Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 30, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | FLDM | |
Entity Registrant Name | FLUIDIGM CORP | |
Entity Central Index Key | 1162194 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 28,784,622 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $36,982 | $33,713 |
Short-term investments | 79,424 | 81,588 |
Accounts receivable (net of allowances of $76 at March 31, 2015 and $120 at December 31, 2014) | 19,577 | 22,384 |
Inventories | 17,394 | 15,991 |
Prepaid expenses and other current assets | 1,856 | 2,221 |
Total current assets | 155,233 | 155,897 |
Long-term investments | 18,508 | 27,499 |
Property and equipment, net | 14,053 | 13,889 |
Other non-current assets | 3,729 | 3,966 |
Developed technology, net | 99,400 | 102,200 |
Goodwill | 104,108 | 104,108 |
Total assets | 395,031 | 407,559 |
Current liabilities: | ||
Accounts payable | 5,502 | 5,919 |
Accrued compensation and related benefits | 4,840 | 6,874 |
Other accrued liabilities | 7,216 | 9,664 |
Deferred revenue, current portion | 7,346 | 6,928 |
Total current liabilities | 24,904 | 29,385 |
Convertible notes, net | 195,512 | 195,455 |
Deferred tax liability | 25,344 | 26,152 |
Deferred revenue, net of current portion | 5,096 | 4,357 |
Other non-current liabilities | 1,722 | 1,791 |
Total liabilities | 252,578 | 257,140 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock, $0.001 par value, 10,000 shares authorized, no shares issued and outstanding at March 31, 2015 and December 31, 2014 | 0 | 0 |
Common stock, $0.001 par value, 200,000 shares authorized at March 31, 2015 and December 31, 2014; 28,715 and 28,341 shares issued and outstanding as of March 31, 2015 and December 31, 2014, respectively | 29 | 28 |
Additional paid-in capital | 469,132 | 461,362 |
Accumulated other comprehensive loss | -600 | -794 |
Accumulated deficit | -326,108 | -310,177 |
Total stockholders’ equity | 142,453 | 150,419 |
Total liabilities and stockholders’ equity | $395,031 | $407,559 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowances | $76 | $120 |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 28,715,000 | 28,341,000 |
Common stock, shares outstanding | 28,715,000 | 28,341,000 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenue: | ||
Product revenue | $26,646 | $25,449 |
License revenue | 83 | 112 |
Grant revenue | 0 | 163 |
Total revenue | 26,729 | 25,724 |
Costs and expenses: | ||
Cost of product revenue | 10,646 | 8,704 |
Research and development | 9,990 | 7,646 |
Selling, general and administrative | 20,094 | 15,257 |
Acquisition-related expenses | 0 | 10,696 |
Total costs and expenses | 40,730 | 42,303 |
Loss from operations | -14,001 | -16,579 |
Interest expense | -1,453 | -1,026 |
Other (expense) income, net | -1,120 | 48 |
Loss before income taxes | -16,574 | -17,557 |
Benefit from income taxes | 643 | 2,143 |
Net loss | ($15,931) | ($15,414) |
Net loss per share, basic and diluted (in dollars per share) | ($0.56) | ($0.57) |
Shares used in computing net loss per share, basic and diluted | 28,468 | 26,900 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Loss Statement (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Net loss | ($15,931) | ($15,414) |
Other comprehensive (loss) income, net of tax | ||
Unrealized gain (loss) on available-for-sale securities | 55 | 1 |
Foreign currency translation adjustment | 139 | -29 |
Other comprehensive income (loss), net of tax | 194 | -28 |
Total comprehensive loss | ($15,737) | ($15,442) |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating activities | ||
Net loss | ($15,931) | ($15,414) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 1,338 | 920 |
Stock-based compensation expense | 4,068 | 3,379 |
Acquisition-related share-based awards acceleration expense | 0 | 2,648 |
Amortization of developed technology | 2,800 | 1,400 |
Non-cash charges for sale of inventory revalued at the date of acquisition | 0 | 517 |
Changes in assets and liabilities: | ||
Accounts receivable, net | 3,096 | -601 |
Inventories | -1,321 | -2,511 |
Prepaid expenses and other current assets | 422 | -435 |
Other non-current assets | 150 | -3,103 |
Accounts payable | -512 | 2,514 |
Deferred revenue | 1,294 | 949 |
Other current liabilities | -4,328 | -552 |
Other non-current liabilities | -876 | -258 |
Net cash used in operating activities | -9,800 | -10,547 |
Investing activities | ||
Acquisition, net of cash acquired | 0 | -113,190 |
Purchases of investments | 0 | -15,003 |
Proceeds from sales and maturities of investments | 11,100 | 8,775 |
Purchase of intangible assets | -120 | 0 |
Purchases of property and equipment | -909 | -1,813 |
Net cash provided by (used in) investing activities | 10,071 | -121,231 |
Financing activities | ||
Proceeds from issuance of convertible notes, net | 0 | 195,212 |
Proceeds from exercise of stock options | 3,732 | 2,287 |
Net cash provided by financing activities | 3,732 | 197,499 |
Effect of foreign exchange rate fluctuations on cash and cash equivalents | -734 | 42 |
Net increase in cash and cash equivalents | 3,269 | 65,763 |
Cash and cash equivalents at beginning of period | 33,713 | 35,261 |
Cash and cash equivalents at end of period | 36,982 | 101,024 |
Supplemental cash flow information: | ||
Issuance of common stock and options related to acquisition | $0 | $78,196 |
Description_of_Business
Description of Business | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | Description of Business |
Fluidigm Corporation (we, our, or us) was incorporated in the State of California in May 1999 to commercialize microfluidic technology initially developed at the California Institute of Technology. In July 2007, we were reincorporated in Delaware. Our headquarters are located in South San Francisco, California. | |
We create, manufacture, and market innovative technologies and life-science tools focused on the exploration and analysis of single cells, as well as the industrial application of genomics, based upon our core microfluidics and mass cytometry technologies. We sell instruments and consumables, including integrated fluidic circuits (IFCs), assays, and reagents, to academic institutions, clinical laboratories, and pharmaceutical, biotechnology, and agricultural biotechnology (Ag-Bio) companies. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies | ||||||||||||
Basis of Presentation | |||||||||||||
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and following the requirements of the Securities and Exchange Commission (SEC) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP have been condensed or omitted, and accordingly the balance sheet as of December 31, 2014 has been derived from audited consolidated financial statements at that date but does not include all of the information required by U.S. GAAP for complete financial statements. These financial statements have been prepared on the same basis as our annual financial statements and, in the opinion of management, reflect all adjustments (consisting only of normal recurring adjustments) that are necessary for a fair presentation of our financial information. The results of operations for the three months ended March 31, 2015 are not necessarily indicative of the results to be expected for the year ending December 31, 2015 or for any other interim period or for any other future year. All intercompany accounts and transactions have been eliminated upon consolidation. | |||||||||||||
The preparation of these condensed consolidated financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue, expenses, and related disclosures. On an ongoing basis, we evaluate our estimates, including critical accounting policies or estimates related to revenue recognition, income tax provisions, stock-based compensation, inventory valuation, allowances for doubtful accounts, and useful lives of long-lived assets. We base our estimates on historical experience and on various relevant assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ significantly from these estimates. | |||||||||||||
The accompanying condensed consolidated financial statements and related financial information should be read in conjunction with the audited consolidated financial statements and the related notes thereto for the year ended December 31, 2014 included in our Annual Report on Form 10-K filed with the SEC. | |||||||||||||
Net Loss per Share | |||||||||||||
Our basic and diluted net loss per share is calculated by dividing net loss by the weighted-average number of shares of common stock outstanding for the period. Restricted stock units and options to purchase common stock are considered to be potentially dilutive common shares but have been excluded from the calculation of diluted net loss per share as their effect is anti-dilutive for all periods presented. | |||||||||||||
The following potentially dilutive common shares were excluded from the computation of diluted net loss per share for the interim periods presented because including them would have been anti-dilutive (in thousands): | |||||||||||||
Three Months Ended March 31, | |||||||||||||
2015 | 2014 | ||||||||||||
Stock options, restricted stock units and restricted stock awards | 3,940 | 3,927 | |||||||||||
Convertible notes | 3,598 | 3,598 | |||||||||||
Total | 7,538 | 7,525 | |||||||||||
Accumulated Other Comprehensive Loss | |||||||||||||
The components of accumulated other comprehensive loss, net of tax, for the three months ended March 31, 2015 are summarized as follows (in thousands): | |||||||||||||
Net Unrealized Gain (Loss) on Marketable Securities | Foreign Currency Translation Adjustment | Accumulated Other Comprehensive Loss | |||||||||||
Balance at December 31, 2014 | $ | (49 | ) | $ | (745 | ) | $ | (794 | ) | ||||
Other comprehensive income | 55 | 139 | 194 | ||||||||||
Balance at March 31, 2015 | $ | 6 | $ | (606 | ) | $ | (600 | ) | |||||
Business Combinations | |||||||||||||
Assets acquired and liabilities assumed as part of a business acquisition are generally recorded at their fair value at the date of acquisition. The excess of purchase price over the fair value of assets acquired and liabilities assumed is recorded as goodwill. Determining fair value of identifiable assets, particularly intangibles, and liabilities acquired also requires management to make estimates, which are based on all available information and in some cases assumptions with respect to the timing and amount of future revenues and expenses associated with an asset. Accounting for business acquisitions requires management to make judgments as to whether a purchase transaction is a multiple element contract, meaning that it includes other transaction components such as a settlement of a preexisting relationship. This judgment and determination affects the amount of consideration paid that is allocable to assets and liabilities acquired in the business purchase transaction (See Note 4). | |||||||||||||
Long-lived Assets, including Goodwill | |||||||||||||
Goodwill and intangible assets with indefinite lives are not subject to amortization, but are tested for impairment on an annual basis during the fourth quarter or whenever events or changes in circumstances indicate the carrying amount of these assets may not be recoverable. We first conduct an assessment of qualitative factors to determine whether it is more likely than not that the fair value of our reporting unit is less than its carrying amount. If we determine that it is more likely than not that the fair value of our reporting unit is less than its carrying amount, we then conduct a two-step test for impairment of goodwill. In the first step, we compare the fair value of our reporting unit to its carrying value. If the fair value of our reporting unit exceeds its carrying value, goodwill is not considered impaired and no further analysis is required. If the carrying value of the reporting unit exceeds its fair value, then the second step of the impairment test must be performed in order to determine the implied fair value of the goodwill. If the carrying value of the goodwill exceeds its implied fair value, then an impairment loss equal to the difference would be recorded. | |||||||||||||
We evaluate our finite lived intangible assets for indicators of possible impairment when events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. If any indicator of impairment exists, we assess the recoverability of the affected intangible assets by determining whether the carrying value of the asset can be recovered through undiscounted future operating cash flows. If impairment is indicated, we estimate the asset’s fair value using future discounted cash flows associated with the use of the asset, and adjust the carrying value of the asset accordingly. | |||||||||||||
Recent Accounting Pronouncements | |||||||||||||
In April 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. This guidance is intended to simplify the presentation of debt issuance costs. These amendments require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. It will be effective for our interim and annual financial statements beginning in the first quarter of 2016 and early adoption is permitted. We will apply the guidance in ASU 2015-03 in our financial statements commencing in the first quarter of 2016, which will result in a reclassification of approximately $1.0 million from Other assets to Convertible notes, net. |
Convertible_Notes
Convertible Notes | 3 Months Ended |
Mar. 31, 2015 | |
Debt Disclosure [Abstract] | |
Convertible Notes | Convertible Notes |
On February 4, 2014, we closed an underwritten public offering of $201.3 million aggregate principal amount of our 2.75% Senior Convertible Notes due 2034 (Notes) pursuant to an underwriting agreement, dated January 29, 2014. The Notes accrue interest at a rate of 2.75% per year, payable semi-annually in arrears on February 1 and August 1 of each year, commencing August 1, 2014. The Notes will mature on February 1, 2034, unless earlier converted, redeemed, or repurchased in accordance with the terms of the Notes. The initial conversion rate of the Notes is 17.8750 shares of our common stock, par value $0.001 per share, per $1,000 principal amount of Notes (which is equivalent to an initial conversion price of approximately $55.94 per share). The conversion rate will be subject to adjustment upon the occurrence of certain specified events. Holders may surrender their Notes for conversion at any time prior to the stated maturity date. On or after February 6, 2018 and prior to February 6, 2021, we may redeem any or all of the Notes in cash if the closing price of our common stock exceeds 130% of the conversion price for a specified number of days, and on or after February 6, 2021, we may redeem any or all of the Notes in cash without any such condition. The redemption price of the Notes will equal 100% of the principal amount of the Notes plus accrued and unpaid interest. Holders may require us to repurchase all or a portion of their Notes on each of February 6, 2021, February 6, 2024, and February 6, 2029 at a repurchase price in cash equal to 100% of the principal amount of the Notes plus accrued and unpaid interest. If we undergo a fundamental change, as defined in the terms of the Notes, holders may require us to repurchase the Notes in whole or in part for cash at a repurchase price equal to 100% of the principal amount of the Notes plus accrued and unpaid interest. | |
In February 2014, we received $195.2 million, net of underwriting discounts, from the issuance of the Notes and incurred approximately $1.1 million in offering-related expenses. We used $113.2 million of the net proceeds to fund the cash portion of the consideration payable by us in connection with our acquisition of DVS Sciences, Inc. (now Fluidigm Sciences Inc.) (DVS) (See Note 4). Interest expense related to the Notes was approximately $1.5 million and $1.0 million for the three months ended March 31, 2015 and 2014, respectively. Approximately $2.8 million of accrued interest under the Notes became due and was paid during the three months ended March 31, 2015. |
Acquisition
Acquisition | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Business Combinations [Abstract] | ||||||||||||||||||||
Acquisition | Acquisition | |||||||||||||||||||
On February 13, 2014 (Acquisition Date), we acquired DVS primarily to broaden our addressable single-cell biology market opportunity and complement our existing product offerings. DVS develops, manufactures, markets, and sells high-parameter single-cell protein analysis systems and related reagents and data analysis tools. DVS’s principal market is the life sciences research market consisting of drug development companies, government research centers, and universities worldwide. | ||||||||||||||||||||
The contractual price for the acquisition was $207.5 million, subject to certain adjustments as specified in the merger agreement. The aggregate purchase price was determined to be $199.9 million, as detailed in the table below (in thousands): | ||||||||||||||||||||
Estimated Fair Value | ||||||||||||||||||||
Cash | $ | 126,048 | ||||||||||||||||||
Issued 1,759,007 shares of Fluidigm common stock | 76,805 | |||||||||||||||||||
Acquisition consideration paid at Acquisition Date | 202,853 | |||||||||||||||||||
Accelerated stock compensation (1) | (6,690 | ) | ||||||||||||||||||
Estimated fair value of vested Fluidigm equivalent stock options (2) | 4,039 | |||||||||||||||||||
Working capital adjustment | (269 | ) | ||||||||||||||||||
Aggregate purchase price | $ | 199,933 | ||||||||||||||||||
-1 | As a part of the acquisition, we accelerated vesting of certain DVS stock options and shares of restricted stock, and incurred a $6.7 million expense, based upon the per share consideration paid to holders of shares of DVS common stock as of February 13, 2014. This expense is accounted for as a separate transaction and reflected in the acquisition-related expenses line of the condensed consolidated statements of operations. | |||||||||||||||||||
-2 | In conjunction with the acquisition, we assumed all outstanding DVS stock options and unvested shares of restricted stock and converted, as of the Acquisition Date, the unvested stock options outstanding under the DVS stock option plan | |||||||||||||||||||
into unvested stock options to purchase approximately 143,000 shares of Fluidigm common stock and the unvested DVS restricted stock into approximately 186,000 shares of restricted Fluidigm common stock, retaining the original vesting schedules. The fair value of all converted share-based awards was $14.6 million, of which $4.0 million was attributed to the pre-combination service period and was included in the calculation of the purchase price. The remaining fair value will be recognized over the awards’ remaining vesting periods subsequent to the acquisition. The fair value of the Fluidigm equivalent share-based awards as of the Acquisition Date was estimated using the Black-Scholes valuation model. | ||||||||||||||||||||
Approximately 885,000 shares of Fluidigm common stock, with a fair value of $38.6 million as of the Acquisition Date, representing 50.3030% of the shares otherwise payable to the former stockholders of DVS, were deposited into escrow. These shares comprise a portion of the merger consideration and are being held in escrow to secure indemnification obligations under the merger agreement, if any, for a period of 13 to 18 months following the Acquisition Date, subject to any then pending indemnification claims. Under the terms of the merger agreement, fifty percent (50.0%) of the aggregate shares subject to the indemnification escrow were eligible for release on March 13, 2015 (Initial Release Date), and the balance of the shares would become eligible for release on August 13, 2015, provided that in each case shares will continue to be held in escrow in amounts that we may reasonably determine in good faith to be necessary to satisfy any claims for which we have delivered a notice of claim which has not been fully resolved between us and the representative of the former stockholders of DVS (Stockholder Representative). Prior to the Initial Release Date, we submitted escrow claim notices under the terms of the merger agreement. On April 9, 2015, the Stockholder Representative provided notices objecting to our claims. We are currently in discussions with the Stockholder Representative regarding the claims. Pursuant to the terms of the merger agreement, if the parties do not reach an agreement by May 9, 2015, either party may seek to resolve the dispute by filing an action with the Court of Chancery of the State of Delaware. As of the date of this filing, no shares have been released from the escrow, and we cannot predict whether the dispute will result in litigation, whether we would prevail in any such litigation, and whether and to what extent we will be able to recover shares from the escrow. | ||||||||||||||||||||
Net Assets Acquired | ||||||||||||||||||||
The transaction has been accounted for using the acquisition method of accounting which requires that assets acquired and liabilities assumed be recognized at their fair values as of the Acquisition Date. The following table summarizes the assets acquired and liabilities assumed as of the Acquisition Date (in thousands): | ||||||||||||||||||||
Allocation of purchase price | ||||||||||||||||||||
Cash and cash equivalents | $ | 8,405 | ||||||||||||||||||
Accounts receivable, net | 7,698 | |||||||||||||||||||
Inventories | 3,489 | |||||||||||||||||||
Prepaid expenses and other current assets | 1,482 | |||||||||||||||||||
Property and equipment, net | 1,202 | |||||||||||||||||||
Developed technology | 112,000 | |||||||||||||||||||
Goodwill | 104,108 | |||||||||||||||||||
Other non-current assets | 88 | |||||||||||||||||||
Total assets acquired | 238,472 | |||||||||||||||||||
Accounts payable | (1,114 | ) | ||||||||||||||||||
Accrued compensation and related benefits | (761 | ) | ||||||||||||||||||
Other accrued liabilities | (1,204 | ) | ||||||||||||||||||
Deferred revenue, current portion | (1,844 | ) | ||||||||||||||||||
Tax payable | (45 | ) | ||||||||||||||||||
Deferred tax liability | (31,942 | ) | ||||||||||||||||||
Deferred revenue, net of current portion | (1,629 | ) | ||||||||||||||||||
Net assets acquired | $ | 199,933 | ||||||||||||||||||
The following table provides details of intangible assets acquired in connection with the DVS acquisition as of March 31, 2015 (in thousands, except years): | ||||||||||||||||||||
Gross | Accumulated | Net | Useful Life | |||||||||||||||||
Amortization | (years) | |||||||||||||||||||
Developed technology | $ | 112,000 | $ | (12,600 | ) | $ | 99,400 | 10 | ||||||||||||
We recognized $2.8 million and $1.4 million in intangible asset amortization expense during the three months ended March 31, 2015 and 2014, respectively. | ||||||||||||||||||||
The $104.1 million of goodwill recognized as part of the transaction is attributable primarily to expected synergies and other benefits from the acquisition, including expansion of our addressable market from the single-cell genomics market to the larger single-cell biology market and the ability to leverage our larger global commercial sales organization and infrastructure to expand awareness of DVS's products and technology. Goodwill is not expected to be deductible for income tax purposes. There were no changes in goodwill between December 31, 2014 and March 31, 2015. | ||||||||||||||||||||
Acquisition Costs | ||||||||||||||||||||
Acquisition-related expenses were $10.7 million for the three months ended March 31, 2014 and primarily included accelerated vesting of certain DVS restricted stock and options, and consulting, legal, and investment banking fees. These costs are included within the acquisition-related expenses line of the condensed consolidated statements of operations. |
Balance_Sheet_Details
Balance Sheet Details | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Balance Sheet Related Disclosures [Abstract] | |||||||||
Balance Sheet Details | Balance Sheet Details | ||||||||
Inventories | |||||||||
Inventories consist of the following (in thousands): | |||||||||
31-Mar-15 | 31-Dec-14 | ||||||||
Raw materials | $ | 5,953 | $ | 4,670 | |||||
Work-in-process | 3,322 | 3,524 | |||||||
Finished goods | 8,119 | 7,797 | |||||||
$ | 17,394 | $ | 15,991 | ||||||
Property and Equipment, net | |||||||||
Property and equipment, net consisted of the following (in thousands): | |||||||||
31-Mar-15 | 31-Dec-14 | ||||||||
Computer equipment and software | $ | 4,144 | $ | 3,905 | |||||
Laboratory and manufacturing equipment | 18,875 | 17,592 | |||||||
Leasehold improvements | 5,519 | 4,988 | |||||||
Office furniture and fixtures | 1,702 | 1,804 | |||||||
30,240 | 28,289 | ||||||||
Less accumulated depreciation and amortization | (17,299 | ) | (16,360 | ) | |||||
Construction-in-progress | 1,112 | 1,960 | |||||||
Property and equipment, net | $ | 14,053 | $ | 13,889 | |||||
Intangible Assets | |||||||||
The total intangible assets, which includes developed technology as a result of the DVS acquisition and other intangible assets included in Other non-current assets, was $101.1 million as of March 31, 2015. The estimated future amortization expense of intangible assets as of March 31, 2015 is as follows (in thousands): | |||||||||
Amount | |||||||||
2015 (remainder of year) | $ | 8,748 | |||||||
2016 | 11,496 | ||||||||
2017 | 11,481 | ||||||||
2018 | 11,417 | ||||||||
2019 | 11,326 | ||||||||
Thereafter | 46,654 | ||||||||
$ | 101,122 | ||||||||
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 3 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | Fair Value of Financial Instruments | ||||||||||||||||||||||||||||||||
As a basis for considering fair value, we follow a three-tier value hierarchy, which prioritizes the inputs used in measuring fair value as follows: | |||||||||||||||||||||||||||||||||
Level I: observable inputs such as quoted prices in active markets; | |||||||||||||||||||||||||||||||||
Level II: inputs other than quoted prices in active markets that are observable either directly or indirectly; and | |||||||||||||||||||||||||||||||||
Level III: unobservable inputs in which there is little or no market data, which requires us to develop our own assumptions. | |||||||||||||||||||||||||||||||||
Our cash equivalents, which include money market funds, are classified as Level I because they are valued using quoted market prices. Our investments are generally classified as Level II because their value is based on valuations using significant inputs derived from or corroborated by observable market data. Depending on the security, the income and market approaches are used in the model driven valuations. Inputs of these models include recently executed transaction prices in securities of the issuer or comparable issuers and yield curves. | |||||||||||||||||||||||||||||||||
The following table sets forth our financial instruments that were measured at fair value by level within the fair value hierarchy (in thousands): | |||||||||||||||||||||||||||||||||
March 31, 2015 | 31-Dec-14 | ||||||||||||||||||||||||||||||||
Level I | Level II | Level III | Total | Level I | Level II | Level III | Total | ||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Money market funds | $ | 15,898 | $ | — | $ | — | $ | 15,898 | $ | 10,220 | $ | — | $ | — | $ | 10,220 | |||||||||||||||||
U.S. government and agency securities | — | 97,932 | — | 97,932 | — | 109,087 | — | 109,087 | |||||||||||||||||||||||||
Total assets measured at fair value | $ | 15,898 | $ | 97,932 | $ | — | $ | 113,830 | $ | 10,220 | $ | 109,087 | $ | — | $ | 119,307 | |||||||||||||||||
There were no transfers in and out of Level I and Level II fair value measurement categories during the three months ended March 31, 2015 and 2014, and there were no changes in the valuation techniques used. | |||||||||||||||||||||||||||||||||
The following is a summary of investments at March 31, 2015 and December 31, 2014 (in thousands): | |||||||||||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||||||||||
Gain | Loss | ||||||||||||||||||||||||||||||||
U.S. government and agency securities | $ | 97,926 | $ | 12 | $ | (6 | ) | $ | 97,932 | ||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||||||||||
Gain | Loss | ||||||||||||||||||||||||||||||||
U.S. government and agency securities | $ | 109,136 | $ | 3 | $ | (52 | ) | $ | 109,087 | ||||||||||||||||||||||||
The contractual maturity dates of $79.5 million of our investments are within one year from March 31, 2015. The contractual maturity dates of our remaining securities are less than eighteen months from March 31, 2015. | |||||||||||||||||||||||||||||||||
Based on an evaluation of securities that were in a loss position, we did not recognize any other-than-temporary impairment charges for the three months ended March 31, 2015 and 2014. None of these investments have been in a continuous loss position for more than 12 months. Our conclusion that these losses are not “other-than-temporary” is based on the high credit quality of the securities, their short remaining maturity periods, and our intent and ability to hold such securities until the date of recovery of their respective market values or maturity. | |||||||||||||||||||||||||||||||||
The estimated fair value of the Notes is based on a market approach. The estimated fair value was approximately $213.8 million (par value $201.3 million) as of March 31, 2015 and represents a Level II valuation. When determining the estimated fair value of our long-term debt, we used a commonly accepted valuation methodology and market-based risk measurements that are indirectly observable, such as credit risk. | |||||||||||||||||||||||||||||||||
The following is a summary of our cash and cash equivalents (in thousands): | |||||||||||||||||||||||||||||||||
March 31, 2015 | 31-Dec-14 | ||||||||||||||||||||||||||||||||
Cash | $ | 21,084 | $ | 23,493 | |||||||||||||||||||||||||||||
Money market funds | 15,898 | 10,220 | |||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 36,982 | $ | 33,713 | |||||||||||||||||||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||
Commitments and Contingencies | Commitments and Contingencies | ||||||||
Operating Leases | |||||||||
On April 9, 2013, we entered into an amendment (the 2013 Amendment) to the lease agreement dated September 14, 2010 (as amended, the Lease) relating to the lease of office and laboratory space at our corporate headquarters located in South San Francisco, California. The 2013 Amendment provided for an expansion of the premises covered under the Lease, effective April 1, 2014; an extension of the term of the Lease to April 30, 2020 with an option to renew for an additional five years; payment of base rent with rent escalation; and payment of certain operating expenses during the term of the Lease. The 2013 Amendment also provided for an allowance of approximately $0.7 million for tenant improvements, $0.2 million of which was unused by March 31, 2015 and will be used to offset base rent obligations, and an additional allowance of approximately $0.5 million for tenant improvements, which, if used, will be repaid in equal monthly payments with interest at a rate of 9% per annum over the remaining term of the Lease. | |||||||||
On June 4, 2014, we entered into an additional amendment to the Lease (the June 2014 Amendment), which provided for an expansion of the premises covered under the Lease by approximately 13,000 square feet, effective October 1, 2014; payment of base rent with rent escalation; and payment of certain operating expenses during the term of the Lease. The June 2014 Amendment also provided for an allowance of approximately $0.2 million for tenant improvements, which was fully utilized by March 31, 2015, and an additional allowance of approximately $0.1 million for tenant improvements, which, if used, will be repaid in equal monthly payments with interest at a rate of 9% per annum over the remaining term of the Lease. The total future minimum lease payments for the additional space, which will be paid through April 2020, are approximately $2.3 million as of March 31, 2015. | |||||||||
On September 15, 2014, we entered into an additional amendment to the Lease (the September 2014 Amendment), which provided for an expansion of the premises covered under the Lease by approximately 9,000 square feet, effective October 1, 2014; payment of base rent with rent escalation; and payment of certain operating expenses during the term of the Lease. The September 2014 Amendment also provided for an allowance of approximately $0.2 million for tenant improvements. The total future minimum lease payments for the additional space, which will be paid through April 2020, are approximately $1.6 million as of March 31, 2015. | |||||||||
On October 14, 2013, Fluidigm Singapore Pte. Ltd., our wholly-owned subsidiary (Fluidigm Singapore), accepted an offer of tenancy (Singapore Lease) from HSBC Institutional Trust Services (Singapore) Limited, as trustee of Ascendas Real Estate Investment Trust (Landlord), relating to the lease of a new facility located in Singapore. Pursuant to the terms of the Singapore Lease, Fluidigm Singapore took possession of the facility commencing on March 3, 2014 for a term of 99 months, and the Singapore Lease and rental obligations thereunder commenced on June 3, 2014. The Singapore Lease also provides Fluidigm Singapore with an option to renew the Singapore Lease for an additional 60 months at the then prevailing market rent, and on similar terms as the existing Singapore Lease. In June 2014, Fluidigm Singapore leased additional space of approximately 2,400 square feet in the same building as the new facility on the same terms as the Singapore Lease (the June 2014 Singapore Lease). We completed the consolidation of our Singapore manufacturing operations in the new space in July 2014 and the site qualification was completed in August 2014. The leases relating to our prior manufacturing facility in Singapore terminated on August 31, 2014. In April 2015, Fluidigm Singapore leased additional space of approximately 10,000 square feet in the same building on the same terms as the Singapore Lease (the April 2015 Singapore Lease). In connection with the April 2015 Singapore Lease, Fluidigm Singapore will terminate the June 2014 Singapore Lease on June 30, 2015. The total future minimum lease payments which will be paid through June 2022, are approximately $4.5 million as of March 31, 2015. | |||||||||
In connection with our acquisition of DVS (See Note 4), we acquired the operating leases for facilities in Sunnyvale, California and Markham, Ontario, Canada, which expire in July 2016 and January 2016, respectively. The Canada lease includes an option to renew the lease for an additional five years at the then prevailing market rent, and on similar terms as the existing lease. We recognize rent expense on a straight-line basis over the non-cancelable lease term. The total future minimum lease payments for the operating leases in Sunnyvale, California and Markham, Ontario, Canada are approximately $368,000 as of March 31, 2015. | |||||||||
Warranty | |||||||||
We accrue for estimated warranty obligations at the time of product shipment. Management periodically reviews the estimated fair value of its warranty liability and records adjustments based on the terms of warranties provided to customers, historical and anticipated warranty claim experience. Activity for our warranty accrual for the three months ended March 31, 2015 and 2014, which is included in other accrued liabilities, is summarized below (in thousands): | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Beginning balance | $ | 1,178 | $ | 344 | |||||
Warranty accrual, net | (114 | ) | 767 | ||||||
Ending balance | $ | 1,064 | $ | 1,111 | |||||
Legal Matters | |||||||||
From time to time, we may be subject to various legal proceedings and claims arising in the ordinary course of business. We assess contingencies to determine the degree of probability and range of possible loss for potential accrual in our financial statements. An estimated loss contingency is accrued in the financial statements if it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. | |||||||||
Pursuant to the terms of a patent cross license agreement with Applied Biosystems, LLC (a subsidiary of Life Technologies Corporation, or Life, and now part of Thermo Fisher Scientific), we were obligated to make a $1.0 million payment to Life upon satisfaction of certain conditions. We do not believe that the conditions triggering the payment obligation have been met; however, on October 16, 2013, Life provided notice that the $1.0 million payment was due and payable under the license agreement. We accrued a loss contingency of $1.0 million on September 30, 2013 and on January 30, 2014, we paid Life the amount due while reserving our rights with respect to such matter. Among other reasons, we made the payment to avoid what would have been, in our view, an improper termination of our license to certain Life patent filings under the agreement, which could have subjected our relevant product lines to risks associated with patent infringement litigation. |
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation |
During the three months ended March 31, 2015 and 2014, we granted certain employees options to purchase 276,000 and 352,000 shares of common stock, respectively. The options granted during the three months ended March 31, 2015 had exercise prices ranging from $38.53 to $44.20 and a total grant date fair value of $5.5 million. The options granted during the three months ended March 31, 2014 had exercise prices ranging from $44.07 to $47.55 and a total grant date fair value of $9.2 million. | |
During the three months ended March 31, 2015 and 2014, we granted certain employees 349,000 and 285,000 restricted stock units, respectively. The restricted stock units granted during the three months ended March 31, 2015 had fair market values ranging from $37.45 to $44.20 and a total grant date fair value of $14.3 million. The restricted stock units granted during the three months ended March 31, 2014 had fair market values ranging from $42.43 to $47.55 and a total grant date fair value of $13.2 million. The fair value of restricted stock units is determined based on the value of the underlying common stock on the date of grant. | |
The expenses relating to these options and restricted stock units will be recognized over their respective four-year vesting periods. | |
We recognized stock-based compensation expense of $4.1 million and $3.4 million during the three months ended March 31, 2015 and 2014, respectively. As of March 31, 2015, we had $18.0 million and $24.2 million of unrecognized stock-based compensation costs related to stock options and restricted stock units, respectively, which are expected to be recognized over a weighted average period of 2.6 years and 3.5 years, respectively. | |
In conjunction with the DVS acquisition, we assumed all outstanding DVS stock options and unvested shares of restricted stock (See Note 4). As of March 31, 2015, we had $0.8 million and $0.02 million of unrecognized stock-based compensation costs related to the assumed stock options and restricted stock, respectively, which are expected to be recognized over a remaining weighted average period of 1.5 years and 0.1 years, respectively. |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes |
Income taxes are primarily comprised of state and foreign income taxes. The provision or benefit for income taxes for the periods presented differs from the 34% U.S. Federal statutory rate primarily due to maintaining a valuation allowance for U.S. losses and tax assets, which we do not consider to be realizable. Income tax expense primarily consists of amounts payable in foreign jurisdictions. |
Information_about_Geographic_A
Information about Geographic Areas | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Segment Reporting [Abstract] | |||||||||
Information about Geographic Areas | Information about Geographic Areas | ||||||||
We operate in one reporting segment, which is the development, manufacturing, and commercialization of life science analytical and preparatory systems consisting of instruments and consumables for academic institutions, clinical laboratories, and pharmaceutical, biotechnology, and Ag-Bio companies in growth markets, such as single-cell biology and production genomics. | |||||||||
The following table presents our product revenue by geography based on the billing address of our customers for each period presented (in thousands): | |||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
United States | $ | 13,711 | $ | 11,238 | |||||
Europe | 6,916 | 6,382 | |||||||
Japan | 1,873 | 4,354 | |||||||
Asia-Pacific | 3,332 | 2,092 | |||||||
Other | 814 | 1,383 | |||||||
Total | $ | 26,646 | $ | 25,449 | |||||
Our license and grant revenues are primarily generated in the United States. No individual customer represented more than 10% of our revenues for the three month periods ended March 31, 2015 and 2014. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and following the requirements of the Securities and Exchange Commission (SEC) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP have been condensed or omitted, and accordingly the balance sheet as of December 31, 2014 has been derived from audited consolidated financial statements at that date but does not include all of the information required by U.S. GAAP for complete financial statements. These financial statements have been prepared on the same basis as our annual financial statements and, in the opinion of management, reflect all adjustments (consisting only of normal recurring adjustments) that are necessary for a fair presentation of our financial information. The results of operations for the three months ended March 31, 2015 are not necessarily indicative of the results to be expected for the year ending December 31, 2015 or for any other interim period or for any other future year. All intercompany accounts and transactions have been eliminated upon consolidation. | |
The preparation of these condensed consolidated financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue, expenses, and related disclosures. On an ongoing basis, we evaluate our estimates, including critical accounting policies or estimates related to revenue recognition, income tax provisions, stock-based compensation, inventory valuation, allowances for doubtful accounts, and useful lives of long-lived assets. We base our estimates on historical experience and on various relevant assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ significantly from these estimates. | |
The accompanying condensed consolidated financial statements and related financial information should be read in conjunction with the audited consolidated financial statements and the related notes thereto for the year ended December 31, 2014 included in our Annual Report on Form 10-K filed with the SEC. | |
Net Loss per Share | Net Loss per Share |
Our basic and diluted net loss per share is calculated by dividing net loss by the weighted-average number of shares of common stock outstanding for the period. Restricted stock units and options to purchase common stock are considered to be potentially dilutive common shares but have been excluded from the calculation of diluted net loss per share as their effect is anti-dilutive for all periods presented. | |
Business Combinations | Business Combinations |
Assets acquired and liabilities assumed as part of a business acquisition are generally recorded at their fair value at the date of acquisition. The excess of purchase price over the fair value of assets acquired and liabilities assumed is recorded as goodwill. Determining fair value of identifiable assets, particularly intangibles, and liabilities acquired also requires management to make estimates, which are based on all available information and in some cases assumptions with respect to the timing and amount of future revenues and expenses associated with an asset. Accounting for business acquisitions requires management to make judgments as to whether a purchase transaction is a multiple element contract, meaning that it includes other transaction components such as a settlement of a preexisting relationship. This judgment and determination affects the amount of consideration paid that is allocable to assets and liabilities acquired in the business purchase transaction | |
Long-lived Assets, including Goodwill | Long-lived Assets, including Goodwill |
Goodwill and intangible assets with indefinite lives are not subject to amortization, but are tested for impairment on an annual basis during the fourth quarter or whenever events or changes in circumstances indicate the carrying amount of these assets may not be recoverable. We first conduct an assessment of qualitative factors to determine whether it is more likely than not that the fair value of our reporting unit is less than its carrying amount. If we determine that it is more likely than not that the fair value of our reporting unit is less than its carrying amount, we then conduct a two-step test for impairment of goodwill. In the first step, we compare the fair value of our reporting unit to its carrying value. If the fair value of our reporting unit exceeds its carrying value, goodwill is not considered impaired and no further analysis is required. If the carrying value of the reporting unit exceeds its fair value, then the second step of the impairment test must be performed in order to determine the implied fair value of the goodwill. If the carrying value of the goodwill exceeds its implied fair value, then an impairment loss equal to the difference would be recorded. | |
We evaluate our finite lived intangible assets for indicators of possible impairment when events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. If any indicator of impairment exists, we assess the recoverability of the affected intangible assets by determining whether the carrying value of the asset can be recovered through undiscounted future operating cash flows. If impairment is indicated, we estimate the asset’s fair value using future discounted cash flows associated with the use of the asset, and adjust the carrying value of the asset accordingly. | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
In April 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. This guidance is intended to simplify the presentation of debt issuance costs. These amendments require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. It will be effective for our interim and annual financial statements beginning in the first quarter of 2016 and early adoption is permitted. We will apply the guidance in ASU 2015-03 in our financial statements commencing in the first quarter of 2016, which will result in a reclassification of approximately $1.0 million from Other assets to Convertible notes, net. | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments |
As a basis for considering fair value, we follow a three-tier value hierarchy, which prioritizes the inputs used in measuring fair value as follows: | |
Level I: observable inputs such as quoted prices in active markets; | |
Level II: inputs other than quoted prices in active markets that are observable either directly or indirectly; and | |
Level III: unobservable inputs in which there is little or no market data, which requires us to develop our own assumptions. | |
Our cash equivalents, which include money market funds, are classified as Level I because they are valued using quoted market prices. Our investments are generally classified as Level II because their value is based on valuations using significant inputs derived from or corroborated by observable market data. Depending on the security, the income and market approaches are used in the model driven valuations. Inputs of these models include recently executed transaction prices in securities of the issuer or comparable issuers and yield curves. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Summary of potential common shares excluded from computations of diluted net loss per share attributed to common stockholders | The following potentially dilutive common shares were excluded from the computation of diluted net loss per share for the interim periods presented because including them would have been anti-dilutive (in thousands): | ||||||||||||
Three Months Ended March 31, | |||||||||||||
2015 | 2014 | ||||||||||||
Stock options, restricted stock units and restricted stock awards | 3,940 | 3,927 | |||||||||||
Convertible notes | 3,598 | 3,598 | |||||||||||
Total | 7,538 | 7,525 | |||||||||||
Summary of comprehensive loss | The components of accumulated other comprehensive loss, net of tax, for the three months ended March 31, 2015 are summarized as follows (in thousands): | ||||||||||||
Net Unrealized Gain (Loss) on Marketable Securities | Foreign Currency Translation Adjustment | Accumulated Other Comprehensive Loss | |||||||||||
Balance at December 31, 2014 | $ | (49 | ) | $ | (745 | ) | $ | (794 | ) | ||||
Other comprehensive income | 55 | 139 | 194 | ||||||||||
Balance at March 31, 2015 | $ | 6 | $ | (606 | ) | $ | (600 | ) | |||||
Acquisition_Tables
Acquisition (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Business Combinations [Abstract] | ||||||||||||||||||||
Schedule of consideration transferred | The aggregate purchase price was determined to be $199.9 million, as detailed in the table below (in thousands): | |||||||||||||||||||
Estimated Fair Value | ||||||||||||||||||||
Cash | $ | 126,048 | ||||||||||||||||||
Issued 1,759,007 shares of Fluidigm common stock | 76,805 | |||||||||||||||||||
Acquisition consideration paid at Acquisition Date | 202,853 | |||||||||||||||||||
Accelerated stock compensation (1) | (6,690 | ) | ||||||||||||||||||
Estimated fair value of vested Fluidigm equivalent stock options (2) | 4,039 | |||||||||||||||||||
Working capital adjustment | (269 | ) | ||||||||||||||||||
Aggregate purchase price | $ | 199,933 | ||||||||||||||||||
-1 | As a part of the acquisition, we accelerated vesting of certain DVS stock options and shares of restricted stock, and incurred a $6.7 million expense, based upon the per share consideration paid to holders of shares of DVS common stock as of February 13, 2014. This expense is accounted for as a separate transaction and reflected in the acquisition-related expenses line of the condensed consolidated statements of operations. | |||||||||||||||||||
-2 | In conjunction with the acquisition, we assumed all outstanding DVS stock options and unvested shares of restricted stock and converted, as of the Acquisition Date, the unvested stock options outstanding under the DVS stock option plan | |||||||||||||||||||
into unvested stock options to purchase approximately 143,000 shares of Fluidigm common stock and the unvested DVS restricted stock into approximately 186,000 shares of restricted Fluidigm common stock, retaining the original vesting schedules. The fair value of all converted share-based awards was $14.6 million, of which $4.0 million was attributed to the pre-combination service period and was included in the calculation of the purchase price. The remaining fair value will be recognized over the awards’ remaining vesting periods subsequent to the acquisition. The fair value of the Fluidigm equivalent share-based awards as of the Acquisition Date was estimated using the Black-Scholes valuation model. | ||||||||||||||||||||
Schedule of consideration transferred and assets acquired and liabilities assumed | The following table summarizes the assets acquired and liabilities assumed as of the Acquisition Date (in thousands): | |||||||||||||||||||
Allocation of purchase price | ||||||||||||||||||||
Cash and cash equivalents | $ | 8,405 | ||||||||||||||||||
Accounts receivable, net | 7,698 | |||||||||||||||||||
Inventories | 3,489 | |||||||||||||||||||
Prepaid expenses and other current assets | 1,482 | |||||||||||||||||||
Property and equipment, net | 1,202 | |||||||||||||||||||
Developed technology | 112,000 | |||||||||||||||||||
Goodwill | 104,108 | |||||||||||||||||||
Other non-current assets | 88 | |||||||||||||||||||
Total assets acquired | 238,472 | |||||||||||||||||||
Accounts payable | (1,114 | ) | ||||||||||||||||||
Accrued compensation and related benefits | (761 | ) | ||||||||||||||||||
Other accrued liabilities | (1,204 | ) | ||||||||||||||||||
Deferred revenue, current portion | (1,844 | ) | ||||||||||||||||||
Tax payable | (45 | ) | ||||||||||||||||||
Deferred tax liability | (31,942 | ) | ||||||||||||||||||
Deferred revenue, net of current portion | (1,629 | ) | ||||||||||||||||||
Net assets acquired | $ | 199,933 | ||||||||||||||||||
Fair value estimate of identifiable intangibles assets acquired | The following table provides details of intangible assets acquired in connection with the DVS acquisition as of March 31, 2015 (in thousands, except years): | |||||||||||||||||||
Gross | Accumulated | Net | Useful Life | |||||||||||||||||
Amortization | (years) | |||||||||||||||||||
Developed technology | $ | 112,000 | $ | (12,600 | ) | $ | 99,400 | 10 | ||||||||||||
Balance_Sheet_Details_Tables
Balance Sheet Details (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Balance Sheet Related Disclosures [Abstract] | |||||||||
Inventories | Inventories consist of the following (in thousands): | ||||||||
31-Mar-15 | 31-Dec-14 | ||||||||
Raw materials | $ | 5,953 | $ | 4,670 | |||||
Work-in-process | 3,322 | 3,524 | |||||||
Finished goods | 8,119 | 7,797 | |||||||
$ | 17,394 | $ | 15,991 | ||||||
Property, plant and equipment, net | Property and equipment, net consisted of the following (in thousands): | ||||||||
31-Mar-15 | 31-Dec-14 | ||||||||
Computer equipment and software | $ | 4,144 | $ | 3,905 | |||||
Laboratory and manufacturing equipment | 18,875 | 17,592 | |||||||
Leasehold improvements | 5,519 | 4,988 | |||||||
Office furniture and fixtures | 1,702 | 1,804 | |||||||
30,240 | 28,289 | ||||||||
Less accumulated depreciation and amortization | (17,299 | ) | (16,360 | ) | |||||
Construction-in-progress | 1,112 | 1,960 | |||||||
Property and equipment, net | $ | 14,053 | $ | 13,889 | |||||
Schedule of future amortization expense of intangible assets | The estimated future amortization expense of intangible assets as of March 31, 2015 is as follows (in thousands): | ||||||||
Amount | |||||||||
2015 (remainder of year) | $ | 8,748 | |||||||
2016 | 11,496 | ||||||||
2017 | 11,481 | ||||||||
2018 | 11,417 | ||||||||
2019 | 11,326 | ||||||||
Thereafter | 46,654 | ||||||||
$ | 101,122 | ||||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||
Financial instruments measured at fair value by level within the fair value hierarchy | The following table sets forth our financial instruments that were measured at fair value by level within the fair value hierarchy (in thousands): | ||||||||||||||||||||||||||||||||
March 31, 2015 | 31-Dec-14 | ||||||||||||||||||||||||||||||||
Level I | Level II | Level III | Total | Level I | Level II | Level III | Total | ||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Money market funds | $ | 15,898 | $ | — | $ | — | $ | 15,898 | $ | 10,220 | $ | — | $ | — | $ | 10,220 | |||||||||||||||||
U.S. government and agency securities | — | 97,932 | — | 97,932 | — | 109,087 | — | 109,087 | |||||||||||||||||||||||||
Total assets measured at fair value | $ | 15,898 | $ | 97,932 | $ | — | $ | 113,830 | $ | 10,220 | $ | 109,087 | $ | — | $ | 119,307 | |||||||||||||||||
Summary of investments | The following is a summary of investments at March 31, 2015 and December 31, 2014 (in thousands): | ||||||||||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||||||||||
Gain | Loss | ||||||||||||||||||||||||||||||||
U.S. government and agency securities | $ | 97,926 | $ | 12 | $ | (6 | ) | $ | 97,932 | ||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||||||||||
Gain | Loss | ||||||||||||||||||||||||||||||||
U.S. government and agency securities | $ | 109,136 | $ | 3 | $ | (52 | ) | $ | 109,087 | ||||||||||||||||||||||||
Summary of cash and cash equivalents | The following is a summary of our cash and cash equivalents (in thousands): | ||||||||||||||||||||||||||||||||
March 31, 2015 | 31-Dec-14 | ||||||||||||||||||||||||||||||||
Cash | $ | 21,084 | $ | 23,493 | |||||||||||||||||||||||||||||
Money market funds | 15,898 | 10,220 | |||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 36,982 | $ | 33,713 | |||||||||||||||||||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||
Schedule of warranty accrual | Activity for our warranty accrual for the three months ended March 31, 2015 and 2014, which is included in other accrued liabilities, is summarized below (in thousands): | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Beginning balance | $ | 1,178 | $ | 344 | |||||
Warranty accrual, net | (114 | ) | 767 | ||||||
Ending balance | $ | 1,064 | $ | 1,111 | |||||
Information_about_Geographic_A1
Information about Geographic Areas (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Segment Reporting [Abstract] | |||||||||
Product revenue by geography based on billing address of customers | The following table presents our product revenue by geography based on the billing address of our customers for each period presented (in thousands): | ||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
United States | $ | 13,711 | $ | 11,238 | |||||
Europe | 6,916 | 6,382 | |||||||
Japan | 1,873 | 4,354 | |||||||
Asia-Pacific | 3,332 | 2,092 | |||||||
Other | 814 | 1,383 | |||||||
Total | $ | 26,646 | $ | 25,449 | |||||
Description_of_Business_Detail
Description of Business (Details) | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Incorporation of the company | 11-May-99 |
Reincorporation of the company | 2007-07 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Potential Common Shares Excluded from Computations of Diluted Net Loss Per Share Attributed to Common Stockholders (Details) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive common shares excluded from the computation of diluted net loss per share | 7,538 | 7,525 |
Stock options, restricted stock units and restricted stock awards | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive common shares excluded from the computation of diluted net loss per share | 3,940 | 3,927 |
Convertible notes | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive common shares excluded from the computation of diluted net loss per share | 3,598 | 3,598 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Accumulated Other Comprehensive Loss (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Balance at beginning period | ($794) | |
Other comprehensive (loss) income | 194 | -28 |
Balance at period end | -600 | |
Net Unrealized Gain (Loss) on Marketable Securities | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Balance at beginning period | -49 | |
Other comprehensive (loss) income | 55 | |
Balance at period end | 6 | |
Foreign Currency Translation Adjustment | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Balance at beginning period | -745 | |
Other comprehensive (loss) income | 139 | |
Balance at period end | -606 | |
Accumulated Other Comprehensive Loss | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Balance at beginning period | -794 | |
Other comprehensive (loss) income | 194 | |
Balance at period end | ($600) |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Details) (Accounting Standards Update 2015-03, Scenario, Forecast, USD $) | Mar. 31, 2016 |
In Millions, unless otherwise specified | |
Accounting Standards Update 2015-03 | Scenario, Forecast | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Reclassification from Other assets to Convertible notes, net | $1 |
Convertible_Notes_Details
Convertible Notes (Details) (USD $) | 3 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Feb. 04, 2014 | Feb. 28, 2014 | Feb. 13, 2014 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||||||
Common stock, par value | $0.00 | $0.00 | $0.00 | |||
Proceeds from issuance of convertible notes, net | $0 | $195,212,000 | ||||
Cash payment in a business combination, Gross | 0 | 113,190,000 | ||||
Interest expense | 1,453,000 | 1,026,000 | ||||
Document Period End Date | 31-Mar-15 | |||||
Convertible Debt | Senior Convertible Notes due 2034 | ||||||
Debt Instrument [Line Items] | ||||||
Face amount of Notes | 201,300,000 | |||||
Interest rate on Notes (percent) | 2.75% | |||||
Initial conversion rate of Notes | 17.875 | |||||
Principal amount of notes | 1,000 | |||||
Initial conversion price of stock | $55.94 | |||||
Debt instrument redemption price when undergo fundamental change (in percent) | 100.00% | |||||
Proceeds from issuance of convertible notes, net | 195,200,000 | |||||
Debt offering-related expenses | 1,100,000 | |||||
Interest expense | 1,500,000 | 1,000,000 | ||||
Interest paid | 2,800,000 | |||||
February 6, 2018 - February 6, 2021 | Convertible Debt | Senior Convertible Notes due 2034 | ||||||
Debt Instrument [Line Items] | ||||||
Debt redemption conditioned upon common stock value exceeding a percentage of the conversion price (in percent) | 130.00% | |||||
On or after February 6, 2021 | Convertible Debt | Senior Convertible Notes due 2034 | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument redemption price (in percent) | 100.00% | |||||
February 5, 2021, February 6, 2024, and February 6, 2029 | Convertible Debt | Senior Convertible Notes due 2034 | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument redemption price (in percent) | 100.00% | |||||
DVS Sciences, Inc. | ||||||
Debt Instrument [Line Items] | ||||||
Cash payment in a business combination, Gross | $113,190,000 |
Acquisition_Details
Acquisition (Details) (USD $) | 3 Months Ended | 0 Months Ended | ||
Share data in Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Feb. 13, 2014 | Dec. 31, 2014 |
Business Acquisition [Line Items] | ||||
Goodwill | $104,108,000 | $104,108,000 | ||
Acquisition related costs | 0 | 10,696,000 | ||
DVS Sciences, Inc. | ||||
Business Acquisition [Line Items] | ||||
Contractual price for the acquisition | 207,500,000 | |||
Estimated purchase price consideration | 199,933,000 | |||
Number of shares deposited into escrow to secure indemnification obligations (in shares) | 885 | |||
Fair value of shares deposited into escrow to secure indemnification obligations | 38,600,000 | |||
Percentage of shares issued in a business combination deposited in escrow to secure indemnification obligations | 50.30% | |||
Percentage of secured indemnification to be released | 50.00% | |||
Goodwill | 104,108,000 | |||
Acquisition related costs | $10,700,000 | |||
Minimum | DVS Sciences, Inc. | ||||
Business Acquisition [Line Items] | ||||
Indemnification equity interest held in escrow periods (years) | 13 months | |||
Maximum | DVS Sciences, Inc. | ||||
Business Acquisition [Line Items] | ||||
Indemnification equity interest held in escrow periods (years) | 18 months |
Acquisition_Schedule_of_Consid
Acquisition - Schedule of Consideration Transferred and Identifiable Assets and Liabilities (Details) (USD $) | 0 Months Ended | |||
Feb. 13, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | ||
Recognized Assets [Abstract] | ||||
Goodwill | $104,108,000 | $104,108,000 | ||
DVS Sciences, Inc. | ||||
Business Combination, Consideration Transferred [Abstract] | ||||
Cash | 126,048,000 | |||
Issued 1,759,007 shares of Fluidigm common stock | 76,805,000 | |||
Acquisition consideration paid at Acquisition Date | 202,853,000 | |||
Accelerated stock compensation | -6,690,000 | [1] | ||
Estimated fair value of vested Fluidigm equivalent stock options | 4,039,000 | [2] | ||
Working capital adjustment | -269,000 | |||
Aggregate purchase price | 199,933,000 | |||
Number of shares issued in business combination (in shares) | 1,759,007 | |||
Recognized Assets [Abstract] | ||||
Cash and cash equivalents | 8,405,000 | |||
Accounts receivable, net | 7,698,000 | |||
Inventories | 3,489,000 | |||
Prepaid expenses and other current assets | 1,482,000 | |||
Property and equipment, net | 1,202,000 | |||
Developed technology | 112,000,000 | |||
Goodwill | 104,108,000 | |||
Other non-current assets | 88,000 | |||
Total assets acquired | 238,472,000 | |||
Recognized Liabilities [Abstract] | ||||
Accounts payable | -1,114,000 | |||
Accrued compensation and related benefits | -761,000 | |||
Other accrued liabilities | -1,204,000 | |||
Deferred revenue, current portion | -1,844,000 | |||
Tax payable | -45,000 | |||
Deferred tax liability | -31,942,000 | |||
Deferred revenue, net of current portion | -1,629,000 | |||
Net assets acquired | 199,933,000 | |||
Stock Options | DVS Sciences, Inc. | ||||
Business Combination, Consideration Transferred [Abstract] | ||||
Estimated fair value of vested Fluidigm equivalent stock options | 4,000,000 | |||
Option to purchase shares of Fluidigm common stock in an acquisition (in shares) | 143,000 | |||
Option to purchase shares of Fluidigm common stock | $14,600,000 | |||
Restricted Stock | DVS Sciences, Inc. | ||||
Business Combination, Consideration Transferred [Abstract] | ||||
Option to purchase shares of Fluidigm common stock in an acquisition (in shares) | 186,000 | |||
[1] | As a part of the acquisition, we accelerated vesting of certain DVS stock options and shares of restricted stock, and incurred a $6.7 million expense, based upon the per share consideration paid to holders of shares of DVS common stock as of February 13, 2014. This expense is accounted for as a separate transaction and reflected in the acquisition-related expenses line of the condensed consolidated statements of operations. | |||
[2] | In conjunction with the acquisition, we assumed all outstanding DVS stock options and unvested shares of restricted stock and converted, as of the Acquisition Date, the unvested stock options outstanding under the DVS stock option planinto unvested stock options to purchase approximately 143,000 shares of Fluidigm common stock and the unvested DVS restricted stock into approximately 186,000 shares of restricted Fluidigm common stock, retaining the original vesting schedules. The fair value of all converted share-based awards was $14.6 million, of which $4.0 million was attributed to the pre-combination service period and was included in the calculation of the purchase price. The remaining fair value will be recognized over the awards’ remaining vesting periods subsequent to the acquisition. The fair value of the Fluidigm equivalent share-based awards as of the Acquisition Date was estimated using the Black-Scholes valuation model. |
Acquisition_Acquired_Intangibl
Acquisition - Acquired Intangible Assets (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Business Acquisition [Line Items] | ||
Finite-Lived Intangible Assets, Net | $101,122,000 | |
Developed Technology Rights | ||
Business Acquisition [Line Items] | ||
Estimated fair value of intangible assets acquired | 2,800,000 | 1,400,000 |
Developed Technology Rights | DVS Sciences, Inc. | ||
Business Acquisition [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 112,000,000 | |
Accumulated Amortization | -12,600,000 | |
Finite-Lived Intangible Assets, Net | $99,400,000 | |
Useful Life | 10 years |
Balance_Sheet_Details_Inventor
Balance Sheet Details - Inventories (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Balance Sheet Related Disclosures [Abstract] | ||
Raw materials | $5,953 | $4,670 |
Work-in-process | 3,322 | 3,524 |
Finished goods | 8,119 | 7,797 |
Inventories | $17,394 | $15,991 |
Balance_Sheet_Details_Property
Balance Sheet Details - Property, Plant and Equipment (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, excluding construction in process, gross | $30,240 | $28,289 |
Less accumulated depreciation and amortization | -17,299 | -16,360 |
Construction-in-progress | 1,112 | 1,960 |
Property and equipment, net | 14,053 | 13,889 |
Computer equipment and software | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 4,144 | 3,905 |
Laboratory and manufacturing equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 18,875 | 17,592 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 5,519 | 4,988 |
Office furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $1,702 | $1,804 |
Balance_Sheet_Details_Intangib
Balance Sheet Details - Intangible Assets (Details) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Balance Sheet Related Disclosures [Abstract] | |
2015 (remainder of year) | $8,748 |
2016 | 11,496 |
2017 | 11,481 |
2018 | 11,417 |
2019 | 11,326 |
Thereafter | 46,654 |
Finite-Lived Intangible Assets, Net | $101,122 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments - Fair Value of Financial Instruments (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total assets measured at fair value | $113,830 | $119,307 |
Money market funds | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total assets measured at fair value | 15,898 | 10,220 |
U.S. government and agency securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total assets measured at fair value | 97,932 | 109,087 |
Level I | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total assets measured at fair value | 15,898 | 10,220 |
Level I | Money market funds | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total assets measured at fair value | 15,898 | 10,220 |
Level I | U.S. government and agency securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total assets measured at fair value | 0 | 0 |
Level II | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total assets measured at fair value | 97,932 | 109,087 |
Level II | Money market funds | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total assets measured at fair value | 0 | 0 |
Level II | U.S. government and agency securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total assets measured at fair value | 97,932 | 109,087 |
Level III | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total assets measured at fair value | 0 | 0 |
Level III | Money market funds | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total assets measured at fair value | 0 | 0 |
Level III | U.S. government and agency securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total assets measured at fair value | $0 | $0 |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments - Summary of Investments and Cash Equivalents (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
U.S. government and agency securities maturing within one year | $79,500,000 | |
U.S. government and agency securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 97,926,000 | 109,136,000 |
Gross Unrealized Gain | 12,000 | 3,000 |
Gross Unrealized Loss | -6,000 | -52,000 |
Estimated Fair Value | $97,932,000 | $109,087,000 |
Fair_Value_of_Financial_Instru4
Fair Value of Financial Instruments - Summary of Cash and Cash Equivalents (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Cash and Cash Equivalents [Abstract] | ||||
Cash | $21,084 | $23,493 | ||
Money market funds | 15,898 | 10,220 | ||
Cash and cash equivalents | $36,982 | $33,713 | $101,024 | $35,261 |
Fair_Value_of_Financial_Instru5
Fair Value of Financial Instruments (Details) (USD $) | Mar. 31, 2015 |
In Millions, unless otherwise specified | Investment |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Number of investments have been in a continuous loss position for more than 12 months | 0 |
Level II | Estimate of Fair Value Measurement | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Fair value disclosure of Notes | 213.8 |
Level II | Reported Value Measurement | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Fair value disclosure of Notes | 201.3 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 0 Months Ended | ||||||||
Apr. 09, 2013 | Jun. 04, 2014 | Sep. 15, 2014 | Oct. 14, 2013 | Feb. 13, 2014 | Sep. 30, 2013 | Mar. 31, 2015 | Jun. 30, 2014 | Apr. 01, 2015 | |
sqft | sqft | sqft | |||||||
Life Technologies | |||||||||
Commitments And Contingencies Disclosure [Line Items] | |||||||||
Loss contingency estimate of possible loss | $1,000,000 | ||||||||
Operating Lease, Amendment 2013 | |||||||||
Commitments And Contingencies Disclosure [Line Items] | |||||||||
Lease expiration date | 30-Apr-20 | ||||||||
Operating lease renewal term | 5 years | ||||||||
Allowance for tenant improvements | 700,000 | ||||||||
Tenant Improvements | 200,000 | ||||||||
Additional tenant improvement allowance | 500,000 | ||||||||
Effective interest rate of facility leases | 9.00% | ||||||||
June 2014 Amendment | |||||||||
Commitments And Contingencies Disclosure [Line Items] | |||||||||
Allowance for tenant improvements | 200,000 | ||||||||
Additional tenant improvement allowance | 100,000 | ||||||||
Effective interest rate of facility leases | 9.00% | ||||||||
Area of office space for expansion | 13,000 | ||||||||
Future minimum payments under operating leases | 2,300,000 | ||||||||
September 2014 Amendment | |||||||||
Commitments And Contingencies Disclosure [Line Items] | |||||||||
Allowance for tenant improvements | 200,000 | ||||||||
Area of office space for expansion | 9,000 | ||||||||
Future minimum payments under operating leases | 1,600,000 | ||||||||
Singapore Operating Lease, June 2014 | SINGAPORE | |||||||||
Commitments And Contingencies Disclosure [Line Items] | |||||||||
Operating lease renewal term | 60 months | ||||||||
Area of office space for expansion | 2,400 | ||||||||
Operating leases, term of contract | 99 months | ||||||||
Singapore Operating Lease, April 2015 | SINGAPORE | |||||||||
Commitments And Contingencies Disclosure [Line Items] | |||||||||
Future minimum payments under operating leases | 4,500,000 | ||||||||
Operating Lease, Markham Lease | DVS Sciences, Inc. | |||||||||
Commitments And Contingencies Disclosure [Line Items] | |||||||||
Operating lease renewal term | 5 years | ||||||||
Operating Lease, Sunnyvale and Markham | DVS Sciences, Inc. | |||||||||
Commitments And Contingencies Disclosure [Line Items] | |||||||||
Future minimum payments under operating leases | $368,000 | ||||||||
Subsequent Event | Singapore Operating Lease, April 2015 | SINGAPORE | |||||||||
Commitments And Contingencies Disclosure [Line Items] | |||||||||
Area of office space for expansion | 10,000 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Warranty Accrual (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Movement in Standard Product Warranty Accrual [Roll Forward] | ||
Beginning balance | $1,178 | $344 |
Warranty accrual, net | -114 | 767 |
Ending balance | $1,064 | $1,111 |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 3 Months Ended | |
In Millions, except Share data in Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Stock-based compensation | ||
Stock-based compensation expense | $4.10 | $3.40 |
Stock Options | ||
Stock-based compensation | ||
Employee stock options granted | 276 | 352 |
Total grant date fair value | 5.5 | 9.2 |
Total unrecognized compensation cost related to stock-based compensation arrangements | 18 | |
Unrecognized compensation cost related to stock-based compensation arrangements average recognition period | 2 years 7 months 0 days | |
Stock Options | Minimum | ||
Stock-based compensation | ||
Exercise price of options granted | $38.53 | $44.07 |
Stock Options | Maximum | ||
Stock-based compensation | ||
Exercise price of options granted | $44.20 | $47.55 |
Restricted Stock Units (RSUs) | ||
Stock-based compensation | ||
Total grant date fair value | 14.3 | 13.2 |
Number of stock units granted | 349 | 285 |
Vesting period of the grant date fair value | 4 years | |
Total unrecognized compensation cost related to stock-based compensation arrangements | 24.2 | |
Unrecognized compensation cost related to stock-based compensation arrangements average recognition period | 3 years 6 months 0 days | |
Restricted Stock Units (RSUs) | Minimum | ||
Stock-based compensation | ||
Weighted average fair value per stock units granted | $37.45 | $42.43 |
Restricted Stock Units (RSUs) | Maximum | ||
Stock-based compensation | ||
Weighted average fair value per stock units granted | $44.20 | $47.55 |
DVS Sciences, Inc. | Stock Options | ||
Stock-based compensation | ||
Total unrecognized compensation cost related to stock-based compensation arrangements | 0.8 | |
Unrecognized compensation cost related to stock-based compensation arrangements average recognition period | 1 year 6 months | |
DVS Sciences, Inc. | Restricted Stock Units (RSUs) | ||
Stock-based compensation | ||
Total unrecognized compensation cost related to stock-based compensation arrangements | $0.02 | |
Unrecognized compensation cost related to stock-based compensation arrangements average recognition period | 0 years 0 months 25 days |
Income_Taxes_Details
Income Taxes (Details) | 3 Months Ended |
Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Tax provision or benefit at federal statutory rate | 34.00% |
Information_about_Geographic_A2
Information about Geographic Areas (Details) | 3 Months Ended |
Mar. 31, 2015 | |
Segment | |
Segment Reporting [Abstract] | |
Number of reporting segment | 1 |
Information_about_Geographic_A3
Information about Geographic Areas - Product Revenue by Geography (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Total product revenue | ||
Total | $26,646 | $25,449 |
United States | ||
Total product revenue | ||
Total | 13,711 | 11,238 |
Europe | ||
Total product revenue | ||
Total | 6,916 | 6,382 |
Japan | ||
Total product revenue | ||
Total | 1,873 | 4,354 |
Asia-Pacific | ||
Total product revenue | ||
Total | 3,332 | 2,092 |
Other | ||
Total product revenue | ||
Total | $814 | $1,383 |