of operations. We do not provide for income taxes on undistributed earnings of foreign subsidiaries, as our intention is to permanently reinvest these earnings. We recognize, measure, present and disclose in our financial statements any uncertain tax positions that we have taken, or expect to take on a tax return. We operate in multiple taxing jurisdictions, both within and without the United States, and may be subject to audits from various tax authorities. Management’s judgment is required in determining our provision for income taxes, our deferred tax assets and liabilities, liabilities for uncertain tax positions, and any valuation allowance recorded against our net deferred tax assets. We will monitor the realizability of our deferred tax assets and adjust the valuation allowance accordingly. Our policy is to classify interest and penalties related to unrecognized tax benefits as income tax expense. Our 2017 income tax expense varies from the statutory rate mainly due to the generation of federal and state tax credits, permanent items and lower statutory rates from our foreign subsidiaries. Additionally, in the first quarter of 2017, we recognized certain discrete items primarily related to the exercise of stock options. Our 2016 income tax expense varied from the statutory rate mainly due to certain permanent items, offset by lower statutory rates from our foreign entities. We have reviewed the tax positions taken, or to be taken, in our tax returns for all tax years currently open to examination by a taxing authority. As of March 31, 2017, the gross amount of unrecognized tax benefits exclusive of interest and penalties was $407,000. We remain subject to examination until the statute of limitations expires for each respective tax jurisdiction. The statute of limitations will be open with respect to these tax positions until 2025. A reconciliation of beginning and ending amount of our unrecognized tax benefits is as follows: 2017 (in thousands) Unrecognized tax benefits at the beginning of year $ 390 Additions for tax positions of current year 17 Additions for tax positions of prior years — Reductions for settlements with taxing authorities. — Reductions for lapses of the applicable statutes of limitations — Unrecognized tax benefits as of March 31, 2017 $ 407 As of March 31, 2017, a summary of the tax years that remain subject to examination in our taxing jurisdictions is as follows: United States 2013 and forward Foreign 2009 and forward |
Inventories and Other Deferred
Inventories and Other Deferred Costs | 3 Months Ended |
Mar. 31, 2017 | |
Text Block [Abstract] | |
Inventories and Other Deferred Costs | 3. Inventories and Other Deferred Costs Inventories and other deferred costs consist of the following: March 31, 2017 December 31, 2016 (in thousands) Raw materials $ 3,163 $ 2,810 Work-in-process 2,968 2,489 Finished products 11,757 11,662 Other deferred costs 2,708 2,617 Total inventory $ 20,596 $ 19,578 We had inventory on consignment of $1.1 million at both March 31, 2017 and December 31, 2016. In connection with our recent acquisition of the RestoreFlow allograft business, other deferred costs include costs incurred for the preservation of human vascular tissue available for shipment, tissue currently in active processing, and tissue held in quarantine pending release to implantable status. By federal law, human tissue cannot be bought or sold. Therefore, the tissue we preserve are not held as inventory, and the costs we incur to procure and process vascular tissue are instead accumulated and deferred. |
Acquisition and Divestitures
Acquisition and Divestitures | 3 Months Ended |
Mar. 31, 2017 | |
Business Combinations [Abstract] | |
Acquisition and Divestitures | 4. Acquisition and Divestitures Our strategy for growing our business includes the acquisition of complementary product lines and businesses. Our acquisitions, including those discussed below, have historically been made at prices above the fair value of the acquired identifiable assets, resulting in goodwill, due to expectations of synergies that will be realized by combining businesses. These synergies include the use of our existing sales channel to expand sales of the acquired businesses’ products, consolidation of manufacturing facilities, and the leveraging of our existing administrative infrastructure. The fair market valuations associated with these transactions fall within Level 3 of the fair value hierarchy, due to the use of significant unobservable inputs to determine fair value. The fair value measurements were calculated using unobservable inputs, primarily using the income approach, specifically the discounted cash flow method. The amount and timing of future cash flows within our analysis was based on our due diligence models, most recent operational budgets, long range strategic plans and other estimates. RestoreFlow Allografts On November 10, 2016, we entered into an agreement to acquire the assets of Restore Flow Allografts, LLC, a provider of human vascular tissue processing and cryopreservation services, for an initial purchase price of $12 million, with additional payments of up to $6 million depending upon the satisfaction of certain contingencies. A payment of $2 million is due not later than 15 days following the expiration of the 18 month period following the closing date, subject to reductions as specified in the agreement for each calendar month that certain retained employees are not employed by us due to resignation without good reason, or termination for cause, both as defined in the agreement. The portion of this payment that will be paid to retained employees and that is contingent on their continuing employment, approximately $0.9 million, will be accounted for as post-combination compensation expense rather than purchase consideration. There are also two potential earn-outs under the agreement. The first earn-out earn-out The RestoreFlow business derives revenue from human tissue preservation services, in particular the processing and cryopreservation of veins and arteries. By federal law, human tissues cannot be bought or sold. Therefore, the tissues we obtain and preserve are not held as inventory, and the costs we incur to procure and process vascular tissues are instead accumulated and deferred. Revenues are recognized for the provision of cryopreservation services rather than product sales. The acquired assets included intellectual property, permits and approvals, data and records, equipment and furnishings, accounts receivable, inventory, literature, and customer and supplier information. We also assumed certain accounts payable. We accounted for the acquisition as a business combination. The following table summarizes the preliminary purchase price allocation as of March 31, 2017: Allocated (in thousands) Accounts receivable $ 561 Deferred cryopreservation costs 2,583 Equipment and supplies 125 Accounts payable (286 ) Intangible assets 4,544 Goodwill 5,432 Purchase price $ 12,959 The goodwill is deductible for tax purposes over 15 years. The following table reflects the preliminary allocation of the acquired intangible assets and related estimated useful lives: Allocated Weighted (in thousands) Non-compete $ 180 5.0 years Tradename 271 9.0 years Procurement contracts 617 9.0 years Technology 2,793 10.5 years Customer relationships 683 12.5 years Total intangible assets $ 4,544 The weighted-average amortization period of the acquired intangible assets was 10.3 years. ProCol Biologic Graft On March 18, 2016, we acquired the ProCol biologic vascular graft (“ProCol”) business for $2.7 million from Hancock Jaffe Laboratories, Inc. (HJL) and CryoLife, Inc. (CRY). HJL was the owner and manufacturer of ProCol and CRY was the exclusive distributor of the ProCol graft. CRY also owned an option to purchase the ProCol business, which we acquired from CRY. We bought finished goods inventory and other ProCol related assets from CRY for $2.0 million, which was paid in full at closing. We bought other ProCol assets from HJL for $0.7 million, 50% of which was paid at closing, 25% of which was paid in the quarter ended September 30, 2016 and the remaining 25% of which was paid in the quarter ended March 31, 2017. Additional consideration is payable to HJL for a three-year period following the closing, calculated at 10% of ProCol revenues. This additional consideration was initially valued at $0.3 million and will be re-measured Assets acquired included inventory, intellectual property and a related license, the ProCol trade name, customer lists, non-compete The following table summarizes the purchase price allocation as of the acquisition date: Allocated (in thousands) Inventory $ 2,080 Manufacturing equipment and supplies 25 Intangible assets 620 Goodwill 318 Purchase price $ 3,043 The goodwill is deductible for tax purposes over 15 years. The following table reflects the allocation of the acquired intangible assets and related estimated useful lives: Allocated Weighted (in thousands) Non-compete $ 84 5.0 years Tradename 109 9.5 years Technology 277 9.0 years Customer relationships 150 9.0 years Total intangible assets $ 620 The weighted-average amortization period of the acquired intangible assets was 8.6 years. Tru-Incise In May 2015, we entered into an asset purchase agreement with UreSil, LLC (UreSil) to acquire the production and distribution rights of UreSil’s Tru-Incise The following table summarizes the purchase price allocation at the date of the acquisition: Allocated (in thousands) Inventory $ 88 Intangible assets 545 Goodwill 742 Purchase price $ 1,375 The goodwill is deductible for tax purposes over 15 years. The following table reflects the allocation of the acquired intangible assets and related estimated useful lives: Allocated Weighted (in thousands) Non-compete $ 120 5.0 years Tradename license 17 3.0 years Technology 391 7.0 years Customer relationships 17 3.0 years Total intangible assets $ 545 |
Goodwill and Other Intangibles
Goodwill and Other Intangibles | 3 Months Ended |
Mar. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangibles | 5. Goodwill and Other Intangibles Goodwill consists of the following: As of March 31, 2017 Balance at beginning of year $ 23,426 Purchase accounting adjustments 90 Effects of currency exchange 113 Balance at end of year $ 23,629 Other intangibles consist of the following: March 31, 2017 December 31, 2016 Gross Accumulated Net Gross Accumulated Net (in thousands) Product technology and intellectual property $ 10,239 $ 4,255 $ 5,984 $ 10,173 $ 4,017 $ 6,156 Trademarks, tradenames and licenses $ 1,945 $ 1,390 $ 555 1,939 1,359 580 Customer relationships $ 5,272 $ 2,762 $ 2,510 5,216 2,588 2,628 Other intangible assets $ 1,565 $ 1,090 $ 475 1,558 1,025 533 Total identifiable intangible assets $ 19,021 $ 9,497 $ 9,524 $ 18,886 $ 8,989 $ 9,897 These intangible assets are being amortized over their useful lives ranging from 1 to 13 years. The weighted-average amortization period for these intangibles as of March 31, 2017 is 8.9 years. Amortization expense is included in general and administrative expense and is as follows: Three months ended March 31, 2017 2016 (in thousands) Amortization expense $ 454 $ 380 Estimated amortization expense for the remainder of 2017 and each of the five succeeding fiscal years is as follows: Year ended December 31, 2017 2018 2019 2020 2021 2022 (in thousands) Amortization expense $ 1,307 $ 1,573 $ 1,407 $ 1,124 $ 926 $ 713 |
Accrued Expenses and Other Long
Accrued Expenses and Other Long-term Liabilities | 3 Months Ended |
Mar. 31, 2017 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Long-term Liabilities | 6. Accrued Expenses and Other Long-term Liabilities Accrued expenses consist of the following: March 31, 2017 December 31, 2016 (in thousands) Compensation and related taxes $ 3,655 $ 6,124 Income and other taxes 1,152 312 Professional fees 148 122 Dividends Payable 1,029 — Other 2,302 2,246 Total $ 8,286 $ 8,804 Other long-term liabilities consist of the following: March 31, 2017 December 31, 2016 (in thousands) Aquisition-related liabilities $ 1,402 $ 1,253 Deferred rent 422 394 Income taxes 210 200 Other 164 154 Total $ 2,198 $ 2,001 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 7. Commitments and Contingencies As of March 31, 2017, as part of our normal course of business, we have commitments to purchase $3.9 million of inventory through 2018. |
Segment and Enterprise-Wide Dis
Segment and Enterprise-Wide Disclosures | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment and Enterprise-Wide Disclosures | 8. Segment and Enterprise-Wide Disclosures Under Accounting Standards Codification Topic 280, Segment Reporting Most of our revenues are generated in the United States, Germany, and other European countries as well as in Canada and Japan. Substantially all of our assets are located in the United States. Net sales to unaffiliated customers by country were as follows: Three months ended 2017 2016 (in thousands) United States $ 14,047 $ 11,104 Germany 2,865 2,586 Other countries 7,227 6,568 Net sales $ 24,139 $ 20,258 |
Share-based Compensation
Share-based Compensation | 3 Months Ended |
Mar. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-based Compensation | 9. Share-based Compensation Our Third Amended and Restated 2006 Stock Option and Incentive Plan allows for granting of incentive stock options, non-qualified The components of share-based compensation expense were as follows: Three Months ended March 31, (in thousands) 2017 2016 Stock option awards $ 314 $ 223 Restricted stock units 173 107 Total stock-based compensation $ 487 $ 330 Stock-based compensation is included in our statements of operations as follows: Three Months ended 2017 2016 (in thousands) Cost of sales $ 53 $ 38 Sales and marketing 116 64 General and administrative 274 183 Research and development 44 45 Total stock-based compensation $ 487 $ 330 Option grants during the three months ended March 31, 2017 were not material; we did not issue option grants during the three months ended March 31, 2016. We did not issue awards of restricted during the three months ended March 31, 2017; the restricted stock units awarded during the three months ended March 31, 2016 were not material. We issued approximately 115,000 and 23,000 shares of common stock following the exercise or vesting of underlying stock options or restricted stock units in the three months ended March 31, 2017 and 2016, respectively. |
Net Income per Share
Net Income per Share | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Net Income per Share | 10. Net Income per Share The computation of basic and diluted net income per share was as follows: Three months ended March 31, 2017 2016 (in thousands, except per share data) Basic: Net income available for common stockholders $ 3,219 $ 2,166 Weighted average shares outstanding 18,631 18,336 Basic earnings per share $ 0.17 $ 0.12 Diluted: Net income available for common stockholders $ 3,219 $ 2,166 Weighted-average shares outstanding 18,631 18,336 Common stock equivalents, if dilutive 1,076 524 Shares used in computing diluted earnings per common share 19,707 18,860 Diluted earnings per share $ 0.16 $ 0.11 Weighted average shares excluded in computing diluted earnings per share as their effect would be anti-dilutive 1 20 |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Stockholders' Equity | 11. Stockholders’ Equity Share Repurchase Program On July 25, 2016, our Board of Directors approved a stock repurchase program under which the Company is authorized to repurchase up to $5.0 million of its common stock through transactions on the open market, in privately negotiated purchases or otherwise. This program may be suspended or discontinued at any time, and expires on the earlier of July 25, 2017 or when the authorized aggregate $5.0 million repurchase limit is reached. We have not made any share repurchases under this program. Dividends In February 2011, our Board of Directors approved a policy for the payment of quarterly cash dividends on our common stock. Future declarations of quarterly dividends and the establishment of future record and payment dates are subject to approval by our Board of Directors on a quarterly basis. The dividend activity for the periods presented is as follows: Record Date Payment Date Per Share Amount Dividend Payment (in thousands) Fiscal Year 2017 March 22, 2017 April 6, 2017 $ 0.055 $ 1,029 Fiscal Year 2016 March 21, 2016 April 4, 2016 $ 0.045 $ 825 May 25, 2016 June 8, 2016 $ 0.045 $ 829 August 22,2016 September 2, 2016 $ 0.045 $ 833 November 21, 2016 December 5, 2016 $ 0.045 $ 836 On April 24, 2017 our Board of Directors approved a quarterly cash dividend on our common stock of $0.055 per share payable on June 8, 2017 to stockholders of record at the close of business on May 24, 2017, which will total approximately $1.0 million. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 3 Months Ended |
Mar. 31, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | 12. Supplemental Cash Flow Information Three months ended 2017 2016 (in thousands) Cash paid for income taxes, net $ 275 $ 108 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 13. Fair Value Measurements The fair value accounting guidance requires that assets and liabilities carried at fair value be classified and disclosed in one of the following three categories: • Level 1 — Quoted prices in active markets for identical assets or liabilities. • Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. • Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. As of March 31, 2017, we had cash equivalents in a money market fund that was valued using Level 1 inputs (quoted market prices for identical assets) at a fair value of $12.0 million. We had no Level 2 assets being measured at fair value on a recurring basis as of March 31, 2017. As discussed in Note 4, we have contingent liabilities related to certain of our acquired businesses. These liabilities are or have been remeasured each reporting period using Level 3 techniques to assess the probability that we will be required to make future payments, and to estimate the amount of those payments. During three months ended March 31, 2017 we made fair-value adjustments to our contingent liabilities of $0.2 million. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | 14. Accumulated Other Comprehensive Loss Three months ended 2017 2016 (in thousands) Beginning balance $ (4,583 ) $ (4,049 ) Other comprehensive income (loss) before reclassifications 620 929 Amounts reclassified from accumulated other comprehensive loss — — Ending Balance $ (3,963 ) $ (3,120 ) Changes to our accumulated other comprehensive loss consisted of foreign currency translation for the three months ended March 31, 2017 and 2016. |
Organization and Basis for Pr21
Organization and Basis for Presentation (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | Description of Business Unless the context requires otherwise, references to LeMaitre Vascular, we, our, and us refer to LeMaitre Vascular, Inc. and our subsidiaries. We develop, manufacture, and market medical devices and implants used primarily in the field of vascular surgery. We also derive revenues from the processing and cryopreservation of human tissues for implantation in patients. We operate in a single segment in which our principal product lines include the following: valvulotomes, biologic vascular patches, balloon catheters, carotid shunts, biologic vascular grafts, anastomotic clips, radiopaque marking tape, prosthetic vascular grafts, remote endarterectomy devices, laparoscopic cholecystectomy devices, angioscopes, and powered phlebectomy devices. Our offices are located in Burlington, Massachusetts; Fox River Grove, Illinois; Mississauga, Canada; Sulzbach, Germany; Milan, Italy; Madrid, Spain; North Melbourne, Australia; Tokyo, Japan; and Shanghai, China. |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and with the instructions to Form 10-Q S-X. 10-K |
Consolidation | Consolidation Our consolidated financial statements include the accounts of LeMaitre Vascular and the accounts of our wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (ASU) 2017-04, In January 2017, the FASB issued ASU 2017-01 In August 2016, the FASB issued ASU 2016-15, In May 2014, the FASB and the International Accounting Standards Board issued substantially converged final standards on revenue recognition. The FASB’s ASU No. 2014-09, |
Segment Reporting | Under Accounting Standards Codification Topic 280, Segment Reporting |
Fair Value Measurement | The fair value accounting guidance requires that assets and liabilities carried at fair value be classified and disclosed in one of the following three categories: • Level 1 — Quoted prices in active markets for identical assets or liabilities. • Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. • Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. |
Income Tax Expense (Tables)
Income Tax Expense (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits | A reconciliation of beginning and ending amount of our unrecognized tax benefits is as follows: 2017 (in thousands) Unrecognized tax benefits at the beginning of year $ 390 Additions for tax positions of current year 17 Additions for tax positions of prior years — Reductions for settlements with taxing authorities. — Reductions for lapses of the applicable statutes of limitations — Unrecognized tax benefits as of March 31, 2017 $ 407 |
Summary of Tax Years Subject to Examination in Taxing Jurisdictions | As of March 31, 2017, a summary of the tax years that remain subject to examination in our taxing jurisdictions is as follows: United States 2013 and forward Foreign 2009 and forward |
Inventories and Other Deferre23
Inventories and Other Deferred Costs (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Text Block [Abstract] | |
Summary of Inventories and Other Deferred Costs | Inventories and other deferred costs consist of the following: March 31, 2017 December 31, 2016 (in thousands) Raw materials $ 3,163 $ 2,810 Work-in-process 2,968 2,489 Finished products 11,757 11,662 Other deferred costs 2,708 2,617 Total inventory $ 20,596 $ 19,578 |
Acquisition and Divestitures (T
Acquisition and Divestitures (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Restore Flow Allografts [Member] | |
Summary of Purchase Price Allocation | The following table summarizes the preliminary purchase price allocation as of March 31, 2017: Allocated (in thousands) Accounts receivable $ 561 Deferred cryopreservation costs 2,583 Equipment and supplies 125 Accounts payable (286 ) Intangible assets 4,544 Goodwill 5,432 Purchase price $ 12,959 |
Acquired Intangible Assets and Related Estimated Useful Lives | The following table reflects the preliminary allocation of the acquired intangible assets and related estimated useful lives: Allocated Weighted (in thousands) Non-compete $ 180 5.0 years Tradename 271 9.0 years Procurement contracts 617 9.0 years Technology 2,793 10.5 years Customer relationships 683 12.5 years Total intangible assets $ 4,544 |
ProCol Biologic Graft [Member] | |
Summary of Purchase Price Allocation | The following table summarizes the purchase price allocation as of the acquisition date: Allocated (in thousands) Inventory $ 2,080 Manufacturing equipment and supplies 25 Intangible assets 620 Goodwill 318 Purchase price $ 3,043 |
Acquired Intangible Assets and Related Estimated Useful Lives | The following table reflects the allocation of the acquired intangible assets and related estimated useful lives: Allocated Weighted (in thousands) Non-compete $ 84 5.0 years Tradename 109 9.5 years Technology 277 9.0 years Customer relationships 150 9.0 years Total intangible assets $ 620 |
Tru-Incise Valvulotome [Member] | |
Summary of Purchase Price Allocation | The following table summarizes the purchase price allocation at the date of the acquisition: Allocated (in thousands) Inventory $ 88 Intangible assets 545 Goodwill 742 Purchase price $ 1,375 |
Acquired Intangible Assets and Related Estimated Useful Lives | The following table reflects the allocation of the acquired intangible assets and related estimated useful lives: Allocated Weighted (in thousands) Non-compete $ 120 5.0 years Tradename license 17 3.0 years Technology 391 7.0 years Customer relationships 17 3.0 years Total intangible assets $ 545 |
Goodwill and Other Intangibles
Goodwill and Other Intangibles (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | Goodwill consists of the following: As of March 31, 2017 Balance at beginning of year $ 23,426 Purchase accounting adjustments 90 Effects of currency exchange 113 Balance at end of year $ 23,629 |
Components of Identifiable Intangible Assets | Other intangibles consist of the following: March 31, 2017 December 31, 2016 Gross Accumulated Net Gross Accumulated Net (in thousands) Product technology and intellectual property $ 10,239 $ 4,255 $ 5,984 $ 10,173 $ 4,017 $ 6,156 Trademarks, tradenames and licenses $ 1,945 $ 1,390 $ 555 1,939 1,359 580 Customer relationships $ 5,272 $ 2,762 $ 2,510 5,216 2,588 2,628 Other intangible assets $ 1,565 $ 1,090 $ 475 1,558 1,025 533 Total identifiable intangible assets $ 19,021 $ 9,497 $ 9,524 $ 18,886 $ 8,989 $ 9,897 |
Amortization Expense Included in General and Administrative Expense | Amortization expense is included in general and administrative expense and is as follows: Three months ended March 31, 2017 2016 (in thousands) Amortization expense $ 454 $ 380 |
Estimated Amortization Expense for Each of Five Succeeding Fiscal Years | Estimated amortization expense for the remainder of 2017 and each of the five succeeding fiscal years is as follows: Year ended December 31, 2017 2018 2019 2020 2021 2022 (in thousands) Amortization expense $ 1,307 $ 1,573 $ 1,407 $ 1,124 $ 926 $ 713 |
Accrued Expenses and Other Lo26
Accrued Expenses and Other Long-term Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Accrued expenses consist of the following: March 31, 2017 December 31, 2016 (in thousands) Compensation and related taxes $ 3,655 $ 6,124 Income and other taxes 1,152 312 Professional fees 148 122 Dividends Payable 1,029 — Other 2,302 2,246 Total $ 8,286 $ 8,804 |
Schedule of Other Long-term Liabilities | Other long-term liabilities consist of the following: March 31, 2017 December 31, 2016 (in thousands) Aquisition-related liabilities $ 1,402 $ 1,253 Deferred rent 422 394 Income taxes 210 200 Other 164 154 Total $ 2,198 $ 2,001 |
Segment and Enterprise-Wide D27
Segment and Enterprise-Wide Disclosures (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Net Sales to Unaffiliated Customers by Geography | Net sales to unaffiliated customers by country were as follows: Three months ended 2017 2016 (in thousands) United States $ 14,047 $ 11,104 Germany 2,865 2,586 Other countries 7,227 6,568 Net sales $ 24,139 $ 20,258 |
Share-based Compensation (Table
Share-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation Expense | The components of share-based compensation expense were as follows: Three Months ended March 31, (in thousands) 2017 2016 Stock option awards $ 314 $ 223 Restricted stock units 173 107 Total stock-based compensation $ 487 $ 330 |
Schedule of Stock-based Compensation | Stock-based compensation is included in our statements of operations as follows: Three Months ended 2017 2016 (in thousands) Cost of sales $ 53 $ 38 Sales and marketing 116 64 General and administrative 274 183 Research and development 44 45 Total stock-based compensation $ 487 $ 330 |
Net Income per Share (Tables)
Net Income per Share (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net Income per Share | The computation of basic and diluted net income per share was as follows: Three months ended March 31, 2017 2016 (in thousands, except per share data) Basic: Net income available for common stockholders $ 3,219 $ 2,166 Weighted average shares outstanding 18,631 18,336 Basic earnings per share $ 0.17 $ 0.12 Diluted: Net income available for common stockholders $ 3,219 $ 2,166 Weighted-average shares outstanding 18,631 18,336 Common stock equivalents, if dilutive 1,076 524 Shares used in computing diluted earnings per common share 19,707 18,860 Diluted earnings per share $ 0.16 $ 0.11 Weighted average shares excluded in computing diluted earnings per share as their effect would be anti-dilutive 1 20 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Dividend Activity | The dividend activity for the periods presented is as follows: Record Date Payment Date Per Share Amount Dividend Payment (in thousands) Fiscal Year 2017 March 22, 2017 April 6, 2017 $ 0.055 $ 1,029 Fiscal Year 2016 March 21, 2016 April 4, 2016 $ 0.045 $ 825 May 25, 2016 June 8, 2016 $ 0.045 $ 829 August 22,2016 September 2, 2016 $ 0.045 $ 833 November 21, 2016 December 5, 2016 $ 0.045 $ 836 |
Supplemental Cash Flow Inform31
Supplemental Cash Flow Information (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Three months ended 2017 2016 (in thousands) Cash paid for income taxes, net $ 275 $ 108 |
Accumulated Other Comprehensi32
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Summary of Accumulated Other Comprehensive Loss | Three months ended 2017 2016 (in thousands) Beginning balance $ (4,583 ) $ (4,049 ) Other comprehensive income (loss) before reclassifications 620 929 Amounts reclassified from accumulated other comprehensive loss — — Ending Balance $ (3,963 ) $ (3,120 ) |
Income Tax Expense - Additional
Income Tax Expense - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | ||
Unrecognized tax benefits exclusive of interest and penalties, gross | $ 407,000 | $ 390,000 |
Statute of limitations expiration period | 2,025 |
Income Tax Expense - Reconcilia
Income Tax Expense - Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Income Tax Disclosure [Abstract] | |
Unrecognized tax benefits at the beginning of year | $ 390,000 |
Additions for tax positions of current year | 17,000 |
Additions for tax positions of prior years | 0 |
Reductions for settlements with taxing authorities. | 0 |
Reductions for lapses of the applicable statutes of limitations | 0 |
Unrecognized tax benefits as of March 31, 2017 | $ 407,000 |
Income Tax Expense - Summary of
Income Tax Expense - Summary of Tax Years Subject to Examination in Taxing Jurisdictions (Detail) | 3 Months Ended |
Mar. 31, 2017 | |
United States [Member] | |
Income Tax Examination [Line Items] | |
Income tax year under examination | 2013 and forward |
Foreign [Member] | |
Income Tax Examination [Line Items] | |
Income tax year under examination | 2009 and forward |
Inventory and Other Deferred Co
Inventory and Other Deferred Costs - Summary of Inventories and Other Deferred Costs (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 3,163 | $ 2,810 |
Work-in-process | 2,968 | 2,489 |
Finished products | 11,757 | 11,662 |
Other deferred costs | 2,708 | 2,617 |
Total inventory | $ 20,596 | $ 19,578 |
Inventory and Other Deferred 37
Inventory and Other Deferred Costs - Additional Information (Detail) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Inventory Disclosure [Abstract] | ||
Inventory on consignment | $ 1.1 | $ 1.1 |
Acquisition and Divestitures -
Acquisition and Divestitures - Restore Flow Allografts - Additional Information (Detail) - USD ($) | Nov. 10, 2016 | Mar. 31, 2017 | Mar. 31, 2016 |
Business Acquisition [Line Items] | |||
Net revenue | $ 24,139,000 | $ 20,258,000 | |
Weighted average useful life | 8 years 10 months 24 days | ||
Restore Flow Allografts [Member] | |||
Business Acquisition [Line Items] | |||
Initial purchase price | $ 12,000,000 | ||
Acquisition-related contingent consideration | 900,000 | ||
Additional payment description | A payment of $2 million is due not later than 15 days following the expiration of the 18 month period following the closing date, subject to reductions as specified in the agreement for each calendar month that certain retained employees are not employed by us due to resignation without good reason, or termination for cause, both as defined in the agreement. The portion of this payment that will be paid to retained employees and that is contingent on their continuing employment, approximately $0.9 million, will be accounted for as post-combination compensation expense rather than purchase consideration. There are also two potential earn-outs under the agreement. The first earn-out is calculated at 50% of the amount by which net revenue in the first 12 months following the closing exceeds $6 million, with such payout not to exceed $2 million. The second earn-out is calculated at 50% of the amount by which net revenue in the second 12 months following the closing exceeds $9 million, with such payout not to exceed $2 million | ||
Maximum goodwill deductible for tax purposes | 15 years | ||
Weighted average useful life | 10 years 3 months 18 days | ||
Restore Flow Allografts [Member] | Maximum [Member] | |||
Business Acquisition [Line Items] | |||
Acquisition-related contingent consideration | 6,000,000 | ||
Contingency One [Member] | Restore Flow Allografts [Member] | |||
Business Acquisition [Line Items] | |||
Acquisition-related contingent consideration | 2,000,000 | ||
Earn - Outs Payment One [Member] | Restore Flow Allografts [Member] | Maximum [Member] | |||
Business Acquisition [Line Items] | |||
Acquisition-related contingent consideration | 2,000,000 | ||
Earn - Outs Payment One [Member] | Restore Flow Allografts [Member] | Minimum [Member] | |||
Business Acquisition [Line Items] | |||
Net revenue | 6,000,000 | ||
Earn - Outs Payment Two [Member] | Restore Flow Allografts [Member] | Maximum [Member] | |||
Business Acquisition [Line Items] | |||
Acquisition-related contingent consideration | 2,000,000 | ||
Earn - Outs Payment Two [Member] | Restore Flow Allografts [Member] | Minimum [Member] | |||
Business Acquisition [Line Items] | |||
Net revenue | $ 9,000,000 |
Acquisition and Divestitures 39
Acquisition and Divestitures - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 18, 2016 | May 31, 2015 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 23,629 | $ 23,426 | ||
Restore Flow Allografts [Member] | ||||
Business Acquisition [Line Items] | ||||
Accounts receivable | 561 | |||
Deferred cryopreservation costs | 2,583 | |||
Manufacturing equipment and supplies | 125 | |||
Accounts payable | (286) | |||
Intangible assets | 4,544 | |||
Goodwill | 5,432 | |||
Purchase price | $ 12,959 | |||
ProCol Biologic Graft [Member] | ||||
Business Acquisition [Line Items] | ||||
Inventory | $ 2,080 | |||
Manufacturing equipment and supplies | 25 | |||
Intangible assets | 620 | |||
Goodwill | 318 | |||
Purchase price | $ 3,043 | |||
Tru-Incise Valvulotome [Member] | ||||
Business Acquisition [Line Items] | ||||
Inventory | $ 88 | |||
Intangible assets | 545 | |||
Goodwill | 742 | |||
Purchase price | $ 1,375 |
Acquisitions and Divestitures -
Acquisitions and Divestitures - Acquired Intangible Assets and Related Estimated Useful Lives (Detail) - USD ($) $ in Thousands | Mar. 18, 2016 | May 31, 2015 | Mar. 31, 2017 |
Business Acquisition [Line Items] | |||
Weighted average useful life | 8 years 10 months 24 days | ||
Restore Flow Allografts [Member] | |||
Business Acquisition [Line Items] | |||
Weighted average useful life | 10 years 3 months 18 days | ||
Allocated fair value | $ 4,544 | ||
Restore Flow Allografts [Member] | Non-Compete Agreement [Member] | |||
Business Acquisition [Line Items] | |||
Weighted average useful life | 5 years | ||
Allocated fair value | $ 180 | ||
Restore Flow Allografts [Member] | Trade Name [Member] | |||
Business Acquisition [Line Items] | |||
Weighted average useful life | 9 years | ||
Allocated fair value | $ 271 | ||
Restore Flow Allografts [Member] | Customer Relationships [Member] | |||
Business Acquisition [Line Items] | |||
Weighted average useful life | 12 years 6 months | ||
Allocated fair value | $ 683 | ||
Restore Flow Allografts [Member] | Procurement Contracts [Member] | |||
Business Acquisition [Line Items] | |||
Weighted average useful life | 9 years | ||
Allocated fair value | $ 617 | ||
Restore Flow Allografts [Member] | Technology [Member] | |||
Business Acquisition [Line Items] | |||
Weighted average useful life | 10 years 6 months | ||
Allocated fair value | $ 2,793 | ||
ProCol Biologic Graft [Member] | |||
Business Acquisition [Line Items] | |||
Weighted average useful life | 8 years 7 months 6 days | ||
Allocated fair value | $ 620 | ||
ProCol Biologic Graft [Member] | Non-Compete Agreement [Member] | |||
Business Acquisition [Line Items] | |||
Weighted average useful life | 5 years | ||
Allocated fair value | $ 84 | ||
ProCol Biologic Graft [Member] | Trade Name [Member] | |||
Business Acquisition [Line Items] | |||
Weighted average useful life | 9 years 6 months | ||
Allocated fair value | $ 109 | ||
ProCol Biologic Graft [Member] | Customer Relationships [Member] | |||
Business Acquisition [Line Items] | |||
Weighted average useful life | 9 years | ||
Allocated fair value | $ 150 | ||
ProCol Biologic Graft [Member] | Technology [Member] | |||
Business Acquisition [Line Items] | |||
Weighted average useful life | 9 years | ||
Allocated fair value | $ 277 | ||
Tru-Incise Valvulotome [Member] | |||
Business Acquisition [Line Items] | |||
Allocated fair value | $ 545 | ||
Tru-Incise Valvulotome [Member] | Non-Compete Agreement [Member] | |||
Business Acquisition [Line Items] | |||
Weighted average useful life | 5 years | ||
Allocated fair value | $ 120 | ||
Tru-Incise Valvulotome [Member] | Customer Relationships [Member] | |||
Business Acquisition [Line Items] | |||
Weighted average useful life | 3 years | ||
Allocated fair value | $ 17 | ||
Tru-Incise Valvulotome [Member] | Tradename License [Member] | |||
Business Acquisition [Line Items] | |||
Weighted average useful life | 3 years | ||
Allocated fair value | $ 17 | ||
Tru-Incise Valvulotome [Member] | Technology [Member] | |||
Business Acquisition [Line Items] | |||
Weighted average useful life | 7 years | ||
Allocated fair value | $ 391 |
Acquisition and Divestitures 41
Acquisition and Divestitures - ProCol Biologic Graft - Additional Information (Detail) - USD ($) $ in Millions | Mar. 18, 2016 | Mar. 31, 2017 | Sep. 30, 2016 |
Business Acquisition [Line Items] | |||
Weighted average useful life | 8 years 10 months 24 days | ||
ProCol Biologic Graft [Member] | |||
Business Acquisition [Line Items] | |||
Purchase price for acquisition of assets and rights | $ 2.7 | ||
Business combination, finished goods inventory and other related assets acquired | 2 | ||
Business combination, other assets acquired | $ 0.7 | ||
Business combination consideration calculated, percentage of revenues | 10.00% | ||
Additional consideration initial value | $ 0.3 | ||
Payment made for assets purchased, percentage | 50.00% | 25.00% | 25.00% |
Maximum goodwill deductible for tax purposes | 15 years | ||
Weighted average useful life | 8 years 7 months 6 days |
Acquisition and Divestitures 42
Acquisition and Divestitures - Tru-Incise Valvulotome - Additional Information (Detail) - Tru-Incise Valvulotome [Member] - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended |
May 31, 2015 | Mar. 31, 2017 | |
Business Acquisition [Line Items] | ||
Purchase price for acquisition of assets and rights | $ 1.4 | |
Cash paid for assets purchased | 1.1 | |
Balance payable to Clinical Instruments | $ 0.3 | |
Acquisition date of assets and rights | May 31, 2015 | |
Maximum goodwill deductible for tax purposes | 15 years |
Goodwill and Other Intangible43
Goodwill and Other Intangibles - Schedule of Goodwill (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Balance at beginning of year | $ 23,426 |
Purchase accounting adjustments | 90 |
Effects of currency exchange | 113 |
Balance at end of year | $ 23,629 |
Goodwill and Other Intangible44
Goodwill and Other Intangibles - Components of Identifiable Intangible Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 19,021 | $ 18,886 |
Accumulated Amortization | 9,497 | 8,989 |
Net Carrying Value of Intangible Assets | 9,524 | 9,897 |
Product Technology and Intellectual Property [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 10,239 | 10,173 |
Accumulated Amortization | 4,255 | 4,017 |
Net Carrying Value of Intangible Assets | 5,984 | 6,156 |
Trademarks, Tradenames and Licenses [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 1,945 | 1,939 |
Accumulated Amortization | 1,390 | 1,359 |
Net Carrying Value of Intangible Assets | 555 | 580 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 5,272 | 5,216 |
Accumulated Amortization | 2,762 | 2,588 |
Net Carrying Value of Intangible Assets | 2,510 | 2,628 |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 1,565 | 1,558 |
Accumulated Amortization | 1,090 | 1,025 |
Net Carrying Value of Intangible Assets | $ 475 | $ 533 |
Goodwill and Other Intangible45
Goodwill and Other Intangibles - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted-average amortization period for intangibles | 8 years 10 months 24 days |
Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets useful lives | 13 years |
Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets useful lives | 1 year |
Goodwill and Other Intangible46
Goodwill and Other Intangibles - Amortization Expense Included in General and Administrative Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization expense | $ 454 | $ 380 |
Goodwill and Other Intangible47
Goodwill and Other Intangibles - Estimated Amortization Expense for Each of Five Succeeding Fiscal Years (Detail) $ in Thousands | Mar. 31, 2017USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Amortization expense, Remainder of Fiscal Year 2017 | $ 1,307 |
Amortization expense, Fiscal Year 2018 | 1,573 |
Amortization expense, Fiscal Year 2019 | 1,407 |
Amortization expense, Fiscal Year 2020 | 1,124 |
Amortization expense, Fiscal Year 2021 | 926 |
Amortization expense, Fiscal Year 2022 | $ 713 |
Accrued Expenses and Other Lo48
Accrued Expenses and Other Long-term Liabilities - Accrued Expenses (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Payables and Accruals [Abstract] | ||
Compensation and related taxes | $ 3,655 | $ 6,124 |
Income and other taxes | 1,152 | 312 |
Professional fees | 148 | 122 |
Dividends Payable | 1,029 | |
Other | 2,302 | 2,246 |
Total | $ 8,286 | $ 8,804 |
Accrued Expenses and Other Lo49
Accrued Expenses and Other Long-term Liabilities - Schedule of Other Long-term Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Other Liabilities, Noncurrent [Abstract] | ||
Aquisition-related liabilities | $ 1,402 | $ 1,253 |
Deferred rent | 422 | 394 |
Income taxes | 210 | 200 |
Other | 164 | 154 |
Total | $ 2,198 | $ 2,001 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments to purchase inventory | $ 3.9 |
Purchase commitments inventory expire year | 2,018 |
Segment and Enterprise-wide D51
Segment and Enterprise-wide Disclosures - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2017Segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 1 |
Segment and Enterprise-wide D52
Segment and Enterprise-wide Disclosures - Net Sales to Unaffiliated Customers by Geography (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Segment Reporting Information [Line Items] | ||
Net sales | $ 24,139 | $ 20,258 |
United States [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 14,047 | 11,104 |
Germany [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 2,865 | 2,586 |
Other Countries [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | $ 7,227 | $ 6,568 |
Share-based Compensation - Shar
Share-based Compensation - Share-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Total stock-based compensation | $ 487 | $ 330 |
Stock Option Awards [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Total stock-based compensation | 314 | 223 |
Restricted Stock Units [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Total stock-based compensation | $ 173 | $ 107 |
Share-based Compensation - Sche
Share-based Compensation - Schedule of Stock-based Compensation (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation | $ 487 | $ 330 |
Cost of Sales [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation | 53 | 38 |
Sales and Marketing [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation | 116 | 64 |
General and Administrative [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation | 274 | 183 |
Research and Development [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation | $ 44 | $ 45 |
Share-based Compensation - Addi
Share-based Compensation - Additional Information (Detail) - shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock options granted | 0 | |
Issue of common stock | 115,000 | 23,000 |
Restricted Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock units issued | 0 |
Net Income per Share - Computat
Net Income per Share - Computation of Basic and Diluted Net Income per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Basic: | ||
Net income available for common stockholders | $ 3,219 | $ 2,166 |
Weighted average shares outstanding | 18,631 | 18,336 |
Basic earnings per share | $ 0.17 | $ 0.12 |
Diluted: | ||
Net income available for common stockholders | $ 3,219 | $ 2,166 |
Weighted-average shares outstanding | 18,631 | 18,336 |
Common stock equivalents, if dilutive | 1,076 | 524 |
Shares used in computing diluted earnings per common share | 19,707 | 18,860 |
Diluted earnings per share | $ 0.16 | $ 0.11 |
Weighted average shares excluded in computing diluted earnings per share as their effect would be anti-dilutive | 1 | 20 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | Apr. 24, 2017 | Mar. 31, 2017 | Mar. 31, 2016 | Jul. 25, 2016 |
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ||||
Cash dividend on common stock per share | $ 0.055 | $ 0.045 | ||
Subsequent Event [Member] | ||||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ||||
Cash dividend on common stock per share | $ 0.055 | |||
Dividend payment date | Jun. 8, 2017 | |||
Dividend payments | $ 1,000,000 | |||
Dividend record date | May 24, 2017 | |||
Share Repurchase Program [Member] | ||||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ||||
Stock repurchase program expiration date | Jul. 25, 2017 | |||
Stock repurchase program, Description | This program may be suspended or discontinued at any time, and expires on the earlier of July 25, 2017 or when the authorized aggregate $5.0 million repurchase limit is reached. | |||
Share repurchases | 0 | |||
Share Repurchase Program [Member] | Maximum [Member] | Common Stock [Member] | ||||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ||||
Repurchase of common stock | $ 5,000,000 |
Stockholders' Equity - Dividend
Stockholders' Equity - Dividend Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | Apr. 24, 2017 | Feb. 28, 2011 | Mar. 31, 2017 | Mar. 31, 2016 | Apr. 06, 2017 | Dec. 05, 2016 | Sep. 02, 2016 | Jun. 08, 2016 | Apr. 04, 2016 |
Dividends Payable [Line Items] | |||||||||
Per Share Amount | $ 0.055 | $ 0.045 | |||||||
Dividend Payment | $ 1,029 | ||||||||
Subsequent Event [Member] | |||||||||
Dividends Payable [Line Items] | |||||||||
Record Date | May 24, 2017 | ||||||||
Payment Date | Jun. 8, 2017 | ||||||||
Per Share Amount | $ 0.055 | ||||||||
Installment 1 FY 2017 [Member] | |||||||||
Dividends Payable [Line Items] | |||||||||
Record Date | Mar. 22, 2017 | ||||||||
Payment Date | Apr. 6, 2017 | ||||||||
Per Share Amount | $ 0.055 | ||||||||
Installment 1 FY 2017 [Member] | Subsequent Event [Member] | |||||||||
Dividends Payable [Line Items] | |||||||||
Dividend Payment | $ 1,029 | ||||||||
Installment 1 FY 2016 [Member] | |||||||||
Dividends Payable [Line Items] | |||||||||
Record Date | Mar. 21, 2016 | ||||||||
Payment Date | Apr. 4, 2016 | ||||||||
Per Share Amount | 0.045 | ||||||||
Dividend Payment | $ 825 | ||||||||
Installment 2 FY 2016 [Member] | |||||||||
Dividends Payable [Line Items] | |||||||||
Record Date | May 25, 2016 | ||||||||
Payment Date | Jun. 8, 2016 | ||||||||
Per Share Amount | 0.045 | ||||||||
Dividend Payment | $ 829 | ||||||||
Installment 3 FY 2016 [Member] | |||||||||
Dividends Payable [Line Items] | |||||||||
Record Date | Aug. 22, 2016 | ||||||||
Payment Date | Sep. 2, 2016 | ||||||||
Per Share Amount | 0.045 | ||||||||
Dividend Payment | $ 833 | ||||||||
Installment 4 FY 2016 [Member] | |||||||||
Dividends Payable [Line Items] | |||||||||
Record Date | Nov. 21, 2016 | ||||||||
Payment Date | Dec. 5, 2016 | ||||||||
Per Share Amount | $ 0.045 | ||||||||
Dividend Payment | $ 836 |
Supplemental Cash Flow Inform59
Supplemental Cash Flow Information - Supplemental Cash Flow Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Supplemental Cash Flow Elements [Abstract] | ||
Cash paid for income taxes, net | $ 275 | $ 108 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair-value adjustments to contingent liabilities | $ 200,000 |
Level 1 [Member] | Recurring [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Cash equivalents in money market fund | 12,000,000 |
Level 2 [Member] | Recurring [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets measured at fair value | $ 0 |
Accumulated Other Comprehensi61
Accumulated Other Comprehensive Loss - Summary of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | $ 87,500 | |
Ending Balance | 91,618 | |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (4,583) | $ (4,049) |
Other comprehensive income (loss) before reclassifications | 620 | 929 |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 |
Ending Balance | $ (3,963) | $ (3,120) |